Empire Metals turns attention to Western Australia hot spot
- Empire Metals says further drilling needed at Eclipse gold project
- The transformation of Empire Metals to Australia-facing gold company continues apace
- Empire Metals' new Managing Director Shaun Bunn presents Central Menzies gold project plans
Quick facts: Empire Metals Ltd
Price: 1.654 GBX
Market Cap: £5.57 m
About the company
Empire Metals’ primary focus is on the Eclipse Gold Project in Western Australia which produced 954 tonnes @ 24.6 g/t Au for 754.25 oz Au from the Eclipse shaft which operated up to 1910. In addition to the known mineralisation at and surrounding the Eclipse old workings, recent geophysics and geochemistry work has highlighted further potential mineralisation at two additional targets north-west of Eclipse, the Houdini and Easy prospects.
The company’s 50% joint venture in Georgia covers an area of over 860 sq km and has a 30-year mining licence with a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which is due to advance to Feasibility Study.
How it is doing
Announcing the result of a technical review of Eclipse, Empire said drilling to date has confirmed gold mineralisation in a northwest-striking and steeply southwest-dipping shear zone, with significant gold mineralisation extending over a strike length of more than 200 metres.
It also said the mineralised system at Eclipse is much larger than first thought, with mineralisation at Eclipse Shaft possibly connecting to the Jack's Dream area further to the northwest, giving a total known strike length of the Eclipse system of 500m.
In addition, there are multiple parallel mineralised structures, Empire said.
Empire Metals Limited has started a reverse circulation drilling campaign at the Central Menzies gold project in Western Australia.
Twenty-six holes are planned for a total of 2,140m targeting two prospects, Teglio and Nugget Patch, both of which are on strike from the largest gold mine in the area.
In this newly created role Baltis will assist Empire with exploration strategy and targeting, business development, and project evaluation, specifically looking within the Eastern Goldfields of Western Australia, as the company moves to advance its two Australian based gold projects, at Eclipse and Central Menzies.
Insight: The transformation of Empire Metals to Australia-facing gold company...
The first, and the one that’s likely to add the most value in the short term, is the company’s option to acquire a stake in the Eclipse gold project in Western Australia. This asset lies just 50 kilometres north of Kalgoorlie, one of the most famous addresses in gold mining, and is currently the subject of a drilling campaign.
What management says
Empire Metals Limited's (LON:EEE) new managing director Shaun Bunn joins Proactive London to discuss an option to buy a majority stake in the Central Menzies gold project. This 75% interest in four exploration licences comprise the Central Menzies Gold project.
Empire paid A$250,000 in cash plus A$100,000 in newly issued shares (at an assumed price of 2.85p per share) to acquire the option, which lasts for nine months.
Bunn is a metallurgist based in Perth, Western Australia, with over 35 years' experience in exploration, mining, processing and project development, including over 25 years' experience in the gold mining sector.
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