Empire Metals Ltd (LON:EEE) reported a loss of £572.989 in the year to 31 December 2020 and said it had cash in the bank of £1.23mln as of 16 April 2021.
Non-executive chairman Neil O’Brien described 2020 as a “year of significant forward momentum,” and hailed “the emergence of a new and reenergised strategy, a new flagship asset and a new jurisdiction of focus.”
Empire now holds a 75% interest in the Eclipse gold project, characterised by O’Brien as “a highly prospective gold asset which is poised for rapid advancement up the exploration and development curve.”
Located 55 kilometres north-east of Kalgoorlie, in a prime gold district of Western Australia, the Eclipse project produced 954 tonnes grading 24.6 grams per tonne from a 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 licence has been held by one private individual for the past 30 years and only cursory modern exploration had been applied to a very small part of the 300 hectare licence area, highlighting the significant opportunity to prove up known gold occurrences and make new gold discoveries.
To date, Empire has conducted two phases of drilling at Eclipse with consistently encouraging results.
Meanwhile, negotiations to allow the company to exit its asset in Georgia remain ongoing.