Empire Metals Ltd - London-based resource exploration and development company - Says second phase of drilling at Empire's 75% held Eclipse Gold Project is now well-advanced, with around 3,800 metres of the now 4,400-metre reverse circulation programme drilled in January 2021.
Notes drilling intercepts several wide quartz veins in areas beyond and below the Eclipse old workings, adding assays are awaiting laboratory analysis to determine the degree of mineralisation. Says assays for two holes show eight metres at 2.83 grams per tonne gold from 118 metres and three metres at 2.60 grams per tonne gold, from 134 metres.
Separately, says the CAD7 million - around GBP4.0 million - sale and purchase agreement of its Georgian assets to Candelaria Mining Corp has been completed, noting the offer is subject to a right of first refusal by joint venture partner Caucasian Mining Group.
Additionally, says it will not extend the agreement to acquire the Munni Munni palladium project
Turning to board changes, Chief Executive Mike Struthers will step down and move to the role of non-executive director and technical consultant as part of Empire Metal's strategy to continue to focus on Western Australia. He will take up the role of CEO at Candelaria Mining. The process to hire an new CEO at Empire Metals is underway.
States David Ajemian resigns as non-executive director but does not give a reason why.
Current stock price: 3.30 pence, down 12% on Monday
Year-to-date change: down 13%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Empire Metals (EEE)