Rns Out!!10 Dec 2020 07:02
DMEEE
RNS Number : 1253I
Empire Metals Limited
10 December 2020
To view the announcement with the illustrative images and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/1253I_1-2020-12-9.pdf
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
10 December 2020
Empire Metals Limited ('Empire' or the 'Company')
Further Positive Drilling Results & Completion of 75% Acquisition of Eclipse Gold Project
Empire Metals Limited, the AIM-quoted resource exploration and development company, is pleased to announce an update relating to its Eclipse Gold Project, located 55km north-east of Kalgoorlie, Western Australia ('Eclipse' or the 'Project').
Overview
-- Initial work programme completed at Eclipse has increased confidence in the Project's potential to host a profitable small-scale high-grade open pit gold mine
-- Further significant assay results received to date include:
o ECRC20_022: 14m @ 3.78 g/t gold ('Au') from 22m, including 1m @ 21.4 g/t Au, and 1m @ 16.65 g/t Au - This hole includes three different clusters of quartz veining mainly associated with the higher grades, confirming there is more than one mineralised structure
o ECRC20_027: 8m @ 2.27 g/t Au from 32m including 3m @ 5.27 g/t Au
o ECRC20_032: 5m @ 6.50 g/t Au from 26m, including 3m @ 9.29 g/t Au
o ECRC20_017: 3m @ 3.18 g/t Au from 49m including 1m @ 6.49 g/t Au
o ECRC20_026: 1m @ 6.93 g/t Au at surface, and 1m @ 4.50 g/t Au from 10m
o ECRC20_021: 14 m @ 1.70 g/t Au from 9m depth including 1m @ 7.76 g/t Au at 9m and 4m @ 2.37 g/t Au from 19m
-- Additional work programme to commence before year end including infill and extension drilling at Eclipse to better define the near-surface potential resource and extensions at depth and along strike, in addition to target testing at Houdini and others defined from geochemistry
-- Completion of 75% acquisition of Eclipse through execution of option agreement following fund raising completed on 24 November 2020
Mike Struthers, CEO, said: "We are pleased to have now exercised our option to acquire a 75% interest in Eclipse which, coupled with the Company's recent placing, allows us to push ahead with developing the Project. These additional drill results in the uppermost 50m of Eclipse are very encouraging and add further to our confidence in the potential for a profitable small-scale and high-grade open pit operation. This is very attractive, but the fact that the Eclipse mineralisation is also open at depth is particularly interesting and will be a key element of further work as we continue to advance the Project.
"The Company is also expecting to receive a permit in the near term for drilling further to the north-west along the strike of Eclipse, in the vicinity of the other old workings of Jack's Dream and Steinhobel. These lie 200-300m north-west of the Eclipse shaft, on the same mineralised structure. Jack's Dream was worked in