Good Time to Buy EEE9 Feb 2022 16:15
Empire Metals (EEE) commence exploratory drilling at the Eclipse gold project in conjunction with an initial drilling campaign at the new Gindalbie gold project.
Gindalbie is located immediately adjacent and southeast to Eclipse and both are within the Eastern Goldfields of Western Australia.
This significantly larger, newly combined Eclipse-Gindalbie project area provides Empire with an exciting advanced gold exploration opportunity.
In consequence, the company has decided not to take up its option over the Central Menzies gold project, in order to focus its activities on the more promising Eclipse and Gindalbie projects.
The Gindalbie project area increases Empire's mineralised footprint around its flagship Eclipse project by over 200% to a total of 943 hectares.
The area covers several historic high-grade gold prospects that, together with the Eclipse and Jack's Dream prospects, represent multiple structures within one large gold system.
The next round of exploratory drilling at Eclipse is designed to gather further geological and structural information around the Eclipse shaft and Jack's Dream shaft and to prove continuity of the gold mineralisation below the gold-depleted zone of weathering.
In addition to drilling the deeper targets at Eclipse and Jack's Dream, Empire will commence a reverse circulation drilling campaign at Gindalbie, looking to extend the mineralised trend a further two kilometres to the southeast of Eclipse and also to understand the extent and origin of what the company believes to be a much larger gold system.
Empire remains well funded and capable of executing a substantial amount of exploration over the coming months with over £2.1 million in current cash reserves.
The current favourable exchange rate between the pound and the Australian dollar provides the Company with an opportunity to carry out additional exploration activities for less expenditure than originally envisaged.
"This next strategic round of drilling at the Eclipse and Jack's Dream lodes will test for both high grade gold mineralisation at depth and continuity of the mineralisation between the previous high grade RC drilling intercepts,” said Shaun Bunn, Empire’s managing director.
“We are focusing on obtaining diamond core samples from which we expect to gather important geological and structural data which will enable Empire to build upon and improve the geological model at Eclipse. By developing a more robust understanding of the structural controls on mineralisation we can step out our drilling targets with confidence and look to extend the known footprint of gold mineralisation within the combined Eclipse-Gindalbie project area, which we believe contains a very significant high-grade gold system."
Sign In
Follow the stocks
