Last checked at 30 Jun 2020 07:00
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
30 June 2020
Empire Metals Limited ('Empire' or the 'Company')
Munni Munni PGE Project Drilling Update
Empire Metals Limited, the AIM-quoted resource exploration and development company, is pleased to provide an update on the drilling programme being undertaken by Artemis Resources Limited ("Artemis") at the Munni Munni Palladium Project in the West Pilbara, Western Australia ("Munni Munni").
The Munni Munni project is subject to a proposed acquisition of a 58.6% interest in Munni Munni Pty Ltd, a subsidiary of ASX listed Artemis and the beneficial owner of a 70% interest in Munni Munni. Following completion, Empire will hold a controlling 41% interest in Munni Munni, the largest unexploited primary PGE Resource in Australia.
Drill Programme
We refer to the announcement released by Artemis earlier today. The Munni Munni Reverse Circulation (RC) drilling of 12 drill holes for 1,928 metre has been completed, with drill holes spread through the entire upper portion of the mineralisation, to a maximum depth of 200 metres. Samples are in transit to ALS Global and results are expected in 3-4 weeks' time.
Transaction Update
The Company is working closely with Artemis to conclude the transaction announced on 27 April 2020. Completion is subject to a number of conditions precedent including completion of due diligence, execution of a formal joint venture agreement between the Parties, obtaining necessary regulatory approvals and obtaining all necessary third-party consents and approvals to give effect to the proposed acquisition. A significant amount of work has already taken place between the parties and it is expected that the conditions precedent will be completed in a timely manner.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
Mike Struthers | Empire Metals Ltd | Company | Tel: 020 7907 9327 |
Ewan Leggat | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Soltan Tagiev | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Damon Heath | Shard Capital Partners LLP | Joint Broker | Tel: 020 7186 9950 |
Susie Geliher | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |
Beth Melluish | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals Limited (formerly Georgian Mining Corporation) has 50% ownership of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. The Bolnisi concession 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.
The acquisition of Munni Munni is a result of the Company's ongoing assessments of the potential for expanding the Company's portfolio through the addition of new assets which have the ability to add value in the short term.