After the announcement by the company “Placing to Acquire 75% of Eclipse Gold Project,” we took the opportunity to speak with Empire Metals CEO, Mike Struthers.
Placing to Raise £2M to Exercise Option to Acquire 75% of the High-Grade Eclipse Gold Project, Update on Sale of Georgian Projects
Mike Struthers, CEO, said, “The support that we have received from new and existing shareholders in completing this placing is an endorsement of our confidence in the potential for significant high-grade gold resource development at the Eclipse Gold Project. The results achieved to date from Eclipse have been very encouraging, with the latest set confirming that the mineralisation remains open at depth and along strike, with high-grade drill results along strike of existing historical workings confirming an extension to the main high-grade lode.
“With Eclipse, we are operating in what is generally considered the highest-ranked mining jurisdiction globally and are developing this project in a region which already hosts numerous world-class gold mines and development assets. I am enthusiastic about our opportunity to develop a new standalone gold mine at Eclipse and I look forward to providing further updates as we continue to interpret the data.”
Sale of Bolnisi Copper and Gold Project
As announced on 11 November 2020, the final condition for closing of the transaction is the waiving of a right-of-first-refusal (‘ROFR’) in favour of Empire’s Georgian partners, Caucasian Mining Group (‘CMG’). CMG have indicated a potential interest in exercising the ROFR, however, the Company is in the process of clarifying a number of aspects related to a possible transaction with CMG and will provide further updates in due course.
About Empire Metals Limited
Empire Metals’ primary focus is on the Eclipse Gold Project in Western Australia which produced 954 tonnes @ 24.6 g/t Au for 754.25 oz Au from the Eclipse 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 Company also has a 50% joint venture in Georgia which covers an area of over 860 sq km and has a 30-year mining licence. The joint venture covers 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 Board continues to evaluate opportunities through which to realise the value of its wider portfolio and reviews further assets which meet the Company’s investment criteria.
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