August 13, 2020

Mike Struthers, CEO Empire Metals (EEE.L) Podcast

5 minutes

Option and Earn-In to Acquire High-Grade Gold Mining Licence in Western Australia

Empire Metals Limited, the AIM-quoted resource exploration and development company, is delighted to announce that it has entered into an Option Agreement (the 'Option') to acquire a 75% interest in the high-grade Eclipse gold mining licence, located 55km north-east of Kalgoorlie, Western Australia ('Eclipse' or the 'Project') from Philips Exploration Pty Ltd.

Mike Struthers, CEO, said: "This acquisition is a great addition to our portfolio. A large active gold mining lease less than 60km along strike from the Kalgoorlie super pit in a politically stable jurisdiction is a remarkable find for the shareholders.

"As noted previously, the Company has for some time now been working to acquire additional assets outside of its interests in Georgia, and we have been in discussions on a variety of candidate projects. Acquiring a majority interest in Eclipse is a great opportunity to add value to the Company. This project has received very little exploration across most of the licence area, which is remarkable given the very high-grade nature of the mineralisation both at depth and along strike from the shaft that ceased operation in 1910.

"The high-grade mineralisation occurs in a quartz-carbonate vein with an average width of 2.2m. The mineralisation occurs at the intersection of north-west trending volcanics and major north-east faults, and in addition to Eclipse there are two other known points of intersection of these features along the 2.5km of strike, as well as potential for additional nearby gold deposits in parallel features. These will be the focus of the team as we now move quickly to drilling and other evaluation work.

"By entering into an option over the Project we are gaining a foothold in one of the most productive gold regions in Australia, surrounded by a number of major producers. Eclipse has been privately held by one individual for around 30 years. Historical production records have been preserved, and together with recent geophysics and drilling there is now a robust understanding of the gold mineralisation and the potential for significant high-grade gold resource development."

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