Business
Acquisition of High-Grade Gold Mining Licence
Acquisition of High-Grade Gold Mining Licence.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \n \n RNS Number : 8441V\n Empire Metals Limited\n 12 August 2020\n \n \n \n \n Empire Metals Limited / AIM: EEE / Sector: Natural Resources\n \n \n 12 August 2020\n \n \n \n Empire Metals Limited \n \n \n ('Empire' or the 'Company')\n \n \n \n Option and Earn-In to Acquire High-Grade Gold Mining Licence in Western Australia\n \n \n \n \n \n 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 \n Philips Exploration Pty Ltd. \n \n \n \n \n \n Overview:\n \n \n · \n Acquisition of a controlling interest in a large, high-grade and previously producing mining licence which has been held by one private individual for the past 30 years and has had only cursory modern exploration applied to a very small part of the entire ~300 hectare licence area\n \n \n · \n Historical gold production of954 tonnes @ 24.6 g/t Au for 754.25 oz Au from the Eclipse shaft which operated up to 1910 \n \n \n · \n Additional gold production from two further shafts:\n \n \n · \n \n Jack's Dream\n \n (\n situated 230m north-west of the Eclipse shaft along strike) was worked from 1907 to 1911 with a total production of 197 tonnes at 23.8 g/t Au for 150.7 oz Au \n \n \n · \n \n Steinhobel shaft\n \n (100m along strike from Jack's Dream) produced gold historically (no records are available)\n \n \n · \n Recent drilling (2014) has identified high-grade mineralisation all within a 30-metre zone either side of the main Eclipse shaft - highlights include:\n \n \n · \n GD008: 7m @ 13.07 g/t Au from 34 metres \n \n \n · \n GD014: 12m @ 5.13 g/t Au from 39 metres \n \n \n · \n ERC03: 8m @ 3.11 g/t Au from 66 metres \n \n \n · \n ERC019: 6m @ 3.92 g/t Au from 87 metres \n \n \n · \n The gold mineralisation at Eclipse is open along strike in both directions and at depth and is hosted within quartz-carbonate lodes that run semi parallel to the main shear zone, a structure that can be traced for around 2.5km on the licence\n \n \n · \n The Eclipse mine shaft has been recently refurbished and dewatered, allowing immediate access \n \n \n · \n In addition to the known miner...