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Empire Metals (EEE) Shares Slide As Drilling Commences at Central Menzies Gold Project

Sam Boughedda trader
Updated 19 Aug 2021

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AIM-quoted Empire Metals (LON: EEE) shares are falling on Thursday after the company announced the start of a reverse circulation (RC) drilling campaign at the Central Menzies Gold Project.

The RC drilling programme of over 2,100 metres has been designed for Central Menzies and is expected to be completed in September.

Empire said the “areas selected for soil sampling represented areas of the greatest prospectivity based on the location of historical workings as well as areas of limited previous drilling.”

Shaun Bunn, Managing Director, said: “The technical focus and determined effort made by our geological team to identify drill-ready targets has been extremely encouraging and has meant that we can now start a substantial drilling campaign with a high degree of confidence in the targets selected.

“After reviewing the historical drilling database, and taking into account the geophysical data analysis, we have confirmed two highly prospective mineralised zones which will be the primary focus of the coming RC drilling campaign. We anticipate adding further drilling targets to the development plan as we complete the geochemical mapping based on the recently completed soil sampling programme.”

Empire Metals' share price is currently down 5.73% at 1.93p following the news.

Should you invest in Empire Metals shares?

Empire Metals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are EEE shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.