Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Empire Metals (LON: EEE) shares are gaining after the company said it has received encouraging results from the soil sampling programme conducted on the areas of the greatest prospectivity at the Central Menzies Gold Project in Western Australia.
The company completed 2,379m of Reverse Circulation (“RC”) drilling, which focused on the most promising two of the previously identified mineralised trends, known as Teglio and Nugget Patch.
Empire said the targets were chosen based on elevated gold concentration within the licence area and the potential to generate significant strike and lateral extension from old workings.
The soil sampling results have helped identify several drilling targets, which will be further assessed and prioritised once the initial RC drilling programme results are returned.
Shaun Bunn, Managing Director of Empire Metals, said: “The results from the soil sampling programme have been most encouraging, validating the decision to fast track an RC drilling campaign which targeted two previously identified mineralised corridors, known as the Teglio and Nugget Patch prospects.
“Not only do the soil sampling results confirm the prospectivity of the areas initially chosen to drill, they also indicate the potential to extend these targets along strike, both to the north and south of the current drilling footprint. In total, we have identified a mineralised corridor that extends for over 1.8km along strike, which clearly warrants further drilling.”
Empire Metals shares have jumped 14.71% to 1.95p on the news. However, they are down over 48.6% for the year to date. In August, Empire Metals shares fell after the announcement of the RC drilling campaign at the Central Menzies Project.
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
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