Shares of Empire Metals Ltd (LON: EEE) surged 16.1% after the company announced that it had received approval from the Australian Foreign Investment Review Board to proceed with the acquisition of the Eclipse Gold Project, located 55km north-east of Kalgoorlie, Western Australia.
The last step in the acquisition process is Ministerial Consent, which is expected shortly.
The exploration and mining company recently announced encouraging drilling results at the Eclipse gold project, which led it to exercise its option to acquire a 75% interest in the project, which was just approved by Australia’s FIRB.
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The initial results boosted Empire Metals confidence in the project as it confirmed further signs of gold mineralisation at the mine.
The Eclipse project is located in the vicinity of the other old workings of Jack’s Dream and Steinhobel,’ which was mined in the early 1900s and produced 197 tonnes of gold @ 23.8 g/t Au.
Although no official records of production at Steinhobel exist, there is evidence of historic gold production from the old stopes visible on the surface.
Empire Metals share price
Empire Metals shares surged 16.1% to trade at 4.18p having rallied from Tuesday’s closing price of 3.60p.