Shares of Empire Metals (LON: EEE) jumped to a high of 2.07p at the start of the London session before falling following the company's announcement of Reverse Circulation (RC) drilling results at the Central Menzies Gold Project in Western Australia.
Empire holds an option to acquire a 75% interest in the project.
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The company said 2,379m of RC drilling has been completed, focusing on the two mineralised trends known as Teglio and Nugget Patch, prioritised from previous work.
At Nugget Patch a consistent zone of oxide gold mineralisation was confirmed along the western flank of the prospect, Empire stated. The gold anomaly stretches for the full 500m strike length tested.
At Teglio, a Northernmost step-out RC line showed intersected shallow gold mineralisation. Meanwhile, the southern line at Teglio also intersected significant gold anomalism.
Shaun Bunn, Managing Director of Empire Metals, said: “The results from the drilling programme have confirmed the prospectivity of the Central Menzies Project, with a significant gold anomaly identified along a 500m strike length at Nugget Patch.
“Current thinking is that we have encountered a supergene enrichment zone and that a higher-grade target may persist beneath and further to the southwest. This find certainly warrants additional drilling to determine if a higher-grade mineralised lode follows this near surface trend.”
The company's shares are currently down over 12.3% at 1.45p.
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