Shares of Empire Metals Ltd (LON: EEE) today surged 31.2% after the company announced encouraging drilling results that indicate there could be more gold deposits at a previously worked gold vein.
The findings were made at the Eclipse gold project, near Kalgoorlie in Western Australia, where at 3 metres, they discovered gold deposits of 21.96 grammes of gold per tonne, and at 8 metres, they found deposits of 3.2 grammes per tonne.
Empire Metals shares rallied on the announcement as investors bought the mining company’s shares due to the positive drilling results. The company also has projects in Austria and Georgia where it mines multiple commodities such as gold, copper and other precious minerals.
CEO Mike Struthers, commented: “Confirmation that the Eclipse mineralisation remains open at depth and along strike is very encouraging, and the high-grade intersection in drill hole ECRC20_009 supports extensions to the high-grade vein exploited in the old workings.”
“The geological interpretation of the Eclipse mineralisation is still in its early stages, and the Company continues to interpret the data as it becomes available. I look forward to providing more updates in due course.”
Empire Metals share price
Empire Metals shares today surged 31.2% to trade at 5.72p having rallied from Thursday’s closing price of 4.36p.