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  • Empire Resources Tops Up Cash To Grow Copper/Gold Resource  0 comments
    Nov 1, 2012 11:22 PM

    Empire Resources (ASX: ERL) has raised $900,000 from a share placement to a sophisticated investor to help the company deliver a maiden resource for a second deposit at its Yuinmery copper-gold project by the end of 2012.

    The company placed 20 million shares at $0.045 each to raise the funds to accelerate drill work at the Western Australian project.

    David Sargeant, managing director, said Empire's growth strategy was to emerge by New Year with a senior and rapidly maturing copper gold play at Yuinmery supported by a pipeline of staged copper and gold development projects in Western Australia.

    The flagship Yuinmery Project already hosts a current JORC Indicated and Inferred resource of 1.07 million tonnes at 1.82% copper and 0.8 grams per tonne (g/t) gold at the Just Desserts prospect.

    The project lies within the Archaean Youanmi Greenstone Belt and is similar in nature to ore bodies currently being mined at Golden Grove and Jaguar in Western Australia.

    Deposits of this style of mineralisation commonly occur in clusters and have been mined to great depths.

    The Just Desserts and the A Zone are the most advanced prospects at the project and are now thought to occur in the same mineralised horizon.

    Metallurgical testwork indicates high recoveries of gold and copper may be expected from the treatment of the Just Desserts mineralisation.

    The A Zone prospect is host to high grade copper-gold mineralisation that remains open at depth.

    After reverse circulation pre-collar drilling, six diamond core holes are planned to extend the A Zone mineralisation, starting in the December 2012 quarter.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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