Empire Metals Limited Munni Munni PGE Project Drilling Update (4453R)
June 30 2020 - 2:00AM
UK Regulatory
TIDMEEE
RNS Number : 4453R
Empire Metals Limited
30 June 2020
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
30 June 2020
Empire Metals Limited ('Empire' or the 'Company')
Munni Munni PGE Project Drilling Update
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to provide an update on the
drilling programme being undertaken by Artemis Resources Limited
("Artemis") at the Munni Munni Palladium Project in the West
Pilbara, Western Australia ("Munni Munni").
The Munni Munni project is subject to a proposed acquisition of
a 58.6% interest in Munni Munni Pty Ltd, a subsidiary of ASX listed
Artemis and the beneficial owner of a 70% interest in Munni Munni.
Following completion, Empire will hold a controlling 41% interest
in Munni Munni, the largest unexploited primary PGE Resource in
Australia.
Drill Programme
We refer to the announcement released by Artemis earlier today.
The Munni Munni Reverse Circulation (RC) drilling of 12 drill holes
for 1,928 metre has been completed, with drill holes spread through
the entire upper portion of the mineralisation, to a maximum depth
of 200 metres. Samples are in transit to ALS Global and results are
expected in 3-4 weeks' time.
Transaction Update
The Company is working closely with Artemis to conclude the
transaction announced on 27 April 2020. Completion is subject to a
number of conditions precedent including completion of due
diligence, execution of a formal joint venture agreement between
the Parties, obtaining necessary regulatory approvals and obtaining
all necessary third-party consents and approvals to give effect to
the proposed acquisition. A significant amount of work has already
taken place between the parties and it is expected that the
conditions precedent will be completed in a timely manner.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or
contact:
Mike Struthers Empire Metals Ltd Company Tel: 020 7907
9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Soltan Tagiev S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 020 7186
LLP 9950
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236
1177
Beth Melluish St Brides Partners Ltd PR Tel: 020 7236
1177
About Empire Metals Limited
Empire Metals Limited (formerly Georgian Mining Corporation) has
50% ownership of the Bolnisi Copper and Gold Project in Georgia,
situated on the prolific Tethyan Belt, a well-known geological
region and host to many high-grade copper-gold deposits and
producing mines. The Bolnisi concession covers an area of over 860
sq km and has a 30-year mining licence with a variety of targets
and projects ranging from greenfield exploration / target
definition phase through intermediate target-testing phases to more
advanced projects including Kvemo Bolnisi East which is due to
advance to Feasibility Study.
The acquisition of Munni Munni is a result of the Company's
ongoing assessments of the potential for expanding the Company's
portfolio through the addition of new assets which have the ability
to add value in the short term.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLGZGZVLLNGGZM
(END) Dow Jones Newswires
June 30, 2020 02:00 ET (06:00 GMT)
Empire Metals (AQSE:EEE.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Empire Metals (AQSE:EEE.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024