Empire Resources Limited (ASX:ERL) Reports Promising Drilling Results
Quarterly Report Highlights
Empire Resources Limited (ASX:ERL) has reported promising aircore drilling results at its Yuinmery Project for the quarter ending 31 December 2024. Significant intercepts of copper and anomalous gold were encountered, with grades ranging from 0.2% to 0.5% Cu. Notable results include 43m at 4294ppm Cu from 16m depth, which includes 8m at 8230ppm Cu from 28m in the hole YAC24-29, and other substantial copper intercepts from holes YAC24-31 and YAC24-26.
Exploration Activities
The Yuinmery Project, located approximately 470km northeast of Perth, hosts the Just Desserts VMS deposit with a JORC Resource of 2.52Mt at 1.31% Cu. The quarter saw Empire complete 31 holes of aircore drilling, but results were cut short due to challenging ground conditions. Follow-up drilling is set to commence in late January 2025, aiming to further validate the resource potential of targets YT01 and YT19.
Financial Position
During the quarter, Empire’s total expenditures were approximately $202,000, with cash reserves at about $553,000 at the end of December. The Company received a $300,000 loan from Director Dr. Michael Ruane to support ongoing activities. The company states that the loan is unsecured and on reasonable arm’s length terms attracting interest at 7.5% per annum payable quarterly in arrears.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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