By Jaime Llinares Taboada
Shares in Empire Metals Ltd. fell Wednesday after it reported drill results for its Eclipse gold project in Australia, and said a small-scale open pit isn’t the optimum development for the project.
The mining company said that the results suggest the main gold mineralization at Eclipse is more prevalent at depth, and may be of a magnitude larger than originally expected.
“Consequently the company believes that the development of a small-scale open pit operation is not the optimum path for unlocking the value of Eclipse, and may ultimately lead to the sterilization of the higher value gold mineralization,” Managing Director Shaun Bunn said.
Shares at 0910 GMT were down 18% at 1.65 pence.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT