Emperor Metals Renews Option on Duquesne West Gold Project
Rhea-AI Summary
Emperor Metals (CSE: AUOZ, OTCQB: EMAUF) has renewed its option on the Duquesne West gold property in Quebec by making a $500,000 cash payment and issuing 3,671,569 common shares (valued at $300,000) to Duparquet Assets The company completed a significant 19-hole drilling campaign in 2024, totaling 8,166 meters, and collected 7,994 meters of historical core.
The project focuses on developing a near-surface, lower-grade open-pit gold deposit rather than an underground higher-grade mine. The property, located along the Porcupine-Destor Fault near Duparquet, Quebec, has a historical inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) according to a 2011 technical report. Recent drilling results have shown visible gold within lower-grade zones, potentially impacting grade and total ounces in the open-pit environment.
Positive
- Completed substantial drilling campaign (19 holes, 8,166 meters) in 2024
- Presence of visible gold in lower-grade zones could enhance open-pit economics
- Historical resource of 4.17M tonnes at 5.42-6.36 g/t Au indicates significant potential
Negative
- Required $800,000 in cash and shares for option renewal
- Historical resource estimate not current or verified under NI 43-101 standards
News Market Reaction
On the day this news was published, EMAUF gained 9.47%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2025) - EMPEROR METALS INC. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) ("Emperor" or the "Company") is pleased to announce that it has paid Duparquet Assets Ltd., a private company owned
CEO John Florek commented: "We are excited to continue progressing with this option agreement. The compelling results from the 2024 drilling season have revealed the presence of visible gold within lower-grade zones, which could significantly impact both grade and total ounces in the open-pit environment. Infill drilling supports this scenario, and we look forward to the upcoming Q1 mineral resource estimate update."
During 2024, Emperor undertook a 19-hole drill campaign totalling 8,166 meters and collected 7,994 meters of historical core as part of a program focused on outlining a near surface lower grade open pittable gold deposit rather than an underground higher grade mine. Pursuant to previous press releases, Emperor has announced both high grade and low grade intersections building upon the Company's open pit model. Additional drill hole results are pending.
The Duquesne West property straddles the Porcupine-Destor Fault several kilometres east of the town of Duparquet, Quebec. A number of previous drill campaigns have outlined a historical inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) as reported in the NI 43-101 report "Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada" by Watts, Griffis and McOuat, David Power-Fardy, M.Sc., Senior Geologist and Kurt Breede, P.Eng., Senior Resource Engineer dated October 20, 2011. This report is available on Globex's website and is considered relevant and reliable. A "qualified person" as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves.
The technical information in this press release was reviewed and approved by John Florek, P. Geo., President and CEO of Emperor in his capacity as the Company's "qualified person". For further information on the Duquesne West Property see Emperor's press release dated October 12, 2022 available on SEDAR+.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
John Florek
For further information, please contact:
Mr. John Florek
Phone: 807-228-3531
Email: JohnF@emperormetals.com
Website: www.emperormetals.com
Mr. Alexander Horsley
Phone: 778-323-3058
Email: info@emperormetals.com
Website: www.emperormetals.com
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE "FORWARD-LOOKING INFORMATION" AND "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT'S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS "ANTICIPATES", "BELIEVES", "TARGETS", "ESTIMATES", "PLANS", "EXPECTS", "MAY", "WILL", "COULD" OR "WOULD".
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238273
FAQ
What was Emperor Metals' (EMAUF) option payment for Duquesne West in 2025?
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What is the historical resource estimate for Emperor Metals' (EMAUF) Duquesne West property?
When will Emperor Metals (EMAUF) release its updated mineral resource estimate for Duquesne West?
