ERL appoints project manager to drive underground mine development at Penny’s Find
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
WA-based gold miner, Empire Resources (ASX:ERL) has announced its appointment of Stephen Rodgers as underground project manager.
In this role, Rodgers will oversee ERL’s upcoming feasibility study and necessary permitting required to extend the current Penny’s Find gold mine, which is situated 50 kilometres northeast of Kalgoorlie-Boulder.
Rodgers has expansive experience in both open-pit and underground mining projects, having managed a range of such operations in Western Australia, South Australia and the Northern Territory.
He is also highly familiar with the Penny’s Find operation, having worked as mine manager during the commissioning and early production phases of the mine.
In his new role, Rodgers’ primary focus will be managing the completion of the underground mining feasibility study, lodging and securing the necessary mine approvals, documentation supporting project financing for the mine expansion, and preparing the onsite infrastructure requirements, enabling the transition from open-pit to underground gold mining.
ERL holds a 60 percent direct interest in the Penny’s Find gold project; the remaining 40% interest is held by the unlisted Brimstone Resources Ltd.
Following new high grade assays from a recent underground drilling program beneath the pit floor (as announced last week), ERL is currently preparing an updated Resource calculation. It will then began its final underground feasibility study, which is expected to be completed by early next year.
ERL remains a speculative stock at this stage and investors should seek professional financial advice if considering this stock for their portfolio.
Penny’s Find gold mineralisation, hosted by quartz veins at the contact between sediments and basalt, is open at depth, and has a current underground Indicated and Inferred Resource of 170,000 tonnes at 5.40 grams per tonne of gold.
The mineralisation here extends to at least 250 metres below surface. Test work has shown fresh mineralisation to be free milling, with a high gravity recoverable gold component of 85 percent.
Last month, ERL poured its first gold bar from the open-pit operations, with the mine’s ore being toll processed at two nearby regional gold mills.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
