- Gold prices have surged to record highs, providing a favorable market for gold exploration companies.
- Bullion rose to $2,634.90 an ounce and spot gold was at $2,666.99 an ounce on September 25.
- Emperor Metals’ flagship Duquesne West Gold Project is believed to host a historical estimated mineral resource of 727,000 ounces of gold, at a high grade of 5.42 g/t and a robust average thickness of 5.7 meters.
- The company’s current drill program is focusing on the open-pit concept revealed during last year’s program, with the open-pit model indicating gold potential on top of the existing high-grade underground gold resource, enabling multiple production scenarios.
Gold prices have continued to hit all-time highs through September, with the spot price reaching $2,666.99 an oz on Sept. 24, 2024.
Global conflicts, financial uncertainty, central bank buying, and the Federal Reserve lowering interest rates are driving investors and governments to the safe haven asset.
A primary driver, China’s central bank began aggressively buying gold in Q3 of 2022 and has accumulated 316 tonnes in the last three years (https://ibn.fm/ybFot). Additionally, in 2022 the country imported $67bn USD of gold while only exporting $5bn USD (https://ibn.fm/zdZdm). 2023 numbers have not been officially released but it is expected that China’s gold buying has increased and is helping drive the gold price.
Countries around the world are securing the hard asset in an effort to gain independence from the U.S. dollar. Western countries realize there is a growing demand to secure gold production in friendly regions around the world.
Canada has a long history of prolific gold production. One region known as the Abitibi Greenstone Belt in the province of Ontario and Quebec has produced over 200 million ounces of gold.
Emperor Metals (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) is in an especially strong position to benefit from increasing investor interest in the precious metal, given its noteworthy unusually high grade and thickness historical resource in one of the most prolific and productive gold mining camps in the world.
Emperor Metals is an advanced stage gold exploration company focused on proving and developing the substantial resource potential of its flagship Duquesne West Gold Project located in the Tier 1 district of the Southern Abitibi Greenstone belt of Rouyn-Noranda, Quebec.
The property is in the heart of a district surrounded by 15 gold producing mines, the Duquesne West Gold Project is believed to host a historic mineral resource of 727,000 ounces of gold, at a high grade of 5.42 grams of gold per ton on average and a robust average thickness of 5.7 meters. Emperor Metals has leveraged artificial intelligence and machine learning to create a reinterpretation of the existing geological model and highlight the opportunity for additional discovery of ounces by revealing previously unknown gold trends.
According to recent milestones highlighted by the company, Emperor Metals is pushing the project into the advanced exploration stage. This includes the development of an updated mineral resource estimate and an increased focus on proving the size and grade of the deposit. “Our resource was based on a 3.0-gram cutoff grade in a 2.5-meter thickness, and it was also based on $960 gold back when that historical report was done in 2011. What is really exciting is that, since 2011, gold is up 150%,” Head of Corporate Development and Director Alex Horsley said during a recent episode of IBN’s The MiningNewsWire Podcast (https://ibn.fm/Ziylw).
In the updated mineral resource estimate, expected to be released in Q1 2025, the company aims to expand the 727,000 oz mineral reserve and significantly lower the cutoff grades. This adjustment is due to the current gold price and the new open pit concept, which allows miners to profitably excavate sub-gram material.
The 2023 drilling campaign at Duquesne West achieved high-grade intercepts and identified a conceptual open-pit model, which indicates gold potential on top of the existing high-grade underground gold resource, granting Emperor Metals the opportunity for multiple production scenarios. The company is now working to enhance the open pit model through a Phase II drilling program, which began in May 2024, consisting of 8,000 meters drilling/assaying and 8,000 meters of historical core assaying.
The company spent the summer of 2024 drilling its Duquesne West Gold Property and is reconfirming its commitment to expanding its resource base and enhancing shareholder value.
Drill results have been sent to the assay lab, and are expected to be released throughout the fall, helping indent the potential expansion of the mineral reserve estimate.
Showcasing its strategic vision and operational capabilities, Emperor Metals is well-positioned to advance its exploration projects, attract further investment, and position itself as a key player in the gold exploration space as demand and prices on the market continue their upward trend.
For more information, visit the company’s website at www.EmperorMetals.com.
NOTE TO INVESTORS: The latest news and updates relating to EMAUF are available in the company’s newsroom at https://ibn.fm/EMAUF
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