Emperor Metals’ (CSE: AUOZ; US-OTC: EMAUF) initial resource has more than doubled the inferred estimate at its Duquesne West gold project in Quebec’s Abitibi region. Shares rose.
The estimate includes 26.9 million tonnes grading 1.69 grams gold per tonne for 1.46 million oz, up from a historical inferred figure of 727,000 oz., the company announced Wednesday.
“In 2025, the focus is on surpassing the inferred two-million-ounce mark and driving continued resource growth through systematic exploration from 1,000 feet depth to surface,” CEO John Florek said in a release. Emperor’s discovery cost of about $5 million (C$6.85 million) for 733,000 oz. or $7 per oz. or demonstrates its financial efficiency to generate shareholder value, Florek added.
The initial resource comes six months after Emperor’s re-analysis of historical core samples revealed much higher-grade gold lenses than previously assessed.
Duquesne sits along the prolific Abitibi Greenstone belt that straddles northwestern Quebec and northeastern Ontario and which hosts such operations as Agnico Eagle’s (TSX, NYSE: AEM) Canadian Malartic and LaRonde complex, and Hecla Mining’s (NYSE: HL) Casa Berardi mine.
Half open-pittable
Of the resource, 18.2 million tonnes at 1.11 grams gold (646,000 oz.) is contained within a conceptual open-pit shell, while 8.7 million tonnes grading 2.92 grams gold (815,000 oz.) is modelled in potential underground zones.
The resource uses a gold price of $2,300 per oz., with a cut-off grade of 0.25 gram for the pit and 1.15 grams for underground material. There’s also potential for resource expansion beyond the 1.46 million oz. deposit, Emperor said.
Next month, the company plans to start a summer drill program of 8,000 to 10,000 metres aimed at expanding the deposit.
Emperor shares were down 6.7% to 15¢ apiece on Wednesday morning in Toronto, for a market capitalization of $21.19 million. Its stock has traded in a 12-month range of 4¢ to 16¢.
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