Empire Mining’s (EPC.V) share price has gone up from C$.10 to C$.18 in just two days, after the company announced they have discovered a very intense magnetic anomaly on their Serbian Nevlje-project.

Past exploration at Nevlje has revealed copper grades up to 1.7% in surface trenches. Empire has confirmed these historical results by the discovery of three separate zones with anomalous copper values of up to 3.88% copper.

When asked for a comment, CEO David Cliff stated that he is ‘very excited that the concept they started out on of a deep copper porphyry system is now bearing fruit as a credible exploration target. This concept has been given additional credentials by other discoveries along the Bor-trend’.

Empire has commissioned a NI43-compliant technical report on the Nevlje project, which can be found at SEDAR. We think this technical report is a first step to investigate the options of selling the project or finding a joint venture partner for their Serbian assets.

Disclosure: The author holds a long position in Empire Mining Corp. Please see our disclaimer for current positions.

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