Visible Gold Accompanies 15 Meters of 61.5 g/t in Expanding High-Grade System

1.  James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Emperor Metals Inc. (EMAUF:OTCQB; AUOZ:CSE; 9NH:FRA) reported assay results from its 2026 exploration campaign at the Duquesne West Project, including drill hole DQ26-20, which returned 15.0 meters grading 61.5 grams per tonne (g/t) gold within the conceptual Main Pit area. The company said visible gold was observed in multiple zones within the intercept.

According to the company, the 15.0-meter interval was intersected between 402.7 meters and 417.7 meters downhole. The interval forms part of a broader 35.8-meter zone grading 25.9 g/t gold from 390.0 meters to 425.7 meters. Within the high-grade interval, assays included 557.5 g/t gold over 1.4 meters and 100.9 g/t gold over 1.0 meter.

Emperor also reported results from drill hole DQ26-36, located east of the conceptual Main Pit within the conceptual Phase 1 open pit area. The hole returned 1.5 meters grading 7.9 g/t gold and 28.0 meters grading 0.5 g/t gold, including 5.0 meters grading 1.0 g/t gold.

The company stated that its 2026 exploration campaign combines more than 15,000 meters of new drilling with 8,000 meters of targeted resampling of historical core, adding a total of 23,000 meters of data intended to refine and expand the current geological model.

CEO John Florek said, "The occurrence of visible gold, an aspect we believe remains among the least understood yet potentially most significant component of the evolving Duquesne West story, is underscored by the intercept of 15.0 meters grading 61.5 g/t Au (Gold)."

Florek added, "Collectively, these results not only reinforce the potential for robust grades within a growing mineralized system (as also witnessed in our last phase of drilling DQ24-12 of 21.7 m of 35.2 g/t Au) but also highlights the scale and continuity of mineralization emerging at Duquesne West."

The company reported that assay results received to date represent 18 of the 49 holes drilled so far. These results account for approximately 50% of the current drilling program and about 33% of the total assays expected from the broader 2025-2026 exploration season, including ongoing drilling and historical core resampling. Emperor said results have been reported for approximately 7,829 meters to date, while about 15,700 meters of drilling has been completed.

Separately, Globex Mining Enterprises Inc. (GMX:TSX) reported that Emperor had intersected high-grade gold across significant widths on the Duquesne West gold property, which is under option from Duparquet Assets Ltd., a company that is 50% owned by Globex. Globex highlighted the 15.0-meter interval grading 61.5 g/t gold in hole DQ26-20 and noted that the intersection occurs approximately 35 meters down plunge from historical drill hole DQ95-21, which intersected 16.0 meters grading 20.9 g/t gold in 1995.

Globex also noted that Emperor's 2026 drill program consists of more than 15,000 meters of drilling combined with 8,000 meters of sampling of historical core.

Gold Sector Continues to Reflect Central Bank Activity, Investor Positioning, and Market Volatility

Bloomberg reported on June 13 that gold mining equities experienced significant volatility even as investors continued to monitor the sector. According to the report, a New York Stock Exchange index of gold miners had declined 31% since the end of February as markets reacted to geopolitical developments, inflation expectations, and changing interest-rate outlooks.

The report noted that investor responses varied, with some reducing exposure to gold mining shares while others maintained positions. Brian Laks, chief investment officer of Old West Investment Management, told Bloomberg, "Gold's not the same trade that it was 10 years ago."

Bloomberg also reported that gold stocks had become increasingly sensitive to investor sentiment and macroeconomic developments. Chris Mancini, associate portfolio manager at Gabelli Gold Fund, stated that gold was "being used more as an instrument for speculators to bet on short-term moves in interest rates," while adding that "investors are pretty much frozen and waiting to see how this all plays out."

Despite recent market swings, Bloomberg noted that gold mining shares posted substantial gains during the previous year. The report stated that gold rose 65% in 2025, while a New York Stock Exchange index tracking gold miners advanced 155%. Bloomberg attributed those gains to a weaker U.S. dollar, continued central bank demand for gold, and earnings growth among producers as costs remained under control.

Several investors also discussed the sector from a longer-term perspective. Derek Benedet, portfolio manager at Purpose Investments, told Bloomberg, "To be interested in gold right now, you have to have a bit of contrarian-leaning." Andrew Musgraves of VanEck added that "when all of this noise dies down, it's easy to see the market sort of looking to gold miners again."

In a June 15 commentary, Matthew Piepenburg examined differing views on gold's role within the global monetary system. Piepenburg wrote that some investors viewed gold as "real and honest money" and argued that perspectives on fiat currencies and currency debasement continued to shape long-term views of the metal.

Piepenburg also highlighted central bank purchasing activity, writing that "since as early as 2014, the world began net-dumping USTs and net-buying physical gold." He stated that following 2022, "central bank gold purchasing has increased by 5X" and added that "today, central banks now hold more physical gold than USTs." According to Piepenburg, these developments reflected increased attention among central banks toward physical gold holdings.

Writing on June 16, Stewart Thomson said gold had "drifted into the massive buy zone of US$4,100-US$4,000" before staging what he described as "a massive surge in the price of gold." Thomson wrote that sentiment had weakened and technical indicators had become oversold, adding that "the oscillators are all bullish." He also pointed to inflation, debt levels, stock market valuations, and broader macroeconomic factors as influences on precious metals markets.

Thomson also discussed silver, describing it as "leveraged gold" and stating that "it's not too late to buy silver." In addition, he commented on gold mining equities, writing that "all lights are green" for the sector's technical setup and noting that historically rare oversold readings in mining-stock indicators had often preceded strong rallies.

Strong Buy Maintained Following Duquesne West Drill Results

In a June 2 report, Jeff Valks, Senior Analyst at The Gold Advisor, discussed Emperor Metals' drill results from the Duquesne West project. Valks highlighted drill hole DQ26-45, which returned "3.1 g/t gold over 35.9 meters" including "4.0 g/t gold over 24.7 meters."

Valks noted that the company was "combining 15,000 meters of new drilling with 8,000 meters of targeted historical core resampling, adding 23,000 meters of data to its geological model." He added, "That is a lot of homework, but in mining, homework often becomes ounces."

Discussing the location of the drill hole, Valks wrote that DQ26-45 "was drilled about 75-80 meters down-dip of Kinross's 2002 hole DQ02-10, which hit 4.9 g/t gold over 13.4 meters." He stated that Emperor's new hole "returned roughly three times the mineralized thickness" and added, "It is finding thicker mineralization where the plan says the system should keep going."

Valks also wrote that "every drill hole encountered gold mineralization" and stated that "it does keep the Duquesne West engine humming."

Regarding the company's shares, Valks wrote, "The stock remains a Strong Buy at current levels." He also noted that "Duquesne West already hosts an inferred resource of 1.46 million ounces of gold at an average grade of 1.69 g/t gold." Referring to the latest drilling, he stated, "These new results help Emperor refine and expand the model, while the program remains below budget and has already stretched beyond the original 15,000 meters." Valks added, "With further assays still pending. For now, Emperor keeps adding data, and the drill keeps finding places to go."

Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter wrote on June 16, "AUOZ.cn hit 15 m of 61.5g/t! I always believe it is one of the cheapest gold exploration companies out there. Its shares are finally moving up."

In a June 17 commentary for The Gold Advisor, Jeff Clark and Jeff Valks discussed Emperor Metals' recent drill results at the Duquesne West project. The authors wrote that "Emperor Metals intercepted a stunning 922.5 gram-meters gold at Duquesne West" and stated that the result had "major implications for the future of their flagship project."

The commentary referenced a video discussion with Emperor Metals CEO John Florek focused on the drill results and their significance. Clark wrote that he "jumped on a video with CEO John Florek to hear what it all means." The discussion also included an update on the company's Lac Pelletier project.

The article was published under the headline "Emperor Metals Hits a Whopping 922.5 Gram-Meters! Here's What It Means."

Expanding Drill Campaign and Resource Work Programs

Emperor reported that its 2026 exploration campaign combines more than 15,000 meters of drilling with 8,000 meters of targeted resampling of historical core, contributing a total of 23,000 meters of additional data for refinement and expansion of the geological model. The company stated that approximately 15,700 meters of drilling have been completed to date, with assay results received from 18 of 49 holes drilled so far.

According to the company's June 2026 corporate presentation, the 15,000-meter drill program is currently underway at the Duquesne West Gold Project, while the 8,000-meter historical core resampling program remains in progress. The presentation also states that the project is fully funded for an additional approximately 8,000 meters of drilling planned for the third quarter of 2026.

The company said its July 2025 inferred mineral resource estimate at Duquesne West totals 26.9 million tonnes containing 1.46 million ounces of gold at an average grade of 1.69 g/t gold. The presentation notes that multiple underexplored zones have been identified within and beyond the current pit shell, along strike and at depth. It also states that approximately 44% of the resource is contained within a conceptual open pit, while approximately 56% may be suitable for underground mining.

Emperor's presentation states that AI and machine learning technologies have been implemented at the Duquesne West Gold Project. According to the company, the AI-developed geological model was used to identify additional mineralized zones and targets, improve targeting, assist in understanding resource expansion opportunities, and support the creation of a comprehensive three-dimensional model of the deposit. 

The company also reported that historical drilling at Duquesne West left portions of core unsampled within the conceptual open pit area. The presentation states that approximately 2,500 meters of historical core were assayed in 2023 and that an additional 8,000 meters of historical core are being submitted for assay work as part of ongoing evaluation activities.

Ownership & Share Structure¹

Emperor Metals Inc. has a market cap of CA$39.95 million, with 194.85 million shares outstanding. The company's 52-week range is CA$0.13-CA$0.33.

Institutions own 7.06% of shares, while Management & Insiders own 6.55%. The remaining 86.39% of shares are held by Retail.