Empire Metals Ltd (AIM:EEE) claimed it now has one of the largest and most prospective exploration footprints across Australia after its Pitfield “Giant” mineral system discovery in WA.
Only 2% of Pitfield, which hosts copper and titanium, has been explored, Empire Metals added, with the titanium potential to be the focus in the short term.
Exploration at the Eclipse-Gindalbie project, again in Australia, is ongoing, it added, with a new kaolin discovery of potential economic significance.
Shaun Bunn, managing director, said: “Our maiden drill programme at Pitfield discovered a zone of high-grade titanium mineralisation of genuinely massive proportions; a Giant in a Land of Giants.
“Copper values are also ubiquitously anomalous indicating that the fluid(s) involved in the titanium mineralising event were also carrying huge amounts of copper which we believe formed significant copper deposits in other parts of this giant mineral system as evidenced by the historic copper mines and prospects in this region.
“Pitfield has every potential to become a giant polymetallic orebody district of global significance that Empire now controls.”
More exploration results are due from Pitfield in the third quarter of 2023, he added, with cash of £1.8mln leaving it “well-funded” for its planned work programmes.
Losses for the 12 months ended 31 December 2022 were £1.16mln (31 December 2021: loss of £589,000).