Empire Metals rose 7% as it said petrograpghy and mineralogical work at Pitfield in WA had possibly identified a new type of titanium deposit.
House broker SP Angel said discoveries nearby backed up the possibility of a commercial prospect, though added no one is ever going down as deep as 6km, which is where 3D images suggest the anomaly starts.
That said, SP Angle believes the work appears supportive of a meaningful resource of titanium with hematite along with smaller quantities of rutile, leucoxxne and other titanium oxide minerals.
“Nearology” is also supportive, the broker added. Sheffield Resources has defined a resource on its Yandanooka heavy mineral sands project, which lies just a few kilometres west of the Pitfield tenements.
“The geological setting indicates the ilmenite and rutile at other heavy mineral sands deposits in the region may have come from erosion of the primary stratabound titanium deposit at Pitfield.
“For Pitfield, recent drilling has identified the rock type and mineralisation, the magnetic anomaly suggests the scale, and the known mineralisation of nearby deposits indicate the quality potential of the titanium and rutile contained.”
Shares rose 0.15p to 2.4p.