Empire Metals Ltd (AIM:EEE) has decided to drop the Staveley project in Victoria, Aus, to focus on its Pitfield titanium project.
A review of its non-core assets is underway and as part of that process Empire decided not to extend the completion date for the acquisition of Staveley beyond the expiry date of 6 April 2024.
Shaun Bunn, Empire’s managing director, said: "Given the focus on the rapid advancement of Pitfield, the company considers it prudent to rationalise its exploration portfolio and has decided not to proceed with Stavely'a acquisition.
“The board no longer believes that this is a core project for Empire and by rationalising the company's portfolio, the board can apply all of the company's energy and resources on Pitfield as it targets a maiden resource in 2024, and the construction of a demonstration plant in the following year.
"I look forward to providing an update on our Development Plan for Pitfield, particularly on the establishment of an Exploration Target over two key prospect areas, an important outcome from our recent drilling campaign.”
Drill results from the latest programme showed wide, high-grade intercepts of titanium from the surface, Empire revealed yesterday.