Empire Metals Ltd (AIM:EEE) reiterated it expects its project at Pitfield to become a 'globally significant' source of titanium.
Discovered just 12 months ago, this year has seen a “100% success rate during [the] 2024 RC drilling campaign with every hole, and every metre of every hole, intersecting titanium mineralisation from surface, or near surface, until the end of the hole,” said Shaun Bunn, managing director.
Workstreams are now focused on the design and construction of a demonstration plant in 2025, he added.
“With titanium on the critical minerals/metals list of all the major world economies, this has left certain end users vulnerable and without secure long-term substitutes.
“This is where Empire hopes to bridge the gap; due to its strategic location and scale, Pitfield represents a timely new secure supply entry into the global titanium industry.
“Our recent discovery of a major new titanium dioxide discovery, comprising rutile and anatase, at near-surface has added an exciting new element to Pitfield.
“[This] has opened the possibility of a staged development plan whereby we focus initially on the much higher-grade, titanium dioxide mineral-rich saprolite deposits whilst continuing to develop a processing route for the titanite-rich bedrock deposits. “
In the year to end December 2023, Empire posted a loss of £2.8 million (£1.2 million).