Empire Metals Ltd (AIM:EEE) has delivered an enormous exploration target for just two targets at its Pitfield titanium project in Western Australia.
Cosgrove and Thomas might contain between 26.4 to 32.2 billion tonnes of titanium ore with a grade range of 4.5 to 5.5% TiO2, according to this initial estimate.
An exploration target is the rough first indication of the potential size of a deposit and will be substantially refined through additional exploration and proof of grades.
Empire added that the target included the recent discovery of a weathered sandstone zone extending from the surface to an average vertical depth of 30m to 40m.
That alone is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
In total, the exploration target covers a combined area of approximately 59 sq km, extends down to 150m vertical depth only and has been constrained at a 2% TiO2 cut-off grade.
Importantly, the exploration target area accounts for less than 20% of the overall mineral system at Pitfield, which has been mapped by a 40km by 8km by 5km deep magnetics anomaly, supported by other data, Empire added.
It also contains ”numerous other high-potential prospects” along the 40km strike length, which currently lack sufficient drill hole data to include in the exploration target, said the statement.
Shaun Bunn, Empire’s managing director, said: "I am delighted to announce this very impressive Exploration Target result, which truly represents an extraordinary achievement for the Company given it was only just over 12 months ago that we announced that our maiden drilling had discovered a giant, high-grade, titanium-rich mineral system.
"The exploration target is an important milestone and a significant first step towards the development of a Mineral Resource Estimate.
"Importantly, the exploration target does not include all the zones of high-grade titanium mineralisation currently identified by the Company outside of these two key prospects, both along strike and at depth, below the 150m mark."