Empire Metals Ltd (AIM:EEE) managing director Shaun Bunn, in today’s interim results statement, highlighted "huge leaps forward" that are being made by its team in understanding the geology and mineralogy at the Pitfields titanium project, in Western Australia.
“Our project has created a buzz throughout the mining and metals world, and our technical team and board are united in their ambition to keep this momentum up and make Pitfield a highly profitable commercial operation in as short timeframe as practicable,” Bunn said.
"Earlier this month, I was delighted to report that diamond core drilling has recommenced at Pitfield, focusing specifically on better characterising the higher grade weathered cap zone, including thickness, grade and shape, as well as obtaining additional drill core samples for metallurgical test work.
“This weathered cap zone presents an enormous opportunity for the company to accelerate its plans to become the next fully integrated "mine to high-quality TiO2 product" project.”
The drill programme is expected cost a modest £150,000, and Bunn noted that through this work it is focusing on driving the project to confirming the process route, delineate a maiden resource estimate and define high-value commercial end products.
“The numerous workstreams that we have underway, supported by our healthy bank balance which presently stands at £2.4 million, will deliver frequent news flow over the coming weeks and months as we edge closer to commercialisation,” he added.
During the first half, Empire completed a £3 million fundraise, supported by a strategic investor from Saudi, as well as the company’s largest shareholder.
The pre-revenue firm reported a £1.38 million loss for the six month period.