Empire Metals Ltd (AIM:EEE) said it expects shortly to produce a full electromagnetic survey over its Pitfield deposit in Australia.
Pitfield is already displaying characteristics of a significant copper mineral system, it added, with good potential to make a major copper discovery there.
Elsewhere, work at Walton and/or Stavely is scheduled to begin towards the end of this year or early 2023, at which point Empire said it also expects to be drilling at Pitfield and conducting further work at the Eclipse-Gindalbie project.
Losses for the six months to end-June 2022 were £588,000 (2021: £683,000 profit) with net cash currently £2.15mln.
“We now benefit from both a comfortable cash position and also a portfolio of high-quality exploration projects, all of which have the potential to deliver value on a scale that is multiples of the current market capitalisation of the company,” said Neil O’Brien, chairman.