By Joe Hoppe
Shares in Empire Metals Ltd. rose Tuesday after the company said results from its maiden drill program at the Pitfield project in Western Australia confirmed a “giant-scale” mineral system containing titanium and copper.
Shares at 0710 GMT were up 0.45 pence, or 24%, at 2.3 pence.
The London-listed mining company said drilling has returned consistently high grades of titanium in thick intersections over a wide area throughout the system.
Titanium-rich mineralization of between 4% and 10% was identified in all but one of the 21 holes drilled and highly anomalous copper values were reported for 60% of the drill sample intervals.
Only around 2% of the system, which is around 40 kilometers by 8 kilometers in size, has been drilled to date, demonstrating potential for further discoveries, the company said.
“Based on the scale of this find, Pitfield has the potential to be one of the largest primary titanium sources discovered globally. Additional analysis is underway as we work to understand the magnitude and potential commercial value of this titanium mineral discovery within such a unique geological setting,” Managing Director Shaun Bunn said.
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