The Empire Metals Ltd (LON: EEE) share price rallied 24.9% after discovering a “giant” copper and titanium mineral system at its Pitfield project, including a new, high-grade titanium discovery. The results were highly significant given that the drill holes were placed hundreds of metres apart, and some were kilometres apart.
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The results announced today were from the company’s maiden Reverse Circulation (RC) drilling campaign at the Pitfield project in Western Australia. The drilling confirmed the presence of a giant-scale hydrothermal mineral system rich in titanium and copper.
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Empire Metals also uploaded a new corporate presentation detailing the results to its website. The drill results confirmed the presence of a giant (~40km by 8km) mental-rich mineral system contained in sedimentary rocks with extensive evidence of intense alteration by hydrothermal fluids.
The company’s geologists believe that the hydrothermal fluids were responsible for the significant presence of copper (Cu) and titanium (Ti) in the sedimentary host rocks. The drilling also discovered a new high-grade titanium discovery with consistently high titanium grades identified in thick intersections over vast areas throughout the mineral system.
Empire Metals identified titanium-rich mineralisation (between 4% and 10% TiO2) in all but one of the 21 holes drilled. The mineralisation started near the surface, with nearly a quarter of the holes ending in high TiO2 despite being drilled to a depth of 154 metres.
The company reported highly anomalous copper values of +100ppm for 60% of the drill sample intervals, with an average of 131ppm Cu and a peak of 605ppm Cu, indicating the presence of significant amounts of copper.
Shaun Bunn, Empire Metals’ Managing Director, said: “We are absolutely thrilled with the results of our maiden drilling campaign. Our research over the past year pointed to the presence of a newly recognized giant copper mineral system at Pitfield; in itself no minor feat, however, the results announced today add a whole new dimension to this globally important asset – the discovery of titanium-rich minerals in my view tells us we have a “Land of Giants” to explore. The scale, strength and consistency of the mineralised system cannot be overemphasised given that the drill holes were spaced several hundreds of metres to tens of kilometres apart.”
*This is not investment advice.
Empire Metals (EEE) share price.
The Empire Metals shares price rallied 24.86% to trade at 2.31p, from Friday’s closing price of 1.85p.
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