Empire Metals Shares Surged 49.6% on Pitfield’s Giant Deposits

The Empire Metals Ltd (LON: EEE) share price surged 49.6% after revealing that the analysis of the historical geochemical sampling at its Pitfield Copper Project in Western Australia had shown signs of containing a “Giant” copper mineralised system.

The mineral exploration and development company noted that the mapping had uncovered extensive silver, copper and other base metals anomalism over a 40km strike length. The significance of the discovery could not be downplayed.

Also read: The Best Copper and Mining Stocks To Watch In 2022.

Investors cheered the announcement as the discovery could lead to massive revenues for the company once it develops the resource and starts mining the crucial minerals discovered at the Pitfield project. However, investors should remember that today’s results were derived from initial sampling and that the company has a long way to go before producing commercial volumes of copper and silver from the mine.

Still, the airborne magnetic (AM) surveyed data uncovered an extensive magnetic anomaly extending over 40Km north to south, likely caused by a basin-scale alteration event. A follow-up Airborne Electro-Magnetic (AEM) survey also discovered multiple highly conductive rocks within the Mt Scratch siltstone surrounding the magnetic feature.

Pitfield could potentially contain several sediment-hosted stratabound copper (SSC) deposits lying within a “Giant” copper mineralised system. The company intends to kick off onsite exploration work in Q1 2023.

Shaun Bunn, Managing Director, said: “I am delighted to provide an update on our emerging Giant copper exploration project at Pitfield, where geochemical mapping has confirmed high background values of copper, silver and other base metals across almost our entire licence area. Since significantly expanding the exploration camps within our portfolio from 3.1km2 to 1,728km2 earlier this year, we have focused on successfully building up the prerequisite assay databases and geological, geophysical and geochemical maps initially for the Pitfield Copper Project.”

The company’s next step will be to conduct surface exploration work before evaluating the economic significance of any deposits via drilling.

So, would I buy Empire Metals shares? The short answer is yes. The company’s prospects are up-and-coming. However, I would wait for a pullback before buying. Nevertheless, the investment may suit long-term investors, given the firm’s production timelines.

*This is not investment advice.

Empire Metals share price.

The Empire Metals share price surged 49.6% to trade at 1.87p, rising from Wednesday’s closing price of 1.25p.