Empire Metals Limited has announced its interim results for the six-month period ending June 30, 2023. The company's share price has increased by over 150% since the beginning of the year, driven by the discovery of a giant titanium-enriched mineral system at its Pitfield Project in Western Australia. The exploration season started in January with soil geochemical sampling and geophysical surveying, confirming and extending a historic copper-in-soil anomaly associated with the Mt Scratch copper workings.
In March and April, the company conducted its maiden drilling campaign, consisting of 21 Reverse Circulation drill holes. The drilling confirmed the presence of a giant metal-rich mineral system, including a new high-grade titanium deposit composed of thick, titanium mineral-rich sedimentary beds. These beds consistently graded between 4% and 10% TiO2 and were found in all but one of the drilled holes. Anomalous copper values were also reported, indicating potential for multiple copper deposits in other parts of the system.
A review of historical geochemical data confirmed TiO2 enrichment over the entire 40km length of the regional magnetics anomaly. Based on this find, Pitfield is now believed to have the potential to become one of the largest primary titanium mineral deposits ever discovered. Titanium is considered a critical mineral in many countries, positioning Pitfield as a strategically important asset on the international stage.
Post-period end, petrographic and mineralogical studies confirmed the presence of ilmenite, an important economic titanium-iron oxide mineral. A new 3D magnetics model was developed, showing the depth and scale of the magnetics anomaly. An airborne gravity survey identified a large, dense core coinciding with the anomaly, indicating potential for additional titanium mineralization and new economic minerals.
The company's current drilling program, which began in September, is focused on the dense core and aims to confirm the continuation of high-grade titanium mineralization and provide evidence of its source. The program consists of three angled, 500m deep, diamond core drill holes.