Empire Metals Limited has announced the amendment of the Joint Venture Agreement (JV) covering the Pitfield Project in Western Australia to include all minerals discovered within the Project tenements. The revised terms of the 70% Empire and 30% Century Minerals Pty Ltd JV consolidate all minerals under one JV, simplifying the ownership structure and allowing for the continued rapid development of Pitfield. This amendment eliminates potential conflicts and streamlines the development process.
Under the original terms, Century retained 100% of the rights to Mineral Sands, while the JV retained 100% of all mineral rights to any and all bedrock mineral deposits, inclusive of titanium minerals. The consolidation of all minerals under the JV prevents other potential third parties from exploring for other minerals and allows for the continued and unencumbered development of Pitfield.
Empire has secured a redefinition of rights at the Pitfield Project, to 70% of all minerals present regardless of their physical or chemical nature, for a consideration of A$250,000. This investment aims to create value for all shareholders and will be funded from existing cash reserves without impacting the Company's strong financial position and fully funded work programmes.
Ed Baltis, Century Director and Major Shareholder, expressed delight with the progress made towards the goal of developing Pitfield into a world-class mining project. Shaun Bunn, Managing Director of Empire Metals, emphasized the strategic importance of consolidating all minerals under the JV, simplifying the ownership structure and removing any perceived ambiguity in relation to distinguishing between bedrock hosted titanium minerals and surface mineral sands.
The Pitfield Project, located within the Mid West region of Western Australia, lies near the northern wheatbelt town of Three Springs. The region is known for its mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port, HV power substations, and natural gas pipelines, making it an attractive location for resource exploration and development.
The project lies in a unique geological setting along the western boundary of the Yilgarn Craton, within the Yandanooka Basin, which consists mainly of interbedded siliciclastic sedimentary rocks. The drilling to date has confirmed extensive, higher-grade TiO2 mineralisation in the thick sandstone-rich beds, which are the focus of delineation for initial resource development and to provide necessary metallurgical samples.
Overall, the amendment of the JV agreement for the Pitfield Project is a significant step for Empire Metals, simplifying the ownership structure and allowing for the continued rapid development of the project. The consolidation of all minerals under the JV eliminates potential conflicts and streamlines the development process, positioning the company for continued success in resource exploration and development.