Empire Metals Limited, an AIM-quoted resource exploration and development company, has released its final results for the year ended 31 December 2023. The company confirmed the discovery of a giant mineral system at the Pitfield Project in Western Australia, hosting titanium mineralization of globally significant size and grade. The drilling campaign in 2023 and H1 2024 revealed a 100% success rate, with every hole intersecting titanium mineralization from the surface or near surface.
The company is expecting a JORC Code compliant Exploration Target for the Cosgrove and Thomas mineral prospects in Q2 2024, supported by consistently positive drill results. The favorable mineralogy and metallurgy are anticipated to lead to a relatively simple processing flowsheet and highly concentrated end product. Additionally, a major new titanium dioxide mineral discovery in June 2024 is expected to accelerate timescales and enhance the economics of the Pitfield Project.
Empire Metals is advancing all associated workstreams to commence the design and construction of a demonstration plant in 2025. The company has also bolstered its exploration and development team in Western Australia and successfully raised a total of £6 million in fundraisings to support exploration and development work throughout 2024.
Shaun Bunn, Managing Director of Empire Metals, expressed confidence in the potential of the Pitfield Project, stating, "Pitfield is a once in a lifetime discovery." He highlighted the strategic significance of the discovery, noting that it comes at a time of shifting geopolitical trading blocks, positioning Pitfield as a timely new secure supply entry into the global titanium industry.
The company's recent discovery of a major new titanium dioxide discovery, comprising rutile and anatase, at near surface has added an exciting new element to Pitfield. This has opened the possibility of a staged development plan, focusing initially on the much higher-grade, titanium dioxide mineral-rich saprolite deposits while continuing to develop a processing route for the titanite-rich bedrock deposits.
In conclusion, Empire Metals is looking forward to a seminal year ahead as it moves closer to the construction of the demonstration plant on the path to commercialization. The company aims to unlock the full potential of the Pitfield Project over the coming years.
The Chairman's statement reflects on 2023 as a pivotal time for the company, defined by the discovery of a titanium asset of potential unrivaled value at the Pitfield Project in Western Australia.