Empire Metals, a gold and copper exploration and development company, has raised £3 million to advance its Pitfield project in Western Australia. The project is a potential giant copper-titanium mineral system with a high-density gravity core and a large magnetic anomaly.
The company plans to use the funds to expand its planned drilling program at Pitfield, which started earlier this month. The program aims to confirm the scale and distribution of the mineralization and conduct mineralogical and metallurgical studies.
The Pitfield project covers an area of 1,042 square kilometers in the Yandanooka basin, which is considered highly prospective for sediment-hosted copper deposits. The basin contains Neoproterozoic sediments that are associated with several of the world’s largest copper deposits, such as those in the Central African Copperbelt.
Empire Metals holds a 70% interest in Pitfield, while ASX-listed Rumble Resources holds the remaining 30%. The project has attracted interest from major mining companies in the past, such as Kennecott, MIM, BHP, and CRA, who identified widespread copper and silver anomalism in the area.
Empire Metals’ managing director, Shaun Bunn, said that the company had received exceptional results from its exploration efforts at Pitfield and that the market is beginning to grasp the potential global significance of the discovery. He thanked the shareholders for their support and said he looks forward to reporting on the drilling progress over the coming weeks.
Empire Metals’ Pitfield project has the potential to become a significant copper-titanium mineral system. The project covers an extensive area in Western Australia and attracts the attention of major mining companies. The company’s recent fundraising success will enable it to expand its drilling program and conduct further studies on the mineralization. The results obtained so far have been exceptional, and Empire Metals is optimistic about the project’s future prospects.
Source: Mining Weekly
