Empire Metals shares surge on Pitfield review

Empire Metals announced the results of an expert review on the Pitfield Copper Project in Western Australia on Tuesday.

The AIM-traded firm said the review, which evaluated recent geophysical surveys and the historical exploration database at Pitfield, confirmed that it had “all the hallmarks” of a ‘giant’ copper mineralised system, potentially containing multiple sediment-hosted stratabound copper (SSC) deposits.

It said an exceptionally large magnetic anomaly, extending over 40 kilometres north-south, was identified at Pitfield.

The board explained that SSC deposits are “globally significant” geological systems which deliver around 20% of copper production globally, and are often very large and high-grade deposits.

It said the Pitfield geological setting compared favourably with the sandstone sub-type of SSC, exemplified by the massive Udokan ore region in Russia.

Empire said it would accelerate exploration activities at Pitfield in the first quarter of 2023, including surface mapping, induced polarisation (IP) surveying and geochemical sampling, with multiple exploration targets already identified.

“We previously held a strong belief that Pitfield had the potential to contain a major copper deposit with world-wide significance,” said managing director Shaun Bunn.

“The results of this expert review, which drew on the findings of the recently completed geophysical surveys, confirm the accuracy of the historical data we inherited and have identified the regional geological features consistent with a giant copper mineralised system.

“This makes Pitfield an exciting exploration target for a SSC deposit and an exceptional project for us to focus our exploration efforts on.”

Bunn said SCC-type deposits were “often very large” and high-grade deposits, accounting for around a fifth of the world's copper production.

“We are looking forward to increasing our understanding of Pitfield as we embark on our next phase of exploration which will include surface mapping, induced polarisation surveying and geochemical sampling.

“Work is expected to commence in the first quarter of 2023.”

At 1427 BST, shares in Empire Metals were up 49.03% at 1.16p.

Reporting by Josh White at Sharecast.com.