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Empire Metals Ltd (LSE:EEE) has reported significant advancements in its interim results, with Managing Director Shaun Bunn emphasizing the progress made in understanding the geology and mineralogy at the Pitfields titanium project in Western Australia. The project is generating considerable interest within the mining and metals sector, and the technical team, along with the board, is committed to maintaining this momentum to transform Pitfield into a profitable commercial operation as swiftly as possible.
In a recent update, Bunn announced the recommencement of diamond core drilling at Pitfield, specifically targeting the characterization of the higher-grade weathered cap zone. This initiative aims to evaluate the thickness, grade, and shape of this zone while obtaining additional drill core samples for metallurgical testing. The weathered cap zone is seen as a significant opportunity for the company, potentially accelerating plans to establish a fully integrated project that transitions from mining to high-quality TiO2 product production.
The ongoing drill program is projected to require a modest budget, and through this work, the company aims to confirm the process route, delineate a maiden resource estimate, and define high-value commercial end products. Bunn also highlighted the various workstreams in progress, supported by a healthy cash balance, which currently stands at £2.4 million. This financial position is expected to facilitate regular updates in the coming weeks and months as the company approaches commercialization.
In the first half of the financial year, Empire Metals completed a £3 million fundraising, backed by a strategic investor from Saudi Arabia as well as the company’s largest shareholder. The pre-revenue firm reported a loss of £1.38 million for the six-month period. The positive developments at Pitfields, coupled with strong financial backing, position the company favorably for future growth in the titanium sector.
