Empire Metals Limited NPV (DI) (EEE)

Sector:

Mining

Index:

FTSE AIM All-Share

7.00p
   
  • Change Today:
      0.60p
  • 52 Week High: 13.40
  • 52 Week Low: 1.60
  • Currency: UK Pounds
  • Shares Issued: 598.85m
  • Volume: 9,088,071
  • Market Cap: £41.92m
  • RiskGrade: 397

Empire Metals surges on latest data from Pitfield

By Josh White

Date: Thursday 03 Nov 2022

LONDON (ShareCast) - (Sharecast News) - Resource explorer and developer Empire Metals released an analysis of the historical geochemical sampling compiled to-date on the Pitfield Copper Project in Western Australia on Thursday.
The AIM-traded firm said the mapping showed "extensive" copper, silver and other base metals anomalism over a 40 kilometre strike length, giving further confidence in the potential to discover a 'giant' copper mineralised system at Pitfield.

It identified an "exceptionally large" magnetic anomaly extending over 40 kilometres north-south in the airborne magnetic survey data, likely caused by a basin-scale alteration event.

A subsequent airborne electromagnetic survey identified a suite of highly conductive rocks within the Mt Scratch siltstone surrounding the magnetic feature.

Historical geochemical sampling by CRA in the vicinity of the magnetic anomaly indicated high background values for copper, silver, zinc and nickel, including up to 2.3% copper and 20.8 grams of silver per tonne from surface rock chip sampling.

Empire said Pitfield had the potential to contain multiple sediment-hosted stratabound copper deposits lying within what may be a 'giant' copper mineralised system.

Exploration field work would start by the first quarter of 2023, ahead of an intended drill programme to evaluate the economic significance of any such deposit.

"I am delighted to provide an update on our emerging Giant copper exploration project at Pitfield, where geochemical mapping has confirmed high background values of copper, silver and other base metals across almost our entire licence area," said managing director Shaun Bunn.

"Since significantly expanding the exploration camps within our portfolio from 3.1 square kilometres to 1,728 square kilometres earlier this year, thanks largely to the acquisition of three highly prospective large-scale copper-gold projects, we have focussed on successfully building up the prerequisite assay databases and geological, geophysical and geochemical maps initially for the Pitfield Copper Project."

Bunn said the information "underpinned" its hypothesis that Pitfield was potentially a newly-discovered giant copper system.

"Armed with this historical geochemical sampling data and the analysis of the AM and AEM survey, we will plan our next phase of surface exploration work before moving on to the evaluation of the economic significance of any SSC deposits through drilling."

At 1154 GMT, shares in Empire Metals were up 27.92% at 1.6p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

EEE Market Data

Currency UK Pounds
Share Price 7.00p
Change Today 0.60p
% Change 9.38 %
52 Week High 13.40
52 Week Low 1.60
Volume 9,088,071
Shares Issued 598.85m
Market Cap £41.92m
RiskGrade 397

EEE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
55.82% below the market average55.82% below the market average55.82% below the market average55.82% below the market average55.82% below the market average
80.15% below the sector average80.15% below the sector average80.15% below the sector average80.15% below the sector average80.15% below the sector average
Price Trend
99.43% above the market average99.43% above the market average99.43% above the market average99.43% above the market average99.43% above the market average
98.60% above the sector average98.60% above the sector average98.60% above the sector average98.60% above the sector average98.60% above the sector average
Income Not Available
Growth Not Available

EEE Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
17:08 50,000 @ 7.00p
16:29 2,500 @ 7.12p
16:26 36,674 @ 7.07p
16:25 2,879 @ 7.12p
15:22 225,000 @ 7.07p

EEE Key Personnel

Finance Director Gregory Kuenzel ACA

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