Empire Metals shares were higher after the company said a recent survey suggests their Pitfield asset could hold copper deposits across a 40km long alteration footprint.
Empire Metals shares were 8% higher at the time of writing on Monday.
Dipole Induced Polarisation surveys found areas with strong copper anomalism in both soils and rocks. The study identified possible copper encounters at least 1,500m in length and up to 800m wide in close vicinity to Mt Scratch.
The Pitfield asset is located in Australia, 313km from Perth. The Pitfield update this morning adds to encouraging rock sampling results released last week.
“I am delighted to provide an update on our initial DD-IP survey activities, a reconnaissance mission focussing on areas that were previously under-explored by the major mining companies that have worked the area. These highly encouraging results from the DD-IP surveys suggest the presence of large, disseminated sulphide mineralised zones, thus providing multiple drill targets and providing another leap forward in our plans to commence drilling activities at Pitfield,” said Shaun Bunn, Managing Director.
“Our immediate focus will be on drilling at the Mt Scratch Prospect, where we have identified a massive highly chargeable anomaly. It is important to note that the Mt Scratch Prospect on its own only represents 5% of the overall project area. The coincidence of multiple highly chargeable anomalies, extensive magnetite alteration and elevated copper in soils and rocks, extending over much of the 40km long N-S massive alteration zone, supports our view that Pitfield has the geological hallmarks of a “Giant” copper mineralised system and we intend to continue our soil sampling and DD-IP surveying activities over the coming months to identify additional drill targets.”