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Empire Metals Ltd shares surged on Tuesday, as the firm shared a very promising update on its Pitfield copper-gold project in Western Australia.
The London-based minerals explorer and developer said an expert review has confirmed Pitfield has "all the hallmarks of a 'giant' copper mineralised system".
Shares in Empire Metals rose 39% to 1.07 pence each in London on Tuesday morning.
The expert review was based on recent geophysical surveys and the historical exploration database of the site.
Pitfield potentially contains multiple sediment-hosted stratabound copper deposits, and an "exceptionally large" magnetic anomaly which spans over 40 kilometres has been identified there.
"We previously held a strong belief that Pitfield had the potential to contain a major copper deposit with world-wide significance. 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," said Managing Director Shaun Bunn.
In late September, the airborne electro-magnetic survey at Pitfield had identified a suite of anamalous conductive features.
Empire will now progress to the next phase of exploration, which will entail surface mapping, induced polarisation surveying and geochemical sampling. It expects work to begin in the first quarter of next year.
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