The Empire Metals Ltd (LON: EEE) share price rose 5.88% after releasing the results of the Dipole-Dipole Induced Polarisation (DD-IP) surveys conducted at its Pitfield Copper Project located in Western Australia.
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The DD-IP survey results identified multiple drilling targets. They provided evidence that the Pitfield project could have multiple sediment-hosted stratabound copper (SSC) deposits across its 40km long alteration footprint.
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Investors were pleased to hear that the DD-IP surveys identified several anomalies that returned chargeable values exceeding the limits that would indicate the presence of disseminated copper sulphides.
The chargeable and extremely resistive anomalies are closely linked to the magnetite-altered stratigraphy and tend to coincide with solid copper anomalism in rocks and soils. The anomalies provide additional evidence supporting the possibility that SCC deposits could be present in the area.
Empire Metals further clarified that the resistive anomalies were located in the same area as the recently collected high-grade rock and soil samples. The company noted that the highly chargeable anomaly detected in the three DD-IP survey lines southwest of Mt Scratch seems quite extensive.
The DD-IP survey also identified a second extremely chargeable anomaly line 12km south of Mt Scratch. The anomaly was located within the same geological trend as the Mt Scratch anomaly.
Vast Resources expects to complete the DD-IP and initial soil sampling survey in Q1 2023. The firm intends to expedite the maiden drilling programme at Pitfiel to understand the area geology better and determine the magnitude of the extremely chargeable, highly-resistive zones.
Shaun Bunn, Empire Metals Managing Director, said: “I am delighted to provide an update on our initial DD-IP survey activities, a reconnaissance mission focussing on areas 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.
The company’s focus is on the Mt Scratch prospect, which represents 5% of the overall project.
*This is not investment advice.
Empire Metals (EEE) share price.
The Empire Metals (EEE) share price rose 5.88% to trade at 1.80p, from Friday’s closing price of 1.70p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.