The Empire Metals Ltd (LON: EEE) share price rallied 19.1% higher after revealing that its first petrographic and mineralogical studies on the high-grade titanium discovery at the Pitfield Project had confirmed the presence of ilmenite, a critical economic titanium-iron oxide mineral.
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Investors cheered the news since ilmenite is a titanium-iron oxide mineral, which is highly valued as a source of titanium oxide (‘TiO2‘) and accounts for over 85% of the feedstock for the global titanium industry.
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Unlike the more common beach sand and hard-rock types of titanium deposits, Pitfield represents a newly recognised type of stratabound sedimentary rock-hosted titanium deposit.
From an economic perspective, the dominance of ilmenite and hematite within the samples studied and the minor presence of magnetite is considered highly beneficial. The new 3D magnetics model demonstrates the extraordinary depth of the previously announced 40km by 8km magnetics anomaly, extending to at least 6km below the surface.
Titanium minerals are regarded as a “critical” resource, and titanium is on the strategic “critical minerals list” in many countries, including the United States, the European Union, Japan and Australia.
Empire Metals intends to conduct future drill programmes that are already funded, including both diamond core and additional RC drilling, which will be conducted along the entire length of the magnetics anomaly to confirm the scale of this giant, titanium-enriched mineral system.
Shaun Bunn, Empire Metals Managing Director, said: “It is very exciting to see the results from our initial petrographic and mineralogical studies, confirming the presence of ilmenite within this exceptional titanium-rich mineral system. We have a magnetics anomaly covering 40km by 8km, whose core is 30km long and extends to a depth of at least 6km. This magnetics anomaly appears to be coincidental with the currently known extent of the ilmenite mineralisation.”
Adding:
“Our knowledge and understanding of this mineral system continues to grow at pace. Since announcing the titanium discovery on 30 May 2023, we have been able to demonstrate the scale of this mineral system and confirm that the host sedimentary rocks have been extensively replaced by titanium and iron minerals.”
*This is not investment advice.
Empire Metals share price.
The Empire Metals share price surged 19.07% to trade at 2.56p, from Monday’s closing price of 2.15p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.