Empire Metals Shares Swing Lower on Landmark Titanium Resource Estimate

Empire Metals shares (EEE.L) have jumped 7% this morning, before coming down over 15% to 49.90p, following the announcement of a maiden Mineral Resource Estimate (MRE) at its Pitfield Project in Western Australia. The MRE, conforming to JORC 2012 standards, positions Pitfield as a globally significant titanium resource.

The headline figures reveal the magnitude of the discovery. The MRE totals 2.2 billion tonnes grading 5.1% TiO2, representing 113 million tonnes of contained TiO2. This estimate focuses solely on the Thomas and Cosgrove deposits within the Pitfield Project.

Within the total MRE, the weathered zone, encompassing saprolite and weathered bedrock, contains 1.26 billion tonnes grading 5.2% TiO2, equating to 65.6 million tonnes of contained TiO2. A substantial portion of the resource, 697 million tonnes grading 5.3% TiO2 for 37.2 million tonnes contained TiO2, falls into the Indicated Resource category, predominantly within the Thomas deposit.

The potential mine life at Pitfield extends across multiple generations. The Thomas and Cosgrove deposits, spanning 39km2 and 20km2 respectively, represent less than 20% of the known mineralized surface area. Geophysical anomalies suggest the mineralization extends kilometers below the current drilling depth, indicating significant future resource expansion potential.

The titanium mineralization is characterized by high-grade and high-purity, occurring from the surface with consistent grades along strike and down dip. Early product development has yielded a high-purity product grading 99.25% TiO2 with minimal impurities, suitable for titanium sponge metal or pigment production.

The friable, in-situ weathered zone contains naturally forming TiO2 minerals, anatase and rutile, allowing for low-cost strip mining without overburden, inter-burden, or blasting. Drilling at Thomas has identified a large, high-grade core averaging approximately 6% TiO2 across a continuous 3.6km strike length and over 2km width, potentially providing feedstock for over 30 years of initial mine life.

Further resource expansion is planned through additional drilling, aiming to increase the MRE size and upgrade resource categories. The Pitfield project benefits from its strategic location, with existing rail links to deep-water ports facilitating direct shipping access to key global markets in Asia, the USA, Europe, and Saudi Arabia.

Shaun Bunn, Managing Director, commented, “Pitfield is truly one of the natural geological wonders of the world…Credit goes to our talented exploration and technical team who have delivered one of the world's largest titanium MRE… within a remarkable short period of 30 months from our first drill hole.”

The substantial MRE announcement is likely to fuel further market interest in Empire Metals. The high-grade nature of the deposit and the potential for low-cost mining could attract strategic partners and accelerate project development.

This discovery presents a compelling opportunity for Empire Metals, potentially transforming the company into a significant titanium producer.