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(Alliance News) - Empire Metals Ltd on Monday said it has raised GBP3 million through a placing, to expand exploration at its Pitfield project in Western Australia.
The London-based minerals explorer and developer said it has raised GBP3 million through an oversubscribed placing of 75.0 million new shares, priced at 4 pence per share.
Empire shares were down 4.3% to 4.16 pence each in London on Monday morning.
Empire Metals said the proceeds will be primarily used to allow the company to expand the planned phase 1 reverse circulation drill programme, currently scheduled for later this year.
This will follow on from its current exploration campaign at Pitfield, which includes a total of 1,500 metres of diamond core drilling planned over the coming weeks.
The phase 1 programme will involve "a significant drilling campaign, which will be carried out along the length of the high-density gravity core and, in particular, focusing on the very dense zones that have now been identified within the magnetics anomaly".
Following the placing, a second phase of reverse circulation drilling will now be planned to commence in early 2024, expanding on the targets already included in phase 1.
"These additional funds will also allow the company to commence mineralogical and metallurgical studies which will provide further information on the most economic route to processing," Empire Metals added.
Managing Director Shaun Bunn said: "We have received exceptional results from our exploration efforts at Pitfield to date, and today's fundraising will ensure that we can continue to push ahead, unimpeded, to a point where we can begin to establish the potential value of this giant, titanium-enriched mineral system."
By Sophie Rose, Alliance News reporter
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