(Alliance News) - Empire Metals Ltd shares were lifted on Thursday, as new survey results pointed to the possibility of copper and magnetite at Pitfield in Western Australia.
The London-based minerals explorer and developer received the results of an airborne magnetic survey performed in June at the Pitfield Copper-Gold project, which has identified a "significant structure".
The structure runs along the western boundary of the magnetic anomaly for seven kilometres, and closely aligns with surface copper. Pitfield is next to the historic Baxters copper mine at Arrino, Empire noted.
Shares in Empire were up 9.8% to 1.13 pence each in London on Thursday morning.
The survey also observed a highly magnetic anomaly running over 20 kilometres north to south in the western part of the licence, which could potentially show the presence of magnetite.
"This is a tremendous result for Empire, and clear evidence of the mineralised potential of this geologically significant asset. Our early success from the airborne magnetic survey has confirmed that the historical geochemical sampling closely aligns with a significant magnetic anomaly, said Managing Director Shaun Bunn.
The firm now awaits a detailed analysis of the airborne electro-magnetic survey. It will help to develop a "comprehensive map" for Pitfield, which will be developed into "several highly prospective copper resource targets".
By Elizabeth Winter; elizabethwinter@alliancenews.com
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