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Further drilling at its flagship Namib lead-zinc project in Namibia has hit high grade mineralisation and underlined the site's resource potential, North River Resources plc (LON:NRRP) told investors today.
It came as the group updated on current work and said it was mulling options for raising further funds.
The current drilling is being carried out below the current North resource and, in one hole, an "outstanding" high grade intersection of 57 metres at 28.6% zinc extended mineralisation a further 80 metres.
Fourteen holes have been sunk, with eight reported today, of which four hit "significant" minrealisation, the firm said.
Chief executive James Beams said: "It is very pleasing to see our confidence in the further geological potential of the Namib project being borne out by these initial results from the drilling campaign carried out from the 5-level development drive.
"Whilst NLDD067 is only one drill hole, with a low angle to the trend of the intersection, the exceptional grade and consistency of mineralisation augurs well as we look to grow the resource base."
As revealed previously, the firm accepted the government ministry's "notice of preparedness" to grant a mining licence and now has 60 days to submit a proposal addressing supplementary terms and conditions.
North River added to day it would shortly require further working cap funding to cover ongoing corporate costs and the revised project work programme.
Shares added 13.79% to stand at 0.0825p.