Unicorn Mineral Resources PLC (LSE:UMR) saw its share price soar more than 20% higher on the news that it has been granted a permit to drill at its Kilmallock project, in Ireland’s Limerick basin, which is located in the vicinity of Glencore’s Pallas Green project.
The explorer, in a statement, said it is now in talks with drill contractors with a view to beginning drilling operations within the next few weeks.
It plans initially to drill six holes with the programme expected to take twelve weeks to complete.
Unicorn highlighted that the drilling aims to follow up past drilling on the property which identified very significant high-grade zinc, lead, and silver mineralisation.
"I believe we have a very prospective portfolio, particularly the Kilmallock property in the Limerick Basin and I am delighted that we are in a position to commence a drilling programme,” chief executive Richard O’Shea said.
“The property has had very positive results from previous drilling and is located just 20km south of the Pallas Green project owned and operated by Glencore.
O’Shea added: “drilling by other operators on adjacent properties over the last two years has produced some highly significant results, which is encouraging for the Limerick Basin in general.
“I look forward to an active exploration programme and some good news for shareholders over the coming years."
In London, the micro-cap share added 1.25p or 21.74% on Friday to trade at 7p valuing the exploration company at £1.94mln.