Rome Resources Plc (AIM:RMR) shares advanced in Tuesday’s early dealing after latest results from the Kalayi tin prospect, in the Democratic Republic of Congo, confirmed further high-grade mineralisation across multiple ore shoots.
The results, from two diamond core drill holes, add more confidence ahead of a future maiden resource estimate for the project.
At Kalayi, the tin mineralisation remains open at depths beyond 250m, with Rome highlighting that visible cassiterite mineralisation was observed in the deepest hole drilled to date.
Drilling has so far covered only 30% of the project’s identified 2,000-metre ‘tin-in-soil’ anomaly.
“With tin trading at near-record levels of ~US$34,000/t, our latest results further reinforce Kalayi's economic potential,” chief executive Paul Barrett said in a statement.
“These new results build on our confidence in the project's growing scale and the continuity of high-grade tin mineralisation at depth.
“We now have clear evidence of a strong system extending across multiple zones, improving widths and grades as we drill deeper towards the granite source."
Barrett added: “we are moving rapidly towards defining our maiden inferred mineral resource estimate, which will be a major step in demonstrating the full potential of this emerging tin asset.
“The combination of high tin grades, growing scale, and Rome's strategic positioning within one of the world's most prospective tin belts places us in a strong position to unlock further shareholder value."
In London, Rome Resources shares gained just over 5% changing hands at 0.31p, valuing the exploration company at around £15.5 million.
Drilling detail
The latest drilling results included hole KBDD015, which returned 3.3 metres at 1.77% Sn from 96.85 metres depth and 5.7 metres at 1.35% Sn from 147.90 metres (including 2.85 metres at 1.98% Sn).
The KBDD016 hole intercepted 9.5 metres at 0.60% Sn from a depth of 126.45 metres, with a high-grade section of 1.7 metres measuring 1.61% Sn.