Krucible Metals (ASX:KRB) is capitalised at $4.8 million, holds $5.8 million in cash (and $5.1 million in term deposits) and controls an area of undrilled land near BHP Billiton's (ASX:BHP) giant Cannington zinc-lead-silver mine in Queensland.
Krucible's Cowie Mag project is within 20 kilometres of the Cannington Mine, in the same structural corridor, yet there has been no drilling work in the application area.
Cannington has grown to become the world’s largest and lowest cost producer of silver and lead.
In July Krucible completed preliminary reconnaissance sampling which identified geology considered highly prospective for lead, zinc and silver mineralisation.
Assay results from rock chip samples collected are expected in around 4 weeks, and Krucible plans to complete further geochemical sampling in the coming months.
Further south Krucible has identified a molybdenum-lead anomaly from lag sampling which is interpreted to extend south into Krucible’s recently granted Tertiary project area.
The company holds numerous greenfields projects in and around the Cannington and Mt Isa regions of Queensland.
Krucible also noted in its most recent quarterly report that is it assessing project acquisition opportunities, and has added graphite and tungsten to its metals of interest.
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