Elementos Limited (ASX: ELT) should trade significantly higher today after revealing very high grade silver, zinc and lead results from maiden surface rock sampling at Godkin and Cleveland South, Tasmania.
Assays measured up to 4.11 kg per tonne silver, 26.5% zinc and 7.4% lead, with other results over 2.5kg per tonne silver and 22.5% zinc.
A trial soil sampling program has now commenced at Godkin and Cleveland South, followed by induced polarisation surveys to define the structures that host the mineralisation and delineate potential mineralised areas for drill targeting.
North-west Tasmania is a world-class minerals district and host to significant historic lead-zinc-silver mines including Hellyer, Roseby and Que River, all within 40 kilometres of the Cleveland tenements.
Whilst the company's priority focus remains development of the Cleveland tin project, the new zones add an extra dimension to its tenement portfolio in the district.
The Godkin silver-lead-zinc zone, located two kilometres south-east of the Cleveland tin mine, includes a number of small underground mines scattered over two kilometres along a structural trend.
The geological environment in the Godkin Zone is encouraging as there is a north-west trending belt of limestones in contact with sandstone, all intruded by small granite stocks, amenable for carbonate replacement style of mineralisation.
This is significant because carbonate replacement mineralisation tends to generate larger, higher grade mineralised bodies.
These are exciting new results for Elementos, capped at $9 million, and expand the companies upside potential considerably.
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