Admiralty Resources (ASX:ADY) shares have climbed 100% in the past month to an intra-day high of $0.027 today, from $0.013 in early July.
The company’s Bulman Project is a substantial zinc and lead oxide deposit in the Northern Territory, so the rising zinc price is likely a factor behind Admirality's improved share price.
Combined geological ore reserves estimated in the 1950's for several mineralised veins were 375,000 tonnes at 15% zinc and 2% lead of mainly oxide material.
Significant near surface zinc and lead oxide ore remains, but is largely untested by modern systematic sampling and drilling practices.
A literature review of available open file exploration data highlighted that the Bulman Leases and five nearby zinc and lead occurrences have potential for at least 1 million tonnes of near-surface oxide and sulphide ore at greater than 10% combined zinc and lead.
The company is presently valued at $17 million.
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