Elementos Ltd (ASX:ELT, OTC:ELTLF) is trading higher after recent drilling further defined a new zone of tin mineralisation at the Oropesa Project in Spain with assays received from two diamond drill holes – EXPN_024A and EXPN_054A.
Results from an additional five holes remain pending to complete the 44-hole program.
These latest intersections comprise 33.2 metres at 0.30% tin from 2.9 metres, including 18.8 metres at 0.40% tin from 2.9 metres and 9.1 metres at 0.22% from 22.2 metres and 7.9 metres at 0.31% from 35.3 metres.
Shares have been as much as 22% higher intraday to 2.2 cents.
Confirms zone outside resource
ELT chief executive officer Joe David said the latest drill hole assay results continued to confirm a new and significant zone of shallow mineralisation that is not included in the 2018 Oropesa mineral resource.
“The results from these drill holes confirm along strike and down dip extensions to the shallow mineralisation reported in earlier announcements on August 24 and 30. “
Location of drill holes with reported assay data as at September 3.
Results to contribute to updated resource
David continued: “Drill hole assays from the remaining five drill holes, which are all located along strike or down dip of this intersected shallow mineralisation, should confirm the full extent and grades of this mineralised zone, and will therefore likely contribute to the mineral resource estimate set to be delivered in October 2021.
“This updated mineral resource will be the core data that the DFS will build-off to drive the projects technoeconomic assessment.”