Elementos Ltd (ASX:ELT, OTC:ELTLF) has extended a new zone of shallow tin mineralisation at Oropesa Tin Project in Spain upon receiving its latest high-grade diamond drilling results from hole ADD_22.
The latest results follow assay data from 36 drill holes with assays previously reported from this program with four holes outstanding.
Shares have been up as much as 17.4% to A$0.027 intra-day, a new high of more than eight years.
The latest diamond drill results include:
- 26 metres at 0.34% tin from 12.5 metres, including 18 metres at 0.5% from 12.5 metres;
- 4 metres at 1.95% from 74.2 metres; and
- 12.4 metres at 0.97% from 89 metres, including 9.3 metres at 1.25% from 89 metres.
Results are likely to be included in the upcoming mineral resource estimate on track for delivery in October.
Additional assays confirm extensions
Elementos chief executive officer Joe David said the latest results continued to expand the new and significant zone of mineralisation and increased confidence that the company had identified an additional high-grade zone not included in the current mineral resource estimate.
He said the resource definition drilling program had identified mineralisation around 75 metres from surface, linking intersected mineralisation in nearby and previously reported holes Expn_015A and Expn_010.
“The results from this drill hole confirms along-strike extensions to the shallow mineralisation reported in earlier announcements on August 24 and 30th and September 2.
“Drill hole assays from the remaining four drill holes, which are all located along strike or down dip of this intersected mineralisation, will assist us in confirming the full extent and grade of this mineralised zone.”
Next steps
The company believes Oropesa represents an opportunity to create value-uplift potential for shareholders as the project is advanced towards development.
Elementos is awaiting the results from four drill holes to complete the 44-hole drill program.