Capital Metals PLC (AIM:CMET) reported “exceptional” high grades from the second batch of drilling results from its Eastern Minerals heavy mineral sands project in Sri Lanka.
Auger drilling results from Komari and Urani North, situated in the south of the project, returned grades of up to 86.1% Total Heavy Minerals (THM). Significant results included 1.5 metres (m) at 51.9% THM; 2.5m at 38.4% THM; and 2.5m at 35.2% THM.
The latest results take the average grade for the entire 2021 drilling programme to 19.37% THM versus the existing JORC resource grade of 17.6%, indicating the potential for both volume and grade increases, said AIM-traded Capital Metals.
"Results from the second half of our auger drilling campaign continued a similarly encouraging pattern to all recent drilling campaigns and underlines that our project is amongst the highest-grade mineral sands deposits in the world,” said chief executive Michael Frayne.
“Based on this high grade and the recently released exceptional project economics, we look forward to progressing the project into the mine development phase, underpinned by significant demand for mineral sands and high prices."
All results from surface to a maximum depth of 3.5m ended in mineralisation, providing scope for resource extension at depth, the company added.