Elementos Ltd (ASX:ELT, OTC:ELTLF) is trading higher after unearthing further very high-grade tin mineralisation near the surface during infill drilling at its Oropesa Tin Project in Spain.
Drill hole ADD_31 returned high-grade tin intersections with copper - up to 8.2 metres at 1.28% tin and 0.22% copper from 107 metres, including 3.6 metres at 3.35% tin and 0.9% copper from 112.9 metres, at a cut-off grade of 0.1% tin.
The drilling program, designed to upgrade the inferred mineral resources that sit within the US$30,000 per tonne pit shell, is targeting mineralisation projected by the geological model and 2021 mineral resource estimate.
Location of drill hole ADD_31 and the 2021 inferred resource.
Above modelled expectations
Elementos managing director Joe David said he was buoyed by the latest results which continued to deliver intercepts and grades above the company’s modelled expectations.
“Hole ADD_31 has encountered some of the highest-grade tin zones drilled at Oropesa and is along strike from ADD_32, which also recently returned high-grade, near-surface tin mineralisation,” he said.
“These results continue to show the capability for the Oropesa Project to deliver significant intercepts well above the average mineral resource grade of tin across the project.”
Shares have been as much as 16.67% higher intraday to $0.35.
More holes in the works
David said at least four additional exploration holes, outside the current mineral resource, were planned to follow the completion of the nine-hole infill program, where one hole remained to be drilled.
“The additional exploration holes so far planned are targeting areas outside the mineral resource, which we believe hold high potential for extensional mineralisation.
“The Oropesa project remains open in a number of zones and this follow-up program will assist the design of additional drilling programs,” he added.
Plan of the location of the 2022 infill drilling program within the southeastern section of the 2022 scoping study US$30,000 per tonne pit shell.
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