The company’s shares were last trading 20% higher intra-day, at $0.006.
Assay results from the recently completed drilling confirmed the presence of zinc mineralisation across four zones, including a best result of 2.85 metres at 20.2% zinc + 0.88% lead from 193.9 metres.
This has opened up a significant new area for follow-up exploration well outside the project’s existing resource inventory.
Last month, the company revealed the maiden resource for Kildare of 5.2 million tonnes at 8.6% combined zinc + lead for 374,400 tonnes of contained zinc and 72,800 tonnes of contained lead.
The Celtic Tiger prospect constitutes a previously untested area circa 1 kilometres to the west of the McGregor prospect, which hosts the majority of the recently published maiden resource.
Importantly, achieving an intersection grading 20% zinc over a three-metre thickness in a new area is highly encouraging in light of the company’s rationale for targeting there.
Zinc of Ireland now has a significant new prospect in close proximity to the McGregor resource offering a considerable upside potential.
The company is in the process of planning the next round of drilling, during which it will aim to add significant tonnes to the McGregor resource by following up on the spectacular intercept there in June.
At the same time, Zinc of Ireland will assess the potential of the Celtic Tiger prospect and how it can fit into the future of the project.
Top ASX Gainers in morning trade
|Zinc of Ireland||ZMI||$0.006||20%||4,083,400|