Strategic Minerals (LON:SML) today released assay results from a prospect in its Iron Glen project in Australia, which confirmed a polymetallic system.
The results of chip sampling come from the Lead Belly prospect within the 2,100 hectare Iron Glen asset in Queensland. This area lies 2km north west of the primary area where the firm first explored in October last year.
At that area, 11 drill holes had indicated an economical magnetite deposit and other minerals including silver, trace gold, copper, lead and zinc.
At Lead Belly, 11 rock chip samples were taken and seven showed greater than 1 per cent lead, while four demonstrated greater than 1 per cent zinc, the company said today.
Four samples assayed greater than 1 per cent copper and nine assayed greater than 30 g/t Silver.
CEO Patrick Griffiths said it was too early to confirm a significant find, but the results clearly showed a polymetallic system.
"Our objective is to now define the extent of the precious and base metals within the mineralisation which will become known only once the results of drilling are available."
"Lead Belly drilling is additional to the program to delineate further the extent of the known magnetite at Iron Glen."
The company's share price was up 12.64 percent this morning on yesterday's close - changing hands at 12.25 pence.
Last Friday afternoon, the newly-listed company saw its share price advance up to more than 83 per cent at one point as investors responded positively on news that the firm would begin a second phase of drilling at Iron Glen this week.
The firm's shares were admitted to AIM on Wednessday last week when the firm also revealed it had raised £750,000 in a placing.
Strategic Minerals aims to find iron ore from Iron Glen that can be fed to China's steel markets.