Symbol Mining Ltd (ASX:SL1) has completed drilling at the Macy deposit in Nigeria, upgrading the JORC resource to 85% indicated from 70%.
The updated inferred and indicated resource is 132,700 tonnes at 18.3% zinc and 2.1% lead for 24,284 tonnes of contained zinc.
The indicated resource is 109,800 tonnes at 18.6% zinc, providing increased confidence in terms of developing a commercially viable project.
Developments study could see mining by mid-2018
The Macy deposit is part of the Imperial project, a joint venture with Goidel Resources (40%), a group that has been operating in Nigeria for more than 20 years.
Macy has yielded some outstanding grades to date.
READ: Symbol Mining seeks to upgrade zinc resources at Nigerian project
Symbol has commenced pit optimisation, mine design and mine scheduling studies as part of a development study.
This will assist the company in determining the economic viability of the Macy deposit.
Infrastructure to provide all-weather access
Symbol is also upgrading the 12-kilometre Imperial access road, as it starts construction of a Bailey Bridge in April 2018 to provide all-weather access to the operations.
As these developments unfold, Symbol will be releasing results from a 3500-metre drilling program at the Aisha deposit, the second target within the Imperial Project.
These are due in mid-April, suggesting there could be a number of near-term share price catalysts.