26th Mar 2019 13:35
LONDON (Alliance News) - Erris Resources PLC has found new targets south of its Abbeytown mine in Sligo, Ireland, following soil sampling, the company said Tuesday.
The results from 527 "closely spaced" soil samples show three targets up to 1.3 kilometres south west of the mine.
Erris has found zinc, silver, and lead anomalies south of mineralisation found during drilling, meaning there are possible strike extensions.
Chief Executive Anton du Plessis commented: "The soil sampling programme has returned some excellent results and shows anomalies exist well outside the area of previous surface drilling by the company at Abbeytown."
"The anomaly identified near the Ox Mountains fault, 1.2 kilometres south of the mine, one of the most important regional structures, is notably encouraging due to the very high level of base metals in two adjacent samples in a favourable structural setting for mineralisation."
"If continuity of mineralisation indicated by these soil anomalies is confirmed, then we are looking at a number of new zones of mineralisation that could potentially indicate a much larger deposit at Abbeytown," du Plessis continued.
"We believe Abbeytown has exciting potential with many advantages and is significantly undervalued with respect to the company's recent share price performance."
Erris shares were down 0.8% on Thursday at a price of 5.26 pence each.
Related Shares:
ERIS.L