6th Sep 2013 08:00
LONDON (Alliance News) - North River Resources PLC Friday said results from its recent proof of concept drilling and electromagnetic surveying at its Namib Lead Zinc Mine in Namibia had been encouraging and it will now focus on resource expansion and the studies required to apply for a mining license.
The miner said the survey indicated deep mineralisation under the mine's southern ore-body, and it had intercepted the deepest mineralisation it had found yet at 382 metres below the surface on the junction ore body.
A first VTEM target drilling had also intercepted mineralisation at 112 metres below the surface.
It said the survey results will guide future drilling and will help enhance the maiden JORC resource of 668,000 tonnes at 6.6 % zinc, 2.5 % lead, and 46 grammes per tonne of silver.
The survey "gives enhanced confidence of deep mineralised extensions to the southern and junction ore-bodies," North River Managing Director Martin French said in a statement. "It is also encouraging that our first exploration of a near mine target discovered mineralisation at depth."
The stock was one of the leading risers on AIM Friday morning, gaining 14.6% to 0.745 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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