Zinc of Ireland down 17pc after amended Kildare drilling release
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Investors were none too happy with Zinc of Ireland today after it was forced to release an amended version of an announcement regarding drilling at its Kildare zinc project in Ireland.
The European base metals explorer’s (ASX:ZMI) share price tumbled 17 per cent to 0.5c in morning trade.
The company had to re-lodge an announcement today because it had not included information required for the reporting of exploration results under the 2012 JORC Code including sampling techniques and data.
JORC compliance refers to the mining industry’s code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
The results were positive news for for Zinc of Ireland, which found zinc mineralisation in massive sulphides, breccias and mineralised faults in first two holes of its phase three drilling program at Kildare.
Kildare has an “inferred” resource of 5.2 million tonnes grading at 8.6 per cent combined zinc and lead for 374,400 tonnes of contained zinc and 72,800 tonnes of contained lead.
Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.
The program is designed to test extensions to zinc-lead mineralisation at the McGregor prospect which hosts the majority of the Kildare resource and to follow-up recent discovery at the Celtic Tiger prospect.
Two drill rigs are in operation. First batch of samples have been dispatched for assay with holes three and four underway at McGregor and Celtic Tiger.
Kildare comprises six contiguous licenses covering around 250 sq km, about 40 km southwest of Dublin.
The region hosts several world-class zinc mines including Vedanta’s Lisheen Mine, which ceased production in 2015 after 17 years of operation.