Zinc of Ireland NL (ASX: ZMI)
Not only has Zinc of Ireland NL (ASX: ZMI), revealed its maiden JORC Inferred Mineral Resource for the McGregor and Shamrock prospects at its flagship Kildare zinc project, it has already released assay results indicating a likely opportunity to extend the resource further.
ZMI’s 100%-owned Kildare project is 80 kilometres along strike from $1.6 billion Vedanta Ltd.’s (L:VED) Lisheen Mine — Europe’s largest zinc concentrate producer with 22.4 million tonnes grading 11.6% zinc.
Whilst ZMI is a long way from being anywhere near Vedanta, it is eyeing off rapid growth in a country that is Europe’s largest zinc producer and proximal to active industrial hubs in nearby regions.
A strong cash position and the fact that drilling is underway coincides with the increase in zinc price which is expected to continue. This puts ZMI ahead of many other zinc explorers who are just finding their feet whilst ZMI is in full swing.
Results from ZMI’s flagship project in Central Ireland confirm the presence of a mineralised fault – a key ingredient in Irish zinc deposits.
ZMI has also just commenced Phase 3 drilling at Kildare, which will ramp up in early September, just a few weeks from now, following the arrival of a second drill rig.
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While it’s all go at McGregor, significant results have also been discovered at ZMI’s Celtic Tiger prospect, a new discovery only 1km from McGregor that offers considerable upside.
ZMI has also secured an option over the 650,000 tonnes per annum Galmoy zinc-lead processing plant, located on 70 kilometres from its Kildare project.
The cashed up, $6.1 million ZMI is in an ideal position to supply nearby markets, should it develop a commercially viable project and going by its current activity, it looks to be making ground very quickly.