- Odin Metals (ODM) has confirmed high-grade zinc mineralisation at the Monte Azul project in Brazil
- A 3000-metre drilling program began in early June with aims to upgrade the current historical resource to a maiden JORC 2012 mineral resource estimate
- So far six holes have been completed and five more are planned
- Of the six holes drilled results peaked at 5.1 per cent zinc and 0.59 per cent lead
- Once work has finished at Monte Azul, Odin will test the nearby Alto Alegre prospect and other regional targets within its holding
- Despite this news, Odin’s share price has dropped 25.6 per cent and shares are trading for 2.9 cents each
Odin Metals (ODM) has confirmed high-grade zinc mineralisation at the Monte Azul project in Brazil.
In early June, Odin began a 3000-metre drilling program at the project, with aims to upgrade the current historical resource of 7.6 million tonnes at 6.1 zinc equivalent including a high-grade core of 3.6 million tonnes at nine per cent zinc equivalent.
Six holes totalling 1351 metres have been completed and five more are planned.
All six holes intersected mineralisation in line with expectations while two intersected oxidised mineralisation above the base of mineralisation.
Significant results from these holes include 2.32 metres at 5.1 per cent zinc and 0.59 per cent lead from 70 metres including 1.08 metres at 10.42 per cent zinc and 1.22 per cent lead from 70 metres.
“Odin is pleased that initial drilling at Monte Azul has confirmed the high-grade nature of mineralisation within the central lens of the historical resource estimate,” CEO and Director Simon Mottram commented.
“Drilling is ongoing with a further five holes remaining testing the extensiveness of mineralisation down plunge,” he said.
Once work has finished at Monte Azul, Odin will test the nearby Alto Alegre prospect and other regional targets within its holding.
“Following the completion of the current drill program at Monte Azul, we are excited to commence drilling at the highly prospective Alto Alegre zinc prospect to the northeast where mineralisation outcrops at surface,” Simon added.
Despite this news, Odin’s share price has dropped 25.6 per cent and shares are trading for 2.9 cents each at 2:01 pm AEST.