Zinc of Ireland NL (ASX: ZMI) is a European-focused base metals company which was established following the merger of ASX-listed company Global Metals Exploration with the Australian public company Zinc Mines of Ireland in mid-2016.
ZMI has consolidated a dominant strategic position comprising a 1,000km2 land-holding spanning Ireland’s major mineral provinces, including tenure located close to the country’s three largest zinc-lead deposits, the Navan, Lisheen and Galmoy mines.
ZMI’s portfolio ranges from the advanced Kildare MVT Zinc Project, where it has defined a maiden JORC 2012 Mineral Resource, through to earlier-stage grassroots exploration assets.
The Company’s initial exploration focus is the Kildare MVT Project, located 40km south-west of Dublin in Central Ireland, which includes several advanced zinc prospects containing both Irish-type and MVT (Mississippi Valley Type) mineralisation, including numerous drill-defined prospects.
The Kildare District hosts numerous Mississippi Valley Type (MVT) zinc-rich breccias, with the favourable “Waulsortian Limestone” host rock forming a bed across the district.
A maiden high-grade Inferred Resource of 5.2 million tonnes grading 8.6% Zn+Pb (7.2% Zn and 1.4% Pb) for 374,400 tonnes of contained zinc and 72,800 tonnes of contained lead was completed in June 2017, providing a strong foundation for ZMI’s ongoing exploration and resource development activities at Kildare.
Diamond drilling completed in the first half of 2017 has demonstrated substantial upside to this maiden resource estimate.
Recently completed diamond hole Z_4069_003 returned a spectacular intersection of 23.25m grading 12.7% Zn+1.0% Pb approximately 45m from the nearest drill hole at the McGregor Prospect, where the bulk of the maiden Mineral Resource is located.
This hole has significantly extended the Base of Reef mineralisation, one of the key mineralised horizons at Kildare, demonstrating significant potential to grow the resource.
In addition, a new high-grade zinc discovery was announced in July 2017 at the Celtic Tiger prospect, located ~1km west of McGregor. Diamond hole Z_4069_004, intersected strong zinc mineralisation over multiple horizons at this prospect, including a best intercept of 2.85m grading 20.2% Zn and 0.88% Pb.
A multi-pronged exploration effort is continuing at the Kildare Project in the second half of 2017, aimed at expanding the existing resource inventory, further evaluating the newly discovered mineralisation at Celtic Tiger, and making further discoveries in the broader region.