Encounter soars on WA zinc encounters
PERTH (miningweekly.com) – The share price of ASX-listed Encounter Resources soared by more than 15% on Monday after the company reported zinc hits from its drilling programme at the Millennium prospect, in Western Australia.
The junior noted that four diamond holes were completed at Millennium in November, to test for mineralisation at depth and along key geological contacts.
All four holes drilled intersected visible zinc sulphide mineralisation in the form of sphalerite.
The company noted that diamond drilling at Millennium had identified two distinct styles of zinc sulphide mineralisation and had defined compelling follow-up drill targets, adding that the presence of multiple styles of zinc mineralisation and the large mineralisation footprint indicated a significant zinc mineralising event at Millennium.
A reverse circulation drilling programme at Millennium was now scheduled to start in April, following the completion of the summer cyclone season. The programme would test for additional high-grade zinc mineralisation down dip and along strike, and would test the large modelled gravity anomaly to the south of the Millennium diamond drilling for accumulations of higher-grade shale hosted mineralisation.
Encounter was trading at a high of 15c a share on Monday, up from an opening price of 13c a share.
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