Elementos (ASX:ELT) - CEO, Joe David
CEO, Joe David
Source: Elementos
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  • Elementos (ELT) records two “significant” intercepts from resource definition drilling at its flagship Oropesa Tin Project in Spain
  • The assays hail from two diamond holes and confirm a new zone of shallow mineralisation that was not included in the project’s 2018 mineral resource
  • ELT is waiting for results from a further five holes, to complete the 44-hole program, and is targeting an updated mineral resource estimate in October
  • Shares are up 16.7 per cent to 2.1 cents apiece at 2:20 pm AEST

Elementos (ELT) has recorded two significant intercepts during resource definition drilling at its flagship Oropesa Tin Project in Spain.

The assays from two diamond holes reportedly confirm a new zone of shallow mineralisation that was not included in the project’s 2018 mineral resource.

One hole returned 33.2 metres at 0.3 per cent tin from 2.9 metres, which also contained an intercept of 18.8 metres at 0.4 per cent tin from 2.9 metres.

Meanwhile, the other hole recovered 9.1 metres at 0.22 per cent tin from 22.2 metres, including 7.9 metres at 0.31 per cent tin from 35.3 metres.

The company is awaiting results from a further five holes to complete the 44-hole program.

Elementos CEO Joe David said the latest results confirmed along strike and down-dip extensions to shallow mineralisation reported at Oropesa last month.

“Drill hole assays from the remaining five drill holes, which are all located along strike or down dip of this intersected shallow mineralisation, should confirm the full extent and grades of this mineralised zone,” he said.

“[The remaining assays] will therefore likely contribute to the mineral resource estimate expected to be delivered in October, 2021.”

The CEO said the updated resource would be used as core data for ELT’s definitive feasibility study aimed at driving the project’s techno-economic assessment.

Shares were up 16.7 per cent to 2.1 cents apiece at 2:20 pm AEST.

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