THE BOURSE WHISPERER: Global Metals Exploration (ASX: GXN) has entered into an agreement with Zinc Mines of Ireland Limited (ZMI) to acquire all of the issued capital in ZMI.
The deal delivers to Global Metals acquisition of 100 per cent of seven Irish zinc projects located around the country in areas such as Sligo, Galway and Cork.
The main project of the seven is the Kildare project, located in County Kildare, 40 kilometres south-west of Dublin, which comprises five prospects.
“Up to five distinct mineralisation events have occurred in the project area and significant drill intersections at the McGregor prospect include 48 metres at 12.2 per cent zinc+lead from 14m (HB107) and 61m at 10.3 per cent zinc+lead from 6m (HB73),” Global Metals said in its ASX announcement.
“In addition to primary mineralisation, numerous zones of shallow secondary mineralisation also exist as oxidised sands, sulphidic sands or hard rock sulphide material.
“Mineralisation also occurs at the Shamrock, Murphy, Collins and Claddagh prospects.
“Kildare is close to major infrastructure including infrastructure servicing Dublin, the Lisheen Mine and processing facilities, and major motorways and railways.”
Global Metals indicated it plans to carry out an initial walk up drilling program at Kildare to test for high-grade, shallow zinc mineralisation.