EXPLORATION & DEVELOPMENT

Trafford jumps on exploration results

TRAFFORD Resources shares have jumped 15% this morning on the back of new drilling results from t...

Andrew Duffy

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Intersections included 12.3 metres at 1.1% tin from 119m, including 1.3m at 4.8%.

The new hole was designed to intersect the extension of the first discovery hole at the deposit, which returned 7m at 3.2% tin from 52m, including 1m at 6.8%.

Trafford said the results made it confident it had discovered a significant, near-surface, high-grade deposit and the mineralised body remained open in all directions.

The company said drilling at Zealous was producing consistent 1% tin intersections with widths greater than 5m, and the area remained an important target for further exploration.

It also said growing demand and a forecast shortfall in tin production from alluvial mining would support further development at the prospect.

Looking at the wider industry, the company said Kasbah Resources’ Achmmach project in Morocco, which was at an advanced stage of development, had delivered lower-grade tin results than those reported at Zealous.

Trafford said additional drilling at Zealous started yesterday and results were expected by the end of February.

The company’s Wilcherry Hill project comprises several exploration licenses covering 2692sq.km north of Kimba.

Trafford shares were up 15% to A11.5c today.

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