Gold prices steady ahead of Fed decision, Trump’s tariff deadline
LONDON - Capital Metals PLC (AIM:CMET) announced Monday it has received a second batch of drill assay results from its Taprobane Minerals Project in Sri Lanka, showing continued high-grade mineral sand deposits.
The results from 601 samples revealed several significant total heavy mineral (THM) intercepts, including 13m at 13.3% THM from 1m depth in hole MUAC054, which contained an 8m section at 20.6% THM and a 1m section at 60.7% THM.
Other notable findings include 6.3m at 32.4% THM from 5m depth in hole MUAC028 and 6m at 10.9% THM from surface in hole MUAC114.
The drilling program has expanded the known mineralization area from the existing 65 hectares to 159 hectares, with deposits remaining open to the west. The company also reported finding mineralization exceeding 10m depth in several locations, significantly deeper than the previous resource average depth of 1.6m.
"Results to date indicate a significant extension of mineralization and potential for many multiples of the existing resource to be achievable in the initial mining area," said Greg Martyr, Executive Chairman of Capital Metals, in the press release.
The company is awaiting results from 466 remaining samples from the first phase of drilling. Heavy mineral samples are undergoing microscope logging to determine mineralogical characteristics, which will inform a planned mineral resource estimate update.
Capital Metals aims to complete this resource upgrade before the end of 2025. The Taprobane project contains industrial minerals including ilmenite, rutile, zircon, and garnet.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.