Exploration company North River Resources announced drill results and an assessment of its recently completed underground diamond drilling programme at the Namib Project in Namibia on Monday.
The AIM-traded firm said a total of 4,142 metres of resource drilling had been completed, and a number of outstanding intersections continued to support strong resource upside at Namib, although overall results were not expected to grow the indicated mineral resources at this stage, pending further drilling.
Drill results indicated that refinement of the 3D geological and structural model would be required prior to further drilling and that future resource development targeting was increasingly dependent on accessing additional underground drill positions as the mine became more developed.
Further to the interim drilling results announced on 21 March and 26 April, an additional 32 holes totalling 2,959 metres were being reported.
North River said significant intersections of mineralisation not previously announced, included NLDD072 with 3.1m at 8.2% zinc, 28.4m at 33.2% zinc and 7.9m at 30.6% zinc.
NLDD083 contained 3.5m at 22.0% zinc and 9.7m at 18.9% zinc, and NLDDK082 featured 6.6m at 20.3% zinc and 10.2% lead.
Finally, NLDDK087 featured 4.3m at 16.4% zinc.
The company said it was continuing discussions with the Ministry of Mines and Energy on the grant of the mining licence for the Namib Project and remained hopeful that it will be forthcoming in the near term.
Cash preservation remained a priority and the company managed to further reduced corporate overheads and put next step resource development and drilling plans on hold until the timing of moving the project forward to a construction decision became clearer.
"These drill results provide further confidence in the potential to grow the Namib mineral resource but at the same time have highlighted the challenges to achieving a step change increase in resource until a construction decision is taken and the mine is further developed during ongoing operations," said North River CEO James Beams.