The New Century Resources (ASX: NCZ) share price is rising today after the company announced further high-grade Silver King assay results.
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New Century Resources shares were up 1.08% at market close, trading at 18 cents per share.
New Century Resources is an Australian-based mineral exploration and development company. Its assets include the Kodiak Coking Coal Project and Century Mine project. The company’s geographical segment includes Australia and the USA.
New Century Resources assay results
The company’s most recent market update regards assays from nine holes of its 30-hole resource definition program at Silver King. In the nine holes it’s now received, the company is reporting “continued impressive results showing continuity of high-grade mineralisation”.
The company is drilling almost entirely below 100 metres, mostly below 200 metres deep. Additionally, it is finding lead equivalent intercepts of up to 43% at around five-metre lengths. Most of the assay results are in the 10—30% grade, with intercepts ranging from one to 10 metres.
The company is also reporting high grades of pure lead and zinc but at similarly deep mining targets.
New Century Resources’ release stated that strong silver assays continue in its Silver King mine, with results up to 580 g/t of silver found in its most recent assay results.
The company says the current results provide “strong support” to upgrade its mineral resource confidence as part of the company’s target investment decision in the first quarter of the 2022 financial year.
The company’s Silver King vein remains an open down plunge mine and the company is expecting further assay results on 14 additional drilling targets to return by the end of this month.
New Century Resources share price snapshot
The New Century Resources share price is on a rollercoaster of sorts. It’s down marginally this week, but up 20% the past month. It’s then lost 22% in 2021 so far against broader 20% gains over the past 12 months.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.