Tao Commodities unearths 30% zinc at Milford, confirms historic exploration
Milford has given up high-grade zinc, lead and copper for Tao Commodities during preliminary exploration.
Surface sampling across Tao Commodities’ (ASX: TAO) Milford project in the US has confirmed historical exploration, with the current sampling program unearthing zinc grading above 30%.
As part of the phase one exploration program currently underway, 88 rock chips have been collected with numerous samples returning high-grade zinc, copper and lead.
Two rock chip samples were higher than 30% zinc, with others containing up to 8.32% copper and another two over 20% lead.
“The results are extremely exciting for shareholders, confirming the high-grade mineralisation is present, most importantly, at surface, and at all three prospect areas within the broader Milford project,” Tao managing director Patrick Glovac said.
Exploration across Milford kicked-off in May at the Silver Bear prospect. The phase one exploration program is continuing, with Mr Glovac saying further sampling, trenching and structural mapping will begin in the coming weeks.
According to the company, the assays confirm the previous owner Firestrike’s exploration activities in 2013.
Additionally, preliminary exploration will include the recently acquired 100 mining claims which are nearby.
The new claims are believed prospective for zinc, lead, copper, gold and silver mineralisation.
Permitting is underway and Mr Glovac said a maiden drilling program will begin once the permitting process had been finalised.
Tao stated in May the drilling campaign would comprise 1,000m and start early in the September quarter.
ASX debutant
Tao is a recent ASX debutant, with its securities beginning trading on the ASX in mid-April.
The company raised A$4.75 million via the issue of 23.75 million shares at A$0.20 each.
Tao listed with Milford as its flagship asset, which is located in Utah’s Beaver County mining district.
The company claims the project is prospective for base and precious metals, with the tenements exploited during the 1800s and hosting multiple old workings.
According to Tao, little modern-day exploration has been undertaken across the project.
Tao’s share price fell almost 10% to end the day at A$0.23 – still a 15% premium to its listing price in April.