Hampton Hill Mining NL (ASX: HHM) – $0.009
23 Apr 2015
Hampton Hill Mining NL (ASX: HHM) has entered into an Earn-In and Joint Venture Agreement with a subsidiary of Encounter Resources Limited (ASX: ENR) with the right to earn up to 25% interest in the Millennium Zinc Project located in Western Australia (Figure 1).
Figure 1. Location of Millennium Zinc Project
The Agreement gives the company the right to earn 10% interest in the Millennium tenements by committing to the first $500,000 of expenditure. The company may then either withdraw from the join venture or continue as a 10% participant by contributing pro rata to onward expenditure or maintain the right to earn a total of 25% by committing to contribute the next $500,000.
The Millennium zinc target was first discovered by shallow reverse circulation drilling carried out by Encounter Resources during September 2014. Diamond drilling during the December 2014 quarter further confirmed the presence of zinc mineralisation. The zinc mineral sphalerite was identified within the sulphidic black shales that host the mineralisation.
Multiple horizons of over 10 metres true width have been identified grading in excess of 0.3% zinc. Zinc grades of up to 36% have been recorded over narrow widths.
Further phases of drilling are required to better define the target mineralisation and to give an initial indication of economic potential.
For further information, visit www.hamptonhill.com.au
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