Australian mineral exploration company Symbol Mining Limited [ASX:SL1] has seen serious gains in their share value just hours after market opening today.
The company has metal mining projects located in the highly prospective, yet incredibly underexplored region of Nigeria. Their high grade exploration, development and commercialisation of in-demand base metals has led to great success for the company.
But it’s breaking news that seems to mark today’s impressive climb…
Joint venture marking success
This morning, an announcement on the ASX revealed that a mining lease for Symbol’s Macy Project has been fully approved by the Nigerian Mining Cadastral Office. They also announced that full-scale mining operations have commenced on the site.
This high-grade zinc mining project was at the top of the list for the company’s Imperial Joint Venture.
Partnering with Nigerian-based Goidel Resources, the Imperial project consists of three exploration licences and spans over 510 square kilometres. It’s proven successful in identifying viable reserves of world class zinc and lead.
This project has been in the works for months. It has acquired partnerships with independent environmental groups, local communities and other stakeholders to make it a reality.
Symbol Mining CEO Time Wither is confident:
‘Macy is expected to generate strong cashflow, funding the Company’s exploration activities at both its Imperial and Tawny projects.’
And these claims certainly have figures to back them up.
Localised drilling at the Macy reserve found Indicated JORC Resource of over 100,000 tons at 19% zinc. So essentially, they’re fulfilling their promise of finding extractable high-grade zinc.
That’s a good sign, both for the company and its investors.
Symbol Mining anticipate that Macy will come through with the goods by the third quarter of 2018. By then, their first shipment of exceptionally high quality zinc and lead will be distributed. The inevitable profits should lead to a growth in earnings for the company.
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Looking ahead for Symbol Mining
With metal reserves successfully located, Symbol Mining are now wanting to improve their pit and mine designs — all to optimise development.
Also, new upgrades to the Macy facilities means they can accommodate up to 20 personnel to account for the increased amount of activity at these sights.
They are definitely trying to stay on top of things.
Of course, nothing can be certain in such a volatile sector of the market. But Symbol Mining’s practices appear well thought out and successful. They’re certainly a company to keep an eye on.
For Markets & Money
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