Elementos (ASX:ELT) discovered a shallow gold, copper, silver, and zinc target roughly 70 meters below the surface at the Cleveland tin project in Tasmania through an electromagnetic downhole survey, according to a Thursday filing with the Australian bourse.
The company submitted a work program with Mineral Resources Tasmania to conduct an exploration diamond drilling program between February and April to test the electromagnetic anomaly for further mineralization, the filing said.
Shares fell more than 3% in afternoon trade Thursday and reached their lowest since May 2020.
Price (AUD): $0.06, Change: $-0.0020, Percent Change: -3.33%
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