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Zinc of Ireland drops option on Galmoy lead-zinc processing plant

Zinc of Ireland NL decided not to extend its option to acquire the Galmoy lead-zinc processing plant, which is in storage in Darwin, Australia, according to a March 26 release.

Under a March 2017 agreement, the company was required to pay A$6 million in cash and a further A$2 million in shares or cash to exercise the option.

Zinc of Ireland said its decision follows a review of the processing requirements for the Kildare zinc project in Ireland, where it is preparing an exploration program. No further fees are payable in connection with the facility.

The company plans to kick off a detailed gravity survey as part of the program centered around the Celtic Tiger discovery, where previous drilling returned highlights including 23.95 meters at 8.0% zinc-lead from 166.0 meters.