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New Century Resources has announced ‘stunning’ high-grade assays from the first seven holes of a 30-hole drilling program at the Silver King deposit within its Century mining lease.

They include an intersection of 9.5m grading at 45.5 per cent lead, 4.1 per cent zinc and 425g/t silver from 174.4m.

New Century sees Silver King shaping up as a new mining operation for the site in the near future, along with the East Fault Block which also lies on the Century mining lease in North-West Queensland.

It is targeting a final investment decision for the development of Silver King and East Fault Block in the third quarter of 2021.

Silver King has an established inferred resource of 2.7 million tonnes at 16.9 per cent lead equivalent (12 per cent lead, 6.9 per cent zinc and 120g/t silver).

Assays for the remaining 23 holes of the 30-hole diamond drill program (5468m drill metres) at Silver King are expected to be released over the next six to eight weeks.

New Century said three additional large diameter PQ holes had been completed to provide samples for metallurgical recovery test-work and ore sorting feasibility work programs. Three geotechnical holes at key infrastructure locations have also been completed.

The Silver King deposit was discovered in 1887, with mining commencing soon after, and small-scale, intermittent production occurring through to 1980.

The maximum depth of the known excavations is about 60m from the current surface and it is estimated no more than 50,000 tonnes of ore was extracted in total.

The historical mine lies about 1km south of the southernmost extent of the Century open pit.

New Century Resources said the drill rig was now moving to the Millennium target north of the existing open pit, targeting dislocated blocks of the original Century orebody.