Altoro Metals Confirms 100m Wide Zinc Zone as Novales Targets Q1 2027 Resource
Key Takeaways
- Underground drilling at the Emilia sector has confirmed the mineralised system extends over 100 metres in width, with the area described as substantially under-drilled — pointing to meaningful resource upside ahead of assay results.
- Altoro has formally unified all four historical workings — San Jose, Udías, Emilia, and Margarita — under a single Novales Project umbrella spanning a continuous 12-kilometre trend, materially expanding the scope of the upcoming JORC MRE upgrade targeted for Q1 2027.
- Prior channel sampling at Emilia has returned grades as high as 21.10% Zn over 27 metres, establishing strong grade continuity across the system before any new assay data has been received.
- Surface drilling preparations are complete, with 15 drill pads and 20 targeted holes confirmed — commencement awaits rig mobilisation from the Guajaraz Project.
- Permitting is accelerating toward a formal Mine and Plant Project submission to the Cantabrian Department of Mines by end of calendar year 2026, supported by a newly expanded technical team.
Emilia mineralised zone breaks 100m width as Altoro unifies Novales Project
Underground drilling at the Emilia sector has fundamentally expanded Altoro Metals’ understanding of its flagship zinc project in northern Spain, with the high-grade mineral system now confirmed to extend over 100 metres in width. At this stage, the area is considered substantially under-drilled, pointing to meaningful upside as work programmes accelerate.
Four key developments are driving momentum at Novales: the expanded Emilia scale, formal unification of the district’s four historical workings under one project, surface drilling readiness, and accelerating permitting activity. With the Company targeting a JORC Mineral Resource Estimate (MRE) upgrade by Q1 2027, the project is growing in scale precisely as it moves toward that milestone.
When big ASX news breaks, our subscribers know first
Underground drilling redefines Emilia’s scale
Ongoing underground drilling and geological logging at Emilia’s Level 2 have confirmed that the mineral system is exceptionally high-grade, tightly structurally controlled, and extends over 100 metres in width. The multi-directional nature of the mineralisation indicates the Emilia system remains significantly under-drilled. Drill core from the first nine underground holes has been shipped to ALS Seville for laboratory analysis, with assay results anticipated shortly.
Concurrently, Altoro has completed a phase of underground drilling at Udías. Initial field review of the targeted zone indicates high-grade zinc mineralisation over multiple-metre intervals, with those results expected to be released alongside the Emilia assays. No assay data has been received from either location at this stage.
Channel sample grades from Emilia context
Prior channel sampling across the Emilia sector has already established strong grade continuity across the system. The table below presents channel sample results from Figure 1 of the announcement.
| Sample ID | Width (m) | Grade (% Zn) |
|---|---|---|
| E-1 | 27m | 21.10% Zn |
| E-3 | 29m | 13.30% Zn |
| E-11B | 45m | 13.71% Zn |
| E-11 | 27m | 14.05% Zn |
| E-17 | 39m | 9.44% Zn |
| E-13 | 20m | 7.52% Zn |
| E-7 | 24m | 7.04% Zn |
| E-14 | 25m | 6.13% Zn |
| E-21 | 26m | 6.20% Zn |
| E-23 | 24m | 4.47% Zn |
| E-2 | 2.2m | 12.00% Zn |
| E-12 | 3.7m | 8.74% Zn |
These results are historical channel samples and do not constitute new drilling intercepts. They provide the geological context against which the current underground programme is operating.
Four historical workings unified under one Novales Project
The original Mine Restart Study, released via ASX announcement on 25 March 2026, was based solely on the central historical workings of San Jose. As mineralised footprints across the district have continued to expand, the Company has now formally added the Udías, Emilia, and Margarita sectors to the broader development plan.
All four workings are now being unified under a single, integrated “Novales Project” umbrella. The rationale is geological: the system spans a continuous trend of more than 12 kilometres, making a district-wide approach more appropriate than treating each sector in isolation. For investors, this structural shift means the upcoming MRE upgrade will capture a substantially larger mineralised footprint than the original restart study contemplated.
To guide the conversion of newly identified widths into Measured and Indicated resource categories, Altoro has engaged resource modellers Asturmine. Following on-site observations, Asturmine will design an optimised drill-spacing model to ensure future campaigns are executed efficiently. The JORC MRE upgrade, which will formally unify all four sectors, is targeted for Q1 2027.
Surface drilling locked and loaded
Preparations for a major surface drilling campaign are complete. Altoro has secured landowner access agreements and confirmed the locations of 15 drill pads, from which 20 targeted surface holes will be drilled.
The first part of the campaign will target the highly prospective corridor between the central Novales workings and Emilia. Drilling will commence upon mobilisation of rigs from the Guajaraz Project, where the Company’s maiden campaign is nearing completion. No specific start date has been provided in the announcement.
Why the zinc market timing matters for Novales
The London Metal Exchange (LME) zinc price is the global benchmark for zinc traded internationally, and the LME zinc price recently broke through the US$4,000 per tonne barrier, improving the investment case for projects at the development and restart stage.
Novales sits within approximately 180 kilometres trucking distance of the San Juan de Nieva zinc smelter, operated by Asturiana de Zinc, which is 100% owned by Glencore. That proximity represents a practical infrastructure advantage when assessing concentrate logistics. The project is also located just 9 kilometres from the Reocín Mine, the largest known strata-bound carbonate-hosted zinc-lead deposit in Spain, validating the district’s geological credentials for investors assessing the mineralisation context.
The next major ASX story will hit our subscribers first
Restart permitting accelerates toward year-end submission
Permitting activity is gaining pace. Newly appointed Non-Executive Director Myles Campion completed a site visit to Novales, reviewing the project’s operational and engineering parameters. That review has identified strategic and economic efficiencies that could streamline the previous restart study.
To accelerate the permitting process, an additional external senior mining engineer has been appointed to support the Company’s local Technical Director. The expanded technical team is focused on finalising the Mine & Plant Project and Restoration Plan documents, with the Company targeting formal submission to the Cantabrian Department of Mines by the end of calendar year 2026.
Key upcoming catalysts for investors to monitor include:
- Emilia and Udías assay results (anticipated shortly)
- Surface drilling commencement (post-Guajaraz rig mobilisation)
- JORC MRE upgrade targeting Q1 2027
- Mine & Plant Project and Restoration Plan submission targeted for end of 2026
The announcement was authorised for release by the Board of Altoro Metals Limited and does not contain a direct named quote from company management.
Don’t Miss the Next ASX Zinc Discovery
Get FREE breaking ASX mining news delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Join 30,000+ subscribers staying ahead of the market the moment news breaks. Click the “Free Alerts” button at Discovery Alert to start receiving alerts today.