COCAINE found on a Colombian ship which docked in Co Clare on Wednesday has proved be about 75 per cent pure.
A test on part of the consignment found on the vessel has yielded the 75 per cent result, suggesting a street value for the haul of between £30 million and £40 million.
However, the purity level and value of the whole consignment will not be determined until more tests are carried out, as the packages found on the bulk carrier may contain cocaine of varying quantity.
In total 38 packages of cocaine were found on the Front Guider, which was followed into Moneypoint by the Naval Service on Wednesday morning, and boarded by Customs officers and gardai as soon as it docked at the jetty alongside the ESB power station.
Most of the packages of cocaine - hidden above the suspended ceiling in the ship's gymnasium - weighed about 1kg, but some were larger and the consignment may total 50kg.
Packages of cocaine from "source countries" usually prove relatively pure, according to Customs. Before selling at street level it may be diluted several times with other white powders, so that the cocaine sold by a street dealer may be only 20 per cent pure.
Yesterday the Front Guider continued to unload coal brought for the power station while Customs officers and gardai moved systematically through the ship, examining all the possible hiding places for drugs identified by a marine engineer familiar with the construction of the vessel. The 28 member crew remained on board.
The search is expected to be completed by the middle of next week when the vessel may be cleared to continue to its next port of call in Norway.
Up to last night there had been no arrests in connection with the discovery of the drugs.
The consignment of cocaine, the largest ever found in the State, is believed to have been destined for Britain or other European countries. The haul is considered too large to have been intended only for the Irish market.
There was speculation yesterday that the smuggling operation was organised by a British criminal now living in Co Kildare, or a Dublin criminal gang. However, it may not prove possible to link the consignment to any criminal group.