First Tin Plc - Drilling Confirms Southern Extension of Taronga Tin Mineralisation
27 January 2023. First Tin Plc ("First Tin" or "the Company" - https://www.commodity-tv.com/ondemand/companies/profil/first-tin-ltd), a tin development company with advanced, low capex projects in Germany and Australia, is pleased to report that drilling has proven an 350m extension to the southwest of the current resource area (“the SW extension”) at the Taronga tin project in Australia. The project is managed by First Tin’s 100% owned subsidiary, Taronga Mines Pty Ltd (“TMPL”).
Four lines of reverse circulation (RC) drilling have been completed at approximately 100m spacing, as shown on Figure 1. In addition, 8 diamond drillholes and an additional RC hole have been completed as twins of the drilling, previously undertaken by Newmont (Figure 1).
Figure 1: Drilling Summary Plan, Taronga Tin Project
Results have been returned for all of the SW extension drillholes with the following intercepts (Table 1):
Drillhole
Collar North (GDA94-Z56)
Collar East (GDA94-Z56)
Decl.
(°)
Azimuth
(°T)
From
(m)
To
(m)
Interval
(m)
Sn
(%)
TMTARC001
6747467
358013
-58
323
20
26
6
0.06
and
38
46
8
0.05
TMTARC002
6747407
357938
-60
326
76
89
13
0.06
TMTARC003
6747369
357960
-61
322
0
41
41
0.20
incl.
0
25
25
0.26
TMTARC004
6747354
357847
-60
321
nsi
TMTARC005
6747515
358139
-61
323
62
84
22
0.12
and
130
145
15
0.05
TMTARC006
6747426
358046
-61
324
0
19
19
0.20
and
23
45
22
0.08
and
52
64
12
0.06
TMTARC007
6747327
358000
-62
319
133
142
9
0.20
incl.
133
135
2
0.78
TMTARC008
6747384
358068
-62
325
82
87
5
0.06
and
97
103
6
0.11
and
118
150
32
0.28
TMTARC009
6747284
357900
-60
323
79
88
9
0.06
and
109
142
33
0.18
TMTARC010
6747316
357893
-60
318
5
61
56
0.12
and
81
85
4
0.08
TMTARC011
6747511
357982
-60
155
57
65
8
0.07
and
87
93
6
0.07
TMTARC012
6747422
358203
-60
331
nsi
Table 1: Drilling Results, Taronga SW Extensions (nsi = no significant intercepts)
Results of the twin drilling are still being collated and will be reported when complete. The results have so far not identified any significant divergence to the historical Newmont data.
Based on the above results, and a review of the previous Newmont drilling data, a revised interpretation of the mineralisation has been made that suggests the SW extension is a continuation of the Payback Extended zone of mineralisation (Figure 2).
Figure 2: Revised Mineralisation Interpretation and Current Drilling Intercepts from the Taronga SW Extension Zone
Based on this new interpretation, the Company will now embark on an increased drilling programme of approximately 5,500m RC drilling designed to enable conversion of the SW extension into indicated resource status.
This drill programme is also designed to fill in the gaps in the current drilling between the previously interpreted North Zone and South Zone (Newmont Interpretation) and to improve drill density in several areas where it is likely that Inferred resources could be converted to indicated status within the current resource area.
This programme is shown in Figure 3, along with the previous Newmont pit designs and is due to commence in February 2023.
Figure 3: Proposed Infill and Extension Drilling, Taronga Tin Project
First Tin CEO Thomas Buenger commented, “It is very pleasing that these drilling results have proven the existence of significant tin mineralisation, confirming our interpretation that the Taronga tin deposit remains open to the SW.
“In addition, our geologists’ revised interpretation of all the historical data suggests excellent potential to prove that the two mineralised areas, identified as the North and South Zones by Newmont in the early 1980s, are in fact continuous.
“The opportunity to create additional value at Taronga remains very strong indeed. We believe that the mineralisation in the NE is also open and we plan to test several areas which are within the confines of the pits proposed by Newmont with shallow RC drilling. Given the positive nature of these drill results, we plan to fast-track this drilling in order to establish the extent of mineralisation within the immediate Taronga project area. We expect that this will only add a short period of time to the feasibility study schedule and should lead to enhanced economics. The feasibility study remains on track to be completed by the end of 2023.”
“With a range of workstreams ongoing and planned at Taronga, we have kicked off the year with a significant array of activity, and are excited to update shareholders in due course.”
Enquiries:
First Tin
Via SEC Newgate below
Thomas Buenger - Chief Executive Officer
Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
Simon Catt
020 7389 5016
WH Ireland Limited (Joint Broker)
Harry Ansell
020 7220 1670
SEC Newgate (Financial Communications)
Elisabeth Cowell / Axaule Shukanayeva /
Molly Gretton
07900 248 213
In Europe:
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
Notes to Editors
First Tin is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia.
Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future. Its assets have been de-risked significantly, with extensive work undertaken to date.
First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.