Alphamin Resources Corp. reported a 34% increase in tin contained in measured and indicated resources at the Mpama North part of its Bisie project in DR Congo. Based on infill and deep drilling carried out since October 2015, measured and indicated resources are estimated at 4.6 million tonnes at 4.52% tin, for 208,100 tonnes of contained tin. Inferred resources are a further 0.54 Mt at 4.25% Sn for 22,800 tonnes contained. The estimates are compliant with the Canadian NI 43-101 reporting standard.
In a statement, Boris Kamstra, Chief Executive Officer of Alphamin, commented: “This positive development confirms the quality of the Bisie Tin Project and is another positive step supporting the development of the mine at Mpama North at Bisie. These new results support an increase in tin grade with depth as tin mineralisation continues down dip and is open along strike and at depth. The results underpin excellent potential to define significant additional tin resources to increase mine life at Mpama North, thus unlocking exciting further investment potential of the Bisie Tin Project.”
“Bisie is one of the most advanced tin projects currently being developed. It has the significant advantages of being one of the highest grade known undeveloped tin ore bodies in the world with favourable metallurgical properties and an approved mining license. We expect it to become the next significant tin producer.”
TSX-Venture exchange-listed Alphamin published a feasibility study on the project in February this year, which envisaged a 9,000 tpy operation with capital costs of US$119.3 million and operating costs of US$8,450/tonne. At an assumed tin price of $14,800/t the net present value of the project was calculated at $84.7 million. However at the current tin price and with the higher grades estimated from the new resource estimate, NPV will increase substantially. Alphamin currently employs over 200 local people in the construction of an access road to the site. During the remainder of this year it will focus on capital raising and community development projects, with mine construction due to commence in 2017.
