Aus Tin Mining is planning a 12 month exploration program to test six recently identified high tin grade targets near its Taronga tin project in New South Wales. This will be funded from revenues raised from a new share offering.
Key targets have recently been identified following a review of local historical tin prospects. These form the basis of an initial exploration target of approximately 150,000 to 265,000 tonnes or ore averaging around 2.3% to 2.5%Sn, or 3,450 to 6,625 tonnes of contained tin. It is stressed that these numbers are conceptual in nature and further exploration is uncertain to lead to the estimation of a mineral resource. However, the Pre-feasibility Study for the Taronga project, completed in early 2014, is set to be revised to reflect the potential for increased plant feed grade, metal recoveries and copper, silver, tungsten and molybdenum credits.
The funds necessary for the continued development of Taronga and Aus Tin Mining’s exploration portfolio are being raised by a new placement offered to investors. $543,687 is being sought in an offering of 135,921,750 shares at a price of $0.004. Directors and managers have participated by converting to shares 50% of fees owed to them for services rendered. The company has also promoted the opportunity for eligible shareholders to participate in future capital raising schemes.
