First Tin has more than doubled the size of its resource in an updated Mineral Resource Estimate released for its Taronga Tin Project. Alongside this, they have released results from its mineral processing test work, identifying a path to produce a cheap, saleable concentrate.
First Tin acquired the Australian project in 2021 from Aus Tin Mining. Since then, they have carried out an expansive and confirmatory drill campaign to upgrade its resource which was last updated in 2014 by its former owners. “The 2023 MRE represents the culmination of a highly successful drill campaign at Taronga, which opened up new areas of mineralisation and validated previous data.”, said First Tin CEO, Thomas Buenger.
The new resource now includes 133 Mt at 0.1% Sn for 138,100 tonnes contained tin using a 0.05% Sn cut-off grade. This is a substantial 240% increase from the previous MRE. Much of this increase is attributed to a decrease in cut-off grade from 0.10% Sn, having incorporated revised economic considerations. Despite this, a direct comparison using the same cut-off grades shows a 40% increase in contained tin.
The confidence in the resource has also improved, with 44,200 tonnes of contained tin being added to the Measured Resource for the first time. A comparison with the 2014 resource shows a 36.5% increase in material within the Measured and Indicated categories.
In a separate release, First Tin released results of end-to-end mineral processing test work which shows they can produce a 56%, low impurity concentrate using simple coarse gravity techniques. The company will use this coarse circuit for the Definitive Feasibility Study (DFS) which it hopes to release in Q1 2024. An additional 5-6% recovery is possible from a fine tin circuit, which is being investigated for future optimisation studies.
Our view: The two updates have positioned First Tin well for its DFS. Upgrades to material within Measured and Indicated category are viable to be upgraded to Reserve estimates. Taking the total resource, ITA now estimates the Taronga Project to be ranked in the top 10 largest undeveloped, JORC-compliant resources globally.
First Tin is a member of ITA’s Explorers and Developers Group
