First Tin has reported promising initial drill results at its Tin Beetle prospect, confirming a hub and spoke potential at its Taronga tin deposit.
The Tin Beetle prospect, located 9km from Taronga, demonstrated substantial tin mineralisation in what appears to be favourable oxide-cassiterite metallurgy. As mineralisation starts at the surface, the prospect has potential to be mined as an open pit.
First Tin’s CEO, Thomas Buenger, expressed excitement over these preliminary results. “Our Australian team has, with the first drill hole, proven our thesis that Taronga is part of a tin district rather than a singular occurrence,” he said.
First Tin envisions this target as one of several potential satellite deposits for Taronga, with the prospect of transporting the concentrate approximately 8-9km to Taronga for final processing. The company states if the model is successful, it could bolster annual tin production and extend the overall mine life.
The geology of the Tin Beetle prospect is centred around a 3km x 0.6km area that had been previously mined for alluvial and eluvial tin during the 19th and 20th centuries. The mineralisation identified extends at depth and is wider and higher grade than that found by previous exploration.
Initial assay results confirm wide intervals of tin mineralisation with narrower zones of high-grade mineralisation. The first drill hole returned 7 metres at 0.629% Sn within a broader intersection of 48 metres at 0.183% Sn. The company awaits assay results testing the northern extent of the deposit which has shown good logs of cassiterite.
Our view: These positive results will support a revised Mineral Resource Estimate coming in Q3 and add momentum to the growing potential of this project. We will be keeping a close eye on future assays which should give more insight to the scale of the hub and spoke potential.
First Tin is a member of ITA’s Explorers & Developers Group
