A number of companies aiming to develop new tin mines have announced updates on their activities in the last two weeks, and we summarise some key points from six of them. The first four companies covered – Eurotin, Kasbah Resources, Consolidated Tin Mines and Stellar Resources – are all members of ITRI’s Explorers and Developers Group.
TSX-listed Eurotin provided latest drilling results at its Oropesa project in SW Spain, with some of the more promising intersections showing grades of 0.84% to 1.49% tin. The company has so far drilled 106 holes out of a 500 hole programme, and has four rigs currently on site. A fifth is due to arrive imminently and Eurotin is likely to announce a first resource estimate to Canadian NI43-101 standards in the few months’ time.
Kasbah Resources announced the latest exploration drilling results from the company’s Achmmach project in Morocco. Current drilling has successfully extended the Meknes Trend tin mineralisation by 320 metres to the east of the 2010 Meknes Resource boundary. Drilling continues with five rigs currently operational. The company remains on track to deliver a new resource estimate in March 2012. The current estimate, from August 2010, is 7.0 million tonnes of ore at 0.8% tin.
Consolidated Tin Mines has reached agreement with its Hong Kong based “cornerstone investor” Snow Peak International Investments to raise A$1.15 through a private share placement. Proceeds from the issue will be used to advance the development of the Mt Garnet Tin Project in Queensland and provide working capital. Preliminary discussions with Snow Peak are on-going with respect to the further funding of the planned construction of a central mill and other development costs to bring the project into production.
Stellar Resources has acquired 100% control of the Heemskirk project in Tasmania, after shareholders in both companies approved the acquisition of Gippsland Limited’s previously held 40% stake in exchange for Stellar shares and a royalty agreement. Stellar is currently carrying out drilling of the Severn deposit, one of the three making up the project, with results identifying potentially economic mineralisation at greater depths than previously drilled.
There have also been two recent reports on potential mines in Africa. Toronto-listed Alphamin Resources has completed a detailed review of all historical data on its high grade Bisie project in the North Kivu province of DR Congo. Bisie was a major centre of artisanal mining up to September 2010, when activities were halted by a presidential decree. Alphamin is in negotiations with several drilling contractors and intends to commence drilling during the current quarter. Soil sampling and trenching programs are also planned to define the extent of tin mineralization.
Finally, the Korean company Daewoo International is building up a network of offices and projects across Africa in order to secure resources for the country, including nickel, tin and copper. Daewoo’s early investments include a 100% stake in a tin project in Cameroon, which is currently in an exploration phase. Korea imports some 16,000 tpy of tin.