Tin explorer Elementos (ASX: ELT) has intersected further un-targeted, high-grade tin and copper mineralisation during diamond drilling at Cleveland, Tasmania.
The company, which last month reported similar un-targeted copper and gold mineralisation earlier in this drilling campaign, is working to explore extensions to tungsten mineralisation at depth beneath the tin-copper resource. However, the company believes it has discovered a new and separate lens of tin-copper enrichment.
Elementos highlighted intersections of 1.4 m at 1.0% Sn and 3.76% Cu from 353.7 m, including 0.6 m at 1.9% Sn and 7.69% Cu from 353.7 m. This drillhole C2124, is close to the previously reported C2123 hole, which intercepted 0.45 m at 9.7% Cu, 5.15 g/t Au, 18 g/t Ag, and 1.35% Zn from 111.0 m.
The C2124 intercept is located 150 m to the northwest of existing underground infrastructure at the Cleveland tin mine, which operated for eighteen years until 1986 following the collapse of the tin price.
The intersected mineralisation consists of disseminated to semi-massive pyrrhotite, chalcopyrite, and pyrite within two closely spaced zones of silicified fine-grained sediments, similar in appearance to the replacement style within the main tin-copper resource. The company is awaiting geophysical survey results and logging and further assays which will determine the follow up exploration programs.
Elementos holds an existing 2018 total resource at Cleveland of 7.47 Mt at 0.75% Sn and 0.30% Cu, mostly within the indicated category, in addition to a probable tailings ore reserve of 3.7 Mt at 0.29% Sn and 0.13% Cu.
Our view: These new intercepts, coupled with the previous discovery of high grade copper and gold mineralisation, indicate exciting exploration upside at the Cleveland project. We look forward to seeing the results of the geophysical surveys and further assays.
Elementos Limited is a member of ITA’s Explorers & Developers Group.
