Elementos has improved the geological confidence of Oropesa’s tin Resource – increasing the potential for a larger Ore Reserve Estimate later in the year.
Since releasing Oropesa’s Maiden Resource estimate in 2018, Elementos have continuously improved the Mineral Resource over the years. Notably, an updated Mineral Resource Estimate (MRE) released in 2021 significantly improved the Resource, both in total tonnages and in geological confidence. In 2022, the company also released an Optimisation Study – with an increased Mineral Resource and tin price, a US$30,000/tonne pit shell was defined. The scale of expected mining operations also increased by two-thirds.
The study was subsequently followed up by a further infill drilling campaign, with the objective of upgrading the Inferred Resource within the pit shell.
After a successful in-fill drilling campaign, the company has released a new Updated Mineral Resource Estimate. Despite only marginal increases in total tin contained in the Resource (up 0.6%), most of the changes were from upgrading material in the Inferred and Indicated categories to Measured Resources. Tin contained in the Measured category increased by over 9,000 tonnes (up 50%), mainly due to 7,500 tonnes being upgraded from the Inferred Resource.
Now, the company’s main aim of upgrading all the Inferred Resource within the US$30,000/tonne pit shell to Measured or Indicated has been achieved. “This … is material because only Measured and Indicated Resources can be used or assessed during the DFS process for conversion to JORC Ore Reserves.” Elementos Managing Director, Joe David explains.
“This puts us in a privileged position at the back end of our DFS to support our goal of releasing a maiden JORC Ore Reserves Statement for the Oropesa Tin Project,” Joe continues.
The company hopes to release its Definitive Feasibility Study (DFS) in the second quarter of 2023.
Our view: This upgrade means 95% of the tin contained in the Resource now sits in the Measured and Indicated categories, a 12% increase from the 2021 estimate. With more Resource in these categories, Elementos increases the potential for converting more material into a JORC Ore Reserve. Conversion of material into reserves is an important step for a junior miner as these reserves confirm economic viability.
Elementos is a member of ITA’s Explorers and Developers Group.
