THE BOURSE WHISPERER: Consolidated Tin Mines (ASX: CSD) has had a review conducted of the recently-announced Resource upgrade at the company’s Mt Garnet tin project, near Cairns in northern Queensland.
The review has delivered a further increase in the Resource Estimate.
The new, revised total JORC Resource estimate is:
– 13.12 million tonnes at 0.39 per cent tin (0.56 per cent tin equivalent (SnEq)) reported at a range of SnEq cut-offs.
The company said this represents a 24.1 per cent increase in Resource tonnage over the Resource Estimate announced earlier this month, which had confirmed a 44 per cent increase in Resource tonnage from an estimate released in September 2010.
“The revised total contained tin metal is 51,160,000 tonnes, compared to the previous figure of 46,500,000 tonnes,” Consolidated Tin Mines said in its ASX announcement.
“The revision of the Mt Garnet Resource Estimate has also resulted in an increase in the project’s iron and fluorine Resource Estimates.”
The updated iron and fluorine Resource Estimates are:
– 13.12 million tonnes at 22.87 per cent iron and 7.04 million tonnes at 5.8 per cent fluorine reported at a range of SnEq cut-offs.
“The revised Resource estimate further strengthens the Mt Garnet project’s resource inventory and its ability to support a major tin mining operation in northern Queensland,” the company said.
“It further builds on Consolidated Tin’s stated Resource goal of an initial 8 million tonnes to 10 million tonnes required to commence development of the project into a major low cost, open pit tin mining operation.”
Consolidated Tin Mines has previously indicated the Resource Estimate will be used to form the basis of a Pre-Feasibility Study (PFS), which the company currently has underway at the Mt Garnet project.
The PFS is based on a treatment rate of one million tonnes per annum through the existing Mt Garnet process plant.
Consolidated Tin Mines anticipates releasing further details on the PFS in the near future.