Elementos expands Cleveland Resources

THE DRILL SERGEANT: Elementos Limited (ASX: ELT) has reported an updated JORC Code-compliant Resource Report for the company’s Cleveland tin-copper and tungsten projects in Tasmania.

According to Elementos the updated JORC Mineral Resource for the Cleveland mine has increased the overall resource tonnage by 1.325 million tonnes (or 22 per cent) and the tin contained metal by 6,400 tonnes (or 15 per cent).

 

Where tin (Sn) Equivalent metal values were made for tin copper
mineralisation, metal prices current at the time were used,
that is, US$22,560 per tonne for tin and US$7,155 per tonne for copper.
Source: Company announcement

 

The overall tin equivalent grade has fallen by five percent, which Elementos indicated was due to:

The exclusion from the Resource of higher-grade blocks, which that have been depleted for mining, to provide more accurate modelling of the underground development and stopes; and

The inclusion of lower-grade resource blocks.

The project’s total Indicated Mineral Resource has increased by 5.002 million tonnes (or 67 per cent).

In preparing the updated mineral resources estimate, Elementos has refined its geological model to the point where the company now considers potential to exist within the Cleveland underground deposits to expand the known mineralisation to the south-west and north-east (along strike) and at depth, and potentially near surface above the current resource.

Elementos has carried out additional drill data, improved modelling of the underground workings and mined stopes as part of its ongoing Pre-Feasibility Study (PFS), which is due to be completed for release in the first quarter, 2014.

All of this work has been included in the resource block model and combined with further interpretation of the geology to produce a notable increase in the Global Resource.

On completion of the PFS, Elementos anticipates some Indicated Mineral Resources may be upgraded to Measured Resource status for inclusion in a Definitive Feasibility Study.

“There is excellent potential for further exploration of the Cleveland tin-copper mineralisation,” Elementos Limited said in its ASX announcement.

“The definition and prioritisation of Exploration Targets is continuing, and the results will be reported separately when completed.

“The main tin-bearing lenses remain open at depth and along strike, and there are tin-copper drilling intersections beyond the limits of the current Mineral Resource.

“There are also near surface tin and copper targets that will be investigated further.”

Email: admin@elementos.com.au

Website: www.elementos.com.au