THE DRILL SERGEANT: Elementos Limited (ASX: ELT) reported a high-grade tin assay result from a recent diamond drill hole undertaken at the company’s 100 per cent-owned Oropesa tin project in Spain.
Elementos declared the result had added to the company’s confidence in the ability to grow the Oropesa tin resource at a time when global tin prices at all-time highs on both the London and Shanghai exchanges.
The company claimed Hole ADD_23 confirmed the high-grade extension of a recently reported shallow tin mineralisation zone.
Results from ADD_23 include (cut-off grade of 0.1 per cent tin):
18.7 metres at 0.55 per cent tin from 29.2m, including 6m at 1.1 per cent tin from 41.9m, 1m at 0.31 per cent tin from 74.5m, and 3.2m at 0.18 per cent tin from 21m.
“This final assay confirms further extension of the significant zone of shallow tin mineralisation recently identified at the project,” Elementos CEO Joe David said in the company’s ASX announcement.
“This assay result is significant in both its thickness and its high grade.
“This shallow tin zone will likely play a critical role in the re-definition of the updated Mineral Resource Estimate which is on track to be completed at the end of October 2021.
“The company is pleased to bring the data collection phase of the Mineral Resource Estimate to a close, completing a very successful program.
“This updated Mineral Resource Estimate, when completed, will set the foundations for a very robust European tin project.
“This mineralisation will underpin an updated mine plan, which in turn will underpin the economics of the project.
“The global spot tin price is currently at all-time-highs and if it remains elevated, this will likely materially change the economics of our project.
“The current tin price combined with an updated Mineral Resource Estimate has the company very excited about the path forward for our shareholders moving into our Definitive Feasibility Study for Oropesa.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE