THE DRILL SERGEANT: Elementos (ASX: ELT) reported an increase to the total Mineral Resource Estimate at the company’s 100 per cent-owned Oropesa tin project in Spain.
Elementos declared material increase to the tonnage, shallowness and geological confidence levels at Oropesa, resulting in a current MRE of 18.86 million tonnes at 0.4 per cent tin at a 0.15 per cent tin cut-off.
In the update, 16.62 million tonnes (88%) of the Mineral Resource is classified as Measured and Indicated, confirming both geological and grade continuity to support the preparation of a Definitive Feasibility Study.
Additionally, 4.97 million tonnes of the Mineral Resource in now within 100 metres of the surface.
“We are extremely pleased by the results of the updated Mineral Resource estimate which exceed the goals set by the company before the drilling program started last year in both the magnitude of the increase to the Mineral Resources tonnes and classification confidence compared to the 2018 numbers,” Elementos chief executive officer Joe David said in the company’s ASX announcement.
“These increases result in the project having a large, shallow and geologically confident Mineral Resource base to assess in our future mine planning studies, via techno-economic modification factors, and supports our goal of releasing a maiden JORC Ore Reserves Statement at Oropesa.
“In a period of record high tin prices, this upgraded Mineral Resource Estimate puts the company in a prime position to complete the mine planning stage of the Definitive Feasibility Study next year and move this project forward and into production.
“The company is well funded, with $5.2 million cash (at 30 September 2021) and approx. $6.3 million of exercisable options outstanding which expire during 2021.
“Elementos is well positioned to progress Oropesa through feasibility studies and into production.”
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