The Taronga tin project is managed by First Tin's 100% owned subsidiary, Taronga Mines Pty Ltd (TMPL).
Four lines of reverse circulation (RC) drilling have been completed at approximately 100m spacing. In addition, eight diamond drillholes and an additional RC hole have been completed as twins of the drilling, previously undertaken by Newmont.
Based on this new interpretation, the company will now embark on an increased drilling programme of approximately 5500m RC drilling designed to enable conversion of the SW Extension into indicated resource status.
This drill programme is also designed to fill in the gaps in the current drilling between the previously interpreted North Zone and South Zone and to improve drill density in several areas where it is likely that inferred resources could be converted to indicated status within the current resource area.
First Tin CEO Thomas Buenger said: "It is very pleasing that these drilling results have proven the existence of significant tin mineralisation, confirming our interpretation that the Taronga tin deposit remains open to the SW.
"In addition, our geologists' revised interpretation of all the historical data suggests excellent potential to prove that the two mineralised areas, identified as the North and South Zones by Newmont in the early 1980s, are in fact continuous.
"The opportunity to create additional value at Taronga remains very strong indeed. We believe that the mineralisation in the NE is also open and we plan to test several areas which are within the confines of the pits proposed by Newmont with shallow RC drilling. Given the positive nature of these drill results, we plan to fast-track this drilling in order to establish the extent of mineralisation within the immediate Taronga project area. We expect that this will only add a short period of time to the feasibility study schedule and should lead to enhanced economics. The feasibility study remains on track to be completed by the end of 2023.
"With a range of workstreams ongoing and planned at Taronga, we have kicked off the year with a significant array of activity and are excited to update shareholders in due course."
Got a story? Email: email@example.com