29th Aug 2023 13:40
(Alliance News) - First Tin PLC on Tuesday said results from drilling at the Tin Beetle prospects confirm
hub and spoke potential at the Taronga tin project in Australia.
First Tin is a London-based tin development company, focused on advanced, low capex projects in Germany and Australia. The Tin Beetle prospect is around nine kilometres southeast of the main Taronga mineralisation in Australia.
Drilling results at the site confirmed wide intervals of tin mineralisation with narrower zones of higher grade mineralisation. First Tin added that while there appeared to be lower copper and silver content than Taronga, zinc content looked higher.
These results could "significantly add to the annual tin production and/or increase the overall mine life" of Taronga, First Tin explained.
A follow-up drilling is set to take place next year after the completion of the Taronga definitive feasibility study.
Taronga is owned by First Tin's wholly-owned Australian subsidiary Taronga Mines Pty Ltd.
Chief Executive Officer Thomas Buenger said: "We are pleased to announce that this drilling has proven our thesis that Taronga is part of a tin district rather than a singular tin occurrence. The recent drill intercepts at Tin Beetle are similar to early drill intercepts at the main Taronga project."
Shares in First Tin were down 2.0% at 7.01 pence each on London on Tuesday afternoon.
By Sabrina Penty, Alliance News reporter
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