REG - First Tin PLC - Extension of Taronga Tin Mineralisation

First TinAnnouncement

27/01/2023 07:00

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RNS Number : 0188O  First Tin PLC  27 January 2023

27 January 2023

First Tin Plc

("First Tin" or "the Company")

Drilling Confirms Southern Extension of Taronga Tin Mineralisation

 

First Tin Plc, a tin development company with advanced, low capex projects in
Germany and Australia, is pleased to report that drilling has proven an 350m
extension to the southwest of the current resource area ("the SW extension")
at the Taronga tin project in Australia. The 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, as shown on Figure 1.  In addition, 8 diamond
drillholes and an additional RC hole have been completed as twins of the
drilling, previously undertaken by Newmont (Figure 1).

 

Figure 1: Drilling Summary Plan, Taronga Tin Project

 

Results have been returned for all of the SW extension drillholes with the
following intercepts (Table 1):

 

 

 Drillhole  Collar North (GDA94-Z56)  Collar East (GDA94-Z56)  Decl.  Azimuth  From  To    Interval  Sn

                                                               (°)    (°T)     (m)   (m)   (m)       (%)
 TMTARC001  6747467                   358013                   -58    323      20    26    6         0.06
                                                                      and      38    46    8         0.05
 TMTARC002  6747407                   357938                   -60    326      76    89    13        0.06
 TMTARC003  6747369                   357960                   -61    322      0     41    41        0.20
                                                                      incl.    0     25    25        0.26
 TMTARC004  6747354                   357847                   -60    321                            nsi
 TMTARC005  6747515                   358139                   -61    323      62    84    22        0.12
                                                                      and      130   145   15        0.05
 TMTARC006  6747426                   358046                   -61    324      0     19    19        0.20
                                                                      and      23    45    22        0.08
                                                                      and      52    64    12        0.06
 TMTARC007  6747327                   358000                   -62    319      133   142   9         0.20
                                                                      incl.    133   135   2         0.78
 TMTARC008  6747384                   358068                   -62    325      82    87    5         0.06
                                                                      and      97    103   6         0.11
                                                                      and      118   150   32        0.28
 TMTARC009  6747284                   357900                   -60    323      79    88    9         0.06
                                                                      and      109   142   33        0.18
 TMTARC010  6747316                   357893                   -60    318      5     61    56        0.12
                                                                      and      81    85    4         0.08
 TMTARC011  6747511                   357982                   -60    155      57    65    8         0.07
                                                                      and      87    93    6         0.07
 TMTARC012  6747422                   358203                   -60    331                            nsi

Table 1: Drilling Results, Taronga SW Extensions (nsi = no significant
intercepts)

 

Results of the twin drilling are still being collated and will be reported
when complete. The results have so far not identified any significant
divergence to the historical Newmont data.

 

Based on the above results, and a review of the previous Newmont drilling
data, a revised interpretation of the mineralisation has been made that
suggests the SW extension is a continuation of the Payback Extended zone of
mineralisation (Figure 2).

 

 

Figure 2: Revised Mineralisation Interpretation and Current Drilling
Intercepts from the Taronga SW Extension Zone

 

Based on this new interpretation, the Company will now embark on an increased
drilling programme of approximately 5,500m 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 (Newmont
Interpretation) 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.

 

This programme is shown in Figure 3, along with the previous Newmont pit
designs and is due to commence in February 2023.

Figure 3: Proposed Infill and Extension Drilling, Taronga Tin Project

 

 

 

First Tin CEO Thomas Buenger commented, "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."

 

 

Enquiries:

 

 First Tin                                                                      Via SEC Newgate below
 Thomas Buenger - Chief Executive Officer
 Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
 Simon Catt                                                                     020 7389 5016

 WH Ireland Limited (Joint Broker)
 Harry Ansell                                                                   020 7220 1670

 SEC Newgate (Financial Communications)
 Elisabeth Cowell / Axaule Shukanayeva /                                        07900 248 213

 Molly Gretton

 

Notes to Editors

First Tin is an ethical, reliable, and sustainable tin production company led
by a team of renowned tin specialists. The Company is focused on becoming a
tin supplier in conflict-free, low political risk jurisdictions through the
rapid development of high value, low capex tin assets in Germany and
Australia.

Tin is a critical metal, vital in any plan to decarbonise and electrify the
world, yet Europe has very little supply. Rising demand, together with
shortages, is expected to lead tin to experience sustained deficit markets for
the foreseeable future. Its assets have been de-risked significantly, with
extensive work undertaken to date.

First Tin's goal is to use best-in-class environmental standards to bring two
tin mines into production in three years, providing provenance of supply to
support the current global clean energy and technological revolutions.

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