REG - First Tin PLC - Taronga Soil Sampling Update

First TinAnnouncement

07/02/2024 07:00

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RNS Number : 2396C  First Tin PLC  07 February 2024

 

7 February 2024

First Tin Plc

("First Tin" or "the Company")

Taronga Soil Sampling Update

 

Soil Sampling Results Identify The Extent of Taronga Deposit

and Suggest Extensions and Repetitions

 

First Tin PLC, a tin development company with advanced, low capex projects in
Germany and Australia, is pleased to provide an update on the recent soil
sampling programme over its Taronga Tin Project and surrounds in Australia.
The project is owned by First Tin's 100% owned Australian subsidiary, Taronga
Mines Pty Ltd ("TMPL").

 

The sampling has:

 

·    Confirmed extensions to known mineralisation to the northeast and
southwest.

·    Identified several potential satellite tin mineralisation targets.

·    Confirmed that no significant mineralisation occurs beneath the
proposed rock dumps.

The soil sampling programme clearly outlines the Taronga mineralisation using
a 500ppm (parts per million) Sn (tin) cut-off, as shown on Figures 1 and 2.
The 500ppm Sn contour is almost exactly co-incident with the southeastern edge
of known mineralisation in the North Pit area due to the topographic slope
being to the northwest, therefore no upslope creep can occur.  However, the
500ppm Sn contour occurs downslope of the known mineralisation to the
northwest, which we assume is due to downslope creep, although extensions to
mineralisation cannot be ruled out.  The mineralisation in the South Pit area
consists of four separate zones that are located on both the southeast and
northwest slopes of the hill.  Based on this, we predict that downslope creep
will occur on both sides of the hill, exaggerating the extent of the soil
anomaly.

 

The plus 500ppm Sn anomaly extends to the northeast and southwest of the known
mineralisation, suggesting extensions in those directions are likely. This is
supported by the two end lines of drilling still being mineralised.  Several
other zones of plus 500ppm Sn could represent satellite mineralisation and
these are discussed in more detail below.

 

The areas of plus 500ppm Sn in soils are shown as targets on Figure 3:

 

1.    Taronga Deposit (known mineralisation) and extensions to the
northeast and southwest.

2.    Potential sub-parallel zone with no drilling (may be downslope creep
contamination).

3.    Potential sub-parallel zone with no drilling (may be downslope creep
contamination).

4.    This has been assumed to be contamination from the previous small
scale mining ventures, but requires some drilling to confirm if it is a
sub-parallel zone of mineralisation.

5.    Part of this area has been drilled by Newmont (Wells Lode, southwest
end of trend) and sheeted quartz-tin veining has been located there.  The
interpreted extension to the northeast cannot be contamination as it is
separated from the main mineralisation by a topographic high, and thus
represents a valid drill target.

6.    This is a single line tin anomaly (no sampling to the east) and
requires additional confirmatory sampling.

7.    This is a single line tin anomaly (no sampling to the east) and
requires additional confirmatory sampling.

8.    This occurs in an area of alluvium and is probably downstream
contamination.

Anomalies 2 to 7, and the NE and SW extensions of anomaly 1, require
additional sampling, geological mapping and, if warranted, drilling.  These
may represent supplementary feed for the proposed Taronga processing facility.

 

 

First Tin CEO, Bill Scotting commented: "This is the first systematic soil
sampling conducted over our Taronga tin deposit and we are pleased to announce
that the gathered data provides a framework for understanding soil anomalies
across the broader Emmaville district. Our sampling has reassured First Tin
that no significant mineralisation is present in the designated waste rock
dumps, as well as confirming the potential for extensions to the Taronga
mineralisation to both the northeast and southwest. Furthermore, we have
identified several nearby targets with potential to serve as supplementary
feed sources for the proposed Taronga processing plant."

Figure 1: Taronga Soil Sampling with Tin Assays Shown

Figure 2: Taronga Soil Sampling with Plus 500ppm Sn Zone Shown

 

Figure 3: Taronga Soil Sampling with Target Zones Shown

Enquiries:

 

 First Tin                                                                      Via SEC Newgate below
 Bill Scotting - 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 / Molly Gretton                                               FirstTin@secnewgate.co.uk

 

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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