Base metals: It’s been a ‘great year’ for new tin finds in Tassie for Metals X
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Tin miner Metals X (ASX:MLX) has bolstered its Renison resource in Tasmania by 22 per cent thanks to an “outstanding high-grade opportunity”.
Metals X told investors today that new resources at its “Area 5” deposit had increased the overall resource for Renison to 17.55 million tonnes at 1.5 per cent for 263,000 tonnes of contained tin (Sn).
On top of that, the grade also got a boost, from 1.31 per cent to 1.5 per cent, and Metals X grew the higher confidence “measured” and “indicated” resources by 93 per cent to 228,800 tonnes of contained tin.
Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.
A measured resource represents the highest level of geologic knowledge and confidence. Measured resources can be converted to reserves to extend the life of the mine.
“With 47,300 tonnes of contained tin being added to the Renison resource inventory over the past 12 months and the global resource grade increasing to 1.50 per cent Sn, it has truly been a great year for Renison,” managing director Damien Marantelli said.
“Importantly, the high-grade zones underpinning this increase are still open and drilling is continuing.
“Work has now moved onto updating the ore reserve estimate and a new life-of-mine plan that will include the activities and planning required to access the now defined 4.47Mt of high-grade tin resources within Area 5.”
For example, just 18km from the Renison mine lies Stellar Resources’ (ASX:SRZ) Heemskirk project, which is the highest grade undeveloped tin project in Australia, and the third highest globally.
At 1.1 per cent, the only higher-grade tin project in Australia is Renison, which is already in operation.
Last year TNT Mines (ASX:TIN) dug up grades of up to 4.1 per cent tin at the unmined Lutwyche-Kookaburra prospect, which is located near the past-producing Aberfoyle tin mine.
Tin production is mainly used as a solder component for electronic circuit boards and microchips, which accounts for about half of its global consumption.
But it could become so much more.
A 2018 MIT study, cited by Rio Tinto Ventures boss Andrew Latham, showed future tin demand spiking on the rise of autonomous and electric vehicles, advanced robotics, renewable energy, and advanced computing and IT.
Myanmar Metals (ASX:MYL) says it has received firm commitments from domestic and international institutional investors for a placement that will raise $20.8m. The cash will allow it to complete the definitive feasibility study for its Bawdwin lead, silver, zinc and copper deposit, as well as fund exploration drilling and early capital works.
Traka Resources (ASX:TKL) has started a 4,000m drilling program to test copper, cobalt, lead and zinc targets at its Gorge Creek project on the Queensland-Northern Territory border.