REG - First Tin PLC - Taronga Exploration Update

First TinAnnouncement

29/05/2024 07:00

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RNS Number : 1445Q  First Tin PLC  29 May 2024

 

29 May 2024

First Tin Plc

("First Tin" or "the Company")

Taronga Exploration Update

 

Taronga Mines Pty Ltd has consolidated its tenement holdings in the Taronga
district by acquiring an additional licence, EL 9200, and has confirmed and
extended the tin in soil anomaly at nearby Pound Flat

 

First Tin PLC, a tin development company with advanced, low capex projects in
Germany and Australia, is pleased to announce that its 100% owned Australian
subsidiary, Taronga Mines Pty Ltd ("TMPL") has acquired an additional
Exploration Licence (EL 9200) that consolidates its landholdings in the
Taronga district, and has extended and closed off the soil anomaly at nearby
Pound Flat.

The region around Taronga is well mineralised with tin and has historically
produced over 83,000t tin in concentrate between 1872 and 1984. The Taronga
deposit has a measured, indicated and inferred resource base of 138,000t tin,
reported in accordance with the 2012 JORC Code and Guidelines, as previously
announced (14 September 2024). Mineralisation is believed to be related to the
late stages of emplacement of the Mole Leucogranite, a large, complex,
multiple granite intrusion located north of Emmaville in northeast New South
Wales (Figure 1).

 

Many old tin workings, both primary, eluvial/alluvial and palaeo-alluvial
(deep lead 1  (#_ftn1) ) are known in the district and several zones of
sheeted tin greisen veins, similar to the Taronga tin deposit, have been
located by previous workers.  These are shown in Figure 1.

 

EL 9200

 

The new licence, EL9200, covers the majority of the known deep lead deposits
in the district as shown in Figure 1. These have been the source of around
half the tin historically mined in the district and represent an attractive
target to supplement tin production from the Taronga hard rock deposit, for
which positive results of a feasibility study have recently been announced (2
May 2024). The grades in the deep leads can be significant, with historical
reports of 1.5 hundredweight of cassiterite per cubic yard (approximately 3%
Sn).  For comparison, average grades mined in alluvial operations are around
0.02% to 0.10% Sn.

 

As well as the deep leads, potential exists for extensions of the Tin Beetle
and Pound Flat mineralisation into the new licence area as shown on Figure 1.

 

 

Pound Flat

 

Soil sampling at Pound Flat has now been completed.  This has confirmed that
a good tin in soil anomaly occurs there, with a similar intensity to that seen
at Taronga, over a strike length of around 1.8km. A compilation of previous
work, mainly by Newmont and Billiton, shows that the anomaly is coincident
with previously identified mineralisation (Figure 2), and appears to
accurately define the two main zones identified by those companies. Notably,
some of the better parts of the soil anomaly have no previous drilling.

 

The compilation shows mineralisation very similar to that found at Taronga
that comes to surface.  Better near surface results include:

 

·      41.5m @ 0.15% Sn from 13.5m (top 13.5m not assayed)

·      49m @ 0.18% Sn from 1m

·      49m @ 0.13% Sn from 1m

·      27m @ 0.15% Sn from 1m

·      16m @ 0.14% Sn from 0m

The mineralisation is now interpreted as a series of en-echelon NE trending
dilation zones in an overall ENE trending shear system. This new
interpretation opens up the project for additional drill testing in areas with
previously untested high tin in soil values.

 

Follow-up is currently being planned, in particular on the alluvial/eluvial
and weathered part of the deposit which could potentially be extracted and
upgraded via jigs for transport to the Taronga processing facility without any
significant crushing being required. A simple portable crushing plant could
allow extraction of deeper and/or less weathered mineralisation.

 

First Tin CEO, Bill Scotting commented:

 

"The acquisition of EL 9200 provides First Tin with access to the deep leads,
a major part of the previous production profile in the Emmaville district.
Historically the grade mined was very high and therefore could form a target
for high grade supplementary feed for any processing plant established at
Taronga, approximately 7km away by existing roads.

 

The final soil sampling results for Pound Flat appear to have extended the
target slightly and to have now closed off the anomaly.  The close agreement
between known mineralisation and the soil anomaly once again shows the
importance of soil sampling as a regional exploration tool.

 

We consider Pound Flat a high priority target for future follow-up work."

 

Details

 

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, which have been de-risked significantly, with extensive work
undertaken to date.

First Tin has a resource base of 309,700t tin reported in accordance with the
2012 JORC Code and Guidelines.

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.

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.

Figure 1: Location and Key Features of EL 9200, Emmaville District, Northeast
NSW

Figure 2: Pound Flat Soil Sampling Results and Previous Work Compilation

 1  (#_ftnref1)  Alluvial deposit buried below a considerable thickness of
soil or rock.

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