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TinOne Resources Inc.( TSXV: TORC) ("TinOne" or the "Company") is pleased to announce that it has commenced drilling on its Panama Gold Project in northeastern Tasmania, Australia.
Highlights
Figure 1: Location of the Panama project in the mining-friendly jurisdiction of Tasmania (CNW Group/TinOne Resources Corp.)
Figure 2: Panama project simplified geology, historical mines and prospects. (CNW Group/TinOne Resources Corp.)
Figure 3: Magnetic image of the northern Panama project area showing the extensive historic mining activity, and location of historical drill holes (from the Mineral Resources Tasmania (MRT) database). The Panama Valley prospect contains more extensive workings, and is larger in area than the previously drilled Potoroo prospect, but remains undrilled. (CNW Group/TinOne Resources Corp.)
Figure 4: Gradient array IP chargeability image, surface rock sample results and proposed drill hole locations for the Bessell Reward prospect at the Panama Project. (CNW Group/TinOne Resources Corp.)
- A program of 1,860 metres of Reverse Circulation (RC) drilling has commenced at the Company's Panama Gold Project
- Drilling to target previously undrilled prospects defined by surface geology, geophysics, historical exploration and small-scale historical mining activity
- Ranking and Prioritizing Great Pyramid and Aberfoyle tin targets
"We are pleased to have started drilling on our Panama Gold Project which acted as the qualifying property through our transaction with Lamaska," commented Chris Donaldson, TinOne's Executive Chairman. "Panama is a target-rich environment with impressive historical gold intercepts and with our technical team now in place and drilling commencing, it will be a very exciting year for TinOne. While we are currently drilling Panama, we are evaluating and prioritizing targets on our key Tin projects. It is expected that at the completion of this current drill campaign the drill will be mobilized without delay to explore for tin, which of course has seen a tremendous increase in price as a result of heightened demand due to the electrification movement and supply issues worldwide."
Drilling Details
Panama Valley Prospect: The primary target in this prospect is a granodiorite intrusion at the south-western end of Panama Valley. Numerous historic alluvial workings are recorded above the weathered intrusion and prospector diggings occur in the Mathinna Supergroup rocks in the contact aureole, but the granodiorite intrusion has never been drilled or subjected to any modern exploration.
The prospectivity of this target is based on its similarities, in terms of magnetic signature and structural/geomorphic setting, to a smaller granodiorite intrusion, known as the Potoroo prospect, further downslope in the north-east of Panama Valley. Modern exploration at Potoroo by previous companies demonstrated a small but coherent body of low grade, near surface gold mineralisation disseminated through the sericite-clay-sulphide altered granodiorite host rock. The magnetic anomaly source rocks are enriched in accessory pyrrhotite rather than magnetite and the mineralisation at Potoroo correlates with the modelled source of the anomaly.
TinOne has planned a program of 7 holes for 420 metres to systematically test the area of historical workings and coherent magnetic signature.
Bessell Reward Prospect: The undrilled Bessell Reward prospect contains gold mineralisation in sandstone-hosted bedding-parallel veinlets and disseminations within the sandstone interbeds. The target is interpreted to be a zone of structural deformation marked by a significant break in IP chargeability and aeromagnetic signature. The location of the historic alluvial diggings either side of the ridge and rock chip results, indicate that the sandstone ridge is a source of gold. Historical and recent surface rock samples have returned values up to 7.9 g/t Au.
TinOne has planned a program of 17 holes for 1,440 metres to systematically test the area of historical workings, interpreted structural discontinuities and surface geochemistry.
About the Panama Project
The underling geology at Panama is Ordovician-Silurian Mathinna Supergroup sediments that have been intruded by Devonian granodiorite. Both the intrusions and the sediments are considered to be prospective for intrusion related gold systems (IRGS), sediment hosted disseminated gold and mesothermal gold deposits.
The Panama project contains multiple underexplored gold targets with TinOne's focus being bulk mineable, gold in sandstone (Bessell Reward) or granodiorite (Potoroo, Panama) within the historic Lisle-Golconda Goldfield. Alluvial gold was discovered in the Golconda-Lisle area in 1872 and hard-rock mining followed in 1876. The main Lisle alluvial field was discovered by Charles Bessell in 1878, following the discovery of the Tobacco Creek Goldfield (Bessell Reward area) in 1877 and official records (Reid, 1926) indicate production of approximately 88,000 oz although other government sources estimate a total production of approximately 250,000 oz (Twelvetrees, 1909).
Modern exploration commenced in the 1970s and comprised of broad-scale stream sediment, soil, and rock chip sampling. Historical drill intersections within the project area include: 66m @ 0.6 g/t Au, 2m @ 7.4 g/t Au, 1.5m @ 9.0 g/t Au, 4m @ 12.9 g/t Au.
About the TinOne
TinOne is a TSX Venture listed Canadian public company with a high-quality portfolio of tin and gold projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales, Australia. The Company is focussed on advancing its highly prospective portfolio through aggressive exploration programs.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Dr Stuart Smith., Technical Adviser for TinOne. Dr. Smith is a Qualified Person as defined under the terms of National Instrument 43-101. For additional information regarding the Company's Panama Project, please see the Technical Report entitled "Panama Project" dated effective March 29, 2021, on the Company's profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward‐looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward‐looking statements or information. These forward‐looking statements or information relate to, among other things: the development of the Company's projects, including drilling programs and mobilization of drill rigs; future mineral exploration, development and production; and completion of a maiden drilling program.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential for TinOne and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; TinOne's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect TinOne's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and TinOne has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on early stage mineral projects; metal price volatility; risks associated with the conduct of the Company's mining activities in Australia; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in TinOne's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although TinOne has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation, to update these forward‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
3km Strike of Outcropping Manganese Confirmed from Wandanya
- Detailed mapping and rock chip sampling completed over the Wandanya project following successful RC drill2 and previous rock chip sampling campaigns1.
- Portable XRF (pXRF) analysis confirms multiple widespread rock chip samples with consistently similar grades to the RC drilling completed at W2, ranging between 30 and 50% Mn.
- 3km overall strike of outcropping manganese mineralisation now confirmed with only 240m of this drill tested.
- Significant opportunity to expand the mineralised footprint with extensive manganese outcrops well exposed in multiple incised gulleys extending 150m cross strike and shallowly dipping to the east.
- Initial metallurgical testwork is underway to potentially produce a high-quality manganese concentrate for silico or ferro alloying and feedstock for high purity manganese sulphate (HPMSM) testwork.
- Additionally, rock chip sampling provided further evidence of widespread hematite enriched sediments that are similar to previously reported1 iron rich formations that assayed 63.3%, 63.1 and 57.6% Fe. The Company is awaiting laboratory-based iron XRF assays, as the preliminary pXRF results were beyond the accurate grade range of the pXRF
Cautionary Note in relation to visual estimates and pXRF readings: The Company cautions that visual estimates and pXRF readings should never be considered a proxy or substitute for laboratory analyses. Laboratory assays (XRF for Mn C Fe suite of elements) are required to determine representative grades of the elements associated with the visible mineralisation reported from geological mapping and pXRF readings. Further details are found within Appendix 1.
Rock chip samples have been submitted to Bureau Veritas in Perth WA with analytical results expected in early to mid-December.
Black Canyon’s Managing Director Brendan Cummins said:
“Following the successful recent RC drill program, detailed mapping and rock chip sampling assay results continue to impress. We are seeing strike extensive mineralisation along a 3km long corridor, which demonstrates the scale potential of this new and unique style of manganese mineralisation.
“Widespread outcrops and consistent high-grade manganese results from drilling and rock chip sampling are becoming a clear characteristic of the Wandanya discovery. In addition, we are eagerly awaiting the assay results from rock-chip sampling of the extensive hematite enriched iron formations also mapped in the area that look quite prospective.
“We look forward to returning with an RC rig in 2025 to further test these compelling targets along strike and down dip to determine their full-scale potential.”
Figure 1. Manganese corridors at the Wandanya Project with manganese results above 30% shown overlying topography (red=elevated) and satellite imagery. Photo locations are also shown for Figures 2-C.
W2 Prospect, Wandanya (BCA 100%)
The stratabound hosted manganese mineralisation has been traced along a 3km long corridor, is dipping shallowly to the east and remains open. The footwall and hangingwall units comprise of dolomite and calcareous siltstone respectively. The target manganese horizon is often well exposed by gulleys eroding through the hangingwall, forming continuous outcrops up to 150m cross-strike before the unit is overlain by shallow dolomite and cover sequences.
At the W2 prospect, only 240m of strike at a width of 200m has been drill tested with consistent grades and widths2 including:
- 5m @ 31.1% Mn from surface, including 2m @ 42% Mn (WDRC005)
- 6m @ 26.3% Mn from 4m, including 3m @ 40.1% Mn (WDRC021)
- 6m @ 2G.6% Mn from surface, including 3m @ 41.0% Mn (WDRC031)
- 6m @ 2G.2% Mn from 4m, including 3m @ 3G.7% Mn (WDRC032)
- 5m @ 32.4% Mn from 3m, including 3m @ 40.1% Mn (WDRC033)
To the west, multiple occurrences of hematite rich sediments were mapped and sampled, with the results from the pXRF readings exceeding the accurate range of the pXRF. Hence, these samples have been submitted to the laboratory and assay results will be reported when they have been received.
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This article includes content from Black Canyon, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Premium Magnetite Iron Product (>70% Fe) Confirmed Across Waterfall Prospect (WA)
Key Points:
- Premium grade iron product (>70% Fe) has been produced across the Waterfall Prospect by beneficiation test work using the Davis Tube Recovery (DTR) method.
- Magnetite was liberated from its host rock using a relatively coarse grind size of 75um and 106um, which suggests potential savings on future processing costs.
- Average DTR recoveries of approximately 34% indicate that most, if not all, of the magnetite has been recovered in the concentrate.
- Impurity levels (silica, alumina, sulphur and phosphorus) within the magnetite concentrate are extremely low.
- The Morrisey Project is well located, being ~120km by road north of Mullewa and then ~80km by rail to the Port of Geraldton.
- Waterfall is the first of at least five targets identified within the Morrisey Project, with potential to host magnetite mineralisation.
Next Steps:
- Native Title clearance surveys over further magnetite targets are scheduled to be completed later this year.
- Drilling of additional targets is being planned for 2025, under the Strategic Alliance Agreement with a subsidiary of South32 Limited.
Beneficiation test work using the DTR method confirmed excellent recoveries of magnetite from its host rock (averaging ~34%) across the prospect, using coarse grind sizes of 106um and 75um, highlighting potential for the prospect to deliver a premium iron (Fe) product with very low impurity levels and enhancing the future commercial potential of the Project.
The Morrisey Project is well located, being ~120km by road north of the town of Mullewa, and a further 80km by rail to the Port of Geraldton (Figure 1). No discussions have been held with transport providers at this stage.
Figure 1: Morrisey Project: Location Plan showing road and rail access to the Port of Geraldton.
DTR results for all remaining drill-holes have now been received, confirming that iron (Fe) grades greater than 70% Fe can be achieved from both the 75um and 106um grind sizes for all the composite samples (varying from 4m to 12m in length). The distribution of DTR grades and down-hole thicknesses for the 75um grind size is shown in Figure 2, with cross-sections provided in Figures 3 and 4.
While there are no significant differences between results from the two grind sizes used, results for 75um are slightly more consistent, with less variations than for the 106um data (see Tables 1 and 2 below).
DTR Fe grades for the 75um grind size vary from 70.25% Fe to 71.63% Fe with recoveries varying from 18.6% for the lower grade composite samples (<25% Fe) and up to 44.3% for higher grade composites (>35%Fe), with an average recovery of magnetite across the prospect of ~34%.
Deleterious elements for the 75um product were all very low, including silica (average 1.3% SiO2), alumina (average 0.19% Al2O3), sulphur (average 0.08% S) and phosphorous (average 0.004% P), only increasing slightly for the coarser grind product.
Petrological examination of selected samples indicates that the magnetite grains are highly fractured, which is likely to contribute to the excellent magnetite recoveries achieved via the DTR test work.
Similar magnetic and gravity anomalies to the Waterfall prospect occur at a number of locations within the Morrisey Project. Five targets have been identified for drilling to help determine the overall magnetite potential of the district.
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This article includes content from AusQuest limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exploration Update - Visible Gold Intersected at Salanie
HIGHLIGHTS:
- Visible gold identified in drilling at the A1 prospect at 19m depth (Figure 1), associated within a broader 13m zone of quartz veining and shearing from 9.6m downhole:
- Interpreted as extension to system in trench SATR001 (10.3m @ 3.4g/t Au and 1.4m @ 15.7 g/t Au) (Figure 5);
- Assays for this hole are pending.
- At P6, a significant quartz veining/shear system over 20m with associated sulphides has been identified along the trend of historical high-grade underground workings that produced at an average of 16g/t Au.
- The underground workings at P6 represent a priority target that will be further targeted in the 2025 drill season:
- System displays as quartz veining and associated visual estimates of sulphides (trace to 25% pyrite+/-chalcopyrite) intersected in three principal positions in drillhole SLDD002 (61- 65m; 71-75m and 84-87m).
- Drilling completed for the current field season, with discussions advanced with a highly reputable new drilling contractor for drilling in 2025.
- At Salanie, five holes for 328m (two at the P6 prospect and three at the A1 prospect) were completed (two of these did not reach target depth due to drilling performance), with assay results received for 3 holes.
- In the northern areas around the Mikouma and Binda prospects, infill soil sampling has strengthened existing gold targets in these regions with anomalies up to 200ppb Au. Follow up ground reconnaissance will assist in delineating further the drill targets.
- Company to undertake a one (1) for three (3) non-renounceable entitlements offer to raise approximately $3.25 million (before costs).
Figure 1: Examples of visible gold identified in SLDD004 – at 19.04m (associated with chalcopyrite (Cpy) and galena (Gn)).
The Company cautions that visual estimates of sulphides or mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory analysis would be required to determine the widths and grades of sulphides, visible gold, or suspected mineralised intervals reported herein. Visual information also potentially provides no information regarding impurities or deleterious physical properties relevant to valuations. Assays are expected within 3-5 weeks.
Apollo Minerals’ Managing Director, Mr Neil Inwood, commented:
“The first pass drilling is highly encouraging having identified visible gold associated with quartz veining at A1 and a significant shear/quartz vein system at P6. Assays are pending from the key holes at A1. The Salanie system is interpreted to be in the same regional trend of Archean greenstones as Managem’s 1m oz Eteke deposit; highlighting the potential in the broader system.”
“Unfortunately, a combination of late arrival and poor performance from the drilling contractor and the end of the field season has meant that less than a quarter of the planned holes for 2024 were completed and the P6 target was only partially tested by one drill hole. We are in advanced discussions with another drilling company to commence drilling in the new year. Such a partner will enable a significant increase in drilling rate and quality and enable us to further unlock the untested potential at the Salanie Gold Project.”
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This article includes content from Apollo Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.