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."
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.