(TSX-V: TORC)
VANCOUVER, BC, Feb. 28, 2022 /CNW/ - 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
- 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.
SOURCE TinOne Resources Corp.