(TSX.V: TORC) (OTCQB:
TORCF)
VANCOUVER, BC, Oct. 11,
2022 /CNW/ - TinOne Resources Inc. (TSXV:
TORC) (OTCQB: TORCF) ("TinOne" or the "Company") is
pleased to provide further results from its Great Pyramid Tin (Sn)
Project ("Great Pyramid" or the "Project") located in
the tier one mining jurisdiction of Tasmania, Australia. The ongoing program has
continued to define significant tin mineralisation.
Highlights:
- All holes returned tin-bearing intersections and provide strong
support for historical drill data
- Mineralised zones shown to extend beneath and peripheral to
historical resource
- Outstanding high-grade intersections include:
-
- 22GPRC022 returned 0.45% Sn over 15 metres
- 22GPRC021 returned 0.37% Sn over 11 metres
- 22GPDD001A returned
-
- 0.23% Sn over 23 metres, and
- 0.22% Sn over 26 metres, and
- 0.45% Sn over 11 metres
"We continue to be extremely encouraged by the results we are
returning from Great Pyramid with high grade results being returned
from near surface and at depths more than 200 metres below
surface," commented Chris
Donaldson, Executive Chairman.
Results have been received for 2,827 metres of the Company's
ongoing 5,500 metre drilling program at Great Pyramid. These
results represent complete results for 19 Reverse Circulation
("RC") drill holes, results from two diamond cored holes and
results from one diamond tail and part results from one other
diamond tail. Assays are being fast tracked and average laboratory
turnaround to-date has been 21 days.
Drilling commenced at the Project on April 27, 2022, with one diamond rig currently
operating on site. The initial program consists of approximately
5,500 metres and has several objectives:
- Test the depth and lateral extensions of the mineralised
zone
- Test a large-scale IP chargeability anomaly adjacent to the
known mineralised zone and
- Obtain grade and continuity data utilising modern drill and
analytical techniques.
In addition to the RC and diamond drill results reported here,
an additional 662 metres of diamond drilling has been completed
within, lateral to, and beneath the historical resource area, with
assays pending.
Results reported here are from below, peripheral to and within
the historical resource1 area (Table 1). Drill holes
below and peripheral to the historic resource model have returned
intersections consistent with or higher grade than the historical
model. Ongoing deeper diamond drilling (assays reported here and
pending) has confirmed the presence of mineralisation to
considerable depth below the historical resource model and are
consistent with historical drill data2 which
returned mineralised intervals to the limit of drilling, up to 300
metres below surface.
Table
1: Great Pyramid
RC and DD drill results. More significant results are shown in
bold.
|
Hole
|
Intersection
Width (m)
|
From
(m)
|
Sn%
|
Comments
|
22GPRC021
|
11
|
128
|
0.37
|
Outside historical
resource model. To end of hole.
|
22GPRC022
|
15
|
22
|
0.45
|
Inside historic
resource model, to end of hole, abandoned
due to collapse from old working.
|
22GPRC024
|
21
|
16
|
0.22
|
Inside historic
resource model.
|
|
14
|
47
|
0.10
|
Inside historic
resource model.
|
22GPRC006
|
29
|
160
|
0.15
|
Diamond tail. Outside
historical resource model.
|
|
6
|
238
|
0.27
|
Diamond tail. Outside
historical resource model.
|
|
13.5
|
250
|
0.14
|
Diamond tail. Outside
historical resource model. To end of
hole.
|
22GPDD001A
|
23
|
0
|
0.23
|
Diamond cored hole.
Inside historical resource model.
|
|
26
|
29
|
0.22
|
Diamond cored hole.
Inside historical resource model.
|
|
11
|
61
|
0.45
|
Diamond cored hole.
Inside historical resource model.
|
|
8
|
120
|
0.28
|
Diamond cored hole.
Inside historical resource model
|
|
5
|
148
|
0.38
|
Diamond cored hole.
Outside historical resource model.
|
22GPDD008
|
8
|
4
|
0.20
|
Inside historic
resource model.
|
|
14
|
24
|
0.20
|
Inside historic
resource model.
|
|
13
|
134
|
0.15
|
Outside historical
resource model.
|
|
4
|
171
|
0.25
|
Outside historical
resource model.
|
NOTES: All
intersections are calculated with a cut-off grade of 0.1% Sn with
maximum consecutive internal waste of 4 metres.
|
All intersections
are downhole widths, true widths are uncertain.
|
TinOne drill hole
numbering is in the form 22GPRCXXX for RC holes and 22GPRDDXXX for
diamond holes with numbering allocated in sequence.
|
Analytical results
have been received for RC holes 22GPRC002, 003, 004, 005, 006, 007,
009, 011, 012, 013, 014 ,016, 017, 018A, 019, 021, 022, and 024.
Hole 22GPRC020 failed at 12 metres and was not assayed. The target
area for this hole was drilled by 22GPRC021. Assays have been
received for diamond hole 22GPDD001A (redrill of 22GPDD001 which
was abandoned at 42.1m), 22GPDD008 and diamond tails on 22GPRC006
and 22GPRC003 (part).
|
Diamond holes
completed and with assays pending are 22GPDD10, 22GPDD015 and
22GPDD023. Diamond tail extensions completed for RC pre-collar hole
and with assays pending are 22GPRC004, 22GPRC014 and
22GPRC005.
|
About the Great Pyramid Tin
Project
Geological Setting
The Great Pyramid deposit is located around a topographical
feature known as Pyramid Hill and is hosted by Silurian to Devonian
Mathinna Supergroup sandstones. The mineralization is formed by
closely spaced sheeted northeast trending, cassiterite (SnO₂)
bearing veins associated with silicification and sericite-pyrite
alteration. The deposit style and regional comparisons suggests
that a tin-fertile granite exists at depth below the deposit,
however this has not been encountered in drilling and the deposit
is open at depth. Geological interpretation indicates that certain
sedimentary units within the folded Mathinna Supergroup sediments
are more favourable hosts and diamond drilling being undertaken by
the Company during the current campaign, combined with numerical
modelling, will assist in developing a deeper understanding of
controls on grade for follow up drilling.
The deposit is currently known over a strike length of more than
500 metres with an average width of approximately 150 metres. The
depth extent of the deposit is unknown with only nine historical
drill holes greater than 150 metres deep. These rare deeper holes
encountered encouraging tin mineralization to depths of
approximately 300 metres below surface2.
Historic Resources and Drill
Data1
A historical mineral resource estimate was completed on the
Great Pyramid Project (the "Historical Estimate") for TNT
Mines Ltd.1,2,3,4,5 (Table 2).
Table
2:
Historical Estimate on the Great Pyramid
Project1,2,3,4,5
Great Pyramid
Inferred Mineral Resource - JORC 2012
|
Sn% CUT OFF
|
TONNES
(Mt)
|
GRADE
(Sn%)
|
CONTAINED TIN
(kt)
|
0.1
|
5.2
|
0.2
|
10.4
|
NOTES
|
1.
|
Source: "Inferred
Mineral Resource for the Great Pyramid Tin Deposit in Tasmania,
Abbott, 2014" prepared by Jonathon Abbott of MPR Niuminco Group
Ltd. The effective date for the Historical Estimate is 26 February,
2014.
|
2.
|
The Historical Estimate
was prepared using the 2012 Australasian Joint Ore Reserves
Committee Code (JORC). The Historical Estimate was not completed
using CIM Definition Standards on Mineral Resources and Reserves
and is not supported by a technical report completed in accordance
with National Instrument 43-101.
|
|
3.
|
The estimation of the
Historical Estimate utilized close spaced historic percussion
(~85%) and lesser diamond drill holes with drill spacing in the
estimation area typically 15 x 30m and locally closer. The Inferred
Resource was estimated using Multiple Indicator Kriging method of
1.5 metre down-hole composites within a mineralized domain
interpreted from tin grade. Continuity of tin grades was
characterised by indicator variograms at 14 indicator thresholds.
The estimates are extrapolated a maximum of approximately 30 m from
drilling Gemcom software was used for data compilation, domain
wireframing, and coding of composite values, and GS3M was used for
resource estimation. Resources were estimated into 15 by 30 by 3 m
blocks (across strike, strike, vertical) aligned with the 067o
trending drilling grid. Planview dimensions of the blocks
approximate average drill hole spacing. For precise volume
representation, resource estimates include the proportion of block
volumes within the mineralised domain below surface. The modelling
included a three pass octant based search strategy. Search
ellipsoid radii (across strike, along strike, vertical) and minimum
data requirements for these searches were: Search 1: 20 by 20 by 4
m (16 data), Search 2: 30 by 30 by 6 m (16 data), Search 3:30 by 30
by 6 (8 data). Model validation included visual comparison of model
estimates and composite grades, and trend (swath) plots, along with
comparison with estimates from alternative estimation methodologies
and previous model estimates. The Historical Estimate is restricted
to the area of close spaced drilling and 90% of the resource occurs
within 40 metres of surface. Although the limited deeper drilling
has encountered mineralized material this was not included in the
Historical Estimate. The mineralised domain wireframe used to
constrain the estimates was primarily interpreted on the basis of
tin assay grades and restricts estimates to the volume tested by
reasonably close spaced drilling. The wireframe was trimmed by the
cross cutting dyke and soil units interpreted from drill hole
logging and geological mapping. Investigation of alternative
interpretations included resource estimation with assumed dominant
mineralisation controls varying from flat lying to steeply west
dipping. These models did not give significantly different total
estimates
|
4.
|
The reader is cautioned
that the Historical Estimate is considered historical in nature and
as such is based on prior data and reports prepared by previous
property owners. The reader is cautioned not to treat them, or any
part of them, as current mineral resources or reserves. A qualified
person has not done sufficient work to classify the Historical
Estimates as current resources and TinOne is not treating the
Historical Estimates as current resources. Significant data
compilation, re-drilling, re-sampling and data verification may be
required by a qualified person before the Historical Estimates can
be classified as a current resource. There can be no assurance that
any of the historical mineral resources, in whole or in part, will
ever become economically viable. In addition, mineral resources are
not mineral reserves and do not have demonstrated economic
viability. Even if classified as a current resource, there is no
certainty as to whether further exploration will result in any
inferred mineral resources being upgraded to an indicated or
measured mineral resource category.
|
|
|
5.
|
The Company has
determined that the Historical Estimate is reliable, and relevant
to be included here because it was estimated using close spaced
drilling with modern geostatistical methods and software by an
experienced resource geologist and provides a guide to the location
of the Great Pyramid mineralised zone. This will be used to assist
in targeting drilling to undertake testing of the extent and grade
of the mineralised system.
|
|
|
Quality Assurance / Quality Control
Drill core and RC samples were shipped to ALS Limited in
Brisbane, Australia for sample
preparation and for analysis. The ALS, Brisbane facilities are ISO 9001 and ISO/IEC
17025 certified. Tin and tungsten are analysed by ICP-MS following
lithium borate fusion (ALS method ME-MS85), overlimit results are
reanalysed by XRF (ALS method XRF15b). Forty-eight element
multi-element analyses are conducted by ICP-MS with a four-acid
digestion (ALS method ME-MS61).
Control samples comprising certified reference samples,
duplicates and blank samples were systematically inserted into the
sample stream and analyzed as part of the Company's quality
assurance / quality control protocol.
About TinOne
TinOne is a TSX Venture Exchange listed Canadian public company
with a high-quality portfolio of tin projects in the Tier 1 mining
jurisdictions of Tasmania and
New South Wales, Australia. The
Company is focussed on advancing its highly prospective portfolio
while also evaluating additional tin opportunities. TinOne is
supported by Inventa Capital Corp.
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 Advisor for
TinOne. Dr. Smith is a Qualified Person as defined under the terms
of National Instrument 43-101.
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; the release of drilling results; and
completion of a 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.