VANCOUVER, BC, Jan. 18,
2023 /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. Drilling has now
concluded, and data compilation and modelling are underway.
The program has been highly successful in continuing to define
significant tin mineralization near surface and at depth below and
adjacent to historical drilling.
Highlights:
- Drillhole 22GPRC021 returned 14m@0.36% Sn from 128
metres and 17m@0.21% Sn from 181 metres
- Drillhole 22GPRC014 returned 48.8m@ 0.14% Sn from 87
metres
"The diamond core extensions of drill holes 22GPRC014 and
22GPRC021 have delivered further encouraging results
below the area of the historical resource at Great Pyramid,"
commented Chris Donaldson, Executive
Chairman. "These drill holes have continued to demonstrate the
quality of the Great Pyramid system which remains open in all
directions. With the completion of this Phase 1 drill program our
team has gained significant insights into the distribution and
controls on mineralization and is now undertaking detailed
modelling to determine the most appropriate next steps. We look
forward to keeping the market updated as we continue to advance the
Project."
Table
1:
Great Pyramid RC drill results. More significant results are shown
in bold.
|
Hole
|
Intersection
Width (m)
|
From
(m)
|
Sn%
|
Comments
|
|
22GPRC014
|
48.8
|
87
|
0.14
|
Part RC, part diamond
tail. Below historical resource area
|
|
(36.8)
|
(87)
|
(0.15)
|
RC interval previously
reported
|
|
5
|
171
|
0.13
|
Diamond tail. Below
historical resource area
|
|
22GPRC021
|
14
|
128
|
0.36
|
Part RC, part diamond
tail. Outside historical resource area
|
|
(11)
|
(128)
|
(0.37)
|
RC interval previously
reported
|
|
17
|
181
|
0.21
|
Diamond tail. Outside
historical resource area
|
|
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 reverse circulation
(RC) holes and 22GPRDDXXX for diamond holes with numbering
allocated in sequence.
|
|
Analytical results
have been received for 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.
|
|
Diamond holes
completed to-date and with assays pending are 22GPDD10 and
22GPDD023 (Part). Diamond tail extensions have been completed for
RC pre-collar holes 22GPRC003, 22GPRC004, 22GPRC005, 22GPRC006,
22GPRC014 and 22GPRC021 with assays pending for
22GPRC018A.
|
Results reported here represent data from both the upper reverse
circulation component and the lower diamond drill component of
holes 22GPRC014 and 22GPRC021. The reverse circulation
components have been previously reported (see TinOne news releases
September 6, 2022 and October 11, 2022) and in this release, the
combined intersections are reported where the diamond drill data
are contiguous with the previously reported RC data (ie 22GPRC014
from 87 metres and 22GPRC021 from 128).
Results have been received for 3,816 metres of the Company's
completed 4,687 metre drilling program at Great Pyramid. These
results represent complete results for 18 RC reverse circulation
drill holes, results from two diamond cored holes and partial
results from one diamond cored hole, in addition to results from
six diamond tails and partial results from one other diamond
tail.
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 suggest 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 for
Niuminco Group Ltd. The effective date for the Historical Estimate
is February 26, 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 metres
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.