AfriTin Mining Ltd Uis Exploration Drilling Update (4134D)

TIDMATM

RNS Number : 4134D

AfriTin Mining Ltd

26 June 2019

26 June 2019

AfriTin Mining Limited

("AfriTin" or the "Company")

Uis Exploration Drilling Update

AfriTin Mining Limited (AIM: ATM), a mining company with a portfolio of near production tin assets in Namibia and South Africa, with its flagship asset, the Uis Tin Mine ("Uis") in Namibia, is pleased to provide an update on the drilling programme designed to support the declaration of a Mineral Resource estimate on the V1 and V2 pegmatite.

Highlights

   --     Receipt of the remaining assay results (ten holes) from the resource validation drilling; 
   --     Significant intersections include; 

o 40.50m @ 0.15% Sn and 108ppm Ta in drill hole V1V2012

o 108.97m @ 0.17% Sn and 56ppm Ta in drill hole V1V2013

o 86.51m @ 0.16% Sn and 69ppm Ta in drill hole V1V2017

o 18.80m @ 0.19% Sn and 126ppm Ta in drill hole V1V2018

In Q4 2018, AfriTin initiated an exploration drilling programme aimed at validating the historic information disclosed by SRK in 1985, for ISCOR, for the V1 and V2 pegmatites and supporting the declaration of a maiden, JORC (2012)-compliant, Mineral Resource estimate on the V1 and V2 pegmatites at the Uis Project.

The completion of the validation drilling at Uis was announced on 20 May 2019. The results reported here represent the remaining ten drill holes, of twenty in total, recommended for the validation of the historic resource. The analytical results indicate continuity of the pegmatite bodies reported in the previous set of drilling results.

In areas where the units are separated into upper, middle and lower the drill hole intercepted a xenolith of country rock which separates the pegmatite body. Sample analysis was undertaken by UIS Analytical Services. The major and minor elements were analysed by ICP-OES and the trace elements were analysed by ICP-MS.

Table 1: Exploration results of holes V1V2003 - V1V2020 of the current drilling campaign, (widths reported indicate apparent intersection widths).

 
   Hole     Dip Angle    Pegmatite     From    To (m)   Width     Grade      Grade     Grade 
    ID                      Unit        (m)               (m)     Sn (%)    Ta (ppm)    Li(2) 
                                                                                        O (%) 
---------  -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 V1V2003     Vertical        V1       86.00    112.19   26.19     0.17        120       0.44 
           -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 V1V2012     Vertical        V2       30.39    70.89    40.50     0.15        108       0.96 
                  V1                  88.21    112.66   24.45     0.15        58        1.00 
  ---------------------------------  -------  -------  -------  --------  ----------  ------- 
 V1V2013     Vertical        V2       96.77    205.74   108.97    0.17        56        0.72 
           -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 V1V2014     Vertical     V2 Upper    14.00    31.23    17.23     0.19        120       1.06 
               V2 Lower               53.97    64.92    10.95     0.16        127       1.11 
  ---------------------------------  -------  -------  -------  --------  ----------  ------- 
 V1V2015     Vertical     V2 Upper    37.00    55.91    18.91     0.16        127       1.11 
               V2 Lower               79.82    88.98     9.16     0.18        117       1.01 
  ---------------------------------  -------  -------  -------  --------  ----------  ------- 
 V1V2016     Vertical     V2 Upper    59.71    82.24    22.53     0.12        92        0.88 
              V2 Middle               89.43    95.85     6.42     0.25        107       0.78 
               V2 Lower               115.96   120.47    4.78     0.19        90        0.43 
  ---------------------------------  -------  -------  -------  --------  ----------  ------- 
 V1V2017     Vertical        V2       126.49   213.00   86.51     0.16        69        1.22 
           -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 V1V2018     Vertical        V2       18.00    36.80    18.80     0.19        126       0.75 
           -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 V1V2019     Vertical        V2       60.40    88.00    27.60     0.13        94        1.42 
           -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 V1V2020     Vertical        V2       147.00   170.00   23.00     0.14        44        0.68 
           -----------  -----------  -------  -------  -------  --------  ----------  ------- 
 

Results received from the current campaign are considered comparable, subject to additional validation work, to those reported by SRK (1985), both in terms of geological validation of the current geological model, and in terms of tin (Sn) grade, with SRK (1985) reporting an average grade of 0.14 % Sn for the V1 and V2 pegmatites.

Anthony Viljoen, CEO of AfriTin Mining Limited commented:

"The conclusion of the confirmatory drilling programme is a significant milestone towards the declaration of a mineral resource estimate. Importantly from this set of results an intersection of 108.97 metres at 0.17% Sn indicates that the V1 and V2 pegmatites thicken with depth. In addition, the notable grades of the ancillary elements points to the potential for multiple revenue streams as the project advances."

Competent Person Statement:

The technical data in this announcement has been reviewed by Dr Brendan Clarke of CSA Global, who provides geological consulting services to AfriTin. Dr Clarke is Manager - Africa for CSA Global and has 20 years of industry related exploration and mineral project development experience and is a Competent Person for the reporting of Exploration results. He has reviewed both the technical disclosures in this release as well as the quality assurance protocols and results for the assay campaign. Dr Clarke is satisfied that the results of the QAQC on the assay results released to date are sufficient to support the planned estimation of Mineral Resources.

Glossary of abbreviations

 
 Li            Lithium 
 Li(2) O       Lithium oxide 
 Li to Li(2)   Conversion factor of 2.153 
  O 
 ICP-MS        Inductively Coupled Plasma- Mass Spectrometry 
 ICP-OES       Inductively Coupled Plasma- Optical Emissions Spectrometry 
 JORC          The Australasian Code for Reporting of Exploration 
                Results, Mineral Resources and Ore Reserves 
 PPM           Parts Per Million 
 QAQC          Quality Assurance Quality Control 
 Sn            Elemental symbol for Tin 
 Ta            Elemental symbol for Tantalum 
 V1 and        Primary pegmatite resource targets for Exploration 
  V2 
 

For further information, please visit www.afritinmining.com or contact:

 
 AfriTin Limited 
 Anthony Viljoen, CEO                  [phone] 
 Nominated Adviser and Joint Broker 
 WH Ireland Limited 
  Katy Mitchell 
  Adrian Hadden 
  James Sinclair-Ford                  [phone] 
 Corporate Advisor and Joint Broker 
  Hannam & Partners 
  Andrew Chubb 
  Jay Ashfield 
  Nilesh Patel                         [phone] 
 Joint Broker 
 NOVUM Securities Limited 
  Jon Belliss                          [phone] 
 Financial PR (United Kingdom) 
 Tavistock                             [phone] 
 Jos Simson 
  Barney Hayward 
 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

About AfriTin Mining Limited

Notes to Editors

AfriTin Mining is the first pure tin company listed in London and its vision is to create a portfolio of world-class, conflict-free, tin producing assets. The Company's flagship asset is the Uis brownfield tin mine in Namibia, formerly the world's largest hard-rock tin mine.

AfriTin is managed by an experienced board of directors and management team with a current two-fold strategy: fast track Uis brownfield tin mine in Namibia to commercial production in 2019, ramping up to 5,000 tonnes of concentrate, and consolidation of other quality African tin assets. The Company strives to capitalise on the solid supply/demand fundamentals of tin by developing a critical mass of tin resource inventory, achieving production in the near term and further scaling production by consolidating tin assets in Africa.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DRLEAEKSAEFNEAF

(END) Dow Jones Newswires

June 26, 2019 02:00 ET (06:00 GMT)