Share Name Share Symbol Market Type Share ISIN Share Description
First Tin Plc LSE:1SN London Ordinary Share GB00BNR45554 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.125 0.82% 15.375 15.00 15.75 15.375 15.375 15.375 137,422 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining - - - - 41

First Tin PLC Drilling Commenced at Taronga Tin Project

21/09/2022 7:02am

UK Regulatory (RNS & others)

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RNS Number : 1142A

First Tin PLC

21 September 2022

21 September 2022

First Tin Plc

("First Tin" or "the Company")

Drilling Commenced at Taronga Tin Project, Australia

First Tin Plc ("First Tin"), a tin development company with focused on advancing its low capex projects in Germany and Australia , is pleased to announce that two drill rigs are now on site at the Taronga tin project in northern New South Wales, Australia, with the aim of improving the resource statements at the project.

A reverse circulation (RC) drill rig arrived on site last week and commenced drilling on 13(th) September 2022. The rig has now completed three drill holes, two intersecting visible cassiterite (tin ore mineral), and has just commenced the fourth.

RC Drill Rig Setting-up On First Drill Site - Taronga Tin Project

The RC drilling is aimed at repeating some of the earlier Newmont drilling, as this was completed around 40 years ago between 1979 and 1982 and therefore it is considered prudent to confirm this historical data.

First Tin is also drilling several areas that were not tested, or only poorly tested, by Newmont, with the aim of increasing the overall resource size. These holes are to the south of the Newmont drilling and in a gap between the drilling in Newmont's Northern Zone and Southern Zone deposits. The current drilling programme commenced in the southern extension area and the identification of cassiterite in the drill cuttings supports First Tin's concept that mineralisation continues to the south.

Following completion of RC drilling at Taronga, it is planned to move the rig to the exciting Great Britain tin prospect located approximately 7km from Taronga. More details on this project will be provided in the coming weeks.

A diamond (DD) drill rig arrived on our Taronga site on 18(th) September and is due to commence drilling around the middle of the week starting 19(th) September.

This drill rig will also twin (repeat) several of the Newmont holes to ensure their data is valid and to ensure there are no quality issues.

A second DD rig is due to arrive on site in early October to undertake geotechnical drilling designed to enable effective design of pit wall slopes.

Diamond Drill Rig Arriving on Site in Emmaville, Taronga Tin Project, NSW, Australia

First Tin CEO Thomas Buenger said, "We are delighted to confirm that we now have drill rigs turning at both our Tellerhäuser (Germany) and Taronga (Australia) tin projects after a period of over 40 years of inactivity at each project. Drilling is designed to both confirm previous drilling results and to extend mineralisation and hopefully increase resources. The early identification of visible cassiterite in the southern extension area at Taronga is an excellent start and assays are eagerly awaited. We look forward to updating all our shareholders with our first assay results, which are expected in early - mid October."


 First Tin                                 Via SEC Newgate 
 Thomas Buenger - Chief Executive 
 Arlington Group Asset Management 
  Limited (Financial Advisor and Joint 
 Simon Catt                                020 7389 5016 
 WH Ireland Limited (Joint Broker) 
 Harry Ansell                              020 7220 1670 
 SEC Newgate (Financial Communications) 
 Elisabeth Cowell / Axaule Shukanayeva 
  Molly Gretton                            07900 248 213 

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. It is currently advancing fully-funded Feasibility studies at both assets, while also undertaking drill programmes to expand the resources across its portfolio.

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.

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(END) Dow Jones Newswires

September 21, 2022 02:02 ET (06:02 GMT)

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