First Tin PLC Extension of Taronga Tin Mineralisation (0188O)

TIDM1SN

RNS Number : 0188O

First Tin PLC

27 January 2023

27 January 2023

First Tin Plc

("First Tin" or "the Company")

Drilling Confirms Southern Extension of Taronga Tin Mineralisation

First Tin Plc, a tin development company with advanced, low capex projects in Germany and Australia, is pleased to report that drilling has proven an 350m extension to the southwest of the current resource area ("the SW extension") at the Taronga tin project in Australia. The project is managed by First Tin's 100% owned subsidiary, Taronga Mines Pty Ltd ("TMPL").

Four lines of reverse circulation (RC) drilling have been completed at approximately 100m spacing, as shown on Figure 1. In addition, 8 diamond drillholes and an additional RC hole have been completed as twins of the drilling, previously undertaken by Newmont (Figure 1).

Figure 1: Drilling Summary Plan, Taronga Tin Project

Results have been returned for all of the SW extension drillholes with the following intercepts (Table 1):

 
  Drillhole     Collar               Collar              Decl.     Azimuth    From    To      Interval    Sn 
                North (GDA94-Z56)    East (GDA94-Z56) 
                                                          (deg)     (degT)     (m)     (m)     (m)         (%) 
 TMTARC001     6747467              358013              -58       323        20      26      6           0.06 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        38      46      8           0.05 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC002     6747407              357938              -60       326        76      89      13          0.06 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC003     6747369              357960              -61       322        0       41      41          0.20 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  incl.      0       25      25          0.26 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC004     6747354              357847              -60       321                                    nsi 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC005     6747515              358139              -61       323        62      84      22          0.12 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        130     145     15          0.05 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC006     6747426              358046              -61       324        0       19      19          0.20 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        23      45      22          0.08 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        52      64      12          0.06 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC007     6747327              358000              -62       319        133     142     9           0.20 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  incl.      133     135     2           0.78 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC008     6747384              358068              -62       325        82      87      5           0.06 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        97      103     6           0.11 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        118     150     32          0.28 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC009     6747284              357900              -60       323        79      88      9           0.06 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        109     142     33          0.18 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC010     6747316              357893              -60       318        5       61      56          0.12 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        81      85      4           0.08 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC011     6747511              357982              -60       155        57      65      8           0.07 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
                                                                  and        87      93      6           0.07 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 TMTARC012     6747422              358203              -60       331                                    nsi 
              -------------------  ------------------  --------  ---------  ------  ------  ----------  ------ 
 

Table 1: Drilling Results, Taronga SW Extensions (nsi = no significant intercepts)

Results of the twin drilling are still being collated and will be reported when complete. The results have so far not identified any significant divergence to the historical Newmont data.

Based on the above results, and a review of the previous Newmont drilling data, a revised interpretation of the mineralisation has been made that suggests the SW extension is a continuation of the Payback Extended zone of mineralisation (Figure 2).

Figure 2: Revised Mineralisation Interpretation and Current Drilling Intercepts from the Taronga SW Extension Zone

Based on this new interpretation, the Company will now embark on an increased drilling programme of approximately 5,500m RC drilling designed to enable conversion of the SW extension into indicated resource status.

This drill programme is also designed to fill in the gaps in the current drilling between the previously interpreted North Zone and South Zone (Newmont Interpretation) and to improve drill density in several areas where it is likely that Inferred resources could be converted to indicated status within the current resource area.

This programme is shown in Figure 3, along with the previous Newmont pit designs and is due to commence in February 2023.

Figure 3: Proposed Infill and Extension Drilling, Taronga Tin Project

First Tin CEO Thomas Buenger commented, "It is very pleasing that these drilling results have proven the existence of significant tin mineralisation, confirming our interpretation that the Taronga tin deposit remains open to the SW.

"In addition, our geologists' revised interpretation of all the historical data suggests excellent potential to prove that the two mineralised areas, identified as the North and South Zones by Newmont in the early 1980s, are in fact continuous.

"The opportunity to create additional value at Taronga remains very strong indeed. We believe that the mineralisation in the NE is also open and we plan to test several areas which are within the confines of the pits proposed by Newmont with shallow RC drilling. Given the positive nature of these drill results, we plan to fast-track this drilling in order to establish the extent of mineralisation within the immediate Taronga project area. We expect that this will only add a short period of time to the feasibility study schedule and should lead to enhanced economics. The feasibility study remains on track to be completed by the end of 2023."

"With a range of workstreams ongoing and planned at Taronga, we have kicked off the year with a significant array of activity, and are excited to update shareholders in due course."

Enquiries:

 
 First Tin                                 Via SEC Newgate 
                                            below 
 Thomas Buenger - Chief Executive 
  Officer 
 Arlington Group Asset Management 
  Limited (Financial Advisor and Joint 
  Broker) 
 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.

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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January 27, 2023 02:00 ET (07:00 GMT)