Tinone Acquires the Prospective TIN- Lithium Mount Maurice Project, Tasmania, Australia
TINONE ACQUIRES THE PROSPECTIVE TIN-
LITHIUM MOUNT MAURICE PROJECT,
TASMANIA, AUSTRALIA
TSX.V: TORC OTCQB: TORCF
VANCOUVER, BC
,
July 11, 2023
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) (OTCQB:
TORCF) (
Frankfurt
: 57Z0) ("
TinOne
" or the "
Company
") is pleased to announce that it been
granted a total of 243 km
2
of new exploration tenure in northeast Tasmania. In addition, the
Company has applied for another 133 km
2
, which has been recommended to be granted in the
coming months. The road-accessible tenements, collectively called the Mount Maurice Project, are
considered prospective for tin and lithium mineralization. While northeast
Tasmania
has historically
been a tin and tungsten producing region, recent exploration by several companies surrounding
TinOne's tenements have focussed efforts on lithium prospectivity.
Highlights
Dominant land position:
The acquisition of the Mount Maurice project strengthens the
Company's position in northeast
Tasmania
focused on tin and lithium exploration.
Prospective for tin and lithium mineralization:
The Mount Maurice project is centered on a
complex granite batholith containing greisen zones considered prospective for tin and lithium
mineralization.
Road accessible project:
A forestry road network provides access across the project.
"We believe northeast
Tasmania
is a prime jurisdiction for the discovery of tin and lithium
deposits," commented
Chris Donaldson
, Executive Chairman. "Our recent exploration results,
specifically the discovery of lithium mineralization at our
Aberfoyle
project, just 20 kilometres south
of Mount Maurice, has led us to re-evaluate the lithium potential of many Devonian-aged tin-
tungsten bearing granites across northeast
Tasmania
. This evaluation led us to stake the Mount
Maurice projec
t an area that has received little modern exploration but contains documented
greisen alteration zones hosted in prospective Devonian aged granites. We look forward to getting
boots on the ground and exploring this new project."
Mineral Exploration Licences
The southern edge of the Mount Maurice tenements are approximately 20 kilometres north of the
company's Aberfoyle Sn-W-Li project (see
March 15
th
, 2023 news release; Figure 1). The road
accessible claims are underlain by the 35 by 15 kilometre polyphase Scottsdale granitic batholith
considered to be prospective for tin and lithium mineralization. The area has seen very limited
historic exploration besides a regional stream sediment geochemical surveys, focused geological
mapping, and minor trenching. Trenching results from the Mount Maurice Sn-Cu showing, central to
the project, returned grades of up to 0.78% Sn and 1.4% Cu from quartz veins cutting greisenised
(coarse mica altered) granite (Ellis, 1984). These mineralized occurrences have yet to be drill tested
and lithium analyses have never been performed on any of the rock or stream sediment samples. A
phase 1 reconnaissance-style exploration program comprised of project-wide stream sediment
surveys, prospecting and rock-chip sampling is currently being planned.
Figure 1:
Location of the Company’s exploration licences in the mining friendly jurisdiction of
Tasmania Australia. Also shown are the location of known Devonian aged granite intrusions
regionally associated with tin-tungsten±lithium mineralization. The location of tenements held by other
companies in northeast Tasmania are also shown. (CNW Group/TinOne Resources Corp.)
The project was acquired via staking and represents an accretive addition to the Company's
exploration-stage project portfolio in northeast
Tasmania
. The northern tenement (EL36/2022) at
Mount Maurice has been granted while the southern tenement (EL39/2022) is under application and
is expected to be granted in the coming months.
References
Ellis, P.D., 1984, Relinquishment Report, Mt. Maurice, EL 43/82,
Northeast Tasmania
, Open File,
https://mrt.tas.gov.au
About TinOne
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of
tin, tin/tungsten and lithium projects in the Tier 1 mining jurisdictions of
Tasmania
and
New South
Wales, Australia
. The Company controls some of the most important tin districts in
Tasmania
,
including
Aberfoyle
, Rattler Range and Great Pyramid and is focussed on advancing its highly
prospective portfolio. 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
Russell Fulton
(MAIG), Vice President Exploration for the Company and
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; future mineral exploration, development and production; and the release of exploration
results.
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.
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For further information:
and to sign-up to the mailing list, please contact: Chris Donaldson,
Executive Chairman, Tel: (604) 813-3931, Email: [email protected]
CO: TinOne Resources Corp.
CNW 08:00e 11-JUL-23