Tinone Announces Drill Programs at the Aberfoyle and Great Pyramid Projects IN Tasmania, Australia
TINONE ANNOUNCES DRILL PROGRAMS AT
THE ABERFOYLE AND GREAT PYRAMID
PROJECTS IN TASMANIA, AUSTRALIA
TSX.V: TORC OTCQB: TORCF
VANCOUVER, BC
,
May 29, 2024
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) (OTCQB:
TORCF) (
Frankfurt
: 57Z0) ("
TinOne
" or the "
Company
") is pleased to announce plans for upcoming
drill programs at its 100%-owned
Aberfoyle
and Great Pyramid projects, located in the tier-one
mining jurisdiction of
Tasmania, Australia
.
Highlights
Inaugural drill program at the Guinea Pig prospect
: A series of systematic short reverse
circulation ("
RC
") holes designed to test the near-surface lithium-tin mineralization potential of
the broad zones of greisen alteration.
Follow-up RC drilling program planned for Great Pyramid:
A series of short RC holes
designed to test for structurally-controlled high-grade tin mineralization as well as to verify
historical drill data.
"We are very excited to commence drilling at our highly prospective
Aberfoyle
and Great Pyramid
projects,"
commented
Chris Donaldson
, TinOne's Executive Chairman.
"
At
Aberfoyle
, our work to
date has identified numerous occurrences of strong lithium-tin mineralization hosted in highly
altered granite. This style of lithium mineralization has yet to be explored at depth and this
program represents the first drill test for greisen-related lithium mineralization in northeast
Tasmania
. At Great Pyramid, our drilling is aimed at defining the scale potential of near-surface,
high-grade tin mineralization as well as to verify historical data to inform a mineral resource
estimation upgrade."
Drill Program
An RC drill program across two projects (
Aberfoyle
and Great Pyramid) in
Northeast Tasmania
(Figure 1) has been designed to systematically test for near-surface tin ± lithium mineralization.
Details are as follows:
Aberfoyle
The Company plans to drill approximately 500 metres in six RC drill holes to test the lithium-tin
mineralization potential of widespread greisens at the Guinea Pig prospect, Aberfoyle Project
(Figures 2 and 3). Holes will be collared across a 200 metre trend targeting out-cropping zones of
strong lithium-tin mineralization (Figure 3).
Surface sampling to date has defined an area of approximately 12 hectares where numerous rock
samples returned results of >0.20% Li
2
O (Figure 3). Preliminary interpretations indicate that the
higher-grade mineralization occurs in NNW-trending parallel zones of up to 250 metres in strike
length, although the true strike-extent is not presently known. The planned drill program is designed
to investigate the near-surface orientation and scale of the mineralized zones at the Guinea Pig
prospect.
The Guinea Pig prospect is an old working, which along with the Triabunna workings was previously
reported as the Dead Pig prospect.
Great Pyramid
A 350 metre RC drill program (Figure 4) is planned at the Great Pyramid tin project with two primary
objectives:
1
.
Five holes are designed to replace and verify early percussion drilling (Figure 4). These new
data will increase the data confidence from historical drill programs, as recommended by the
mineral resource estimate consultants, Mining Associates (see
October 30
th
, 2023 news
release). The Company believes that an increase in confidence will underpin a re-estimation of a
significant part of the current Inferred Resource to a higher status. No significant track access
or pad preparation work is required as the holes will be drilled on pre-existing sites.
2
.
Five holes are designed to test for the presence of high-grade, fault-related tin mineralization
(Figure 4) associated with the project-scale Pyramid Hill Fault, which transects the project
through at least 400 metres of favourable sandstone. The fault dips steeply to the southwest.
Very few historical holes have drilled through the Pyramid Hill Fault as it trends orthogonal (at
right angles) to the strike of the mineralised joints and veinlets. Most previous drilling at Great
Pyramid was therefore parallel to the fault rather than across it. The Company interprets that
the very high tin grades in 22GPRC012 (
78m
@ 0.51% Sn incl.
23m
@ 1.09% Sn, see
September 22, 2022
news release) are hosted in the Pyramid Hill Fault, which was intersected
at a relatively shallow angle. No past explorers have targeted high-grade tin mineralization at
Great Pyramid.
Timing
The multi-project drill program is set to commence in mid-June with the drill to mobilize first to
Aberfoyle. The Company anticipates the program to be completed within a month and results to be
reported once assays have been returned from the lab and have been compiled and interpreted.
Figure 1:
Location of the Company’s projects in the mining friendly jurisdiction of Tasmania (CNW
Group/TinOne Resources Corp.)
Figure 2:
Location plan showing lithium prospect and anomalies on tenement EL27/2004 (CNW
Group/TinOne Resources Corp.)
Figure 3:
Location of proposed drilling in the Dead Pig – Guinea Pig area, also showing old
prospecting workings identified by field mapping and from LiDAR. The zone of surface lithium
mineralization is defined by rock samples with >0.20% Li2O. (CNW Group/TinOne Resources Corp.)
Figure 4:
Location of proposed drilling at Great Pyramid. (CNW Group/TinOne Resources Corp.)
About the Aberfoyle Project
The
Aberfoyle
project area straddles the boundary between the Silurian to Devonian Mathinna
Supergroup sedimentary rocks and the Devonian Ben Lomond Granite. The historic
Aberfoyle
(tin)
and Storeys Creek (tin-tungsten) mines as well as other vein systems are hosted in the sedimentary
rocks and occur as strike extensive systems of sheeted and stockwork veining. Elevated lithium has
not previously been reported from the project area.
Historic records and drilling indicate the mineralized vein system at
Aberfoyle
is up to 60 metres
wide, 800 metres in length and extends approximately 400 metres in the down dip direction. The
Lutwyche prospect occurs approximately 1 kilometre northeast of
Aberfoyle
and is comprised of two
sets of mineralized veins which can be traced along strike for approximately 750 metres.
An additional sediment-hosted vein system, the Kookaburra, is located 200 metres southwest of the
main Lutwyche vein system and is known to be approximately 40 metres wide with an along strike
extent of at least several hundred metres.
Mineralization at Storeys Creek is hosted within a 30 to 50 metre wide, north-northwest striking
sheeted vein array which dips to the southwest. The system can be traced along strike for 300
metres and extends 400 metres in the down dip direction. The Ben Lomond Granite crops out
approximately 1km west of the mine and has been identified at depth at 180 metres below the
surface.
Additional poorly known sediment-hosted vein systems occur at Brocks, Eastern Hill and elsewhere
in the tenement.
Granite-hosted occurrences are developed throughout the exposed areas of granitoid outcrop and
consist of vein, disseminated and breccia style occurrences with associated greisen style alteration.
These have given rise to historic small scale hard rock and more extensive alluvial production in the
Gipps Creek,
Rex Hill
,
Ben Lomond
,
Royal George
and other areas.
The Company interprets that both sediment- and granite-hosted systems have developed in
structural corridors of multi-kilometre extent and that historic exploration has not systematically
explored these corridors. TinOne believes systematic exploration of these prospective corridors will
result in the definition of high-quality drill targets.
About the Great Pyramid Project
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 (SnO
) 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.
In 2023, a mineral resource estimate (MRE) was prepared in accordance with Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards For Mineral Resources and Mineral Reserves
adopted
May 19, 2014
, and in accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects.
Table 1. Great Pyramid tin deposit inferred Mineral Resource
1,2,3,4,5
Cut Off (Sn %)
Tonnes (Mt)
Grade (Sn %)
Metal (Sn kt)
Classification
> 0.10
8.39
0.17
14.40
Inferred
1.
Near surface mineral resources are reported at a Sn cut-off grade of 0.10% inside a domain based on geology and grade and considering a ) Sn price of US$24,978t and
80% recovery for tin.
2.
Mineral resources are reported within a conceptual pit shell.
3.
Mineral resources are not mineral reserves and do not have demonstrated economic viability
.
4.
All numbers have been rounded to reflect the relative accuracy of the estimate.
5.
Discrepancies may occur due to rounding of values.
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
, VP Exploration for TinOne. Mr. Fulton 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; 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 29-MAY-24