Tinone Commences Drilling at Great Pyramid TIN Project
TINONE COMMENCES DRILLING AT GREAT
PYRAMID TIN PROJECT
VANCOUVER, BC
,
April 27, 2022
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) ("
TinOne
" or
the "
Company
") is pleased to announce that it has commenced drilling on its Great Pyramid tin
project in northeastern
Tasmania, Australia
.
Highlights
The Great Pyramid tin project has a historic resource, with significant discovery upside, that has
not been explored using modern exploration techniques
A program of approximately 2200 metres of reverse circulation ("RC") drilling and 2800 metres
of diamond drilling commenced at the Company's Great Pyramid tin project on
April 21, 2022
Drilling to target areas below and proximal to the historical inferred resource and obtain modern
data within the historical resource area
TinOne has completed its initial RC drilling program at its Panama Gold project with assay
results pending
"With tin prices having recently hit all-time highs, we are very excited to begin drilling at the Great
Pyramid tin project,"
commented
Chris Donaldson
, Executive Chairman.
"We are set to test our
high-quality drill targets and have secured a diamond drill rig to operate in conjunction with a RC
rig. The Great Pyramid tin deposit has seen small-scale historic mining and historical exploration,
with very little modern exploration. We are enthusiastic about the potential immediately beneath the
historical resource as well as proximal exploration targets."
Drill Program Details
The drilling program has been designed to achieve the following:
Target the potential immediately below and adjacent to the historical resource where average
drill depth is 46 metres;
Drill confirmation holes adjacent to historical holes to provide additional data regarding the tenor
of tin mineralization using modern drilling methods compared to historical open hole percussion;
and
Test the deeper and lateral IP targets generated by the offset pole-dipole IP survey recently
completed by the Company.
About the Great Pyramid Tin Project
The Great Pyramid deposit is located around a topographical feature known as Pyramid Hill and is
hosted by 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 suggests 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.
The deposit is currently known over a strike length of more than 500 metres with an average width
of approximately 150 metres. The depth extent of the deposit is unknown with only five historical drill
holes greater than 150 metres deep. These rare deeper holes encountered encouraging tin
mineralization to depths of approximately 300 metres below surface.
The previous owners of the Great Pyramid project estimated an Inferred Resource reported under
the JORC 2012 guidelines. This resource contains approximately 10,000 tonnes of tin at a grade of
0.2% tin. The estimation utilized close spaced historic percussion (~85%) and lesser diamond drill
holes with drill spacing in the estimation area typically 15 x
30m
and locally closer. Although the
resource is defined by close spaced drilling, the resource was classified by the previous owners as
Inferred due to the historic nature of the data. The estimate was reported in the independent
geological report prepared by Mining One Pty Ltd for TNT Mines Ltd, dated
June 26, 2017
.
The Inferred Resource was estimated using Multiple Indicator Kriging method of 1.5 metre down-
hole composites within a mineralized domain interpreted from tin grade. The estimate is restricted to
the area of close spaced drilling and 90% of the resource occurs within 40 metres of surface.
Although the limited deeper drilling has encountered mineralized material, this was not included in the
resource. Additional drilling utilizing modern drill techniques, analytical techniques and QA/QC will be
required to re-estimate the resource and report under NI 43-101.
The reader is cautioned that the above referenced "Inferred Resource" estimates are considered
historical in nature and is based on prior data and reports prepared by previous property owners. A
qualified person has not done sufficient work to classify the historical estimate as current mineral
resources or mineral reserves and TinOne is not treating the historical estimate as current mineral
resources or mineral reserves. Significant data compilation, re-drilling, re-sampling and data
verification may be required by a qualified person before the historical estimate on the Great
Pyramid property can be classified as a current resource. There can be no assurance that any of
the historical mineral resources, in whole or in part, will ever become economically viable. In
addition, mineral resources are not mineral reserves and do not have demonstrated economic
viability. Even if classified as a current resource, there is no certainty as to whether further
exploration will result in any inferred mineral resources being upgraded to an indicated or measured
mineral resource category.
Figure 1: Location of the Great Pyramid tin project in the mining-friendly jurisdiction of Tasmania.
(CNW Group/TinOne Resources Corp.)
Figure 2: Proposed drill hole locations at the Great Pyramid project. The historical resource is
restricted to the area of historical drilling and is confined to shallow depths. (CNW Group/TinOne
Resources Corp.)
Figure 3: Oblique cross-section showing example of deeper drill holes planned below historical
drilling and the historical inferred resource area. (CNW Group/TinOne Resources Corp.)
Incentive Plan Rewards
The Company would also like to announce that it has granted 1,325,000 restricted share units (each,
an "
RSU
") to certain recently appointed directors, advisors, and consultants of the Company. The
RSU's were granted pursuant to the Company's Omnibus Long Term Equity Incentive Plan and will
vest in two equal annual instalments commencing on the first anniversary of the grant date.
About TinOne
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of tin
projects in the Tier 1 mining jurisdictions of
Tasmania
and
New South Wales, Australia
. The
Company is focussed on advancing its highly prospective portfolio while also evaluating additional tin
opportunities. 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 Dr.
Stuart Smith
., Technical Adviser for TinOne. Dr. Smith 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, including drilling programs and mobilization of drill rigs; future mineral exploration,
development and production; the release of drilling results; and completion of a drilling program.
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:
For more 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 27-APR-22