Tinone Commences Drilling to Panama GOLD Project
TINONE COMMENCES DRILLING TO PANAMA
GOLD PROJECT
(TSX-V: TORC)
VANCOUVER, BC
,
Feb. 28, 2022
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) ("
TinOne
" or
the "
Company
") is pleased to announce that it has commenced drilling on its Panama Gold Project
in northeastern
Tasmania, Australia
.
Highlights
A program of 1,860 metres of Reverse Circulation (RC) drilling has commenced at the
Company's Panama Gold Project
Drilling to target previously undrilled prospects defined by surface geology, geophysics,
historical exploration and small-scale historical mining activity
Ranking and Prioritizing Great Pyramid and
Aberfoyle
tin targets
"
We are pleased to have started drilling on our Panama Gold Project which acted as the qualifying
property through our transaction with Lamaska,"
commented
Chris Donaldson
, TinOne's Executive
Chairman.
"
Panama
is a target-rich environment with impressive historical gold intercepts and with
our technical team now in place and drilling commencing, it will be a very exciting year for TinOne.
While we are currently drilling
Panama
, we are evaluating and prioritizing targets on our key Tin
projects. It is expected that at the completion of this current drill campaign the drill will be
mobilized without delay to explore for tin, which of course has seen a tremendous increase in price
as a result of heightened demand due to the electrification movement and supply issues
worldwide."
Figure 1: Location of the Panama project in the mining-friendly jurisdiction of Tasmania (CNW
Group/TinOne Resources Corp.)
Figure 2: Panama project simplified geology, historical mines and prospects. (CNW Group/TinOne
Resources Corp.)
Figure 3: Magnetic image of the northern Panama project area showing the extensive historic mining
activity, and location of historical drill holes (from the Mineral Resources Tasmania (MRT)
database). The Panama Valley prospect contains more extensive workings, and is larger in area
than the previously drilled Potoroo prospect, but remains undrilled. (CNW Group/TinOne Resources
Corp.)
Figure 4: Gradient array IP chargeability image, surface rock sample results and proposed drill hole
locations for the Bessell Reward prospect at the Panama Project. (CNW Group/TinOne Resources
Corp.)
Drilling Details
Panama Valley Prospect
: The primary target in this prospect is a granodiorite intrusion at the
south-western end of Panama Valley. Numerous historic alluvial workings are recorded above the
weathered intrusion and prospector diggings occur in the Mathinna Supergroup rocks in the contact
aureole, but the granodiorite intrusion has never been drilled or subjected to any modern exploration.
The prospectivity of this target is based on its similarities, in terms of magnetic signature and
structural/geomorphic setting, to a smaller granodiorite intrusion, known as the Potoroo prospect,
further downslope in the north-east of Panama Valley. Modern exploration at Potoroo by previous
companies demonstrated a small but coherent body of low grade, near surface gold mineralisation
disseminated through the sericite-clay-sulphide altered granodiorite host rock. The magnetic
anomaly source rocks are enriched in accessory pyrrhotite rather than magnetite and the
mineralisation at Potoroo correlates with the modelled source of the anomaly.
TinOne has planned a program of 7 holes for 420 metres to systematically test the area of historical
workings and coherent magnetic signature.
Bessell Reward Prospect
: The undrilled Bessell Reward prospect contains gold mineralisation in
sandstone-hosted bedding-parallel veinlets and disseminations within the sandstone interbeds. The
target is interpreted to be a zone of structural deformation marked by a significant break in IP
chargeability and aeromagnetic signature. The location of the historic alluvial diggings either side of
the ridge and rock chip results, indicate that the sandstone ridge is a source of gold. Historical and
recent surface rock samples have returned values up to 7.9 g/t Au.
TinOne has planned a program of 17 holes for 1,440 metres to systematically test the area of
historical workings, interpreted structural discontinuities and surface geochemistry.
About the Panama Project
The underling geology at
Panama
is Ordovician-Silurian Mathinna Supergroup sediments that have
been intruded by Devonian granodiorite. Both the intrusions and the sediments are considered to be
prospective for intrusion related gold systems (IRGS), sediment hosted disseminated gold and
mesothermal gold deposits.
The
Panama
project contains multiple underexplored gold targets with TinOne's focus being bulk
mineable, gold in sandstone (Bessell Reward) or granodiorite (Potoroo,
Panama
) within the historic
Lisle-Golconda Goldfield. Alluvial gold was discovered in the Golconda-Lisle area in 1872 and hard-
rock mining followed in 1876. The main Lisle alluvial field was discovered by
Charles Bessell
in 1878,
following the discovery of the Tobacco Creek Goldfield (Bessell Reward area) in 1877 and official
records (Reid, 1926) indicate production of approximately 88,000 oz although other government
sources estimate a total production of approximately 250,000 oz (Twelvetrees, 1909).
Modern exploration commenced in the 1970s and comprised of broad-scale stream sediment, soil,
and rock chip sampling. Historical drill intersections within the project area include:
66m
@ 0.6 g/t
Au,
2m
@ 7.4 g/t Au,
1.5m
@ 9.0 g/t Au,
4m
@ 12.9 g/t Au.
About the TinOne
TinOne is a TSX Venture listed Canadian public company with a high-quality portfolio of tin and gold
projects in the Tier 1 mining jurisdictions of
Tasmania
and
New South Wales, Australia
. The
Company is focussed on advancing its highly prospective portfolio through aggressive exploration
programs.
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. For additional information
regarding the Company's Panama Project, please see the Technical Report entitled "Panama
Project" dated effective
March 29, 2021
, on the Company's profile at
www.sedar.com
.
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; and completion of a maiden 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:
and to sign-up to the mailing list, please contact: Chris Donaldson,
Executive Chairman, Tel: +1.604.813.3931, Email: [email protected]
CO: TinOne Resources Corp.
CNW 07:30e 28-FEB-22