TinOne Reports First Results from Drilling its Great Pyramid Project, Tasmania, Australia
TinOne Reports First Results from Drilling its
Great Pyramid Project, Tasmania, Australia
VANCOUVER, BC
,
June 29, 2022
/CNW/ -
TinOne Resources Inc.
(TSX-V: TORC) ("
TinOne
" or
the "
Company
") is pleased to provide the first drill results from its Great Pyramid Tin (Sn) project
located in the tier one mining jurisdiction of
Tasmania, Australia
.
Highlights:
All holes returned Tin-bearing intersections and provide support for historical drill data
Mineralised zones shown to extend beneath historical resource
Highly encouraging intersections include:
22GPRC003 returned
0.25% Sn over 39 metres
22GPRC005 returned
0.29% Sn over 23 metres
22GPRC006 returned
0.19% Sn over 30 metres
22GPRC007 returned
0.30% Sn over 21 metres
Results have been received for 764 metres of the Company's ongoing 5,500 metre drilling program
at its Great Pyramid project in
Tasmania, Australia
. These results represent complete results for
seven Reverse Circulation (RC) drill holes and partial results for one additional RC hole. Assays are
being fast tracked and average laboratory turnaround to-date has been 23 days.
Drilling commenced at the Great Pyramid project on
April 27, 2022
, with three drill rigs currently
operating on site, including two Diamond (DD) rigs and one RC rig. The initial program consists of
approximately 5,500 metres and has several objectives:
Test the depth and lateral extensions of the historical resource;
Test a large-scale IP chargeability anomaly adjacent to the historic resource; and,
Obtain grade and continuity data utilising modern drill and analytical techniques, within the area
of the historic resource.
"We are extremely pleased to report our first results from our Great Pyramid tin project so quickly
after listing,"
commented
Chris Donaldson
, Executive Chairman.
"The results have demonstrated
robust grade continuity within the historical resource at grades equal to or above historical grades.
In addition, the results provide further confidence that mineralisation extends below the historical
resource. Ongoing work will fill gaps in the data coverage, particularly at depth, and allow us to
develop our grade distribution model and build our geological interpretation to integrate with the
extensive historical database."
Results reported here are predominantly from the upper portions of the project area within the
historical resource
1
area and demonstrate consistent tin grades over substantial thicknesses (Table
1). Mineralised intersections were also encountered beneath the historical resource
1
area (Table 1,
Figure 3) and demonstrate that in certain areas mineralisation extends to depth below the historical
resource
1
area, consistent with historical drill data
2
.
In addition to the RC drill results reported here, an additional 1,102 metres of diamond drilling has
been completed within, lateral to and beneath the historical resource area. Drill core processing is
underway with an initial 209 metres of core despatched to the laboratory. To-date these diamond
holes have intersected alteration and mineralisation over variable thicknesses up to
120m
beneath
the historical resource area (Figures 4, 5, 6).
Table 1:
Great Pyramid RC drill results. More significant results are shown in bold.
Hole
Intersection
Width (m)
From
(m)
Sn%
Comments
22GPRC002
14
3
0.18
On margin of historical resource area.
22GPRC002
6
24
0.22
On margin of historical resource area.
22GPRC002
3
56
0.15
On margin of historical resource area.
22GPRC003
39
3
0.25
Within historical resource area.
22GPRC003
7
32
0.19
Within historical resource area. Diamond tail to be completed.
22GPRC004
17
41
0.13
Within and beneath historical resource area.
22GPRC004
5
62
0.14
Beneath historical resource area.
22GPRC004
3
87
0.22
Beneath historical resource area.
22GPRC004
3
124
0.16
Beneath historical resource area to end of hole. Diamond tail to be completed.
22GPRC005
3
8
0.30
Within historical resource area.
22GPRC005
23
15
0.29
Within historical resource area.
22GPRC005
5
54
0.18
Beneath historical resource area.
22GPRC005
15
72
0.14
Beneath historical resource area.
22GGRC005
4
112
0.21
Beneath historical resource area. Diamond tail to be completed.
22GPRC006
9
48
0.20
Beneath historical resource area.
22GPRC006
7
65
0.21
Beneath historical resource area.
22GPRC006
4
76
0.19
Beneath historical resource area.
22GPRC006
30
84
0.19
Beneath historical resource area. Diamond tail to be completed.
22GPRC007
21
2
0.30
Within historical resource area. To end of hole. Hole intersected historic underground working. To be redrilled.
22GPRC009
3
102
0.19
Beneath historical resource area. Redrilled with diamond tail to be completed.
22GPRC011
5
1
0.41
Partial results only, remaining results pending.
NOTES: All intersections are calculated with a cut-off grade of 0.1% Sn with maximum consecutive internal waste of 3 metres.
All intersections are downhole widths, true widths are uncertain.
TinOne drill hole numbering is in the form 22GPRCXXX for RC holes and 22GPRDDXXX for diamond holes with numbering allocated in sequence.
Analytical results have been received for holes 22GPRC002, 003, 004, 005, 006, 007, 009 and partial 011.
Diamond holes completed to-date and with assays pending are 22GPDD001, 22GPDD001A (redrill of 22GPDD001 which was abandoned at 42.1m), 22GPDD008, 22GPDD10 and
22GPDD015.
Figure 1: Location of the Company’s projects in the mining friendly jurisdiction of Tasmania (CNW
Group/TinOne Resources Corp.)
Figure 2: Great Pyramid drilling plan. Holes reported in this release are labelled.
Historic drill collars
and traces (for angled holes) are also shown. (CNW Group/TinOne Resources Corp.)
Figure 3: Great Pyramid oblique cross section showing holes reported in this release and historic
drill holes.
Vertical cross section, 25m window. (CNW Group/TinOne Resources Corp.)
Figure 4: Great Pyramid diamond core (22GPDD008, 166.5m). Bedded sandstone with multiphase
quartz-sulphide veins (sulphides dominated by arsenopyrite-pyrrhotite-chalcopyrite) associated with
chlorite and sericite alteration.
Diamond drill hole beneath historic resource area, assay results
pending. (CNW Group/TinOne Resources Corp.)
Figure 5: Great Pyramid diamond core (22GPDD008, 123m). Interbedded sandstone and siltstone
with multiphase quartz-sulphide veins (sulphides dominated by arsenopyrite-pyrrhotite-pyrite)
associated with biotite, chlorite and sericite alteration.
Diamond drill hole beneath historic resource
area, assay results pending. (CNW Group/TinOne Resources Corp.)
Figure 6: Great Pyramid diamond core (22GPDD001A, 123.1m). Strong chlorite-quartz alteration
with abundant pyrrhotite-chalcopyrite-pyrite-magnetite veins and breccia.
Diamond drill hole beneath
historic resource area, assay results pending. (CNW Group/TinOne Resources Corp.)
Figure 7: RC drilling at Great Pyramid (CNW Group/TinOne Resources Corp.)
Figure 8: Diamond drilling at Great Pyramid (CNW Group/TinOne Resources Corp.)
About the Great Pyramid Tin Project
Geological Setting
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 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. 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.
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 nine historical drill
holes greater than 150 metres deep. These rare deeper holes encountered encouraging tin
mineralization to depths of approximately 300 metres below surface
2
.
Historic Resources and Drill Data
1
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 (Table 2). The estimation utilised 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
.
Table 2:
Great Pyramid Historical Inferred Mineral Resource
1
Great Pyramid Inferred Mineral Resource - JORC 2012
Sn% CUT OFF
TONNES (Mt)
GRADE (Sn%)
CONTAINED TIN (kt)
0.1
5.2
0.2
10.4
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 utilising modern drill techniques, analytical techniques and QA/QC will be
required to re-estimate the resource and report under NI 43-101.
1
The reader is cautioned that the above referenced "Inferred Resource" estimates are considered
historical in nature and are 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.
2
Data regarding historical drilling is sourced from Mineral Resources Tasmania online database
(MRTMap). In addition, data for 18GPD001 has been sourced from a public announcement by
previous owners TNT Mines,
November 15, 2018
. However, the "historical drill data" are considered
historical in nature and are based on prior data and reports prepared by previous property owners.
A qualified person has not done sufficient work to classify the historical data as current and TinOne
is not treating the historical data as current. There can be no assurance that any of the historical drill
data is representative.
Quality Assurance / Quality Control
Drill core and RC samples were shipped to ALS Limited in
Brisbane, Australia
for sample
preparation and for analysis. The ALS,
Brisbane
facilities are ISO 9001 and ISO/IEC 17025
certified. Tin and tungsten are analysed by ICP-MS following lithium borate fusion (ALS method ME-
MS85), overlimit results are reanalysed by XRF (ALS method XRF15b). Forty-eight element multi-
element analyses are conducted by ICP-MS with a four-acid digestion (ALS method ME-MS61).
Control samples comprising certified reference samples, duplicates and blank samples were
systematically inserted into the sample stream and analyzed as part of the Company's quality
assurance / quality control protocol.
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:
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-JUN-22