Tinone Reports Further Strong TIN Intercepts and Extends Mineralization at Depth at Its Great Pyramid TIN Project, Tasmania, Australia
TINONE REPORTS FURTHER STRONG TIN
INTERCEPTS AND EXTENDS
MINERALIZATION AT DEPTH AT ITS GREAT
PYRAMID TIN PROJECT, TASMANIA,
AUSTRALIA
VANCOUVER, BC
,
Jan. 18, 2023
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) (OTCQB:
TORCF) ("
TinOne
" or the "
Company
") is pleased to provide further results from its Great Pyramid
Tin (Sn) Project ("
Great Pyramid
" or the "
Project
") located in the tier one mining jurisdiction of
Tasmania, Australia
. Drilling has now concluded, and data compilation and modelling are underway.
The program has been highly successful in continuing to define significant tin mineralization near
surface and at depth below and adjacent to historical drilling.
Highlights:
Drillhole 22GPRC021 returned
Sn
from 128 metres and
Sn
from
181 metres
Drillhole 22GPRC014 returned
48.8m@ 0.14% Sn
from 87 metres
"The diamond core extensions of drill holes 22GPRC014 and 22GPRC021
have delivered further
encouraging results below the area of the historical resource at Great Pyramid,"
commented
Chris
Donaldson
, Executive Chairman.
"These drill holes have continued to demonstrate the quality of the
Great Pyramid system which remains open in all directions. With the completion of this Phase 1
drill program our team has gained significant insights into the distribution and controls on
mineralization and is now undertaking detailed modelling to determine the most appropriate next
steps. We look forward to keeping the market updated as we continue to advance the Project."
Table 1:
Great Pyramid RC drill results. More significant results are shown in bold.
Hole
Intersection
Width (m)
From
(m)
Sn%
Comments
22GPRC014
48.8
87
0.14
Part RC, part diamond tail. Below historical resource area
(36.8)
(87)
(0.15)
RC interval previously reported
5
171
0.13
Diamond tail. Below historical resource area
22GPRC021
14
128
0.36
Part RC, part diamond tail. Outside historical resource area
(11)
(128)
(0.37)
RC interval previously reported
17
181
0.21
Diamond tail. Outside historical resource area
NOTES: All intersections are calculated with a cut-off grade of 0.1% Sn with maximum consecutive internal waste of 4 metres.
All intersections are downhole widths, true widths are uncertain.
TinOne drill hole numbering is in the form 22GPRCXXX for
reverse circulation (
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, 011, 012, 013, 014, 016, 017, 018A, 019, 021, 022 and 024. Hole 22GPRC020 failed at
12 metres and was not assayed. The target area for this hole was drilled by 22GPRC021.
Diamond holes completed to-date and with assays pending are 22GPDD10 and 22GPDD023 (Part). Diamond tail extensions have been completed for RC pre-collar holes
22GPRC003, 22GPRC004, 22GPRC005, 22GPRC006, 22GPRC014 and 22GPRC021 with assays pending for 22GPRC018A.
Results reported here represent data from both the upper reverse circulation component and the
lower diamond drill component of holes 22GPRC014 and 22GPRC021. The reverse circulation
components have been previously reported (see TinOne news releases
September 6, 2022
and
October 11, 2022
) and in this release, the combined intersections are reported where the diamond
drill data are contiguous with the previously reported RC data (ie 22GPRC014 from 87 metres and
22GPRC021 from 128).
Results have been received for 3,816 metres of the Company's completed 4,687 metre drilling
program at Great Pyramid. These results represent complete results for 18 RC reverse circulation
drill holes, results from two diamond cored holes and partial results from one diamond cored hole, in
addition to results from six diamond tails and partial results from one other diamond tail.
Figure 1: Location of the Company’s projects in the mining friendly jurisdiction of Tasmania (CNW
Group/TinOne Resources Corp.)
Figure 2. Great Pyramid oblique cross-section (50m width) showing the location of 22GPRC021 and
22GPRC014 in relation to historical drilling and TinOne’s previously reported holes.
The top 11
metres of the upper 22GPRC021 intersection ([email protected]%Sn) is to the end of the reverse
circulation component of that hole (which returned 11m @ 0.37%Sn) and was previously reported
(see TinOne news September 6, 2022). The diamond component of 22GPRC021 added 3 metres of
contiguous mineralisation and the full 14 metres is reported here as a single intercept.
The top 36.8
metres of the upper 22GPRC014 intersection is also to the end of the reverse circulation component
of that hole (returning [email protected]%Sn) and was previously reported (see TinOne news October
11, 2022). The diamond drill component of that hole returned a further 12 metres of contiguous
mineralisation and the full 48.8 metres is reported here as a single intercept. (CNW Group/TinOne
Resources Corp.)
Figure 3: Great Pyramid diamond core (22GPRC021 138.20-142.80m), north of historic resource
area. Grey to dark grey moderate sheeted and stockwork quartz-pyrite-sphalerite-cassiterite veining
in silicified, fine-grained sandstones. This interval 138.2 to 142.0m returned 0.31% Sn and 1.02%
Zn. (CNW Group/TinOne Resources Corp.)
Figure 4: Great Pyramid diamond core (22GPRC021 186.40-193.15m), north of historic resource
area. Grey to dark grey fine sandstone to siltstone with stockwork of fine quartz-chlorite/quartz
pyrite (+/- cassiterite) veinlets, threads and fractures. Patches of sphalerite. Interval from 190 to
193 metres returned 0.56% tin and 0.54% zinc. (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 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.
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
A historical mineral resource estimate was completed on the Great Pyramid Project (the "
Historical
Estimate
") for TNT Mines Ltd.
1,2,3,4,5
(Table 2).
Table 2:
Historical Estimate on the Great Pyramid Project
1,2,3,4,5
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
NOTES
1. Source: "Inferred Mineral Resource for the Great Pyramid Tin Deposit in Tasmania, Abbott, 2014" prepared by Jonathon Abbott of MPR for Niuminco Group Ltd. The effective date
for the Historical Estimate is February 26, 2014.
2. The Historical Estimate was prepared using the 2012 Australasian Joint Ore Reserves Committee Code (JORC). The Historical Estimate was not completed using CIM Definition
Standards on Mineral Resources and Reserves and is not supported by a technical report completed in accordance with National Instrument 43-101.
3. The estimation of the Historical Estimate 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. 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. Continuity of tin grades was characterised by indicator variograms at 14 indicator thresholds. The estimates are extrapolated a maximum of approximately 30 metres from
drilling. Gemcom software was used for data compilation, domain wireframing, and coding of composite values, and GS3M was used for resource estimation. Resources were
estimated into 15 by 30 by 3 m blocks (across strike, strike, vertical) aligned with the 067o trending drilling grid. Planview dimensions of the blocks approximate average drill hole
spacing. For precise volume representation, resource estimates include the proportion of block volumes within the mineralised domain below surface. The modelling included a
three-pass octant-based search strategy. Search ellipsoid radii (across strike, along strike, vertical) and minimum data requirements for these searches were: Search 1: 20 by 20
by 4 m (16 data), Search 2: 30 by 30 by 6 m (16 data), Search 3:30 by 30 by 6 (8 data). Model validation included visual comparison of model estimates and composite grades, and
trend (swath) plots, along with comparison with estimates from alternative estimation methodologies and previous model estimates. The Historical 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 Historical Estimate. The mineralised domain wireframe used to constrain the estimates was primarily interpreted on the basis of tin assay grades and restricts estimates to the
volume tested by reasonably close spaced drilling. The wireframe was trimmed by the cross-cutting dyke and soil units interpreted from drill hole logging and geological mapping.
Investigation of alternative interpretations included resource estimation with assumed dominant mineralisation controls varying from flat lying to steeply west dipping. These models
did not give significantly different total estimates
4. The reader is cautioned that the Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The
reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. A qualified person has not done sufficient work to classify the Historical
Estimates as current resources and TinOne is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may
be required by a qualified person before the Historical Estimates 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.
5. The Company has determined that the Historical Estimate is reliable, and relevant to be included here because it was estimated using close spaced drilling with modern
geostatistical methods and software by an experienced resource geologist and provides a guide to the location of the Great Pyramid mineralised zone. This will be used to assist in
targeting drilling to undertake testing of the extent and grade of the mineralised system.
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 Advisor 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 18-JAN-23