TinOne Reports Strong Results at Depth from its Great Pyramid Project, Tasmania, Australia
TinOne Reports Strong Results at Depth from
its Great Pyramid Project, Tasmania, Australia
VANCOUVER, BC
,
Nov. 22, 2022
/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
. The ongoing program has been successful in continuing to define significant tin
mineralisation.
Highlights:
High grade intersections returned at depth, below historic drilling
Drill hole 22GPRC003 returned
0.31% Sn over 18 metres;
0.46% Sn over 5.4 metres; and,
0.22% Sn over 13 metres
"The diamond core extension of drill hole 22GPRC003 has delivered outstanding results from
considerable depth below the area of the historical resource at Great Pyramid,"
commented
Chris
Donaldson
, Executive Chairman.
"This drill hole demonstrates the continuation of the system to
depth with excellent grade. The holes reported here, in conjunction with historical drill holes and
TinOne's other deeper holes, are allowing us to understand the full extent and geological controls
at Great Pyramid."
Table 1:
Great Pyramid RC drill results. More significant results are shown in bold.
Hole
Intersection
Width (m)
From
(m)
Sn%
Comments
22GPRC003
18
308
0.31
Diamond tail. Below historical resource area.
5.4
330.6
0.46
Diamond tail. Below historical resource area.
13
359
0.22
Diamond tail. Below historical resource area.
14.1
379.15
0.15
Diamond tail. Below historical resource area.
6.2
398.8
0.12
Diamond tail. Below historical resource area.
7.15
420.85
0.16
Diamond tail. Below historical resource area.
22GPRC004
8
243
0.15
Diamond tail. Below historical resource area.
22GPDD015
48
12
0.15
Diamond hole. Predominantly within historic resource area.
Including
3
34
0.68
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 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, 22GPDD015 (part) and 22GPDD023. Diamond tail extensions have been completed for RC pre-collar
holes 22GPRC003, 22GPRC004, 22GPRC005, 22GPRC006, 22GPRC014 and 22GPRC021 with assays pending for 22GPRC003 (part), 22GPRC014 and 22GPRC021. Diamond
tail on 22GPRC018A is currently being drilled.
In addition to 22GPRC003, one significant intersection is reported here from drill hole 22GPRC004.
This intersection is in addition to the previously reported shallower intersection in 22GPRC004
(0.13%Sn over 17 metres from 41 metres; see TinOne News Release
September 6
, 2022).
Geological interpretation is ongoing, however the previously inferred stratigraphic control on Sn
grade is supported by preliminary data from the drill holes reported here. The Company's geologists
are working with a specialist sedimentologist, structural geologist and geostatistician to develop a 3-
dimensional predictive model which will be used to efficiently plan additional deeper drilling to better
understand the extent of the Great Pyramid system.
Drillhole 22GPDD015 was drilled on the periphery of the historical resource area and returned a
thick intersection of moderate grade Sn, with thinner high-grade zones. The drillhole provides
support for historical drill hole data and contributes to geological understanding of the Great Pyramid
system.
Results have been received for 3,120 metres of the Company's ongoing 5,500 metre drilling
program at Great Pyramid. These results represent complete results for 18 Reverse Circulation
("
RC
") drill holes, results from two diamond cored holes and partial results from one diamond cored
hole, in addition to results from two diamond tails and partial results from one other diamond tail.
Assays are being fast tracked and average laboratory turnaround to-date has been 24 days.
Drilling commenced at the Project on
April 27, 2022
, and one diamond rig is currently operating on
site. The initial program consists of approximately 5,500 metres and has several objectives:
Test the depth and lateral extensions of the mineralised zone
Test a large-scale IP chargeability anomaly adjacent to the known mineralised zone and
Obtain grade and continuity data utilising modern drill and analytical techniques.
In addition to the RC and diamond drill results reported here, an additional 1,370 metres of diamond
drilling has been completed within, lateral to, and beneath the historical resource area, with assays
pending.
Results reported here in Table 1 are from below the historical resource area (see information on
page 6) and include mineralisation close to the end of hole 22GPRC003, approximately
380m
below
surface. Historical drilling and TinOne's previously reported drill holes below and peripheral to the
historic resource model have returned intersections consistent with or higher grade than the historical
resource model.
Figure 1: Location of the Company’s projects in the mining friendly jurisdiction of Tasmania. (CNW
Group/TinOne Resources Corp.)
Figure 2: Great Pyramid cross-section showing the location of 22GPRC003 and 22GPRC004 in
relation to historical drilling and TinOne’s previously reported holes. (CNW Group/TinOne Resources
Corp.)
Figure 3: Great Pyramid diamond core (22GPRC003 309.15-316.60m), beneath historic resource
area. This interval 308.0 to 326.0m assayed at 0.31% Sn. The interval 313.0 to 315.0m assayed at
0.96% Sn. Intense sheeted and stockwork quartz-carbonate-cassiterite veining in silicified, medium
to coarse grained sandstones and intercalated siltstones. (CNW Group/TinOne Resources Corp.)
Figure 4: Great Pyramid diamond core (22GPRC014 218.25-220.65m), beneath historic resource
area. Strongly sheeted quartz-carbonate veining in silicified, medium to coarse grained sandstones.
Historical and current exploration indicates that veins of this style are cassiterite-bearing and are
typical of the mineralised zones. Results pending. (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 22-NOV-22