Tinone Samples up to 4.9% TIN at the Aberfoyle Project, Australia
TINONE SAMPLES UP TO 4.9% TIN AT THE
ABERFOYLE PROJECT, AUSTRALIA
(TSX-V: TORC)
VANCOUVER, BC
,
July 7, 2022
/CNW/ - TinOne Resources Inc.
(TSXV: TORC) ("
TinOne
" or the
"
Company
") is pleased to announce that its initial results from exploration work at the Aberfoyle
Project ("
Aberfoyle
" or the "
Project
") in
Tasmania, Australia
has delineated multiple extensive areas
of tin anomalism in surface rock sampling and the Company is progressing toward integrated drill
target definition.
Highlights
Initial field mapping and rock sampling has been completed at the
Aberfoyle
project with
collection of one hundred and seventy-three surface rock samples.
Forty-four of the samples returned tin values greater than 0.1% and twenty-one samples over
0.25% with a peak value of 4.9% tin. These anomalous samples are distributed across a large
area of the Project.
Field mapping and interpretation of detailed public-domain LIDAR elevation data has defined
extensive areas of historical tin mining activity over areas larger than previously known.
Field mapping has defined alteration, brecciation and veining in granite and sedimentary host
rocks over extensive areas with little to no modern exploration.
Structural field mapping and historical data compilation have provided insights into the controls
on the historic
Aberfoyle
, Storeys Creek and Lutwyche mines that will greatly assist in future
drill targeting.
"We are extremely encouraged by the progress of our drill targeting programs at Aberfoyle. We
have unearthed widespread areas of potential marked by tin anomalism, historical workings,
extensive alteration, veining and brecciation in areas that have had little to no exploration work,"
commented
Chris Donaldson
, Executive Chairman.
"Our ongoing programs will deliver a level of
data and understanding that has never been seen before in the Project area that we anticipate will
lead to quality targets for future drilling."
Drill Target Definition Program
TinOne has been active at the
Aberfoyle
project since listing, undertaking surface exploration work
and compilation of historic mining and exploration data in order to define drill targets for future drill
programs.
The Company has:
Undertaken field mapping, prospecting and rock sampling, guided by interpretation of areas of
historical mining activity. These historic areas have been shown to be more extensive than
previous data indicated and the use of detailed LIDAR elevation data to guide field mapping has
been invaluable;
Completed 8km
2
of gradient array IP-resistivity surveys;
Used expert-driven integrated structural and stratigraphic analysis to develop a detailed
understanding of the controls on thickness and grade in historically mined areas;
Reprocessed public domain aeromagnetic and radiometric data; and,
Initiated a major program to compile detailed 3D mine and exploration data from the 20
th
Century mining and exploration activity at the
Aberfoyle
, Storeys Creek, Lutwyche and
Kookaburra deposits. The majority of this data has not been previously compiled in a full 3D
environment and will greatly assist drill targeting.
Results
The Company collected 173 surface rock samples across a large extent of the northern block of EL
27/2004 (Figure 2). Forty-four of the samples returned tin values greater than 0.1% and twenty-one
samples greater than 0.25% with a peak value of 4.9% tin. Twelve samples returned tungsten
values greater than 0.1% WO
3
with a peak value of 0.62% WO
3
.
Elevated tin was reported from across the full geographical extent of the area sampled and from a
wide range of geological associations including quartz veins, greisen-altered granite, quartz-
cemented breccia, and altered Mathinna Supergroup sediments.
The majority of these areas have had extremely limited exploration and large areas of historical
workings, alteration and elevated tin (and lesser tungsten) have been returned from the Company's
programs in areas that have seen no modern exploration. Drilling has been largely confined to the
area in the vicinity of the Aberfoyle-Storeys Creek-Lutwyche area (Figure 2).
Future Programs
The Company is planning follow up mapping, continuation of the 3D data compilation, finalization of
the structural interpretation and extensive soil sampling programs to follow up the encouraging
results reported here.
It is anticipated that these programs will lead to definition of integrated drill targets that, dependent
on actual results and priorities, may be drilled during Q4 2022.
About the Aberfoyle Tin Project
Geology
The
Aberfoyle
project area straddles the boundary between the Silurian to Devonian Mathinna
Supergroup sedimentary rocks and the Devonian Ben Lomond Granite. The historic
Aberfoyle
(tin)
and Storeys Creek (tin-tungsten) mines as well as other vein systems are hosted in the sedimentary
rocks and occur as strike extensive systems of sheeted and stockwork veining.
The Lutwyche prospect occurs approximately 1 kilometre northeast of
Aberfoyle
and is comprised of
two sets of mineralised veins which can be traced along strike for approximately 750 metres.
An additional sediment-hosted vein system, the Kookaburra, is located 200 metres southwest of the
main Lutwyche vein system and is known to be approximately 40 metres wide with an along strike
extent of at least several hundred metres.
Mineralisation at Storeys Creek is hosted within a 30 to 50 metre wide, north-northwest striking
sheeted vein array which dips to the southwest. The system can be traced along strike for 300
metres and extends 400 metres down dip. The Ben Lomond Granite crops out approximately 1km
west of the mine and has been identified at depth at 180 metres below the surface. Additional poorly
known sediment-hosted vein systems occur at Brocks, Eastern Hill and elsewhere in the tenement.
Granite-hosted occurrences are developed throughout the exposed areas of granitoid outcrop and
consist of vein, disseminated and breccia style occurrences with associated greisen style alteration.
These have given rise to historic small scale hard rock and more extensive alluvial production in the
Gipps Creek,
Rex Hill
,
Ben Lomond
, Royal George and other areas.
The Company interprets that both sediment- and granite-hosted systems have developed in
structural corridors of multi-kilometre extent and that historic exploration has not systematically
explored these corridors. The Company further believes systematic exploration of these prospective
corridors will result in the definition of high-quality drill targets.
Historic Production and Exploration
Tin mineralisation was discovered at Storeys Creek in 1872 and
Aberfoyle
in 1916, with the deposits
seeing sporadic exploration and mining activities until closure in the early 1980s. Additional small-
scale production occurred at the Royal George deposit in the southern block of EL27/2004.
Exploration work was conducted during the mining phases and sporadic exploration has been
conducted since that time with an emphasis on the immediate extensions of the
Aberfoyle
, Lutwyche
and Storeys Creek areas. Historic exploration (early 1980s and earlier) consisted of drilling,
geological mapping, rock sampling, minor soil sampling and very limited electrical geophysics using
the technology available at the time. More recent exploration (1990s until present) has consisted of
minor soil sampling and limited drilling at the
Aberfoyle
, Storeys Creek and Rifle Range (northern
part of Lutwyche) prospects.
Drilling has been concentrated in the immediate vicinity of historic mines with minimal drilling
conducted away from the historic mine infrastructure. TinOne considers that extensive areas of
known systems have had little or no systematic exploration.
Recorded
Production - Tin
(Sn) tonnes
Recorded Production
- Tungsten (W)
tonnes
Source
Historical Production Estimates (4)
Aberfoyle Sn/W
19,110
4,660
1
2.1Mt @ 0.90% Sn and 0.30% WO
3
Storeys Creek W/Sn
1,980
9,500
1
1.1Mt @ 1.09% WO
3
and 0.18% Sn
Rex Hill
651
2
826 tonnes of cassiterite; 1,600 oz Ag
Royal George
1,105
3
0.170Mt @0.65% Sn
Data Sources and Notes
1) Seymour, D.B., Green, G.R. and Calver, C.R. 2006. The geology and mineral deposits of Tasmania: a summary. Geological Survey Bulletin 72. Mineral Resources Tasmania
2) Blissett, A.H. 1959. The Geology of the Rossarden-Storeys Creek District. Geological Survey Bulletin 46. Tasmanian Department of Mines.
3) Purvis, J.G. 1979. Initial exploration at the old Royal George Tin Mine. CRA Exploration.
4) Estimates of historical production are not estimates mineral resource or reserve estimates and no guarantee exists that historical records are accurate or that historical size and
grade are a reliable indicator of future results. A qualified person has not done sufficient work to verify these historical production estimates.
Figure 1: Location of the Aberfoyle tin project in the mining friendly jurisdiction of Tasmania, Australia
(CNW Group/TinOne Resources Corp.)
Figure 2: TinOne rock sample results coloured by tin shown with summary geological setting,
historical drillholes and mineral occurrences in the Aberfoyle project area.
The historical drill holes
are heavily concentrated in the Aberfoyle-Lutwyche-Storeys Creek areas and large areas of
identified tin-bearing mineralisation and alteration and historical mining activity have never been
drilled. (CNW Group/TinOne Resources Corp.)
Figure 3. Sample GM10067 showing strongly greisen altered, quartz veined and brecciated granite
from an undrilled area of historical workings that has been mapped over greater than 1 x 0.5 km.
GM10067 returned 2.1% tin and seven other samples in the area returned values greater than 0.1%
tin. Coloured scale in cm. (CNW Group/TinOne Resources Corp.)
Figure 4 .Sample GM10070 showing fine quartz-tourmaline-cassiterite veins in quartz-sericite altered
Mathinna Supergroup sandstones. GM10070 returned 0.52% tin and occurs within an area of
undrilled historical workings over an area of approximately 600 x 150m. Coloured scale in cm. (CNW
Group/TinOne Resources Corp.)
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 focused on advancing its highly prospective portfolio while also evaluating additional tin
opportunities. TinOne is supported by Inventa Capital Corp.
Sample Methodology
Rock samples reported here were collected by experienced geologists from outcrop, float and
historical mining spoil dumps. Samples were typically 1.5 to 2.5 kg and were placed in pre-
numbered, calico bags and then into large rice sacks which were sealed for shipping. Due to the
nature of the available sample media, the samples are not continuous channel samples and consist
of multiple individual small rock pieces collected from an area considered representative of the
material being sampled.
Quality Assurance / Quality Control
Rock 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.
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 07-JUL-22