VANCOUVER, BC, April 27,
2022 /CNW/ - TinOne Resources Inc. (TSXV:
TORC) ("TinOne" or the "Company") is pleased to
announce that it has commenced drilling on its Great Pyramid tin
project in northeastern Tasmania,
Australia.
Highlights
- The Great Pyramid tin project has a historic resource, with
significant discovery upside, that has not been explored using
modern exploration techniques
- A program of approximately 2200 metres of reverse circulation
("RC") drilling and 2800 metres of diamond drilling commenced at
the Company's Great Pyramid tin project on April 21, 2022
- Drilling to target areas below and proximal to the historical
inferred resource and obtain modern data within the historical
resource area
- TinOne has completed its initial RC drilling program at its
Panama Gold project with assay results pending
"With tin prices having recently hit all-time highs, we are
very excited to begin drilling at the Great Pyramid tin
project," commented Chris
Donaldson, Executive Chairman. "We are set to test our
high-quality drill targets and have secured a diamond drill rig to
operate in conjunction with a RC rig. The Great Pyramid tin
deposit has seen small-scale historic mining and historical
exploration, with very little modern exploration. We are
enthusiastic about the potential immediately beneath the historical
resource as well as proximal exploration targets."
Drill Program Details
The drilling program has been designed to achieve the
following:
- Target the potential immediately below and adjacent to the
historical resource where average drill depth is 46 metres;
- Drill confirmation holes adjacent to historical holes to
provide additional data regarding the tenor of tin mineralization
using modern drilling methods compared to historical open hole
percussion; and
- Test the deeper and lateral IP targets generated by the offset
pole-dipole IP survey recently completed by the Company.
About the Great Pyramid Tin Project
The Great Pyramid deposit is located around a topographical
feature known as Pyramid Hill and is hosted by Mathinna Supergroup
sandstones. The mineralization is formed by closely spaced
sheeted northeast trending, cassiterite (SnO₂) 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.
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 five historical
drill holes greater than 150 metres deep. These rare deeper holes
encountered encouraging tin mineralization to depths of
approximately 300 metres below surface.
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. The estimation 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. 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.
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 utilizing modern
drill techniques, analytical techniques and QA/QC will be required
to re-estimate the resource and report under NI 43-101.
The reader is cautioned that the above referenced "Inferred
Resource" estimates are considered historical in nature and is
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.
Incentive Plan Rewards
The Company would also like to announce that it has granted
1,325,000 restricted share units (each, an "RSU") to certain
recently appointed directors, advisors, and consultants of the
Company. The RSU's were granted pursuant to the Company's
Omnibus Long Term Equity Incentive Plan and will vest in two equal
annual instalments commencing on the first anniversary of the grant
date.
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.