(TSX.V: TORC) (OTCQB: TORCF)
VANCOUVER, BC, Sept. 6,
2022 /CNW/ - TinOne Resources Inc. (TSX.V:
TORC) (OTCQB: TORCF) ("TinOne" or the
"Company") is pleased to provide its second batch of results
from its 100%-owned Great Pyramid Tin (Sn) Project (the
"Project") located in the tier one mining jurisdiction of
Tasmania, Australia. The ongoing
drill program has returned outstanding high-grade results
highlighted by hole 22GPRC012 which returned 0.51% Sn over 78
metres, Including 1.09 % Sn over 23 metres from near surface in a
new zone. Great Pyramid is the Company's most advanced and active
project in its portfolio of high-quality tin assets and more
results are expected in the coming weeks.
Highlights:
- Outstanding high-grade intersections (>.25%) include:
-
- 22GPRC012 returned 0.51% Sn over 78 metres
-
- Including 1.09 % Sn over 23 metres
- 22GPRC016 returned 0.29% Sn over 51 metres
-
- Including 0.43% Sn over 20 metres
- 22GPRC005 returned 0.26% Sn over 30 metres
- 22GPRC003 returned 0.25% Sn over 39 metres
- All holes returned tin-bearing intersections and provide
support for historical drill data
- Mineralised zones shown to extend beneath and peripheral to
historical resource
"These current results from Great Pyramid are some of the
best ever reported from the Project and demonstrate exceptional
grade and thickness in areas outside the historical resource
area," commented Chris
Donaldson, Executive Chairman. "The drilling continues to
deliver consistent results within the historical resource area, and
more importantly identifying significant mineralised zones outside
the historical resource area. Our geological team is working to
further develop our grade distribution model and build our
geological interpretation to assist further targeted drilling and
the integration with the extensive historical database."
Results have been received for 2,128 metres of the Company's
ongoing 5,500 metre drilling program at the Great Pyramid Project.
These results represent complete results for 15 Reverse Circulation
("RC") drill holes, partial results for one additional RC
hole and results from one diamond cored hole. Assays are being fast
tracked.
Drilling commenced at the Project on April 27, 2022. 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,
- Provide sufficient drill coverage to verify/authenticate
historical drilling and expand/upgrade the mineral resource.
In addition to the RC drill results reported here, an additional
2,037 metres of diamond drilling has been completed within, lateral
to, and beneath the historical resource area. Drill core processing
is underway with an initial 528 metres of core despatched to the
laboratory.
Results reported here are from below, peripheral too and within
the historical resource1 area (Table 1). Drill holes
below and peripheral to the historic resource model have returned
intersections consistent with or higher grade than the historical
model, including high grade intersections in 22GPRC012 from near
surface outside the current resource. Deeper diamond drilling
(assays pending) has confirmed the presence of mineralisation to
considerable depth below the historical resource model and are
consistent with historical drill data2 which
returned mineralised intervals to the limit of drilling, up to
300m below surface.
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
|
Outside historical
resource model.
|
22GPRC002
|
6
|
24
|
0.22
|
Outside historical
resource model.
|
22GPRC003
|
39
|
3
|
0.25
|
Inside historic
resource model. Diamond tail completed
(assays pending) below historical resource model.
|
incl
|
16
|
18
|
0.34
|
|
22GPRC004
|
17
|
41
|
0.13
|
Outside historical
resource model.
|
22GPRC005
|
30
|
8
|
0.26
|
Inside historic
resource model.
|
|
23
|
64
|
0.12
|
Below historical
resource model.
|
22GPRC006
|
9
|
48
|
0.2
|
Inside historic
resource model.
|
22GPRC006
|
49
|
65
|
0.17
|
Outside historical
resource model.
|
incl
|
8
|
86
|
0.3
|
|
22GPRC007
|
21
|
2
|
0.30
|
Inside historic
resource model, to end of hole, abandoned in
old working.
|
22GPRC011
|
23
|
12
|
0.16
|
Outside historical
resource model.
|
|
6
|
42
|
0.34
|
Outside historical
resource model.
|
22GPRC012
|
78
|
11
|
0.51
|
Outside historical
resource model.
|
incl
|
23
|
34
|
1.09
|
|
22GPRC012
|
8
|
122
|
0.27
|
Outside historical
resource model.
|
22GPRC013
|
20
|
3
|
0.14
|
Inside and below
historical resource model.
|
|
14
|
36
|
0.16
|
Inside and below
historical resource model.
|
|
6
|
105
|
0.13
|
Outside historical
resource model.
|
22GPRC014
|
5
|
16
|
0.27
|
Inside historic
resource model.
|
|
12
|
26
|
0.20
|
Inside historic
resource model.
|
|
37
|
87
|
0.15
|
Outside historical
resource model. To the end of hole.
|
22GPRC016
|
51
|
2
|
0.29
|
Inside historic
resource model.
|
incl
|
20
|
4
|
0.43
|
|
22GPRC017
|
9
|
39
|
0.20
|
Outside historical
resource model.
|
22GPRC021
|
40
|
58
|
0.13
|
Outside historical
resource model.
|
|
|
|
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 and 021
(part). 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 22GPDD001A (redrill of
22GPDD001 which was abandoned at 42.1m), 22GPDD008, 22GPDD10,
22GPDD015 and 22GPDD023. Diamond tail extensions have been
completed for RC pre-collar holes 22GPRC003, 22GPRC004 and
22GPRC006 with assays pending.
|
|
|
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 (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. 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 surface2.
Historic Resources and Drill
Data1
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 Resource1
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.
NOTES
|
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.