(Alliance News) - AfriTin Mining Ltd said Wednesday its drilling programme at its Uis tin mine in Namibia represents a "significant milestone" as the company progresses towards a mineral resource estimate.
The exploration drilling programme, started in the fourth quarter of 2018, was aimed at "validating the historic information" for the V1 and V2 pegmatite zones at the mine .
On Wednesday, AfriTin released assay results from ten holes from the programme, with the most "significant" intersections showing: 40.5 metres at 0.15% tin and 108 parts per million tantalum in drill hole V1V2012. Hole V1V2018 showed 18.8 metres at 0.19% tin and 126 parts per million tantalum.
"The conclusion of the confirmatory drilling programme is a significant milestone towards the declaration of a mineral resource estimate. Importantly from this set of results an intersection of 109.0 metres at 0.17% tin indicates that the V1 and V2 pegmatites thicken with depth. In addition, the notable grades of the ancillary elements points to the potential for multiple revenue streams as the project advances," said Chief Executive Anthony Viljoen.
These results complete the drilling and represent the ten remaining holes of the twenty originally drilled.
"The analytical results indicate continuity of the pegmatite bodies reported in the previous set of drilling results," the company added.
Shares in AfriTin Mining were 6.0% higher in London on Wednesday at 3.55 pence each.
Andrada Mining. (ATM)