Last checked at 26 Jun 2019 07:00
26 June 2019
AfriTin Mining Limited
("AfriTin" or the "Company")
Uis Exploration Drilling Update
AfriTin Mining Limited (AIM: ATM), a mining company with a portfolio of near production tin assets in Namibia and South Africa, with its flagship asset, the Uis Tin Mine ("Uis") in Namibia, is pleased to provide an update on the drilling programme designed to support the declaration of a Mineral Resource estimate on the V1 and V2 pegmatite.
Highlights
▪ Receipt of the remaining assay results (ten holes) from the resource validation drilling;
▪ Significant intersections include;
o 40.50m @ 0.15% Sn and 108ppm Ta in drill hole V1V2012
o 108.97m @ 0.17% Sn and 56ppm Ta in drill hole V1V2013
o 86.51m @ 0.16% Sn and 69ppm Ta in drill hole V1V2017
o 18.80m @ 0.19% Sn and 126ppm Ta in drill hole V1V2018
In Q4 2018, AfriTin initiated an exploration drilling programme aimed at validating the historic information disclosed by SRK in 1985, for ISCOR, for the V1 and V2 pegmatites and supporting the declaration of a maiden, JORC (2012)-compliant, Mineral Resource estimate on the V1 and V2 pegmatites at the Uis Project.
The completion of the validation drilling at Uis was announced on 20 May 2019. The results reported here represent the remaining ten drill holes, of twenty in total, recommended for the validation of the historic resource. The analytical results indicate continuity of the pegmatite bodies reported in the previous set of drilling results.
In areas where the units are separated into upper, middle and lower the drill hole intercepted a xenolith of country rock which separates the pegmatite body. Sample analysis was undertaken by UIS Analytical Services. The major and minor elements were analysed by ICP-OES and the trace elements were analysed by ICP-MS.
Table 1: Exploration results of holes V1V2003 - V1V2020 of the current drilling campaign, (widths reported indicate apparent intersection widths).
Hole ID | Dip Angle | Pegmatite Unit | From (m) | To (m) | Width (m) | Grade Sn (%) | Grade Ta (ppm) | Grade Li2O (%) |
V1V2003 | Vertical | V1 | 86.00 | 112.19 | 26.19 | 0.17 | 120 | 0.44 |
V1V2012 | Vertical | V2 | 30.39 | 70.89 | 40.50 | 0.15 | 108 | 0.96 |
V1 | 88.21 | 112.66 | 24.45 | 0.15 | 58 | 1.00 | ||
V1V2013 | Vertical | V2 | 96.77 | 205.74 | 108.97 | 0.17 | 56 | 0.72 |
V1V2014 | Vertical | V2 Upper | 14.00 | 31.23 | 17.23 | 0.19 | 120 | 1.06 |
V2 Lower | 53.97 | 64.92 | 10.95 | 0.16 | 127 | 1.11 | ||
V1V2015 | Vertical | V2 Upper | 37.00 | 55.91 | 18.91 | 0.16 | 127 | 1.11 |
V2 Lower | 79.82 | 88.98 | 9.16 | 0.18 | 117 | 1.01 | ||
V1V2016 | Vertical | V2 Upper | 59.71 | 82.24 | 22.53 | 0.12 | 92 | 0.88 |
V2 Middle | 89.43 | 95.85 | 6.42 | 0.25 | 107 | 0.78 | ||
V2 Lower | 115.96 | 120.47 | 4.78 | 0.19 | 90 | 0.43 | ||
V1V2017 | Vertical | V2 | 126.49 | 213.00 | 86.51 | 0.16 | 69 | 1.22 |
V1V2018 | Vertical | V2 | 18.00 | 36.80 | 18.80 | 0.19 | 126 | 0.75 |
V1V2019 | Vertical | V2 | 60.40 | 88.00 | 27.60 | 0.13 | 94 | 1.42 |
V1V2020 | Vertical | V2 | 147.00 | 170.00 | 23.00 | 0.14 | 44 | 0.68 |
Results received from the current campaign are considered comparable, subject to additional validation work, to those reported by SRK (1985), both in terms of geological validation of the current geological model, and in terms of tin (Sn) grade, with SRK (1985) reporting an average grade of 0.14 % Sn for the V1 and V2 pegmatites.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"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 108.97 metres at 0.17% Sn 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."
Competent Person Statement:
The technical data in this announcement has been reviewed by Dr Brendan Clarke of CSA Global, who provides geological consulting services to AfriTin. Dr Clarke is Manager - Africa for CSA Global and has 20 years of industry related exploration and mineral project development experience and is a Competent Person for the reporting of Exploration results. He has reviewed both the technical disclosures in this release as well as the quality assurance protocols and results for the assay campaign. Dr Clarke is satisfied that the results of the QAQC on the assay results released to date are sufficient to support the planned estimation of Mineral Resources.
Glossary of abbreviations
Li | Lithium |
Li2O | Lithium oxide |
Li to Li2O | Conversion factor of 2.153 |
ICP-MS | Inductively Coupled Plasma- Mass Spectrometry |
ICP-OES | Inductively Coupled Plasma- Optical Emissions Spectrometry |
JORC | The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves |
PPM | Parts Per Million |
QAQC | Quality Assurance Quality Control |
Sn | Elemental symbol for Tin |
Ta | Elemental symbol for Tantalum |
V1 and V2 | Primary pegmatite resource targets for Exploration |
For further information, please visit www.afritinmining.com or contact:
AfriTin Limited | |
Anthony Viljoen, CEO | +27 (11) 268 6555 |
Nominated Adviser and Joint Broker | |
WH Ireland Limited Katy Mitchell Adrian Hadden James Sinclair-Ford | +44 (0) 207 220 1666 |
Corporate Advisor and Joint Broker Hannam & Partners Andrew Chubb Jay Ashfield Nilesh Patel | +44 (0) 20 7907 8500 |
Joint Broker | |
NOVUM Securities Limited Jon Belliss | +44 (0)20 7399 9400 |
Financial PR (United Kingdom) | |
Tavistock | +44 (0) 207 920 3150 |
Jos Simson Barney Hayward |
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining is the first pure tin company listed in London and its vision is to create a portfolio of world-class, conflict-free, tin producing assets. The Company's flagship asset is the Uis brownfield tin mine in Namibia, formerly the world's largest hard-rock tin mine.
AfriTin is managed by an experienced board of directors and management team with a current two-fold strategy: fast track Uis brownfield tin mine in Namibia to commercial production in 2019, ramping up to 5,000 tonnes of concentrate, and consolidation of other quality African tin assets. The Company strives to capitalise on the solid supply/demand fundamentals of tin by developing a critical mass of tin resource inventory, achieving production in the near term and further scaling production by consolidating tin assets in Africa.