TinOne Resources plans November tin and tungsten drilling in Tasmania
Rigs are secured for approved drilling at Aberfoyle and Great Pyramid, while separate tailings work awaits regulatory approval.
Theo Marchetti
TinOne Resources Inc. CVETORC OTCMKTSTORCF said on Thursday the TSX Venture Exchange explorer has secured rigs for November drilling at its wholly owned Aberfoyle and Great Pyramid projects in Tasmania.
At Aberfoyle, drilling will target a mineralized envelope 60 metres wide, while Great Pyramid core will support tin recovery tests. TinOne's Oct. 22 announcement describes planned exploration and metallurgical work, with separate approvals for drilling and legacy-tailings sampling.
TinOne's TSX Venture Exchange shares CVETORC were C$0.17 at 4:00 p.m. EDT on Oct. 21, according to Google Finance, before Thursday's announcement.
The company says the proposed reverse-circulation and diamond drilling programmes have regulatory approval. Tailings work has been submitted for approval, which TinOne anticipates by year end.
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Aberfoyle Tailings Need New Sampling
TinOne proposes vacuum or sonic drilling to sample waste from the historic Aberfoyle tin-tungsten mine and Storeys Creek tungsten-tin mine. Metallurgical tests would assess how much tin and tungsten could be recovered from the coarse and fine material left by earlier processing.
For Aberfoyle's fine-tailings dams, the company proposes sampling on a 20-metre by 20-metre grid. The samples would support metallurgical tests and a new mineral resource estimate.
The release cites a 1985 historical estimate of 198,000 dry tonnes in Aberfoyle's fine tailings. That material was estimated to grade 0.39 per cent tin and 0.35 per cent WO3.
TinOne cautions that a qualified person has not completed sufficient work to classify that estimate as current mineral resources or reserves.
"The issuer is not treating the historical estimate as current mineral resources or mineral reserves," TinOne said in the release.
The proposed reverse-circulation drilling would test the upper levels of the historic Aberfoyle mine at Rossarden and mineralization peripheral to its main veins. Shallow drilling at Royal George, part of the Aberfoyle project, would assess the grade, continuity and extent of tin and tungsten mineralization.
Great Pyramid's diamond drilling would target near-surface tin mineralization across the deposit. Its core samples would support metallurgical work evaluating tin recovery potential.
Financing Supports Tasmanian Projects
TinOne reported closing a C$750,000 non-brokered private placement on Oct. 1. It issued 15 million units at C$0.05 each, with each unit comprising a common share and a warrant.
Each warrant allows the purchase of another share for C$0.10 until Oct. 1, 2028. The financing notice said net proceeds would advance the Tasmanian projects and provide working capital, and that closing remained subject to final TSX Venture Exchange approval.
The next scheduled step in the programme highlights is the November drilling start; those highlights give no date for assay results. TinOne expects approval for the separate legacy-tailings work by the end of 2026.
