First Tin PLC reported on Tuesday that drilling results from the Tin Beetle prospects have validated the hub-and-spoke potential at the Taronga tin project in Australia.
First Tin, a London-based tin development company, primarily focuses on advanced, low capital expenditure projects in Germany and Australia. The Tin Beetle prospect is situated approximately nine kilometers southeast of the main Taronga mineralization site in Australia.
The drilling outcomes at Tin Beetle have confirmed the presence of substantial intervals of tin mineralization, accompanied by narrower zones of higher-grade mineralization. First Tin also noted that while the copper and silver content appeared to be lower compared to Taronga, there was an indication of higher zinc content.
These findings have the potential to make a significant contribution to annual tin production and potentially extend the overall life of the Taronga project, as stated by First Tin.
Subsequent drilling activities are planned for next year, following the completion of the Taronga definitive feasibility study.
Taronga is wholly owned by First Tin through its Australian subsidiary, Taronga Mines Pty Ltd.
Chief Executive Officer Thomas Buenger commented, “We are pleased to announce that this drilling has proven our thesis that Taronga is part of a tin district rather than a singular tin occurrence. The recent drill intercepts at Tin Beetle are similar to early drill intercepts at the main Taronga project.”
On Tuesday afternoon, shares in First Tin were trading down 2.0% at 7.01 pence each on the London Stock Exchange.