Metals X Limited (ASX: MLX) has reported highly encouraging results from exploration drilling of the conceptual Bell 50 target at the 50%-owned Renison Tin Operations in Tasmania, Australia.
The drilling results include an outstanding 10.3m grading 7.65% tin from 259.0m. The drill results are considered highly significant, providing the potential for a 200m down-plunge extension of the Area 5 mineralised system.
The company said that five diamond drill holes for 1,772m completed testing the new Bell 50 exploration target, with all holes intersecting tin mineralisation. MLX reported that additional drill testing is being planned for the new region in the second half of 2019.
Currently, grade control and resource definition drilling programs are continuing at Renison with two drilling rigs in operation in Area 5 and Leatherwood.
Renison Tin Operations
Renison is located on the west coast of Tasmania, approximately 15km north-east of Zeehan, and is one of the world’s largest and highest grade tin mines with mining spanning three centuries.
Renison has a current Mineral Resource of 15 million tonnes at a tin (Sn) grade of 1.35% Sn for 203,000 tonnes of contained tin. The Ore Reserve is 6.8 million tonnes at a grade of 1.06% Sn for 72,000 tonnes of tin (approximately 8 years). Renison is currently producing approximately 7,000 tonne of tin in tin concentrate per year.
Metals X has a 50% equity interest in the Renison through its 50% stake in the Bluestone Mines Tasmania Joint Venture (BMTJV). The resource definition drilling programs in the Area 5 and Leatherwood Trend targets are currently ongoing at Renison.
Metals X said that a total of 5 holes for 1,772m were drilled from the southern end of the 1140 HW Drill Drive to test the down-plunge extension of the host Mine Sequence rocks towards the modelled position of the Pine Hill Granite. This new region has been named Bell 50.
Encouraging Drill Results
Bell 50 is located down-plunge of the high-grade Area 5. Some of the best intersections from Bell 50 include 10.3m at 7.65% Sn from 259.0m; 3.7m at 6.78% Sn from 223.2m; 10.0m at 2.47% Sn from 203.0m; and 5.7m at 1.74% Sn from 255.1m.
MLX noted that these Bell 50 drill results are highly significant and provide a potential for both a 200m down-plunge extension of the Area 5 mineralised system. They are also very high tin grades, similar to the Area 5 high-grade zone.
The company reported that grade control and resource definition drilling programs are presently continuing at Renison with two drilling rigs in operation, in Area 5 and Leatherwood respectively.
Meanwhile, the follow-up drill testing of the Bell 50 region is currently being planned for the second half of 2019.
Metals X’s Managing Director, Mr. Damien Marantelli, said: “These are outstanding results and continue to reinforce Renison as a world class tier-1 orebody with a long-term mining future.
The Renison operation continues to hit its operational guidance and milestones. We are in the advanced stages of updating the resource and reserve estimates and developing a life-of-mine plan.
This detailed work includes consideration of development plans to maximise the huge opportunity provided by the substantial high-grade mineralisation in Area 5. With the discovery of the new Bell 50 zone, this opportunity has further increased.
We’ve already seen improved production after installing the ore sorters, and the highly successful 2018/19 drilling programs have underpinned the opportunity to continue progressively increasing production from Renison over the medium term through grade improvement, increased mining and processing rates and ongoing recovery improvement.
I look forward to further updating the market on the Renison strategy in the near future.”