Metals X Limited (ASX: MLX) has announced a highly encouraging annual update of Mineral Resources for its Renison Tin Operations in Tasmania.
The company reported a 22% increase in contained tin in Mineral Resources, a 14.5% boost in total Mineral Resource grade, and a 93% increase in Measured and Indicated Resources at the Renison underground tin mine.
MLX announced that the total Measured, Indicated and Inferred Resource for Renison increased to 17.55Mt at 1.50% Sn for 263,000 tonnes of contained tin.
Metals X noted that the Area 5 subset Mineral Resource represents an outstanding high grade opportunity with mining development underway.
MLX reported that the resource definition and grade control drilling is ongoing, with two rigs currently in operation.
MLX said that the update of the Ore Reserve estimate and life-of-mine plan is progressing well and is expected to be completed in the September 2019 quarter.
About 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. It is the largest tin producer in Australia and one of the few publicly held tin projects in the world.
Renison is 50%-owned by Metals X through the Bluestone Mines Tasmania Joint Venture. The Grade control and resource definition drilling programs at Renison have drilling rigs in operation in Area 5 and Leatherwood.
Data for resource calculation
The company said that the bulk of the data used in resource calculations at Renison was gathered from diamond core using NQ2, LTK60, and LTK48 sizes. The resource reporting cut-off grade is pegged at 0.7% Sn at Renison.
Increase in mineral resources
Metals X has reported a 22% increase in contained tin in Mineral Resources at the Renison underground tin mine. This is an increase of 47,300 tonnes of contained tin, from 215,700 tonnes of contained tin in 2018 to 263,000 tonnes of contained tin in 2019.
The total Renison Measured, Indicated and Inferred Resource is reported to be 17.55Mt at 1.50% Sn for 263,000 tonnes of contained tin.
The company reported that the total Mineral Resource grade increased from 1.31% Sn to 1.50% Sn, translating to a 14.5% boost.
Renison also reported a 93% increase in Measured and Indicated Resources from 118,600 tonnes of contained tin to 228,800 tonnes of contained tin.
The company said that the Area 5 subset Mineral Resource of 4.47Mt at 1.91% Sn for 85,200 tonnes of contained tin represents an outstanding high grade opportunity with mining development underway.
Metals X Limited managing director Damien Marantelli said that Renison tin mine has had a great year overall.
What’s next?
Metals X said that the resource definition and grade control drilling is continuing with two rigs currently in operation.
Meanwhile, the update of the Ore Reserve estimate and life-of-mine plan is in progress, with expected completion in the September 2019 quarter.
Management comments
MLX’s Managing Director, Mr. Damien Marantelli, said: “With 47,300 tonnes of contained tin being added to the Renison resource inventory over the past 12 months and the global resource grade increasing to 1.50% Sn, it has truly been a great year for Renison.
Importantly, the high grade zones underpinning this increase are still open and drilling is continuing. This fantastic outcome is the result of the dedication and professionalism of the entire Renison team whom I congratulate.
Work has now moved onto updating the Ore Reserve estimate and a new life-of-mine plan that will include the activities and planning required to access the now defined 4.47Mt of high grade tin resources within Area 5.I look forward to updating the market on the detailed Renison strategy in the near future, which will outline the opportunities we have identified to enhance mined and milled grade, increase mining and processing rates and improve metallurgical recovery”.