Aus Tin aims to become a major Australian tin producer, having recommenced production at the high grade Granville Tin Project in Tasmania.
The company intends to expand the project and undertake exploration to extend the life of mine.
Management elect to convert fees to stock
As a show of support in the company’s projects, management elected to convert $300,000 in fees owed to them into the raising on the same terms as the third-party investors.
This leaves their interest closely aligned with those of fellow shareholders.
Funds used for working capital and furthering Mt Cobalt Project
Funds will be used to accelerate development and exploration at the company’s projects, in particular Mt Cobalt which is located near Gympie in Queensland.
The current drilling program will comprise circa 200 metres of diamond drilling targeting mineralisation below the historic Smiths Mine.
The program is expected to provide information on the geological structure that is thought to control the higher grade cobalt‐nickel‐manganese mineralisation.
Recent field mapping has indicated the shear zone may be more folded than first thought and could provide additional drilling targets along a 200-metre section of the overall 800-metre long target zone.