Elementos Limited’s (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) drilling campaign aimed at converting existing inferred resources into indicated resources at its flagship Oropesa Tin Project in Spain has confirmed significant zones of mineralisation.
Assays for three diamond drill holes that were completed in December 2020 have been received from the ALS laboratory in Galway, Ireland, with a best result of 12.3 metres at 0.53% tin from 37.7 metres.
The Oropesa Economic Study positions the project as a low-cost, globally significant new tin development with a prospective annual production of 2,440 tonnes of tin-in-concentrate over a 14-year mine life.
New geological resource
Elementos chairman Andy Greig said: “The assay results received in this most recent report from ALS Laboratories in Ireland continue to provide confidence that the objectives of the current drilling program at Oropesa will be met.
“These results will be combined with the results announced on January 6, 2021, and will be included in the generation and classification of a new geological resource for Oropesa at the conclusion of this drilling program.
“The drilling program at Oropesa has re-commenced after the 2020 Christmas break, following a minor delay due to the northern winter creating major transportation difficulties across Europe.”
Other encouraging results from the three diamond drill holes include:
- 10.6 metres at 0.38% from 83.2 metres;
- 17.9 metres at 0.22% from 106.9 metres;
- 13.3 metres at 0.26% from 183.2 metres;
- 6.3 metres at 0.34% from 199.1 metres;
- 9.6 metres at 0.20% from 48.2 metres; and
- 2.2 metres at 0.40% from 48.9 metres.
The program was initially planned for 42 diamond drill holes but was subsequently expanded to include an additional five holes with potential to contain unconfirmed shallow tin resources.
It started the 5,000 metres of diamond drilling across 47 holes in early October 2020 as part of a wider optimisation program designed to increase the project’s overall resource, annual production rate and mine life.