Elementos Ltd (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) has confirmed further zones of tin mineralisation in its current drilling and optimisation campaign aimed at increasing the confidence of the mineral resource at its flagship Oropesa Tin Project in Spain.
The company commenced a 5,000-metre program of diamond drilling across 48 holes in early October 2020 as part of a wider optimisation program.
A total of 32 drill holes have been completed and assays have been received for a further four drill holes with assays from 17 holes previously reported.
Strong results from the latest four diamond drill holes include:
- 15.1 metres at 0.44% tin from 118.3 metres;
- 6.8 metres at 0.38% from 37.4 metres;
- 12.9 metres at 0.18% from 45.5 metres;
- 4.5 metres at 0.16% from 62 metres;
- 2 metres at 0.24% from 16.3 metres;
- 19.2 metres at 0.18% from 37 metres;
- 8.7 metres at 0.26% from 61.8 metres; and
- 5.5 metres at 0.41% from 88.8 metres.
Drilling 67% completed
Elementos chairman Andy Greig said the drill program was more than 67% completed and the company was on track to complete its drilling objectives.
“Results from drill holes ADD02 and ADD03 will provide strong support for extending the existing mineral resource nearer the surface towards the centre of the deposit.
“The results of this drilling program are eagerly awaited by the company particularly at a time when we are seeing a strong increase in the price of tin.”
The tin price has continued to maintain recent gains and currently sits at more than US$27,500/tonne.
Oropesa geological resource depicting the diamond drilling program and proposed diamond drill hole locations.
Drilling program on track
The company’s exploration drilling program is on track to increase confidence in mineral resource and potentially extend outside the current boundary.
The program’s three principal objectives are:
- To increase the confidence of existing inferred resources into indicated resources;
- Confirmation of near-surface, possibly fault-controlled mineralisation that is currently not included in the 2017 geological resource model; and
- Testing for additional near-surface resources from exploration targets identified from induced polarisation (IP) geophysical survey anomalies.