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Discovery of lithium occurrences at licence ML133

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RNS Number : 9099O
AfriTin Mining Ltd
04 February 2019
 

4 February 2019

AfriTin Mining Limited

("AfriTin" or the "Company")

Operational Update

Discovery of lithium occurrences at licence ML133

AfriTin Mining Limited (AIM: ATM), a mining company with a portfolio of near production tin assets in Namibia and South Africa, with the flagship asset being the Uis Tin Mine in Namibia ("Uis Mine"), is pleased to provide an update on the establishment of geologically significant lithium occurrences at its ML 133 Licence.

Highlights

·      The discovery of significant grades of lithium, in addition to tin, in pegmatites in the ML 133 License, located in the Nainais area;

·      The ML 133 license is outside of the current development area at the Uis mine;

·      Further mineralogical testing has confirmed the presence of lithium minerals, specifically petalite, in pegmatites of the license area; and,

·      These results are considered encouraging and warrant further investigation.  

 

The Company took the decision to follow up on results that were obtained by Greenhills Resources Limited, during their due diligence that was undertaken in 2016 (see Admission Document). As part of this investigation a number of grab samples were taken from each license area. Five samples were obtained from the ML133 (Nainais) license area, the site of the historic TinTan mine dating back to the late 1980's. The results of this due diligence indicated significant tin mineralisation, with grades averaging 0.274% tin.

In addition to the tin mineralisation, grab samples indicated potential for lithium mineralisation with assay results ranging between 0.28% and 3.93% Li2O. These results motivated additional mineralogical test work based on a composite dump sample, reported herein. This material was selected because it represents a blend of all the mineralogical components making up the previously mined material in the area

 

The recent test work indicates that the most abundant lithium-bearing mineral present is petalite, with lesser lithian-muscovite, montebrasite and cookeite. In addition to the high modal abundance of petalite within the dump sample, the mineral is easily liberated, particulate (75% greater than 100 µm in size) and potentially recoverable by gravity separation.

 

Petalite concentrate commands a premium in the market as it can contain up to 4.4% Li2O. The crystal structure of petalite limits the occurrence of impurities when compared to spodumene which generally contains higher concentrations of iron and other contaminants.

 

Further work will be undertaken to determine the economics of exploiting the Lithium.

 

Commenting CEO Anthony Viljoen stated,

"We are delighted by the discovery of geologically significant grades of lithium-bearing material at our Nainais deposit. Although the lithium discovery at the ML133 license is not of immediate priority for the Company, it does provide us with a considerable upside target for the Company to explore in the future. Lithium remains a major industrial mineral in battery storage technologies and exploitation of lithium from this licence area could potentially contribute value to the Company in the future."

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

For further information, please visit www.afritinmining.com or contact:

 

 

AfriTin Limited

 

Anthony Viljoen, CEO

+27 (11) 268 6555

Nominated Adviser and Joint Broker

 

WH Ireland Limited

Katy Mitchell

James Sinclair-Ford

+44 (0) 207 220 1666 

Corporate Advisor and Joint Broker


H&P Advisory Limited

Andrew Chubb

Nilesh Patel

+44 (0) 20 7907 8500

Joint Broker

 

NOVUM Securities Limited

Jon Belliss

+44 (0)20 7399 9400

Financial PR (United Kingdom)

 

Tavistock

+44 (0) 207 920 3150

Jos Simson

Barney Hayward

 

 

 

About AfriTin Mining Limited

Notes to Editors

AfriTin Mining is the first pure tin company listed in London and its vision is to create a portfolio of world-class, conflict-free, tin producing assets. The Company's flagship asset is the Uis brownfield tin mine in Namibia, formerly the world's largest hard-rock tin mine.

AfriTin is managed by an experienced board of directors and management team with a current two-fold strategy: fast track Uis brownfield tin mine in Namibia to commercial production in Q2 2019 ramping up to 5,000 tonnes of concentrate, and consolidation of other quality African tin assets. The Company strives to capitalise on the solid supply/demand fundamentals of tin by developing a critical mass of tin resource inventory, achieving production in the near term and further scaling production by consolidating tin assets in Africa.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: AfriTin Mining Ltd

Price: 2.999

Market: AIM
Market Cap: £19.32 m
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