Elementos Ltd (ASX:ELT, OTC:ELTLF) has demonstrated an increase in geological confidence by upgrading the inferred and indicated mineral resource categories during the mineral resource update at the Oropesa Tin Project in Spain.
The primary aim of the mineral resource estimate (MRE) was to upgrade all the inferred resources in the 2022 optimisation study for the US$30,000 pit shell to measured and indicated resources.
What’s more, the MRE will be further assessed for conversion to JORC ore reserves, via techno-economic modification factors, during Oropesa’s definitive feasibility study (DFS) which is currently underway and scheduled for delivery during the June quarter.
Robust mineral resource estimate update
Elementos managing director Joe David said the 2023 mineral resource estimate’s outstanding results now secure a fundamental foundation to support Oropesa’s DFS.
“We are extremely pleased that our 2022 in-fill drilling program has resulted in such a robust mineral resource estimate update.
“We achieved our main aim of upgrading all the inferred resources located within the 2022 optimisation study US$30,000 pit shell, to measured and indicated resources.
“This new MRE is material because only measured and indicated resources can be used or assessed during the DFS process for conversion to JORC ore reserves.
“This puts us in a privileged position at the back end of our DFS to support our goal of releasing a maiden JORC ore reserves statement for the Oropesa Tin Project.”
MRE summary
The Oropesa Tin Project MRE update was completed by Measured Group, following the completion of an 11-hole in-fill drilling program, and supersedes the mineral resource estimate released in November 2021.
The MRE saw 95% of the resources being classified as either measured or indicated, totalling 18.5 million tonnes at 0.39% tin.
Meanwhile, 38% of the 2023 MRE is classified as measured resources, increasing by 3.1 million tonnes to 7.4 million tonnes at 0.36% tin.
With regards to resource upgrade, the MRE delivered a slight resource upgrade of 0.7 million tonnes, up 4% to 19.6 million tonnes at 0.39% tin.
MRE summary: 2021 vs 2023
About Oropesa
The Oropesa property represents a 13-square-kilometre concession package situated about 75 kilometres northwest of Cordoba and 180 kilometres northeast of Seville, within the province of Andalucía, in southern Spain.
Elementos currently holds a 100% interest in the Oropesa property with registered title to the property with the Andalucia mining authorities.
The majority of the tin mineralisation at the project is replacement style, primarily occurring in granular sandstones at the contacts between the sandstone and conglomerate units.