Rome Resources Plc (AIM:RMR) this week reported the discovery of a new tin zone, at the Mont Agoma project.
The new find, discovered along with additional tin in the main zone and significant copper mineralisation, has the potential to significantly boost the scale of the project.
Chief executive officer Paul Barrett said one drill rig remains in operation but the company already has sufficient data to share preliminary results. He highlighted copper grades of up to 13.00% and tin grades approaching 2.50% from XRF readings in hole 32, with official assay results expected within the next two to three weeks.
The company told investors that revised geological modelling indicates the potential to double the size of the resource. The model continues to support the interpretation of tin occurring at deeper levels in the mineralisation system and copper at shallower levels.
CEO Paul Barrett joined the Proactive studio to tell us all about it.
Proactive: Paul, very good to speak with you. Could you take us through the latest drilling results at Mont Agoma, and what do they reveal about the potential scale of the tin and copper mineralisation?
Paul Barrett: Yes, they could see it. So what we've done is we're pretty much—we have one rig still operating. It's trying to complete the hole. But we have enough information now that we put out this update, which is essentially telling everyone what we've found, which is a new tin zone, some additional tin in the original main zone at Mont Agoma, and a significant amount of copper.
We put a picture of the core in the announcement, which is quite impressive—up to 13% copper. We also have tin from the main zone in hole 32, up to almost 2.5% tin. These results are from XRF readings, not official assays, but those will come in the next two to three weeks.
It's pointing in the right direction for significantly increasing both tin and copper. We have a new geological model based on some hole results that suggests we could be chasing a doubling, maybe even more, of the resource in terms of minerals.
Proactive: The discovery of a possible strike-slip fault and duplicated mineralised zone sounds significant. How might this reshape your geological model and exploration strategy?
Paul Barrett: The overall model of tin coming out at a deeper level in the mineralisation system and copper at shallower levels still holds. We are tracing the mineralisation shoot as it goes deeper. The strike-slip fault is indicated by brecciated zones, which suggest a major fault system.
We think the fault moves the section to the right northwards. In hole 30 in the northeast, we are repeating the section and now have to chase down to the southeast, which should put us deeper in the system. The shallow tin grades in hole 30 were very good, so we expect them to increase at deeper geological levels.
Proactive: As you mentioned, metallurgical testing is underway. What are you hoping to learn from this, and how could it impact project economics?
Paul Barrett: There's a lot of copper in the system, as well as zinc and silver. The initial overburden will start to recover copper and zinc at the same time, so there is no waste—everything has value. Metallurgy will help us understand how to recover all these metals efficiently. Samples are now at a lab in Ontario, and we believe the mineralisation is amenable to copper recovery as well as tin.
Proactive: With the maiden resource estimate approaching, what should investors be watching for in the next few months?
Paul Barrett: MSA is working on the resource, which will cover the Kalayi pure tin area and the polymetallic Mont Agoma main zone. It probably will not include the northeast zone beyond the strike-slip fault yet, as we only have two intercepts there. We expect to drill more holes soon, and an update may be released in October to include results from that area. It's a work in progress but looking good so far.