Elementos Ltd’s (ASX:ELT) (OTCMKTS:ELTLF) drilling and optimisation campaign has confirmed further continuity of mineralisation, increasing the company’s confidence of the mineral resource at its flagship Oropesa Tin Project in Spain.
Assays for an additional diamond drill hole drilled last month confirmed the following mineralisation:
- 2.7 metres at 0.39% tin from 74.3 metres;
- 33.3 metres at 0.22% tin from 92.0 metres; and
- 15.1 metres at 0.53% tin from 138.4 metres.
This encouragement is further bolstered with falling inventories resulting in tin prices touching historic highs late last week.
"Continued rally of tin price encouraging"
Elementos chief executive officer Joe David said the drilling program was more than 70% complete and was on track to complete the company's objectives.
He said: “The continued rally of the tin price over the last 12 months to over US$34,000/tonne is providing strong encouragement for the company to rapidly advance the development of the Oropesa Project, one of the world’s highest-grade, opencut tin developments.”
Previous drilling results
These results are in addition to 21 diamond drill holes earlier reported from this program.
The company started 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 earlier results from diamond drilling 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