Nov 18, 2024

Metals X Hits 28.5m @ 1.61% Sn at Ringrose Prospect, Renison Tin Operations, Tasmania

Introduction:

Metals X Limited (ASX: MLX) has reported significant tin intercepts from ongoing near-mine exploration drilling at the Ringrose Prospect within its 50%-owned Renison Tin Operations in Tasmania, highlighted by 28.5m at 1.61% Sn from 277.9m.

Drill Results:

28.5m @ 1.61% Sn from 277.9m (S1709)
6.7m @ 3.77% Sn from 209.0m (S1689)
4.0m @ 1.46% Sn from 179.0m and 3.1m @ 1.07% Sn from 300.0m (S1696)
8.65m @ 0.68% Sn from 206.45m (S1693)
6.85m @ 0.37% Sn from 277.25m (S1692)
1.2m @ 1.58% Sn from 215.8m and 2.55m @ 0.73% Sn from 222.4m (S1691)

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Project Overview:

The Renison Tin Operations are located in Tasmania, Australia. The Ringrose Prospect is situated approximately 750m south of existing mine development within the current mining lease. As a brownfields exploration target, Ringrose has the potential to be developed with minimal additional surface infrastructure.

Renison is one of the world's largest and highest-grade tin mines. The current drilling program at Ringrose aims to expand the resource base and extend the already long mine life of the Renison operations.

Program Details:

The ongoing exploration program at Ringrose includes surface diamond drilling and downhole electromagnetic (DHEM) surveys. To date, 20 additional drill holes totaling 10,238m have been completed at Ringrose in infill and extension programs. High-grade tin mineralization currently extends over approximately 300m strike length and 250m depth extent, remaining open in all directions. The current interpretation indicates an east-west striking mineralized zone with north/north-west-trending high-grade shoots.

Understanding These Results:

The reported tin grades are considered high-grade for this style of deposit. For context, the Renison mine's reserve grade is approximately 1.06% Sn. The wide intercepts, such as 28.5m @ 1.61% Sn, suggest potential for bulk mining methods if the mineralization proves continuous.

The proximity to existing underground workings (approximately 700m) is significant, as it could allow for relatively quick and low-cost development of the Ringrose area if economically viable resources are defined. The shallow nature of some intercepts also bodes well for potential future extraction costs.

Management Commentary:

Executive Director, Mr Brett Smith:

"These new results further show the potential of this new area to contribute to the long mine life of the Renison operations. Being within the existing mining lease and only 700 metres from existing underground workings is expected to allow the area to be developed with little or no additional surface infrastructure and at attractive extraction costs due to the shallow nature of the area".

Next Steps & Catalysts:

Three surface diamond drill rigs are currently active at Renison. A closer-spaced infill program of 11 surface diamond drill holes totaling 3,200m is in progress at Ringrose and expected to be completed by Q2 2025. This program aims to further define the high-grade zones at 40m spacing along the Acacia Trend within Ringrose.

Additional drilling is testing the northern extension of Ringrose mineralization. A DHEM survey of seventeen drill holes has commenced, with results expected in Q1 2025. The company plans to include the Ringrose area in the 2025 Mineral Resource estimate, pending sufficient data from the current drilling campaign.

Commodity Outlook:

Tin is a critical metal used in electronics manufacturing, particularly in solders for circuit boards. The global push towards electrification and renewable energy is expected to drive increased demand for tin. With Renison being one of the world's largest tin mines outside of Asia, successful resource expansion could position Metals X to capitalize on potential future supply constraints.

Conclusion:

The latest results from Ringrose demonstrate the potential to expand the resource base at Renison. With mineralization remaining open and multiple high-grade intercepts, the prospect shows promise to contribute to the operation's future. The upcoming resource estimate and continued exploration results will be key catalysts for Metals X as it seeks to extend Renison's mine life and capitalize on its position as a major tin producer.

Sources:

AL8 Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 12, 2024