- Tin explorer Elementos (ELT) has resumed exploration activities at the company’s Cleveland Tin Project in Tasmania
- The new round of exploration was prompted by a surging tin price, which hit a ten-year high in February
- Elementos has identified a new drill target at the project, adjacent to the existing geological resource
- The company plans to drill test the anomalies in a program currently being prepared for approval by Mineral Resources Tasmania
- Elementos is in the grey and trading at 1.3 cents per share
Tin explorer Elementos (ELT) has resumed exploration activities at the company’s Cleveland Tin Project in Tasmania.
The new round of exploration was prompted by a surging tin price, which hit a ten-year high above US$28,000 (roughly A$35,880) a tonne in February. The company currently has a major drilling campaign taking place at its Oropesa Tin Project in Spain, already capitalising on this opportunity.
However, the rising tin price motivated Elementos to assess the potential for additional tin resources at the Cleveland Project. In particular, the company was eager to investigate a set of historic anomalies to the northeast of the old Cleveland Mine for potential tin mineralisation.
Elementos has been rewarded for its efforts, after identifying a new drill target located adjacent to the company’s existing geological resource.
In February, the company conducted initial reconnaissance geological confirmation mapping and rock chip sampling over the prospective region. These activities confirmed the prospectivity of the untested anomalies, which were first identified in a geophysical survey in 1954.
Elementos’ Chairman, Andy Greig, commented on the company’s identification of a new drill target at Cleveland.
“Four of the five rock chip samples that were collected contained visible sulphide mineralisation, with the most significant assay being 0.7 per cent tin, 0.57 per cent copper and 13.4 per cent zinc from sample 130403,” he said.
“The nature of the mineralisation observed during the reconnaissance field work program is similar to that observed during the 2017 Cleveland diamond drilling program, which targeted shallow resources above the existing resource, between the known resource and surface,” he added.
The company plans to drill test the SP anomalies, in a program currently being prepared for approval by Mineral Resources Tasmania.
Elementos is in the grey, trading at 1.3 cents per share at 1:42 pm AEDT.