Consolidation of Exploration Tenure Around Taronga

First Tin PLC

14 November 2024

 

14 November 2024

First Tin PLC

("First Tin" or "the Company")

Taronga Mines Further Consolidates Exploration Tenure Around Taronga

First Tin PLC, a tin development company with advanced, low capex projects in Germany and Australia, is pleased to announce that its 100% owned subsidiary, Taronga Mines Pty Ltd ("TMPL"), has applied for two new Exploration Licences ("EL") near its Taronga Tin Project ("Taronga") in Australia.

As a result of TMPL's proactive monitoring strategy, the Company was able to apply for two newly available licences, ELA 6814 and ELA 6836. Together they cover around 195 km² of prospective ground, taking TMPL's total area under tenure in the Emmaville district to around 752 km², assuming they are granted.

The two licences cover numerous old hard rock and alluvial tin workings within and adjacent to the Mole Creek Leucogranite - the main source of tin mineralisation in the district. Several interesting targets are already identified including (Figure 1):

·      Long Spur: A zone of NE tending sheeted veing (similar orientation to Taronga) has been identified over at least 15m width with stream sediment anomalies of 1100ppm Sn and 3300ppm Sn draining the area. Sampling by the Geological Survey of New South Wales (GSNSW) has returned assays of up to 1.9% Sn from surface grab samples and individual veins up to 0.3m wide are noted.

·      Dingo Creek: Alluvial and hard rock tin workings in the area form extensions and/or repetitions of existing TMPL targets.

·      Butlers Extended: Extensions of the Butlers Lodes, one of the larger historical hard rock tin producers, are interpreted.

·      Catarrh Creek: This area is one of the more significant historical alluvial tin producers outside the immediate Emmaville area, with over 1,000t past production of tin concentrates.  A hard rock source has not been identified to date.

·      Stannum Extensions: Stannum is one of TMPL's higher priority targets and extensions of the target extend into this area.

·      Romneys: Several hard rock and alluvial workings are known in the area but little modern exploration has been undertaken to date.

These targets complement TMPLs existing targets and ensure that TMPL will have access to almost all of the known tin targets in the Emmaville Tin Field once the tenements are granted.

First Tin CEO, Bill Scotting commented:

"Acquiring these tenements supports our Hub and Spoke strategy, positioning Taronga as a future central processing facility. While our immediate focus is on bringing Taronga into production, continuing exploration in this highly prospective area is a strategic priority for First Tin. The addition of these two tenements to our portfolio further consolidates our exploration efforts in the district."

Figure 1: New EL Application Areas

Competent Person Statement

Information in this announcement that relates to exploration results, data quality and geological interpretations is based on information compiled by Mr Antony Truelove. Mr Truelove is a Member of the Australian Institute of Geoscientists (AIG) and the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Truelove has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Truelove is Chief Operating Officer of First Tin Plc and consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Enquiries:

First Tin	Via SEC Newgate below
Bill Scotting - Chief Executive Officer
Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
Simon Catt	020 7389 5016
Zeus Capital Limited (Joint Broker)
Harry Ansell / Dan Bristowe / Katy Mitchell	020 3829 5000
SEC Newgate (Financial Communications)
Elisabeth Cowell / Molly Gretton	07900 248 213

Notes to Editors

First Tin PLC is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia, which have been de-risked significantly, with extensive work undertaken to date.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

JORC Code, 2012 Edition - Table 1 Taronga Tin Project (TMPL)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Sampling techniques	·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·    Aspects of the determination of mineralisation that are Material to the Public Report. ·    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	·     Stream Sediment Sampling was undertaken by the Shell Company in the early 1980s.  Details are unknown and hence results should be treated with caution. ·     Rock Chip samples were collected and analysed by the GSNSW. Details are unknown and hence results should be treated with caution.
Drilling techniques	·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	·    No drilling reported.
Drill sample recovery	·    Method of recording and assessing core and chip sample recoveries and results assessed. ·    Measures taken to maximise sample recovery and ensure representative nature of the samples. ·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	·    N/A
Logging	·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ·    The total length and percentage of the relevant intersections logged.	·    N/A
Sub-sampling techniques and sample preparation	·    If core, whether cut or sawn and whether quarter, half or all core taken. ·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ·    For all sample types, the nature, quality and appropriateness of the sample preparation technique. ·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ·    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. ·    Whether sample sizes are appropriate to the grain size of the material being sampled.	·    N/A
Quality of assay data and laboratory tests	·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	·    Unknown, historical data only.
Verification of sampling and assaying	·    The verification of significant intersections by either independent or alternative company personnel. ·    The use of twinned holes. ·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·    Discuss any adjustment to assay data.	·    None undertaken.
Location of data points	·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·    Specification of the grid system used. ·    Quality and adequacy of topographic control.	·    Most data is publically available data from GSNSW. ·   Data is shown in GDA94 coordinate system, Zone 56.
Data spacing and distribution	·    Data spacing for reporting of Exploration Results. ·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·    Whether sample compositing has been applied.	·    N/A
Orientation of data in relation to geological structure	·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	·    N/A
Sample security	·    The measures taken to ensure sample security.	·    N/A
Audits or reviews	·    The results of any audits or reviews of sampling techniques and data.	·    N/A

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Mineral tenement and land tenure status	·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	·    The project is secured by six granted tenements: EL7800, EL7801, EL8335, EL8407, EL9200 and ML 1774, all of which are currently in good standing. These are held 100% by TMPL.  ·    Three applications are currently active: ELA6814, ELA6836 and MLA624. ·    The only royalty is the state of NSW royalty of 4% on tin mined.
Exploration done by other parties	·    Acknowledgment and appraisal of exploration by other parties.	·    Exploration and feasibility studies were undertaken by various parties, mainly between 1979 and 1984. This data has been used compiled and used where applicable. ·    This work was undertaken to a high standard and all data is considered to be usable.
Geology	·    Deposit type, geological setting and style of mineralisation.	·    The Taronga tin deposit is a sheeted vein style +/- copper-silver with horizontally and vertically extensive veins of quartz-mica-cassiterite-sulphide +/-fluorite-topaz occurring over a combined area of up to 2,700m by 270m.  ·    The veins vary in thickness from less than 0.5mm to 100mm but are generally between 1mm and 10mm thick and average about 20 veins per metre. ·    The host rock is hornfels derived by contact metamorphism of Permian aged metasediments by Triassic-aged granites.  ·    The source of mineralising fluids is interpreted to be an underlying intrusion of the Triassic Mole Leucogranite, a reduced, highly fractionated, A to I type granite. The metals of interest (Sn, Cu, Ag) are interpreted to have been enriched in the late magmatic fluid of this granite via enrichment of incompatible elements during fractional crystallisation. Breaching of the magma chamber during brittle faulting in an ENE orientation, a structural corridor, has tapped these enriched fluids which have subsequently deposited the metals due to changing temperature and pressure conditions and/or mixing with meteoric fluids. ·    Other styles of mineralisation in the district includes lode style hard-rock tin veins between 10cm and 10m wide within the granite, alluvial placer style tin and palaeo-alluvial deep lead style tin.
Drill hole Information	·    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. ·    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	·   N/A
Data aggregation methods	·    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. ·    Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ·    The assumptions used for any reporting of metal equivalent values should be clearly stated.	·    N/A
Relationship between mineralisation widths and intercept lengths	·    These relationships are particularly important in the reporting of Exploration Results. ·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ·    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	·    N/A
Diagrams	·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	·    Summary plan attached.
Balanced reporting	·    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	·    All known results reported.
Other substantive exploration data	·    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	·    N/A
Further work	·    The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). ·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·    Proposed follow up will consist of geaological mapping, stream sediment and soil sampling, and drilling if warranted.

 

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