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- Elementos (ELT) increases the mineral resource estimate (MRE) at its Oropesa Tin Project in Spain by 50 per cent
- The increased MRE reads 18.86 million tonnes at 0.4 per cent tin, up from the 12.54 million tonnes reported in 2018
- Around 88 per cent of the MRE is classified as measured and indicated, confirming the geological grade and continuity to support a definitive feasibility study
- Elementos will use the updated MRE as the basis for a definitive feasibility study for Oropesa in 2022
- Shares in Elementos are up four per cent and are trading at 2.6 cents
Elementos (ELT) has increased the mineral resource estimate (MRE) at its Oropesa Tin Project in Spain by 50 per cent.
Oropesa is one of the world’s largest undeveloped, open-cut mineable tin deposits with a prospective annual production of 2440 tonnes of tin metal across a 14-year mine life.
The increased MRE reads 18.86 million tonnes at 0.40 per cent tin, based on a 0.15 per cent cut-off, up 50 per cent from 12.54 million tonnes in 2018.
Of this, 88 per cent — around 16.62 million tonnes — is classified as measured and indicated, confirming the geological grade and continuity to support a definitive feasibility study.
Additionally, 4.97 million tonnes lies within 100 metres of the surface.
The new MRE also reflects a 78 per cent increase in the measured and indicated categories from 9.34 million tonnes to 16.21 million tonnes, and a 30 per cent reduction in the inferred category from 3.20 million tonnes to 2.24 million tonnes.
CEO Joe David said the updated MRE surpassed the company’s expectations.
“We are extremely pleased by the results of the updated mineral resource estimate which exceed the goals set by the company before the drilling program started last year in both the magnitude of the increase to the mineral resources tonnes and classification confidence to the 2018 numbers,” Mr David commented.
“These increases result in the project having a large, shallow and geologically confident mineral resource base to assess in our future mine planning studies, via techno-economic modification factors, and supports our goal of releasing a maiden JORC ore reserves statement at Oropesa.”
Elementos will use the updated MRE as the basis for a definitive feasibility study for Oropesa in 2022.
Shares in Elementos were up four per cent to 2.6 cents each at 12:13 pm AEDT.
