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Perpetual Resources Ltd (ASX:PEC) is planning to roll out an extensive exploration program to follow up the presence of high-grade tin at its Itinga project in Brazil – which has, until now, largely focused on lithium prospectivity.
Tin’s importance has been highlighted by researchers at the prestigious Massachusetts Institute of Technology (MIT), who have described it as the highest ranked critical metal on earth. And alongside this, its price has increased recently, due to concerns about anticipated supply shortages and disruptions.
Since December 2024, the price of tin has risen by 30% to nearly US$36,000 per tonne.
So, it makes sense Perpetual would wish to follow up reconnaissance sampling conducted last month, which revealed tin grades reaching more than 20% across multiple samples, with this also building on a peak assay of 7.3% tin (Sn) which was discovered during exploration in July 2024.
The expanded exploration work is still being defined, but is expected to include a review of artisanal workings, detailed sampling of soil and rocks, mapping and trenching.
Executive director Robert Benussi said there was much to be excited about concerning tin and lithium potential at Itinga. “With tin prices remaining strong and recent results confirming high-grade mineralisation at Itinga, we believe now is the ideal time to expand our exploration efforts,” he said.
“The Itinga Project represents an exciting, underexplored opportunity, and we are eager to unlock its full potential through targeted exploration activities.”
PEC shares have risen following the news, and just before close they were trading at 1.6 cents – a rise of 14.29% since the market opened.
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