Join our daily newsletter At The Bell to receive exclusive market insights
- Metals X (MLX) reveals some key drilling hits at its half-owned Renison Tin Operation in Tasmania
- Of the 16 diamond holes drilled in the area, 13 struck tin, with several high-grade intersections having now been reported from the new Hastings area
- More than this, 11 of the mineralised intersections at Hastings are currently outside of the modelled mineral resource for the Renison area
- Metals X and joint venture partner Bluestone Mines Tasmania are now planning follow-up infill drilling in the area for later this year
- Shares in Metals X are up 2.17 per cent and trading at 23 cents each at 3:20 pm AEST
Tin producer Metals X (MLX) is trading green today after revealing some key intersections at its half-owned Renison Tin Operation in Tasmania.
MLX owns 50 per cent of the Renison operation in a joint venture (JV) with Bluestone Mines Tasmania, which manages the project.
Today, MLX told investors the JV struck some significant intersections at the newly-defined Hastings area of the Renison operation.
Specifically, 13 out of 16 diamond drill holes in the area struck tin, with several high-grade intersections having now been reported by Metals X since the first discovery hole at Hasting from February this year.
The best hits include a 35-metre-wide zone at 1.87 per cent tin from 237 metres downhole and a 17-metre zone at 3.52 per cent tin from 385 metres downhole, among several others.
More than this, 11 of the mineralised intersections at Hastings are currently outside of the modelled mineral resource for the Renison area.
The holes that were included in the mineral resource, which was updated in June this year, contributed 6100 tonnes of tin to the overall resource, which sits at 18.2 million tonnes grading 1.65 per cent tin for 302,000 tonnes of contained tin.
The Hastings area of the project is still open both at depth and to the north, and Metals X said the JV is planning follow-up infill drilling for later this year.
The company said with this planned future drilling, the joint venture expects the Hastings area to continue to grow. At this stage, the drilling program will be designed to keep delineating the boundaries of the Hastings mineralised zone to increase the JV’s confidence in the resource below the ground.
Shares in Metals X were up 2.17 per cent and trading at 23 cents each at 3:20 pm AEST. The company has a $213 million market cap.
