Elementos returns some of best Oropesa tin results to date as market strengthens

Elementos Ltd (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) has returned high-grade tin intersections that confirm mineralisation continuity in its campaign to convert existing inferred resources into indicated resources at its flagship Oropesa Tin Project in Spain. According to the company, the drilling program is delivering some of the highest tin grades in the current program and amongst the highest ever reported at the project. These results come as the tin price continues to maintain significant gains and is currently more than US$26,000 per tonne. Zones of mineralisation have been intersected in two new drill holes with best results in drill hole ADD_01A of 10.5 metres at 0.27% tin from 94.9 metres, 2.3 metres at 0.63% from 122 metres and 9.9 metres at 0.69% from 200.5 metres including 0.6 metres at 4.36% from 209.8 metres. Hole Expn_018 returned 5.9 metres at 0.26% tin from 73.9 metres. “Support for bridging gap” Results from ADD_01A are particularly significant as they confirm continuity of the mineralisation between separate zones of inferred resources towards the northwest extremity of the current geological resource. Elementos chairman Andy Greig said: “The results from drill hole ADD_01A will provide very strong support for bridging a gap in the mineralised envelope located at the northwest extremity of the geological resource.” Diamond drilling program The company started a 5,000-metre program of diamond drilling across 48 holes at Oropesa in October 2020 as part of a wider optimisation program designed to increase the project’s overall resource, annual production rate and mine life. There have been 25 drill holes completed with assays received for 17 of them. This program follows the release of an economic study in May 2020, which positioned Oropesa as a low-cost, globally significant new tin development with prospective annual production of 2,440 tonnes of tin-in-concentrate over a 14-year mine life. This study was completed with a tin price of US$19,750 per tonne with the LME spot tin price currently over US$26,000. Key objectives The drilling program’s key objectives are: To convert existing inferred resources into indicated resources to improve the overall waste-to-ore stripping ratio; Confirmation of the near-surface, possibly fault-controlled mineralisation that is currently excluded from the 2017 geological resource model; and Testing for additional near-surface resources from exploration targets identified from Induced Polarisation (IP) geophysical survey anomalies.