Elementos continues focus on Oropesa Tin Project with exploration drilling and optimisation

Elementos Ltd (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) maintains its primary focus on the Oropesa Tin Project in Spain with ongoing exploration drilling and optimisation work supported by strengthening tin market fundamentals. Following the completion of an economic study in May 2020, the company has been seeking to further optimise potential financial returns at Oropesa – one of the world’s largest, undeveloped, open-cut minable tin deposits with access to world-class infrastructure. The study, which positioned the project as a low-cost, globally significant new tin development with a prospective annual production of 2,440 tonnes of tin-in-concentrate over a 14-year mine-life was completed with a tin price of US$19,750 per tonne and prices this week have surpassed US$29,700. Summary of financial and technical information. The company believes Oropesa represents an excellent opportunity to create a value-uplift potential for shareholders as the project is advanced towards development. Oropesa optimisation program  Elementos has started an optimisation program designed to increase the project’s overall resource, annual production and mine-life. One of the main activities underway includes resource conversion drilling to target the conversion of near-surface inferred resources to indicated resources and improve the waste-to-ore stripping ratio by incorporating additional mineral resources into an updated resource. Other activities include: Fault controlled mineralisation drilling - designed to confirm interpreted near-surface fault-controlled mineralisation that has been identified from historical exploration data, this also has the potential to significantly expand the resource, especially at shallow levels; Wider tenement potential drilling - targeting geophysical and geochemical anomalies that have been identified lying along strike and north and south of the Oropesa orebody; Estimation of a new JORC geological resource - Geological reinterpretation of the Oropesa orebody following the current drilling program, incorporating a low-grade tin halo that is excluded from the current JORC resource that was used in the economic study - the outcome of this drilling may result in an increase in tin production at no additional mining cost; Environmental approvals; and Engineering studies for the process plant, site infrastructure and tailings dam design. Drilling results On March 22, the company received wide high-grade diamond drilling results at Oropesa where two further drill holes – bringing the number of completed holes to 25 of 48 - intersected high-grade zones of tin mineralisation. Best assays include 31.1 metres at 1.49% tin from 113.3 metres, including 6.1 metres at 4.85% tin from 133.6 metres, which includes 1-metre at 12.9% tin from 133.6 metres and 1.4 metres at 8.02% tin from 135.8 metres. At the time, chairman Andy Greig said drilling served to support the company’s primary objective to convert existing inferred resources into indicated resources. He said: “The latest drilling results from Oropesa represent some of the highest tin grades ever reported at the project and continue to support our great confidence in the asset.” Cleveland Tin Project – Tasmania The Cleveland Tin Project is 80 kilometres southwest of Burnie in the mineral-rich northwest region of Tasmania, Australia. It includes a historic mine boasting excellent power, water and transport infrastructure. Interstate travel restrictions due to the COVID-19 pandemic prevented any fieldwork being carried out at Cleveland during the half-year ending December 31, 2020, but work is now stepping up. Amid surging tin prices, Elementos resumed exploration activities at the project in March to assess the potential for additional tin resources and identify drill targets. Four of five rock chip samples collected contained visible sulphide mineralisation with the most significant assay being 0.7% tin, 0.57% copper and 13.4% zinc from sample 130403. The company aims to identify additional exploration targets and submit a new development proposal for the mine design of a combined open cut/tailings retreatment project.