Grand Baie,
HIGHLIGHTS
Substantially improved the confidence of Mineral Resources at Mpama South whilst extending the known mineralisation boundary.
Increased Indicated Resources by 286% to 3.26Mt based on assays from 63 additional infill and extensional drillholes.
Mpama South Mineral Resources now stand at: 3.26Mt @ 2.46% Sn for 80.2kt contained tin in the Indicated category; and 2.84Mt @ 2.42% Sn for 68.7kt contained tin in the Inferred category.
Significant additional resource growth potential at Mpama South as the deposit still remains open down-dip.
Mpama South Updated Mineral Resource Estimate
In just 24 months, Alphamin has: delivered a top-10 globally significant CRIRSCO compliant tin deposit by contained tin1 at Mpama South; grown the resources to ~2.2 times versus the Maiden Mineral Resources and PEA2 numbers; increased resource confidence across the deposit; and commenced mine construction through own cashflows.
This brings forward an additional planned ~7,200tpa contained tin production, which will make Alphamin one of the largest tin producers globally and delivers on the Company strategy of organic growth and creating shareholder value.
The updated Mineral Resource for Mpama South follows eight months after the previous update announced on
The updated MRE now includes results from 187 drillholes at Mpama South as well as 6 drillholes drilled in 2015 in the area between Mpama South and the Mpama North ore body. The MRE was estimated using the
Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability and require advanced studies and economic analysis to prove their viability for extraction.
Extensional drilling down-dip and in the shallower northern and southern portions of Mpama South can be conducted at the Company's election to carry on extending known mineralisation at Mpama South, which is still open in multiple directions. High grade drillholes around the peripheries where mineralisation remains open are highlighted in Figure 1, showing the remaining prospectivity for Resource expansion. However, for 2023, the focus will primarily be aimed at the
The MRE has been completed by Mr.
Bisie Ridge Regional Exploration Update
Alphamin intensified exploration drilling on the 13km long
Although anomalous mineralisation has been confirmed in drilling on the Ridge, it is not of the obvious coarse visual cassiterite type frequently seen in drillcore from Mpama North and South.
Only ~25% of assays have been returned from the independent laboratory to date from the Ridge drilling. Assay results when received will support a fuller investigation into the regional setting, along with data from the on-going geophysical downhole surveys, structural investigations and mapping, thereby enabling a refocused exploration programme. Until then, the key focus at site remains the construction and commissioning of the new
Qualified Persons
Mr
Contact:
CEO
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to the anticipated future exploration and resource estimation activities and outcomes and the timing thereof and expected increases in tin production from the development of the Mpama South deposit and the cost and timing of such development activities. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: uncertainty of future exploration and assay results and consistency with past results and expectations; uncertainties related to the technical and economic parameters applied in the Mpama South Preliminary Economic Assessment regarding forecasted tin prices, the tin grade mined and processing recoveries as well as operating costs; uncertainties inherent in estimates of Mineral Resources, global geopolitical and economic uncertainties, volatility of metal prices, uncertainties with respect to social, community and environmental impacts, uninterrupted access to required infrastructure, adverse political events, impacts of the global Covid-19 pandemic as well as those risk factors set out in the Company's Management Discussion and Analysis and other disclosure documents available under the Company's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Neither the
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