Consolidated Tin Mines (ASX:CSD) has announced the final batch of drill results from its Mt Garnet tin project in Queensland, Australia. There were some very interesting intercepts, such as almost 24 meters at in excess of 1% tin, and 11 meters at 0.89% tin on the Gillian prospect, which is part of Mt Garnet.
These drill results was used in an updated resource estimate which will be part of the definitive feasibility study at the Gillian deposit. The total current resource estimate at Mt Garnet is 12 million tonnes at 0.40% Sn for a total amount of 48200 tonnes of tin which has an in-situ value of just over $1B. If you’d add the iron in the resource calculation, the tin-equivalent grade increases to 0.58%. Consolidated Tin has a real chance to aggressively advance the Mt Garnet project as the company has recently signed an updated MOU with Snow Peak Mining whereby Consolidated Tin can acquire all of Snow Peak’s assets (including a Mt Garnet concentrator site) for a payment of 600 million shares and a convertible bond with a face value of $16.5M.
> Click here to read the recent press releases
Disclosure: The author holds no position in Consolidated Tin at this moment, but could initiate a position anytime. Please see our disclaimer for current positions.
