Metals X (ASX: MLX) has reported further drilling results from the Ringrose prospect at Renison Bell in Tasmania, with multiple-metre intercepts of high grade tin mineralization.
The company, which holds a 50% equity interest in Renison operator Bluestone Mines, announced significant assay results including 87 m at 0.65% Sn from 204 m. Within this drillhole, intercepts included 10.5 m at 3.08% Sn from 280.3 m, 7.5 m at 1.13% Sn from 253.5 m, and 5.3 m at 0.52% Sn from 268.9 m. These results further confirm high-grade tin mineralization extending over 300 m strike and 250 m depth, open in all directions.
This update follows results reported earlier in 2024, which extended mineralisation 50 m up-dip to the north and 50 m down-dip to the west, and similarly positive multiple-metre high-grade tin intercepts.
Ringrose—approximately 750 m south of the existing Renison mine—has been explored as a potential new resource since 2019. Following an initial discovery drill hole intersecting 26.93 m at 4.37% Sn from 225.1 m in 2022, the mine operators have completed a further 14 diamond drill holes targeting mineralisation at Ringrose.
Brett Smith, Metals X Executive Director, highlighted the positive results, noting the “new results, particularly the widths, in proximity to the previously reported results build [the company’s] confidence that the area will generate a resource and allow us to progress studies to include this as a new area for potential future development”.
The company plans to undertake additional drilling and metallurgical recovery testing ahead of next year’s mineral resource estimate and life of mine plan update, which the company hopes will include Ringrose.
The project benefits from Ringrose being covered by the existing mining lease and its close proximity to underground workings at the existing mine, as well as its shallow depth relative to existing underground development. Mr Smith commented that Metals X expects these factors to “allow the area to be developed with little or no additional surface infrastructure and at attractive extraction costs”.
Surface diamond drilling is currently underway at two drillholes at Renison exploration targets, while a closer-spaced infill program of ten diamond drill holes for a total of 2,800 m is expected to be completed in Q3 2024. Further drilling will commence in the same quarter, concluding in mid-2025.
Our view: Continued positive exploration drilling results at Renison provide a positive outlook for the mine, which has seen a 50% increase in tin reserves in the past decade. We look forward to seeing further high-grade intercepts during the ongoing campaign, and to seeing potential extension to mine life.
Bluestone Mines Tasmania Joint Venture Pty Ltd is a member of the International Tin Association.
