Elementos Limited (ASX: ELT) is an exploration company focused in tin production. Today, ELT announced the successful completion of its first phase of ore pre-concentration performance testing at Oropesa Tin Project (“Oropesa”) in Spain.
The company received impressive results from the technical program, first since finalisation of acquisition this year. It has also witnessed an occurrence of good separation from d initial visual inspection of the product and waste samples.
The results demonstrated that ore sorting could provide financial and operational benefits at Oropesa, where the sorting process is aimed to maximise waste rejection before undertaking the expensive process of grinding in a processing plant.
The test work was completed by TOMRA Sorting Solutions – Mining facilities in Hamburg, Germany. It comprises the separation of high-density particles from low-density particles utilising the TOMRA XRT technology.
Sorted Bulk Sample & XRT image of tin bearing ore sample (Source: Company’s Announcement)
The company informed that ore sorting may help to increase the grade of the sorted product while feeding into the downstream processing plant. Other potential benefits of ore sorting include a mass rejection of waste, which could either increase the plant throughput or reduce the scale of downstream processing plant. It could further improve the metallurgical recoveries and concentrate grades within downstream processing.
Chris Creagh, Chief Executive Officer of Elementos, stated that the results from the first technical program at Oropesa were very encouraging after the finalisation of acquisition this year. He stated that although final assay results remain pending, the company eyes great potential from the early visual inspections of the sorted samples.
“A successful program could have a significant impact on the overall design of the Oropesa plant and potentially lower capital and operating costs which will in turn increase the overall return to shareholders,” added Mr Creagh.
The second phase of the test programme will reportedly involve the determination of the overall performance of the process through detailed chemical analyses of all the product and waste samples. ELT expects results for the second phase in late June 2019.
In January 2019, ELT notified about developments regarding the acquisition of Oropesa Tin Project from Eurotin Inc and conducted preliminary test work. Subsequently, ELT announced positive results for preliminary test work.
Last month, Elementos announced the funding of up to $2 million via an unsecured loan facility from the company’s Non-Executive Chairman Mr Andy Greg, for a maximum term of 24 months. Furthermore, the company received a refund of $1,48,000 in relation to research and development incentive claim for the Fiscal Year 2017-2018.
Elementos cash balance stood at A$848,000 as at 31 March 2019. During March 2019 quarter, the company utilised A$163,000 cash in investing activities with respect to Oropesa Tin Project and A$253,000 cash in operating activities majorly to meet the administration and corporate costs.
ELT stock last traded at $0.005 with a market capitalisation of $7.72 million as at 22 May 2019.
Over the past 12 months, the stock has plunged by 16.67%. The 52-week high and low of the stock are A$0.009 and A$0.004, respectively.
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