Metals X Limited (ASX: MLX), a multi-commodity producer with quality ore reserves in tier 1 jurisdiction. The company provided its annual Mineral Resources update for its partially owned Renison Tin Operations in Tasmania.
The total Tin mineral resource of the project stands at 43.1 million tonnes with an average grade of 0.87%, accounted for 376,400 tonnes of Tin, and the total mineral resource for copper stands at 41.45 million tonnes with an average grade of 0.21%, accounted for 87,500 tonnes of copper.
Out of total 43.1 million tonnes of Tin mineral resource, the Measured Resources stand at 24.440 million tonnes with 0.51% grade, and 129,500 tonnes of Tin and Indicated Resources stand at 14.490 million tonnes with a grade of 1.45% and 209,400 tonnes of Tin.
The Proven Mineral Resources of Tin are at 39.93 million tonnes, and Inferred Mineral Resources are at 3.170 million tonnes with a grade of 1.18%.
Out of 41.450 million tonnes of copper mineral resources, 25.450 tonnes belong to the Measured Mineral Resource category with a grade of 0.23%, and 13.520 million tonnes belong to Indicated Mineral resource category with a grade of 0.19%.
The Proven Mineral Resources of copper is at 38.97 million tonnes, and Indicated Mineral Resources are at 2.470 million tonnes with a grade of 0.17%.
The further division of the Mineral Resources; prospect wise, are as follows:Source: Company’s Report
The company reported the Mineral Resources post including the Ore Reserves and included mining production data & exploration information till 31st March 2019. Mineral Resource Classification is in accordance with the Joint Ore Reserve Committee (JORC) 2012 edition (Australasia Code for Reporting Exploration Result for Mineral Resources and Ore Reserves).
The annual comparison of the Mineral Resources; prospect wise is mentioned below:
Source: Company’s Report
As mentioned above, MLX holds the project partially and controls 50% of the interest in the Renison Tin Operations, due to which the only half or 50 percent above reported Mineral Resources belong to the company in the Bluestone Mines Tasmania Joint Venture.
On the 50 percent basis, the Mineral Resources of the company are as follows:
Source: Company’s Report
Estimation, Classification, and Analysis:
Metals X had used NQ2, LTK60 and LTK48 sized diamond core to collect the bulk of the data utilized for estimating and calculating the Mineral Resources. The diamond core was geologically logged and subsequently halved for sampling.
Also, as mentioned above, MLX had classified the Mineral Resources as per the JORC guidelines.
MLX dried the samples at 900C and then crushed it to less than 3mm for the analysis. Samples were then riffle split to obtain a sub sample of approximately 100g, the sub sample was then pulverised to 90% passing 75 micrometres.
The company further took two gram of the pulverised sample with twelve gram of active reagents, which includes a binding agent; the weighted sample is then pulverised again and collected. Post collection the samples were then compressed for introduction to the XRF.
The share prices of the company closed flat at A$0.225 (as on 24th May 2019).
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