VANCOUVER, British Columbia, Feb. 13, 2023 (GLOBE NEWSWIRE) -- TinOne Resources. Inc. (TSXV:TORC) (OTCQB:TORCF) (FSE:57Z0), focussed on advancing its high-quality portfolio of tin projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales, Australia, has discovered lithium at its Aberfoyle project in Australia. The 100%-owned 9,600-hectare Aberfoyle Project is located in the tier-one mining jurisdiction of Tasmania, Australia.
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During reconnaissance exploration programs for tin across the Aberfoyle project, the company’s geologists sampled mica altered granite, where 10 samples returned highly elevated lithium values of 0.1% Li2O or above with a maximum of 0.57% Li2O. Samples that returned 0.1% or more Li2O were sent for analysis at SGS Townsville, Australia and returned values consistent with the original ALS results thereby confirming the significance and validity of the original laboratory results. These elevated lithium samples came from three separate areas over an area of more than 8 km by 4 km, suggesting that the lithium occurrences are not isolated and may be part of a previously unrecognised lithium camp.
The main area of elevated lithium sampled to date covers the historic Guinea Pig and Dead Pig small-scale tin mining prospects with 5 of the 7 rock samples collected over an area of approximately 600 x 250 metres returning values over 0.1% Li2O and up to 0.57% Li2O. Approximately 2 km north of the Guinea Pig prospect, two samples in the Ockle Creek area returned 0.10% and 0.12% Li2O, respectively. In addition, another sample collected at the Tasmania Creek prospect to the northeast returned 0.22% Li2O and one sample a further 1 km north returned 0.1% Li2O.
Selected higher grade samples were also analysed by X-ray diffraction (XRD) at the Minerals Resources Tasmania laboratory and confirmed the presence of substantial quantities of the mica zinnwaldite, which is globally the most important mica-host for hard rock lithium deposits.
Australia produces more than 50% of the world’s lithium, with China accounting for more than 90% of its exports. However, as reported by Bloomberg, these exports are expected to decrease as several companies are currently building refineries in Australia that would turn locally-mined lithium ore into battery-grade chemicals for sale on world markets. Global lithium production surpassed 100,000 tonnes for the first time in 2021, quadrupling from 2010, with the demand for lithium expected to reach 1.5 million tonnes of lithium carbonate equivalent by 2025 and more than 3 million tonnes by 2030.
As mentioned, the Great Pyramid Tin project is the company’s most advanced and active project in its portfolio. This drill core averages 0.67% tin. Great Pyramid has a historical mineral resource estimate from 2012 which showed an inferred mineral resource of 10.4 kilotonnes of contained tin. Management cautions that this estimate is not supported by a technical report completed in accordance with NI 43-101.
TinOne Resources is one of the Inventa Capital (www.inventacapital.ca) portfolio companies.
The shares are trading at $0.145. For more information, please visit the company’s website, www.TinOne.ca, contact Chris Donaldson, Executive Chairman, at 604-813-3931 or by email at info@TinOne.ca.
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