[Uis Project. Source: AfriTin]
AfriTin Mining (ATM ), an Africa-focused mining company, updated markets on its lithium and tantalum drilling programme at its flagship Uis Mine in Namibia.
AfriTin's 50-hole drilling programme at Uis aims to increase the confidence of the existing lithium and tantalum mineral resource estimates over the deposit. The programme comprises of 29 diamond and 21 reverse circulation (RC) drill holes.
A total of 49 holes have already been completed and are being processed. The results of 20 previous holes were announced in June, July and October. Today, AfriTin reported assay results of the next 5 drill holes.
AfriTin reported pegmatite intersections in all holes at depths and apparent widths predicted by its geological model. Significant pegmatite intersections include:
- 114 m at 0.151% Sn, 75 ppm Ta, and 0.63% Li2O within drill hole V1V2042, from 116 m to 230m
- 108 m at 0.146% Sn, 65 ppm Ta and 0.65% Li2O for hole V1V2046, from 101 m to 209 m
- 75 m at 0.183% Sn, 76 ppm Ta, and 0.76% Li2O from 92 m to 167 m
- 23 m at 0.153% Sn, 102 ppm Ta and 0.46% Li2O from 57 m to 80 m for drill hole V1V2056.
Notable intersections of lithium mineralisation within the pegmatite intersections include:
- 10 m at 1.35% Li2O for drill hole V1V2042 from 211 m to 221 m; and
38 m at 1.00% Li2O for drill hole V1V2056 from 107 m to 145 m.
AfriTin will provide the results of the outstanding 24 drill holes once received.
View from Vox
The drill results announced by AfriTin today are in line with expectations for the V1/V2 pegmatite ore body at Uis, and indicate consistent mineralisation of lithium, tin, and tantalum across the entire strike of the the pegmatite. The intersections of the reported holes align with the company's current geological model, confirming its spatial accuracy.
Map displaying the localities of the reported holes, the drill holes of the 2019 exploration programme, and the holes from the current programme previously reported. Line A-A' indicates the area represented by the cross section in the next figure.
Section line A-A' displaying a projection of the holes drilled during the current programme
The lithium grades intersected in drill holes V1V2042 and V1V2056 are particularly encouraging as AfriTin aims to fast-track lithium production and become the only AIM-listed lithium producer.
In this context, investors should expect an upgrade to Uis' lithium and tantalum resources as AfriTin wraps up its exploration programme at the site.
In September, AfriTin negotiated a US$53.6m funding package that will ensure the company remains well-funded to accelerate growth in tin operations, and fund its development of lithium and tantalum by-product opportunities.
With the price of tin dropping in recent quarters, a refocusing on lithium and tantalum will be a valuable hedge for the company, as demand of those tech-critical metals is on the rise.
Additionally, investors should take further comfort that the global asset manager, Orion, has been proposed as a key strategic investor for AfriTin, providing a conditional US$25 million investment.
Orion has a strong history of cultivating sustainable shareholder value in the mining sector. As such, their interest in AfriTin constitutes a compelling endorsement of the company's current work and future potential.
As AfriTin has now completed the Uis Phase 1 expansion, investors should expect much higher production levels from the mine in 2H22, to over 1200 tpa of tin concentrate.
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