Eurotin Inc. ("Eurotin" or the "Company") (TSX VENTURE:TIN), is pleased to
provide details of its initial NI 43-101 mineral resource estimate (the
"Resource"). In addition, it is also pleased to provide an update on the latest
drill results from its Oropesa tin project, located in SW Spain, including a
summary of the regional exploration potential.
Highlights
-- Resource confirms the positive open pit potential of the Oropesa tin
deposit.
-- Recent excellent drilling results, including 31.2m @ 0.99% Sn in ORPD
159 from 178.0m, support the latest geological interpretation.
-- The deposit remains open in all directions and has the potential to
expand in terms of both grade and tonnage, as evidenced by recent
drilling.
Oropesa - Initial Mineral Resource Estimate
The table below provides the Resource(1) calculated from all drill assays
received by the Company to the end of July 2012.
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Indicated(2) Inferred
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Ave Ave
Cutoff Grade Grade
(Sn %) Tonnes (Sn %) Tonnes Sn Tonnes (Sn %) Tonnes Sn
----------------------------------------------------------------------------
0.00 9,618,659 0.30 28,856 9,404,765 0.25 23,512
0.10 8,988,898 0.32 28,764 8,796,510 0.26 22,871
0.20 6,391,691 0.38 24,288 5,348,616 0.34 18,185
0.30 3,246,953 0.51 16,559 2,539,685 0.43 10,921
0.40 1,837,934 0.64 11,763 1,134,454 0.54 6,126
0.50 1,199,010 0.75 8,993 524,825 0.65 3,411
0.60 757,148 0.86 6,511 303,845 0.72 2,188
0.70 510,289 0.97 4,950 126,388 0.82 1,036
0.80 339,296 1.08 3,664 62,736 0.90 565
0.90 229,159 1.19 2,727 17,521 1.05 184
1.00 153,141 1.31 2,006 8,449 1.18 100
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(1) The Resource was prepared under the direction of Howard Baker BSc, MSc,
MAusIMM(CP) of SRK Exploration Services Ltd. ("SRK"), Cardiff, UK and is
compliant with the regulatory requirements of National Instrument 43-101 ("NI
43-101"), and excludes all drill results obtained by IGME (Instituto Geologico y
Minero de Espana) during its Oropesa exploration program undertaken in the
mid-1980s. A NI 43-101 technical report on the Oropesa Mineral Resource Estimate
will be filed within 45 days of the date hereof.
(2) There are no measured resources in the Resource.
Geological interpretation and modelling resulted in some 17 mineralized domains
that were wire-framed separately. Six of the 17 mineralized domains contain more
than one million tonnes of mineralized material. The mineralized domains form a
series of stacked mineralized zones that strike northwest and have moderate to
shallow dips to the northeast.
Bulk densities were assigned to the block model based on average density
readings obtained from Oropesa core samples by ALS Chemex. Grade interpolation
was carried out using ordinary kriging. Grades were estimated into a block model
with a block size of 10mE by 25mN by 5mRL.
The Resource was undertaken on the assumption that any future mining will be
carried out using low cost, open pit methods. Consequently, the resource block
model depth was restricted to 200m below surface.
Recent Drilling Highlights:
ORPM 4: 22.0m @ 1.05% Sn from 120.2m
ORPM 4: 10.0m @ 0.80% Sn from 146.3m
ORPC 7: 11.7m @ 1.74% Sn from 147.5m
ORPD 146: 4.0m @ 1.70% Sn from 156.3m
ORPD 147: 9.8m @ 1.02% Sn from 131.6m
ORPD 159: 31.2m @ 0.99% Sn from 178.0m
The most recent assay results received are shown in the table below; none of
these results were included in the Resource:
--------------------------------------------------------------------------
Est.
Dip True
Hole & From To Length Width Tin -
No. Azimuth (m) (m) (m) (m) Sn (%) Comment
--------------------------------------------------------------------------
ORPD-130 60 degrees @
200 degrees 124.0 132.2 8.2 0.40%
--------------------------------------------------------------------------
approx. Primary
143.5 145.7 2.2 2.0 0.70% Structure
--------------------------------------------------------------------------
172.6 174.5 1.9 0.54%
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--------------------------------------------------------------------------
ORPD-142 60 degrees @
200 degrees 219.6 225.5 5.9 0.26%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-144 60 degrees @
200 degrees 121.0 141.2 20.2 0.37%
--------------------------------------------------------------------------
157.5 163.8 6.3 0.66%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-146 60 degrees @ approx. Primary
200 degrees 156.3 160.3 4.0 3.6 1.70% Structure
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-147 60 degrees @
200 degrees 91.5 104.4 12.9 0.51%
--------------------------------------------------------------------------
109.4 113.9 4.5 0.39%
--------------------------------------------------------------------------
approx. Primary
131.6 141.4 9.8 9.0 1.02% Structure
--------------------------------------------------------------------------
164.3 177.2 12.9 0.44%
--------------------------------------------------------------------------
192.0 204.0 12.0 0.39%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-149 60 degrees @
200 degrees 66.1 73.4 7.3 0.54%
--------------------------------------------------------------------------
approx. Primary
Inc. 66.1 69.1 3.0 2.7 0.86% Structure
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-153 50 degrees @
110 degrees 79.9 88.2 8.3 0.36%
--------------------------------------------------------------------------
210.4 216.5 6.1 0.58%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-154 60 degrees @
200 degrees 121.0 141.2 20.2 0.37%
--------------------------------------------------------------------------
157.5 163.8 6.3 0.66%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPD-159 60 degrees @ approx. Primary
282 degrees 178.0 209.2 31.2 18.0 0.99% Structure
--------------------------------------------------------------------------
approx. Primary
Inc. 195.2 200.2 5.0 3.5 2.06% Structure
--------------------------------------------------------------------------
211.2 213.2 2.0 0.58%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORC-5 60 degrees @
200 degrees 122.0 128.0 6.0 0.49%
--------------------------------------------------------------------------
approx. Primary
138.2 148.8 10.6 9.5 0.59% Structure
--------------------------------------------------------------------------
approx. Primary
Inc 138.2 141.3 3.0 2.7 1.26% Structure
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORC-6 60 degrees @
200 degrees 152.0 159.1 7.1 0.40%
--------------------------------------------------------------------------
Top of
approx. Primary
172.8 175.8 3.0 2.7 1.36% Structure
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORC-7 60 degrees @
205 degrees 100.0 106.0 6.0 0.26%
--------------------------------------------------------------------------
approx. Primary
147.5 159.2 11.7 10.5 1.74% Structure
--------------------------------------------------------------------------
188.3 190.3 2.0 0.85%
--------------------------------------------------------------------------
Top of
approx. Primary
194.2 195.4 1.2 1.1 1.95% Structure
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORC-9 60 degrees @
200 degrees 0.0 9.0 9.0 0.32%
--------------------------------------------------------------------------
Two over
limit
samples
29.0 37.0 8.0 0.48% included
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ORPM-4 60 degrees @ approx. Primary
200 degrees 120.2 142.2 22.0 19.8 1.05% Structure
--------------------------------------------------------------------------
approx. Primary
146.3 156.3 10.0 9.0 0.80% Structure
--------------------------------------------------------------------------
-- A cut off grade of 0.20% tin has been used.
-- True widths for Replacement Structures are not ascertained due to
irregular shaped mineralized envelopes.
-- Figures shown in bold represent significant tin results of Width (m) x
Grade (%), exceeding a value of 6, and having a grade exceeding 0.65%
tin.
-- 'Primary Structures' refer to high grade (typically 1-2% Sn) veins,
usually 4-12 metres thick, emanating from a deep seated granite source.
'Replacement Structures' refer to low grade (typically 0.2-0.5% Sn)
mineralisation found in coarse, feldspar rich, greywackes adjacent to a
'Primary Structure'.
To view the associated map, please visit the following link:
http://media3.marketwire.com/docs/tin1008fig1.pdf.
The drill intercepts used in the Resource demonstrate continuous mineralization
over a length of 1,500 metres, as can be seen: i) in plan in blue - below left,
and ii) in the plan showing the locations of the approx. 260 drill intercepts
assaying greater than 0.5% tin (average content approx. 1.0% Sn, average width
approx. 4.0 metres) - below right:
To view the associated map, please visit the following link:
http://media3.marketwire.com/docs/tin1008fig2.pdf.
Exploration at Oropesa
The known Oropesa tin deposits are not yet fully explored and remain open to the
west and the east along strike. In addition, the defined mineralized domains are
interpreted to be displaced at depth by faulting. The locations of the down dip
extensions of the mineralization are currently unknown.
As illustrated above, there are numerous high grade tin intercepts that occur
across the Oropesa deposit. Company geologists, with the assistance of
recognized tin expert and Qualified Person Roger Taylor BSc (Hons), D.I.C., PhD,
M.A.I.G., are in the process of undertaking a detailed geological review and
structural re-interpretation with a view to defining continuous high grade
structures across the deposit. Early indications suggest the possibility of
anastomosing high grade structures within the deposit, partially verified by
some of the recent drill intercepts reported here. The current geological model
does not take into account any potential high grade structures, consequently the
high grade intercepts are modelled as isolated occurrences within the overall
mineralized domains. The Company believes that there is scope to increase the
grade of the Resource if continuous high grade structures can be successfully
interpreted and modelled separately. An infill drilling program is planned.
A major soil geochemistry program is currently underway to test immediate strike
extensions to the mineralization, concentrating on areas with favourable host
rocks (conglomerates and greywackes) as can be seen in the schematic below
(shown in brown):
To view the associated map, please visit the following link:
http://media3.marketwire.com/docs/TINfig3.jpg.
In addition, a number of regional stream sediment anomalies, were defined by the
stream sediment sampling program undertaken by IGME in the 1980s indicating
additional tin mineralization in the region shedding tin into the north-south
trending streams. These anomalies are now being followed up. The Company is also
planning a new regional stream sediment sampling program over a much wider area.
To view the associated map, please visit the following link:
http://media3.marketwire.com/docs/tin1008fig4.pdf.
As with any typical Tin District, the Company believes tin mineralization will
not be restricted simply to one type of deposit, such as an 'Oropesa-style'
deposit. For example, from previous IGME drill holes, it is known that there are
north-south trending tin mineralized structures on La Grana hill in the much
older Devonian quartzites. This rock formation is underlain by a
pre-mineralization thrust fault, and was once at great depth, possibly around
2,000 metres below the Oropesa tin deposits.
The tin mineralization found in the Devonian quartzites is exceptionally coarse
(supporting the concept that it was deposited at much greater depth than
Oropesa) and historic IGME drilling encountered potentially economic, high grade
(up to 11.7% Sn over 2 metres), tin values on eastern La Grana hill in the
Devonian quartzites adjacent to a north-south trending mineralized structure and
the thrust fault.
Conclusion
Peter Miller, President & CEO, comments: "Now that we have our initial resource,
we have passed a significant milestone on our way to building a viable tin
mining operation at Oropesa. Also, the world is already in a situation of modest
supply deficit for tin and we are probably just 3-4 years away from the time
when global mined tin production is widely predicted to contract by some 20%.
According to ITRI (International Tin Research Institute), this will be the
result of further declines in Indonesian output and the closure of San Rafael,
the world's largest tin mine. This bodes well for the future price of tin,
concurrent with the anticipated development of Oropesa, as it is currently
foreseen."
Assay and QA/QC Methodology for Oropesa Drill Core
All core produced is taken daily from each drill site to the Company's secure
facility in Fuente Obejuna, where it is logged by the Company's geologists. This
process takes place under the supervision of Qualified Person Victor Guerrero
Merino, Euro.Geol.
The core, usually of around one metre length, which is chosen by the Company's
geologists for assaying, is then cut in half either at the Company's own
facilities at Fuente Obejuna or at ALS Chemex's sample preparation facility in
Seville in southern Spain.
At the ALS Chemex facility, the cut core is logged into the in house LIMS
tracking system, after which each sample is prepared using procedure code 'Prep
31'. This procedure involves the drying, weighing and fine crushing to 70%
passing -2mm. A 250g split of the crushed material is then pulverised to greater
than 85% passing 75 microns. Samples are then shipped by bonded courier to
Vancouver for analysis.
In Vancouver, ALS Chemex procedure ME-XRF10 is used for tin analysis and
ME-ICP61 for multi-element (33) analysis. The ME-XRF10 procedure uses 0.9g of
calcined sample pulp, which is mixed with 4.5g of lithium tetraborate and 4.5g
of lithium metaborate. This mixture is then fused at 1,100 degrees C to produce
a flat molten disc, which is subsequently analysed by XRF spectrometry. ALS
Chemex analyses its own standard samples and blanks, plus duplicates, within
each set of samples provided by the Company. The Company has recently introduced
its own blanks and standards as a further means of checking the accuracy of the
assay results. One in every 15 samples analysed by ALS Chemex is then sent to
SGS's laboratories in Cornwall, UK, for check assaying for tin. The Company
keeps all its sample pulps and rejects in locked steel containers at its secure
storage facility in Fuente Obejuna.
The Company recently completed a new check assay program using five certified
laboratories. The pulp sample composites used had varying tin grades; the
accuracy of the results obtained was within acceptable parameters.
Mr. Victor Guerrero Merino, an independent geological consultant and a Qualified
Person pursuant to NI 43-101, has reviewed and approved the technical
information in this news release on behalf of the Company.
Forward-Looking Statements
Results presented in this press release are exploratory in nature. Historical
data, if mentioned, should not be relied upon, as they are not admissible under
NI 43-101 rules and the Company has not conducted sufficient testing to verify
this type of information. In addition, this press release includes certain
forward-looking statements within the meaning of Canadian securities laws that
are based on expectations, estimates and projections as of the date of this
press release. There can be no assurance that such statements will prove
accurate, and actual results and developments are likely to differ, in some case
materially, from those expressed or implied by the forward-looking statements
contained in this press release. Readers of this press release are cautioned not
to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number
of assumptions that may prove to be incorrect, including, but not limited to:
timely implementation of anticipated drilling and exploration programs; the
successful completion of new development projects, planned expansions or other
projects within the timelines anticipated and at anticipated production levels;
the accuracy of reserve and resource estimates, grades, mine life and cash cost
estimates; whether mineral resources can be developed; title to mineral
properties; financing requirements, general market conditions, and the
uncertainty of access to additional capital; changes in the world-wide price of
mineral commodities; general economic conditions; and changes in laws, rules and
regulations applicable to the Company. In addition to being subject to a number
of assumptions, forward-looking statements in this press release involve known
and unknown risks, uncertainties and other factors that may cause actual results
and developments to be materially different from those expressed or implied by
such forward-looking statements. The Company has no intention or obligation to
update the forward-looking statements contained in this press release.
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