Eurotin Inc.
TSX VENTURE : TIN

Eurotin Inc.

July 02, 2015 17:41 ET

Eurotin Reports Results from Its Recent 'Deep Hole' Drilling Program and Its Intention to Prepare an Updated Resource Statement

TORONTO, ONTARIO--(Marketwired - July 2, 2015) - Eurotin Inc. ("Eurotin" or the "Company") (TSX VENTURE:TIN) is pleased to announce new assay results and plans for a new resource statement based on the latest interpretation of its Oropesa tin deposit:

DRILLING AND ASSAY HIGHLIGHTS

ORPD D1a: 22.6m at 0.78% Sn

ORPD 155: 9.9m at 4.31% Sn

ORPD 188: 65.6m at 0.60% Sn

On April 23, 2015 Eurotin announced its intention to drill two holes, each approximately 400 metres deep at its Oropesa tin project located in southern Spain. The drilling program commenced on April 9 and was completed on May 20. The holes successfully intersected tin mineralization, the assays for which are shown below. Consequentially, the Company has requested its technical consultants SRK Consulting (UK) Limited ("SRK") to review an updated geological model proposed by the Company and to prepare a new resource estimate based on this updated model.

Both holes intersected their final targets at shallower depths than anticipated, most likely due to folding of the mineralized zones.

The assay results from two recently completed holes are shown in the table below.

Hole Number Azimuth & Dip From (m) Width (m) Tin Grade
ORPD D1a 200° and 85° 3.3 6.7 0.20%
43.2 25.2 0.26%
Hole Abandoned at 68.4 metres
ORPD D1a Bis 190° and 85° 3.1 18.4 0.24%
39.0 34.4 0.32%
81.1 0.7 0.66%
90.3 11.4 0.41%
108.2 7.5 0.54%
161.4 8.6 0.40%
206.5 3.2 0.65%
212.7 22.6 0.78%
Inc. 225.3 10.0 1.02%
ORPD D2a 020° and 80° 80.8 6.3 0.36%
165.8 1.0 0.83%

CEO David Danziger comments, "The results of this program have confirmed the presence of tin mineralization below the current Oropesa pit model at grades above the current resource grade. In addition, the updated geological model is expected to be further refined by SRK with a view to providing a new resource estimate."

The following results are from the recently assayed drill hole, ORPD 188, the furthest east hole drilled to date.

Hole Number Azimuth & Dip From (m) Width (m) Tin Grade
ORPD 188* 187.0 65.9 0.60%
Inc. 187.0 25.0 0.77%
Inc. 241.7 9.4 0.66%
263.2 8.0 0.52%

* The intercepts, shown above, between 176.8 and 251.1 metres are believed to have been drilled 'down structure', or at a shallow angle passing through a mineralized zone with estimated true widths varying between 7 and 12 metres.

Over the past two months, a review of drill core from the upper, oxidised, zones at Oropesa has revealed several intercepts of potential tin mineralization, which had not been previously recognized. A summary of the assay results so far obtained are provided below:

Hole Number Azimuth & Dip From (m) Width (m) Tin Grade
ORP 01 015° and 60° 129.2 2.9 0.27%
140.7 3.3 0.35%
ORPD 08 020° and 65° 93.1 1.0 1.20%
ORPD 130 200° and 60° 32.0 2.5 0.33%
ORPD 155 100° and 60° 38.6 9.9 4.31%
70.7 1.8 1.24%

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, Peter Miller.

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°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.

Peter Miller, a Qualified Person as defined in NI 43-101 and a director of the Corporation, 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eurotin Inc.
    David Danziger
    Interim CEO and President
    (416) 515-3923
    www.eurotin.ca