Mauritius – Alphamin Resources, a producer of 4% of the world’s mined tin from its high-grade operation in the Democratic Republic of Congo, has provided initial assay results and an exploration update on its Mpama South Exploration Drilling programme.
Alphamin’s exploration initiative aims to extend the life-of-mine at its currently producing Mpama North mine (DRC), to declare a maiden mineral resource for the Mpama South Prospect (located 750 metres on strike from Mpama North mine) as well as to discover at least one additional deposit on the highly prospective Bisie Ridge (13km strike length).
Chief Executive Officer, Maritz Smith comments: “These drill results are very encouraging for the Mpama South Prospect and exceeded our expectations. Mineralisation within the Main and Footwall Zones points to another high-grade deposit. We are encouraged by the Mineral Resource expansion potential within our mining permit, and our view that the 13km long Bisie Ridge hosts multiple high-grade mineralise systems continue to be reinforced by these results. This brings us closer to realising our vision of becoming one of the world’s largest long-life tin producers”
Mpama South is a high-grade tin discovery, located 750m south of Alphamin’s operating Bisie mine. A small diamond drilling programme of sixteen drillholes completed in 2016 recorded notable cassiterite intercepts in similar alteration styles to the Mpama North mine, including apparent widths of:
- BGH011: 32.8 metres @ 2.46% Sn (incl. 18.75 metres @ 3.91% Sn) 2,
- BGH003: 2.50 metres @ 5.76% Sn 3.
Alphamin has re-commenced its Mpama South exploration activities with a first phase 5,800 metre diamond drilling programme which started in December 2020 and a second phase 4,200 metre programme from April 2021. To date, 8,700 metres and 40 holes have been completed.
Phase 3 for 6,800 metres will commence in May 2021 finishing in July/August 2021 and all phases are intended to form the basis of a Mineral Resource estimation exercise on at least 16,000 metres, to be completed by end 2021. Infill drilling and further step-out drilling will continue for the remainder of 2021.
All holes completed to date have shown visual mineralisation, confirming the presence of the Main Zone of mineralisation over 500m of strike, while several exceptional intercepts comparable to the thick veins and brecciated zones of cassiterite existing at Mpama North were also observed.
In addition, a new zone of mineralisation was discovered in the footwall which appears continuous and highly mineralise. Prices of tin are now at decade highs following news that major smelter MSC would be operating at reduced capacity until the end of the year.
3-month contract prices exceeded US$ 30,000/tonne this morning. With production in the Chinese market healthier, traders have reportedly been making use of the open arbitrage and exporting more metal to international customers. Despite this, premiums for tin are at record highs. Backwardation on the LME has reduced from record levels, but remains highly elevated.