AfriTin rallies on ‘encouraging’ Uis venture test

AfriTin rallies on ‘encouraging’ Uis venture test

After receiving updates from mining companies Ferrexpo (LON: FXPO) and Altus Strategies (LON: ALS) and Kefi MInerals (LON: KEFI) within the last week, today we have been updated by South Africa and Namibia based tin mining company, AfriTin Mining Ltd (LON: ATM), who have received their latest round of updates from their Uis venture.

Uis venture has promise

The Company stated that they were ‘encouraged’ by the second round of drilling results at its Uis venture in Namibia, which yielded; a 30.32 metre intersection at 0.2% tin and 91ppm tantalum, a 109.32 metre intersection at 0.17% tin and 77ppm tantalum, a 53.83 metre intersection at 0.16% tin and 73ppm tatalum and finally a 109 metre intersection of mineralised pegmatite, which indicates the presence of voluminous ore body extension at depth.

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On its website, the Company state that the Uis project consists of,

“three project areas in the Erongo region of Namibia, all with historical production. The subject of the project is a pegmatite hosted tin deposit, one of the largest open castable deposits of its kind.”

“Uis was discovered in 1911 and was developed by Iscor of South Africa as the largest hard-rock tin mine in the world. Production started in the 1950s and ended in 1990 as a result of depressed tin prices.”

“The project areas are fully permittedes and offer near-term production with low stripping ratios.”

The Company initiated its drilling venture with the intent of validating the historic findings of SRK in 1985 for ISCOR.

AfriTin comments

In its statement on Monday, the company said,

“The analytical results indicate a continuity of the pegmatite bodies indicated in the previous five holes. The intersections indicate an increase in the thickness of the pegmatites with depth, a trend that is also reflected in the historic drill programme”

AfriTin Mining CEO, Anthony Viljoen, followed by saying,

“I am pleased to provide a further update on the confirmatory drilling programme. Of particular interest is a 109m intersection of mineralised pegmatite starting at 51m, indicating the presence of a voluminous ore body extension at depth. While these drilling results are subject to a resource modelling and independent validation process, we are encouraged by these results which remain comparable to the historical data of 1985,’ said Anthony Viljoen, CEO of AfriTin Mining.”

Trading update

The company’s shares rallied during trading on Monday, up 1.37% or 0.05p to 3.7p a share 10/06/19 14:59 GMT.