Creat Resources eyes tin potential on recently acquired licence in Tasmania
16 March 2010
Shares in mining group Creat Resources jumped by 12% to 4.38p this morning on news that its recently acquired exploration licence EL21/2004 near Mount Dundas in western Tasmania could be more valuable than originally thought.
Creat originally acquired the licence for its nickel prospectivity but a potential economic tin resource has come as a welcome addition to the company’s existing mineral property holdings.
Following an appraisal of data and historic information supplied by the previous tenement holder, Creat said it was apparent that it had acquired control over a historic, non-JORC compliant tin resource centred around the historic Razorback Tin Mine and a significant exploration tin potential at Grand Prize tin mine.
The Mineral Resources Tasmania (MRT) Online Mineral Deposits database lists the Razorback Tin Mine as a non-JORC resource of 675,000t @ 0.62% Sn.
The company said it would now look to firm up the tin resource figures by carrying out drilling over the known tin occurrences at Razorback and Grand Prize. It said this would be done alongside ongoing exploration field work for nickel in the prospective rocks nearby.
|