The current historically high tin price environment is encouraging a flurry of announcements from junior mining companies regarding potential projects. In the past week we have noted reports from six Australian listed companies concerning IPOs, asset sales, drilling results and new ventures, while one Canadian company has reported Spanish government support for its exploration work.
The IPO relates to the plan by ASX-listed Minemakers Ltd to spin off its Tasmanian assets and list a new company in a A$10 million (US$9.7 million) initial public offer. Minemakers said that a newly listed TNT Mines Ltd would own its tin and tungsten assets in north-east Tasmania. "The spin-off is intended to allow shareholders to gain a more direct exposure to the very exciting tin, tungsten and fluorspar sectors," managing director Andrew Drummond said. The assets include the Aberfoyle and Storeys Creek mines, the Anchor and Royal George tin mines, the Lutwyche tin and tungsten deposit and the Royal George tin deposit.
Carpentaria Resources also announced that it will acquire the Yarco Glen project in New South Wales from Wolf Minerals. Yanco Glen is prospective for tin, tungsten and base metals with 125 known mineral occurrences on site. It is being acquired from Wolf for a total consideration of 250,000 new Carpentaria shares. The acquisition adds to the company’s nearby Euriowie tin discovery.
Two more ASX-listed companies reported on exploration activities. Stellar Resources plans to resume drilling at its Gourlays deposit on the west coast of Tasmania and may also carry out further work at the nearby Heemskirk project which it jointly owns with Gippsland Ltd. Meanwhile Consolidated Tin Mines reported positive results from work on its Windermere project in Queensland. This is part of the Mt Garnet project near Cairns. The Windermere project currently has an JORC-compliant inferred resource of 2.1Mt at 0.55% Sn, and the total mineral resource at the Mt Garnet project is now 7.3Mt at 0.6% Sn. In a further report from Australia, Magna Mining signed an agreement with Troygold Investments Pty Ltd for the introduction of a project opportunity involving a tin tailings project in Russia.
Finally, TSX-listed Solid Resources Ltd said that Spain’s Ministry of Industry, Tourism and Trade would cover 20% of the cost of the current year’s exploration programme at the Doade-Presqueira property in the northwest of the country. Earlier drilling from 2003 to 2005 has identified tin, tantalum and lithium in potentially economic quantities.
