- Alphamin Resources (AFM) has increased its indicated resource estimate by 286 per cent for its Mpama South tin deposit
- Alphamin stated this will make it one of the largest tin producers in the world
- The project is expected to increase Alphamin’s annual contained tin production to 20,000 tonnes per year
- Additionally, 8,773 metres of the phase one program on the Besie Ridge have been completed
- The remaining work is anticipated to be done by the end of this quarter
- Alphamin Resources (AFM) is up 7.23 per cent and is trading at $0.89 per share as of 3:11 p.m. EST
Alphamin Resources (AFM) has increased its indicated resource estimate by 286 per cent for its Mpama South tin deposit in the Democratic Republic of Congo.
This work has found an additional 7,200 tonnes per year of contained tin production. Alphamin stated this will make it one of the largest tin producers in the world.
The updated estimate has an indicated 3.26 million tonnes of material with 80,200 tonnes of contained tin with an average grade of 2.46 per cent. The inferred category has 2.48 million tonnes of material with 68,700 tones of contained tin with an average grade of 2.42 per cent.
The company believes this update shows significant resource growth potential at the deposit, which remains open down-dip. Moreover, the project is expected to increase Alphamin’s annual contained tin production to 20,000 tonnes per year. This would account for roughly 6.60 per cent of the world’s mined tin.
According to the company, the updated resource estimate is based on assays from 63 holes drilled since the last update.
In other news…
Alphamin has ramped up its exploration drilling on the nearby Bisie Ridge. It tested highly anomalous targets found in 2021. So far, 8,773 metres of the phase one program have been completed. The remaining work is anticipated to be done by the end of this quarter.
Anomalous mineralization has been confirmed on the ridge. However, the company stated it is not of the type of mineralization usually seen at Mpama North and South deposits.
Alphamin Resources (AFM) is up 7.23 per cent and is trading at $0.89 per share as of 3:11 p.m. EST.