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Wednesday, 19 December 2012
Celeste Mining reports wide tin intercepts at South Crofty project
Celeste Mining Corp. (CVE:C), which recently changed its name from Celeste Copper to better reflect its move toward the tin market, reported Tuesday drill results from its South Crofty tin project in the UK, showing some wide intercepts.
The drill results are from the underground drill program being carried out by Cornish Minerals in the Dolcoath section of the project. Celeste has an earn-in agreement in place to acquire 100 per cent of Cornish Minerals, which owns South Crofty in Cornwall, England.
This year, Cornish Minerals drilled 28 holes as part of the drill program that has been ongoing since 2008, for a total of 28,000 metres drilled.
The recent drill results include 9 metres at 0.72% tin equivalent in the South Entral Lode, including 4 metres at 1.35% tin equivalent, and 17.52 metres at 0.42% tin equivalent in the Dolcoath Main Lode, including 2 metres at 0.91% tin equivalent.
"The wide intercepts of disseminated mineralization in the Dolcoath main footwall zone now represent a strike length of some 150m and substantial dip extent," said CEO Alan Shoesmith.
"Additional drilling is now taking place some 100 m west to investigate the strike extent of this zone and the higher grade but narrower South Entral lode."
The company said that it has seen unanticipated delays in obtaining assay results over the past three months but the backlog is expected to reduce over the next two months.
In addition, a new drill station has been established 100 metres west of the previous most western drill station, with holes currently being drilled to the south and north from this station.
A pilot water treatment plant is also being delivered to the site in December to test water treatment technology at a small scale. This will be progressively increased in capacity, Celeste said, and the dewatering of Dolcoath at the permitted rate of 10,000 cu m/day is expected to start in the first or second quarter of next year.
Along with South Crofty, Celeste is also looking at other tin, copper and copper-gold properties for exploration and development opportunities.
In November, the company closed raised $500,000 in new funds through a non-brokered private placement financing and earlier this year unveiled an updated resource estimate for the Dolcoath section of the South Crofty project.
The resource estimate, which used a 0.2 per cent cut-off grade, revealed an inferred resource of 2.47 million tonnes grading 0.46 per cent tin, 0.54 per cent copper and 0.23% per cent zinc.
The estimate also showed an exploration target of between 6.7 and 13.5 million tonnes with grades ranging from 1.4 to 1.8 per cent tin, east of the Great Crosscourse at the South Crofty mine.
Further, the report defined an exploration target of around 1.25 and 2.5 million tonnes with grades ranging between 1.25 and 1.6 per cent tin in the Dolcoath deep and Roskear areas of South Crofty.