Metals X (MLX.AX) has provided an update on the 50% owned Renison Tin project. The company was able to increase the total resources (measured, indicated and inferred combined) at the Renison Bell mine to 19.8 million tonnes (on a 100% basis) at an average grade of 1.61% tin. That’s an excellent update as the total tin content in the resource has increased by approximately 6% despite a depletion of just over 12,000 tonnes of tin which has been mined in the past twelve months.

The joint venture partners also updated the reserve estimate which increased to 8.8 million tonnes at an average grade of 1.46% tin. This means the reserves now contain just under 130,000 tonnes of tin, an increase of 17% compared to twelve months ago thanks to adding tonnes while also lowering the cutoff grade from 0.70% Sn to 0.65% Sn.

The total reserves, including the Rentails area (the tailings retreatment project) currently stand at 31.2 million tonnes at an average grade of 0.73% tin for a total of just under 230,000 tonnes of tin as the much larger but lower grade Rentails area (22.3 million tonnes at 0.44% Sn) obviously has a negative impact on the total average grade in the reserves.

The total resources at the greater Renison project stand at 424,000 tonnes based on just under 44 million tonnes of rock at an average grade of 0.97% Sn. The resources are inclusive of the mineral reserves.

Disclosure: The author has no position in Metals X. Please read our disclaimer.

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