NRX has acquired one of only two American tin deposits deemed by the USGS in 2017 as likely to be economic, with the Sleitat project containing a historical resource of 25.9Mt grading between 0.224% and 0.37% Sn, along with 0.04% W and 17g/t Ag – the midpoint grade of which rises to 0.66% SnEq when factoring in the tungsten and silver, equating to US$343/t of in-situ value for a resource that begins from surface and would host US$8.9 billion in contained metal. This compares to Sky Metals (ASX: SKY) and its Tallebung project in NSW, which contains a deposit grading 32.7Mt at 0.11% Sn, 0.035% W and 9.5g/t Ag (0.16% SnEq) – an upgrade that saw SKY hit $273 million market cap.
Sleitat hosts high-grade assays that are wide and open along strike and at depth – such as 29.1m at 1.56% Sn and 28 g/t Ag from 20.4m including 3.1m at 12.55% Sn and 198g/t Ag from 20.4m, alongside prior metallurgical studies showing 83% recovery rates. There is a JORC exploration target coming August along with fieldwork and geophysics which will lead into NRX’s maiden drilling campaign.
Tin is a tremendously exciting metal that cracked US$59,040/t for the first time in January and still trades around US$52k/t at spot – up from just over US$30k/t a year ago. Macquarie estimates it was in a 20.5kt deficit last year which will grow to 21.1kt this year, and there is a US$65 million tin smelting facility currently under construction in America that is planning on sourcing concentrate from Rwanda given no ore has been mined domestically in over 30 years.
NRX also has three advanced copper projects that have collectively undergone to 180,000m of drilling, two of which are currently the subject of a $20 million earn-in with $20.4 billion market cap South32 (ASX: S32) – of which the mining giant has already funded $5.8 million in exploration expenditure as it works towards earning 60% of the assets.
Read our latest coverage on NRX
- Reassaying Historical Core, Geophysics and Field Work as NRX Advances Towards DrillingThe ideal recipe for a highly refined drilling campaign has been concocted and is now being executed at Noronex’s (ASX: NRX) flagship Alaskan Sleitat tin, tungsten and silver project. High-resolution airborne magnetic and radiometric geophysics and a targeted field exploration program are underway, while historic drill core will soon be sent away to be assayed… Read more: Reassaying Historical Core, Geophysics and Field Work as NRX Advances Towards Drilling
- Initiation: Advanced USA Tin, Tungsten & Silver Deposit Acquired by $7.7M Market Cap NRX as Tin Trades at US$52k/tOne of only two American tin deposits deemed by the USGS in 2017 as likely to be economic has been acquired by Noronex (ASX: NRX), with the Sleitat project hosting high-grade assays that are wide and open along strike and at depth – such as 29.1m at 1.56% Sn and 28g/t Ag from 20.4m including… Read more: Initiation: Advanced USA Tin, Tungsten & Silver Deposit Acquired by $7.7M Market Cap NRX as Tin Trades at US$52k/t