Alphamin reports more high-grade tin assays from Mpama South, stock jumps

Credit: Alphamin Resources Corp.

Alphamin Resources Corp. (TSXV: AFM) reported on Wednesday additional assay results from drilling at Mpama South, a high-grade tin discovery located 750 metres south of the company’s operating Mpama North mine.

Alphamin produces around 4% of the world’s mined tin from its high-grade operation in the Democratic Republic of Congo. Mpama North is currently the highest-grade tin mine in the world, producing mined material at an average grade of 4.5% Sn for 10,000 tonnes of contained tin per year.

Exploration drilling at the adjacent Mpama South prospect, first commenced in December 2020 and expected to last until August, is planned for three phases totalling 16,800 metres of drilling in 70 holes.

All three phases are expected to form the basis of a mineral resource estimation exercise, the results of which are expected by the end of the year.

Infill drilling and further step-out drilling will continue for the remainder of 2021 after the current program ends.

The new results from Mpama South are highlighted by four high-grade drill intercepts: 10.8 m at 2.86% Sn from 195.2 m, 5.3 m at 4.00% Sn from 164.2 m, 2.6 m at 7.17% Sn from 218.0 m, and 10.6 m at 2.77% Sn from 198.9 m.

Another significant new intercept, returning 3.2m at 9.59% Sn from 173.7 m, was reported from the newly discovered footwall zone

Another significant new intercept, returning 3.2 m at 9.59% Sn from 173.7 m, was reported from the newly discovered footwall zone.

Although only shallowly drilled to date, management to believes there is potential for a high-grade shoot at Mpama South, possibly similar to that at the Mpama North mine. The ongoing third phase of drilling is designed to test the extension of this interpreted high-grade shoot.

Meanwhile, the company has also commenced mine extension drilling at Mpama North, which currently has an estimated mine life of 12.5 years.

Shares of Alphamin Resources rose 5.1% by noon ET, after hitting a 52-week high of C$0.87 earlier in the session. The tin producer has a market capitalization of C$982.1 million.