PERTH (miningweekly.com) – ASX-listed Elementos has signed a heads of agreement with TSX-V-listed Eurotin to acquire the Oropesa tin project, in Spain, in exchange for one-billion shares in the company.
Elementos told shareholders that Oropesa was one of the best undeveloped tin resources in the western world, with a large Joint Ore Reserves Committee-compliant mineral resource based on more than 54 000 m of drilling, opencut mining potential, simple metallurgy and processing, and access to development infrastructure.
The project has a measured and indicated resource of some 9.34-million tonnes, at 0.55% tin, and an inferred resource of 3.2-million tonnes, at 0.15% tin, for a total resource of some 67 520 t of tin.
“The acquisition of Oropesa is a perfect opportunity to acquire a complementary high quality tin asset at an attractive price,” said Elementos chairperson Andy Greig.
“The company has a team with significant experience and expertise in the tin business," he added.
On completing the transaction, Elementos will look to undertake a definitive feasibility study, which will include options to enhance the project economics, finalising the permitting and environmental studies, securing offtake and project financing, and final engineering and design prior to construction.
The transaction is subject to both Elementos and Eurotin obtaining the necessary shareholder and regulatory approvals, as well as the completion of a due diligence.