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Monto Minerals boosts tin portfolio in Herberton with acquisition agreement

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Monto Minerals (ASX: MOO) will own the vast majority of high quality tin prospects in the northern Herberton Tin Field with the signing of two option agreements to purchase several advanced tin mining properties contiguous with the company’s existing tenements in Queensland.

The mining properties include three granted Mining Leases and one Exploration Permit for Minerals which incorporate the historic Great Southern tin mine and the Mount Misery prospect.

The Mount Misery prospect includes several mines most recently worked by Western Mining Corporation in the early 1980s.

Extensive exploration work undertaken by Western Mining Corporation at Mount Misery, including over 200 drill holes and underground bulk sampling, returned significant drill intercepts of 12.9 metres at 0.85% tin from 30 metres, including 3.65 metres at 1.78% tin.

Significant prospects within the Mount Misery property which have been subjected to small scale mining and exploration work include the Morning Cloud, Landmark, Murphy’s Luck – 100 metres south of Mount Tin – and Day Dawn prospects.

Mount Misery is composed of over five underground and open pit workings which produced coarse grained cassiterite processed by simple gravity extraction methods with recoveries of approximately 80%.

Western Mining Corporation has identified target mineralisation of 100-140 kilotonnes to a depth of 100 metres at 0.4-0.6% tin.

Meanwhile, the former Great Southern tin mine commenced mining in 1881 and is one of the most historic underground mines in the Herberton Tin Field producing some 1,800 tonnes of tin metal to a depth of around 120 metres.

Metals Exploration, now Metals X, conducted a detailed exploration program from 1965-1967 which included underground development of approximately 386 metres, including shaft sinking, and 2,861 of mostly underground diamond drilling.

The exploration program concentrated on one mineralised shoot and generated target mineralisation of 25,000-30,000 kilotonnes at a grade of 1-1.3% tin.

The agreements provide exclusive options over the properties for a period of two years for a total up-front option fee payment of A$30,000.

Monto will pay A$200,000 to fully acquire both prospects and A$300,000 on a decision to mine them.

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