On 24 September 2018, Aus Tin Mining announced that the NSW Department of Environment and Planning (the Department) had granted Mining Lease (ML) 1774 to Taronga Mines Pty Ltd, a wholly owned subsidiary of Aus Tin. The granting of ML 1774 represents a major milestone for Aus Tin’s Taronga Stage 1 Project and its plans to undertake a trial mine and pilot plant to evaluate areas of potential upside including resource grade, tin recovery and recovery of by‐product credits identified in its 2014 Pre‐ Feasibility Study of Taronga.
ML 1774 is located within freehold property owned by Aus Tin and comprises 76.5ha over the northern zone of the Taronga Deposit. The ML has been granted through to 21 December 2029 to align with the previously approved Development Application.
Aus Tin noted that the outstanding regulatory approvals for its Stage 1 Project are progressing and are summarised below:
- Application for the construction certificate with the Glen Innes Severn Council has been submitted;
- Applications for the water use licence and supply works have been submitted to the Natural Resource Access Regulator and are currently being assessed;
- Application for the Environmental Protection Licence was submitted to the Environment Protection Authority during August and is currently being assessed; and
- A draft Mining Operations Plan (MOP) has been submitted to the Department of Planning and Environment.
Subject to obtaining all regulatory approvals, Aus Tin is targeting ore production by the end of the calendar year.
On 4 October 2018, Aus Tin advised the market that it had refined and revised its Pembroke / Mt Cobalt drill targets based on new geophysical modelling that it had undertaken, and that, subject to rig availability, it was aiming to commence drilling later this month. Aus Tin also announced that further testwork that it had undertaken had highlighted the potential for ore sorting to pre‐concentrate Mt Cobalt materials, with anticipated benefits in grade receovery and cost reductions. Aus Tin intends to undertake further testwork in this regard.
The current value of DGR Global’s investment in AusTin is approximately $8 million.