Metals X Limited provided an update on the ongoing near mine exploration drilling program at the Renison Tin Operations (Renison), in which it holds a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. (the Manager) on behalf of the joint venture owners. Recent surface exploration drilling has intersected a significantly mineralised zone during a program following up on down hole electromagnetic (DHEM) conductors defined in a 2019 survey of historical holes, north and south of the known mineralisation at the Renison Mine.

This mineralised intersection has returned an overall drill intersection from hole S1671 of 26.93m @ 4.57% Sn from 225.07m (down hole width), including the following high-grade zones: 6.03m @ 2.98% Sn from 233.97m. 4.97m @ 18.22% Sn from 247.03m. The intersection is the best surface exploration result recorded at Renison under the current ownership, with the mineralised zone remaining open at depth and along strike.

Follow up drilling has been planned around this intersection and will commence upon completion of the hole. During 2019, seven holes were surveyed in a program using a single axis DHEM probe. This program identified 24 conductor plates from seven target areas, 13 of which were off hole conductors.

An initial program of three diamond drill holes was planned and executed to test the ranked conductors and assess the potential for the DHEM method to detect tin bearing structures and host rocks. These three holes intersected structural zones with associated sulphide mineralisation coincident with conductor plates. A follow up program of six holes was planned to test the next set of priority targets.

S1671 is the second of these holes. The conductor that was targeted by 1671 has a Renison Mine Grid, north-south trend and a steep easterly dip. Drill hole S1671 was collared within the mine hangingwall lithologies of the Crimson Creek Formation (CCF), a series of volcanic and volcano-sedimentary units.

The collar location is to the west of the Federal Fault (which hosts a substantial portion of the remaining tin resource at Renison) and south-west of the current and historic mine workings. Drill hole S1671 intersected a typical sequence of CCF, before intersecting massive sulphide mineralisation at 225.07m, almost perfectly coincident with the lower conductor targeted by the hole. The mineralisation consists of massive to semi massive sulphides in two high grade zones separated by a strongly altered but weakly mineralised sequence of banded sediments.

The sulphide mineralogy is dominated by pyrrhotite with accessory arsenopyrite and pyrite. Tin bearing cassiterite is present as fine grains associated with the pyrrhotite. Low magnesium values for the intersection indicate that it is structure infill mineralisation rather than dolomite replacement.