Tincorp: Exploring World-Class Tin Deposits in Bolivia
Tin is a critical commodity that plays a crucial role in the transition to a greener and more sustainable economy. It is also a significant component in semiconductors and will be important for the continued electrification of the world. The current global tin market supports the positive price outlook for the commodity as demand for tin increases and supply dwindles. The lack of supply is highlighted by the absence of new tin discoveries. There have been very few new tin discoveries over the past 40 years.
Our mission at Tincorp Metals Inc. is to find new globally significant sources of tin capable of making an impact on depleted tin stockpiles. We have two tin projects that are in the center of the Bolivian Tin Belt, a world-class tin jurisdiction. Tincorp has secured agreements to acquire 100% interest in the Porvenir and SF Tin projects in Bolivia.
Why Bolivia?
Bolivia has a rich mining heritage dating back to the 1400s and was the world’s largest tin producer from the early 1900s to the 1980s. Bolivia’s mines have produced cassiterite, the chief source of tin, since 1861. Tin mining supplanted silver by the twentieth century and became the central element of Bolivian mining. In the late 1980s, tin accounted for a third of all Bolivian mineral exports and was exported mainly in concentrates for refining abroad. Bolivian tin mining in the early 1900s created some of the wealthiest individuals in the world, including the Tin Barons of Bolivia: Simón Patiño, Moritz Hochschild, and Carlos Aramayo.
In the past 20 years, the country’s tin production has been stable, between 15,000 and 20,000 tonnes per year. Bolivia’s tin production in 2022 was estimated to be 18,000 tonnes, accounting for 5.7% of global production, making it the sixth largest producer of tin in the world. Its current proven reserves are estimated at 400,000 metric tons, accounting for 9.3 percent of the world’s total.
Most importantly, Bolivia is home to some of the largest and highest-grade tin deposits in the world. The Huanuni mine was first discovered and mined in the 19th century. It is still in production and is still Bolivia’s largest underground tin mine. Bolivia also boasts the Llallagua deposit which is one of the world’s largest tin deposits. Both of our projects are in close proximity to these two world-class assets.
In recent years, the Bolivian government has successively revived its mining industry. The recent exploration success of New Pacific Metals, the increasing number of new junior mining exploration companies deploying capital into the country, and the $1.4 billion USD deal between CATL (Chinese battery giant) and the Bolivian government to develop the country’s lithium deposits are obvious signs the country is open for business.
Past Success in Bolivia
Various members of Tincorp’s team have had previous success in Bolivia through their work at New Pacific Metals. New Pacific was the first mover into Bolivia in the modern era and has since made two globally significant silver and gold discoveries in the country at their Silver Sand and Carangas projects. Our lead technical director, Dr. Rui Feng was the founder and CEO of New Pacific Metals, and our CEO Gordon Neal was the previous President of New Pacific from 2017–2021.
The team aims to do what they did with New Pacific, but instead of silver and gold, this time looking for tin.
The Porvenir Project
Following the success of New Pacific Metals, Tincorp Metals successfully secured agreements to acquire two Bolivian tin exploration projects, Porvenir and SF Tin, in August 2022 and December 2022, respectively.
Porvenir is located in the center of the Bolivian Tin Belt, just 15 km on the same trend as the Huanuni Mine, Bolivia’s largest underground tin mine. The project was subjected to some small-scale, historic mining and was drilled by Dowa Metals between 2007–2011 (88 diamond drill holes totaling ~25,000 m). The project boundary covers 11.25 km2. The sphalerite, pyrrhotite, and cassiterite mineralization is hosted by near vertical NNW trending structures in Silurian sedimentary rocks.
We recently commenced our first drill program at the project and will conduct 3,000m of drilling with the aim of expanding mineralization discovered by historical exploration programs and to further test the extension of mineralization along strike.
The SF Tin Project
SF Tin, is also located in the center of the Bolivian Tin Belt, just 15 km on the same trend as the Llallagua deposit, one of the world’s largest tin deposits. The project was subjected to some small-scale, historic mining and was drilled by Rio Tinto in 1996. The concession boundary is approximately 2 km2. Rio Tinto drilled five holes intercepting broad tin and zinc mineralization.
Before acquiring the project, for due diligence purposes, Tincorp twinned Rio Tinto’s first two drill holes at the project. These twin holes confirmed the results of Rio Tinto’s holes with our first twin hole, DDH-SF-001 hitting 200m of 0.40% Sn, 1.28% Zn, and 12.5 g/t Ag incl 68m of 0.62% Sn, 1.69% Zn, and 11.2 g/t Ag compared to Rio Tinto’s first hole, ESF001 hitting 200m of 0.45% Sn, 1.22% Zn, and 14.2 g/t Ag including 68m of 0.49% Sn, 1.69% Zn, and 9.4 g/t Ag.
Our second twin hole, DDH-SF-002A hit 186m of 0.2% Sn, 0.94% Zn, and 24 g/t Ag compared to Rio Tinto’s second hole, ESF002, which hit 180m of 0.29% Sn, 1.06% Zn, and 13.3 g/t Ag. These four holes show significant lengths of mineralized tin intervals. It is important to note that mineralization begins close to surface meaning that in the future the project could potentially be amenable to open-pit mining, which could lower extraction costs and increase profitability.
Moving Forward
Tincorp is well-equipped to make significant tin discoveries at the Porvenir and SF Tin Projects. Bolivia is known to be a tin-rich, mining powerhouse, that has been underexplored in the past 30 years. Our management and board’s past success operating out of the country and generating real shareholder value is a key value proposition for future success.
