News: Elementos raises funds for Tasmania tin, copper and tungsten projects

Elementos (ASX:ELT) has raised $1.52 million from an oversubscribed rights issue to fund advanced development activities at the Cleveland tin-copper and tungsten projects in Tasmania.

The rights issue of 126 million shares priced at $0.012 each adds to the earlier private placement of 48 million shares to raise $0.58 million.

Short-term high priority activities include:

- Finalisation of the environmental permitting for the tailings development and mine dewatering, as a precursor to applying for a Mining Lease;
- Further metallurgical test work on the tailings resource for process sheet optimisation, engineering and design;
- Technical appraisal of the Cleveland hard-rock resource to continue with an emphasis on defining open-cut mineable resources;
- Advancing strategic relationships with industry players that may provide marketing, financial and technical synergies with the Cleveland tin and tungsten deposits; and
- Evaluation of the Foley tungsten resource within the Cleveland Project.

Elementos had completed the acquisition of the remaining 50% interest in the Cleveland project in July this year for a cash payment of $0.15 million and the issue of 29 million Elementos shares.

Cleveland has an Exploration Target of between 3 million and 16 million tonnes at 0.6% to 0.7% tin and 0.2% copper.

It also hosts an Indicated Tailings Resource of 3.85 million at 0.3% tin as cassiterite and 0.13% copper.