TinOne Resources Inc. released the results from its initial mineral resource estimate for its 100% owned Great Pyramid tin project, located in the tier-one mining jurisdiction of Tasmania, Australia. Near surface inferred Mineral Resource Estimate: 8.4 million tonnes at an average grade of 0.17% tin for 14.4 thousand tonnes of contained tin. Significant growth potential: Strong tin mineralization intersected in previous drill holes below the conceptual open pit suggests significant resource expansion potential at depth.

The MRE was prepared by Mining Associates Pty Ltd. in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves adopted May 19, 2014, and in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The effective date of the MRE is August 31, 2023. The MRE model is informed by 40 diamond core holes, 16 reverse circulation (RC) holes and 159 percussion holes.

Thirteen core holes (from surface or pre-collared) and 16 RC holes were drilled by TinOne in 2022 (see the summary in the Company's news release dated February 2, 2023), including three holes that were abandoned within 42 m and redrilled. One hole was attempted three times before being abandoned as the drill string could not penetrate an historic adit. Additional drilling was carried out by previous property owners in 1965, 1970 and 1980-1983.

Of the 214 drill holes, 193 holes for 13,074 m were used to delineate the MRE. The 1965 percussion holes were rejected due to variable sampling and assay quality. Drilling covers a total area of approximately 600 m in a northwest direction and a maximum of 300 m in a northeast direction.

The deepest hole reached a depth of approximately 400 m below surface, although most open-hole percussion drilling reached depths of less than 50 m. Historical shallow vertical open-hole percussion drill holes were drilled on a regular grid at a spacing of approximately 30 m by 15 m covering the entire outcropping area of mineralization. Other drill holes are at an irregular spacing, with some oriented to intersect stratigraphy rather than mineralization. The qualified person is of the opinion that the current drill pattern for the Great Pyramid Project is sufficient for the estimation of mineral resource for a sheeted vein style deposit.

A block model was constructed to cover the entire extent of the mineralized domains. Tin grades for each block were estimated by ordinary kriging using Geovia's Surpac software. The MRE has been classified as an inferred mineral resource in accordance with the CIM (2014) definitions as incorporated in NI 43-101.

Classification is based on the confidence levels of key criteria such as geological continuity, geological domaining, drill hole spacing, structural data, and geostatistical measures. The predominant tin bearing mineral is fine grained cassiterite. Mineralization is near surface and may be extracted using conventional open pit mining methods.

Concentration of cassiterite to a commercially acceptable concentrate of 55% Sn could be achieved by a combination of size classification, gravity separation and/or sulphide flotation. The following assumptions are some of the considerations in evaluating reasonable prospects for eventual economic extraction. The RP3E test does not demonstrate economic viability and does not qualify as a reserve.

A metal price of US$24,978/t and a metallurgical tin recovery of 80% is assumed based on preliminary test work undertaken in the 1980's. The conceptual pit was created with a wall angle of 55°, no berms or ramps are included in the conceptual pit shell, and the implied strip ratio is very low at 1.12:1 waste:mineralization. Total costs per tonne for mining and processing is assumed to be $18.53/t processed and cost assumptions were compared to the Taronga Tin Project PFS. Portions of a deposit that do not have RP3E have not been included in the mineral resource estimate.

Mineralization at the Great Pyramid Project is hosted within northeast- to east-northeast trending and steeply northwest dipping zones of sheeted, narrow quartz veins that cross-cut northwest-trending stratigraphy and folding. It is recognized that mineralized veining and fracturing is generally of higher density within quartzite/sandstone units and an initial attempt was made to define the contacts of the sandstone units as 3D surfaces to assist with estimation domaining. Two nested grade domains with cut-offs defined by natural breaks in sample statistics were modelled using Leapfrog?

software: low-grade (LG) >700 ppm Sn and high-grade (HG) >1800 ppm Sn. Deeper diamond drilling aimed at extending tin mineralization (e.g., TinOne drill hole 22PRC003) below the conceptual pit is recommended. The overlying topography affords low strip ratios allowing incremental increases in depth without the burden of additional waste being moved.

Drilling is recommended to investigate the potential link and continuity between the open deeper zones of tin mineralization with known mineralization at surface. A modest program of reverse circulation drilling is also recommended to confirm the historical open hole percussion drilling results. Positive results from this program would underpin an upgrade of a significant amount of the Inferred Mineral Resource to Indicated classification.

Following the recommended drilling programs and contingent on positive results, Mining Associates Pty Ltd. recommends that TinOne prepare a Preliminary Economic Assessment (PEA) for the Great Pyramid Project.