The following amendment has been
made to the 'Company Update' announcement released on 29 October
2024 at 07:00 a.m. under RNS No 9566J.
The following text was
added:
*
Visual estimates of mineral abundance should never be considered a
proxy or substitute for laboratory analyses where concentrations or
grades are the factor of principal economic interest. Visual
estimates also potentially provide no information regarding
impurities or deleterious physical properties relevant to
valuations.
All other details remain
unchanged.
The full amended text is shown
below.
29 October 2024
Future
Metals NL
Thick
Mineralised Sulphide Zone Intersected at Eileen Bore &
Discovery of a New Sulphide Zone at Target 2
Highlights
·
Drilling at
Eileen Bore to confirm continuity of mineralisation in historical
drilling and test for depth extensions has intersected 122.7m of
variably mineralised ultramafic including a 39m zone of 25-30%
blebby to disseminated chalcopyrite-pyrrhotite
mineralisation
·
Drilling at a
previously untested target ('Target 2') has intersected over 200m
of prospective ultramafic in EBDD003 with multiple zones of
disseminated to blebby sulphides including:
o 4.7m of 10-25% chalcopyrite, pyrrhotite, pentlandite from
127.6m; and
o 7.8m of 10-15% chalcopyrite, pyrrhotite, pentlandite from
255.5m
·
Eileen Bore &
Target 2 are located ~1km apart within a 100% owned exploration
tenement
·
Drill core is
being prepared for laboratory submission with mineralised zones to
be prioritised
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME)
is pleased to announce initial observations from
recently completed drilling at the 'Eileen Bore Prospect' and the
adjacent previously undrilled 'Target 2', within the Alice Downs
Corridor. A total of four diamond holes were drilled totaling
1,195.2m, co-funded by a recent Geological Survey of Western
Australia ("GSWA") EIS
grant. Two diamond holes (EBDD001 and EBDD002) were drilled at
Eileen Bore to test for extensions and
confirm continuity of wide zones of copper and nickel
mineralisation in historic drilling. A further two diamond
holes (EBDD003 and EBDD004)
were drilled at Target 2 as a first pass test of
surface anomalism.
Figure One |
Location of drill holes at the Eileen Bore Prospect (including historical drilling intercepts
EBRC010 and EBRC003) and Target 2, within the Alice Downs
Corridor
Eileen Bore Prospect:
Historical drilling at the Eileen
Bore Prospect returned wide zones of mineralisation,
including:
· 120m @
0.73% Cu, 0.29% Ni
& 0.86g/t PGM3E from 0m (EOH) (EBRC
010)
o Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM3E
from 100m
· 96m
@ 0.70% Cu, 0.29% Ni & 0.78g/t
PGM3E from 24m (EOH) (EBRC 003)
o Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM3E
from 56m
The Company drilled hole EBDD002
between historical holes EBRC010 and EBRC003 to confirm historical
results, test the continuity of mineralisation and to test the true
width of mineralisation given both historical holes EBRC010 and
EBRC003 ended in mineralisation.
EBDD002 intersected a 122.7m zone of
varying sulphide mineralisation from 36.7m, with a 39m zone of 25-30% disseminated chalcopyrite
and pyrrhotite from 79.9m. This zone is chalcopyrite
dominant with remobilised pyrrhotite and pentlandite veins. The
mineralisation in EBDD002 is bounded by a 0.5m fault within the
ultramafic and is currently being reviewed to understand the
implications for the mineralisation at Eileen Bore and future
targeting.
EBDD002 is located approximately 30m
from historical holes EBRC010 and EBRC003, demonstrating potential
for continuity of mineralisation across a broad area of the Eileen
Bore Prospect.
The drilling at Eileen Bore suggests
that the mineralisation is hosted in a similar lithology as the
Copernicus Deposit, consisting of serpentinsed pyroxenite with
varying percentages of interstitial blebby to disseminated
pyrrhotite-chalcopyrite ± pentlandite.
Photo One |
Chalcopyrite dominant mineralisation in
EBDD002
Target 2:
Target 2, located approximately 1km
northeast of Eileen Bore, is an area that has never seen previous
drilling and is supported by magmatic chalcopyrite-pyrrhotite
mineralisation identified in petrography of peridotite rock chips,
and associated Ni-Cu, PGE and Au soil anomalism.
Drilling at Target 2 has intersected
over 200m of prospective ultramafic, with multiple zones of
disseminated to blebby magmatic sulphides. Of particular interest are a 4.7m intersection
of 10-25% chalcopyrite, pyrrhotite, pentlandite from 127.6m and a
7.8m intersection of 10-15% pyrrhotite, chalcopyrite, pentlandite
from 255.5m which indicate variable zones of sulphide
mineralisation within the 200m interval (refer Photo
Two).
Similar to Eileen Bore,
mineralisation intersected at Target 2 is hosted in the same
lithology unit, a serpentinised pyroxenite, as the Copernicus
Deposit.
Photo Two |
A: Pyrrhotite-pentlandite-chalcopyrite
mineralisation in EBDD003, B: Chalcopyrite dominant mineralisation
in EBDD002, C: Pyrrhotite-pentlandite stringers in
EBDD002
*
Visual estimates of mineral abundance should never be considered a
proxy or substitute for laboratory analyses where concentrations or
grades are the factor of principal economic interest. Visual
estimates also potentially provide no information regarding
impurities or deleterious physical properties relevant to
valuations.
Logging of drill core is being
completed and samples are being prepared for assay submission.
Mineralised zones will be sent to the laboratory first for analysis
with results expected to be announced in December 2024.
A summary of mineralisation logged
in the four holes drilled is present in Table One.
Table One | Mineralisation
percentages, pXRF has confirmed chalcopyrite and pentlandite
mineralogy.
|
HoleID
|
From
|
To
|
Lithology
|
Mineralisation Style
|
Minerals Present
|
|
EBDD001
|
123.9
|
128.6
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD001
|
128.9
|
132.2
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
5-10% pyrrhotite, chalcopyrite,
pentlandite
|
|
EBDD001
|
132.2
|
134.35
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
1-5% chalcopyrite,
pyrrhotite
|
|
EBDD001
|
134.35
|
135.3
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
trace chalcopyrite,
pyrrhotite
|
|
EBDD001
|
156.85
|
164.8
|
Serpentinised Pyroxenite
|
disseminated
|
trace pyrrhotite,
chalcopyrite
|
|
EBDD001
|
164.8
|
164.9
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD001
|
170.05
|
172.7
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
1-5% pyrrhotite, chalcopyrite,
pentlandite
|
|
EBDD001
|
212.78
|
220.2
|
Gabbro
|
disseminated to blebby
|
trace pyrrhotite, chalcopyrite,
pyrite
|
|
EBDD001
|
220.2
|
220.3
|
Gabbro
|
blebby to disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD001
|
220.3
|
256.05
|
Gabbro
|
disseminated
|
trace sulphide (very
fine)
|
|
EBDD001
|
256.05
|
257.5
|
Gabbro
|
blebby to disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
|
|
|
|
|
|
|
EBDD002
|
34.2
|
36.7
|
Altered Ultramafic
|
disseminated
|
trace pyrrhotite,
chalcopyrite
|
|
EBDD002
|
36.7
|
47.2
|
Sediment
|
disseminated
|
1-5% pyrrhotite, chalcopyrite,
pyrite
|
|
EBDD002
|
47.2
|
55.8
|
Altered Ultramafic
|
blebby to disseminated
|
trace pyrrhotite,
chalcopyrite
|
|
EBDD002
|
55.8
|
76.6
|
Altered Ultramafic
|
blebby to disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD002
|
76.6
|
79.9
|
Altered Ultramafic
|
disseminated
|
5-10% pyrrhotite,
chalcopyrite
|
|
EBDD002
|
79.9
|
118.9
|
Serpentinised Pyroxenite
|
disseminated
|
25-30% pyrrhotite, chalcopyrite,
pentlandite
|
|
EBDD002
|
118.9
|
122.3
|
Altered Ultramafic
|
disseminated
|
5-10% pyrrhotite,
chalcopyrite
|
|
EBDD002
|
122.3
|
134.25
|
Altered Ultramafic
|
disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD002
|
136.4
|
140.05
|
Sediment
|
disseminated
|
5-10% pyrrhotite,
chalcopyrite
|
|
|
|
|
|
|
|
|
EBDD003
|
48.3
|
48.5
|
Serpentinised Pyroxenite
|
disseminated
|
1-5% pyrite
|
|
EBDD003
|
69.35
|
75.4
|
Serpentinised Pyroxenite
|
disseminated
|
trace pyrite
|
|
EBDD003
|
75.4
|
83.8
|
Serpentinised Pyroxenite
|
disseminated
|
trace pyrite,
chalcopyrite
|
|
EBDD003
|
83.8
|
87.8
|
Serpentinised Pyroxenite
|
disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD003
|
118.7
|
122.45
|
Serpentinised Pyroxenite
|
disseminated
|
5-10% pyrrhotite,
chalcopyrite
|
|
EBDD003
|
124.9
|
127.6
|
Serpentinised Pyroxenite
|
disseminated
|
5-10% chalcopyrite,
pyrrhotite
|
|
EBDD003
|
127.6
|
129.25
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
10-15% chalcopyrite, pyrrhotite,
pentlandite
|
|
EBDD003
|
129.25
|
132.3
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
15-25% chalcopyrite, pyrrhotite,
pentlandite
|
|
EBDD003
|
159.95
|
161.2
|
Serpentinised Pyroxenite
|
blebby to disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD003
|
193.45
|
193.75
|
Serpentinised Pyroxenite
|
disseminated
|
trace pyrrhotite,
chalcopyrite
|
|
EBDD003
|
239.9
|
242.2
|
Serpentinised Pyroxenite
|
disseminated
|
trace pyrrhotite,
chalcopyrite
|
|
EBDD003
|
242.2
|
243.95
|
Serpentinised Pyroxenite
|
disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD003
|
251.45
|
251.85
|
Altered Ultramafic
|
disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD003
|
255.5
|
260.05
|
Serpentinised Pyroxenite
|
disseminated
|
10-15% pyrrhotite, chalcopyrite,
pentlandite
|
|
EBDD003
|
260.45
|
263.3
|
Serpentinised Pyroxenite
|
disseminated
|
10-15% pyrrhotite, chalcopyrite,
pentlandite
|
|
EBDD003
|
263.3
|
288.5
|
Altered Ultramafic
|
disseminated
|
trace pyrrhotite,
chalcopyrite
|
|
EBDD003
|
288.5
|
316
|
Sediment
|
disseminated
|
trace pyrite
|
|
|
|
|
|
|
|
|
EBDD004
|
32.8
|
34.9
|
Gabbro
|
disseminated
|
1-5% pyrrhotite, pyrite
|
|
EBDD004
|
122.8
|
123.3
|
Serpentinised Pyroxenite
|
disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
|
EBDD004
|
140.3
|
140.7
|
Pyroxenite
|
disseminated
|
5-10% pyrrhotite,
chalcopyrite
|
|
EBDD004
|
140.7
|
142.8
|
Pyroxenite
|
disseminated
|
trace pyrrhotite
|
|
EBDD004
|
142.8
|
143
|
Pyroxenite
|
disseminated
|
1-5% pyrrhotite,
chalcopyrite
|
Table Two | Holes drilled in
MGA94 Zone 52
|
HoleID
|
Easting
|
Northing
|
RL
|
EOH
|
Dip
|
Azi
|
Drill Type
|
Prospect
|
|
EBDD001
|
389556
|
8039930
|
384
|
296.2
|
-60
|
120
|
Diamond
|
Eileen
Bore
|
|
EBDD002
|
389580
|
8039890
|
384
|
275.4
|
-60
|
120
|
Diamond
|
Eileen
Bore
|
|
EBDD003
|
390537
|
8040350
|
382
|
316
|
-60
|
120
|
Diamond
|
Target
2
|
|
EBDD004
|
390464
|
8040384
|
382.6
|
307.6
|
-60
|
115
|
Diamond
|
Target
2
|
The previous announcements that are relevant to
this announcement:
· 13
February 2024 | Multiple Drill Targets Identified Over an 18km
Strike at the Recently Acquired Alice Downs Corridor.
· 9 October
2024 | Drilling Underway as Eileen Bore.
The Company confirms that it is not aware of
any information or data that materially affects the information
included in the said original announcements and the form and
context in which the Competent Persons' findings are presented have
not materially modified from the original market
announcements.
This announcement has been authorised and approved
for release by the Board.
For further information, please contact:
|
Future Metals NL
|
+61 8 9480 0414
|
|
Patrick Walta
|
info@future-metals.com.au
|
|
Strand Hanson Limited (Nominated Adviser)
|
+44 (0) 207 409 3494
|
|
James Bellman/Rob Patrick
|
|
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as is forms part of United Kingdom domestic law
pursuant to the European Union (Withdrawal) Act 2018, as amended by
virtue of the Market Abuse (Amendment) (EU Exit) Regulations
2019.
Competent Person's Statement
The information in this announcement
that relates to Exploration Results is based on, and fairly
represents, information compiled by Ms Barbara Duggan, who is a
Member of the Australasian Institute of Mining and Metallurgy and
the Australian Institute of Geoscientists. Ms Duggan is the
Company's Principal Geologist and has sufficient experience which
is relevant to the style of mineralisation and type of deposit
under consideration and to the activity she is undertaking to
qualify as a competent person as defined in the 2012 Edition of the
"Australasian Code for reporting of Exploration Results,
Exploration Targets, Mineral Resources and Ore Reserves" (JORC
Code). Ms Duggan consents to the inclusion in this announcement of
the matters based upon her information in the form and context in
which it appears.
Appendix 1 | JORC Code (2012) Edition Table
1
Eileen Bore Project
Section 1 Sampling Techniques and
Data
|
Criteria
|
JORC Code explanation
|
Commentary
|
|
Sampling techniques
|
§ Nature and
quality of sampling (eg cut channels, random chips, or specific
specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should not be taken
as limiting the broad meaning of sampling.
§ Include
reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems
used.
§ Aspects of
the determination of mineralisation that are Material to the Public
Report. In cases where 'industry standard' work has been done this
would be relatively simple (eg 'reverse circulation drilling was
used to obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay'). In other cases more
explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure
of detailed information.
|
Details of drilling completed within
the release are reported in Table 2. No historic details are
reported as they have been previously reported in ASX release dated
3 February 2024: Multiple Drill
Targets Identified Over an 18km Strike at the Recently Acquired
Alice Downs Corridor.
§ No
analytical results are being reported only visually logged sulphide
percentages which includes sulphide type, percent and style of
mineralisation (see Table 1).
|
|
Drilling techniques
|
§ Drill type
(eg core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method,
etc).
|
§ Diamond drilling was completed by Top Drill with holes
starting HQ3 and finishing in NQ2. The depth HQ3 core was
determined based on ground conditions. A standard barrel was
used.
§ All
core was oriented using Axis Mining Technology's Champ Ori
Tool.
§ HQ3
core diameter is 61.1mm and NQ2 core diameter is 50.6mm
|
|
Drill sample recovery
|
§ Method of
recording and assessing core and chip sample recoveries and results
assessed.
§ Measures
taken to maximise sample recovery and ensure representative nature
of the samples.
§ Whether a
relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
|
§ Each core
run is measured for RQD and checked against the drillers core
blocks. Any core loss is noted. To date, core
recoveries have been good with core loss only reported in
structural zones.
§ All
drilling is planned to be as close to orthogonal to mineralisation
and geology as practicable to get representative samples of
mineralisation.
§ No
historic relationship between recovery and grade has been
identified and there is not current analytical data being
reported.
|
|
Logging
|
§ Whether
core and chip samples have been geologically and geotechnically
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies.
§ Whether
logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
§ The total
length and percentage of the relevant intersections
logged.
|
§ All drill
holes are logged on site by geologists to a level of detail to
support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
§ Logging is
qualitative and records lithology, grain size, texture, weathering,
structure, alteration, veining and mineralisation. Core is
digitally photographed.
§ All
drillholes are logged in full.
|
|
Sub-sampling techniques and sample
preparation
|
§ If core,
whether cut or sawn and whether quarter, half or all core
taken.
§ If
non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
§ For all
sample types, the nature, quality and appropriateness of the sample
preparation technique.
§ Quality
control procedures adopted for all sub-sampling stages to maximise
representivity of samples.
§ Measures
taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field
duplicate/second-half sampling.
§ Whether
sample sizes are appropriate to the grain size of the material
being sampled.
|
§ No
analytical data is being reported.
|
|
Quality of assay data and laboratory tests
|
§ The
nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or
total.
§ For
geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
§ Nature of
quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and precision have been
established.
|
§ No
analytical data is being reported.
|
|
Verification of sampling and assaying
|
§ The
verification of significant intersections by either independent or
alternative company personnel.
§ The use of
twinned holes.
§ Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic)
protocols.
§ Discuss
any adjustment to assay data.
|
§ No
analytical data is being reported.
§ All
primary data: drill hole data, geological logging, sample
intervals, etc are all recorded digitally.
§ Data is
stored in Future Metals' Datashed database.
|
|
Location of data points
|
§ Accuracy
and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
§ Specification of the grid system used.
§ Quality
and adequacy of topographic control.
|
§ All drill
holes were located with handheld GPS.
§ Downhole
surveys are taken with Axis Mining Technology's north seeking
gyroscope at 5 m intervals down hole
§ Future
Metals' drilling is located using Map Grid of Australia 1994, Zone
52.
§ The
topographic control is considered to be <3m and is considered to
be adequate.
|
|
Data
spacing and distribution
|
§ Data
spacing for reporting of Exploration Results.
§ Whether
the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and
classifications applied.
§ Whether
sample compositing has been applied.
|
§ Diamond
drill holes were drilled to selectively target key geological
targets that were untested. One hole, EBDD002, was between
two historic holes that were 30m away.
§ The drill
spacing is insufficient to estimate a mineral resource.
§
|
|
Orientation of data in relation to geological
structure
|
§ Whether
the orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the
deposit type.
§ If the
relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if
material.
|
§ No
sampling data is being reported.
§ All drill
holes were planned orthogonal to the geological contacts
§ Further
work is underway to understand the key mineralised structures prior
to sampling of core.
|
|
Sample security
|
§ The
measures taken to ensure sample security.
|
§ No
sampling data is being reported.
|
|
Audits or reviews
|
§ The
results of any audits or reviews of sampling techniques and
data.
|
§ No
sampling data is being reported.
§ No audits
or reviews of data has been undertaken,
|
Section 2 Reporting of Exploration
Results
|
Criteria
|
JORC Code explanation
|
Commentary
|
|
|
Mineral tenement and land tenure status
|
§ Type,
reference name/number, location and ownership including agreements
or material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
§ The
security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the
area.
|
§ Future
Metals Ltd acquired the Eileen Bore project within the Alice Downs
Corridor as part of the acquisition of Osprey Minerals Pty Ltd
(OSP). The Eileen Bore project comprises, E80/4923 and
E890/5056 which are granted tenements with HPA's signed for all
tenements.
§ The
project is within the traditional lands of the Malarngowen with the
necessary agreements in place with representatives of the Native
Title Owners.
§ There are
no known impediments to working in the area.
|
|
Exploration done by other parties
|
§ Acknowledgment and appraisal of exploration by other
parties.
|
Eileen Bore Prospect
§ Exploration has been recorded since the 1970s. The most
significant exploration was the discovery of the Cabernet (now
Copernicus) and Shiraz prospects by WMC in 1975 and the Eileen Bore
prospect by Australian Anglo American (Anglo) in
1975.
§ In
1978, WMC drilled 3 holes at Eileen Bore (in paper, handwritten
form) and entered a joint venture with Anglo which ended in
1983. During this time, an additional 11 holes were drilled
with up to 15% sulphide intersected and best grades being 19m @
0.41% Ni, 1.06% Cu in EP5. Graphitic zones were observed up
to 4m in some drill holes.
§ In
1987, Dry Creek Mining completed 11 holes, stream sediment and rock
chip sampling. The drill program was based on the EM survey
and follow up ground magnetics and soil geochemistry. The
drilling indicated a target that is fault bounded and inclined
steeply to the south east. The ultramafic-mafic sequence has an
apparent width of 75m. Mineralisation is disseminated and
comprised of pyrite, chalcopyrite and pyrrhotite.
§ From
2001 to 2004, Thundelarra completed extensive exploration: 20 RC
holes, Ground fixed loop EM-magnetics, petrography as well as rock,
soil and stream sediment sampling. The focus of this work was
at Eileen Bore proper with additional targets identified along
strike between Eileen Bore and Copernicus. Two main targets were
identified from the EM survey with drilling identifying
mineralisation associated with disseminated pyrrhotite, pyrite and
chalcopyrite that remained open at depth.
§ From
2004-2005, Lionore, in joint venture with Thundelarra, completed
further surface sampling, RC drilling, surface and downhole
geophysical surveys. Ground IP was completed in the Eileen
Bore area (50m stations on 200m line spacing) to cover known
mineralisation as well as potential strike extensions to the north
and south as well as over the Eileen Bore East pyroxenite.
The chargeability data over Eileen Bore defined a linear trend
coincident and extending beyond the known disseminated
mineralisation over a 2.2km strike length.
§ From
2009-2011, Panoramic Resources and Thundelarra completed at VTEM
survey over the entire Eileen Bore Project as well as Falcon
Gravity and magnetics. No drilling or further work was
completed as it was determined that the source of the EM anomalies
was due to the presence of graphitic shales within the Tickalarra
Sediments.
§ From
2013-2014, Iron Ore Holdings completed a review and had SGC
(geophysical consultants) completed a detailed review of the
geophysical data including EM, gravity and magnetics. Based on the
SGC review, Eileen Bore remained as a high-moderate priority
target.
§ Since Osprey have held the tenure, an auger program has been
completed covering a small area around and to the south of Eileen
Bore. No further drilling has been
completed.
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Geology
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§ Deposit type, geological setting and style
of mineralisation.
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§ The
Project contains a series of differentiated pyroxenite and gabbro
intrusions emplaced along a structural corridor, the Alice Downs
Fault, which represents a major north-northeast trending splay off
the deep-seated mantle tapping Halls Creek Fault. Broad zones
of disseminated and net-textured Cu and Ni sulphides occur within
the host pyroxenite intrusions and are comprised of chalcopyrite,
pyrrhotite, pentlandite and pyrite. The intrusions are emplaced
into the Tickalarra metamorphics which include paragneiss (pelites,
psammites), amphibolites and marble.
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Drill hole Information
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§ A summary
of all information material to the understanding of the exploration
results including a tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
o dip
and azimuth of the hole
o down
hole length and interception depth
o hole
length.
§ If the
exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract
from the understanding of the report, the Competent Person should
clearly explain why this is the case.
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§ Details of
all drill holes reported in this announcement are provided in the
associated tables, in the body of the text and on related
figures.
§ No
information material to the understanding of the exploration
results has been excluded.
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Data
aggregation methods
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§ In
reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high
grades) and cut-off grades are usually Material and should be
stated.
§ Where
aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
§ The
assumptions used for any reporting of metal equivalent values
should be clearly stated.
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§ No
analytical results are being reported.
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Relationship between mineralisation widths and intercept
lengths
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§ These
relationships are particularly important in the reporting of
Exploration Results.
§ If the
geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.
§ If it is
not known and only the down hole lengths are reported, there should
be a clear statement to this effect (eg 'down hole length, true
width not known').
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§ No
analytical results are being reported.
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Diagrams
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§ Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional
views.
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§ Relevant
maps and diagrams have been included in the body of this
report.
§ No cross
section is presented as logging and geological interpretation is
still ongoing at the time of release.
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Balanced reporting
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§ Where
comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
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§ All
historic drill results have been previously reported in ASX
release
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Other substantive exploration data
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§ Other
exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples - size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
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§ All
relevant data has been included within this report.
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Further work
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§ The nature
and scale of planned further work (eg tests for lateral extensions
or depth extensions or large-scale step-out drilling).
§ Diagrams
clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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§ Detail
geological logging of the structures is underway prior to sampling
analysis.
§ Data
interpretation including the processed results of the ground
gravity survey are expected by the end of November.
§ All
analytical results expected early December.
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