TIDMTHR
RNS Number : 3505C
Thor Mining PLC
22 February 2022
22 February 2022
Thor Mining PLC
Project Advancement
Alford East Copper-Gold ISR Project, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide an update on the Alford East
Copper-Gold Project, SA, Australia.
Project highlights:
-- Significant intercepts including:
21AED001 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5m (AIM:THR Announcement 31.8.2021),
21AED002 59.9m @ 0.3% Cu from 21.9m (AIM:THR Announcement 31.8.2021),
21AED003 32.4m @ 0.2% Cu and NSR Au from 15m,
21AED004 55.9m @ 0.53% Cu from 7m, including
11.7m @ 1.0%Cu from 17.3m including
5.7m @ 1.23% and 0.16g/t Au from 17.3
21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including
18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m ( AIM:THR Announcement
31.8.2021),
-- A robust 3D geological model generated from recent drilling
data highlights key structural and lithological controls on
mineralisation and potential high-grade target zones.
-- Initial hydrometallurgy trialling of an environmentally
friendly glycine lixiviant shows positive gold and copper
recovery.
-- Phase two diamond drilling program is being designed, including continuing hydrogeology and hydrometallurgical studies.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"The success of our first phase of drilling, with significant
uplift in copper and gold grade, adjacent to the Netherleigh Fault,
is very exciting and suggests the potential for extended zones of
higher-grade copper and gold along strike and at depth.
Demonstrating Thor's greater understanding of the geological and
structural constraints through the new geological modelling is
critical to the overall project's development, especially as we
plan our second phase of drilling and progress our
hydrometallurgical studies.
These favourable initial hydrometallurgical results for the
metal recovery for both copper and gold using a socially and
environmentally friendly solution 'glycine' rather than
conventional acid in-situ recovery (ISR) is significant, as Thor
strives towards the in-situ assessment of the Alford East
Project."
Figure 1: Tenement & Prospect Location Plan and Mineral
Resource Domains may be viewed on the following links:
http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg
https://www.thormining.com/sites/thormining/media/Maps/mre_ae_5-drilling.jpg
Alford East Project
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (Figure 1) (ASX: THR Announcement 23 November 2020).
The Alford East Project covers the northern extension of the
Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford
Copper Belt is a semi coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite (Figure
1), Gawler Craton, SA.
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE) (AIM: THR Announcement 26
January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71,500oz of contained gold
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
Based on the nature on the oxide mineralisation, the deposit is
considered amenable to In-Situ Recovery (ISR) techniques. For
further information on ISR please refer to Thor's website via this
link for an informative video:
www.youtube.com/watch?v=eG_1ZGD0WIw
Alford East Diamond Drilling Program Update
The first phase of drilling comprised nine diamond drillholes
totalling 878m, with assays now received for all drillholes. This
initial program for Thor focused only on the northern portion of
the Alford East copper-gold deposit around the AE-5 mineralised
domains (Figure 1 and 2), with drilling targeting areas open at
depth and along strike.
Drillhole assay results are reported in Table B and C
(Appendices).
Figure 2: Alford East Project AE-5 domain showing drillhole
location plan may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/Maps/ae-5-location-plan.jpg
For ISR purposes, drilling was limited to the deeply weathered
lithological profile, testing the extent of the oxide zone and the
depth boundary of the Top of Fresh Rock (TOFR). The copper-gold
oxide mineralisation is hosted within deeply kaolinised (clay) and
metasomatic altered units on the contact between the Olympic Domain
Wallaroo Group metasediments and the Hiltaba Suite Tickera Granite,
Gawler Craton (Figure 1). Copper oxide mineralogy is dominated by
malachite and chalcocite.
Drill targeting, vectoring in on the hanging wall side of the
north-south trending controlling structure, now referred to as
Netherleigh Park Fault, intercepted zones of high-grade copper and
gold grades resulted in significant grade uplift in comparison to
the MRE.
Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A'
6,256,360mN) were drilled through the central portion of AE-5
(Figure 3), designed to validate the geological model and test
areas, open at depth. The high-grade copper and gold intercepts in
21AED001 opens the mineralisation up at depth, whilst 21AED005
highlights the grade uplift along the Netherleigh Park Fault.
21AED004 (Section B-B' 6,235,440mN) was drilled along strike to
the north 21AED005, a continuation of higher copper grades along
fault (Figure 2 and 4).
21AED002, 21AED006 and 21AED007 (Section C-C' 6,235,600mN) were
all drilled to the north of the AE-5 MRE domain, with assay results
extending the known copper mineralisation along strike towards AE-8
(Figure 2, 3 and 6).
Multi-element analysis of the assay results highlights two
distinct higher-grade zones of copper-gold mineralisation within a
broader mineralised envelope. The lower of the two has a distinct
IOCG geochemical signature - elevated Cu, Au, Mo, Co, Se, Bi &
REE (Figure 6 log plot). This potentially reflects sulphide
oxidation of primary mineralisation; whilst the upper zone has a
more amorphous distribution typical of a supergene mineralised
system .
Figure 3: Cross section 6,256,360mN looking NNE, showing
21AED001, 21AED003 and 21AED005 with c opper assays shown as
cylinder down hole trace may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/2022.02.17-section-a-6256360mn-incl-21aed001-21aed003-21aed005-final-assays.jpg
Figure 4: Cross section 6,256,4400mN looking NNE, showing
21AED004, with copper assays shown as cylinder downhole trace may
be viewed via the following link:
http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/2022.02.17-section-b-6256440mn-incl-21aed004-final-assays.jpg
Figure 5: Cross section 6,256,600mN showing 21AED002 and
21AED007 , with copper assays shown as cylinder downhole trace may
be viewed via the following link;
http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/2022.02.17-section-c-6256600mn-incl-21aed002-and-21aed007-final-assays.jpg
Figure 6: Multi-element log plot for 21AED001 showing two
distinct higher grade copper zones with the lower gold rich zone
reflecting IOGC geochemical signature may be viewed via the
following link:
http://www.thormining.com/sites/thormining/media/Maps/21aed001_log-plot.jpg
New Alford East Geological Model
Based on the recent diamond drilling, a new robust 3D geological
model was generated (Figure 7) using a combination of weathering,
lithology, assay and structural data from logging, and regional
geology, structural and geophysics (magnetics and gravity)
data.
Key geological outcomes:
-- The best oxide mineralisation seems to occur where a fault
has facilitated a more deeply weathered profile.
-- Some faults appear to have had minor vertical offset on them
post-development of the weathering profile (for example, the
north-east trending Netherleigh Park Fault, central to the project
area).
-- Mineralisation shows a preference to metasediments.
-- A Sulphidic-Magnetic-Shale (SMS) stratigraphic-alteration
unit, appears as a marker unit in the regional and more local
magnetics images, as well as in the regional 3D magnetics and
gravity inversions.
-- The SMS unit was modelled using the information above,
showing an overall synformal shape with AE3 sitting in the core or
trough of overlying metasediments formed by the synform.
-- Most supergene mineralisation appears to occur in the hanging
wall of the SMS, whilst the weathered primary mineralisation (such
as in the deeper sections of AE8 and AE5) appears to be associated
with major faults, such as the central Netherleigh Park Fault.
Figure 7: 3D Geological Model - showing the major faults in
black, cover in translucent brown, weathered rock in translucent
green, fresh rock in translucent yellow, suphidic-magnetic-shale
(SMS), and the resource domains in green may be viewed via the
following link:
http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/ae_basement-geology.jpg
Hydrometallurgy
Thor's objective is to identify an in-situ recovery pathway,
ideally for both the copper and gold mineralisation at the Alford
East Project, that is socially and environmentally friendly rather
than using conventional acid in-situ recovery (ISR).
This has led to Thor engaging Mining Processing Solutions (MPS)
trialling their alkaline Glycine Leaching Technology (GLT), branded
as their GlyCat(TM) and GlyLeach(TM) processes, that have the
capability to selectively leach base and precious metals using
glycine as the principal, eco-friendly, reagent.
A preliminary 'Discovery' metallurgical test program has been
carried out to determine the amenability of the Alford East
mineralisation to metal recovery using GLT. The test work has
involved two rounds of Diagnostic Leach Tests (DLTs), and one round
of Bottle Roll Tests (BRTs) (Figure 8) on the two samples from
21AED001 (Table D). The two zones are highlighted in Figure 6.
Ground water collected from Alford East was used in the laboratory
test work to ensure water characteristic especially pH were
tailored to Project conditions.
Table D: Samples Selected for testing - Fire and 4 Acid Digest
assay Results (ALS Laboratories)
Hole ID Sample Assay ID Cu (ppm) Au (ppm)
21AED001 AE Upper Zone THOM-01-002 1,080 0.02
---------------- -------------- ------------ ------------
21AED001 AE Lower Zone THOM-01-001 4,920 1.10
---------------- -------------- ------------ ------------
21AED001 Combined THOM-01-003 2,950 0.51
---------------- -------------- ------------ ------------
Figure 8: Overview of Test work may be viewed via the following
link:
http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/initial-test-work.jpg
Initial Findings:
-- Based on copper sequential analysis (identifies leachable
copper mineralogy) - 15% of the copper from the upper zone and up
to 50% from the lower zone should be theoretically leachable with
GLT.
-- Based on the gold diagnostic leach assays, extraction from
the lower zone of up to 73.4% should be theoretically leachable
with GLT. Upper zone had negligible gold.
-- Diagnostic Leach test- designed to be initial comparison
tests to ascertain the response to a range of conditions including
a baseline cyanidation test.
-- Bottle Roll tests (6):
-- The composite sample performed very well with GLT, extracting
98.1% of the gold and over 40% of the copper.
-- Lower zone using GLT extracting 78.3% of the gold and 33.5%
of the copper, whilst the Lower zone using cyanide extracted 64.1%
Au and 48.2% of the copper
-- The alkaline Glycine Leaching Technology (GLT) has slower
leaching dynamics, than cyanidation, so if given more time higher
extractions would be expected
Next Step
Based on the new geological model, approximately 10 diamond
drill holes have been designed to test potential high-grade zones
(Figure 9):
-- Along strike and up-dip of deeply weathered zones,
-- Targeting controlling key structures including the
Netherleigh Park Fault at depth especially where there are large
gaps in existing data,
-- Targeting intersection of SMS and Liaway offset Fault,
-- Targeting intersection of Netherleigh Park Fault and Liaway
Fault
-- Targeting subordinate splays off Netherleigh Park Fault where
there is evidence of a deep weathering trough.
In addition, hydrogeological water bores and pump testing is in
planning to determine aquifer connectivity between holes, with
initial focus in the northern area of the mineralisation.
Concurrent to drilling, hydrometallurgical work will continue to
investigate and optimise both copper and gold metal extraction
using environmentally friendly lixiviants.
Figure 9: Phase two proposed drillholes, targeting potential
higher-grade zones open at depth and along strike may be viewed via
the following link.
http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/phase-2-drilling-proposal.jpg
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220 1666
and Joint Broker)
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004 9512
Elements: Cu=Copper, Au = Gold, Ag=Silver, Mo=Molybdenum,
Co=Cobalt, Se= Selenium, Bi=Bismuth, Ba=Barium and Te=Tellurium
MAR
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Competent Persons Report
The information in this report that relates to Exploration
Results and the Estimation and Reporting of the Alford East Mineral
Resource Estimation is based on information compiled by Nicole
Galloway Warland, who holds a BSc Applied geology (HONS) and who is
a Member of The Australian Institute of Geoscientists. Ms Galloway
Warland is an employee of Thor Mining PLC. She has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she
is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Forward Looking Statements
This document may contain certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements concerning Thor Mining PLC current expectations,
estimates and projections about the industry in which Thor
operates, and beliefs and assumptions regarding Thor's future
performance. When used in this document, words such as
"anticipate", "could", "plan", "estimate", "expects", "seeks",
"intends", "may", "potential", "should", and similar expressions
are forward-looking statements. Although Thor believes that its
expectations reflected in these forward-looking statements are
reasonable, such statements are subject to known and unknown risks,
uncertainties and other factors, some of which are beyond the
control of Thor and no assurance can be given that actual results
will be consistent with these forward-looking statements
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia, for
which initial drilling was carried out in 2021
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(1).
Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up
to a 75% interest in the mineral rights and claims over the
resource on the portion of the historic Kapunda copper mine and the
Alford West copper project, both situated in South Australia, and
both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
Table A: Alford East Mineral Resource Estimate as at 22 January
2021, with AR-5 extending towards AE-8 domains (previously
Netherleigh Park) the focus of the current drilling program
highlighted - Figure 2.
Domain Tonnes Cu % Au g/t Contained Cu Contained Au
( Mt) (t) (oz)
AE_1 24.6 0.12 0.021 30,000 16,000
------- ----- ------- ------------- -------------
AE_2 6.8 0.13 0.004 9,000 1,000
------- ----- ------- ------------- -------------
AE_3 34.9 0.09 0.022 33,000 25,000
------- ----- ------- ------------- -------------
AE_4 8.0 0.11 0.016 8,000 4,000
------- ----- ------- ------------- -------------
AE_5 11.0 0.22 0.030 24,000 11,000
------- ----- ------- ------------- -------------
AE-8 (NP) 31.3 0.19 0.008 61,000 8,000
------- ----- ------- ------------- -------------
AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000
------- ----- ------- ------------- -------------
AE-6 (LW_W) 1.3 0.13 0.011 2,000 500
------- ----- ------- ------------- -------------
Total 125.6 0.14 0.018 177,000 71,500
------- ----- ------- ------------- -------------
Note: MRE reported on oxide material only, at a cut-off grade of
0.05% copper which is consistent with the assumed In Situ Recovery
technique.
Table B: Drill Collar Locations
Hole ID EOH Depth East North RL Dip Azimuth
21AED001 156.17 763,727.91 6,256,359.35 48.69 -90(0) 360(0)
---------- ----------- ------------- ------ ------- --------
21AED002 98.85 763,908.67 6,256,599.18 48.35 -70(0) 90(0)
---------- ----------- ------------- ------ ------- --------
21AED003 93.20 763,680.15 6,256,359.62 48.39 -90(0) 360(0)
---------- ----------- ------------- ------ ------- --------
21AED004 71.95 763,849.71 6,256,442.33 46.84 -90(0) 360(0)
---------- ----------- ------------- ------ ------- --------
21AED005 96.47 763,799.52 6,256,358.84 47.91 -70(0) 90(0)
---------- ----------- ------------- ------ ------- --------
21AED006 135.4 763,988.83 6,256,682.88 44.71 -90(0) 360(0)
---------- ----------- ------------- ------ ------- --------
21AED007 115.2 763,883.93 6,256,600.85 48.09 -90(0) 360(0)
---------- ----------- ------------- ------ ------- --------
21AED008 77.8 763,739.04 6,256,274.50 47.67 -70(0) 90(0)
---------- ----------- ------------- ------ ------- --------
21AED009 32.63 763,812.14 6,256,205.90 46.10 -90(0) 360(0)
---------- ----------- ------------- ------ ------- --------
Table C: Summary of Significant Drillhole Assays (above 0.05ppm
Copper & 0.1g/t Gold)
Hole ID Drill Sample Depth From Interval Cu % Au g/t Comments
Type type (m) (m)
Full oxide
profile -
with zones
of internal
21AED001 Diam -HQ Geological 6.2 108.2 0.17 0.1 dilution
---------- ------------ ----------- --------- ----- ------- -----------------
Upper Zone
(above 0.05%
including 6.2 25.3 0.11 NSI Cu)
---------------------------------- ----------- --------- ----- ------- -----------------
Lower Zone
(above 0.05%
including 81.5 32.9 0.4 0.31 Cu)
---------------------------------- ----------- --------- ----- ------- -----------------
Lower zone
including 102 5 0.5 1.02 (above 0.05%Cu)
---------------------------------- ----------- --------- ----- ------- -----------------
Full oxide
profile (above
21AED002 Diam -HQ Geological 21.9 59.9 0.31 NSI 0.05% Cu)
---------- ------------ ----------- --------- ----- ------- -----------------
Full oxide
21AED003 Diam -HQ Geological 15 32.4 0.16 NSR profile
---------- ------------ ----------- --------- ----- ------- -----------------
including 15 13.6 0.25 NSR
---------------------------------- ----------- --------- ----- ------- -----------------
Full oxide
21AED004 Diam -HQ Geological 7 55.9 0.53 NSR profile
---------- ------------ ----------- --------- ----- ------- -----------------
Including 17.3 5.7 1.23 0.16
---------------------------------- ----------- --------- ----- ------- -----------------
Full oxide
Profile (above
21AED005 Diam -HQ Geological 6.3 72.7 1.0 0.19 0.05% Cu)
---------- ------------ ----------- --------- ----- ------- -----------------
Upper Zone
(above 0.05%
Including 15.8 18.2 2.0 0.34 Cu)
---------------------------------- ----------- --------- ----- ------- -----------------
21AED006 Diam -HQ Geological 31.1 30.8 0.09 NSR Upper Zone
---------- ------------ ----------- --------- ----- ------- -----------------
and 105.8 13 0.1 NSR Lower Zone
---------------------------------- ----------- --------- ----- ------- -----------------
Full oxide
Zone (above
21AED007 Diam -HQ Geological 33 33.6 0.14 NSR 0.05%Cu)
---------- ------------ ----------- --------- ----- ------- -----------------
Including 33 4 0.1 0.13
---------------------------------- ----------- --------- ----- ------- -----------------
Upper zone
21AED008 Diam -HQ Geological 7 7 0.13 NSR (above 0.05%Cu)
---------- ------------ ----------- --------- ----- ------- -----------------
Lower zone
and 27 15.5 0.08 (above 0.05%Cu)
---------------------------------- ----------- --------- ----- ------- -----------------
21AED009 Diam-HQ - NSR - -
------------------------ ----------- --------- ----- ------- -----------------
Notes to Table B and C
1. An accurate dip and strike and the controls on mineralisation
are only interpreted and the true width of mineralisation is
unknown at this time.
2. In Diamond (Diam drilling), individual samples were collected
at geological intervals with no individual sample smaller than 0.1m
and none larger than 1.5m.
3. All samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.01ppm detection limit) and Aqua Regia Multi-Element with ICP-MS finish (1ppm Cu detection limit) by Bureau Veritas, Adelaide South Australia.
4. Intersections are generally calculated over >1m intervals
>0.05% Cu (500ppm) using weight averaging technique. Some
internal dilution is included in 21AED001 full oxide profile
<10m below 0.05% Cu for geological ISR modelling continuity.
5. g/t (grams per tonne), ppm (parts per million), NSI = no
significant intercept above 0.01ppm Au
6. Drill type; Diam = Diamond, HQ = Diamond Core diameter
7. Coordinates are in GDA94, MGA Z53 using DGPS position
1 JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Diamond drilling program
techniques * Nature and quality of sampling (eg cut channels, with half core sampled
random chips, or specific specialised industry for Au fire assay FA001
standard measurement tools appropriate to the and Aqua Regia 48 element
minerals under investigation, such as down hole gamma suite AR001. Samples
sondes, or handheld XRF instruments, etc). These submitted to Bureau
examples should not be taken as limiting the broad Veritas (BV), SA. Standard
meaning of sampling. blank and duplicate
inserted every 30 samples
pXRF readings taken
* Include reference to measures taken to ensure sample very 0.5m down the hole.
representivity and the appropriate calibration of any Vanta C Series 800427
measurement tools or systems used. XRF -40sec reading time.
Instrument calibrated
externally annually
* Aspects of the determination of mineralisation that and with QA/QC at start
are Material to the Public Report. prior to sampling and
calibration disc every
30 readings
* In cases where 'industry standard' work has been done All co-ordinates are
this would be relatively simple (eg 'reverse in UTM grid (GDA94 Z53)
circulation drilling was used to obtain 1 m samples and drill hole collars
from which 3 kg was pulverised to produce a 30 g have been surveyed by
charge for fire assay'). In other cases more DGPS to an accuracy
explanation may be required, such as where there is of 0.1m. Down holes
coarse gold that has inherent sampling problems. surveys using Truman
Unusual commodities or mineralisation types (eg with readings every
submarine nodules) may warrant disclosure of detailed 6m.
information. Diamond samples were
collected at geologically
defined intervals (minimum
sample length 0.1m,
maximum sample length
1.5m) for all drill
holes in the current
program Samples are
cut using an automated
diamond saw and half
core is submitted for
analysis at Bureau
Veritas,
SA. The sample size
is deemed appropriate
for the grain size of
the material being
sampled.
Mineralisation is
determined
by descriptive geological
logs for diamond hole
as well as the
incorporation
of assay results and
pXRF readings
=================================================================
Drilling Diamond drilling - GMP
techniques * Drill type (eg core, reverse circulation, open-hole drilling Pty Ltd. B&D
hammer, rotary air blast, auger, Bangka, sonic, etc) Multi 35 Rig
and details (eg core diameter, triple or standard 0-6m open hammer -
tube, depth of diamond tails, face-sampling bit or transported
other type, whether core is oriented and if so, by cover sequence.
what method, etc). HQ standard tube diamond
drilling
====================== ================================================================= ============================
Drill sample Core recovery assessed
recovery * Method of recording and assessing core and chip and measured relative
sample recoveries and results assessed. to drill rod measurements
into laptop computer.
HQ single tube drilling
* Measures taken to maximise sample recovery and ensure through weathered zone
representative nature of the samples. to maximise sample
recovery.
The sample recovery
* Whether a relationship exists between sample recovery and condition is recorded
and grade and whether sample bias may have occurred every meter. Generally,
due to preferential loss/gain of fine/coarse core recovery is 98-100%,
material. but occasionally drops
to 70% in friable clays
zones due to compaction
and/or broken ground.
No relationship is known
to exist between sample
recovery and grade
====================== ================================================================= ============================
Logging All core is qualitative
* Whether core and chip samples have been geologically geologically logged
and geotechnically logged to a level of detail to (lithology, structure,
support appropriate Mineral Resource estimation, alteration, veining,
mining studies and metallurgical studies. mineralization weathering,
colour and other features
of the core).
* Whether logging is qualitative or quantitative in Core photography completed
nature. Core (or costean, channel, etc) photography. prior to core cutting
and after
Core (and intersections)
* The total length and percentage of the relevant logged based on
intersections logged. geological,
lithological and
structural
boundaries.
All drill samples are
measured for magnetic
susceptibility at 1m
intervals, and XRF
readings
taken every 0.5m.
====================== ================================================================= ============================
Criteria JORC Code explanation Commentary
Sub- sampling Half core samples
techniques * If core, whether cut or sawn and whether quarter, submitted
and sample half or all core taken. for laboratory analysis.
preparation Diamond core was given
up to two weeks to dry
* If non-core, whether riffled, tube sampled, rotary out, prior to cutting
split, etc and whether sampled wet or dry. and sample prep.
Sampling is carried
out using standard
For all sample types, the nature, quality protocols
and appropriateness of the sample preparation and QAQC procedures
technique. as per industry practice.
* Quality control procedures adopted for all Field QAQC procedures
sub-sampling stages to maximise representivity of involved the use of
samples. certified standards,
blanks and duplicate
sample submitted every
* Measures taken to ensure that the sampling is 25 samples. These are
representative of the in situ material collected, routinely checked against
including for instance results for field originals.
duplicate/second-half sampling. Handheld pXRF readings
reported.
pXRF readings taken
* Whether sample sizes are appropriate to the grain on whole (HQ) core at
size of the material being sampled. 0.5m intervals prior
to cutting.
Vanta Series C 40 second
reading time.
Instrument calibrated
at start, QAQC with
2 standards and 1 blank
every 30 readings.
External
instrument calibration
completed annually.
Readings taken every
0.5m down hole
=================================================================
Quality Diamond core sampled
of assay * The nature, quality and appropriateness of the through potential copper
data and assaying and laboratory procedures used and whether and gold zones.
laboratory the technique is considered partial or total. Samples submitted to
tests Bureau Veritas for 50g
fire assay and Aqua
* For geophysical tools, spectrometers, handheld XRF Regia multi-element
instruments, etc, the parameters used in determining analysis.
the analysis including instrument make and model, Internal certified
reading times, calibrations factors applied and their laboratory
derivation, etc. QAQC is undertaken
including
check samples, blanks
* Nature of quality control procedures adopted (eg and internal standards
standards, blanks, duplicates, external laboratory Handheld pXRF readings
checks) and whether acceptable levels of accuracy (ie reported.
lack of bias) and precision have been established. Vanta Series C 40 second
reading time.
Instrument calibrated
at start, QAQC with
2 standards and 1 blank
every 30 readings.
External
instrument calibration
completed annually.
Readings taken every
0.5m down hole
====================== ================================================================= ============================
Verification All drilling data is
of sampling * The verification of significant intersections by collected in a series
and assaying either independent or alternative company personnel. of templates in excel
including geological
logging, sample
* The use of twinned holes. information,
collar and survey
information,
* Documentation of primary data, data entry procedures, All data is digitally
data verification, data storage (physical and recorded in the company's
electronic) protocols. electronic database.
No adjustments have
been made to the assay
* Discuss any adjustment to assay data. data.
All significant
intersections
have been verified by
an alternative company
geologist.
There are no twinned
drillholes
====================== ================================================================= ============================
Location Collars picked up using
of data * Accuracy and quality of surveys used to locate drill DGPS - MGA94 zone 53
points holes (collar and down-hole surveys), trenches, mine (GDA) used.
workings and other locations used in Mineral Resource Down hole survey readings
estimation. taken every 6m with
Boart Longyear Truman
multi shot camera
* Specification of the grid system used.
* Quality and adequacy of topographic control.
====================== ================================================================= ============================
Data spacing Drillhole data spacing
and distribution * Data spacing for reporting of Exploration Results. is considered appropriate
to allow confident
interpretation
* Whether the data spacing and distribution is of exploration results.
sufficient to establish the degree of geological and pXRF readings taken
grade continuity appropriate for the Mineral Resource every 0.5m down the
and Ore Reserve estimation procedure(s) and hole.
classifications applied. No sample compositing
has been applied
* Whether sample compositing has been applied.
====================== ================================================================= ============================
Orientation Drill holes were oriented
of data * Whether the orientation of sampling achieves unbiased vertical (090 degrees)
in relation sampling of possible structures and the extent to or 070 towards 090degrees
to geological which this is known, considering the deposit type. which is perpendicular
structure to strike of the
geological
* If the relationship between the drilling orientation trough.
and the orientation of key mineralised structures is Orientational bias is
considered to have introduced a sampling bias, this not applicable this
should be assessed and reported if material. stage with half core
samples taken across
full mineralised zone
and pXRF sampling every
0.5m downhole
====================== ================================================================= ============================
Sample security Samples were trucked
* The measures taken to ensure sample security. from Alford to Adelaide,
to Challenger Geological
Services for cutting
and prep, prior to
submission
to Bureau Veritas,
Adelaide
for analysis.
====================== ================================================================= ============================
Audits No formal audits have
or reviews * The results of any audits or reviews of sampling been undertaken
techniques and data.
==================== ================================================================= ==============================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement Alford East project:
and land * Type, reference name/number, location and ownership * The JV area covers portions EL6255 and E6529 which
tenure status including agreements or material issues with third are 100% owned by Spencer Metals Ltd.
parties such as joint ventures, partnerships,
overriding royalties, native title interests,
historical sites, wilderness or national park and * PML 268 lies within E6529
environmental settings.
* There are no non-government royalties, historical
* The security of the tenure held at the time of sites or environmental issues.
reporting along with any known impediments to
obtaining a licence to operate in the area.
* Underlying land title is Freehold land which
extinguishes native title.
All tenure in good standing.
====================================================================
Exploration The general area of this
done by other * Acknowledgment and appraisal of exploration by other report has been explored
parties parties. in the past by various
companies including Jododex,
Uranez, North Broken
Hill, MIM, Hillgrove
Resources, Argonaut Resources
and Sandfire Resources.
Activities include AC,
RC, & Diamond drilling,
and significant geophysical
surveying. The Company
has reviewed past exploration
data generated by these
companies.
======================== ==================================================================== ============================================================
Geology Primary deposits in the
* Deposit type, geological setting and style of region are considered
mineralisation. to be of Iron Oxide Copper
Gold (IOCG) affinity,
related to the 1590Ma
Hiltaba/GRV event. Cu-Au-Mo-Pb
mineralisation is structurally
controlled and associated
with significant metasomatic
alteration and deep weathering
or kaolinisation of host
rocks.
Locally, the low-grade
copper/gold oxide mineralisation
that forms the basis
for this Exploration
results announcement,
is hosted within variably
weathered and sheared
metasedimentary basement
lithologies.
======================== ==================================================================== ============================================================
Drill hole Drillhole information
Information * A summary of all information material to the is included in report,
understanding of the exploration results including a with Table B summarising
tabulation of the following information for all drillhole collar information.
Material drill holes: Plan and sections showing
drillhole locations is
included in report
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.
======================== ==================================================================== ============================================================
Data aggregation Weighted averaging technique
methods * In reporting Exploration Results, weighting averaging is used for reporting
techniques, maximum and/or minimum grade truncations exploration assay results,
(eg cutting of high grades) and cut-off grades are with pXRF Intersections
usually Material and should be stated. are calculated by simple
averaging of 0.5m assays.
No metal equivalents
* Where aggregate intercepts incorporate short lengths are reported.
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
======================== ==================================================================== ============================================================
Criteria JORC Code explanation Commentary
Relationship The copper oxide mineralization
between mineralisation * These relationships are particularly important in the is associated with intense
widths and reporting of Exploration Results. clay alteration. The
intercept alteration is interpreted
lengths to be similar to that
* If the geometry of the mineralisation with respect to found in the adjacent
the drill hole angle is known, its nature should be Alford West area.
reported. The drilling intersections
quoted are downhole
intercept lengths with
* If it is not known and only the down hole lengths are an unknown orientation
reported, there should be a clear statement to this to dip and plunge of
effect (eg 'down hole length, true width not known'). the target mineralisation
====================================================================
Diagrams Appropriate maps and
* Appropriate maps and sections (with scales) and sections included in
tabulations of intercepts should be included for any document.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
========================== ==================================================================== ============================================================
Balanced reporting All results have been
* Where comprehensive reporting of all Exploration reported
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.
========================== ==================================================================== ============================================================
Other substantive All data have been reported
exploration * Other exploration data, if meaningful and material,
data 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.
========================== ==================================================================== ============================================================
Further work Awaiting additional
* The nature and scale of planned further work (eg laboratory assays.
tests for lateral extensions or depth extensions or Drilling to continue
large-scale step- out drilling). along sections and areas
open to the north and
south.
* Diagrams clearly highlighting the areas of possible Refer to diagram in
extensions, including the main geological document for geological
interpretations and future drilling areas, provided interpretation and potential
this information is not commercially sensitive. extensions.
========================== ==================================================================== ============================================================
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