TIDMTHR
RNS Number : 4223X
Thor Energy PLC
26 April 2023
26 April 2023
Thor Energy Plc
("Thor" or the "Company")
High-grade Rare Earth Discovery within IOCG Copper Project
Alford East Copper-Gold Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) are pleased to announce new Rare Earth
Element (REE) drill results from a review of the previously
announced 2021 Copper and Gold drilling at the Alford East Project,
South Australia (SA).
Highlights:
-- Significant REE drill intercepts (>500ppm TREO1)
include:
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from 6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.22% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m
including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17% ) TREO and 0.26% Cu from 30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m
o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and 0.1% Cu from 81m,
including 1.7m @ 3139ppm (0.31%) TRE0 from 84.3m
o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from 42.8m,
including 1.4m @ 2274ppm (0.23%) TREO from 35m
o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m
including 1.0m @ 2213ppm (0.22%) TREO from 19m
-- A REE review has revealed that eight out of nine of the 2021
diamond drill holes intersected wide zones of highly enriched REE's
in kaolin altered, copper rich oxide zones of IOCG style
mineralisation.
-- Mineralisation is open over a 5km trend as none of the
remaining historical drilling at Alford East, to the best of the
companies knowledge , has ever been assayed for REE's.
-- A full geochemical review of the historic drilling is now
underway to access the lateral extent of the REE potential within
the Alford Copper Belt , to generate drill targets and to fully
assess the economic potential of this discovery.
-- The kaolin association may represent an ionic style of REE
mineralisation, a highly valuable REE deposit class, often
characterised by favourable low-cost metallurgical recovery
compared with many other types of REE deposits.
-- Magnetic component (MREO) content of TREO up to 34%, see
Table A.
-- Alford East is strategically located approximately 150km
northwest of Adelaide.
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"I am absolutely delighted to report these thick zones of
shallow, high-grade REE intercepts, found to be associated with
oxide copper-gold mineralisation at the Alford East Project.
" This batch of results compares very favourably in terms of
depth, thickness and grade to its peer group in the fledgling
Australian REE sector.
" Importantly , this discovery has significant potential to be a
large deposit based on the 5km lateral extent of the north-south
trending, structurally controlled troughs hosting IOCG
mineralisation . It is promising that aside from the nine 2021
diamond drill holes reported today, none of the other historic
drilling at Alford East is known to have ever been assayed for REE
content.
" Priority drill programme design is underway in conjunction
with detailed geochemical reviews of the historic drilling, along
with further studies on the nature of the REE mineralisation
encountered to date."
Figure 1: Alford East Location Map showing the lateral extent of
the Alford Copper Belt.
Rare Earth Element Drill Results
A review of the Alford East Project geochemical data, in
particular, the drilling results from Thor's 2021 maiden drilling
program (ASX/AIM: 22 February 2022), highlighted shallow high-grade
REE results associated with the oxide copper-gold mineralisation
(Figure 2- 5, Table A).
These wide zones of enriched REE occur in kaolin altered, oxide
zones of IOCG-style mineralisation (Figure 3-5).
Three drill hole cross-sections (Figure 3 - 5) illustrate the
REE mineralisation with the copper intercepts within the Mineral
Resource Estimate (MRE) AE-5 area (Figure 2), where Thor in 2021
drilled 9 HQ diamond drillholes whilst targeting oxide copper
mineralisation. The proximity to the key structure on the eastern
side of the sections suggests the REE mineralisation is
structurally controlled and associated with significant metasomatic
alteration and deep weathering or kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE
mineralisation, a highly valuable REE deposit class, often
characterised by favourable low-cost metallurgical recovery
compared with many other types of REE deposits.
This zone of oxide mineralisation lies in the Alford Copper
Belt, which in this area, is a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within unweathered metamorphic units, on the edge of the Tickera
Granite (Figure 1), Gawler Craton, SA. A recently completed Ambient
Noise Tomography (ANT) survey over the adjacent Alford West project
successfully delineated the boundaries of the structures in that
area (ASX/AIM: 17 April 2023) (Figure 1).
Next Steps:
Continue to review the geochemical REE data, with selected
samples submitted to the Bureau Veritas laboratory for analysis,
for a supplementary REE package; along with mineralogy and
preliminary metallurgical work to determine the potential ionic
nature of the REE.
Figure 2: Alford East Inferred Minerals Resource Domains (left)
and 2021 Drill Collar Map (right)
Figure 3: Cross Section 6256360mN showing REE (TREO) intercepts
with copper mineralisation.
Note - Historic holes "unassayed" have not known to have been
assayed yet for REE's
Figure 4: Cross Section 6256440mN showing REE (TREO) intercepts
with copper mineralisation.
Figure 5: Cross Section 6256600mN showing REE (TREO) intercepts
with copper mineralisation.
Table A: Significant REE Drill results - TREO =Total Rare Earth
Oxides (>500ppm)
From To Interval TREO MREO ppm MREO Cu
Drillhole (m) (m) (m) % TREO ppm % %
21AEDD001 17.4 25 7.6 0.06 624 156 25 0.09
----- ------ --------- ----- --------- --------- ----- -----
and 55 58.7 3.7 0.07 675 139 20 0.05
----- ------ --------- ----- --------- --------- ----- -----
and 91.4 108.2 16.8 0.17 1721 248 14 0.48
----- ------ --------- ----- --------- --------- ----- -----
Including 106 107 1 0.52 5184 729 14
----- ------ --------- ----- --------- --------- ----- -----
21AEDD002 30.4 42 11.6 0.17 1699 583 34 0.26
----- ------ --------- ----- --------- --------- ----- -----
Including 34.0 40.1 6.1 0.20 2262 742 33 0.28
----- ------ --------- ----- --------- --------- ----- -----
and 50.2 53.3 3.1 0.12 1167 259 22 0.16
----- ------ --------- ----- --------- --------- ----- -----
and 65.5 75.3 8.8 0.07 749 146 19 0.33
----- ------ --------- ----- --------- --------- ----- -----
21AEDD003 19.3 42.3 22.6 0.05 504 92 18 0.14
----- ------ --------- ----- --------- --------- ----- -----
including 28.6 33.4 4.8 0.11 1068 239 22
----- ------ --------- ----- --------- --------- ----- -----
21AEDD004 10.1 11.7 1.6 0.24 2412 680 28 0.23
----- ------ --------- ----- --------- --------- ----- -----
and 28 36.4 8.4 0.08 835 183 22 0.65
----- ------ --------- ----- --------- --------- ----- -----
including 35 36.4 1.4 0.23 2274 482 21
----- ------ --------- ----- --------- --------- ----- -----
and 42.8 55.9 13.1 0.13 1366 273 20 0.45
----- ------ --------- ----- --------- --------- ----- -----
including 44 45.4 1.4 0.19 1906 414 22 0.74
----- ------ --------- ----- --------- --------- ----- -----
21AEDD005 6.3 43 36.7 0.16 1568 399 25 1.19
----- ------ --------- ----- --------- --------- ----- -----
Including 10 21.8 11.8 0.21 2095 512 24 1.22
----- ------ --------- ----- --------- --------- ----- -----
and 47 58 11 0.21 2088 467 22 0.8
----- ------ --------- ----- --------- --------- ----- -----
Including 47 59 2 0.50 5042 915 18 1.64
----- ------ --------- ----- --------- --------- ----- -----
21AEDD006 18 47 29 0.10 959 222 23 0.07
----- ------ --------- ----- --------- --------- ----- -----
Including 25.2 26.5 1.3 0.25 2484 175 7 0.06
----- ------ --------- ----- --------- --------- ----- -----
and 52 60.6 8.6 0.07 691 107 15 0.09
----- ------ --------- ----- --------- --------- ----- -----
and 81 87.1 6.1 0.11 1171 280 24 0.09
----- ------ --------- ----- --------- --------- ----- -----
including 84.3 86 1.7 0.31 3139 755 24 0.18
----- ------ --------- ----- --------- --------- ----- -----
21AEDD007 13 28 15 0.1 961 272 28 0.12
----- ------ --------- ----- --------- --------- ----- -----
including 19 20 1 0.22 2213 700 32
----- ------ --------- ----- --------- --------- ----- -----
and 33 40 7 0.1 1009 178 18 0.1
----- ------ --------- ----- --------- --------- ----- -----
21AEDD008 7.8 10.6 2.8 0.08 864 198 23 0.15
----- ------ --------- ----- --------- --------- ----- -----
21AEDD009 NS
----- ------ --------- ----- --------- --------- ----- -----
-- NS- Not significant
-- TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) +
Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) +
Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
-- MREO = (Magnetic Rare Earth Oxides) = Nd2O3 + Pr6O11 + Tb4O7
+ Dy2O3
Table B: Drill Collar Locations
Hole EOH Depth East North RL Dip Azimuth
ID
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)
---------- ----------- ------------- ------ ------- --------
Alford East Project Background
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/AIM: 20 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.
Thor completed an inferred Mineral Resource Estimate (MRE) by
utilising historic drill hole information. Table C - (ASX/AIM: 27
January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
-- 71, 500oz of contained gold
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
Table C: Alford East Mineral Resource Estimate as of 22 January
2021- Figure 2 ( (ASX/AIM: 27 January 2021) .
Domain Tonnes Cu % Au g/t Contained Contained Au
(Mt) Cu (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.
The Board of Thor Energy Plc has approved this announcement and
authorised its release.
For further information, please contact:
Thor Energy Plc
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah Tel: +44 (0) 20 3004
/ Bessie Elliot 9512
Competent Person's Report
The information in this report that relates to exploration
results 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 Energy 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.
Updates on the Company's activities are regularly posted on
Thor's website https://thorenergyplc.com which includes a facility
to register to receive these updates by email, and on the Company's
twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
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.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource Estimate(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% 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. Thor
executed a A$8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(6)
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. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
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
representivity and the appropriate calibration of any hole.
measurement tools or systems used. Vanta C Series 800427
XRF -40sec reading
time.
* Aspects of the determination of mineralisation that Instrument calibrated
are Material to the Public Report. externally annually
and with QA/QC at start
prior to sampling and
* In cases where 'industry standard' work has been done calibration disc every
this would be relatively simple (eg 'reverse 30 readings
circulation drilling was used to obtain 1 m samples All co-ordinates are
from which 3 kg was pulverised to produce a 30 g in UTM grid (GDA94
charge for fire assay'). In other cases more Z53) and drill hole
explanation may be required, such as where there is collars have been surveyed
coarse gold that has inherent sampling problems. by DGPS to an accuracy
Unusual commodities or mineralisation types (eg of 0.1m. Down holes
submarine nodules) may warrant disclosure of detailed surveys using Truman
information. with readings every
6m.
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 -
techniques * Drill type (eg core, reverse circulation, open-hole GMP drilling Pty Ltd.
hammer, rotary air blast, auger, Bangka, sonic, etc) B&D 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 cover sequence.
other type, whether core is oriented and if so, by HQ standard tube diamond
what method, etc). drilling
-------------------------------------------------------------- --------------------------------
Drill Core recovery assessed
sample * Method of recording and assessing core and chip and measured relative
recovery 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 and condition
* Whether a relationship exists between sample recovery is recorded every meter.
and grade and whether sample bias may have occurred Generally, core recovery
due to preferential loss/gain of fine/coarse is 98-100%, but occasionally
material. 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 geological,
intersections logged. 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 submitted
techniques * If core, whether cut or sawn and whether quarter, for laboratory analysis.
and sample half or all core taken. Diamond core was given
preparation up to two weeks to
dry out, prior to cutting
* If non-core, whether riffled, tube sampled, rotary and sample prep.
split, etc and whether sampled wet or dry. Sampling is carried
out using standard
protocols and QAQC
For all sample types, the nature, quality procedures as per industry
and appropriateness of the sample preparation practice.
technique. Field QAQC procedures
* Quality control procedures adopted for all involved the use of
sub-sampling stages to maximise representivity of certified standards,
samples. blanks and duplicate
sample submitted every
25 samples. These are
* Measures taken to ensure that the sampling is routinely checked against
representative of the in situ material collected, originals.
including for instance results for field Handheld pXRF readings
duplicate/second-half sampling. reported.
pXRF readings taken
on whole (HQ) core
* Whether sample sizes are appropriate to the grain at 0.5m intervals prior
size of the material being sampled. 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
* For geophysical tools, spectrometers, handheld XRF Aqua 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 QAQC is
derivation, etc. undertaken including
check samples, blanks
and internal standards
* Nature of quality control procedures adopted (eg Handheld pXRF readings
standards, blanks, duplicates, external laboratory reported.
checks) and whether acceptable levels of accuracy (ie Vanta Series C 40 second
lack of bias) and precision have been established. 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 information,
* The use of twinned holes. collar and survey information,
All data is digitally
recorded in the company's
* Documentation of primary data, data entry procedures, electronic database.
data verification, data storage (physical and No adjustments have
electronic) protocols. been made to the assay
data.
All significant intersections
* Discuss any adjustment to assay data. have been verified
by an alternative company
geologist.
There are no twinned
drillholes
Rare earth element
analyses were originally
reported in elemental
form but have been
converted to relevant
oxide concentrations
as in the industry
standard.
TREO = La(2) O(3) +
CeO(2) + Pr(6) O11
+ Nd(2) O(3) +Sm(2)
O(3) + Eu(2) O(3) +
Gd(2) O(3) + Tb(4)
O(7) + Dy(2) O(3) +
Ho(2) O(3) + Er(2)
O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2)
O(3) + Y(2) O(3)
-------------------------------------------------------------- --------------------------------
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. Down hole
workings and other locations used in Mineral Resource survey readings taken
estimation. 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 of exploration
* Whether the data spacing and distribution is 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. No sample compositing
classifications applied. 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
trough. Orientational
* If the relationship between the drilling orientation bias is not applicable
and the orientation of key mineralised structures is this stage with half
considered to have introduced a sampling bias, this core samples taken
should be assessed and reported if material. across full mineralised
zone and pXRF sampling
every 0.5m downhole
-------------------------------------------------------------- --------------------------------
Sample Samples were trucked
security * 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 Alford East project:
tenement * Type, reference name/number, location and ownership * The JV area covers portions EL6255 and E6529 which
and land including agreements or material issues with third are 100% owned by Spencer Metals Ltd.
tenure status 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
done by * Acknowledgment and appraisal of exploration by other this report has been
other parties parties. explored 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
* Deposit type, geological setting and style of the 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 Weighted averaging
aggregation * In reporting Exploration Results, weighting averaging technique is used for
methods techniques, maximum and/or minimum grade truncations reporting exploration
(eg cutting of high grades) and cut-off grades are assay results,
usually Material and should be stated. No metal equivalents
are reported.
* 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
-------------------------------------------------------------- ----------------------------------------------------------
Criteria JORC Code explanation Commentary
-------------------------------------------------------------- ----------------------------------------------------------
Relationship The REE are associated
between * These relationships are particularly important in the with the copper oxide
mineralisation reporting of Exploration Results. mineralization within
widths and intense clay alteration.
intercept The alteration is interpreted
lengths * If the geometry of the mineralisation with respect to to be similar to that
the drill hole angle is known, its nature should be found in the adjacent
reported. Alford West area.
The drilling intersections
quoted are downhole
* If it is not known and only the down hole lengths are intercept lengths with
reported, there should be a clear statement to this an unknown orientation
effect (eg 'down hole length, true width not known'). to dip and plunge of
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 All results have been
reporting * 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 All data have been
substantive * Other exploration data, if meaningful and material, reported
exploration should be reported including (but not limited to):
data 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 Additional work will
work * The nature and scale of planned further work (eg be carried to define
tests for lateral extensions or depth extensions or the known extent of
large-scale step- out drilling). the REE from historic
drilling.
Refer to diagram in
* Diagrams clearly highlighting the areas of possible document for geological
extensions, including the main geological interpretation and
interpretations and future drilling areas, provided potential extensions.
this information is not commercially sensitive.
-------------------------------------------------------------- ----------------------------------------------------------
[1] TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) +
Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) +
Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
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END
DRLIAMJTMTATBAJ
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April 26, 2023 02:00 ET (06:00 GMT)
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