TIDMTHR

RNS Number : 3536P

Thor Mining PLC

18 October 2021

18 October 2021

THOR MINING PLC

("Thor" or the "Company")

Hydrogeology Results

Alford East Copper-Gold ISR Project, South Australia

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to advise the results from our initial pump test for preliminary hydrogeological assessment at the Alford East Copper-Gold Project, SA.

Project highlights:

-- Initial aquifer pump test successfully completed.

-- Copper-gold mineralisation at the test site is saturated below the water table; essential for ISR production.

-- Groundwater salinity reports in the range of 15,000 - 55,000 milligrams per litre total dissolved solids (mg/L TDS). This is classed as saline and precludes agricultural or potable use.

-- Ground water is alkaline with pH - 8.1. This is ideal for trial lixiviant glycine.

-- Short term pumping tests demonstrated consistent water flows suitable for ISR production.

-- The host rock is permeable.

-- This work is all co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000, as announced on 20 May 2021.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"Pump testing of our initial water bore has shown favourable water characterisation and permeability for potential In Situ copper-gold recovery at our Alford East Project. This is positive news as we progress the project towards ISR assessment and development of an environmentally, low carbon emission alternative to conventional open cut and underground mining."

A copy of the Tenement and Prospect Location Plan may be viewed via the following link:

https://cms.thormining.com/sites/thormining/media/maps/20-005-1d-yorke-pen-jv.jpg

Alford East Project Background

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to an 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (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, Gawler Craton, SA.

Utilising historic drill hole information, Thor completed an inferred Mineral Resource Estimate (MRE) (ASX: THR Announcement 27 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

Table A: Alford East Mineral Resource Estimate as at 22 January 2021, with AR-5 extending towards AE-8 domains the focus of the recently completed drilling program.

 
    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.

Hydrogeology

As part of the 'proof of concept' for In Situ Recovery of copper and gold at Alford East Project, recently completed diamond drillhole 21AED001 was developed into a water bore. The aim of this work was to establish baseline hydrogeological conditions of the rock hosting the Alford East copper and gold mineralisation. This included measuring:

-- ground water levels,

-- ground water quality (chemical composition)

-- hydraulic conductivity (permeability)

-- and collecting water samples for use in hydrometallurgical test work

The program comprised the installation of an investigation well ( 6430-2702) into the Alford East mineralised zone, and a subsequent aquifer (pumping) test.

Table B: Collar Position of 21AED001 - Water Bore

 
  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) 
            ----------  -----------  -------------  ------  -------  -------- 
 

Coordinates are in GDA94, MGA Z53 using DGPS position

21AED001 was selected based on its central position within AE-5 MRE domain (Figure 2 and Figure 3) and its broad copper-gold intercepts including (21AED001 previously reported THR:ASX Announcement 31 August 2021):

-- 108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m including,

-- 59.9m @ 0.31% Cu from 21.9m and

-- 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5m

21AED001 was developed into a 4-inch water bore by GMP Drilling Pty Ltd with B & T Lehmann Drilling Pty Ltd carry out the pump testing operation under the direction and supervision of consultants, Groundwater Science. Water samples were analysed by Eurofins Environment Testing in Victoria, with water levels and hydraulic conductivity measurements conducted by Groundwater Science. Groundwater sampling was undertaken in accordance with EPA Guidelines (2019).

Key Findings:

-- The copper-gold mineralisation at the test site is saturated below the water table. The water table elevation is approximately 38 m Australian Height Datum (AHD). At the test site, this equates to a depth to water of 12 m below ground surface. For ISR, the mineralised zone needs to be saturated for lixiviant fluids to flow through.

-- Groundwater salinity within 20km of site reports in the range of 15,000 - 55,000 milligrams per Litre total dissolved solids (mg/L TDS), with onsite investigation reporting 19,000mg/L. This is classified as saline and precludes agricultural or potable use. The beneficial use category of this high salinity water as defined in the South Australian Environmental Agency (EPA) water quality policy (2015) and the Australian and New Zealand Guidelines for Fresh and Marine Water Quality ANZECC Guidelines (2020) for industrial use only, not suitable for irrigation or livestock (Table C).

-- Ground water is alkaline with pH - 8.1, this is ideal for the trial lixiviant, glycine. Glycine is a naturally occurring amino acid, and an environmentally friendly reagent in an alkaline carrier.

-- Groundwater is found within the weathered zone (saprolite) of the basement rock, rather than in discrete fractures.

   --      The rock hosting the copper and gold mineralisation is moderately permeable. 

-- Short-term test pumping calculated an aquifer transmissivity (T) of 2 to 3 m2/day. The resultant concomitant bulk hydraulic conductivity is approximately 0.14 m/day. In an ISR setting, wells with 18 m long screens can be expected to yield around 0.5 L/s. This assumes transmissivity values consistent with results from recent test pumping. This is very positive for ISR production.

A copy of the Alford East Project AE-5 domain showing drillhole location plan including 21AED001-Waterbore may be viewed via the following link:

https://cms.thormining.com/sites/thormining/media/Maps/ae-5-location-plan.jpg

A copy of the Alford East Project Cross section 6,256,360mN looking NNE, showing 21AED001 (Water Bore), 21AED003

and 21AED005   may be viewed via the following link 

https://www.thormining.com/sites/thormining/media/banners/section_waterbore1.jpg

Table C : Salinity Classification

( https://www.epa.sa.gov.au/environmental_info/water_quality/advice-and-assistance )

 
  Water Type                  Electrical Conductivity    Total Dissolved Solids 
                                     EC (us/cm)                TDS (mg/L) 
  Pure rainwater                        <15                       <10 
                            -------------------------  ------------------------ 
  Fresh water Rivers                  0 - 800                 100 - 1,000 
                            -------------------------  ------------------------ 
  Brackish water                   1,600 - 4,800             1,000 - 3,000 
                            -------------------------  ------------------------ 
  Saline water                        > 4,800                   > 3,000 
                            -------------------------  ------------------------ 
  Alford East- Water Bore 
   1                                  40,000                     19,000 
                            -------------------------  ------------------------ 
  Seawater                            51,500                     35,000 
                            -------------------------  ------------------------ 
 

Next Step

1) Future aquifer pump testing and tracer tests in trial well array, to be designed and carried out in conjunction with next resource drilling program.

2) A seasonal monitoring program comprising quarterly water level monitoring and groundwater quality sampling to be implemented.

3) Preliminary hydrometallurgical studies by Mining and Process Solutions (MPS) on potential glycine lixiviants for copper and gold recovery are underway with results anticipated November.

This work is all co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000.

Elements: Cu=Copper, Au = Gold, Ag=Silver, Mo=Molybdenum, Co=Cobalt, Se= Selenium, Bi=Bismuth, Ba=Barium and Te=Tellurium

Ends -

For further information on the Company, please visit www.thormining.com or contact the following:

 
  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 
   Jasper Berry (Corporate Broking) 
 
  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 
 

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 drilling is planned in the second half of 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.

Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which is subject to a sale option agreement.(6)

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 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf

   1   JORC Code, 2012 Edition - Table 1 report template 

Section 1 Sampling Techniques and Data

 
  Criteria              JORC Code explanation                                            Commentary 
 Sampling                                                                                Groundwater sampling 
  techniques              *    Nature and quality of sampling (eg cut channels,           was undertaken in accordance 
                               random chips, or specific specialised industry             with EPA Guidelines 
                               standard measurement tools appropriate to the              (2019). Water sample 
                               minerals under investigation, such as down hole gamma      analyses carried out 
                               sondes, or handheld XRF instruments, etc). These           by Eurofin Environment 
                               examples should not be taken as limiting the broad         Testing under the instruction 
                               meaning of sampling.                                       from Groundwater Science. 
                                                                                          All co-ordinates are 
                                                                                          in UTM grid (GDA94 Z53) 
                          *    Include reference to measures taken to ensure sample       and drill hole collars 
                               representivity and the appropriate calibration of any      have been surveyed by 
                               measurement tools or systems used.                         DGPS to an accuracy 
                                                                                          of 0.1m. Down holes 
                                                                                          surveys using Truman 
                          *    Aspects of the determination of mineralisation that        with readings every 
                               are Material to the Public Report.                         6m. 
                                                                                          Mineralisation is determined 
                                                                                          by descriptive geological 
                          *    In cases where 'industry standard' work has been done      logs for diamond hole 
                               this would be relatively simple (eg 'reverse               as well as the incorporation 
                               circulation drilling was used to obtain 1 m samples        of assay results and 
                               from which 3 kg was pulverised to produce a 30 g           pXRF readings 
                               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. 
                      =============================================================== 
 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 - transported 
                               tube, depth of diamond tails, face-sampling bit or         cover sequence. 
                               other type, whether core is oriented and if so, by         HQ standard tube diamond 
                               what method, etc).                                         drilling 
                                                                                          Hole reamed out to 4inches 
                                                                                          from 0-80m 
====================  ===============================================================  ================================== 
 Drill sample                                                                            Aquifer was pumped over 
  recovery                *    Method of recording and assessing core and chip            a period of 4 hours. 
                               sample recoveries and results assessed.                    Water sample collected 
                                                                                          at the end of pumping. 
                                                                                          No relationship is known 
                          *    Measures taken to maximise sample recovery and ensure      to exist between sample 
                               representative nature of the samples.                      recovery and grade 
 
 
                          *    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. 
====================  ===============================================================  ================================== 
 Logging                                                                                 Not applicable as referring 
                          *    Whether core and chip samples have been geologically       to water sampling. 
                               and geotechnically logged to a level of detail to          Geological Logging is 
                               support appropriate Mineral Resource estimation,           qualitative on core 
                               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. 
====================  ===============================================================  ================================== 
  Criteria              JORC Code explanation                                            Commentary 
 Sub- sampling                                                                           Pump testing was carried 
  techniques              *    If core, whether cut or sawn and whether quarter,          out over period of 4hours 
  and sample                   half or all core taken.                                    with samples collected 
  preparation                                                                             at the end to ensure 
                                                                                          a representative clean 
                          *    If non-core, whether riffled, tube sampled, rotary         sample was collected 
                               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. 
                      =============================================================== 
 Quality                                                                                 Groundwater sampling 
  of assay                *    The nature, quality and appropriateness of the             was undertaken in accordance 
  data and                     assaying and laboratory procedures used and whether        with EPA Guidelines 
  laboratory                   the technique is considered partial or total.              (2019). 
  tests                                                                                   External laboratory 
                                                                                          checks undertaken. 
                          *    For geophysical tools, spectrometers, handheld XRF         Samples analyses by 
                               instruments, etc, the parameters used in determining       Eurofin Environment 
                               the analysis including instrument make and model,          Testing - including 
                               reading times, calibrations factors applied and their      physical parameters, 
                               derivation, etc.                                           major ions and 24 metals 
                                                                                          suite. 
 
                          *    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. 
====================  ===============================================================  ================================== 
 Verification                                                                            All data is digitally 
  of sampling             *    The verification of significant intersections by           recorded in the company's 
  and assaying                 either independent or alternative company personnel.       electronic database. 
 
 
                          *    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. 
====================  ===============================================================  ================================== 
 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 
                               estimation. 
 
 
                          *    Specification of the grid system used. 
 
 
                          *    Quality and adequacy of topographic control. 
====================  ===============================================================  ================================== 
 Data spacing                                                                            One water bore being 
  and distribution        *    Data spacing for reporting of Exploration Results.        reported within mineralised 
                                                                                         envelope Data spacing 
                                                                                         is considered appropriate 
                          *    Whether the data spacing and distribution is              for this stage of assessment 
                               sufficient to establish the degree of geological and      to allow confident 
                               grade continuity appropriate for the Mineral Resource     interpretation 
                               and Ore Reserve estimation procedure(s) and               of exploration results. 
                               classifications applied. 
 
 
                          *    Whether sample compositing has been applied. 
====================  ===============================================================  ================================== 
 Orientation                                                                             Water bore was cased 
  of data                 *    Whether the orientation of sampling achieves unbiased      from 0-80m. 
  in relation                  sampling of possible structures and the extent to          Orientational bias is 
  to geological                which this is known, considering the deposit type.         not applicable this 
  structure                                                                               stage 
 
                          *    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. 
====================  ===============================================================  ================================== 
 Sample security                                                                         Samples were driven 
                          *    The measures taken to ensure sample security.              from Alford to Eurofin 
                                                                                          Environment Testing 
                                                                                          laboratory in Adelaide, 
                                                                                          for trucking to Melbourne 
                                                                                          laboratory. 
====================  ===============================================================  ================================== 
 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                                                                                      This is the first water 
  done by other                *    Acknowledgment and appraisal of exploration by other           bore reported in area. 
  parties                           parties.                                                       The general area of this 
                                                                                                   report has been 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 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-water bore 
  Information                  *    A summary of all information material to the                   information is included 
                                    understanding of the exploration results including a           in report, with Table 
                                    tabulation of the following information for all                B summarising drillhole 
                                    Material drill holes:                                          collar information. 
                                                                                                   Plan and sections showing 
                                                                                                   drillhole-water bore 
                              o easting and northing of the drill hole                             locations is included 
                              collar                                                               in report 
                              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                                                                                 Water parameters reported 
  methods                         *    In reporting Exploration Results, weighting averaging       - no data aggregation 
                                       techniques, maximum and/or minimum grade truncations        used. 
                                       (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 
========================  ====================================================================  ============================================================ 
  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                                                                                       Addition water bores 
                                 *    The nature and scale of planned further work (eg               and pump testing planned. 
                                      tests for lateral extensions or depth extensions or            Awaiting additional 
                                      large-scale step- out drilling).                               laboratory assays for 
                                                                                                     diamond drilling. 
                                                                                                     Drilling to continue 
                                 *    Diagrams clearly highlighting the areas of possible            along sections and areas 
                                      extensions, including the main geological                      open to the north and 
                                      interpretations and future drilling areas, provided            south. 
                                      this information is not commercially sensitive.                Refer to diagram in 
                                                                                                     document for geological 
                                                                                                     interpretation and potential 
                                                                                                     extensions. 
==========================  ====================================================================  ============================================================ 
 
 

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MSCEVLBFFBLXFBQ

(END) Dow Jones Newswires

October 18, 2021 02:00 ET (06:00 GMT)

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