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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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BWA Group plc | AQSE:BWAP | Aquis Stock Exchange | Ordinary Share | GB0033877555 | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.465 | 0.45 | 0.50 | 0.475 | 0.465 | 0.465 | 0.00 | 16:29:55 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMBWAP Findings of Orientation Mineral Separation Testwork at the Nkoteng 1 Heavy Mineral Sands Project, Cameroon 19 July 2023 BWA Group PLC ("BWA", or the "Company") (AQSE: BWAP) Findings of Orientation Mineral Separation Testwork at the Nkoteng 1 Heavy Mineral Sands Project, Cameroon BWA Group plc [AQSE: BWAP], which has mineral exploration licences in both Cameroon and Canada and is quoted on London's AQSE Growth Market, provides an update on its recently completed orientation separation testwork, carried out on 20 low-grade primary samples from the mechanised auger programme, from within the Nkoteng 1 Licence, Central Cameroon ("Nkoteng 1" or the "Nkoteng Project"). Through its subsidiary, BWA Resources Ltd ("BWAR"), BWA currently has five heavy mineral sands ("HMS") licences across two project areas in Cameroon, totalling 1,267 km2, all of which are at an early stage of exploration. The Nkoteng 1 Licence covers an area of 343 km2 and the contiguous Nkoteng 2 Licence covers an area of 500 km2, located 60 km to the northeast of Yaoundé with easy transport links to the port of Douala. The Nkoteng Licences cover a significant part of the HMS-prospective Sanaga river system. The Dehane 1, 2 and 3 Licences ("Dehane" or the "Dehane Project") cover an area of 430 km2 comprising part of the prospective Nyong river system, estuary, and coastal zone, located approximately 166 km to the west of the capital, Yaoundé and 70 km from the deep seaport and industrial zone of Kribi. A version of this announcement including maps and photographs can be viewed on the Company's website, http://www.bwagroupplc.com/bwa-announcements.html BWA is pleased to announce the findings of the preliminary orientation mineral separation testwork on selected low-grade samples taken from the closed barrel mechanised auger sampling programme on the Nkoteng 1 Project, reported in accordance with JORC (2012). The short shallow auger sampling programme completed in June 2022 drilled 107 holes for 193.30 metres and 171 primary samples (announcement dated 29 June 2022). The programme targeted the central sector of the licence where pitting and hand auger sampling (announcement dated 29 June 2022) identified an area of anomalous Ilmenite, Rutile, Zircon and Kyanite alluvial HMS. The orientation analytical testwork was completed by Dipl. Ing. Uwe Bruder of Bruder Consulting Germany and comprised processing of 20 low-grade auger drill cores, composited for test work (Table 1) using simple process methods and equipment including gravity, sluice, heavy liquid and magnetic separation. A primary objective of the work to determine suitable process design and procedures for use in Cameroon, to be used for the next round of exploration drilling, planned in H2 2023. This work follows on from the granulometric and size fractioning studies on half-cores from the same samples, completed by BWA (announcement dated 7 September 2022). The scope of works entailed: · Compositing auger samples into 3 similar unit types (clay, sand, weathered clay). · Orientation mineral separation processing and analytical testwork. · Approximate recovery of heavy minerals using simple process equipment. · Proposals for simple methods to determine the preferred analytical method for in-country analysis of heavy minerals from drill cores (equipment and test procedure). Highlights and Commentary Although the samples were low-grade and from areas that BWA consider to be of lower prospectivity and priority, the samples have returned positive and anomalous results. The testwork methodology and subsequent analytical flowsheet was the important aspect and deliverable of the testwork which will lead into onsite laboratory design and Standard Operating Procedures. Test work demonstrated good recovery (>80%) of heavy minerals by simple gravity, DMS and magnetic separation within the sand size samples of the material provided. As expected, the sand composite sample contain the greatest quantity of HMS. However significant heavy minerals do occur within clay size samples, and not unexpectedly these are less easily separated, requiring additional sluice processing. A breakdown of total heavy mineral ("THM") content from the composite samples are as follows: >0.063 mm sample fraction (sand particle size and above): · Clay composite sample - 0.35% THM · Sand composite sample - 0.824% THM · Weathering clay composite sample - 0.639% THM <0.063 mm sample fraction (clay particle size): · Clay composite sample - 0.408% THM · Sand composite sample - 1.350% THM · Weathering clay composite sample - 0.245% THM It should be noted, the highly prospective coarse basal gravels primary target unit have not been encountered or tested as part of this study. Outlook The Company are processing the orientation testwork results to understand the implications. Furthermore, the results will be combined with the size fractioning studies completed in September 2022 to identify the relationships and add more information to improve the knowledge of the depositional characteristics for Nkoteng and associated licences. This orientation testwork will lead into onsite laboratory design and Standard Operating Procedures with work in progress to source suppliers and equipment, in preparation for the planned exploration programme. The THM% content from the samples is encouraging from low-grade areas and is reasonable from within the sand size fractions. Furthermore, recovery appears to be good from observations by Bruder Consulting from the shaking table and sluices, with recoveries indicated around 80%. James Butterfield, interim Non-executive Chairman of BWA, commented: "This round of orientation testwork has given BWA a clear process to follow in order to set up an in-country laboratory, as well as working towards a set of Standard Operating Procedures with which to work within, ensuring accurate and reliable analysis. BWA are also pleased with the early indications of recovery using lab-scale methods. More work is required in the future. BWA is excited about the positive outcome and is planning further exploration from the Nkoteng and Dehane sites". Summary of Orientation Mineral Separation Testwork In accordance with JORC (2012) reporting guidelines, a summary of the material information used is set out below. For further details, please refer to the JORC (2012) Table 1, located in the Appendix to this announcement. The exploration programme from which the 20 primary samples were selected, consisted of 107 holes for 193.30 metres and 171 primary samples, collected within the current and paleo Sanaga river floodplain (Figure 2). The holes were mechanically drilled using a Van Walt windowless percussion sampling system with half core samples split for analysis, with the remaining half core stored in bags for reference and duplicate samples as necessary. The 20 primary samples were composited into three lithological groups: clay, sand, and weathering clay which were tested separately, as presented in the table below and in Figure 3. The colours denominate the composite, those without colours were excluded and deemed outliers to primary lithology types. The test steps are outlined below and illustrated in Figure 3: · PSD (particle size distribution) work on 100 grams of sample (Table 2). · Crushing down to <6.0mm. · Agitation of each sample in water until the clayey agglomerates had dissolved. · Gravity sorting by shaking table (> 0.063 mm fractions) and sluice (< 0063 mm) (Figure 4 and 5). Although possible to recover below 0.063 mm, it would likely not be economic on an industrial scale. · Drying of preconcentrates for dry magnetic separation. · Magnetic separation for magnetic minerals, i.e., ilmenite and non-magnetic minerals, i.e., rutile and zirconium · Heavy liquid separation (2.82 g/cm³) of magnetic and non-magnetic separation products. · Reporting (Figure 6 and 7 and Table 2). Geology and Geological Interpretation The prospective Sanaga river is the main river which runs through the BWA Nkoteng 1 and 2 licence area and accommodates approximately 100 km of the river floodplain system and associated tributaries, and an even larger paleo -floodplain area, observed in satellite imagery, although this has yet to be fully ground-truthed through fieldwork. The geological sequence generally consists of a cover of clays, overlying the target deposit layer consisting of sands and gravels, generally laying directly on the bedrock. Surficial geology encountered during the auger programme comprised of 0.2 m of surface organic rich soil, alluvial clays and sandy clays ranging from 0 m to 4 m with an average thickness of approximately 1.3 m thick, and basal sand and gravels ranging from 0 m to 3 m thick in places. The Nkoteng deposit is likely to be a trap placer (native) deposit. The entire stratigraphic column of the Sanaga alluvial deposits is considered potentially mineralised. Nkoteng is located within the Yaoundé Domain of the Pan African Belt, a large nappe unit that has been thrusted southward onto the Congo Craton and is characterised by low-grade to high-grade garnet bearing metamorphosed schists, gneiss and orthogneisses. Implications for Future Exploration The recovery of heavy minerals in the sampled areas has yielded positive results, which is highly encouraging. The mineralisation seems to be continuing positively over a distance of 8 km. BWA is satisfied with the grade and extent of all the target minerals and is planning to conduct follow-up work in the near future across the licence holding. Competent Person's Statement The information in this report which relates to exploration results for the Nkoteng Project is based upon and fairly represents information collected and
compiled by Mr Emmanuel Simo, MSc., Senior Geologist and Chief Geologist for BWA, who is a Member of the Australian Institute of Geoscientists. The results were reviewed by Mr J.N. Hogg, MSc. MAIG, Principal Geologist for Addison Mining Services (AMS) and Non-executive Director of BWAR. Mr Simo and Mr Hogg have sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the JORC Code 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hogg has reviewed and verified the technical information that forms the basis of and has been used in the preparation of this announcement, including all sampling and analytical data, and analytical techniques. Mr Hogg consents to the inclusion in this announcement of the matters based on the information, in the form and context in which it appears. Forward Looking Statement This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. For further information on the Company, please visit http://www.bwagroupplc.com/index.html or contact: BWA Group PLC +44 (0) 7770 225 253 James Butterfield enquiries@bwagroupplc.com Interim Chairman Allenby Capital Limited +44 (0)20 3328 5656 Corporate Adviser Nick Harriss/Lauren Wright Glossary of Technical Terms: +---------+-------------------------------------------------------------------+ |"%" |percent; | +---------+-------------------------------------------------------------------+ |Al2O3 |Aluminium Oxide; | +---------+-------------------------------------------------------------------+ |"ALS" |Australian Laboratory Services; | +---------+-------------------------------------------------------------------+ |"AMS" |Addison Mining Services; | +---------+-------------------------------------------------------------------+ |"BRGM" |Bureau de Recherches Géologiques et Minié | | | | | |(French Geological Survey); | +---------+-------------------------------------------------------------------+ |"BWA" |BWA Group PLC; | +---------+-------------------------------------------------------------------+ |"DTM" |Digital Terrain Model. Computerised topographic model; | +---------+-------------------------------------------------------------------+ |"DUP" |Décret d'Utilité Publique (Public Utility Decree); | +---------+-------------------------------------------------------------------+ |"HMS" |Heavy Mineral Sands; | +---------+-------------------------------------------------------------------+ |"km" |Kilometre; | +---------+-------------------------------------------------------------------+ |"TiO2" |Titanium dioxide, also known as titanium (IV) oxide. Generally | | |sourced from ilmenite, rutile, and anatase; | +---------+-------------------------------------------------------------------+ |"Zr" |Zircon or Zirconium; | +---------+-------------------------------------------------------------------+ |"JORC |the 2012 edition of the JORC code; | |(2012)" | | +---------+-------------------------------------------------------------------+ |"JORC" |the Australasian Code for Reporting of Exploration Results, Mineral| | |Resources and Ore Reserves, as published by the Joint Ore Reserves | | |Committee of The Australasian Institute of Mining and Metallurgy, | | |Australian Institute of Geoscientists and Minerals Council of | | |Australia; | +---------+-------------------------------------------------------------------+ |"m" |metre; | +---------+-------------------------------------------------------------------+ |"ME |Analysis by Fusion/XRF; | |-XRF11bE"| | | | | +---------+-------------------------------------------------------------------+ |"QA/QC" |Quality assurance/quality control. | +---------+-------------------------------------------------------------------+ |"µm" |micrometre or micron, unit of length equalling 1×10?6 metre | +---------+-------------------------------------------------------------------+ Table 1: Sample details. +-------+----+----+---------+--------------------------------------------------+ |Hole ID|From|To |Sample ID|Lith | +-------+----+----+---------+--------------------------------------------------+ |NKA_163|0.10|1.60|26435 |Plastic Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_078|0.00|1.90|26285 |Plastic Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_124|0.10|1.90|26367 |Plastic Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_148|0.10|2.30|26409 |Plastic Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_119|0.65|1.35|26359 |Plastic Clay + Saprolite | +-------+----+----+---------+--------------------------------------------------+ |NKA_163|1.60|2.60|26436 |Sand | +-------+----+----+---------+--------------------------------------------------+ |NKA_078|1.90|4.00|26286 |Sand | +-------+----+----+---------+--------------------------------------------------+ |NKA_124|1.90|3.55|26368 |Sand | +-------+----+----+---------+--------------------------------------------------+ |NKA_148|2.30|3.30|26410 |Sand | +-------+----+----+---------+--------------------------------------------------+ |NKA_119|0.00|0.65|26358 |Sand (Secondary alluvial deposits) | +-------+----+----+---------+--------------------------------------------------+ |NKA_146|0.20|1.00|26407 |Sand (Secondary alluvial deposits) | +-------+----+----+---------+--------------------------------------------------+ |NKA_166|0.00|1.20|26440 |Sand (Weathering Sand) | +-------+----+----+---------+--------------------------------------------------+ |NKA_140|0.05|0.90|26394 |Weathering Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_121|0.10|0.70|26362 |Weathering Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_085|0.00|0.90|26297 |Weathering Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_159|0.10|1.80|26428 |Weathering Clay | +-------+----+----+---------+--------------------------------------------------+ |NKA_166|1.20|2.00|26442 |Weathering Clay + Sand + Gravel + Saprolite | +-------+----+----+---------+--------------------------------------------------+ |NKA_140|0.90|1.40|26395 |Weathering Clay + Saprolite | +-------+----+----+---------+--------------------------------------------------+ |NKA_121|0.70|1.20|26364 |Weathering Clay +Ferruginous concretion | +-------+----+----+---------+--------------------------------------------------+ |NKA_085|0.90|1.40|26298 |Weathering Clay +Ferruginous concretion +Saprolite| +-------+----+----+---------+--------------------------------------------------+ | |Composite 1 - Plastic clay | +-------+----+----+---------+--------------------------------------------------+ | |Composite 2 - Sand | +-------+----+----+---------+--------------------------------------------------+ | |Composite 3 - Weathering clay | +-------+----+----+---------+--------------------------------------------------+ The table below presents the results of the testwork. Additional work is required to understand the implications for continuing exploration, as well
comparing this mineral separation work to the granulometric work. Table 2: Results of PSD and analytical results of the THM%. +-----------------------------+-------------+---------------+-----------------+ |Composite |Size Fraction|PSD (passing %)|THM% | +-----------------------------+-------------+---------------+-----------------+ |dComposite 1 - Plastic clay |> 0.5 mm |97.3 |No heavy minerals| +-----------------------------+-------------+---------------+-----------------+ |0.25 - 0.5 mm |92.8 |0.04 m% | +-----------------------------+-------------+---------------+-----------------+ |0.063 - 0025 mm |74.4 |0.31 m% | +-----------------------------+-------------+---------------+-----------------+ |< 0.063 mm |49.4 |0.41 m% | +-----------------------------+-------------+---------------+-----------------+ |Total |100 |0.76 m% | +-----------------------------+-------------+---------------+-----------------+ |Composite 2 - Sand |> 1 mm |92.4 |No heavy minerals| +-----------------------------+-------------+---------------+-----------------+ |0.5 - 1 mm |81.4 |0.08 m% | +-----------------------------+-------------+---------------+-----------------+ |0.25 - 0.5 mm |68.9 |0.20 m% | +-----------------------------+-------------+---------------+-----------------+ |0.063 - 0025 mm |41.4 |0.54 m% | +-----------------------------+-------------+---------------+-----------------+ |< 0.063 mm |20.7 |1.35 m% | +-----------------------------+-------------+---------------+-----------------+ |Total |100 |2.17 m% | +-----------------------------+-------------+---------------+-----------------+ | | | | | +-----------------------------+-------------+---------------+-----------------+ |Composite 3 - Weathering clay|> 1 mm |88.9 |No heavy minerals| +-----------------------------+-------------+---------------+-----------------+ |0.25 - 1 mm |68.2 |0.36 m% | +-----------------------------+-------------+---------------+-----------------+ |0.063 - 0025 mm |51.5 |0.28 m% | +-----------------------------+-------------+---------------+-----------------+ |< 0.063 mm |33.0 |0.25 m% | +-----------------------------+-------------+---------------+-----------------+ |Total |100 |0.89 m% | +-----------------------------+-------------+---------------+-----------------+ APPIX: Table 1 (JORC 2012) Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code AMS Commentary explanation Sampling techniques · Nature and · Samples were generated using a quality of mechanised windowless soil percussion sampling (e.g. machine to a maximum depth of 4.0 m. cut channels, · Samples were halved to accommodate random chips, or duplicate samples. specific · The locations varied between active specialised and paleo island and riverbank channels. industry standard · The sampling methods are sufficient measurement tools for early-stage exploration. appropriate to · No handheld XRF instruments were used. the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include · Sampling was reference to supervised by the measures taken senior BWA to ensure geologist. sample · Samples are representivity considered and the representative of appropriate the surface and calibration of are sufficient any measurement for early tools or exploration systems used geochemical surveys. · Aspects of · Crushing down the to <6.0mm determination · Agitation of of each sample in mineralisation water until the that are clayey Material to the agglomerates had Public Report. dissolved. · Gravity sorting by shaking table (> 0.063 mm fractions) and sluice (< 0063 mm). · Drying of preconcentrates for dry magnetic separation. · Heavy liquid separation (2.82 g/cm³) of magnetic separation products. · Reporting. · In cases · 107 holes for where `industry 193.30 metres to standard' work a maximum depth has been done of 4.0 m to this would be obtain 171 relatively lithologically simple (e.g. controlled `reverse samples of circulation approximately 2 drilling was kg each. used to obtain · The sample 1 m samples was split in half from which 3 kg and samples were was pulverised generally between to produce a 30 50 - 100 cm in g charge for length and fire assay'). lithologically In other cases controlled. more · The primary explanation may sample will be be required, sent for analysis such as where and the remaining there is coarse half is stored in gold that has plastic bags inherent under lock and sampling key for duplicate problems. analysis and Unusual future reference. commodities or · Samples have mineralisation not been types (e.g. submitted for submarine heavy mineral nodules) may separation warrant testwork to date. disclosure of detailed information. Drilling techniques · Drill type · Closed barrel (windowless) soil (e.g. core, sampling percussion style handheld reverse drilling rig was employed to drill the circulation, open holes. -hole hammer, · The core barrel is 63mm. rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face -sampling bit or other type, whether core is oriented and if so, by what method, etc). Drill sample recovery · Method of · Core was measured by run length. recording and · Recovery review is ongoing. assessing core and chip sample recoveries and results assessed. · Measures · Specialist taken to core lifters were maximise sample employed, recovery and designed for ensure sands and representative gravels. nature of the · Recovery was samples. reviewed after each run by the geologist. · Holes were re -drilled when recovery was deemed insufficient. · Recovery review is ongoing. · Whether a · No recovery relationship vs grade work has exists between been completed sample recovery yet. and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging · Whether core · No mineral resources are being and chip samples reported. have been · However, logging data is sufficient to geologically and support input into estimation. geotechnically · Recovery review is ongoing. logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether · Geological logging is logging is qualitative or qualitative. quantitative in nature. Core (or costean, channel, etc) photography. · The total · All length and intersections percentage of were geologically the relevant logged. intersections logged. Sub-sampling techniques and · If core, · Half the hole is sampled. sample whether cut or · The remaining halves are used as preparation sawn and whether duplicates for repeat analysis or quarter, half or reference.
all core taken. · If non · N/A -core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. · For all · Samples were sample types, be submitted for the nature, HMS preparation quality and and separation, appropriateness which is of the sample considered preparation appropriate for technique. the deposit type. · Quality · Duplicate control samples were procedures taken during the adopted for all drilling and a sub-sampling percentage will stages to be submitted for maximise HMS separation. representivity · No duplicate of samples. analysis has been completed on separation testwork to date. · Measures · However, taken to ensure duplicate samples that the have been taken sampling is to test for representative representativity. of the in situ · No duplicate material analysis has been collected, completed on including for separation instance testwork to date. results for field duplicate/second -half sampling. · Whether · Granulometric sample sizes studies were are appropriate performed on to the grain previous sample, size of the and preliminary material being analysis shows sampled. that samples are appropriate to the grain size of the material being sampled. · Updated granulometric studies have been performed. · More statistical work is required in this area. Quality of assay data and · The nature, · Samples were submitted for HMS laboratory quality and preparation and separation, which is tests appropriateness considered appropriate for the deposit of the assaying type. and laboratory · XRD is required to further delineate procedures used the types of THM within the final sample. and whether the technique is considered partial or total. · For · No geophysical geophysical tools, tools, spectrometers, spectrometers or handheld XRF handheld XRF instruments, instruments were etc, the used in the parameters used exploration work. in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of · Sample stream quality control included, procedures duplicate, blank adopted (e.g. and CRM material. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Verification of sampling and · The · Results not verified by external assaying verification of independent person at this time. significant intersections by either independent or alternative company personnel. · The use of · N/A. twinned holes. · · Sample data Documentation is hand inputted of primary into Excel and data, data imported into entry Micromine for procedures, validation and 3D data display. verification, data storage (physical and electronic) protocols. · Discuss any · No adjustment adjustment to to assay data is assay data. required. Location of data points · Accuracy and · Drillholes were surveyed using a DGPS. quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. · · Data was Specification captured and of the grid located using a system used. Universal Transverse Mercator (UTM). · The geographic coordinate reference system is WGS84 Zone 32N (UTM32N). · Elevations are reported in metres above sea level. · Quality and · There is no adequacy of topographic DTM topographic at present. control. · As part of the collar survey, additional points were collected in order to create an accurate topographic surface. · DTM creation is ongoing. Data spacing and · Data spacing · No exploration results are being distribution for reporting of reported. Exploration Results. · Whether the · N/A. data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether · N/A. sample compositing has been applied. Orientation of data in · Whether the · N/A. relation to orientation of geological sampling achieves structure unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the · N/A. 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 · The measures · Samples were transported from site to taken to ensure Yaoundé in secure polyweave bags by the sample security. BWA geologist. · Samples were taken to Afrigeolabs for granulometric studies by BWA geologists. · Samples were sent to Germany via DHL for heavy mineral separation testwork. Samples arrived in Germany intact and without tampering. Audits or reviews · The results · Lewis Harvey (AMS Director and Senior of any audits or Geologist) completed a site visit between reviews of the 23rd and 29th of May, 2022. sampling · All findings of the visit are techniques and considered satisfactory. data. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code AMS Comments explanation Mineral tenement and · Type, · BWA has been awarded Permit No. 672, an land tenure reference exploration licence covering 343 km2 of status name/number, Central Cameroon in an area known as location and Nkoteng, for researching the viability of ownership commercial exploitation of rutile sands and including other minerals including gold, kyanite, agreements or ilmenite, and other related minerals. material issues · The permit is for three years and there with third is a requirement for a financial commitment parties such as of £260,000 in year 1 to be followed by joint ventures, £195,000 in each of years 2 and 3. partnerships, · The licence was renewed on the 23rd of overriding September 2022 for a period of two years. royalties, (Confers article 37 of Law 2016/017 of 14 native title Dec 2010 on the Cameroonian Mining interests, Code).[LH1] historical sites, wilderness or national park and environmental settings. · The · All security of the tenements are in tenure held at good standing. the time of · BWA are reporting along unaware of any with any known impediments that impediments to may affect the obtaining a licences. licence to operate in the area. Exploration done by other · · Rutile was discovered in Cameroon at parties Acknowledgment the beginning of the century, but it was and appraisal of only exploited between 1935 and 1955. The
exploration by total recorded production of rutile is other parties. approximately 15,000 tonnes, with a maximum of 3,320 tonnes in 1944; exploitation remained essentially artisanal. · Historical exploration was carried out by the BRGM in 1980 and continued until 1991. · On 28th February 1988, the Ministry of Mines, Water and Energy (MINMEE) and BRGM set up the Société d'Étude du Rutile d'Akonolinga (SERAK) with a capital of 460 million CFA francs held by a 100% subsidiary of BRGM (SEREM) and the State of Cameroon in proportions of 52% and 48% respectively. · The evaluation of rutile resources in the Akonolinga region by SERAK has given the Djaa River some 290,000 tonnes (± 50,000 tonnes) and the Yo River some 240,000 tonnes (± 40,000 tonnes). · During the same period, reconnaissance was carried out on the Sélé and Tédé rivers in the Nanga Eboko region. The campaign enabled resources to be estimated at: SELE River: 723,000 tonnes of rutile; TEDE River: 175,000 tonnes of rutile. · At the moment the Akonolinga area is being developed by the French mining company ERAMET which is active in the field, while the TEDE and SELE rivers in the Nanga Eboko area are under licence from Archidona. The latter company is inactive in the field. · No recent data on these two areas is available. · Results are not reported in accordance with JORC (2012) and have not been independently verified by either BWA or AMS. Geology · Deposit · Rutile, as an important component in type, geological alluvial or eluvial heavy mineral deposits, setting and is known in southern Cameroon. style of · Cameroon was the world's third largest mineralisation producer of rutile from 1944 to 1950 (16,417 t). · With an estimated potential of nearly three million tons, Cameroon has the world's second-largest supply of rutile after Sierra Leone. · Nkoteng is located within the Yaoundé Domain of the Pan African Belt, which is a large nappe unit that has been thrusted southward onto the Congo Craton and is characterised by low-grade to high-grade garnet bearing metamorphosed schists, gneiss and orthogneisses · Main minerals are garnet, rutile, kyanite, ilmenite and zircon. Drill hole Information · A summary of · Collar coordinates and details of the all information holes are presented in the table below. material to the understanding of +-------+-----+------+------+ the exploration |Heading|Count|Min |Max | results +-------+-----+------+------+ including a |EAST |107 |815514|822514| tabulation of +-------+-----+------+------+ the following |NORTH |107 |492007|496992| information for +-------+-----+------+------+ all Material |RL |107 |526 |581 | drill holes: +-------+-----+------+------+ · easting |EOH |107 |0.6 |4.0 | and northing of +-------+-----+------+------+ the drill hole collar · elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar · dip and azimuth of the hole · down hole length and interception depth · hole length. · If the · N/A. 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 · In reporting · N/A. methods Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. · Where · N/A. 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 · N/A. assumptions used for any reporting of metal equivalent values should be clearly stated. Relationship between · These · Mineralisation is a river placer mineralisation relationships deposit, and the extents and geometry are widths and are particularly unknown at this time. intercept important in the · Surface sampling is early stage and lengths reporting of designed to confirm the presence and Exploration indication of HMS mineralisation for Results. targeting further exploration. · If the · The holes geometry of the are vertical, mineralisation and the with respect to mineralisation the drill hole is assumed to angle is known, sub-horizontal its nature at this time. should be reported. · If it is · The not known and relationship only the down between interval hole lengths and true width are reported, is not yet know. there should be · However, the a clear mineralisation statement to is sub this effect -horizontal and (e.g. `down interval widths hole length, are likely a true width not reasonable known'). reflection of true width. Diagrams · Appropriate · Appropriate scaled diagrams are maps and attached to the RNS. sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Balanced reporting · Where · All available exploration data for the comprehensive Nkoteng Project has been collected and reporting of all reported. Exploration · The full implications for the data are Results is not unknown at this time. practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other substantive · Other · No geophysical works have been exploration exploration completed. data data, if · Limited mapping works have been meaningful and completed. material, should · No additional surface sampling works be reported have been completed.
including (but · No metallurgical testing or bulk not limited to): density work have been completed. 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 · The nature · Additional drilling in prospective and scale of areas to delineate lateral extents. planned further · Bulk density and granulometric studies. work (e.g. tests · Metallurgical and recovery testwork. for lateral extensions or depth extensions or large-scale step-out drilling). · Diagrams · Further work clearly programmes are highlighting being developed the areas of and as such, no possible diagrams are extensions, available at including the this time. main geological · However, interpretations exploration is and future planned over the drilling areas, whole licence provided this area. information is not commercially sensitive [LH1]Emanuel to confirm This information was brought to you by Cision http://news.cision.com END
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