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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Base Resources Limited | AQSE:BSE.GB | Aquis Stock Exchange | Ordinary Share | AU000000BSE5 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.16 | 10.04% | 12.655 | 10.00 | 13.00 | 12.655 | 11.50 | 11.50 | 1,021 | 12:06:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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AIM and Media Release
11 October 2016
BASE RESOURCES LIMITED
2016 Mineral Resources and Ore Reserves Update for Kwale
The Ore Reserves and Mineral Resources for Base Resources Limited's (ASX & AIM:
BSE) ("Base Resources" or the "Company") 100% owned and operated Kwale
Operation as at 30 June 2016 are summarised in Table 1 below.
Table 1: 2016 Kwale Mineral Resources and Ore Reserves estimate (Central Dune
and South Dune) compared with previously reported 2015 Mineral Resources and
Ore Reserves estimates, after allowing for depletion by mining during the year
to 30 June 2016.
2016 2015
as at 30 June 2016 after allowing for mining depletion to 30 June
2016
Category Material In HM SL OS HM Assemblage Material In HM SL OS HM Assemblage
Situ Situ
HM HM
ILM RUT ZIR ILM RUT ZIR
(Mt) (Mt) (%) (%) (%) (%) (%) (%) (Mt) (Mt) (%) (%) (%) (%) (%) (%)
Mineral Resources 1
Measured 78.3 3.79 4.8 26 1 59 13 6 105.6 4.69 4.5 27 2 50 13 6
Indicated 51.5 1.67 3.2 26 4 54 13 6 27.4 0.83 3.0 27 3 50 13 6
Inferred 4.8 0.16 3.2 23 2 57 14 6 0 0 0 0 0 0 0 0
Total 134.6 5.62 4.2 26 2 57 13 6 132.9 5.52 4.1 26 3 50 13 6
Ore Reserves
Proved 71.4 3.58 5.0 26 1 59 13 6 85.9 4.16 4.8 27 2 53 13 6
Probable 31.1 1.10 3.5 26 4 55 13 6 14.6 0.52 3.5 26 3 50 13 6
Total 102.5 4.68 4.6 26 2 58 13 6 100.4 4.66 4.6 27 2 53 13 6
Note 1: Mineral Resources estimated at a 1% HM cut-off grade.
Note 2: Table subject to rounding errors.
The 2016 Kwale Mineral Resources as at 30 June 2016, are estimated to be
134.6Mt at an average heavy mineral ("HM") grade of 4.2% and 26% slimes
containing 5.62Mt HM, based on a 1% HM cut-off grade. The 2016 Kwale Mineral
Resources estimate represents a small increase of 1 per cent for total material
tonnes and 2 per cent for contained HM tonnes, over the previously reported
2015 Kwale Mineral Resources estimate, after allowing for depletion by mining
during the year.
Contained within the Mineral Resources are Ore Reserves estimated to be 102.5Mt
at an average HM grade of 4.6 per cent as at 30 June 2016. The 2016 Kwale Ore
Reserves estimate represents a small increase of 2 per cent in total ore tonnes
and negligible change in contained HM tonnes, over the previously reported 2015
Kwale Ore Reserves estimate, after allowing for depletion by mining during the
year.
Mineral Resources and Ore Reserves are reported in accordance with the JORC
Code (2012 edition). Accordingly, the information in these sections should be
read in conjunction with the respective explanatory Mineral Resources and Ore
Reserves information included in Appendix 1.
"Figures" (graphics) referenced in this release have been omitted. A full PDF
version of this release, including all Figures, is available from the company's
website: www.baseresources.com.au.
Mineral Resources
The 2016 Kwale Mineral Resources as at 30 June 2016, are estimated to be
134.6Mt at an average HM grade of 4.2% and 26% slimes containing 5.62Mt HM,
based on a 1% HM cut-off grade.
The 2016 Kwale Mineral Resources estimate is the product of revised geological
interpretations following further comprehensive mineralogical assessment of
1718 individual drill samples, observation of 5 test pits in the South Dune
deposit and knowledge gained from mining, resulting in the inclusion of
inferred resources not previously reported.
Table 2: 2016 Kwale Mineral Resources estimate at a 1% HM cut-off compared with
previously reported 2015 Mineral Resources estimate allowing for depletion by
mining of the Central Dune deposit during the year to 30 June 2016.
2016 Kwale Mineral Resources Estimate 2015 Kwale Mineral Resources Estimate
as at 30 June 2016 after allowing for mining depletion to 30
June 2016
Category Ore In HM SL OS HM Assemblage Ore In HM SL OS HM Assemblage
Situ Situ
HM HM
ILM RUT ZIR ILM RUT ZIR
(Mt) (Mt) (%) (%) (%) (%) (%) (%) (Mt) (Mt) (%) (%) (%) (%) (%) (%)
Central Dune
Measured 35.4 2.13 6.0 24 0 59 13 6 45.3 2.51 5.5 26 (0) 54 14 6
Indicated 10.7 0.42 3.9 26 2 59 14 6 14.1 0.38 2.7 29 2 52 13 6
Total 46.1 2.55 5.5 24 1 59 13 6 59.3 2.89 4.8 27 1 53 13 6
South Dune
Measured 42.9 1.66 3.9 27 2 59 14 6 60.3 2.18 3.6 28 4 46 13 6
Indicated 40.8 1.25 3.1 26 5 52 13 6 13.3 0.45 3.4 26 4 47 13 6
Inferred 4.8 0.16 3.2 23 2 57 14 6 0 0 0 0 0 0 0 0
Total 88.5 3.07 3.5 26 3 56 13 6 73.6 2.63 3.6 27 4 46 13 6
Total Mineral Resources
Measured 78.3 3.79 4.8 26 1 59 13 6 105.6 4.69 4.5 27 2 50 13 6
Indicated 51.5 1.67 3.2 26 4 54 13 6 27.4 0.83 3.0 27 3 50 13 6
Inferred 4.8 0.16 3.2 23 2 57 14 6 0 0 0 0 0 0 0 0
Total 134.6 5.62 4.2 26 2 57 13 6 132.9 5.52 4.1 26 3 50 13 6
Note: Table subject to rounding errors, resources estimated at a 1% HM cut-off
grade.
The revised geological interpretations applied to the 2016 Kwale Mineral
Resources estimate has resulted in a number of changes to resource
classification from the previous estimate. In the previous estimate, the main
determinant for classification was drill hole spacing, except for Ore3 in the
Central Dune deposit, where, due to reduced confidence in grade continuity, the
material was categorised as indicated irrespective of drill hole spacing.
Revised geological interpretations have been applied to the 2016 Kwale Mineral
Resources estimate, as discussed above, which has led to a decrease in material
assigned to the measured category, compared to the previous estimate. In
particular, changes have occurred in the following areas:
* In the areas of steep erosion near the three creeks of the Central Dune
deposit, reduced confidence in grade continuity has led to material being
categorised as indicated, irrespective of drill hole spacing.
* The thinner mineralised zones of the Central Dune deposit (primarily Ore3
and Ore25 - refer Figure 5) do not always have sufficient sample support to
carry measured status, even in areas of tight drill spacing, and were
therefore accorded indicated status.
* At the South Dune deposit, observed variability in mineralogy in Ore4,
compared to Ore1, required it to be assigned indicated status regardless of
drill hole spacing (refer Figure 6).
The 2016 Kwale Mineral Resources estimate represents a small increase of 1 per
cent for total material tonnes and 2 per cent for contained HM tonnes, after
allowing for depletion by mining of the Central Dune deposit during the year
(refer Table 2). The updated 2016 Kwale Mineral Resources estimate forms the
basis for the preparation and reporting of 2016 Kwale Ore Reserves estimate.
The Central Dune Mineral Resources at 30 June 2016, are estimated to be 46.1Mt
at an average HM grade of 5.5%, based on a 1% HM cut-off grade, decreased from
the 2015 Kwale Mineral Resources estimate due to mining depletion during the
year of 10.1Mt of material containing 0.89Mt of in situ HM, with the difference
due to the revised geological interpretations discussed above. The South Dune
Mineral Resources at 30 June 2016, are estimated to be 88.5Mt at an average HM
grade of 3.5% HM, based on a 1% HM cut-off grade, increased over the 2015 Kwale
Mineral Resources estimate due to the revised geological interpretations as
discussed above. The total 2016 Kwale Mineral Resources estimate at 30 June
2016, without allowance for depletion through mining during the year, has
decreased by 6% for material tonnes and by 12% for HM tonnes when compared with
the Mineral Resources estimate reported at 30 June 2015 (refer Table 3).
Table 3: Kwale Mineral Resources estimate at 30 June 2016 compared with the
Kwale Mineral Resources estimate reported at 30 June 2015.
2016 Kwale Mineral Resources Estimate 2015 Kwale Mineral Resources Estimate
as at 30 June 2016 as at 30 June 2015
Category Ore In HM SL OS HM Assemblage Ore In HM SL OS HM Assemblage
Situ Situ
HM HM
ILM RUT ZIR ILM RUT ZIR
(Mt) (Mt) (%) (%) (%) (%) (%) (%) (Mt) (Mt) (%) (%) (%) (%) (%) (%)
Central Dune
Measured 35.4 2.13 6.0 24 0 59 13 6 54.5 3.37 6.2 25 0 55 14 6
Indicated 10.7 0.42 3.9 26 2 59 14 6 15.0 0.41 2.7 29 2 52 13 6
Total 46.1 2.55 5.5 24 1 59 13 6 69.4 3.78 5.4 26 1 54 13 6
South Dune
Measured 42.9 1.66 3.9 27 2 59 14 6 60.3 2.18 3.6 28 4 46 13 6
Indicated 40.8 1.25 3.1 26 5 52 13 6 13.3 0.45 3.4 26 4 47 13 6
Inferred 4.8 0.16 3.2 23 2 57 14 6 0 0 0 0 0 0 0 0
Total 88.5 3.07 3.5 26 3 56 13 6 73.6 2.63 3.6 27 4 46 13 6
Total Mineral Resources
Measured 78.3 3.79 4.8 26 1 59 13 6 114.8 5.55 4.9 26 2 51 13 6
Indicated 51.5 1.67 3.2 26 4 54 13 6 28.3 0.86 3.0 27 3 50 13 6
Inferred 4.8 0.16 3.2 23 2 57 14 6 0 0 0 0 0 0 0 0
Total 134.6 5.62 4.2 26 2 57 13 6 143.0 6.41 4.4 26 3 51 13 6
Note: Table subject to rounding errors, resources estimated at a 1% HM cut-off
grade.
Ore Reserves
The 2016 Kwale Ore Reserves as at 30 June 2016, are estimated to be 102.5Mt at
an average HM grade of 4.6% and 26% slimes containing 4.68Mt of HM.
The 2016 Kwale Ore Reserves are based on the 2016 Mineral Resources model and
knowledge gained from mining. The 2016 Kwale Ore Reserves estimate represents
a small increase of 2 per cent in total ore tonnes and negligible change in
contained HM tonnes, after allowing for depletion by mining of the Central Dune
deposit during the year (refer Table 4).
Table 4: 2016 Kwale Ore Reserves estimate at 30 June 2016 compared with
previously reported 2015 Kwale Ore Reserves after allowing for depletion by
mining of the Central Dune deposit during the year to 30 June 2016.
2016 Kwale Ore Reserves Estimate 2015 Kwale Ore Reserves Estimate
as at 30 June 2016 after allowing for mining depletion to 30
June 2016
Category Ore In HM SL OS HM Assemblage Ore In HM SL OS HM Assemblage
Situ Situ
HM HM
ILM RUT ZIR ILM RUT ZIR
(Mt) (Mt) (%) (%) (%) (%) (%) (%) (Mt) (Mt) (%) (%) (%) (%) (%) (%)
Central Dune
Proved 32.5 2.03 6.2 24 0 59 13 6 39.2 2.36 6.0 24 (0) 55 13 6
Probable 8.4 0.35 4.1 26 1 59 13 6 5.0 0.16 3.2 28 2 52 13 6
Total 40.9 2.37 5.8 24 1 59 13 6 44.2 2.51 5.6 26 1 55 13 6
South Dune
Proved 38.9 1.56 4.0 27 1 59 14 6 46.7 1.80 3.9 28 3 49 14 6
Probable 22.7 0.75 3.3 26 5 53 13 6 9.5 0.35 3.7 25 3 49 13 6
Total 61.6 2.31 3.8 27 3 57 13 6 56.2 2.15 3.8 27 3 49 14 6
Total Ore Reserves
Proved 71.4 3.58 5.0 26 1 59 13 6 85.9 4.16 4.8 27 2 53 13 6
Probable 31.1 1.10 3.5 26 4 55 13 6 14.6 0.52 3.5 26 3 50 13 6
Total 102.5 4.68 4.6 26 2 58 13 6 100.4 4.66 4.6 27 2 53 13 6
Note: Table subject to rounding errors.
The Central Dune Ore Reserves at 30 June 2016, are estimated to be 40.9Mt of
ore and 2.37Mt of in situ HM, decreased from the 2015 Kwale Ore Reserves
estimated due to mining depletion during the year of 10.0Mt of ore containing
0.88Mt of in situ HM, with the difference due to the other changes discussed
above. Whilst mining has not yet commenced on this deposit, South Dune Ore
Reserves at 30 June 2016 are estimated to be 61.6Mt of ore and 2.31Mt of in
situ HM, increased over the 2015 Kwale Ore Reserves estimated due to the
changes in the discussed above. The total 2016 Kwale Ore Reserves estimate at
30 June 2016 has decreased by 7% for material tonnes and by 16% for HM tonnes
when compared with the Ore Reserves estimate reported at 30 June 2015 (refer
Table 5).
Table 5: 2016 Kwale Ore Reserves estimate at 30 June 2016 compared with 2015
Kwale Ore Reserves estimate reported at 30 June 2015.
2016 2015
as at 30 June 2016 as at 30 June 2015
Category Ore In HM SL OS HM Assemblage Ore In HM SL OS HM Assemblage
Situ Situ
HM HM
ILM RUT ZIR ILM RUT ZIR
(Mt) (Mt) (%) (%) (%) (%) (%) (%) (Mt) (Mt) (%) (%) (%) (%) (%) (%)
Central Dune
Proved 32.5 2.03 6.2 24 0 59 13 6 48.3 3.21 6.6 24 0 56 13 6
Probable 8.4 0.35 4.1 26 1 59 13 6 5.8 0.18 3.2 28 2 52 13 6
Total 40.9 2.37 5.8 24 1 59 13 6 54.2 3.39 6.2 25 1 56 13 6
South Dune
Proved 38.9 1.56 4.0 27 1 59 14 6 46.7 1.80 3.9 28 3 49 14 6
Probable 22.7 0.75 3.3 26 5 53 13 6 9.5 0.35 3.7 25 3 49 13 6
Total 61.6 2.31 3.8 27 3 57 13 6 56.2 2.15 3.8 27 3 49 14 6
Total Ore Reserves
Proved 71.4 3.58 5.0 26 1 59 13 6 95.0 5.01 5.3 26 2 54 13 6
Probable 31.1 1.10 3.5 26 4 55 13 6 15.4 0.54 3.4 26 3 50 13 6
Total 102.5 4.68 4.6 26 2 58 13 6 110.4 5.54 5.0 26 2 54 13 6
Note: Table subject to rounding errors.
Mineral Resources & Ore Reserves Governance
A summary of the governance and internal controls applicable to Base Resources
Mineral Resources and Ore Reserves processes are as follows:
Mineral Resources
* Review and validation of drilling and sampling methodology and data
spacing, geological logging, data collection and storage, sampling and
analytical quality control;
* Geological interpretation - review of known and interpreted structure,
lithology and weathering controls;
* Estimation methodology - relevant to mineralisation style and proposed
mining methodology;
* Comparison of estimation results with previous mineral resource models, and
with results using alternate modelling methodologies;
* Visual validation of block model against raw composite data; and
* Use of external Competent Persons to assist in the preparation of JORC
Mineral Resources updates.
Ore Reserves
* Review of potential mining methodology to suit deposit and mineralisation
characteristics;
* Review of potential Modifying Factors, including cost assumptions and
commodity prices to be utilised in mining evaluation;
* Ore Reserves updates intimated with material changes in the above
assumptions;
* Optimisation using appropriate software packages for open pit evaluation;
* Design based on optimisation results; and
* Use of external Competent Persons to assist in the preparation of JORC Ore
Reserves updates.
Competent Persons Statements
Mineral Resources
The information in this report that relates to Mineral Resources is based on
information compiled by Mr. Scott Carruthers who is a Member of The
Australasian Institute of Mining and Metallurgy. Mr. Carruthers is employed by
Base Resources, owns 147,171 Base Resources shares and has sufficient
experience that is relevant to the style of mineralisation and type of deposits
under consideration and to the activity which he 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 (JORC
Code). Mr. Carruthers consents to the inclusion in this report of the matters
based on his information in the form and context in which it appears.
Ore Reserves
The information in this report that relates to Ore Reserves is based on
information compiled by Mr. Per Scrimshaw and Mr. Scott Carruthers. Mr.
Scrimshaw and Mr. Carruthers are both Members of The Australasian Institute of
Mining and Metallurgy. Mr. Scrimshaw is employed by Entech, a mining
consultancy engaged by Base Resources to prepare Ore Reserves estimation for
the Kwale Project. Mr. Carruthers is employed by Base Resources and owns
147,171 Base Resources shares. Mr. Scrimshaw and Mr. Carruthers have
sufficient experience that is relevant to the style of mineralisation and type
of deposits under consideration and to the activity which they are undertaking
to qualify as Competent Persons as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (JORC Code). Mr. Scrimshaw and Mr. Carruthers consent to the
inclusion in this report of the matters based on their information in the form
and context in which it appears.
Supporting Information Required Under ASX Listing Rules, Chapter 5
The supporting information below is required, under Chapter 5 of the ASX
Listing Rules, to be included in market announcements reporting estimates of
Mineral Resources and Ore Reserves.
Section 1, Section 2, Section 3 and Section 4 of JORC Table 1 can be found in
Appendix 1.
Requirements applicable to the Mineral Resources Estimate
A summary of the information used to prepare the Kwale Mineral Resources
estimate as presented in this report is as follows.
The Kwale Operation is located on Special Mining Lease No. 23 ("SML23") (lying
within the Kwale exploration license SPL173 comprising an area of 177 km2)
which is located approximately 50 kilometres south of Mombasa and approximately
10 kilometres inland from the Kenyan coast (refer Figure 1).
The Kwale Project comprises two areas, separated by the Mukurumudzi River, that
contain economically viable concentrations of heavy minerals. These are the
Central Dune and the South Dune deposits. A sub-economic third deposit, the
Kwale North Dune deposit is not currently included in published resources.
The project was initially owned by Tiomin Resources Inc. ("Tiomin") who
conducted drilling in 1997 and then by Base Resources who drilled out the
Central Dune and South Dune deposits during October-December 2010 and January
to February 2013 drilling phases within the Kwale exploration license SPL173 in
Figure 2.
Mineral Resources estimation work previously carried out on the Kwale deposits
is as follows:
* 2006 by Tiomin;
* 2010 by Base Resources via a consulting company, Creative Mined Pty Ltd,
and under the direction of the Competent Person, Scott Carruthers; and
* 2014 by GNJ Consulting, and under the direction of the Competent Person,
Greg Jones.
The rocks of the area are essentially of sedimentary origin and range in age
from Upper Carboniferous to Recent. Three divisions are recognised: the
Cainozoic rocks, the Upper Mesozoic rocks (not exposed on the area) and the
Duruma Sandstone Series giving rise to the dominant topographical feature of
the area: the Shimba Hills. The Shimba grits and Mazeras sandstone are of
Upper Triassic age and form the Upper Duruma Sandstone.
The Margarini sands form a belt of low hills running parallel to the coast.
They rest with slight unconformity on the Shimba grits and Mazeras sandstone.
This formation was deposited during Pliocene times and consists of
unconsolidated sediments derived from the Duruma Sandstone Series. The
Margarini sands are believed to be of aeolian origin, deposited as coastal
dunes after conditions of intense erosion.
The Kwale deposits are a subset of the Margarini sands and are generally poorly
stratified and contain a fraction of silt of around 30 per cent. Heavy
minerals, mainly ilmenite, rutile and zircon, are locally concentrated and are
abundant in some places, giving rise to deposits such as Central Dune and South
Dune.
The geological interpretations for each deposit considered the data in the
drill logs, the detailed mineralogy, knowledge gained from mining the Central
Dune deposit, and observation of 5 test pits in the South Dune deposit. Four
geological domains have been identified at the Central Dune deposit and two
domains are present at the South Dune deposit. These were used and honoured
during the geological modelling.
The right to mine the Kwale Central Dune and South Dune deposits was granted to
the Kwale Operations previous owner by the Government of Kenya under SML23 on 6
July 2004. SML23 was assigned to Base Titanium Limited (a wholly owned
subsidiary of Base Resources) in July 2010, with consent from the Commissioner
of Mines and Geology of the Government of Kenya.
SML23 has a term of 21 years from 6 July 2004, and provides the right to carry
out mining operations for the production of ilmenite, rutile and zircon and is
renewable on materially the same terms.
The environment and land use in Kwale County is defined as humid and intensive
subsistence agriculture/mixed farming/forestry. The approximate population for
Kwale County is 500,000 persons.
Tiomin conducted drilling in 1997 at Kwale using a variety of drilling
methodologies. Subsequent to acquiring the project, Base Resources carried out
drilling using primarily reverse circulation air core ("RCAC") via Wallis
Drilling and a small number of hand auger holes. The RCAC drilling was
conducted in two campaigns, from October to November 2010 and then in January
to February 2013.
RCAC drilling was used to obtain 1 to 3m samples from which approximately 1.2 -
2.5kg was collected using a rotary splitter beneath a cyclone. Samples were
then dried, weighed, and screened for material less than 45µm (slimes) and +1mm
(oversize).
Approximately 100 grams of the screened sample was then subjected to a HM float
/sink technique using the heavy liquid, tetra-bromo-ethane (TBE with an SG of
2.92 - 2.96gcm-3). The resulting HM concentrate was then dried and weighed as
were the other separated constituent size fractions (the minus 45µm material
being calculated by difference).
Mineral assemblage analyses were conducted by Base Resources in order to
characterise the mineralogical and chemical characteristics of specific mineral
species and magnetic fractions. These mineral assemblage samples were
subjected to magnetic separation using a Carpco magnet capturing magnetic,
middling (combined together with the magnetic fraction) and non-magnetic
fractions which were then subjected to XRF analysis. The XRF analysis was then
used to calculate by formula and ratios, the percentage of mineral species that
constitute the valuable and non-valuable HM.
Drill hole, collar and assay data was captured and managed in the form of an MS
Access database
A standard precision analysis was conducted on the key assay fields: HM, slimes
or clay ("SL") and oversize ("OS") (for a definition of these assay fields
please refer to Appendix 1) for both laboratory and drill rig (field duplicate)
samples. Normal scatter and QQ plots were prepared for HM, SL and OS for
laboratory and drill rig.
A topographic DTM was prepared by Base Resources in GEMCOMTM format which was
based on a LIDAR survey.
Construction of the geological grade model was based on coding model cells
below open wireframe surfaces, comprising topography, geology and basement.
Model cell dimensions of 50m x 50m x 3m in the XYZ directions was selected for
the Central Dune and South Dune deposits allowing for sub splits down to 12.5 m
x 12.5 m x 0.75 m.
Interpolation was undertaken using various sized search ellipses to interpolate
for the primary grade fields (HM, SL, OS, and mineralogy), and index fields
(hardness). Inverse distance weighting ("IDW") to a power of 3 was used for
primary assay fields whilst nearest neighbour was used to interpolate index
fields.
The criteria used for classification was primarily the drill spacing and sample
interval, with consideration also given to the continuity of mineral assemblage
information (Ore4 at the South Dune deposit), the reduced level of confidence
surrounding the areas of steep erosion (Central Dune deposit), and the variable
nature of Ore3 at the Central Dune deposit. In general, measured status
required a drill spacing of 100 m x 120m or closer. The estimates presented
herein used a 1% HM cut-off. The 1% HM cut-off was selected for reporting to
allow for comparison to historical reporting.
Mining methods considered are those currently employed: dozer trap mining with
D11 dozers and hydraulic mining with high pressure water jets. The presently
employed thickening, concentration and mineral separation plants and day to day
recoveries comprise the metallurgical methods considered, and are similar to
other mineral sand operations around the world.
Requirements applicable to the Ore Reserves Estimate
In addition to the above information used to prepare the Mineral Resources
estimate, a summary of the further information used to prepare the Ore Reserves
estimate as presented in this report is as follows.
The Kwale Operations is an ongoing mining operation and this estimate takes
into consideration the updated 2016 Mineral Resources model compliant with the
JORC Code (2012 edition) and revised mining recovery parameters based on
knowledge gained from mining. In particular, recovery of Ore3 has been further
discounted based on continuing mine production performance as well as revised
interpretation of the extent of this zone in the updated 2016 Mineral Resources
model.
Measured Mineral Resources are converted to Proved Ore Reserves and Indicated
Mineral Resources are converted to Probable Ore Reserves. Inferred Mineral
Resources are excluded from reporting.
Mining commenced at the Kwale Operations in October 2013 on the higher grade
Kwale Central Dune deposit. First production of ilmenite and rutile began in
December 2013. Zircon production commenced in February 2014, as did the first
bulk shipment from the Likoni port facility.
Taking into consideration experience gained from mining operations at Kwale
Central Dune deposit, open pit optimisation studies were conducted using CAE
NPV Scheduler software, followed by detailed pit design and scheduling (using
GEOVIA Surpac and Minesched software). Operating cost inputs were collated
from Base Resources operating budget, revenue parameters based on price
forecasts by TZMI consultants and processing recoveries based on actual plant
performance. This analysis is at a higher level than would be the case for a
feasibility study.
Mining at Kwale Operations is based on a conventional dozer trap mining unit ("
DMU"), using Caterpillar D11T dozers to feed the DMU. A supplementary
hydraulic mining unit ("HMU") has recently been commissioned and will target
mine blocks of high slime and low face height around the periphery of the
deposit. Mining blocks are notionally designed on 140m by 70m (Central Dune)
or 180m by 90m (South Dune) dimensions and due to the geometry of the deposit,
minimum mining width never drops below the mining block size.
Appropriate modifying factors have been considered in mine design. The mining
method employed is non-selective and there is no ore/waste discrimination.
Economic cut-off is determined by cash flow method on a cell basis, however
sub-economic regions are included as a planned diluting material where they are
deemed unable to be selectively mined. Basement material reporting within the
pit design is likewise included as a planned dilution material. There is no
further application of mining dilution factors.
Mining recovery considers the experience gained at Kwale Operations to date and
includes limiting the maximum depth of Ore3 material in the Central Dune
deposit to 1m. Previous estimates used a more optimistic 3m, which operations
have been unable to achieve in practise. In the South Dune deposit, mine
design has excluded hard material by raising the pit floor where modelling
indicates such material may be present. For both Central Dune and South Dune
deposits a 0.2m provision for topsoil has been allowed for and this material is
excluded from recovery through mining feed operations.
Lower grade areas have been removed from the 2016 Ore Reserves estimation,
largely due to limiting the maximum depth of Ore3 material in the Central Dune
deposit to 1m (refer to Figure 7). An increase in the footprint of the South
Dune deposit, which in previous resource modelling had been constrained to a
tighter boundary for grade interpolation than used for the update 2016 Mineral
Resources model, has resulted in the extension of the economic pit boundary
(refer to Figure 8).
The ore is processed via screens, thickeners and spirals, as in almost every
other mineral sands operation, to produce a concentrate. This is processed
using magnetic and conductor separators to produce ilmenite and rutile
products. The remaining material is further processed using classifiers, wet
tables and cleaned with conductor separators to produce zircon and recover
further rutile. This is not an unusual process for mineral sands, but has been
tailored to suit the higher than normal proportion of kyanite, which has
similar physical properties to zircon.
Base Resources has all agreements in place to allow ongoing mining and
processing. The company operates a comprehensive Stakeholder Engagement Plan
in concert with a Community Development Plan. Close liaison with stakeholders
is maintained through the operation of series of liaison committees
representing those affected by the mine's presence.
The right to mine the Kwale Operations Central Dune and South Dune deposits was
granted to the Kwale's previous owner by the Government of Kenya under SML23.
The SML23 was assigned to Base Titanium Limited (a wholly owned subsidiary of
Base Resources) in July 2010, with consent from the Commissioner of Mines and
Geology of the Government of Kenya.
SML23 has a term of 21 years from 6 July 2004, and provides the right to carry
out mining operations for the production of ilmenite, rutile and zircon and is
renewable on materially the same terms.
All required infrastructure necessary for Kwale Operations is complete,
including construction of the process plant, 132kV power line, 8km bitumen
access road from the highway, camp, Likoni storage shed and ship loading
facility and an 8Gl dam on the Mukurumudzi River that will supply most of the
water for the project, supplemented by a bore field.
APPIX 1: Table 1, JORC Code 2012
Section 1: Sampling Techniques and Data
Criteria Explanation Comment
Sampling techniques Nature and quality of The Kwale Central Dune and
sampling (e.g. cut channels, South Dune deposits were
random chips, or specific drilled and sampled using
specialised industry standard Reverse Circulation Air-Core
measurement tools appropriate (RCAC), top drive rotary open
to the minerals under hole and hand auger drill
investigation, such as down holes.
hole gamma sondes, or
handheld XRF instruments,
etc.). These examples should
not be taken as limiting the
broad meaning of sampling.
Include reference to measures Duplicate field and laboratory
taken to ensure sample samples were taken at accepted
representivity and the industry standard ratios of
appropriate calibration of approximately 1 in 20 to 1 in
any measurement tools or 40.
systems used.
Aspects of the determination RCAC drilling was used to
of mineralisation that are obtain a 1 to 3 m samples from
Material to the Public which approximately 1.2-2.5 kg
Report. In cases where was collected using a rotary
'industry standard' work has splitter beneath a cyclone.
been done this would be The sample was then dried,
relatively simple (e.g. de-slimed (material less than
'reverse circulation drilling 45 µm removed) and then
was used to obtain 1 m oversize (material +1mm) was
samples from which 3 kg was removed.
pulverised to produce a 30 g Approximately 100g of the
charge for fire assay'). In resultant sample was then
other cases, more explanation subjected to a heavy mineral
may be required, such as (HM) float/sink technique
where there is coarse gold using tetra-bromo-ethane (TBE:
that has inherent sampling SG=2.92-2.96 gcm-3).
problems. Unusual commodities The resulting HM concentrate
or mineralisation types (e.g. was then dried and weighed.
submarine nodules) may
warrant disclosure of
detailed information.
Drilling techniques Drill type (e.g. core, RCAC drilling utilising 71 mm
reverse circulation, diameter air-core accounts for
open-hole hammer, rotary air approximately 75 per cent of
blast, auger, Bangka, sonic, the total drilling for the
etc.) and details (e.g. core Kwale Project. All holes are
diameter, triple or standard drilled vertical with no
tube, depth of diamond tails, downhole surveying to confirm
face-sampling bit or other hole direction.
type, whether core is Top drive Rotary and auger
oriented and if so, by what (mechanised and hand)
method, etc.). represent the other
approximately 25 per cent of
total drilling metres
Drill sample recovery Method of recording and Base Resources logged sample
assessing core and chip quality at the rig as either
sample recoveries and results good, moderate or poor, with
assessed. 'good' meaning not
contaminated and of an
appropriate sample size
(recovery), 'moderate' meaning
not contaminated, but sample
over or undersized, and 'poor'
meaning contaminated or
grossly over/undersized.
Ground conditions were
slightly damp, with
approximately 25 per cent silt
/clay, meaning that best
sample quality was achieved by
slow penetration with as
little water injection as
possible.
Measures taken to maximise Sampling on the drill rig is
sample recovery and ensure observed to ensure that rotary
representative nature of the splitter remains clean and
samples. water is used to flush the
cyclone after each drill
string (3 m).
Whether a relationship exists No relationship is believed to
between sample recovery and exist between grade and sample
grade and whether sample bias recovery. The high percentage
may have occurred due to of clay and low hydraulic
preferential loss/gain of inflow of groundwater results
fine/coarse material. in a sample size that is well
within the expected size
range.
Logging Whether core and chip samples Tiomin conducted some logging
have been geologically and of colour and sometimes
geotechnically logged to a lithology and Base Resources
level of detail to support collected detailed qualitative
appropriate Mineral Resources logging of geological
estimation, mining studies characteristics to allow a
and metallurgical studies. comprehensive geological
interpretation to be carried
out.
Whether logging is Logging of RCAC samples
qualitative or quantitative recorded estimated slimes,
in nature. Core (or costean, washing, colour, lithology,
channel, etc.) photography. dominant grainsize, coarsest
grainsize, sorting, induration
type, hardness, estimated rock
and estimated HM.
The total length and All drill holes were logged in
percentage of the relevant full and approximately 100 per
intersections logged. cent of samples were assayed
and used in the resource
estimation exercise.
Sub-sampling techniques If core, whether cut or sawn Tiomin collected the sample
and sample preparation and whether quarter, half or for the full 3 m and split the
all core taken. sample manually.
If non-core, whether riffled, Base Resources rotary split
tube sampled, rotary split, the samples on the drill rig.
etc. and whether sampled wet Samples were split and logged
or dry. wet however any artesian water
that was intersected was
noted. Approximately one
quarter of the original sample
was retained.
The sample size was
approximately 1.2-2.5 kg and
is considered to be
appropriate compared with the
grain size of the material
being sampled.
For all sample types, the Sample preparation is
nature, quality and consistent with industry best
appropriateness of the sample practice.
preparation technique.
Quality control procedures QA/QC in the form of
adopted for all sub-sampling laboratory and rig duplicates
stages to maximise were used to monitor
representivity of samples. laboratory performance.
Laboratory and rig duplicates
were submitted at the rate of
approximately 1 in 20 each for
a combined submission rate of
one in 10.
Measures taken to ensure that Analysis of sample duplicates
the sampling is was undertaken by standard
representative of the in situ geostatistical methodologies
material collected, including to test for bias and to ensure
for instance results for that sample splitting was
field duplicate/second-half representative.
sampling.
Whether sample sizes are Given that the grain size of
appropriate to the grain size the material being sampled is
of the material being sand and approximately 70 to
sampled. 300 µm, an approximate sample
size of 1.2 - 2.5 kg is more
than adequate.
Quality of assay data The nature, quality and Tiomin used a standard flow
and laboratory tests appropriateness of the sheet and detailed QA/QC was
assaying and laboratory undertaken.
procedures used and whether The Base Resources laboratory
the technique is considered flow sheet deslimes the sample
partial or total. prior to oven drying to
prevent clay minerals being
baked onto the HM grains. A
separate sample was split and
dried to determine moisture
content, which was then back
calculated to correct the
assayed grades.
Every 20th sample was
duplicated. HM was separated
from light minerals by a sink/
float process using TBE.
The sample analysis process
produced the following assays:
To maintain QA/QC, two
duplicate assaying procedures
were implemented.
Every 20th sample in the
laboratory was split and both
sub-samples processed through
the entire assaying procedure.
Two samples were collected at
the rig at every 20th sample
and subjected to the complete
assaying process.
Every day, five standard
samples were subjected to
moisture content, desliming
and oversize determinations to
ensure samples were not
exhibiting bias.
1718 individual drill samples
underwent mineral assemblage
determination via magnetic
separation using a Carpco
magnet and XRF analysis of
magnetic fractions.
The percentage of mineral
species that constitute the HM
was calculated by formula.
For geophysical tools,
spectrometers, handheld XRF
instruments, etc., the
parameters used in
determining the analysis
including instrument make and
model, reading times,
calibrations factors applied
and their derivation, etc.
Nature of quality control All HM assaying for the Kwale
procedures adopted (e.g. Central Dune and South Dune
standards, blanks, deposits was carried out by
duplicates, external Western GeoLabs (WGL) with the
laboratory checks) and exception of some check assays
whether acceptable levels of which were carried out either
accuracy (i.e. lack of bias) by Diamantina Laboratories
and precision have been (Diamantina) or Independent
established. Diamond Laboratories (IDL).
No blanks, standards or
duplicates were submitted by
Base Resources as part of the
drilling program at the
Central Dune and South Dune
deposits.
Verification of sampling The verification of Verification of intersections
and assaying significant intersections by was limited to checking for
either independent or variance between logged
alternative company estimates of grade and the
personnel. assayed grades. Where there
was unexplained variance,
samples were re-submitted for
assay.
The use of twinned holes. Twinned holes were used on a
limited basis and were used as
verification of down hole
continuity of geology and
assayed grades on a broad
basis.
Documentation of primary The Tiomin data was presented
data, data entry procedures, as a Microsoft Access
data verification, data database. No comment may be
storage (physical and made about Tiomin's data entry
electronic) protocols. procedures.
Data collected by Base
Resources was entered
digitally in the field and
uploaded to Microsoft Access
and managed as a database.
Discuss any adjustment to Minor adjustments to assay
assay data. data was made prior to model
interpolation, including
removal of obvious outliers.
Location of data points Accuracy and quality of Tiomin surveyed drill holes by
surveys used to locate drill differential global
holes (collar and down-hole positioning system ('DGPS').
surveys), trenches, mine Base Resources used a real
workings and other locations time kinematic global
used in Mineral Resources positioning system ('RTK
estimation. GPS').
Specification of the grid The grid system used is the
system used. Arc1960 (zone 37 South).
Modelling was conducted in a
rotated local mine grid.
Quality and adequacy of A LiDAR survey was conducted
topographic control. in November 2013 and this was
used to provide the elevations
of the drill holes, and is
accurate to +/- 15 cm.
Data spacing and Data spacing for reporting of
distribution Exploration Results.
Whether the data spacing and Based on the experience of the
distribution is sufficient to competent person, the data
establish the degree of spacing and distribution
geological and grade through the drill hole
continuity appropriate for programs Is considered
the Mineral Resources and Ore adequate for the assigned
Reserves estimation procedure Mineral Resources
(s) and classifications classifications. HM grade
applied. continuity was verified using
variography of the discrete
geological domains.
Whether sample compositing No sample compositing or
has been applied. de-compositing has been
applied. The majority of
sampling was taken on 3 m
intervals with some 1 m
intervals drilled for
geological boundary definition
on a vertical basis. Sample
length weighting was used
during the interpolation
process.
Orientation of data in Whether the orientation of Sample orientation is vertical
relation to geological sampling achieves unbiased and approximately
structure sampling of possible perpendicular to the dip and
structures and the extent to strike of the mineralisation
which this is known, resulting in true thickness
considering the deposit type. estimates. Drilling and
sampling is carried out on a
regular rectangular grid that
is broadly aligned and in a
ratio consistent with the
anisotropy of the orebody.
If the relationship between There is no apparent bias
the drilling orientation and arising from the orientation
the orientation of key of the drill holes with
mineralised structures is respect to the strike and dip
considered to have introduced of the deposit.
a sampling bias, this should
be assessed and reported if
material.
Sample security The measures taken to ensure All samples are numbered, with
sample security. samples split and residues
stored along with HM sinks.
Audits or reviews The results of any audits or GNJ Consulting Pty Ltd and IHC
reviews of sampling Robbins conducted reviews of
techniques and data. the Mineral Resources
estimates completed by Base
Resources.
Section 2: Reporting of Exploration Results
Criteria Explanation Comment
Mineral tenement and Type, reference name/number, The resource lies within the
land tenure status location and ownership granted Special Mining Lease
including agreements or No.23. Mining is currently
material issues with third taking place on the Kwale
parties such as joint Central deposit. An ad valorem
ventures, partnerships, royalty of 2% is payable to
overriding royalties, native the previous owners, and a
title interests, historical 2.5% royalty is payable to the
sites, wilderness or national Kenyan government.
park and environmental
settings.
The security of the tenure There are no known impediments
held at the time of reporting to the security of tenure for
along with any known the Kwale Project deposits.
impediments to obtaining a
licence to operate in the
area.
Exploration done by Acknowledgment and appraisal The previous owners of the
other parties of exploration by other project (Tiomin Kenya Ltd)
parties. undertook exploration over the
Kwale Project as detailed
above.
Geology Deposit type, geological The Kwale Central Dune and
setting and style of South Dune deposits are
mineralisation. aeolian detrital heavy mineral
sand deposits.
Drill hole Information A summary of all information There are no drill hole
material to the understanding results that are considered
of the exploration results material to the understanding
including a tabulation of the of the exploration and
following information for all resource drill out.
Material drill holes: Identification of the wide and
If the exclusion of this thick zone of mineralisation
information is justified on is made via multiple
the basis that the intersections of drill holes
information is not Material and to list them all would not
and this exclusion does not give the reader any further
detract from the clarification of the
understanding of the report, distribution of mineralisation
the Competent Person should throughout the deposit.
clearly explain why this is
the case.
Data aggregation methods In reporting Exploration No grade cutting was
Results, weighting averaging undertaken, nor compositing or
techniques, maximum and/or aggregation of grades made
minimum grade truncations prior or post the grade
(e.g. cutting of high grades) interpolation into the block
and cut-off grades are model. Selection of the bottom
usually Material and should basal contacts of the
be stated. mineralised domains were made
based on discrete logging and
grade information collected
and assayed by Base Resources
and Tiomin.
Where aggregate intercepts Does not apply
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 No metal equivalents were used
reporting of metal equivalent for reporting of Mineral
values should be clearly Resources.
stated.
Relationship between These relationships are All drill holes are vertical
mineralisation widths particularly important in the and perpendicular to the dip
and intercept lengths reporting of Exploration and strike of mineralisation
Results. and therefore all
interceptions are
approximately true thickness.
If the geometry of the
mineralisation with respect
to the drill hole angle is
known, its nature should be
reported.
If it is not known and only
the down hole lengths are
reported, there should be a
clear statement to this
effect (e.g. 'down hole
length, true width not
known').
Diagrams Appropriate maps and sections Refer to main body of report.
(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 comprehensive reporting Reporting of results is
of all Exploration Results is restricted to Mineral
not practicable, Resources estimates generated
representative reporting of from geological and grade
both low and high grades and/ block modelling.
or widths should be practiced
to avoid misleading reporting
of Exploration Results.
Other substantive Other exploration data, if Bulk density is derived from
exploration data meaningful and material, algorithm.
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 The nature and scale of Drilling in areas of inferred
planned further work (e.g. resource is planned for Q4
tests for lateral extensions 2016.
or depth extensions or
large-scale step-out
drilling).
Diagrams clearly highlighting Refer to main body of report.
the areas of possible
extensions, including the
main geological
interpretations and future
drilling areas, provided this
information is not
commercially sensitive.
Section 3: Estimation and Reporting of Mineral Resources
Criteria Explanation Comment
Database integrity Measures taken to ensure that The surveying, logging and
data has not been corrupted assay data is stored in a
by, for example, Microsoft Access database.
transcription or keying The drill logs were recorded
errors, between its initial electronically at the rig for
collection and its use for the Base Resources drilling
Mineral Resources estimation program, and the hole
purposes. locations recorded by
hand-held GPS at the time of
drilling. The hand-held GPS
locations were used by the RTK
GPS operator to locate the
holes.
Each field of the drill log
database was verified against
allowable entries and any
keying errors corrected.
At the completion of each
hole, an entry was made to a
hand-written drilling diary.
The diary recorded the hole
name, date, depth, number of
samples, time of start and
finish, a description of the
location of the hole in
relation to the last hole and
other things. Such a diary
provides valuable evidence if
there is an error in hole
naming or surveying.
Data validation procedures Visual and statistical
used. comparison was undertaken to
check the validity of results.
Site visits Comment on any site visits
undertaken by the Competent
Person and the outcome of
those visits.
If no site visits have been Several site visits were
undertaken indicate why this undertaken by the competent
is the case. person, who previously held a
full time position on site and
is very familiar with the
deposit and sampling history.
Geological Confidence in (or conversely, The geological interpretation
interpretation the uncertainty of) the was undertaken by competent
geological interpretation of person and site personnel
the mineral deposit. using all logging, sampling
data and observations of the
test pits. There is a high
level of confidence in the
geological interpretation.
Nature of the data used and The interpreted zones were
of any assumptions made. used to control the wireframed
zones in the resource model.
The effect, if any, of The weight of mutually
alternative interpretations supportive data weakens the
on Mineral Resources case for a materially
estimation. divergent geological
interpretation.
The use of geology in guiding The Mineral Resources estimate
and controlling Mineral was controlled by the
Resources estimation. geological / mineralised
surfaces and beneath the
topographic surface.
The factors affecting The Kwale Project deposits
continuity both of grade and sits on top of an erosional
geology. high which is dissected by
streams. The extent of
geological and mineralised
zones is constrained by the
erosional surface surrounding
the basement high.
Dimensions The extent and variability of The Kwale Central deposit is
the Mineral Resources approximately 2 km long,
expressed as length (along 600-1400m wide and
strike or otherwise), plan approximately 20-40 m thick on
width, and depth below average. Mineralisation is
surface to the upper and present from surface over the
lower limits of the Mineral majority of the deposit.
Resources. The Kwale South deposit is
approximately 4 km long,
300-900m wide and
approximately 12-20 m thick on
average. Mineralisation is
present from surface over the
majority of the deposit.
Estimation and modelling The nature and Surpac was used to estimate
techniques appropriateness of the the Mineral Resources.
estimation technique(s) Inverse distance weighting
applied and key assumptions, techniques were used to
including treatment of interpolate assay grades from
extreme grade values, drill hole samples into the
domaining, interpolation block model and nearest
parameters and maximum neighbour techniques were used
distance of extrapolation to interpolate index values
from data points. If a into the block model. The
computer assisted estimation regular dimensions of the
method was chosen include a drill grid and the anisotropy
description of computer of the drilling and sampling
software and parameters used. grid allowed for the use of
inverse distance methodologies
as no the clustering of
samples was required.
Appropriate and industry
standard search ellipses were
used to search for data for
the interpolation and suitable
limitations on the number of
samples and the impact of
those samples was maintained.
An inverse distance weighting
of three was used so as not to
over smooth the grade
interpolations.
Hard domain boundaries were
used and these were defined by
the geological surfaces that
were interpreted.
The availability of check The resource estimate was
estimates, previous estimates checked against previous
and/or mine production resource estimates and these
records and whether the were detailed in the report.
Mineral Resources estimate The final resource estimate
takes appropriate account of for the Central and South Dune
such data. deposits was a similar tenor
of tonnage and grade as
previous resource estimates.
Reconciliation of current
mining operations validates
the resource estimate with
respect to production.
The assumptions made No assumptions were made
regarding recovery of during the resource estimation
by-products. as to the recovery of
by-products.
Estimation of deleterious All potentially deleterious
elements or other non-grade elements were included as part
variables of economic of the mineral composite
significance (e.g. sulphur analysis and were included in
for acid mine drainage the modelling report. There
characterisation). is no significant sulphide
mineralisation.
In the case of block model The average parent cell size
interpolation, the block size used for the interpolation for
in relation to the average the Kwale Central deposit was
sample spacing and the search approximately the standard
employed. drill hole spacing in the X
and Y direction. Given that
the average drill hole spacing
was 100 m east-west and 100 m
north-south and with 3 m
samples the parent cell size
was 50 x 50 x 3 m (where the Z
or vertical direction of the
cell was nominated as the same
distance as the sample
length).
For the Kwale South deposit
the average parent cell size
used was approximately half
that for the average drill
hole spacing in the
north-south and east-west
directions and the same as the
dominant sample spacing down
hole. This resulted in a
parent cell size of 50 x 50 x
3 m.
Any assumptions behind No assumptions were made
modelling of selective mining regarding the modelling of
units. selective mining units however
it is assumed that a form of
dry mining will be undertaken
and the cell size and the sub
cell splitting will allow for
an appropriate dry mining ore
reserve to be prepared. Any
other mining methodology will
be more than adequately
catered for with the parent
cell size that was selected
for the modelling exercise for
each deposit.
Any assumptions about No assumptions were made about
correlation between correlation between variables.
variables.
Description of how the The Mineral Resources estimate
geological interpretation was was controlled to an extent by
used to control the resource the geological /
estimates. mineralisation and basement
surfaces.
Discussion of basis for using Grade cutting or capping was
or not using grade cutting or not used during the
capping. interpolation because of the
regular nature of sample
spacing and the fact that
samples were not clustered nor
wide spaced to an extent where
elevated samples could have a
deleterious impact on the
resource estimation.
Sample distributions were
reviewed and no extreme
outliers were identified
either high or low that
necessitated any grade cutting
or capping.
The process of validation, Validation of grade
the checking process used, interpolations were done
the comparison of model data visually In Surpac by loading
to drill hole data, and use model and drill hole files and
of reconciliation data if annotating and colouring and
available. using filtering to check for
the appropriateness of
interpolations. Statistical
distributions were prepared
for model zones from both
drill holes and the model to
compare the effectiveness of
the interpolation. Along
strike distributions of
section line averages (swath
plots) for drill holes and
models were also prepared for
comparison purposes.
Moisture Whether the tonnages are Tonnages were estimated an
estimated on a dry basis or assumed dry basis. This is
with natural moisture, and based on test work carried out
the method of determination on the bulk density which was
of the moisture content. determined on a dry weight
basis.
Cut-off parameters The basis of the adopted Cut-off grades for HM from 1
cut-off grade(s) or quality to 5% were used to prepare the
parameters applied. reported resource estimate.
These cut-off grades were
based on current operating
parameters at the Kwale
operation. The cut-off grade
used at the mine is between 2
and 3% HM.
Mining factors or Assumptions made regarding The mining method is assumed
assumptions possible mining methods, to be by D11 dozers feeding a
minimum mining dimensions and dozer trap, supplemented by
internal (or, if applicable, high pressure hydraulic
external) mining dilution. It mining. The minimum mining
is always necessary as part block size for the dozers is
of the process of determining about 160 x 80 metres. Blocks
reasonable prospects for less than 5m thick would
eventual economic extraction require some type of auxiliary
to consider potential mining mining. Only limited blending
methods, but the assumptions of ore may be achieved with
made regarding mining methods the dozers.
and parameters when The minimum mining block size
estimating Mineral Resources for the hydraulic miner is
may not always be rigorous. larger, but the ore may be
Where this is the case, this blended from top of face to
should be reported with an bottom. The minimum face
explanation of the basis of height for hydraulic mining is
the mining assumptions made. yet to be determined.
Neither method is considered a
selective mining method, but
the nature of mineralisation,
being a single thick zone,
does not require selectivity.
Given the thickness of the
Kwale South deposit, dilution
is not considered to be an
issue for dozer trap.
Metallurgical factors or The basis for assumptions or The metallurgical recovery and
assumptions predictions regarding separability factors are
metallurgical amenability. It similar to other mineral sand
is always necessary as part operations. There are no fine
of the process of determining grained lower shoreface
reasonable prospects for sediments. The level of
eventual economic extraction kyanite is greater than at
to consider potential other deposits, and the
metallurgical methods, but mineral separation plant has
the assumptions regarding been designed to cater for
metallurgical treatment this. Recoveries of ilmenite,
processes and parameters made rutile and zircon are 98.2%,
when reporting Mineral 93.3% and 74.5% respectively
Resources may not always be from pit to product at the
rigorous. Where this is the neighbouring Kwale Central
case, this should be reported mine.
with an explanation of the
basis of the metallurgical
assumptions made.
Environmental factors or Assumptions made regarding Thickened clay tailings are
assumptions possible waste and process being disposed inside a
residue disposal options. It tailing storage facility that
is always necessary as part is being constructed from sand
of the process of determining tailings. The facility will
reasonable prospects for be complete by March 2018 and
eventual economic extraction from then sand tailing will
to consider the potential take place in the mined void.
environmental impacts of the Separation plant tailing is
mining and processing disposed with the sand tails.
operation. While at this
stage the determination of
potential environmental
impacts, particularly for a
greenfields project, may not
always be well advanced, the
status of early consideration
of these potential
environmental impacts should
be reported. Where these
aspects have not been
considered this should be
reported with an explanation
of the environmental
assumptions made.
Bulk density Whether assumed or An extensive program of test
determined. If assumed, the work was designed by GNJ
basis for the assumptions. If Consulting and implemented by
determined, the method used, Base Resources utilising a
whether wet or dry, the procedure to collect Troxler
frequency of the nuclear density meter
measurements, the nature, measurements and HM and SL
size and representativeness assays. These were used in the
of the samples. development of an algorithm to
estimate the bulk density of
in situ material within the
deposit based on variable HM
and clay (SL).
The bulk density for bulk This sampling was undertaken
material must have been within the mineralised ore
measured by methods that zones of the Kwale Central
adequately account for void deposit during mining
spaces (vugs, porosity, operations and representative
etc.), moisture and sampling was undertaken for
differences between rock and those domains.
alteration zones within the It is considered appropriate
deposit. to utilise the new bulk
density algorithm for the
Kwale South deposit given that
the geological units are
closely related and part of
the same sequence (given the
close local proximity this is
also a reasonable assumption).
Discuss assumptions for bulk Assumptions were made
density estimates used in the regarding packing factor of
evaluation process of the sand, bulk density of HM, sand
different materials. and clay in the development of
the bulk density algorithm.
The algorithm was refined
using nuclear density meter
measurement of the soil
profile being sampled.
Ongoing test work is planned
to take place in order to
further refine and build a
database of results to support
the ongoing use of the bulk
density algorithm.
Once mining commences on the
Kwale South deposit bulk
density test work will
continue to be undertaken.
The use of a bulk density
algorithm is considered
industry standard practice for
the estimation of mineral
sands Mineral Resources.
Classification The basis for the The resource classification
classification of the Mineral for the Kwale Central Dune and
Resources into varying South Dune deposits was based
confidence categories. on the following criteria:
drill hole spacing;
experimental semi-variograms;
the quality of QA/QC
processes; and the
distribution of mineral
assemblage samples.
Whether appropriate account The classification of the
has been taken of all Measured and Indicated Mineral
relevant factors (i.e. Resources for the Kwale
relative confidence in Central Dune and South Dune
tonnage/grade estimations, deposits were supported by all
reliability of input data, of the criteria as noted
confidence in continuity of above.
geology and metal values,
quality, quantity and
distribution of the data).
Whether the result The Competent Person considers
appropriately reflects the that the result appropriately
Competent Person's view of reflects a reasonable view of
the deposit. the deposit categorisation.
Audits or reviews. The results of any audits or GNJ consulting and IHC Robbins
reviews of Mineral Resources undertook audits of the
estimate. resource estimates, and found
them to be suitable for
reserve optimisation
Discussion of relative Where appropriate a statement There was no geostatistical
accuracy/ confidence of the relative accuracy and process undertaken for the
confidence level in the interpolation (such as
Mineral Resources estimate variography or conditional
using an approach or simulation) during the
procedure deemed appropriate resource estimation of the
by the Competent Person. For Kwale Central Dune and South
example, the application of Dune deposits.
statistical or geostatistical However, qualitative
procedures to quantify the assessment of the Mineral
relative accuracy of the Resources estimate along with
resource within stated comparison with previous
confidence limits, or, if resource estimates (within a
such an approach is not tolerance of +/- 5 per cent)
deemed appropriate, a points to the robustness of
qualitative discussion of the this particular resource
factors that could affect the estimation exercise.
relative accuracy and
confidence of the estimate.
The statement should specify The estimates are global
whether it relates to global
or local estimates, and, if
local, state the relevant
tonnages, which should be
relevant to technical and
economic evaluation.
Documentation should include
assumptions made and the
procedures used.
These statements of relative Mine site reconciliations show
accuracy and confidence of close comparison between
the estimate should be production numbers and
compared with production estimated values for Kwale
data, where available. Central.
Section 4: Estimation and Reporting of Ore Reserves
Criteria Explanation Comment
Mineral Resources Description of the Mineral Base Titanium's 2016 Kwale
estimate for conversion Resources estimate used as a Mineral Resources estimate.
to Ore Reserves basis for the conversion to
Ore Reserves. Mineral Resources are
inclusive of the Ore Reserves.
Clear statement as to whether
the Mineral Resources are
reported additional to, or
inclusive of, the Ore
Reserves.
Site visits Comment on any site visits One of the competent persons
undertaken by the Competent works on site at the time the
Person and the outcome of Ore Reserves estimate was
those visits. completed and visited the pit
If no site visits have been several times per week.
undertaken indicate why this
is the case.
Study status The type and level of study The most recent study prior to
undertaken to enable Mineral operations commencing was a
Resources to be converted to detailed feasibility study.
Ore Reserves.
The Code requires that a study The project is now operational
to at least Pre-Feasibility and study inputs are based on
Study level has been operational costs, design and
undertaken to convert Mineral mine plan.
Resources to Ore Reserves.
Such studies will have been
carried out and will have
determined a mine plan that is
technically achievable and
economically viable, and that
material Modifying Factors
have been considered.
Cut-off parameters The basis of the cut-off grade Cut-off is economic by maximum
(s) or quality parameters cash flow method. A value
applied. model is constructed that
assigns costs and revenue
after application of
appropriate process
recoveries.
There is no ore/waste
definition due to the mining
method employed and dunal
mineralisation.
Mining factors or The method and assumptions Mineral Resources are
assumptions used as reported in the converted to Ore Reserves by
Pre-Feasibility or Feasibility pit optimization as a guide
Study to convert the Mineral for detailed design and
Resources to Ore Reserves scheduling.
(i.e. either by application of
appropriate factors by The project is currently being
optimisation or by preliminary mined using a dozer trap
or detailed design). method (DMU) and is about to
commence supplementary feed
The choice, nature and using a hydraulic mining unit
appropriateness of the (HMU).
selected mining method(s) and
other mining parameters The pit slopes are generally
including associated design about 50 degrees in Ore1 and
issues such as pre-strip, 45 degrees in Ore2 and 3 and
access, etc. the study uses more
conservative slope angles of
The assumptions made regarding 35 degrees.
geotechnical parameters (e.g.
pit slopes, stope sizes, The ore is mined in blocks
etc.), grade control and measuring between 140 x 70
pre-production drilling. meters (Central Dune deposit)
and 180 x 90 meters (South
The major assumptions made and Dune deposit). The geometry of
Mineral Resources model used the deposit is large enough
for pit and stope optimisation that minimum mining width
(if appropriate). never drops below these block
sizes.
The mining dilution factors
used. No inferred material is
included in the study.
The mining recovery factors
used. There is no ore/waste
discrimination and
Any minimum mining widths sub-economic material that
used. cannot be selectively mined is
included as planned dilution
The manner in which Inferred in the ore feed.
Mineral Resources are utilised
in mining studies and the Mining Recovery of Ore3
sensitivity of the outcome to material is discounted by
their inclusion. truncating design to no more
than 1m of this material.
The infrastructure
requirements of the selected Mining Recovery of Hardness 5
mining methods. material is discounted by
raising pit floor to exclude
from design.
Mining Recovery makes
provision for a 0.2 m topsoil
profile.
Infrastructure is in place and
operational.
Metallurgical factors or The metallurgical process The ore is processed via
assumptions proposed and the screens, thickeners and
appropriateness of that spirals as is almost every
process to the style of other mineral sands operation
mineralisation. to produce a concentrate.
This is processed using
Whether the metallurgical magnetic and conductor
process is well-tested separators to produce ilmenite
technology or novel in nature. and rutile products. The
remaining material is further
The nature, amount and processed using classifiers,
representativeness of wet tables and cleaned with
metallurgical test work conductor separators to
undertaken, the nature of the produce zircon and recover
metallurgical domaining some more rutile.
applied and the corresponding
metallurgical recovery factors This is not an unusual process
applied. for mineral sands, but has
been tailored to suit the
Any assumptions or allowances higher than normal proportion
made for deleterious elements. of kyanite, which has similar
physical properties to zircon.
The existence of any bulk
sample or pilot scale test The plant design was based on
work and the degree to which the results of metallurgical
such samples are considered test work conducted as part of
representative of the orebody the definitive feasibility
as a whole. study.
For minerals that are defined Test work on site is ongoing
by a specification, has the to find ways to improve zircon
Ore Reserves estimation been and rutile recovery.
based on the appropriate
mineralogy to meet the Wet plant design recovery is
specifications? 96.3%, 93.3%, 95.7% for
Ilmenite, Rutile and Zircon
respectively.
Dry plant design recovery is
99%, 99%, 77.8% for Ilmenite,
Rutile and Zircon
respectively.
The updated Mineral Resources
estimate upon which this Ore
Reserves incorporates updated
mineralogical assessment of
1718 individual drill samples.
Environmental The status of studies of All environmental approvals
potential environmental are in place and there is also
impacts of the mining and a monitoring and reporting
processing operation. process.
Details of waste rock There is no waste material.
characterisation and the
consideration of potential There are two tailings
sites, status of design streams: sand and clay. The
options considered and, where sand tails are clean sand
applicable, the status of having been washed in
approvals for process residue concentrator. The clay tails
storage and waste dumps should are flocculated and thickened
be reported. prior to pumping.
There is an approved tailing
storage facility, which is a
dam with walls constructed
from sand tails to contain the
clay tails.
Infrastructure The existence of appropriate The plant has been
infrastructure: availability constructed. A 132 kV power
of land for plant development, line has been erected and
power, water, transportation supplies electricity to the
(particularly for bulk site. An 8km bitumen access
commodities), labour, road from the highway has been
accommodation; or the ease constructed. There is a camp
with which the infrastructure that was built to house
can be provided, or accessed. construction employees that is
being used to house
operational shift workers.
Base Resources constructed a
dedicated storage shed ship
loading facility to export
bulk products; containerised
product is shipped through
Mombasa Port's container
terminal. An 8 Gl dam on the
Mukurumudzi River has been
constructed to supply most of
the water for the project,
supplemented by a bore field.
Costs The derivation of, or Capital has been expended and
assumptions made, regarding is sunk.
projected capital costs in the
study. Operating costs were collated
and supplied by the site from
The methodology used to the latest operating budget.
estimate operating costs.
Deleterious minerals kyanite
Allowances made for the and monazite are present. A
content of deleterious large section of the plant is
elements. devoted to separating kyanite
from zircon. Monazite is
The source of exchange rates present in small amounts and
used in the study. it is mixed with the slime
tails and disposed of.
Derivation of transportation
charges. All Revenue and Costs inputs
are in USD.
The basis for forecasting or
source of treatment and The cost of transportation
refining charges, penalties from the plant to the port is
for failure to meet in accordance with the
specification, etc. transport contract.
The allowances made for Treatment costs were derived
royalties payable, both from the actual costs from May
Government and private. 2015 to April 2016.
Royalties of 2.5% and 2% are
payable to the Kenyan
government and the previous
owners respectively, though
for this study a more
conservative 7% has been used
(incorporating increased
Kenyan government royalty).
Revenue factors The derivation of, or Sales price forecasts current
assumptions made regarding at the time of the Ore
revenue factors including head Reserves estimate were used.
grade, metal or commodity
price(s) exchange rates, Product price forecasts are
transportation and treatment supplied by TZMI, industry
charges, penalties, net consultants.
smelter returns, etc.
The derivation of assumptions
made of metal or commodity
price(s), for the principal
metals, minerals and
co-products.
Market assessment The demand, supply and stock Demand for mineral sands
situation for the particular products has generally been
commodity, consumption trends closely linked to growth in
and factors likely to affect global GDP. Historically
supply and demand into the demand has grown on average at
future. 3% per annum. This has become
more volatile in recent years
A customer and competitor due to very large swings in
analysis along with the re-stocking and de-stocking
identification of likely events throughout the supply
market windows for the chains during and following
product. the global financial crisis.
In the case of zircon the lack
Price and volume forecasts and of availability and very high
the basis for these forecasts. prices during 2010-2012 led to
significant substitution in
For industrial minerals the the main end use sector
customer specification, (ceramics). There is growing
testing and acceptance consensus that this period of
requirements prior to a supply volatility has now passed and
contract. demand will again be aligned
closely with GDP growth moving
forward. Base Resouces
performs its own internal
assessment of the market and
also subscribes to the various
market outlook and
commentaries provided by TZMI.
The latest consensus indicates
prices for ilmenite and rutile
firmly improving over the next
12 months while prices for
zircon are expected to remain
relatively flat.
Economic The inputs to the economic As an operating mine with sunk
analysis to produce the net construction cost, no
present value (NPV) in the feasibility study will be
study, the source and undertaken as part of this Ore
confidence of these economic Reserves estimation. However,
inputs including estimated the inputs to the optimization
inflation, discount rate, etc. process are the price
NPV ranges and sensitivity to forecasts of TZMI and
variations in the significant operating cost data from Base
assumptions and inputs. Resources.
Economic analysis is based on
discounted operating surplus
(at 10% discount rate) and
sensitivities +/- 30% have
been conducted on individual
product Revenue, Operating
Fixed and Variable costs.
A 'stressed' flat product
price model has also been
considered in economic
analysis and the project
remains operationally cash
positive under this model.
Social The status of agreements with Base Resources has all
key stakeholders and matters agreements in place to allow
leading to social licence to ongoing mining and processing.
operate. The company operates a
comprehensive Stakeholder
Engagement Plan in concert
with a Community Development
Plan. Close liaison with
stakeholders is maintained
through the operation of
series of liaison committees
representing those affected by
the mines presence.
Other To the extent relevant, the The material legal agreements
impact of the following on the relating to the Kwale Mine are
project and/or on the the Special Mining Lease No.23
estimation and classification and Investment Agreement with
of the Ore Reserves: the Government of Kenya. Both
Any identified material legal instruments remain
naturally occurring risks. valid, legally binding and
The status of material legal enforceable as warranted by
agreements and marketing the Government most recently
arrangements. in September 2012 in a direct
The status of governmental agreement with the company and
agreements and approvals the Lenders.
critical to the viability of
the project, such as mineral
tenement status, and
government and statutory
approvals. There must be
reasonable grounds to expect
that all necessary Government
approvals will be received
within the timeframes
anticipated in the
Pre-Feasibility or Feasibility
study.
Highlight and discuss the
materiality of any unresolved
matter that is dependent on a
third party on which
extraction of the reserve is
contingent.
Classification The basis for the Based on the geological
classification of the Ore resource estimation
Reserves into varying categories: measured = proved,
confidence categories. indicated = probable, inferred
= excluded from reserve
Whether the result estimation.
appropriately reflects the
Competent Person's view of the
deposit.
The proportion of Probable Ore
Reserves that have been
derived from Measured Mineral
Resources (if any).
Audits or reviews The results of any audits or No audit or review of this Ore
reviews of Ore Reserves Reserves estimate has been
estimates. undertaken.
Discussion of relative Where appropriate a statement Experience of mining at the
accuracy/ confidence of the relative accuracy and Central Dune deposit indicates
confidence level in the Ore that the lowest geological
Reserves estimate using an domain (Ore3) has exaggerated
approach or procedure deemed thickness and grade of HM in
appropriate by the Competent the model when compared to
Person. For example, the reality. Because of this
application of statistical or experience, the current
geostatistical procedures to Mineral Resources estimate
quantify the relative accuracy incorporates revised
of the reserve within stated geological interpretation of
confidence limits, or, if such geological zones which reduces
an approach is not deemed the amount of Ore3 in the
appropriate, a qualitative Mineral Resources. In
discussion of the factors addition, during mine design,
which could affect the the thickness of Ore3 has been
relative accuracy and limited in this Ore Reserves
confidence of the estimate. estimate to a maximum of 1m.
The statement should specify The maximum thickness of Ore3
whether it relates to global allowed for in the Ore
or local estimates, and, if Reserves has been validated
local, state the relevant through reconciliation of
tonnages, which should be actual mine recovery of this
relevant to technical and ore zone through mine
economic evaluation. operations.
Documentation should include
assumptions made and the No particular modifying
procedures used. factors have a material impact
on Ore Reserves viability,
Accuracy and confidence even the limiting of Ore3 to
discussions should extend to 1m only removes low grade
specific discussions of any marginal material. The bulk of
applied Modifying Factors that the operating margin is
may have a material impact on derived from the overlying
Ore Reserves viability, or for geological zones: Ore 1, Ore 2
which there are remaining and Ore25.
areas of uncertainty at the
current study stage. The statement refers to global
It is recognised that this may estimates.
not be possible or appropriate
in all circumstances. These
statements of relative
accuracy and confidence of the
estimate should be compared
with production data, where
available.
GLOSSARY
Mineral Mineral Resources are a concentration or occurrence of solid material of
Resources economic interest in or on the Earth's crust in such form, grade (or
quality), and quantity that there are reasonable prospects for eventual
economic extraction. The location, quantity, grade (or quality),
continuity and other geological characteristics of a Mineral Resource are
known, estimated or interpreted from specific geological evidence and
knowledge, including sampling. Mineral Resources are sub-divided, in
order of increasing geological confidence, into Inferred, Indicated and
Measured categories.
Measured A Measured Mineral Resource is that part of a Mineral Resource for which
Resource quantity, grade (or quality), densities, shape, and physical
characteristics are estimated with confidence sufficient to allow the
application of Modifying Factors to support detailed mine planning and
final evaluation of the economic viability of the deposit.
Inferred An Inferred Mineral Resource is that part of a Mineral Resource for which
Resource quantity and grade (or quality) are estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient to
imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
Indicated An Indicated Mineral Resource is that part of a Mineral Resource for which
Resource quantity, grade (or quality), densities, shape and physical
characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail to support mine
planning and evaluation of the economic viability of the deposit.
Ore Reserves Ore Reserves are the economically mineable part of Measured and/or
Indicated Mineral Resources.
Competent The JORC Code requires that a Competent Person must be a Member or Fellow
Person of The Australasian Institute of Mining and Metallurgy, or of the
Australian Institute of Geoscientists, or of a 'Recognised Professional
Organisation'.
A Competent Person must have a minimum of five years' experience working
with the style of mineralisation or type of deposit under consideration
and relevant to the activity which that person is undertaking.
JORC The Joint Ore Reserves Committee: The Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code'),
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.
Variography A geostatistical method that investigates the spatial variability and
dependence of grade within a deposit. This may also include a directional
analysis.
LIDAR survey LIDAR is a remote sensing technology that measures distance by
illuminating a target with a laser and analysing the reflected light.
DTM Digital Terrain Model
XRF analysis A spectroscopic method used to determine the chemical composition of a
material through analysis of secondary X-ray emissions, generated by
excitation of a sample with primary X-rays that are characteristic of a
particular element.
Inverse A statistical interpolation method whereby the influence of data points
distance within a defined neighborhood around an interpolated point decreases as a
weighting function of distance.
ENDS.
CORPORATE PROFILE
Directors
Keith Spence (Non-Executive Chairman)
Tim Carstens (Managing Director)
Colin Bwye (Executive Director)
Sam Willis (Non-Executive Director)
Michael Anderson (Non-Executive Director)
Michael Stirzaker (Non-Executive Director)
Malcolm Macpherson (Non-Executive Director)
Company Secretary
Chadwick Poletti
NOMINATED ADVISOR & BROKER
RFC Ambrian Limited
As Nominated Adviser:
Andrew Thomson / Stephen Allen
Phone: +61 (0)8 9480 2500
As Broker:
Jonathan Williams
Phone: +44 20 3440 6800
SHARE REGISTRY: ASX
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
PERTH WA 6000
Enquiries: 1300 850 505 / +61 (3) 9415 4000
www.computershare.com.au
SHARE REGISTRY: AIM
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
BRISTOL BS99 6ZZ
Enquiries: +44 (0) 870 702 0003
www.computershare.co.uk
AUSTRALIAN MEDIA RELATIONS
Cannings Purple
Annette Ellis / Andrew Rowell
Email: aellis@canningspurple.com.au /
arowell@canningspurple.com.au
Phone: +61 (0)8 6314 6300
UK MEDIA RELATIONS
Tavistock Communications
Jos Simson / Emily Fenton
Phone: +44 (0) 207 920 3150
KENYA MEDIA RELATIONS
Africapractice (East Africa)
Evelyn Njoroge / James Njuguna/Joan Kimani
Phone: +254 (0)20 239 6899
Email: jkimani@africapractice.com
PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
END
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October 11, 2016 02:00 ET (06:00 GMT)
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