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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Keras Resources Plc | AQSE:KRS.GB | Aquis Stock Exchange | Ordinary Share | GB00BMY2T534 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.90 | 1.70 | 2.10 | 1.90 | 1.90 | 1.90 | 0.00 | 06:55:46 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMKRS
RNS Number : 8055W
Keras Resources PLC
14 February 2017
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
14 February 2017
Keras Resources plc ('Keras' or 'the Company')
Initial High Grade Resource at Copenhagen Deposit, Warrawoona Project
Keras Resources plc is pleased to announce an initial Inferred Mineral Resource at the Copenhagen Deposit, which along with the Company's flagship Klondyke Gold Project ('Klondyke'), comprises the Warrawoona Gold Project ('Warrawoona') in the East Pilbara Gold Belt of the Pilbara Goldfield of Western Australia.
Overview
-- Inferred Mineral Resource of 180,000t @ 6.1 g/t Au ('gold') for 36,000oz at the Copenhagen deposit
-- Total Inferred Mineral Resource Inventory for Warrawoona now stands at 5.8Mt @ 2.2g/t Au for 410,000oz
-- Resource covers 140m of strike of the area and is calculated to a maximum depth of 100m
-- High-grade resource, which could potentially be exploited using open-pit mining methods, could assist in rapid payback of the development of Warrawoona
-- Significant further upside - deposit remains open both down dip and along strike -- Rock chips along strike show potential for significant expansion -- Copenhagen will be a priority drill target post the proposed ASX listing
Keras Managing Director Dave Reeves said:
"In addition to adding an high-grade gold resource to our existing resource inventory at Warrawoona, today's news also confirms our belief in the prospectivity of the wider project area as we target delineating over one million ounces of gold through further drilling. With only 300m of the known 6km of strike in the Copenhagen shear drilled, including an undrilled zone of high-grade mineralisation 3km along strike at the Coronation Project, we are keen to press on with further exploration work as soon as possible.
"Being able to generate a high-grade resource so rapidly is one of the aspects that attracted us to the Warrawoona area. Having access to high-grade, open-pittable resources is a huge benefit for any potential mining development as it assists with rapid payback of the project. With this in mind, further exploration and development of Klondyke and the wider Warrawoona Project remains Keras' short term strategic focus following the proposed ASX listing. We anticipate being in a position to announce further news on the ASX process in the near future."
To view a version of the announcement with a map showing the location of Copenhagen Resource, please click here http://www.rns-pdf.londonstockexchange.com/rns/8055W_-2017-2-14.pdf
Further Details
GeoServ, an independent Perth based consultancy, was engaged by Keras in January 2017 to undertake a review of the Copenhagen gold deposit and use the recently completed drilling and historic dataset to calculate a Mineral Resource at the asset.
The Copenhagen gold deposit is situated in the East Pilbara District of the Pilbara Goldfield of Western Australia, approximately 190km southeast of Port Hedland and approximately 15km southeast of the town of Marble Bar.
Copenhagen, comprising one mining lease covering 6.0705 hectares, is located within the historic Warrawoona Mining Centre and owned by Haoma Mining NL, with Keras assuming role of operator by way of a five year right to mine, with accompanying right to purchase.
Historically gold mineralisation has been known to occur in the area in the Archaean Warrawoona Syncline in "auriferous reefs within mafic, ultramafic and sedimentary schists" (Snowden, 1997). Most historic gold production is thought to be derived from a belt of chlorite schists containing laminated banded quartz veins. The mineralisation is interpreted as shear zone controlled and related to fuchsite and sericite-chlorite-carbonate-silica-pyrite alteration along a marker black chert horizon (Snowden, 1997).
Mining development at the deposit was primarily by surficial workings and fossicking prior to the Second World War, then post war, via open cut completed in the 1980s. Pre-war, mine production is put at 260.4t @ 20.87g/t Au, with poor recoveries due to primitive metallurgical operations resulting in a recovered grade of only 4.11g/t Au for 34oz. Post-war mine production is put at 51,000t @ 4.61g/t Au and was treated via heap / vat leach. Recorded recoveries for the vat operation of 67.91%, when applied to the input material of 48,900t @ 4.49g/t Au (3,000t @ 7.4/pt Au was stockpiled), gives total post-war gold production of 4,792oz Au.
Estimation via inverse distance cubed was undertaken on two modelled domains interpreted at the deposit, utilising top cuts where necessary, to yield a Mineral Resource as shown in Table 1.
Table 1 - Copenhagen Mineral Resource Estimation Results above a 0.5 g/t Au Cut-Off
Hot Features
Premium
Tonnes Au (g/t) Ounces
---------------- -------- --------- -------
Inferred 180,000 6.1 36,000
---------------- -------- --------- -------
Total Resource 180,000 6.1 36,000
---------------- -------- --------- -------
The inability to verify various work methodologies contributing to data collection for the project, as well as some questions over assay accuracy has led to the classification of all resources as Inferred. A plausible way forward at the project is to conduct concerted drilling programmes along targeted cross sections and further comparing the results of the new drilling with those of the old. A position can then be taken as to the veracity of historic data with a view to upgrading resource classifications.
Full details of the resource estimate are contained in the JORC table 1 which is attached to this release.
Table 2 - Total Mineral Resources Warrawoona Project at a 0.5g/t cutoff
Inferred Resources Tonnes Au (g/t) Ounces
-------------------- ---------- --------- --------
Klondyke 5,600,000 2.08 374,000
-------------------- ---------- --------- --------
Copenhagen 180,000 6.1 36,000
-------------------- ---------- --------- --------
Total Resource 5,780,000 2.2 410,000
-------------------- ---------- --------- --------
Competent Persons Statement
The Information in this report that relates to Mineral Resources is based on information compiled by Mr. Daniel Saunders, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Saunders is a director of GeoServ Pty Ltd, an independent geological consulting company. Mr. Saunders has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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". Mr. Saunders consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**S**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Dave Reeves Keras Resources plc dave@kerasplc.com Nominated Adviser Gerry Beaney/David Hignell Northland Capital Partners Limited +44 (0) 20 3861 6625 Broker Elliot Hance/Jonathon Belliss Beaufort Securities Limited +44 (0) 20 7382 8415 Financial PR Susie Geliher/Charlotte Page St Brides Partners Limited +44 (0) 20 7236 1177
Notes
Keras has a portfolio of owner-operated gold interests and potentially cash generative joint venture gold projects. The Company's strategy is focussed on advancing its owner-operator gold interests towards production whilst concurrently identifying and assessing low risk, high margin joint venture operations to enable further cash flows. The Company benefits from an experienced management team, which has extensive gold experience and is based in Perth, reducing execution risk.
Gold Projects
Warrawoona Gold Project - Western Australia
-- Contains the primary Klondyke Gold Project and the Copenhagen Gold Deposit -- Total Inferred Mineral Resource Inventory of 5.8Mt @ 2.2g/t Au for 410,000oz
-- Active growth strategy - continue to assess additional opportunities in the project area to add contiguous lease areas to the critical mass that has been consolidated
Tribute Gold Projects
Keras has a portfolio of tribute mining agreements in the Kalgoorlie Goldfield, Australia and is targeting 20,000-30,000oz gold per annum from these assets.
Wider Portfolio
Keras is currently awaiting a mining permit for its Nayega Manganese Project in Togo. Once received it will look to develop the asset into a low-cost export mining operation.
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Sampling Nature and quality of sampling The Copenhagen project was sampled
techniques (e.g. cut channels, random chips, using RC and diamond drilling from
or specific specialised industry surface. Data for a total of 50
standard measurement tools appropriate RC holes for 2875.5m were available
to the minerals under investigation, to GeoServ. Holes were drilled in
such as down hole gamma sondes, various orientations but most commonly
or handheld XRF instruments, etc). to the south-west, orthogonal to
These examples should not be taken the overall strike of the mineralisation.
as limiting the broad meaning of Holes were almost exclusively drilled
sampling. at -60 degrees dip on a variable
spacing approaching 25m x 25m.
Include reference to measures taken Records show RC samples were collected
to ensure sample representivity at one metre intervals by a riffle
and the appropriate calibration splitter mounted to the drill rig
of any measurement tools or systems cyclone where details exist. The
used. method of sample collection in other
cases is unknown. Diamond drilling
was sampled at variable intervals
constrained to observed features
and the main vein. QAQC records
were not sighted.
Aspects of the determination of RC drill holes were sampled at one
mineralisation that are Material metre intervals exclusively and
to the Public Report. split at the rig to achieve a target
2-5 kilogram sample weight. Samples
were prepared via the standard approach
used by commercial gold labs, then
assayed presumably using aqua regia.
Drilling Drill type (e.g. core, reverse Recent Keras RC drilling employed
techniques circulation, open-hole hammer, a diameter of 140mm (5.5"). Drilling
rotary air blast, auger, Bangka, was completed using face sampling
sonic, etc) and details (e.g. core hammer with hole depths 78m to 102m.
diameter, triple or standard tube, Drilling completed prior to Keras
depth of diamond tails, face-sampling used unknown hammer configuration
bit or other type, whether core with depths ranging 43m to 207m.
is oriented and if so, by what Diamond core sizes drilled are not
method, etc). known, with holes ranging in depth
from 133m to 418.2m. Core is assumed
not to have been orientated as no
structural information is available.
Down hole surveys were completed
using a single shot camera.
------------------
Drill sample Method of recording and assessing Where recorded RC sample recovery
recovery core and chip sample recoveries is noted as being generally good..
and results assessed.
Measures taken to maximise sample RC recoveries were visually checked
recovery and ensure representative for recovery, moisture and contamination.
nature of the samples.
Whether a relationship exists between Insufficient information is available
sample recovery and grade and whether to determine whether a relationship
sample bias may have occurred due exists between sample recovery and
to preferential loss/gain of fine/coarse grade. Available reports suggests
material. that recovery was generally good
and as such it is not expected that
any such relationship would have
a significant effect on any global
estimate.
Logging Whether core and chip samples have RC chips were geologically logged
been geologically and geotechnically using predefined lithological, mineralogical
logged to a level of detail to and physical characteristic (colour,
support appropriate Mineral Resource weathering etc) logging codes. RC
estimation, mining studies and logging was completed on one metre
metallurgical studies. intervals at the rig by the geologist
or on geological or lithological
intervals for diamond core. It is
reported that chip trays were collected
for each of the RC intervals and
that diamond core was placed into
trays and stored on site. Neither
the chip trays or diamond core were
available to review for holes other
than those drilled by Keras.
Whether logging is qualitative Logging was qualitative in nature.
or quantitative in nature. Core
(or costean, channel, etc) photography.
The total length and percentage 100% of all recovered intervals
of the relevant intersections logged. were geologically logged.
------------------
Sub-sampling If core, whether cut or sawn and Based on available reports diamond
techniques whether quarter, half or all core core was cut in half longitudinally
and sample taken. with half submitted for analysis
preparation and the other half retained in core
trays.
If non-core, whether riffled, tube RC samples were collected from the
sampled, rotary split, etc and full recovered interval at the drill
whether sampled wet or dry. rig by riffle splitter. Water content
in historic RC samples is unknown.
Keras RC samples were drilled dry.
------------------
For all sample types, the nature, The sample preparation techniques
quality and appropriateness of employed by each of the laboratories
the sample preparation technique. include oven drying at 120degC for
8 hours before being pulverised
to achieve a grind size of 85% passing
75 micron. For pre-Keras drillholes,
procedures are unknown.
Quality control procedures adopted Unknown.
for all sub-sampling stages to
maximise representivity of samples.
Measures taken to ensure that the Unknown.
sampling is representative of the
in situ material collected, including
for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate The sample sizes collected are in
to the grain size of the material line with standard practice however
being sampled. the high nugget nature of mineralisation
suggests increased sample sizes
would be more appropriate. As for
all precious metals deposits, larger
samples sizes provide better representivity.
------------------
Quality The nature, quality and appropriateness Majority of assays were completed
of assay of the assaying and laboratory at unknown laboratories. Keras samples
data and procedures used and whether the were analysed at SGS Kalgoorlie
laboratory technique is considered partial via fire assay.
tests or total.
For geophysical tools, spectrometers, NA.
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 procedures Unknown.
adopted (e.g. standards, blanks,
duplicates, external laboratory
checks) and whether acceptable
levels of accuracy (i.e. lack of
bias) and precision have been established.
Verification The verification of significant NA.
of sampling intersections by either independent
and assaying or alternative company personnel.
The use of twinned holes. Keras holes were used as confirmatory
holes. Results confirmed grades
and widths of historic intercepts.
Documentation of primary data, Earlier primary data was collected
data entry procedures, data verification, using paper logs and transferred
data storage (physical and electronic) into Excel spreadsheets for transfer
protocols. into the drill hole database. MS
Access is used as the database storage
and management software and incorporates
numerous data validation and integrity
checks using a series of predefined
relationships. GeoServ suspects
not all drill data from the project
may be hand.
Discuss any adjustment to assay Adjustments made to the assay data
data. were limited to the replacement
of below detection results with
half the applicable detection limit.
Location Accuracy and quality of surveys Data provided by Norton Goldfields
of data used to locate drill holes (collar - accuracy assumed and verified
points and down-hole surveys), trenches, during pickup of Keras collars using
mine workings and other locations DGPS.
used in Mineral Resource estimation.
Specification of the grid system The grid system used is MGA94 Zone
used. 50. All reported coordinates are
referenced to this grid. Original
data has been transformed from AMG84
Zone 50.
Quality and adequacy of topographic Topographic control is based on
control. aerial survey data collected using
2m contours. Quality is considered
acceptable.
------------------
Data spacing Data spacing for reporting of Exploration Drilling has been completed on a
and distribution Results. variable grid approaching 20mX x
20mY, drilled orthogonal to the
strike of mineralisation.
Whether the data spacing and distribution The degree of geological and grade
is sufficient to establish the continuity demonstrated by the data
degree of geological and grade density is sufficient to support
continuity appropriate for the the definition of Mineral Resources.
Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.
Whether sample compositing has Samples have been composited to
been applied. one metre lengths using a minimum
acceptable length of 0.75m. The
majority of samples were collected
on 1-metre intervals and as such
very few composites were rejected
for failing to achieve the minimum
length. Those composites which failed
to achieve this minimum were analysed
and due to their small number and
consistent assay statistics were
not likely to introduce bias nor
affect the quality of the resource
estimate.
Orientation Whether the orientation of sampling The gold mineralisation at Prince
of data achieves unbiased sampling of possible of Wales manifests as a main narrow
in relation structures and the extent to which quartz vein striking approximately
to geological this is known, considering the 095 and dipping steeply (80deg-90deg)
structure deposit type. to the south. Several subordinate
veins exist parallel and oblique
to the main vein. Drilling is predominantly
conducted at -60 degrees orthogonal
to strike and as such drill holes
intersect the mineralisation close
to perpendicular. As such the orientation
of drilling is not likely to introduce
a sampling bias.
If the relationship between the The orientation of drilling with
drilling orientation and the orientation respect to mineralisation is not
of key mineralised structures is expected to introduce any sampling
considered to have introduced a bias.
sampling bias, this should be assessed
and reported if material.
Sample security The measures taken to ensure sample Measures employed to ensure sample
security. security are unknown.
Audits or The results of any audits or reviews No auditing or review has been undertaken
reviews of sampling techniques and data. on the data informing this Exploration
Target.
------------------ --------------------------------------------- ----------------------------------------------
Section 2 Reporting of Exploration Results
Mineral tenement Type, reference name/number, The Copenhagen Gold Project is situated
and land tenure location and ownership including in the East Pilbara District of
status agreements or material issues the Pilbara Goldfield of Western
with third parties such as joint Australia, approximately 190km SE
ventures, partnerships, overriding of Port Hedland and approximately
royalties, native title interests, 20km SE of the town of Marble Bar.
historical sites, wilderness The project, comprising four mining
or national park and environmental leases and covering 6.0705 hectares,
settings. is located within the historic Warrawoona
Mining Centre with 100% beneficial
interest owned by Haoma Mining NL.
The security of the tenure held The tenements are in good standing
at the time of reporting along and no known impediments exist.
with any known impediments to
obtaining a licence to operate
in the area.
------------------------
Exploration Acknowledgment and appraisal The Copenhagen area is thought to
done by other of exploration by other parties. have been discovered as a result
parties of the gold rushes to the Pilbara
in the late 1880s and is reported
to have produced 4800oz Au. Modern
exploration has been undertaken
by the Geological Survey of Western
Australia (GSWA) followed by a number
of explorers in the mid-1980s and
then from 1994 to the present day.
During this period Fortuna and haoma
were the preminent explorers. Drilling
information from these explorers
has been reviewed and included as
part of this Mineral Resource estimate,
with the respective confidence in
the quality considered in assignment
of the Mineral Resource classification
applied.
Geology Deposit type, geological setting The Copenhagen mining leases lie
and style of mineralisation. within the Warrawoona Group, one
of the oldest greenstone belts within
the Pilbara Craton. Composed largely
of high-Mg basaltic lavas with lesser
tholeiite, andesite, sodic dacite,
potassic rhyolite, chert and banded
iron formation (BIF), all metamorphosed
to greenschist facies, the Warrawoona
Group is sandwiched between the
Mount Edgar Granitoid Complex to
the north and the Corunna Downs
Granitoid Complex to the south.
Four deformation events are recognised
in the area; the earliest is schistosity
developed parallel to the margin
of the Corunna Downs Batholith.
The second deformation is local
and involved tight isoclinal folding.
The third deformation event is represented
by intense shear zones which are
associated with gold mineralisation.
The shears are steep dipping to
near vertical and are considered
to have a reverse movement. The
gold mineralisation is localised
within the zone of intense shearing
and carbonate and sericite alteration.
At Copenhagen, a strongly sheared,
carbonated zone denoted the lode.
It is hosted by a lesser altered
ultramafic talc-chlorite schist,
which is in turn bounded by chert.
------------------------
Drill hole A summary of all information Refer to Appendix 1
Information material to the understanding
of the exploration results including
a tabulation of the following
information for all Material
drill holes:
easting 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.
Data aggregation In reporting Exploration Results, All reported assays have been length
methods weighting averaging techniques, weighted. No top-cuts have been
maximum and/or minimum grade applied in the compilation of length
truncations (eg cutting of high weighted grades for reporting of
grades) and cut-off grades are exploration results. A nominal lower
usually Material and should cut-off grade of 0.5g/t Au is applied,
be stated. with up to two metres internal dilution.
Where aggregate intercepts incorporate High grade gold intercepts within
short lengths of high grade broader lower grade intercepts are
results and longer lengths of reported as included intervals.
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 values are
reporting of metal equivalent used for reporting of exploration
values should be clearly stated. results.
Relationship If the geometry of the mineralisation The gold mineralisation identified
between mineralisation with respect to the drill hole to date at the Copenhagen project
widths and angle is known, its nature should consists of a number of interpreted
intercept lengths be reported. mineralised veins striking approximately
120 and dipping sub-vertically.
Resource drilling is predominantly
conducted at -60 degrees orthogonal
to strike and as such drill holes
intersect the mineralisation close
to perpendicular.
Diagrams Appropriate maps and sections NA
(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 NA
of all Exploration Results is
not practicable, representative
reporting of both low and high
grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
Other substantive Other exploration data, if meaningful Mapping has been completed and is
exploration and material, should be reported presented in various reports. Some
data including (but not limited to): are reproduced in the following
geological observations; geophysical compilation.
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 planned Intensive exploration and resource
further work (eg tests for lateral development work is planned for
extensions or depth extensions 2017 as part of a concerted effort
or large-scale step-out drilling). to re-establish the project, including
RC drilling and geological interpretation.
Diagrams clearly highlighting Currently unknown.
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
Database integrity Measures taken to ensure that Earlier primary data was collected
data has not been corrupted using paper logs and transferred
by, for example, transcription into Excel spreadsheets for transfer
or keying errors, between its into the drill hole database. Details
initial collection and its use on the import of assay data are
for Mineral Resource estimation not recorded however is assumed
purposes. that they are imported from digital
files.
Data validation procedures used. All drill holes within the Access
database were imported into Surpac
and plotted This process performs
an internal check of the data and
lists any areas where there are
overlapping samples, inconsistent
sample intervals, or negative intervals
and visual checks completed to ensure
all holes plotted correctly and
that they aligned with the topography.
This process did not identify any
issues which may have a material
effect on the result. Assays were
plotted and reviewed on each hole
together with the lithology logged
for each interval.
----------------------
Site visits Comment on any site visits undertaken The Copenhagen project was visited
by the Competent Person and by GeoServ Perth Pty Ltd employees
the outcome of those visits. in 2012 during which time mapping
and geological reconnaissance across
all tenements was completed.
If no site visits have been NA
undertaken indicate why this
is the case.
----------------------
Geological Confidence in (or conversely, Confidence in the geological interpretation
interpretation the uncertainty of) the geological is good given the strong visual
interpretation of the mineral nature of mineralisation.
deposit.
Nature of the data used and The geological interpretation is
of any assumptions made. based on available logging information
and no assumptions have been made.
The effect, if any, of alternative The strong structural control of
interpretations on Mineral Resource mineralisation and its observed
estimation. relationship to shearing effectively
precludes any alternate interpretation.
There remains possibility that higher
grade zones may be related to secondary
cross cutting structures however
this is yet to be tested and insufficient
information currently exists to
reflect this.
The use of geology in guiding Geological surface mapping including
and controlling Mineral Resource structural observations were incorporated
estimation. into the Mineral Resource estimate
and assisted with providing support
for the mineralisation interpretation.
The factors affecting continuity The presence of main lode and its
both of grade and geology. outer ultrmafic host is considered
a marker horizon, with mineralisation
generally constrained to the Copenhagen
Shear. The continuity of grade is
likely to be affected by the nuggetty
nature of gold mineralisation and
the variable nature (width and continuity)
of the host quartz veins.
Dimensions The extent and variability of A total of 2 individual lenses reflecting
the Mineral Resource expressed gold mineralisation above a nominal
as length (along strike or otherwise), cut-off of 0.2g/t Au were generated.
plan width, and depth below These lenses dip sub-vertically
surface to the upper and lower and strike approximately 120. Lenses
limits of the Mineral Resource. vary in width from a few metres
to tens of metres, although average
3-4 metres, and have strike lengths
between 50m to 200m. Mineralisation
extends to depths between 50 and
70 metres below surface.
----------------------
Estimation The nature and appropriateness Grade estimation was completed using
and modelling of the estimation technique(s) Inverse Distance Cubed (ID3). Surpac
techniques applied and key assumptions, software was used to generate the
including treatment of extreme resource block model and to estimate
grade values, domaining, interpolation the gold grades.
parameters and maximum distance Drill hole sample data was flagged
of extrapolation from data points. within the database with the corresponding
If a computer assisted estimation domain as defined by the interpreted
method was chosen include a solids. Sample data was composited
description of computer software to 1m intervals within each of the
and parameters used. flagged domains and investigated
for the application of top-cuts.
Grade was estimated into each of
the mineralisation objects, each
flagged as a unique domain within
the block model to allow appropriate
constraint of the composite data
and estimation.
The availability of check estimates, Various historical mineral resource
previous estimates and/or mine estimates have been completed on
production records and whether the Copenhagen project. Each has
the Mineral Resource estimate employed significantly different
takes appropriate account of methodology and techniques however
such data. they broadly reflect the grade and
tonnage obtained in this estimate.
No recent mine production has been
recorded.
The assumptions made regarding No assumptions have been made regarding
recovery of by-products. the recovery of by-products.
Estimation of deleterious elements No estimates of elements other than
or other non-grade variables gold, deleterious or otherwise,
of economic significance (e.g. have been completed.
sulphur for acid mine drainage
characterisation).
----------------------
In the case of block model interpolation, The Copenhagen block model employs
the block size in relation to parent blocks with dimensions 10mX
the average sample spacing and x 10mY x 10mZ representing approximately
the search employed. half the average drill spacing in
northing and easting. Sub-blocking
down to 2.5mX x 2.5mY x 2.5mZ allowed
accurate resolution of the wireframe
volumes. Grades were estimated into
parent blocks only, with sub-blocks
being assigned the value of their
corresponding parent. Discretisation
was set to 3X x 3Y x 3Z for all
domains.
Search distances for estimation
were set at approximately the maximum
continuity of the variogram model.
The minimum (4) and maximum (16)
samples were defined based on available
composites and spatial distribution
and were constant across all domains.
Any assumptions behind modelling Selection of the block size was
of selective mining units. based on available drilling data
and is therefore significantly larger
than any anticipated SMU.
Any assumptions about correlation No assumptions were made about correlation
between variables. between variables.
Description of how the geological The geological interpretation was
interpretation was used to control used to guide the generation of
the resource estimates. mineralisation domains. Domains
are used as hard boundaries to constrain
sample data and blocks for estimation.
----------------------
Discussion of basis for using Top-cuts were applied via the use
or not using grade cutting or of a relative difference approach
capping. in which the composites were ranked
and their relative difference plotted
graphically to determine values
at which the continuity of grades
disintegrated. Of the 2 domains,
both had a top-cut applied. The
relevant top-cut value was based
on the highest value at which composites
showed a constant distribution.
The process of validation, the Validation of the block model involved
checking process used, the comparison graphical review of the assay data
of model data to drill hole against the block grades. Overall
data, and use of reconciliation this showed that generally the block
data if available. grades reflected the assay grades,
although with a smoother distribution.
Also important was investigation
of the respective tonnages being
estimated, with good correlation
between composites and blocks more
important in those zones reflecting
large tonnages i.e. the majority
of the tonnes generate good correlations
between composites and blocks.
No reconciliation data was available
for inclusion in the validation.
----------------------
Moisture Whether the tonnages are estimated All tonnages are estimated on a
on a dry basis or with natural dry basis.
moisture, and the method of
determination of the moisture
content.
Cut-off parameters The basis of the adopted cut-off A nominal cut-off of 0.2g/t Au was
grade(s) or quality parameters applied to the interpretation of
applied. the Copenhagen prospect in order
to assist with generating continuity
of mineralisation. The reporting
of Mineral Resources is done at
0g/t Au cut-off.
Mining factors Assumptions made regarding possible Given the shallow nature of mineralisation,
or assumptions mining methods, minimum mining existing pit void and flat topography,
dimensions and internal (or, mining is likely to be completed
if applicable, external) mining initially using standard open pit
dilution. It is always necessary mining techniques. No assumptions
as part of the process of determining on mining methodology have been
reasonable prospects for eventual made.
economic extraction to consider
potential mining methods, but
the assumptions made regarding
mining methods and parameters
when estimating Mineral Resources
may not always be rigorous.
Where this is the case, this
should be reported with an explanation
of the basis of the mining assumptions
made.
Metallurgical The basis for assumptions or Little metallurgical data has been
factors or predictions regarding metallurgical sighted.
assumptions amenability. It is always necessary
as part of the process of determining
reasonable prospects for eventual
economic extraction to consider
potential metallurgical methods,
but the assumptions regarding
metallurgical treatment processes
and parameters made when reporting
Mineral Resources may not always
be rigorous. Where this is the
case, this should be reported
with an explanation of the basis
of the metallurgical assumptions
made.
Environmental Assumptions made regarding possible No assumptions have been made.
factors or waste and process residue disposal
assumptions options. It is always necessary
as part of the process of determining
reasonable prospects for eventual
economic extraction to consider
the potential environmental
impacts of the mining and processing
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 determined. Assignment of bulk density values
If assumed, the basis for the to the block model were assumed
assumptions. If determined, based on average measurements for
the method used, whether wet the lithology types encountered
or dry, the frequency of the at Copenhagen. Bulk densities are
measurements, the nature, size assigned based on weathering state.
and representativeness of the
samples.
The bulk density for bulk material Bulk density determinations have
must have been measured by methods not been completed and instead use
that adequately account for assigned values based on average
void spaces (vugs, porosity, densities of similar lithological
etc), moisture and differences units. Drilling has not identified
between rock and alteration the presence of any voids nor significant
zones within the deposit. differences between lithologies
and alteration zones.
Discuss assumptions for bulk Application of bulk density values
density estimates used in the was based on a series of surfaces
evaluation process of the different representing transitional and fresh
materials. oxidation RL's.
----------------------
Classification The basis for the classification Classification of the Mineral Resource
of the Mineral Resources into considered the interpretation confidence,
varying confidence categories. drilling density, demonstrated continuity,
estimation statistics (conditional
bias, kriging efficiency), estimation
pass and block model validation
results.
Whether appropriate account Use of aqua regia may mean some
has been taken of all relevant undercall of grade especially in
factors (i.e. relative confidence areas of coarse gold mineralisation.
in tonnage/grade estimations, The validation of the block model
reliability of input data, confidence shows good correlation between input
in continuity of geology and data and block grades.
metal values, quality, quantity
and distribution of the data).
Whether the result appropriately The assignment of the Mineral Resource
reflects the Competent Person's classifications reflects the Competent
view of the deposit. Person's view of the deposit.
Audits or reviews The results of any audits or No audits or review have been completed
reviews of Mineral Resource for the Mineral Resource estimate.
estimates.
----------------------
Discussion Where appropriate a statement The relative accuracy of the Mineral
of relative of the relative accuracy and Resource estimate is reflected in
accuracy/ confidence confidence level in the Mineral the reporting of the Mineral Resource
Resource estimate using an approach as per the guidelines of the 2012
or procedure deemed appropriate JORC Code.
by the Competent Person. For
example, the application of
statistical or geostatistical
procedures to quantify the relative
accuracy of the resource within
stated confidence limits, or,
if such an approach is not deemed
appropriate, a qualitative discussion
of the factors that could affect
the relative accuracy and confidence
of the estimate.
The statement should specify The statement relates to the global
whether it relates to global estimates of tonnes and grades.
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 No production data relating to modern
accuracy and confidence of the grade estimates are available.
estimate should be compared
with production data, where
available.
---------------------- ------------------------------------------ --------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 14, 2017 02:00 ET (07:00 GMT)
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