ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

BSE Base Resources Limited

5.625
-0.25 (-4.26%)
Last Updated: 14:40:39
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Base Resources Limited LSE:BSE London Ordinary Share AU000000BSE5 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.25 -4.26% 5.625 5.50 5.75 5.875 5.50 5.875 36,005 14:40:39
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Iron Ores 271.43M -4.84M -0.0041 -26.83 129.8M

Base Resources Limited Exploration Update

10/05/2017 7:26am

UK Regulatory


 
TIDMBSE 
 
AIM and Media Release 
 
10 May 2017 
 
BASE RESOURCES LIMITED 
Exploration Update 
 
HIGHLIGHTS 
 
  * Additional mineralisation discovered that extends the footprint of the 
    Kwale South Dune Deposit along the eastern margin. 
  * Discovery of a new area of discrete lower grade mineralisation east of the 
    South Dune Deposit, with recorded intercepts over a contiguous 1,000m of 
    strike and up to 500m in width. 
  * Delivery of an updated mineral resource estimate for the Kwale South Dune 
    Deposit and extensions is on track for completion in the September quarter, 
    2017. 
 
Base Resources Limited (ASX & AIM: BSE) ("Base Resources" or the "Company") is 
pleased to provide an update on exploration results following completion of the 
South Dune Deposit extensional and infill drilling program at the Kwale Mineral 
Sands Operations ("Kwale Operations") in Kenya, East Africa.  Previous strong 
drilling results in the SW sector clearly demonstrate the potential to grow 
resources and mine life to the south and north of the existing South Dune 
reserves (refer announcement on 2nd March 20171 - "March Exploration 
Results").  Recent drilling has identified additional mineralisation to the 
east of the existing South Dune reserve boundary, albeit at lower heavy mineral 
grade.  Further analysis of mineralogy is required to determine the extent to 
which this results in potential additional resources or extended mine life. 
 
[Note 1:  Refer to ASX announcement "Preliminary Exploration Results" released 
on 2 March 2017, which is available at http://www.baseresources.com.au/ 
investor-centre/asx-releases/.] 
 
The focus of drilling, since release of the March Exploration Results, has been 
on infill and edge-definition along the eastern flank of the South Dune 
Deposit, with an additional 153 holes for 1,811 metres completed.  A total of 
750 holes for 11,435 metres have now been completed at the South Dune Deposit 
and extensional areas (refer Figure 1). 
 
An update to the South Dune Deposit mineral resource, incorporating the results 
of the combined drilling campaigns is on schedule for completion during the 
September quarter of 2017. 
 
"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. 
 
Kwale South Dune Deposit Eastern Edge Definition Drilling 
 
Further edge-definition drilling of the Kwale South Dune Deposit (currently 
88.5Mt @ 3.5% HM - refer ASX/AIM Release on 11th October 20162) has 
successfully delineated a mineralised extension to the east of the existing 
resource boundary (refer Figure 2). 
 
In response to the findings of initial edge definition drilling, the drilling 
was extended further eastward from the South Dune Deposit on remnant highland 
areas.  This has resulted in the discovery of additional mineralisation with 
elevated coarse sand and slimes, suggestive of an erosional shedding of 
material from the South Dune Deposit.  Field logging data shows that sample 
washability is not detrimentally affected by the higher slimes, which suggests 
that this new style of mineralisation would be suited to existing mining 
methods employed at the Kwale Operations.  Preliminary investigation of heavy 
mineral in this eastern discovery indicates an elevated concentration of rutile 
in the mineral assemblage when compared to the neighbouring South Dune Deposit. 
 This rutile concentration, which will be critical to the inclusion of the 
additional mineralisation in mineral resources and any contribution to mine 
life extensions, will be established in the course of the detailed mineralogy 
work that is underway. 
 
Representative cross sections of discoveries and extensions are included in 
Figures 3 and 4.  Significant drill intercepts received since the March 
Exploration Results are included in Appendix 2 at 1% bottom cut over a minimum 
interval of 3m. 
 
[Note 2:  Refer to the "2016 Mineral Resources and Ore Reserves Update for 
Kwale" announcement released on 11 October 2016, which is available at http:// 
www.baseresources.com.au/investor-centre/asx-releases/.  Base Resources 
confirms that it is not aware of any new information or data that materially 
affects the information included in the original market announcement and, in 
the case of Mineral Resources and Ore Reserves, that all material assumptions 
and technical parameters underpinning the estimates in the original market 
announcement continue to apply and have not materially changed.] 
 
Kwale South Dune Deposit Infill Drilling 
 
Coincident with the objective of defining the eastern edge of the South Dune 
Deposit, drilling also provided infill information between historic, 
broad-spaced drill lines (not shown).  The objective of this and previous 
infill drilling is to provide data for upgrading the geological confidence of 
Inferred and part of the Indicated Resource areas of the deposit to a Measured 
status.  Any Inferred Resources achieving an Indicated or Measured Resource 
status will in turn be eligible for inclusion within the Kwale South Dune Ore 
Reserves.  Appreciable Ore Reserve increases are anticipated from this work. 
 
Competent Persons Statements 
 
The information in this report that relates to Exploration Results is based on, 
and fairly represents, information and supporting documentation prepared by 
Mr. Richard Stockwell, who acts as contract Exploration Manager for Base 
Resources.  Mr Stockwell is a member of the Australian Institute of 
Geoscientists 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. Stockwell consents to the 
inclusion in this report of the matters based on the information in the form 
and context in which it appears. 
 
Forward Looking Statements 
 
Information in this report should be read in conjunction with other 
announcements made by Base Resources.  No representation or warranty, express 
or implied, is made as to the fairness, accuracy or completeness of the 
information contained in this report (or any associated presentation, 
information or matters).  To the maximum extent permitted by law, Base 
Resources and its related bodies corporate and affiliates, and their respective 
directors, officers, employees, agents and advisers, disclaim any liability 
(including, without limitation, any liability arising from fault, negligence or 
negligent misstatement) for any direct or indirect loss or damage arising from 
any use or reliance on this report or its contents, including any error or 
omission from, or otherwise in connection with, it. 
 
Certain statements in or in connection with this report contain or comprise 
forward looking statements.  By their nature, forward looking statements 
involve risk and uncertainty because they relate to events and depend on 
circumstances that will occur in the future and may be outside Base Resources' 
control.  Accordingly, results could differ materially from those set out in 
the forward-looking statements. 
 
Nothing in this report constitutes investment, legal or other advice.  You must 
not act on the basis of any matter contained in this report, but must make your 
own independent investigation and assessment of Base Resources and obtain any 
professional advice you require before making any investment decision based on 
your investment objectives and financial circumstances.  This report does not 
constitute an offer, invitation, solicitation, advice or recommendation with 
respect to the issue, purchase or sale of any security in any jurisdiction. 
 
APPIX 1: Table 1, JORC Code 2012 
 
Section 1: Sampling Techniques and Data 
 
     Criteria              Explanation                     Comment 
 
Sampling           Nature and quality of        Sample sub-splits are 
techniques         sampling (e.g. cut channels, collected at a standard 1.5m 
                   random chips, or specific    down-hole interval, using an 
                   specialised industry         on-board rotary splitter 
                   standard measurement tools   mounted beneath the drill rig 
                   appropriate to the minerals  cyclone. Sample gates are set 
                   under investigation, such as at 25% of the splitter cycle, 
                   down hole gamma sondes, or   which delivers about 2kg of 
                   handheld XRF instruments,    sample, dependant on ground 
                   etc.). These examples should conditions. 
                   not be taken as limiting the 
                   broad meaning of sampling. 
 
                   Include reference to         Appropriate drilling equipment 
                   measures taken to ensure     and driller training is a 
                   sample representivity and    prerequisite of the drilling 
                   the appropriate calibration  contract.  A rotary splitter 
                   of any measurement tools or  (regularly cleaned) is used 
                   systems used.                for splitting drill samples in 
                                                the field and a robust QA/QC 
                                                and audit system is 
                                                established. 
                                                Consistency in split sample 
                                                weights is monitored via 
                                                intermittent testing in the 
                                                field with spring scales and 
                                                through recording of air-dried 
                                                sample weights at sample 
                                                preparation. Weights are 
                                                generally between two and 
                                                three kilograms and this is 
                                                considered representative for 
                                                the detrital material being 
                                                sampled. 
 
                   Aspects of the determination RCAC drilling is used to 
                   of mineralisation that are   obtain a 1.5m samples from 
                   Material to the Public       which approximately 1.2-2.5 kg 
                   Report. In cases where       is collected using a rotary 
                   'industry standard' work has splitter beneath a cyclone. 
                   been done this would be      The sample is then dried, 
                   relatively simple (e.g.      de-slimed (material less than 
                   'reverse circulation         45 µm removed) and then 
                   drilling was used to obtain  oversize (material +1mm) is 
                   1 m samples from which 3 kg  removed. 
                   was pulverised to produce a  Approximately 100g of the 
                   30 g charge for fire         resultant sample is then 
                   assay'). In other cases,     subjected to a heavy mineral 
                   more explanation may be      (HM) float/sink technique 
                   required, such as where      using Lithium 
                   there is coarse gold that    Heteropolytungstates (LST:SG= 
                   has inherent sampling        2.85g/cm3). 
                   problems. Unusual            The resulting HM concentrate 
                   commodities or               is then dried and weighed. 
                   mineralisation types (e.g. 
                   submarine nodules) may 
                   warrant disclosure of 
                   detailed information. 
 
Drilling           Drill type (e.g. core,       All samples are generated by 
techniques         reverse circulation,         RCAC drilling utilising 71 mm 
                   open-hole hammer, rotary air diameter (NQ) air-core drill 
                   blast, auger, Bangka, sonic, tooling.  Drill holes are 
                   etc.) and details (e.g. core oriented vertically by eye. 
                   diameter, triple or standard 
                   tube, depth of diamond 
                   tails, face-sampling bit or 
                   other type, whether core is 
                   oriented and if so, by what 
                   method, etc.). 
 
Drill sample       Method of recording and      Base Resources log sample 
recovery           assessing core and chip      quality at the rig as either 
                   sample recoveries and        good or poor, with 'good' 
                   results assessed.            meaning not contaminated and 
                                                of an appropriate sample size 
                                                (recovery), and 'poor' meaning 
                                                contaminated or grossly over/ 
                                                undersized. 
                                                Ground conditions vary and as 
                                                such, the use of water 
                                                injection is also logged in 
                                                the sample quality field for 
                                                every sample interval (dry, 
                                                moist, injected or wet). 
                                                No sample loss has been 
                                                recorded. The configuration of 
                                                drilling and nature of 
                                                sediments encountered results 
                                                in negligible loss. 
 
                   Measures taken to maximise   Drill penetration is halted at 
                   sample recovery and ensure   the end of each sample 
                   representative nature of the interval to allow time for the 
                   samples.                     sample to return to surface 
                                                and be collected.  Drilling 
                                                proceeds once sample delivery 
                                                ceases. 
                                                Sampling on the drill rig is 
                                                observed to ensure that rotary 
                                                splitter remains clean.  Water 
                                                flush and manual cleaning of 
                                                the cyclone occurs at regular 
                                                intervals to ensure 
                                                contamination is minimised. 
 
                   Whether a relationship       No relationship is believed to 
                   exists between sample        exist between grade and sample 
                   recovery and grade and       recovery. The high percentage 
                   whether sample bias may have of silt and low hydraulic 
                   occurred due to preferential inflow of groundwater results 
                   loss/gain of fine/coarse     in a sample size that is well 
                   material.                    within the expected size 
                                                range. 
 
Logging            Whether core and chip        Base Resources collects 
                   samples have been            detailed qualitative logging 
                   geologically and             of geological characteristics 
                   geotechnically logged to a   to allow a comprehensive 
                   level of detail to support   geological interpretation to 
                   appropriate Mineral          be carried out. 
                   Resources estimation, mining Logging of HM sinks with a 
                   studies and metallurgical    microscope also is used to 
                   studies.                     inform the geological 
                                                interpretation. 
 
                   Whether logging is           Logging of RCAC samples record 
                   qualitative or quantitative  sample quality, washability, 
                   in nature. Core (or costean, colour, lithology, grainsize, 
                   channel, etc.) photography.  sorting, induration type, 
                                                hardness, estimated rock and 
                                                estimated HM. 
 
                   The total length and         All drill holes are logged in 
                   percentage of the relevant   full and all samples with 
                   intersections logged.        observed HM (and designated 
                                                for assay) are assayed. 
 
Sub-sampling       If core, whether cut or sawn All samples are unconsolidated 
techniques and     and whether quarter, half or and comprise sand, silt, clay 
sample preparation all core taken.              and rock fragments. 
 
                   If non-core, whether         Base Resources rotary split 
                   riffled, tube sampled,       the samples on the drill rig 
                   rotary split, etc. and       as they are delivered from 
                   whether sampled wet or dry.  drilling (wet, moist, injected 
                                                or dry). Low groundwater 
                                                pressure and rotary splitting 
                                                delivers a representative 
                                                sample for logging. The 25% 
                                                split delivers approximately 2 
                                                kg of sample for analysis. 
                                                Drill samples are dried then 
                                                riffle split to produce a 
                                                300g sample for de-sliming 
                                                and oversize removal.  The 
                                                resultant sand fraction is 
                                                then delivered to the Kwale 
                                                Operations on-site analysis 
                                                laboratory, managed by SGS, 
                                                for heavy liquid (LST) 
                                                separation. 
 
Sub-sampling       For all sample types, the    Base Resources use a standard 
techniques and     nature, quality and          flow sheet and detailed QA/QC 
sample             appropriateness of the       is undertaken. 
preparation,       sample preparation           The sample, designated in the 
cont'd.            technique.                   field for analysis, is air 
                                                dried, weighed and pulverized 
                                                for riffle splitting.  Two 
                                                splits are generated of 
                                                approximately 350 - 500g each 
                                                and the remainder of the 
                                                original sample is recorded 
                                                and stored. 
                                                One split is oven dried to 
                                                establish moisture content of 
                                                the air-dried sample.  The 
                                                second split is soaked in 
                                                water and a de-flocculating 
                                                agent prior to attritioning 
                                                and de-sliming with a 45µm 
                                                screen.  The sample is then 
                                                dried and weighed to determine 
                                                material lost (Slimes weight) 
                                                during screening.   The dried 
                                                sample is then screened at 1mm 
                                                and the oversize is weighed. 
                                                The remaining dry sand 
                                                fraction is then delivered to 
                                                the on-site analysis 
                                                laboratory for heavy liquid 
                                                separation by TBE. 
 
                   Quality control procedures   To maintain QA/QC, a duplicate 
                   adopted for all sub-         and standard assaying 
                   sampling stages to maximise  procedure has been 
                   representivity of samples.   implemented. 
                                                A duplicate sample is 
                                                collected at the rig at every 
                                                20th sample by the application 
                                                of a second calico bag to the 
                                                second, 25% split chute on the 
                                                splitter.  Both samples are 
                                                subjected to the complete 
                                                sample preparation and 
                                                assaying process. 
                                                In the sample preparation 
                                                area, at a rate of 1:40, 
                                                duplicates of the moisture 
                                                content sample and screened 
                                                sample are taken. These are 
                                                subjected to moisture content 
                                                (split 1) and de-sliming/ 
                                                oversize (split 2) 
                                                determinations to ensure 
                                                samples do not exhibit bias. 
                                                A certified standard sample is 
                                                submitted in the field and a 
                                                second certified standard 
                                                sample is submitted to the 
                                                on-site analysis laboratory 
                                                after the sample preparation 
                                                stage, each at a rate of 1:40, 
                                                to monitor analysis accuracy. 
 
Sub-sampling       Measures taken to ensure     Analysis of sample duplicates 
techniques and     that the sampling is         is undertaken by standard 
sample             representative of the        geostatistical methodologies 
preparation,       in-situ material collected,  (QQ Plots) to test for bias 
cont'd.            including for instance       and to ensure that sample 
                   results for field duplicate/ splitting is representative. 
                   second-half sampling.        Standards determine assay 
                                                accuracy performance, 
                                                monitored on control charts, 
                                                where failure (beyond 3SD from 
                                                the mean) triggers re-assay of 
                                                the affected batch. 
 
                   Whether sample sizes are     Given that the grain size of 
                   appropriate to the grain     the material being sampled is 
                   size of the material being   sand and approximately 70 to 
                   sampled.                     300 µm, an approximate sample 
                                                size of 2 kg is more than 
                                                adequate. 
 
 Quality of assay  The nature, quality and      Laboratory analysis of drill 
 data and          appropriateness of the       samples is conducted at the 
 laboratory tests  assaying and laboratory      on-site analysis laboratory. 
                   procedures used and whether  Analysis is conducted 
                   the technique is considered  according to a flow sheet that 
                   partial or total.            represents standard, best 
                                                practice for the assessment of 
                                                HM and is supported by robust 
                                                QA/QC procedures. 
                                                Sand samples delivered to the 
                                                on-site analysis laboratory 
                                                are rotary split to generate a 
                                                100g sample for LST 
                                                separation.  Excess sand 
                                                fraction is labelled and 
                                                stored. 
                                                The LST sink progresses till 
                                                it clears and the sink is 
                                                removed, washed in acetone, 
                                                oven dried and weighed. 
                                                LST is cleaned and density 
                                                checked on a daily basis. 
 
                   For geophysical tools,       None used. 
                   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. 
 
Quality of assay   Nature of quality control    Field duplicates, sample 
data and           procedures adopted (e.g.     preparation duplicates and 
laboratory tests,  standards, blanks,           laboratory replicates are 
cont'd.            duplicates, external         submitted for precision and 
                   laboratory checks) and       bias analysis.  Standard 
                   whether acceptable levels of samples are submitted to 
                   accuracy (i.e. lack of bias) determine analysis accuracy. 
                   and precision have been 
                   established. 
 
Verification of    The verification of          Verification of significant 
sampling and       significant intersections by intercepts is conducted by the 
assaying           either independent or        Base Resources Exploration 
                   alternative company          Superintendent.  The deposit 
                   personnel.                   type and consistency of 
                                                mineralization leaves little 
                                                room for unexplained variance. 
                                                Data entry errors identified 
                                                by the Exploration 
                                                Superintendent are corrected 
                                                (where obvious) or re-assay is 
                                                completed. 
 
                   The use of twinned holes.    Twinned holes account for 4 - 
                                                5% of holes drilled at the 
                                                Kwale South Dune Deposit 
                                                extensions.  These will be 
                                                used to determine short-range 
                                                geological and assay field 
                                                variability for resource 
                                                modelling purposes. 
 
                   Documentation of primary     Data collected by Base 
                   data, data entry procedures, Resources is entered digitally 
                   data verification, data      in the field using a 
                   storage (physical and        ruggedized computer with 
                   electronic) protocols.       Maxwell Geoscience logging 
                                                software.  Data is downloaded 
                                                daily to the site server. 
                                                Migration to a Datashed 
                                                Database is complete. 
 
                   Discuss any adjustment to    No adjustments were made to 
                   assay data.                  data. 
 
Location of data   Accuracy and quality of      Base Resources use a real time 
points             surveys used to locate drill kinematic global positioning 
                   holes (collar and down-hole  system ('RTK GPS') to pick up 
                   surveys), trenches, mine     drill collar locations. 
                   workings and other locations Survey is completed by Company 
                   used in Mineral Resources    surveyors. Original drill 
                   estimation.                  set-out is completed by 
                                                hand-held GPS. 
 
                   Specification of the grid    The grid system used is the 
                   system used.                 Arc1960 (Zone 37 South). The 
                                                drill pattern is based on a 
                                                local grid rotation to ensure 
                                                drill lines are oriented 
                                                orthogonal to the trend of 
                                                mineralization. The Kwale 
                                                South Dune Deposit Local Grid 
                                                is used for all deposit 
                                                extensions. 
 
Location of data   Quality and adequacy of      A LiDAR survey was conducted 
points, cont'd.    topographic control.         in November 2013 at an 
                                                accuracy of 0.015m and is 
                                                available for topography 
                                                modelling in the NE Sector and 
                                                for all Kwale South Dune 
                                                Deposit extension areas. 
 
Data spacing and   Data spacing for reporting   The data spacing drilling is 
distribution       of Exploration Results.      nominally 100m North, 50m 
                                                East, and 1.5m down hole for 
                                                exploration results. 
                                                Variations occur when 
                                                lower-density drilling is 
                                                applied to exploration areas 
                                                or from line-clearing 
                                                difficulties prior to drilling 
                                                and drill site survey. 
 
                   Whether the data spacing and Based on the experience of the 
                   distribution is sufficient   competent person, the data 
                   to establish the degree of   spacing and distribution is 
                   geological and grade         considered adequate for the 
                   continuity appropriate for   definition of mineralisation 
                   the Mineral Resources and    and adequate for proposed 
                   Ore Reserves estimation      mineral resource estimation. 
                   procedure(s) and 
                   classifications applied. 
 
                   Whether sample compositing   No sample compositing or 
                   has been applied.            de-compositing has been 
                                                applied. 
 
Orientation of     Whether the orientation of   Sample orientation is vertical 
data in relation   sampling achieves unbiased   and approximately 
to geological      sampling of possible         perpendicular to the dip and 
structure          structures and the extent to strike of the mineralization, 
                   which this is known,         which results in true 
                   considering the deposit      thickness estimates. Drilling 
                   type.                        and sampling is carried out on 
                                                a regular rectangular grid 
                                                that is broadly aligned and in 
                                                a ratio consistent with the 
                                                anisotropy of the 
                                                mineralisation. 
 
                   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           of the deposit. 
                   introduced 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.             sample splits, residues and HM 
                                                sinks registered and stored at 
                                                the Kwale Operations site in a 
                                                restricted access storage 
                                                shed. 
 
Audits or reviews  The results of any audits or Richard Stockwell, contract 
                   reviews of sampling          Exploration Manager, has 
                   techniques and data.         conducted three site visits 
                                                relating to the current 
                                                exploration programme.  These 
                                                were made to establish and 
                                                review drilling, sample 
                                                preparation and geological 
                                                interpretation procedures. 
                                                Minor recommended changes were 
                                                made on each occasion. 
 
 
   Section 2: Reporting of Exploration Results 
 
    Criteria              Explanation                     Comment 
 
Mineral tenement  Type, reference name/number, The exploration results are 
and land tenure   location and ownership       coincident with the granted 
status            including agreements or      Special Mining Lease No.23 and 
                  material issues with third   Special Prospecting License 
                  parties such as joint        No. 173. 
                  ventures, partnerships,      Mining on SML23 is subject to 
                  overriding royalties, native an ad valorem royalty of 2%, 
                  title interests, historical  payable to the previous 
                  sites, wilderness or         owners, and currently a 2.5% 
                  national park and            royalty, payable to the Kenyan 
                  environmental settings.      government. 
 
                  The security of the tenure   There are no known impediments 
                  held at the time of          to the security of tenure over 
                  reporting along with any     the area containing the 
                  known impediments to         reported exploration results. 
                  obtaining a licence to 
                  operate in the area. 
 
Exploration done  Acknowledgment and appraisal The previous owners of the 
by other parties  of exploration by other      project (Tiomin Kenya Ltd) 
                  parties.                     undertook exploration drilling 
                                               over the Kwale Project (incl. 
                                               South Dune area).  Tiomin data 
                                               is included in the Kwale 
                                               Mineral Resource estimations. 
 
 
Geology           Deposit type, geological     Exploration results are 
                  setting and style of         indicative of aeolian (dunal) 
                  mineralisation.              detrital heavy mineral sand 
                                               deposits. 
 
Drill hole        A summary of all information Intercepts are listed in the 
Information       material to the              body of the release. 
                  understanding of the         There are no further drill 
                  exploration results          hole results that are 
                  including a tabulation of    considered material to the 
                  the following information    understanding of the 
                  for all Material drill       exploration results. 
                  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  In reporting Exploration     Exploration results are 
methods           Results, weighting averaging reported at a minimum 1% HM 
                  techniques, maximum and/or   bottom cut-off over a minimum 
                  minimum grade truncations    depth interval of 3m. 
                  (e.g. cutting of high        Kwale Mineral Resources are 
                  grades) and cut-off grades   reported at a 1% HM bottom 
                  are usually Material and     cut-off. 
                  should be stated. 
 
                  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. 
 
Data aggregation  The assumptions used for any No metal equivalents were used 
methods, cont'd.  reporting of metal           for reporting of exploration 
                  equivalent values should be  results. 
                  clearly stated. 
 
Relationship      These relationships are      All drill holes are vertical 
between           particularly important in    and perpendicular to the dip 
mineralisation    the reporting of Exploration and strike of mineralisation 
widths and        Results.                     and therefore all 
intercept lengths                              interceptions are 
                                               approximately true thickness. 
 
                  If the geometry of the       Dune deposits typically 
                  mineralisation with respect  approximate a horizontal 
                  to the drill hole angle is   accumulation over a variable 
                  known, its nature should be  basement topography. 
                  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         Refer to main body of release. 
                  sections (with scales) and 
                  tabulations of intercepts 
                  should be included for any 
                  significant discovery being 
                  reported These should 
                  include, but not be limited 
                  to a plan view of drill hole 
                  collar locations and 
                  appropriate sectional views. 
 
Balanced          Where comprehensive          Reporting of results is 
reporting         reporting of all Exploration restricted to type sections 
                  Results is not practicable,  and more comprehensive 
                  representative reporting of  tabulated results at a 1% HM 
                  both low and high grades and bottom cut and a minimum 3m 
                  /or widths should be         interval. 
                  practiced to avoid 
                  misleading reporting of 
                  Exploration Results. 
 
Other substantive Other exploration data, if   Whilst mineralogical 
exploration data  meaningful and material,     investigation is awaited, a 
                  should be reported including similar high-value assemblage, 
                  (but not limited to):        as recorded for the Kwale 
                  geological observations;     Mineral Resource (19% Rutile 
                  geophysical survey results;  + Zircon), has been observed 
                  geochemical survey results;  on the dunal deposits during 
                  bulk samples - size and      preliminary microscope 
                  method of treatment;         investigation of exploration 
                  metallurgical test results;  samples. 
                  bulk density, groundwater,   Preliminary investigation of 
                  geotechnical and rock        heavy mineral in this eastern 
                  characteristics; potential   discovery shows an elevated 
                  deleterious or contaminating concentration of rutile in the 
                  substances.                  mineral assemblage when 
                                               compared to the neighbouring 
                                               South Dune Deposit.  Planned 
                                               geological interpretation and 
                                               mineralogy analysis will 
                                               assist in determining the 
                                               extent of the enrichment, 
                                               which will be quantified in 
                                               the South Dune Mineral 
                                               Resource estimation, 
                                               anticipated to be completed in 
                                               the September quarter, 2017. 
 
Further work      The nature and scale of      Geological interpretation is 
                  planned further work (e.g.   ongoing at the Kwale South 
                  tests for lateral extensions Dune Deposit extensions.  Once 
                  or depth extensions or       complete, mineralogical 
                  large-scale step-out         analysis will ensue and 
                  drilling).                   results will feed into an 
                                               updated resource estimate. 
                                               Mineral Resource estimation of 
                                               the Kwale South Dune Deposit 
                                               and extensions is anticipated 
                                               in the September quarter, 
                                               2017. 
                                               Further community engagement 
                                               is required to continue 
                                               drilling in the NE Sector, 
                                               which is not expect to take 
                                               place until after Kenya's 
                                               general elections, currently 
                                               scheduled for August 2017. 
 
                  Diagrams clearly             Refer to main body of release. 
                  highlighting the areas of 
                  possible extensions, 
                  including the main 
                  geological interpretations 
                  and future drilling areas, 
                  provided this information is 
                  not commercially sensitive. 
 
APPIX 2: Mineralised intercepts in the Kwale South Dune Deposit extensions 
(3m @ 1% HM bottom cut off; UTM ARC1960 Zone 37S). 
 
Project area    Hole_ID      UTM_E     UTM_N   RL (m)  From Interval       DH       DH       DH 
                           ARC1960   ARC1960            (m)      (m)  Average  Average  Average 
                                                                          THM   Slimes Oversize 
 
Eastern         KS877       546768    546768     67.9     0      7.5     1.25     6.86     2.43 
Extension 
 
Eastern         KS883     546632.5  546632.5     74.7     3        3      1.2     6.54     2.77 
Extension 
 
Eastern         KS892     545841.6  545841.6     64.2   1.5        3     1.24     23.8     4.18 
Extension 
 
Eastern         KS896     547154.7  547154.7     60.7     0        3     1.34    24.46     2.18 
Extension 
 
Eastern         KS900     546804.2  546804.2     65.5     3        3     1.05     7.04      3.5 
Extension 
 
Eastern         KS921     547369.3  547369.3     77.4     3      4.5     1.26    41.58     9.94 
Discovery 
 
Eastern         KS922     547442.3  547442.3     80.8     0      7.5     1.73    33.72    10.88 
Discovery 
 
Eastern         KS923     547512.5  547512.5     77.4     0        6     1.58    30.77     6.91 
Discovery 
 
Eastern         KS924     547592.2  547592.2     72.2     3      4.5     1.02    27.69     6.24 
Discovery 
 
Eastern         KS925     547661.1  547661.1     65.5     0      7.5     1.36     4.91     2.39 
Discovery 
 
Eastern         KS932     547444.1  547444.1     80.7     0        9     2.04    37.22     8.71 
Extension 
 
Eastern         KS941     547684.3  547684.3     76.5     6        3     1.54    25.37     8.58 
Extension 
 
Eastern         KS977     547062.5  547062.5     79.9   1.5      4.5     1.42     37.1     2.02 
Extension 
 
Eastern         KS989     546359.8  546359.8     79.3   1.5      4.5     1.08    22.15     1.68 
Extension 
 
Eastern         KS990     546288.6  546288.6     83.3     3        9     1.42    27.62     1.15 
Extension 
 
Eastern         KS991     546451.8  546451.8     84.1   1.5      4.5     1.15    18.49     2.02 
Extension 
 
Eastern         KS991     546451.8  546451.8     84.1   7.5        3     1.23     19.9     7.26 
Extension 
 
Eastern         KS995     546589.1  546589.1     76.5     0      7.5     1.33    17.05     3.96 
Extension 
 
Eastern         KS1003    547080.3  547080.3     72.6     0      7.5     1.28    26.15     1.97 
Extension 
 
Eastern         KS1004    546899.8  546899.8     86.9   1.5       15     1.51    25.31     3.42 
Extension 
 
Eastern         KS1004    546899.8  546899.8     86.9  22.5      4.5     2.73    20.58     5.29 
Extension 
 
Eastern         KS1012    546828.2  546828.2     94.2     0     10.5     2.01    29.33    10.39 
ExtensionS. 
 
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 & BROKERS 
RFC Ambrian Limited 
As Nominated Adviser: 
Andrew Thomson / Stephen Allen 
Phone: +61 (0)8 9480 2500 
As Joint Broker: 
Jonathan Williams 
Phone: +44 20 3440 6800 
 
Numis Securities Limited 
As Joint Broker: 
John Prior / James Black / Paul Gillam 
Phone:  +44 20 7260 1000 
 
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 
 

(END) Dow Jones Newswires

May 10, 2017 02:26 ET (06:26 GMT)

1 Year Base Resources Chart

1 Year Base Resources Chart

1 Month Base Resources Chart

1 Month Base Resources Chart

Your Recent History

Delayed Upgrade Clock