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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Base Resources Limited | AQSE:BSE.GB | Aquis Stock Exchange | Ordinary Share | AU000000BSE5 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -3.45% | 14.00 | 13.00 | 15.00 | 14.50 | 14.00 | 14.50 | 0.00 | 13:03:20 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBSE AIM and Media Release 8 May 2023 BASE RESOURCES LIMITED Tanzanian exploration - Umba South Phase 1 drill results Key Points * Phase 1 reverse circulation drilling program completed at the Umba South prospect in northern Tanzania, with 3,015m in 122 holes drilled. * Assay results confirm the presence of rutile mineralisation, which averages approximately 20% of the heavy mineral but is highly variable and can range from 5 to 50% of the heavy mineral. * Three primary geological domains were identified: + Soil/colluvial cover sequence (the primary exploration target) - typically quite thin (1-2m) but can be locally up to 9m thick and has demonstrated widespread rutile mineralisation. + Underlying saprolite material - variable thickness with sporadic rutile mineralisation, and does not appear to be sufficiently weathered to represent free-dig material from which rutile is readily liberated. + Bedrock - heavy mineral content is variable but typically high grade (20%); however it is dominated by pyrite - a known deleterious element for mineral sands processing, requiring dedicated tailings handling and storage. * Preliminary mineralogical assessment of drill samples is yet to be completed, with the presence of rutile calculated based on XRF analysis of the non-magnetic fraction of heavy mineral. * While graphite is present in some drill samples, analysis suggests the overall grade and distribution of mineralisation is not significant. * A Phase 2 infill drilling program to assess the continuity of saprolite mineralisation has been completed, with the results expected to be available in the September 2023 quarter. These results will assist in planning future exploration activity at Umba South and elsewhere along the prospective geological zone once necessary approvals are obtained. Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) is pleased to provide assay results from the first phase of drilling at its Umba South Project (Umba South) in northern Tanzania (Phase 1). Figures 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. A glossary of key terms used in this release is set out at the end of this release. Location of Phase 1 drilling and other exploration activities Umba South is located near the junction of the Umba and Bombo Rivers in northern Tanzania, approximately 75km west-south-west of the Company's Kwale Operations in Kenya (refer to Figure 1). Exploration at Umba South was designed to test the southern extremity of a prominent north-south trending ridge of quartzite and gneiss that extends 35km north to the Kuranze region of Kenya, where initial rock chip and soil sampling indicated the presence of rutile. With the Company unable to carry out exploration activities in Kuranze due to its prospecting licence applications for that area being on hold following the Government of Kenya's ongoing moratorium on issuance of new mineral rights, efforts were instead directed to the southern portion of the ridge in Tanzania. Exploration activity in Tanzania has so far been confined to areas south of the Umba River, while the Company seeks to obtain the necessary approvals from various government departments to explore in the Mkomazi Game Controlled Area to the north which hosts the target ridge feature extending north to the Kenyan border (refer to Figure 2). Details about exploration activities Exploration at Umba South targeted a high-grade metamorphic sequence within the Mozambique Belt that comprises paragneiss (quartzo-feldspathic gneiss) and sillimanite-kyanite(-garnet) schists. The sequence includes accessory minerals pyrite, rutile, magnetite and graphite, with rutile the primary exploration target. The focus of exploration is secondary rutile mineralisation associated with alluvial and colluvial deposits eroding from the outcropping linear ridges of pyritic quartz-feldspar gneiss, and primary rutile mineralisation within the weathered saprolite material flanking the ridge feature that is sufficiently weathered to represent free-dig material from which rutile can be readily liberated. In early 2022, mechanised auger sampling of the soil profile to approximately 1m depth on a 500m x 500m sample grid was undertaken across the broader tenement area, with the best results (up to 5% rutile) reported from the flanks of Kigwase Hill. In the June quarter of 2022, rockchip sampling of the outcropping ridge confirmed the presence of rutile mineralisation, with grades of up to 2.5% rutile reported from banded gneiss on Kigwase Hill. Selected rockchip samples were sent for mineralogical analysis, and this confirmed the presence of rutile together with pyrite (in fresh samples), Fe-oxides (in weathered samples), magnetite and altered ilmenite. A series of test pits were then completed to assess the soil profile, including the nature of contact with the underlying saprolite. Mapping suggests that red-brown soil is typically developed within rubbly colluvium overlying the brown saprolite material. Pit depths ranged from 1.5m to 6.5m and samples of material collected from the test pits were processed at the Kwale Operations laboratory. Encouraging results were obtained from several samples with potential HM products of rutile, leucoxene, altered ilmenite and magnetite generated using conventional mineral sands processing techniques. One of the test pits, pit 11, was investigated in detail and reported in-situ grades of approximately 1% rutile, 1% leucoxene-altered ilmenite and 1% magnetite (refer to Figure 2). Following the encouraging results from the reconnaissance exploration, the Phase 1 program was planned to obtain preliminary data regarding the sub-surface geology and rutile mineralisation in the vicinity of Kigwase Hill. A 400m North-South x 200m East-West reconnaissance grid was subsequently drilled over Kigwase Hill where access was available, with the terrain and the presence of small-scale gemstone tenure (known as primary mining licences) restricting complete coverage (refer to Figure 3 for the drill hole collar locations). A total of 122 holes were drilled for 3,015m using a RC drill rig with a hammer bit, primarily due to lack of available aircore drill rigs and concerns regarding the ability of aircore to penetrate both the rubbly colluvium and the saprolite. As a result of the drill samples being mechanically pulverised by the hammer bit, the slimes content of samples is likely to be overstated, the oversize content is likely understated, and the sand fraction likely contains mechanically generated sand together with natural sand. Results from Phase 1 drilling The sample analysis for rutile has been completed on the sand fraction using conventional mineral sands techniques (and back-calculated for in-situ grades). There is the potential that rutile assays reported may not reflect true in-situ grade and/or represent rutile that is readily amenable to conventional mineral sands processing. Analysis of selected oversize fractions confirmed significant rutile is present in the oversize. For holes TN092 to TN122, the oversize fraction from the first stage of sample processing was crushed and added to the sand fraction prior to HM analysis - such that these holes report a "total" rutile grade (assuming no loss to the slimes fraction), whereas holes TN001 to TN091 report only the rutile from the sand fraction and may therefore only be a "partial" rutile grade. Drill logging has identified three primary geological domains, as follows: * Red-brown soil and colluvium with abundant gravel - typically 1-2m thick on the eastern flank of Kigwase Hill and 2-4m thick on the western flank of Kigwase Hill. Consistently mineralised and reports high levels of ferruginous HM and significant TiO2 in the magnetic fraction. The HM is enriched in the upper part of the profile. This domain is confirmed as a viable exploration target for the province, but lacks the depth/thickness at Umba South to have significant economic potential. * Brown saprolite and saprock - weathered bedrock, subdivided into sandy and clayey units. It is thought that this reflects the protolith (quartz rich vs feldspar rich), rather than weathering intensity as there is limited evidence for a well-developed chemical weathering profile with remobilisation and volume reduction. Depth of weathering ranges down to 50m but is typically 30m distal to the ridge, and localised variability is evident. The HM content is highly variable, and often variable HM magnetic fractions both down and between holes. The saprolite is considered a viable exploration target for the province, but at Umba South it appears to lack the consistent intense weathering that concentrates rutile in the upper profile and promotes free dig mining and simple processing. * Grey bedrock - fresh gneiss, typically with abundant pyrite. Garnet gneiss logged distal to the ridge, but logging has not attempted to classify the bedrock lithology in detail. The HM content is variable but typically high grade (20% HM) although dominated by pyrite. The bedrock is not considered a viable exploration target for rutile due to cost and complexity that would be introduced by hard rock mining and comminution, and the negative impact of pyrite mineralisation on mineral processing recoveries and tails storage - with results only reported for geological interest. Set out in the table below are notable hole intercepts. Due to the variability of mineralisation between the geological domains - and potential mining, mineral processing and tailings handling and storage implications - the rutile
mineralisation has been reported by domain and not by total hole intercepts. For a list of all Phase 1 assay results, refer to Table 1 in Appendix 1. Refer also to the cross sections in Figures 4 to 6 for a detailed rutile HM analysis of each drill hole. Notable drill hole intercepts Colluvium Saprolite Bedrock * TN042 - 8m at 1.39% * TN038 - 15m at 2.54% * TN015 - 4m at 3.48% rutile from surface rutile from 18m rutile from 18m * TN094 - 4m at 1.40% * TN011 - 10m at 2.55% * TN009 - 9m at 1.52% rutile from surface rutile from 13m rutile from 10m * TN095 - 4m at 1.24% * TN015 - 11m at 1.99% * TN056 - 6m at 2.11% rutile from surface rutile from 7m rutile from 20m * TN093 - 3m at 1.50% * TN051 - 17.5m at 1.15% rutile from surface rutile from 0.5m * TN039 - 7m at 2.02% rutile from 6m * TN056 - 6m at 2.02% rutile from 13m Graphite is a common accessory mineral within the paragneiss sequence being explored and is routinely observed during panning and logging of the drill samples. Approximately 320 samples from all geological domains were randomly selected for analysis to assess the graphite mineralisation potential, with around a third of samples reporting below detection and the remainder averaging around 0.5% Total Graphitic Carbon including peak values up to 2.5% TGC. The graphite mineralisation is not typically coincident with rutile mineralisation and appears confined to specific stratigraphic units within the drilled sequence. Preliminary assessment suggests that graphite does not represent a viable exploration target due to unfavourable grade and distribution of mineralisation but may have value as a potential co-product where it occurs coincident with rutile. For further details in respect of the results, refer to the Appendices to this release, containing a table of all assay results (refer to Appendix 1) and information provided for the purposes of Sections 1 and 2 of Table 1 of the JORC Code (refer to Appendix 2). Phase 2 infill drilling and further planned activities With the Phase 1 program drill spacing unable to establish geological and grade continuity of saprolite mineralisation, an infill drilling program was undertaken in the first quarter of 2023, with 86 holes drilled for 2,128m ( Phase 2). Assay results from Phase 2 are expected to be available in the September quarter of 2023, due to delays associated with the export of samples from Tanzania to Kenya and prioritisation of operational assay requirements and near-mine exploration assays at the Kwale Operations laboratory. The Phase 2 results should provide the Company with a more fulsome understanding of the Umba South mineralisation, which will assist in planning future exploration activity at Umba South and elsewhere along the prospective geological zone. Other further work planned includes: * Geostatistical assessment of data to establish grade continuity parameters. * A program of shallow trenching to expose the saprolite and conduct rock chip channel sampling, geological mapping, and collection of saprolite samples to assess physical properties related to mining and processing characteristics. * Seek to progress approvals to allow exploration access to granted prospecting licences north of the Umba River, particularly PL11686/2021, and conduct reconnaissance exploration in this area to establish if broad areas of rutile mineralisation are present within either colluvial/alluvial material shedding from the prospective ridge line, or strongly weathered saprolite associated with the targeted prospective zone. Competent Person's Statement The information in this release that relates to the Umba South exploration results is based on, and fairly represents, information and supporting documentation prepared by Mr. Ian Reudavey. Mr. Reudavey is a member of the Australasian Institute of Geoscientists. Mr. Reudavey is employed by Base Resources. Mr. Reudavey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as Qualified Person for the purposes of the AIM Rules for Companies. Mr. Reudavey has reviewed this release and consents to the inclusion in this release of the Umba South exploration results and the supporting information in the form and context in which the relevant information appears. Appendix 1 Table 1: Umba South Exploration Project drill hole table. All drill holes have dip of -90 degrees and azimuth of 360 degrees (i.e. vertical). Section Hole Easting Northing RL Survey Hole Unit Interval From To HM (%) Rut N ID SRTM Depth (%) 9500978 TN001 474096 9500978 222 HHGPS 8 TOTAL 8 0 8 - NSR TN002 473895 9500977 219 HHGPS 17 TOTAL 17 0 17 - NSR TN003 473297 9500983 234 HHGPS 19 TOTAL 19 0 19 - NSR TN004 473098 9500980 242 HHGPS 13 TOTAL 13 0 13 - NSR 9500578 TN005 473494 9500579 233 HHGPS 13 TOTAL 13 0 13 - NSR TN006 473696 9500578 228 HHGPS 4 TOTAL 4 0 4 - NSR TN007 473897 9500576 238 HHGPS 28 TOTAL 28 0 28 - NSR TN008 474091 9500583 245 HHGPS 11 TOTAL 11 0 11 - NSR TN009 474293 9500578 239 HHGPS 19 CS 1 0 1 5.9 0.75 SAP 9 1 10 5.3 0.89 BDR 9 10 19 22.3 1.52 TOTAL 19 0 19 13.4 1.18 TN117 475491 9500576 225.5 HHGPS 19 TOTAL 19 0 19 - NSR TN118 475297 9500582 227.5 HHGPS 13 TOTAL 11 - NSR TN119 475096 9500575 230 HHGPS 22 TOTAL 22 0 22 - NSR TN120 474901 9500579 231.5 HHGPS 19 TOTAL 19 0 19 - NSR 9500178 TN010 474297 9500174 260.5 HHGPS 22 TOTAL 22 0 22 - NSR TN011 474499 9500183 253.5 HHGPS 32 CS 1 0 1 7.2 1.32 SAP 12 1 13 - NSR SAP 11 13 24 8.0 2.34 including SAP 10 13 23 8.6 2.55 BDR 8 24 32 - NSR TOTAL 32 0 32 6.0 0.99 TN012 474701 9500175 246.5 HHGPS 22 TOTAL 22 0 22 - NSR TN013 475095 9500180 239 HHGPS 28 TOTAL 28 0 28 - NSR TN112 475298 9500179 234 HHGPS 40 TOTAL 40 0 40 - NSR TN113 475497 9500186 231 HHGPS 20 TOTAL 20 0 20 - NSR TN114 475696 9500180 224.5 HHGPS 18 TOTAL 18 0 18 - NSR TN115 475885 9500183 218 HHGPS 19 TOTAL 19 0 19 - NSR TN116 476095 9500179 213 HHGPS 11 TOTAL 11 0 11 - NSR TN121 473698 9500171 251.5 HHGPS 19 CS 1 0 1 - NSR SAP 9 1 10 - NSR SAP 5 10 15 33.6 1.60 BDR 4 15 19 - NSR TOTAL 19 0 19 29.5 0.73 TN122 473498 9500174 236.5 HHGPS 14 TOTAL 14 0 14 - NSR 9499778 TN014 475096 9499786 244 HHGPS 25 TOTAL 25 0 25 - NSR TN015 474700 9499779 255 HHGPS 22 CS 1 0 1 - NSR SAP 17 1 18 35.6 1.48 including SAP 11 7 18 8.9 1.99 BDR 4 18 22 34.4 3.48 TOTAL 22 0 22 19.6 1.78 TN016 474501 9499785 261 HHGPS 28 TOTAL 28 0 28 - NSR TN017 474296 9499775 272 HHGPS 20 CS 1 0 1 9.4 1.00 SAP 12 1 13 4.7 0.78 including SAP 9 4 13 5.6 0.91 SAP 5 13 18 - NSR BDR 2 18 20 - NSR TOTAL 20 0 20 - NSR 9499378 TN018 474460 9499377 273.5 HHGPS 7 CS 1 0 1 5.9 0.98 SAP 2 1 3 11.9 1.00 BDR 4 3 7 15.8 0.77
TOTAL 7 0 7 14.4 0.86 TN019 474696 9499380 259.5 HHGPS 16 CS 1 0 1 56.3 1.87 SAP 11 1 12 13.9 0.77 including SAP 2 7 9 10.7 1.43 BDR 4 12 16 20.9 0.89 TOTAL 16 0 16 18.3 0.87 TN020 475097 9499384 244 HHGPS 32 TOTAL 32 0 32 - NSR TN021 475301 9499370 238 HHGPS 26 CS 1 0 1 - NSR SAP 21 1 22 8.0 0.25 including SAP 3 1 4 5.2 0.95 BDR 4 22 26 - NSR TOTAL 26 0 26 - NSR TN035 475499 9499375 227 HHGPS 19 TOTAL 19 0 19 - NSR TN099 473491 9499373 253 HHGPS 38 CS 7 0 7 1.9 0.29 including CS 2 0 2 4.0 0.72 SAP 27 7 34 - NSR BDR 4 34 38 - NSR TOTAL 38 0 38 - NSR TN108 473299 9499383 246.5 HHGPS 28 TOTAL 28 0 28 - NSR TN109 473097 9499375 255.5 HHGPS 31 TOTAL 31 0 31 - NSR TN110 473693 9499377 261 HHGPS 33 CS 8 0 8 4.7 0.78 including CS 3 0 3 7.2 1.41 SAP 21 8 29 - NSR BDR 4 29 33 - NSR TOTAL 33 0 33 - NSR TN111 474088 9499373 275 HHGPS 20 CS 1 0 1 21.4 1.90 SAP 16 1 17 - NSR BDR 3 17 20 - NSR TOTAL 20 0 20 - NSR 9498978 TN022 475299 9498977 229 HHGPS 17 CS 6 0 6 - NSR SAP 8 6 14 17.2 0.60 including SAP 4 6 10 16.5 0.82 BDR 3 14 17 - NSR TOTAL 17 0 17 - NSR TN023 475098 9498967 235 HHGPS 25 CS 5 0 5 7.1 0.67 including CS 3 0 3 6.9 0.84 SAP 17 5 22 - NSR BDR 2 22 25 - NSR TOTAL 25 0 25 - NSR TN024 474890 9498980 248 HHGPS 24 CS 3 0 3 6.7 1.24 SAP 17 3 20 - NSR BDR 4 20 24 - NSR TOTAL 24 0 24 - NSR TN025 474715 9498970 256.5 HHGPS 13 CS 1 0 1 4.5 0.93 SAP 8 1 9 4.7 0.53 including SAP 4 3 7 5.0 0.92 BDR 4 9 13 - NSR TOTAL 13 0 13 - NSR TN026 474501 9498979 275 HHGPS 3 CS 0.5 0 1 12.4 1.96 BDR 2.5 0.5 3 25.9 2.14 TOTAL 3 0 3 23.6 2.11 TN032 475495 9498978 225.5 HHGPS 16 TOTAL 16 0 16 - NSR TN033 475696 9498976 223 HHGPS 14 TOTAL 14 0 14 - NSR TN034 475832 9498981 225 HHGPS 19 TOTAL 19 0 19 - NSR TN096 473495 9498973 264 HHGPS 44 CS 6 0 6 3.8 0.60 including CS 2 0 2 6.8 1.07 SAP 34 6 40 10.8 0.39 including SAP 4 6 10 5.5 0.83 including SAP 3 37 40 46.0 0.79 BDR 4 40 44 - NSR TOTAL 44 0 44 - NSR TN097 473690 9498974 269 HHGPS 40 CS 8 0 8 4.3 0.44 including CS 1 0 1 10.0 1.14 SAP 27 8 35 7.4 0.49 including SAP 10 10 20 5.8 0.89 BDR 5 35 40 35.2 1.63 TOTAL 40 0 40 - NSR TN098 473899 9498982 271.5 HHGPS 51 CS 5 0 5 8.8 0.57 including CS 2 0 2 14.1 0.84 SAP 42 5 47 - NSR BDR 4 47 51 - NSR TOTAL 51 0 51 - NSR TN100 473297 9498979 256.5 HHGPS 36 TOTAL 36 0 36 - NSR TN101 473092 9498973 257 HHGPS 31 TOTAL 31 0 31 - NSR TN102 472902 9498980 256.5 HHGPS 31 CS 5 0 5 1.0 0.25 including CS 1 0 1 2.7 0.86 SAP 22 5 27 - NSR BDR 4 27 31 28.1 1.33 TOTAL 31 0 31 - NSR 9498578 TN027 474695 9498578 266 HHGPS 22 CS 1 0 1 7.5 0.71 SAP 17 1 18 - NSR BDR 4 18 22 25.4 1.00 TOTAL 18 0 18 - NSR TN028 474899 9498575 254 HHGPS 42 CS 1 0 1 7.1 1.18 SAP 4 1 42 - NSR TOTAL 42 0 42 - NSR TN029 475099 9498577 241 HHGPS 25 CS 2 0 2 6.9 0.58 including CS 1 0 1 9.8 0.97 SAP 21 1 22 - NSR BDR 3 22 25 - NSR TOTAL 25 0 25 - NSR TN030 475297 9498577 229.5 HHGPS 16 CS 1 0 1 - NSR SAP 10 1 11 - NSR BDR 5 11 16 15.0 0.61 including BDR 2 11 13 18.2 1.10 TOTAL 16 0 16 14.2 0.51 TN031 475427 9498515 226 HHGPS 23 TOTAL 23 0 23 - NSR TN092 473296 9498579 266.5 HHGPS 40 CS 7 0 7 - NSR SAP 29 7 36 5.7 0.47 including SAP 10 19 29 11.6 1.03 BDR 4 36 40 - NSR TOTAL 40 0 40 - NSR TN093 473492 9498573 271 HHGPS 43 CS 7 0 7 4.5 0.81 including CS 3 0 3 7.3 1.50 SAP 33 7 40 - NSR BDR 3 40 43 - NSR TOTAL 43 0 43 - NSR
TN094 473696 9498579 276 HHGPS 36 CS 6 0 6 6.1 1.05 including CS 4 0 4 7.6 1.40 SAP 25 6 31 5.9 0.65 including SAP 5 6 11 3.4 0.70 including SAP 14 17 31 7.0 0.81 BDR 2 34 36 40.7 2.25 TOTAL 36 0 36 8.7 0.79 TN095 473897 9498579 286.5 HHGPS 48 CS 7 0 7 6.1 0.92 including CS 4 0 4 7.3 1.24 SAP 37 7 44 6.8 0.30 including SAP 9 13 22 18.0 0.78 BDR 4 44 48 - NSR TOTAL 48 0 48 - NSR TN103 472898 9498579 265 HHGPS 34 CS 7 0 7 3.0 0.47 including CS 3 0 3 3.0 0.89 SAP 23 7 30 - NSR BDR 4 30 34 - NSR TOTAL 34 0 34 - NSR TN104 473092 9498576 265.5 HHGPS 31 TOTAL 31 0 31 - NSR 9498178 TN036 475096 9498177 242.5 HHGPS 25 CS 4 0 4 6.6 0.46 including CS 1 0 1 15.2 1.29 SAP 17 4 21 - NSR BDR 4 21 25 - NSR TOTAL 25 0 25 - NSR TN037 475295 9498179 233.5 HHGPS 16 TOTAL 16 0 16 - NSR TN038 474899 9498176 250 HHGPS 46 CS 1 0 1 - NSR SAP 38 1 39 3.0 1.13 including SAP 15 18 33 5.3 2.54 BDR 7 39 46 - NSR TOTAL 46 0 46 3.6 0.96 TN039 474699 9498179 265.5 HHGPS 21 CS 1 0 1 5.0 0.98 SAP 15 1 16 3.7 1.21 including SAP 7 6 13 5.4 2.02 BDR 5 16 21 - NSR TOTAL 21 0 21 5.7 1.06 TN088 473490 9498175 275 HHGPS 49 CS 5 0 5 4.0 0.58 including CS 2 0 2 5.7 0.98 SAP 41 5 46 - NSR BDR 3 46 49 - NSR TOTAL 49 0 49 - NSR TN089 473697 9498177 282 HHGPS 54 CS 9 0 9 5.4 0.76 including CS 3 0 3 7.8 1.06 SAP 39 9 48 - NSR BDR 6 48 54 - NSR TOTAL 54 0 54 - NSR TN090 473893 9498179 289 HHGPS 16 CS 2 0 2 8.7 1.69 SAP 10 2 12 3.6 0.65 including SAP 6 2 8 4.3 0.82 BDR 4 12 16 23.2 1.28 TOTAL 16 0 16 9.1 0.94 TN091 474095 9498176 307 HHGPS 23 TOTAL 23 0 23 - NSR TN105 473295 9498177 273 HHGPS 17 TOTAL 17 0 17 - NSR TN106 473089 9498176 271 HHGPS 19 CS 1 0 1 11.2 0.87 SAP 15 1 16 - NSR BDR 3 16 19 - NSR TOTAL 19 0 19 - NSR TN107 472897 9498177 271 HHGPS 34 TOTAL 34 0 34 - NSR 9497778 TN040 475094 9497776 242 HHGPS 30 TOTAL 30 0 30 - NSR TN041 474895 9497776 254 HHGPS 40 CS 5 0 5 5.4 0.55 including CS 1 0 1 18.1 1.43 SAP 29 5 34 - NSR BDR 6 34 40 29.1 0.79 TOTAL 40 0 40 - NSR TN042 474695 9497779 262 HHGPS 25 CS 8 0 8 6.1 1.39 SAP 12 8 20 6.2 0.51 including SAP 3 8 11 3.1 0.85 BDR 5 20 25 15.9 0.71 TOTAL 25 0 25 8.1 0.83 TN043 474493 9497771 278 HHGPS 7 CS 4 0 4 13.5 0.66 including CS 3 0 3 16.8 0.83 BDR 3 4 7 20.4 1.29 TOTAL 7 0 7 16.4 0.93 TN044 475289 9497777 235 HHGPS 19 TOTAL 19 0 19 - NSR TN081 473894 9497776 285 HHGPS 26 CS 2 0 2 6.0 0.92 SAP 20 2 22 12.9 0.47 including SAP 3 17 21 13.5 0.79 BDR 4 22 26 - NSR TOTAL 26 0 26 - NSR TN082 474093 9497777 300 HHGPS 19 CS 1 0 1 8.9 0.80 SAP 14 1 15 - NSR BDR 4 15 19 - NSR TOTAL 19 0 19 - NSR TN083 473695 9497777 281.5 HHGPS 52 CS 2 0 2 6.1 1.42 SAP 46 2 48 - NSR BDR 4 48 52 - NSR TOTAL 52 0 52 - NSR TN084 473494 9497780 276 HHGPS 57 CS 2 0 2 7.0 1.00 SAP 49 3 52 - NSR BDR 5 52 57 - NSR TOTAL 57 0 57 - NSR TN085 473295 9497775 270.5 HHGPS 31 CS 2 0 2 - NSR SAP 25 2 27 8.3 0.46 including SAP 7 16 23 12.9 0.83 BDR 4 27 31 - NSR TOTAL 31 0 31 - NSR TN086 473094 9497777 272 HHGPS 25 TOTAL 25 0 25 - NSR TN087 472897 9497777 273 HHGPS 31 CS 1 0 1 5.3 1.00 SAP 26 1 27 - NSR BDR 4 27 31 - NSR TOTAL 31 0 31 - NSR 9497378 TN045 475098 9497377 236 HHGPS 22 TOTAL 22 0 22 - NSR TN046 475293 9497373 230 HHGPS 15 TOTAL 15 0 15 - NSR TN047 474896 9497377 244 HHGPS 16 CS 1 0 1 11.2 1.71 SAP 9 1 10 11.1 0.72 including SAP 5 1 6 10.2 0.81 BDR 6 10 16 33.3 1.32 TOTAL 16 0 16 19.4 1.01
TN048 475294 9497371 230 HHGPS 16 TOTAL 16 0 16 - NSR TN049 474695 9497378 252 HHGPS 16 CS 1 0 1 6.6 1.73 SAP 8 1 9 4.8 1.09 BDR 7 9 16 20.4 1.00 TOTAL 16 0 16 11.7 1.09 TN050 474493 9497371 267 HHGPS 10 CS 1 0 1 9.4 1.22 SAP 5 1 6 6.7 1.35 BDR 4 6 10 19.0 1.43 TOTAL 10 0 10 11.9 1.37 TN075 473099 9497377 270 HHGPS 30 CS 4 0 4 1.5 0.35 including CS 1 0 1 2.4 0.74 SAP 22 4 26 - NSR BDR 4 26 30 - NSR TOTAL 30 0 30 - NSR TN076 473297 9497376 271 HHGPS 31 TOTAL 31 0 31 - NSR TN077 473495 9497377 270.5 HHGPS 41 CS 3 0 3 5.9 0.62 including CS 2 0 2 6.0 0.92 SAP 33 3 36 - NSR BDR 5 36 41 - NSR TOTAL 41 0 41 - NSR TN078 473694 9497378 273.5 HHGPS 46 CS 9 0 9 9.6 0.62 including CS 2 0 2 9.6 2.06 SAP 33 9 42 - NSR BDR 4 42 46 - NSR TOTAL 46 0 46 - NSR TN079 473892 9497382 281 HHGPS 33 CS 2 0 2 8.5 2.06 SAP 26 2 28 - NSR BDR 5 28 33 - NSR TOTAL 33 0 33 - NSR TN080 474090 9497375 286 HHGPS 4 SAP 1 0 1 9.9 0.73 BDR 3 1 4 21.0 1.27 TOTAL 4 0 4 18.2 1.13 9496978 TN051 474494 9496976 254 HHGPS 23 CS 0.5 0 1 10.4 2.38 SAP 17.5 0.5 18 5.0 1.15 BDR 5 18 23 26.7 1.85 TOTAL 23 0 23 9.9 1.35 TN052 474693 9496976 243.5 HHGPS 16 CS 1 0 1 9.1 1.49 SAP 10 1 11 - NSR BDR 5 11 16 - NSR TOTAL 16 0 16 - NSR TN053 474867 9496978 233 HHGPS 13 TOTAL 13 0 13 - NSR TN054 475099 9496983 232 HHGPS 13 TOTAL 13 0 13 - NSR TN055 474290 9496973 265 HHGPS 13 CS 1 0 1 7.2 2.19 SAP 8 1 9 6.7 0.84 BDR 4 9 13 20.8 1.04 TOTAL 13 0 13 11.1 1.01 TN056 474090 9496978 264 HHGPS 26 CS 1 0 1 7.6 1.52 SAP 19 1 20 6.4 0.94 including SAP 6 13 19 14.2 2.02 BDR 6 20 26 30.2 2.11 TOTAL 26 0 26 12.0 1.23 TN057 473897 9496976 265 HHGPS 27 CS 2 0 2 - NSR SAP 20 2 22 11.0 0.45 including SAP 3 14 17 15.2 1.05 BDR 5 22 27 - NSR TOTAL 27 0 27 - NSR TN058 473697 9496978 261 HHGPS 30 CS 4 0 4 6.2 0.94 including CS 2 0 2 8.7 1.60 SAP 21 4 25 - NSR BDR 5 25 30 - NSR TOTAL 30 0 30 - NSR TN059 473496 9496975 258 HHGPS 33 TOTAL 33 0 33 - NSR TN060 473296 9496976 261 HHGPS 34 TOTAL 34 0 34 - NSR TN073 473095 9496978 263 HHGPS 32 TOTAL 32 0 32 - NSR TN074 472899 9496976 263 HHGPS 30 TOTAL 30 0 30 - NSR 9496578 TN061 473496 9496575 253.5 HHGPS 25 TOTAL 25 0 25 - NSR TN062 473698 9496572 254 HHGPS 25 CS 4 0 4 3.6 0.60 including CS 2 0 2 5.3 1.12 SAP 16 4 20 - NSR BDR 5 20 25 - NSR TOTAL 25 0 25 - NSR TN063 473891 9496579 253.5 HHGPS 22 CS 2 0 2 - NSR SAP 15 2 17 8.4 0.38 including SAP 2 15 17 17.2 1.31 BDR 5 17 22 17.7 1.50 including BDR 3 19 22 20.6 2.13 TOTAL 22 0 22 - NSR TN064 474093 9496571 249 HHGPS 25 CS 2 0 2 11.5 0.92 SAP 19 2 21 - NSR BDR 4 21 25 - NSR TOTAL 25 0 25 - NSR TN065 474295 9496576 251 HHGPS 19 CS 2 0 2 12.5 1.00 SAP 13 2 15 6.0 0.53 including SAP 2 2 4 9.7 0.74 BDR 4 15 19 24.7 1.09 TOTAL 19 0 19 11.4 0.71 TN066 474495 9496573 244.5 HHGPS 22 CS 2 0 2 9.4 1.18 SAP 15 2 17 - NSR BDR 5 17 22 - NSR TOTAL 22 0 22 - NSR TN067 474700 9496575 238 HHGPS 20 TOTAL 20 0 20 - NSR TN068 474833 9496578 233 HHGPS 11 TOTAL 11 0 11 - NSR 9496178 TN069 474698 9496173 235 HHGPS 16 TOTAL 16 0 16 - NSR TN070 474497 9496176 243 HHGPS 15 TOTAL 15 0 15 - NSR TN071 474300 9496182 245 HHGPS 22 TOTAL 22 0 22 - NSR TN072 474095 9496179 243 HHGPS 22 TOTAL 22 0 22 - NSR Appendix 2 JORC Code, 2012 Edition Section 1 Sampling Techniques and Data Criteria Explanation Comment Sampling Nature and quality of sampling Reverse circulation hammer drilling techniques (e.g. cut channels, random chips, was used to obtain 1m samples from or specific specialised industry which approximately 2.0 kg was riffle standard measurement tools split to produce a sub-sample for HM appropriate to the minerals under analysis utilizing heavy liquid investigation, such as down hole separation, magnetic separation and gamma sondes, or handheld XRF XRF assay. instruments, etc). These examples should not be taken as limiting All holes were sampled over the broad meaning of sampling. consistent 1m intervals. Include reference to measures All holes were drilled using a taken to ensure sample reverse circulation method to collect
representivity and the 25% of the sample via cyclone appropriate calibration of any separation of drill returns with a measurement tools or systems 4-way splitter attachment at the base used. of the cyclone discharging into a calico bag. Aspects of the determination of mineralisation that are Material Samples are collected from alternate to the Public Report. In cases discharge chutes of the splitter, and where 'industry standard' work assessment of duplicate samples has been done this would be collected at routine intervals show relatively simple (e.g. 'reverse that no bias is evident from the circulation drilling was used to cyclone splitter. obtain 1m samples from which 3kg was pulverised to produce a 30g Samples were analysed by mineral charge for fire assay'). In other sands industry standard techniques of cases more explanation may be screening, desliming and heavy liquid required, such as where there is separation using SPT (sodium coarse gold that has inherent polytungstate: SG = 2.85g/cm3). XRF sampling problems. Unusual analysis of HM magnetic fractions was commodities or mineralisation used to define the VHM content. types (e.g. submarine nodules) may warrant disclosure of detailed information. Drilling Drill type (e.g. core, reverse All drilling was undertaken using a techniques circulation, open-hole hammer, Smith Capital 10R3H track mounted rotary air blast, auger, Bangka, reverse circulation drill rig sonic, etc) and details (e.g. operated by Amazon Mineworks core diameter, triple or standard Tanzania. tube, depth of diamond tails, face-sampling bit or other type, All holes were drilled vertically, whether core is oriented and if with the drill rig levelled using so, by what method, etc). hydraulic jacks. Drill rod diameter is 41/2" with 3m rods fitted with a face sampling 53/ 8" button hammer bit. Drill sample Method of recording and assessing Sample size is monitored by the rig recovery core and chip sample recoveries geologist and logged quantitatively and results assessed. as either good, moderate or poor, with good meaning not contaminated Measures taken to maximise sample and appropriate sample size recovery and ensure (recovery), moderate meaning not representative nature of the contaminated, but sample over or samples. under sized, and poor meaning contaminated or grossly over/ Whether a relationship exists undersized. Samples from the Phase 1 between sample recovery and grade drilling at Umba South were logged as and whether sample bias may have 80% dry good, 16% dry poor and 3% occurred due to preferential loss moist good. /gain of fine/coarse material. The drill rig uses a face sampling pneumatic hammer bit and operates at air pressures of 24 Bar and low rotation speeds (45-65 rpm) to maximize sample recovery. There is no correlation evident between sample recovery and grade, resulting in no sample bias. Logging Whether core and chip samples All samples were visually checked and have been geologically and logged on site by the rig geologist geotechnically logged to a level and logged for lithotype, grain size, of detail to support appropriate colour, hardness, and moisture Mineral Resource estimation, content. mining studies and metallurgical studies. A small subsample was taken for each drill interval and manually panned Whether logging is qualitative or for estimation of slimes and HM quantitative in nature. Core (or content. costean, channel, etc) photography. Any relevant comments e.g., water table, gangue HM components and The total length and percentage stratigraphic markers were included of the relevant intersections to aid in the subsequent geological logged. modelling. The use of a pneumatic hammer bit is believed to have modified the grain size characteristics of the sample, with potential overstatement of slimes content and understatement of the oversize fraction. The drilling technique makes logging and assessment of the geotechnical parameters of the material unreliable. Sub-sampling If core, whether cut or sawn and An approximate 25% split of the techniques whether quarter, half or all core drilled sample interval is collected and sample taken. from the drill cyclone. The calico preparation sample bags from site were air dried If non-core, whether riffled, before sub-sampling. Any material tube sampled, rotary split, etc that was bound together by clay was and whether sampled wet or dry. manually attritioned so it would pass through the splitter. For all sample types, the nature, quality and appropriateness of The material was split using a 25 mm the sample preparation technique. three tier riffle splitter to produce a sub-sample for assay submission of Quality control procedures approximately 2.0 kg in a small adopted for all sub-sampling calico sample bag. stages to maximise representivity of samples. For one sample in every 20, an additional sample was collected from Measures taken to ensure that the an alternate discharge chute on the sampling is representative of the cyclone mounted splitter for QAQC in-situ material collected, purposes. including for instance results for field duplicate/second-half Results of field duplicates confirm sampling. the sampling process is generating representative results. Whether sample sizes are appropriate to the grain size of The sample preparation technique, the material being sampled. sample size and riffle aperture used is considered appropriate for mineral sands analysis. Quality of The nature, quality and Samples were analysed by conventional assay data appropriateness of the assaying mineral sands techniques of and and laboratory procedures used screening, desliming and heavy liquid laboratory and whether the technique is separation using SPT (sodium tests considered partial or total. polytungstate: SG = 2.85g/cm3). XRF analysis of HM magnetic fractions was For geophysical tools, used to define the VHM content. spectrometers, handheld XRF instruments, etc, the parameters All 3,015 drill samples were used in determining the analysis submitted to the Base Titanium including instrument make and laboratory at the Kwale Operations in model, reading times, Kenya. calibrations factors applied and their derivation, etc. The separation of HM was by sodium polytungstate (SPT) at density 2.85 g Nature of quality control /cc. procedures adopted (e.g. standards, blanks, duplicates, All samples were: external laboratory checks) and (i) Dried, weighed. whether acceptable levels of (ii) Sample rotary split to produce accuracy (i.e. lack of bias) and 400 g sample. precision have been established. Sample wet screened using 45 µm and 1
mm sieves, to generate oversize and sand fractions, with slimes lost during screening and calculated by difference. (iii) For samples UD2121 to UD3015 the oversize fraction was crushed until minimal oversize was present, with heavy liquid separation being undertaken on the combined mass of as received sand fraction and lab generated sand fraction. (iv) SPT heavy liquid separation of sand fraction to generate a HM fraction. (v) HM fraction subject to magnetic separation on a roll magnet to generate a high susceptibility (HS) fraction, magnetic (Mag) fraction and non-magnetic (NonMag) fraction. (vi) XRF analysis of Mag fractions, with rutile (assumed 95% TiO2) calculated from TiO2 assay of NonMag by dividing by 0.95. (vii) NonMag fraction subject to Nitric acid dissolution to determine pyrite content, with rutile grade adjusted to reflect XRF normalisation. Select float fraction samples were despatched to BV Centurion SA for analysis of TGC, with assay grades adjusted to reflect losses to slimes and oversize. Various quality control samples were submitted routinely to assure assay quality. A total of 150 duplicate field samples, 301 lab duplicate sample preparation samples, and an unspecified number of internal laboratory standards, repeats and blanks have been assayed at Kwale Operations' site laboratory. Verification The verification of significant Drilling, logging and sampling of sampling intersections by either undertaken by contract geologists and assaying independent or alternative following on-site training by Base company personnel. Titanium's Exploration Manager. The use of twinned holes. Twinned holes have been completed but assay results are not yet available Documentation of primary data, for comparison. data entry procedures, data verification, data storage Drill hole logging and site sample (physical and electronic) data is collected electronically and protocols. regularly emailed to the exploration office in Kwale, Kenya. Assay data Discuss any adjustment to assay is captured electronically via LIMS data. and merged with logging and sample data in Datashed. No adjustment to assay data has been made - but it is noted that rutile grades from holes TN001 to TN091 reflect rutile in the sand fraction only, while for holes TN092 to TN122 the rutile grades reflect the combined sand and (crushed) oversize fraction. Location of Accuracy and quality of surveys Drill hole collars were surveyed data points used to locate drill holes using handheld GPS. (collar and down-hole surveys), trenches, mine workings and other All drill holes are vertical, down locations used in Mineral hole surveys were deemed unnecessary. Resource estimation. Grid system used throughout the Specification of the grid system program is UTM, Zone 37S, ARC60 used. datum. Quality and adequacy of Topographic data was derived from a topographic control. DTM generated from SRTM 30m spaced point data and all drill collars were levelled to the SRTM topographic surface for consistency. The topographic control is considered adequate for reporting of exploration results but will require improved definition for any future resource estimation. Data spacing Data spacing for reporting of The drilling program that forms the and Exploration Results. basis of this release is based upon distribution 200m hole spacing along E-W oriented Whether the data spacing and lines with 400m between lines. The distribution is sufficient to drill program was designed to test a establish the degree of prominent N-S trending ridge of geological and grade continuity quartzite and gneiss that reported appropriate for the Mineral anomalous rock chip and soil Resource and Ore Reserve geochemistry. estimation procedure(s) and classifications applied. The current data spacing, and distribution is likely not sufficient Whether sample compositing has to establish geological and grade been applied. continuity and additional work programs are being implemented to better understand the geological controls on mineralisation. No sample compositing has been applied. Orientation Whether the orientation of All drill holes were drilled of data in sampling achieves unbiased vertically. The mineralisation relation to sampling of possible structures drilled comprises a sub-horizontal geological and the extent to which this is soil and weathered saprolite profile, structure known, considering the deposit and primary bedrock. The geological type. structure of the bedrock comprises 40 ° to 50° E dipping metamorphic If the relationship between the fabric, and it is likely this is also drilling orientation and the evident in the saprolite as deep / orientation of key mineralised intense weathering is not evident. structures is considered to have introduced a sampling bias, this Drill lines were drilled north - should be assessed and reported south, east - west within 10 degrees if material. of the topographic ridgeline that reflects the strike of the metamorphic fabric. A bias to sampling has likely been introduced via vertical drilling of a moderately dipping geological unit, but as the geological controls on mineralisation are not fully understood at this time - the potential bias is still under assessment. Reported mineralisation
widths in the bedrock and likely saprolite will be significantly greater (up to 1.5x) than true width. Sample The measures taken to ensure All samples from the drilling rig security sample security. were transported to the Umba South exploration camp daily, where they are stored in a shed with a secure compound. Once sample preparation is completed, the sub-samples for assay are placed in drums for transport to both Tanga (for government assessment) and ultimately the Kwale Operations in Kenya. The samples bags were labelled by both marker and paper tags with a unique sample number. Audits or The results of any audits or No external audits of the sampling reviews reviews of sampling techniques techniques and data have been carried and data. out, but the techniques and data have been reviewed by experienced Base Titanium and Base Resources personnel. The sample analytical procedure has undergone several internal reviews with modifications occurring as required. The results of mineralogical analysis are awaited to further review the analytical procedure. Section 2 Reporting of Exploration Results Criteria Explanation Comment Mineral Type, reference name/number, The Umba South project is located tenement and location and ownership within Prospecting Licences PL 11686 land tenure including agreements or /2021, PL 11687/2021, and PL 19524/ status material issues with third 2022, which are held by BET Two Ltd, parties such as joint ventures, Base Resources' wholly owned, partnerships, overriding Tanzanian subsidiary. royalties, native title interests, historical sites, Several Primary Mining Licences wilderness or national park and (PMLs) for gemstones, up to 10ha in environmental settings. size, occur at Umba South and BET Two has entered into access The security of the tenure held agreements with the PML holders at the time of reporting along allowing exploration drilling with any known impediments to activity to be carried out in areas obtaining a licence to operate of interest. in the area. At the time of reporting, the BET Two tenure is in compliance with all requirements and there are no known impediments to obtaining a licence to operate in the area. Exploration Acknowledgment and appraisal of No previous exploration for rutile done by other exploration by other parties. is believed to have been undertaken parties in the Umba South area, with historical prospecting limited to reconnaissance sampling for gemstones. Geology Deposit type, geological The project area is underlain by setting and style of part of the Mozambique Belt - a mineralisation. major N-S trending geological structure extending along the Eastern Coast of Africa. High-grade metamorphic rocks in the project area occur as prominent N-S trending ridgelines, with rutile being a common accessory mineral together with reported occurrences of graphite, pyrite, sillimanite, kyanite, garnet and gemstones (primarily tourmaline). The primary focus of exploration is eluvial / alluvial HM (rutile) deposits sourced from the mineralised ridges, and / or saprolitic deposits enriched in rutile that are sufficiently weathered to represent free-dig material from which rutile is readily liberated. The eluvial profile developed at Umba South is typically quite thin (1-2m) but can locally be up to 9m thick. Rutile mineralisation is widespread throughout this unit proximal to the ridgeline at Umba South and is present as HM grains within gravelly clayey sand and soil. The saprolite present at Umba South has variable depth and the weathering profile is not well developed. Rutile mineralisation occurs sporadically throughout this unit and appears related to specific lithological zones that are enriched in rutile. The nature of the saprolite rutile mineralisation has not been established at this time. Drill hole A summary of all information BET Two has conducted two drilling Information material to the understanding programs to date, with this release of the exploration results relating to the Phase 1 including a tabulation of the reconnaissance drilling for which following information for all assay results are complete. Material drill holes: A total of 122 holes for 3,015m with * easting and northing of the an average depth of 25m were drill hole collar completed for Phase 1. * elevation or RL (Reduced Level - elevation above sea All holes were drilled vertically. level in metres) of the drill hole collar See drill hole location plan - * dip and azimuth of the hole Figure 2. * down hole length and interception depth Drill hole collars and significant * hole length. assays are presented in Table 1 in Appendix 1. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data In reporting Exploration Exploration results are reported as aggregation Results, weighting averaging length-weighted average grades of methods techniques, maximum and/or rutile mineralisation using a minimum grade truncations (e.g. nominal 0.7% rutile cut-off grade. cutting of high grades) and No top-cutting has been applied. cut-off grades are usually Grades reflect in-situ rutile Material and should be stated. content based upon analysis of the sand fraction. Where aggregate intercepts incorporate short lengths of Aggregate downhole significant
high grade results and longer intercepts were calculated using the lengths of low grade results, following parameters: the procedure used for such aggregation should be stated * Minimum 3m interval of and some typical examples of mineralisation. such aggregations should be * Maximum 2m interval of internal shown in detail. "low grade" allowed provided the aggregate grade exceeds 0.7%, The assumptions used for any with multiple "low-grade" reporting of metal equivalent intervals permitted. values should be clearly stated. For clarity the aggregate downhole intercept is also tabulated by geological domain. Relationship These relationships are The mineralised eluvial soil horizon between particularly important in the forms a relatively flat lying mineralisation reporting of Exploration blanket and is intersected by widths and Results. vertical holes; hence the intercept intercept length is approximately equivalent lengths If the geometry of the to the mineralization thickness. mineralisation with respect to the drill hole angle is known, The mineralised saprolite material its nature should be reported. likely has rutile mineralisation reflecting the primary metamorphic If it is not known and only the fabric, as the weathering profile is down hole lengths are reported, relatively shallow and weak with there should be a clear minimal mass reduction and chemical statement to this effect (e.g. mobilisation. The metamorphic 'down hole length, true width fabric dips 40° - 50° to the east not known'). and this would result in down hole mineralisation lengths being up to 1.5 times true width. The mineralised bedrock has rutile mineralisation aligned with the primary metamorphic fabric (as above) and this would result in down hole mineralisation lengths being up to 1.5 times true width. Diagrams Appropriate maps and sections Plan of Drill hole locations see (with scales) and tabulations Figure 2 and representative drill of intercepts should be hole cross sections see Figures 4 to included for any significant 6. discovery being reported These should include, but not be Tabulation of drill intercepts see limited to a plan view of drill Table 1 of Appendix 1. hole collar locations and appropriate sectional views. Due to the limited understanding of geological controls on mineralisation only simplified representative cross-sections are reported at this time. Balanced Where comprehensive reporting All drill hole collar locations are reporting of all Exploration Results is tabulated, including those with no not practicable, representative significant assays. reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other Other exploration data, if Metallurgical testwork on samples substantive meaningful and material, should collected from shallow test pits exploration be reported including (but not within the soil /eluvial domain data limited to): geological highlighted the presence of altered observations; geophysical ilmenite (averaging 65% TiO2) survey results; geochemical within the heavy mineral assemblage. survey results; bulk samples - Significant TiO2 can be present size and method of treatment; within the Mags fraction of the HM metallurgical test results; from rutile mineralised zones, but bulk density, groundwater, in the absence of mineralogical data geotechnical and rock and a more refined analytical characteristics; potential technique it has not been possible deleterious or contaminating to quantify this TiO2 as an ilmenite substances. that has economic potential. The geotechnical characteristics of the saprolite material being drilled is not able to be reliably determined given the RC hammer drilling method. This is potentially significant as the economic potential of the rutile mineralisation within the saprolite will be partially determined by the mining method (cost) and the processing required to generate rutile product (e.g. liberation of rutile grains, efficient recovery processes). There is a risk that the saprolite may require drill and blast hardrock mining methods (at high cost) and that rutile mineralisation may require comminution (at high cost) to achieve liberation and amenability to conventional mineral sands processing methods. If this were the case a substantially higher economic cut-off grade would need to be applied. Similarly, the bedrock mineralisation will necessitate hard rock mining methods and comminution to achieve rutile liberation - and there is no certainty that metallurgical testwork will deliver economic outcomes. The bedrock mineralisation also contains a significant amount of pyrite - a known deleterious element for mineral sands processing, together with its unfavourable environmental impact necessitating dedicated tailings handling and storage. Further work The nature and scale of planned Once necessary approvals have been further work (e.g. tests for obtained for the Game Controlled lateral extensions or depth Area north of the Umba River, future extensions or large-scale work will consist of reconnaissance step-out drilling). exploration to establish if broad Diagrams clearly highlighting areas of rutile mineralisation are the areas of possible present within either colluvial/ extensions, including the main alluvial material shedding from the geological interpretations and prospective ridge line, or strongly future drilling areas, provided weathered saprolite associated with this information is not the targeted prospective zone. commercially sensitive. Samples from Umba South have been sent for detailed mineralogical analysis to assist with geological interpretation, validation of analytical flowsheet, metallurgical assessment, and economic potential. A program of trenching or
core-drilling at Umba South would provide samples of the saprolite that will allow geotechnical assessment and detailed mapping / logging of the geology and mineralisation. Glossary Base Base Resources' wholly-owned Kenyan subsidiary, Base Titanium Limited. Titanium BDR Bedrock geological domain. BET Two Base Resources' wholly-owned Tanzanian subsidiary, BET Two Limited. Collar Location of a drill hole. CS Colluvium and Soil geological domain. DTM Digital terrain model. Easting A figure representing eastward distance on a map. GPS Global positioning system. HHGPS Handheld global positioning system. HM Heavy mineral. JORC Code The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. Mag Magnetic fraction of HM. Non-mag Non magnetic fraction of HM. Northing A figure representing northward distance on a map. NSR No significant result. RC Reverse circulation. SAP Saprolite (weathered bedrock) geological domain. SPT Sodium polytungstate solution used for heavy liquid separation. SRTM Shuttle radar topography mission flown by space shuttle Endeavour to acquire radar data used to create global land elevation dataset. TGC Total graphitic carbon. TiO2 Titanium dioxide. UD Umba drilling sample prefix. UTM Universal Transverse Mercator is a plane coordinate grid system. VHM Valuable heavy mineral. XRF A spectroscopic method used to determine the chemical composition of a material through analysis of secondary X-ray emissions, generated by excitation of a sample with primary X-rays that are characteristic of a particular element. ENDS. For further information contact: Australian Media Relations UK Media Relations Citadel Magnus Tavistock Communications Cameron Gilenko and Michael Weir Jos Simson and Gareth Tredway Tel: +61 8 6160 4900 Tel: +44 207 920 3150 About Base Resources Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance. The Company operates the established Kwale Operations in Kenya, is developing the Toliara Project in Madagascar and is conducting exploration in Tanzania. Base Resources is an ASX and AIM listed company. Further details about Base Resources are available at www.baseresources.com.au. PRINCIPAL & REGISTERED OFFICE Level 3, 46 Colin Street West Perth, Western Australia, 6005 Email: info@baseresources.com.au Phone: +61 8 9413 7400 Fax: +61 8 9322 8912 NOMINATED ADVISOR RFC Ambrian Limited Stephen Allen Phone: +61 8 9480 2500 JOINT BROKER Berenberg Matthew Armitt / Detlir Elezi Phone: +44 20 3207 7800 JOINT BROKER Canaccord Genuity Raj Khatri / James Asensio / Patrick Dolaghan Phone: +44 20 7523 8000 END
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May 09, 2023 02:00 ET (06:00 GMT)
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