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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| African Pioneer Plc | LSE:AFP | London | Ordinary Share | IM00B8C0HK22 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.90 | 1.80 | 2.00 | 1.95 | 1.90 | 1.95 | 0.00 | 08:00:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investment Advice | -71k | -671k | -0.0035 | -5.43 | 3.64M |
From Apr 2023 to Apr 2024
TIDMAFP
RNS Number : 6101Z
African Pioneer PLC
16 May 2023
16 May 2023
African Pioneer Plc
("African Pioneer " or "the Company")
JORC 2012 Indicated and Inferred Mineral Resource Estimate for the Ongombo Copper Project, Namibia
African Pioneer Plc ("African Pioneer" or the "Company") is pleased to announce the results of an updated Indicated and Inferred Mineral Resource Estimate for the Ongombo copper project ("Ongombo" or the "Project") in Namibia, completed by independent consultants Addison Mining Services. African Pioneer holds an 85% interest in the Project.
Highlights
-- Highly successful drill programme and new Mineral Resource Estimate results in an additional 100,000 tonnes in contained copper metal and an additional 84,000 oz of gold across all Resource categories.
-- Expenditure of approximately US$480,000 on direct drilling costs ahead of the most recent Mineral Resource update represents a unit resource development cost for the additional 100,000 tonnes of contained copper metal of approximately US$4.8 per tonne of contained metal
-- The Ongombo mineralization remains open at depth with scope for the addition of further tonnage and based on recent twinned drilling, potential for significantly enhanced gold grades in the East - Ost shoots
-- A 25-year Mining Licence has been granted subject to completion of an active Environmental and Social Impact Assessment.
The updated Mineral Resource Estimate has been completed by Addison Mining Services Ltd., an independent consultancy based in the United Kingdom and is reported in accordance with the JORC Code 2012 edition. Resources are of Indicated and Inferred categories and include:
-- Total Indicated Resources of 5.7 million tonnes gross at 1.1 % Cu Equivalent ("CuEq"), 0.94 % Cu, 0.23 g/t Au and 4.4 g/t Ag, for 53,000 t Cu, 42,000 oz Au and 800,000 oz Ag, including:
o Open pit potential Resources of 0.93 million tonnes at 0.68% CuEq, 0.57 % Cu, 0.19 g/t Au and 2.6 g/t Ag, for 5,300 t Cu, 5,700 oz Au and 78,000 oz Ag, above a cut-off grade of 0.25% CuEq
o Underground potential Resources of 4.7 million tonnes at 1.2% CuEq, 1.0% Cu, 0.24 g/t Au and 4.7 g/t Ag, for 48,000 t Cu, 36,000 oz Au and 72,000 oz Ag, above a cut-off grade of 0.5% CuEq
-- Inferred Underground potential Resources of approximately, 23 million tonnes at 1.1% CuEq, 0.95% Cu, 0.24 g/t Au and 5.8 g/t Ag, for 220,000 t Cu, 180,000 oz Au and 4.3 million oz Ag, above a cut-off grade of 0.5% CuEq
Notes:
1. The resource figures above are stated on a gross basis - please see full text below for the resources net attributable to African Pioneer's 85% interest.
2. Also set out below is a comparison to the previous mineral resource estimate.
Colin Bird Chairman & CEO said: "I am delighted with the results of our recent programme and the re-evaluation of the Mineral Resource by the external consultant which has achieved the significant milestone of increasing the contained metal content of copper and gold by 100Kt Cu and 84Koz Au.
The initial development of an open pit provides the means to establish a number of parallel drives excavated in mineralisation enabling us to operate a larger number of working faces which in turn implies more output and the need for greater processing capacity which is more efficient than the original proposal for the development of twin 7m x 7m declines to access underground resources which imposed a huge capital burden on the Project and a large proportion of the development was in waste and therefore unproductive.
Our recent drill programme included the twinning of holes drilled by Goldfields into the deeper East - Ost shoot. This drilling intersected significant gold values peaking at 1.3g/t Au over 1.15 m with a mean of 0.2 g/t Au. We intend to complete further twinning of holes and if we can replicate our most recent gold values we will be looking at a Resource with a significantly enhanced gold credit."
JORC 2012 Indicated and Inferred Mineral Resource Estimate
Project Background
The Ongombo project is situated in Exclusive Prospecting License (EPL) 5772 in the Khomas region of the Windhoek District of Namibia, 45 km from Windhoek, the capital of Namibia. The project area has relatively well-developed infrastructure on the farms Ongombo Ost and Ongombo West. The property is easily accessed by a tar road from Windhoek to Gobabis and then on a gravel road up to the project area. There is also a railway line from Gobabis to Walvis Bay, via Windhoek running parallel to the tarred road. The Ongombo Project is located 15km northeast from Otjihase Mine which consists of two underground mines (Otjihase and Matchless) and an 800ktpa copper concentrator.
The Ongombo project lies within the Matchless Member of the Kuiseb Formation, a conspicuous assemblage of lenses of foliated amphibolites, chlorite-amphibolite schist, talc schist and metagabbro. This belt, up to 5km wide in the Otjihase area, stretches 350km east-north-eastwards in the Southern Zone of the Damara Orogen from the Gorob - Hope area. The deposit is generally described as a Besshi-type massive sulphide. These are described as thin sheet-like bodies of massive to well-laminated pyrite, pyrrhotite, and chalcopyrite within thinly laminated clastic sediments and mafic tuffs. At the Ongombo project mineralisation occurs in one continuous zone approximately 7 km long and 0.5 - 1 km wide. The mineralisation zone dips consistently 15-20deg northwest and plunges 5deg northeast. Mineralisation is gradually thinning westward.
In 2021 the Shali Group sold 85% equity in the Licence to African Pioneer PLC, African Pioneer are now managers and funders of the License, Shali Group are County Managers for African Pioneer. In September 2021 a Scoping Study was completed by consultants Practara Pty Ltd and was based on a Mineral Resource Estimate undertaken by consultants Red Bush Geoservices . The Scoping study proposed mining entirely by underground mining and assumed a minimum mining height of 1.05 m with access via twin declines. Alternative mining scenarios have been considered in this Resource update.
The pending renewal application for EPL 5772 which expired on 8 March 2023 is now reflected on the Namibian Mines and Energy Cadastre Map Portal and is for an additional two-year extension. A conditional Environmental Clearance Certificate for mining activities was granted on EPL 5772 and is valid until 16 April 2026. A 20 Year Mining Licence, ML 240, was granted on 10 August 2022 and covers a portion of EPL 5772 and approximately one third of the open pit resource. An extension to the Mining Licence was submitted on 6 September 2022 to encompass the wider Resource Area.
Mineral Resource Estimate
The updated Mineral Resource Estimate has been completed by Addison Mining Services Ltd., an independent consultancy based in the United Kingdom and is reported in accordance with the JORC code 2012 edition. Resources are of Indicated and Inferred categories and include.
-- Total Indicated Resources of 5.7 million tonnes gross at 1.1 % Cu Equivalent ("CuEq"), 0.94 % Cu, 0.23 g/t Au and 4.4 g/t Ag, for 53,000 t Cu, 42,000 oz Au and 800,000 oz Ag, including;
o Open pit potential Resources of 0.93 million tonnes at 0.68% CuEq, 0.57 % Cu, 0.19 g/t Au and 2.6 g/t Ag, for 5,300 t Cu, 5,700 oz Au and 78,000 oz Ag, above a cut-off grade of 0.25% CuEq
o Underground potential Resources of 4.7 million tonnes at 1.2% CuEq, 1.0% Cu, 0.24 g/t Au and 4.7 g/t Ag, for 48,000 t Cu, 36,000 oz Au and 72,000 oz Ag, above a cut-off grade of 0.5% CuEq
-- Inferred Underground potential Resources of approximately, 23 million tonnes at 1.1% CuEq, 0.95% Cu, 0.24 g/t Au and 5.8 g/t Ag, for 220,000 t Cu, 180,000 oz Au and 4.3 million oz Ag, above a cut-off grade of 0.5% CuEq
Immediately to the north-west of the open pit in the "central shoot" there is an estimated underground Resource inventory of 2.1 million tonnes at 1.2% Cu which maybe readily accessed by developing access from the high wall of the open pit, representing potential for a timely and efficient transition from open pit to underground mining. The remainder of the Indicated underground resource may then be accessible following further development. Further studies are required to assess the economic viability of such an operation.
Ongombo project has been explored for over 30 years and 209 h istorical drill holes (pre-1991) have been used to inform the estimate. The Indicated resource is restricted only to the area where new drilling (2007 and later) has been completed. The area is 2.2 km by 0.5 km. The northwest of the Ongombo project is estimated based on historic drilling entirely (drillholes from 1991 and earlier) and is restricted to the Inferred category. The Inferred area is approximately 4 km by 0.5 km in surface expression. African Pioneer plans to explore this area following evaluation of the Indicated open pit and underground resources and, given favourable results, undertake further exploration drilling.
The Mineral Resource Estimate is based on wireframe restricted block modelling with grade estimation by ordinary kriging. Pit optimisation was used to identify material which may be amenable to open pit mining. These data are presented in Table 1 below above a cut-off grade of 0.25% CuEq, in addition to Resources that may be amenable to underground mining techniques above a cut-off grade of 0.5% CuEq. Cu, Au and Ag grades have been diluted to reflect minimum mining width of 1.6 m. For further information see JORC Table 1 below. Supporting images can be found by clicking on the following links.
Figure 1: Ongombo Plan View Drilling Overview
Figure 2: Ongombo MRE Block Model Example Cross-Section
Figure 3: Ongombo Plan View Resource Category
The estimate incorporates new drilling by African Pioneer completed between 22(nd) April and 15 November 2022 . African Pioneer drilled 54 shallow diamond holes, totalling of 2,288.80 m (ranging between 5.89 m and 200.93 m in depth). Drillhole size was PQ in overburden with HQ tails. All holes were drilled with inclination -75 deg and 142 deg azimuth. In addition, six drillholes completed in 2017 by Shali Group and 26 drillholes completed in 2008 and 2014 by Namibian Copper Organisation ("NCO") along with 209 drillholes completed by Tsumeb Corporation Ltd in 1988 - 1991 were used in the estimate.
Table 1 : Indicated and Inferred Mineral Resources for the Ongombo Project, Namibia. *Gross representing 100% estimated Resources.
Hot Features
Premium
CuEq% Cut off Tonnage (t) CuEq (%) Cu (%) Au (g/t) Ag (g/t) Cu (t) Au (oz) Ag (oz)
Gross*
Open Pit Indicated
0.25 930,000 0.68 0.57 0.19 2.6 5,300 5,700 78,000
------------ --------- ------- --------- --------- -------- -------- ----------
Underground Indicated
0.50 4,700,000 1.20 1.00 0.24 4.7 48,000 36,000 720,000
------------ --------- ------- --------- --------- -------- -------- ----------
Total Indicated
Various 5,700,000 1.1 0.94 0.23 4.4 53,000 42,000 800,000
------------ --------- ------- --------- --------- -------- -------- ----------
Underground Inferred
0.50 23,000,000 1.10 0.95 0.24 5.8 220,000 180,000 4,300,000
------------ --------- ------- --------- --------- -------- -------- ----------
Inferred plus Indicated
Various 29,000,000 1.1 0.94 0.24 5.5 270,000 220,000 5,100,000
------------ --------- ------- --------- --------- -------- -------- ----------
Table 2 : Indicated and Inferred Mineral Resources for the Ongombo Project, Namibia. *Net representing 85% estimated Resources reflecting African Pioneer's interest in the project.
CuEq% Cut off Tonnage (t) CuEq (%) Cu (%) Au (g/t) Ag (g/t) Cu (t) Au (oz) Ag (oz)
Net 85%*
Open Pit Indicated
0.25 790,000 0.68 0.57 0.19 2.6 4,500 4,800 66,000
------------ --------- ------- --------- --------- -------- -------- ----------
Underground Indicated
0.50 4,000,000 1.20 1.00 0.24 4.7 41,000 31,000 610,000
------------ --------- ------- --------- --------- -------- -------- ----------
Total Indicated
Various 4,800,000 1.1 0.94 0.23 4.4 45,000 36,000 680,000
------------ --------- ------- --------- --------- -------- -------- ----------
Underground Inferred
0.50 19,600,000 1.10 0.95 0.24 5.8 190,000 150,000 3,700,000
------------ --------- ------- --------- --------- -------- -------- ----------
Inferred plus Indicated
Various 24,700,000 1.1 0.94 0.24 5.5 230,000 190,000 4,300,000
------------ --------- ------- --------- --------- -------- -------- ----------
Notes relating to Mineral Resource Estimate:
1. The independent Competent Person for the Mineral Resource Estimate, as defined by the JORC Code (2012 edition), is Mr. Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd since November 2014. The effective date of the Mineral Resource Estimate is 25th of April 2023. Mr Siddle has completed a site visit between 30(th) April and 1st May 2023.
2. No mineral reserve estimates have been undertaken. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration and verification including infill drilling, further verification of legacy drillholes via twin drilling and metallurgical testing. Following further exploration it may be possible to convert some of the Inferred Mineral Resources to Indicated Mineral Resources.
3. Copper Equivalent is based on assumed prices of US$9,000 per tonne Cu, US$1,800 per oz Au and US$20 per oz. Recovery and selling factors (see below) were incorporated into the calculation of Cu Eq values. It is the Company's and Competent Persons' opinion that all the elements included in the metal equivalents calculation (copper, gold and silver) have a reasonable potential to be recovered and sold.
4. Cu Eq% is calculated as Cu% + (Au×0.522) + (Ag×0.006), with Au and Ag expressed in terms of g/t.
5. Open pit mining assumes a Cu price of US$9,000 per tonne with 96% payability on metal in concentrate with selling cost US$480 per tonne, Au price of US$1,800 per oz with 90% payability and Ag price of $US20 per oz with 90% payability. Pit optimisation and cut-off grade selection was based on the assumption of 87% recovery of Cu, 75% recovery of Au and 75% recovery of Ag, by flotation at $11.6/t plus $5.7/t G&A. Mining costs were assumed as $2/t. Underground mining was based on the same assumptions with a mining costs of $20/t.
6. Indicated and Inferred Mineral Resource categories set out in the table above at cut-off grades >0.25% CuEq for open pit and 0.5% CuEq for underground mining comply with the resource definitions as described in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).
7. Numbers are rounded to reflect the fact that an Estimate of Resources is being reported. Rounding of numbers may result in differences in calculated totals and averages. All tonnes are metric tonnes.
8. Pit slopes were assumed as 40 degrees in overburden and fresh rock. No geotechnical studies have been completed to support this assumption and the requirement for shallower pit slopes may serve to materially reduce the open pit mineral resource.
9. The Mineral Resource Estimate set out above was based on the wireframe interpretation of the mineralised unit. At the Ongombo project mineralisation occurs in one continuous zone approximately 7 km long and 0.5 - 1 km wide. The mineralisation zone dips consistently 15-20deg northwest and plunges 5deg northeast. Mineralisation is gradually thinning westward.
10. The block size was 10 mE x 30 mN x 5 mZ with further sub-blocking by 5 divisions east and north and 10 divisions in the Z direction. The block model was rotated by 45deg around Z axis.
11. Grades were estimated using Ordinary Kriging of 1 m downhole composites. An incrementally larger search ellipsoid with dimensions 250 x 75 x 50 m was used and expanded by a factor of 1, 2 and 3 for Cu and Ag and 1 and 1.5 for Au. The maximum number of samples per search was restricted to 24. Discretisation was 2x6x2. The estimate was completed using Micromine 2023.3 software.
12. In order to restrict the influence of high-grade outlier Au assays thresholds for estimation were applied and samples were clamped to 2 g/t Au based on the distance from the sample to the estimated block. Samples above 2 g/t used their original value inside a search of 50 x 15 x10 m and were capped at 2 g/t outside of those radii.
13. Mineralisation in the open pit resource ranges from at surface to 30 m below the surface and extends approximately 1200 m down-plunge towards northeast and 100 m down-dip to the northwest. The underground resource extends from the pit rim 400 m down dip to the northwest and 4,500 m down plunge to the northeast. Mineralisation is 500 m below surface at its deepest point.
14. The mineral resource is closed off by drilling and as it nears surface to the southwest and southeast. In the north east area of the deposit, mineralisation may continue down dip and plunge and it has been extrapolated by 200m from the edge of drilling, were further mineralisation to be present here it would likely only be amenable to underground mining due to the depth of the mineralisation unit.
Comparison to Previous Mineral Resource Estimate.
The Previous Mineral Resource Estimate reported in accordance with JORC (2012) for the Ongombo project was conducted by Red Bush Geoservices with the effective date of 30th September 2021. The estimate comprised 10.4 million tonnes of Indicated Resources at 1.4% Cu, 0.35 g/t Au and 7 g/t Ag, and 1.65 million tonnes of Inferred at 1.65 % Cu, 0.35 g/t Au and 7.3 g/t Ag. This updated estimate represents an increase of approximately 100,000 tonnes of contained Cu and an additional 84,000 oz of Au over all Resource classifications. Key differences accounting for the variation in the estimates are described as follows.
-- Red Bush considered the minimum mining height as 1.05 m. AMS considers this mining height is not realistic in modern mining scenarios. AMS diluted the model to minimum 1.6 m mining height, therefore the tonnage reported by AMS is higher and the grades lower.
-- Red Bush reported the resource at cut-off grade of 1% Cu, which in AMS opinion excludes the material with a reasonable prospect of economic extraction in between 0.5% and 1% Cu. Moreover, Red Bush reports Au and Ag, however no Au and Ag credits were considered for cut-off calculation and reporting.
-- Reviewing of Red Bush estimate indicates that a number of samples with values 0 g/t were used where no Au assay was recorded for that sample. Due to this, AMS is of the opinion that Au is underreported in the Red Bush MRE. AMS prevented Au grades from over smearing into areas of no assay by use of smaller search radii, leaving some blocks in the model non-estimated for Au.
-- In AMS' opinion due to data spacing and reliance on historic drilling the proportion of Indicated resource in East/Ost Shoots is not warranted.
Technical Sign off
The technical information in this release has been reviewed by Mr R. J. Siddle, MSc, MAIG Principal Resource Geologist for Addison Mining Services Ltd. Mr. Siddle is an independent Competent Person within the meaning of the JORC (2012) code and a Qualified Person under the AIM Rules, having over 15 years' experience in the industry. Mr. Siddle has reviewed and verified the technical information that forms the basis of, and has been used in the preparation of, the Mineral Resource Estimate and this announcement, including analytical data, drilling logs, QC data, density measurements, and sampling. Mr. Siddle consents to the inclusion in this announcement of the matters based on the information, in the form and context in which it appears. Mr Siddle was assisted in the preparation of the estimate by Ms P. M. Mierzwa who worked under the direction of the Competent Person, Ms Mierzwa is thanked for her involvement and contribution to the study.
Glossary
"CuEq" Copper Equivalent is based on assumed prices
of US$9,000 per tonne Cu, US$1,800 per oz Au
and US$20 per oz. Recovery and selling factors
(see below) were incorporated into the calculation
of Cu Eq values. It is the Company's and Competent
Persons' opinion that all the elements included
in the metal equivalents calculation (copper,
gold and silver) have a reasonable potential
to be recovered and sold.
------------------------------------------------------
"g/t" Grammes per tonne
--------------------- ------------------------------------------------------
"Indicated Resource" An 'Indicated Mineral Resource' is that part
of a Mineral Resource for which quantity, grade
(or quality), densities, shape and physical
characteristics are estimated with sufficient
confidence to allow the application of Modifying
Factors in sufficient detail to support mine
planning and evaluation of the economic viability
of the deposit.
--------------------- ------------------------------------------------------
"Inferred Resource" That part of a Mineral Resource for which quantity
and grade (or quality) are estimated on the
basis of limited geological evidence and sampling.
Geological evidence is sufficient to imply
but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling
and testing information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
--------------------- ------------------------------------------------------
"Kriging" Geostatistical process to extrapolate numerical
values from samples into areas of no data
--------------------- ------------------------------------------------------
"Mineral Resource" A concentration or occurrence of material of
economic interest in or on the earth's crust
in such form and quantity that there are reasonable
and realistic prospects for eventual economic
extraction. The location, quantity, grade,
continuity, and other geological characteristics
of a Mineral Resource are known, estimated
from specific geological evidence and knowledge,
or interpreted from a well-constrained and
portrayed geological model.
--------------------- ------------------------------------------------------
"oz" Troy Ounce, unit of mass for selling of precious
metals.
--------------------- ------------------------------------------------------
"PQ" & "HQ" Referring to different drill core diameters,
85mm & 63.5mm respectively
--------------------- ------------------------------------------------------
"RC drilling" Reverse circulation drilling
--------------------- ------------------------------------------------------
"t" Tonnes (metric)
--------------------- ------------------------------------------------------
"$/t" US dollars per tonne
--------------------- ------------------------------------------------------
For further information, please contact: African Pioneers PLC
Colin Bird, Chairman Tel +44 (0) 20 7581 4477
Beaumont Cornish Limited - Financial Tel +44 (0) 20 7628 3396
Adviser
Roland Cornish/Asia Szusciak
--------------------------
Novum Securities Limited - Joint Tel +44 (0) 20 7399 9400
Broker
Colin Rowbury /Jon Belliss
--------------------------
or visit https://africanpioneerplc.com/
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Sampling of African Pioneer 2022 drilling and
random chips, or specific specialised industry resampled legacy core was by sawn 1/2 HQ core.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * All samples were sent to prep lab in Namibia and then
examples should not be taken as limiting the broad ship for assays to Actlabs in Colombia.
meaning of sampling.
* Routine internal and external quality control samples
* Include reference to measures taken to ensure sample in the form of certified reference materials were
representivity and the appropriate calibration of any inserted and found to perform adequately.
measurement tools or systems used.
* Sampling was typically 1 m in length with variation
* Aspects of the determination of mineralisation that to meet lithological contacts.
are Material to the Public Report.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * All drilling by African Pioneers was HQ diamond
hammer, rotary air blast, auger, Bangka, sonic, etc) drilling with PQ in overburden.
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by * Legacy drilling was diamond and RC drilling, core
what method, etc). size information is not available.
Drill sample
recovery * Method of recording and assessing core and chip * All African Pioneer drilling was logged for core
sample recoveries and results assessed. recovery. Mean total core recovery was >92%
* Measures taken to maximise sample recovery and ensure * No relationship was identified between recovery and
representative nature of the samples. grade.
* Whether a relationship exists between sample recovery * Details of legacy drilling are unknown.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
Logging
* Whether core and chip samples have been geologically * All African Pioneer drilling was geotechnically and
and geotechnically logged to a level of detail to geologically logged.
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Details of legacy geotechnical logs are unknown.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. * Of the legacy drillholes seventeen drillholes have no
geology Log.
* The total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * African Pioneer core was sawn. Inspection of
and sample half or all core taken. historical core shows it was sawn and half core
preparation sampled.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry. * 9.6% Field duplicates were taken during African
Pioneer drilling and showed good precision.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. * No duplicate data is available for legacy core.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality of
assay data * The nature, quality and appropriateness of the * During 2022 Diamond Drilling African Pioneer
and assaying and laboratory procedures used and whether collected 201 half core samples (including field
laboratory the technique is considered partial or total. duplicates) and inserted 23 control samples (12 SRMs
tests and 11 blanks), which respectively represents 5.9%
and 5.5% of the whole sample population.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model, * Control Samples were checked for Cu, Au and Ag. No
reading times, calibrations factors applied and their bias has been identified.
derivation, etc.
* No QC data is available for legacy core.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
Verification
of sampling * The verification of significant intersections by * African Pioneer assay data was imported into a
and assaying either independent or alternative company personnel. relational database and merged by query from the
digital certificates.
* The use of twinned holes.
* Historic procedures are unknown.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
Location of
data points * Accuracy and quality of surveys used to locate drill * African Pioneer drilling was surveyed by DGPS.
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation. * Data was collected in WGS 84 UTM Zone 33S.
* Specification of the grid system used. * No topographic survey was completed. This is not
expected to materially impact the resource estimate
although a detailed topographic survey is recommended
* Quality and adequacy of topographic control. for mine planning.
* Details of legacy survey are unknown.
Data spacing
and * Data spacing for reporting of Exploration Results. * Drillhole spacing is 30 and 50 m by 70 and 100m in
distribution the area of the indicated resource, and 50 to 100 m
by 100 to 200 m in the inferred resource area.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Data spacing is close enough to establish geological
and Ore Reserve estimation procedure(s) and continuity in the open pit resource area and
classifications applied. underground resource area.
* Whether sample compositing has been applied.
Orientation
of data in * Whether the orientation of sampling achieves unbiased * All African Pioneer drilling is with inclination
relation to sampling of possible structures and the extent to -75deg and 142deg azimuth. The mineralization is
geological which this is known, considering the deposit type. inclined along the strike to the northwest and
structure dipping gently to the northeast.
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is * The orientation of legacy drilling was provided,
considered to have introduced a sampling bias, this however questions regarding data quality were raised.
should be assessed and reported if material.
* The orientation of drilling is not assumed to have
introduced a sample bias.
Sample
security * The measures taken to ensure sample security. * Samples were transported by company personnel to the
lab in labelled bags. Lab standard submission forms
were used.
* Historic procedures are unknown.
Audits or * No such reviews have been completed.
reviews * The results of any audits or reviews of sampling
techniques and data.
============= ============================================================ ===============================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral In 2021 the Shali Group sold 85% equity in the Licence to
tenement and * Type, reference name/number, location and ownership African Pioneer PLC, African Pioneer
land tenure including agreements or material issues with third are now managers and funders of the License, Shali Group
status parties such as joint ventures, partnerships, are County Managers for African Pioneer.
overriding royalties, native title interests, EPL 5772 expired on 08 March 2023. On 03 March 2023, Shali
historical sites, wilderness or national park and Group submitted an application
environmental settings. to the Ministry of Mines and Energy for an additional two
year extension. Having fulfilled
all requirements, the Company has no reason to believe that
* The security of the tenure held at the time of the licence will not be renewed.
reporting along with any known impediments to Furthermore a conditional Environmental Clearance
obtaining a licence to operate in the area. Certificate for mining activities was granted
on for EPL 5772 and is valid until 16 April 2026. In
addition to the EPL a 20 Year Mining
Licence, ML 240, was granted on 10 August 2022 and covers a
portion of EPL 5772 and approximately
one third of the open pit resource. An extension to the
Mining Licence was submitted on 6
September 2022 to encompass the wider Resource Area.
Exploration
done by other * Acknowledgment and appraisal of exploration by other * Six drillholes completed in 2017 by Shali Group and
parties parties. 24 drillholes completed in 2014 by Namibian Copper
Organisation ("NCO") along with 209 drillholes
completed by Tsumeb Coorperation Ltd in 1988 - 1991.
* Review of some historical drill core has been
completed by previous CPs for other studies and found
to be visually similar to the that which is recorded
in the database.
* The CP for this study was unable to complete visual
inspection of legacy core during the site visit due
sudden short term illness and public holidays during
part of the site visit.
Geology
* Deposit type, geological setting and style of * The Ongombo project lies within the Matchless Member
mineralisation. of the Kuiseb Formation, a conspicuous assemblage of
lenses of foliated amphibolites, chlorite-amphibolite
schist, talc schist and metagabbro. This belt, up to
5km wide in the Otjihase area, stretches 350km
east-north-eastwards in the Southern Zone of the
Damara Orogen from the Gorob - Hope area. The deposit
is generally described as a Besshi-type massive
sulphide. These are described as thin sheet like
bodies of massive to well-laminated pyrite,
pyrrhotite, and chalcopyrite within thinly laminated
clastic sediments and mafic tuffs. At the Ongombo
project mineralisation occurs in one continuous zone
approximately 7 km long and 0.5 - 1 km wide. The
mineralisation zone dips consistently 15-20deg
nortwest and plunges 5deg northeast. Mineralisation
is gradually thinning westward.
Drill hole
Information * A summary of all information material to the * No exploration results are presented in this
understanding of the exploration results including a announcement.
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* 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
aggregation * In reporting Exploration Results, weighting averaging * No exploration results are presented in this
methods techniques, maximum and/or minimum grade truncations announcement.
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship
between * These relationships are particularly important in the * No exploration results are presented in this
mineralisation reporting of Exploration Results. announcement.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams
* Appropriate maps and sections (with scales) and * No exploration results are presented in this
tabulations of intercepts should be included for any announcement.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced
reporting * Where comprehensive reporting of all Exploration * No exploration results are presented in this
Results is not practicable, representative reporting announcement.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * No exploration results are presented in this
exploration should be reported including (but not limited to): announcement.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work
* The nature and scale of planned further work (eg * Further drilling is required in areas of only legacy
tests for lateral extensions or depth extensions or drilling to confirm historical results.
large-scale step-out drilling).
* Further drilling is required in areas of sparse
* Diagrams clearly highlighting the areas of possible drilling to improve confidence of the resource.
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== ============================================================
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity * Measures taken to ensure that data has not been * African Pioneer sampling was imported into a
corrupted by, for example, transcription or keying relational database from digital certificates.
errors, between its initial collection and its use
for Mineral Resource estimation purposes.
* All data was validated for overlapping intervals,
intervals beyond drillhole depth etc.
* Data validation procedures used.
* Legacy data has been validated as best is possible
and by comparison to different versions of the
historical database.
Site visits
* Comment on any site visits undertaken by the * Site visit has been undertaken between 30(th) April
Competent Person and the outcome of those visits. and 1st May 2023.
* If no site visits have been undertaken indicate why
this is the case.
Geological
interpretation * Confidence in (or conversely, the uncertainty of ) * The Mineral Resource Estimate set out above was based
the geological interpretation of the mineral deposit. on the wireframe interpretation of the mineralized
unit based on lithological and assay information.
* Nature of the data used and of any assumptions made.
* The Ongombo project consists of one mineralised unit
which is continuous over the area covered by
* The effect, if any, of alternative interpretations on drilling.
Mineral Resource estimation.
* The use of geology in guiding and controlling Mineral
Resource estimation.
* The factors affecting continuity both of grade and
geology.
Dimensions
* The extent and variability of the Mineral Resource * Mineralisation in the open pit resource ranges from
expressed as length (along strike or otherwise), plan at surface to 30 m below the surface and extends
width, and depth below surface to the upper and lower approximately 1200 m down-plunge towards northeast
limits of the Mineral Resource. and 100 m down-dip to the northwest. The undergroun
d
resource extends from the pit rim 400 m down dip to
the northwest and 4,500 m down plunge to the
northeast. Mineralisation is 500 m below surface at
its deepest point.
The mineral resource is closed off by drilling and as it
nears surface to the southwest and
southeast. In the north east area of the deposit,
mineralisation may continue down dip and
plunge and it has been extrapolated by 200m from the
edge of drilling, were further mineralisation
to be present here it would likely only be amenable to
underground mining due to the depth
of the mineralisation unit.
Estimation and The block size was 10 mE x 30 mN x 5 mZ with further
modelling * The nature and appropriateness of the estimation subblocking by 5 divisions east and north
techniques technique(s) applied and key assumptions, including and10 divisions vertically to reflect thin parts of the
treatment of extreme grade values, domaining, mineralisation unit. The block model
interpolation parameters and maximum distance of was rotated by 45deg along Z axis
extrapolation from data points. If a computer * Grades were estimated using Ordinary Kriging of 1 m
assisted estimation method was chosen include a downhole composites, grade capping for Au estimation
description of computer software and parameters used. was applied to eliminate high grade outliers. An
incrementally larger search radius of 250, 500 and
750 m was used. The maximum number of samples per
* The availability of check estimates, previous search was restricted to 24. Discretisation was
estimates and/or mine production records and whether 2x6x2. The estimate was completed using Micromine
the Mineral Resource estimate takes appropriate 2023.3 software.
account of such data.
* Mineralization is typically 0.4 to 3 m thick and
* The assumptions made regarding recovery of mining with minimum 1.6 m width is envisaged.
by-products.
* A legacy estimate completed by Red Bush in 2021
* Estimation of deleterious elements or other non-grade disclosed resource estimate of 12 million tonnes at
variables of economic significance (eg sulphur for 1.4% Cu. No dilution to encounter for minimum mining
acid mine drainage characterisation). width was applied.
* In the case of block model interpolation, the block * No assays are available for deleterious elements
size in relation to the average sample spacing and
the search employed.
* Any assumptions behind modelling of selective mining
units.
* Any assumptions about correlation between variables.
* Description of how the geological interpretation was
used to control the resource estimates.
* Discussion of basis for using or not using grade
cutting or capping.
* The process of validation, the checking process used,
the comparison of model data to drill hole data, and
use of reconciliation data if available.
Moisture * Tonnages are estimated on a dry basis.
* Whether the tonnages are estimated on a dry basis or
with natural moisture, and the method of
determination of the moisture content.
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * Open pit mining assumes a Cu price of US$9,000 per
parameters applied. tonne with 96% payability on metal in concentrate
with selling cost US$480 per tonne, Au price of
US$1,800 per oz with 90% payability and Ag price of
$US20 per oz with 90% payability. Pit optimisation
and cut-off grade selection was based on the
assumption of 87% recovery of Cu, 75% recovery of Au
and 75% recovery of Ag, by flotation at $11.6/t plus
$5.7/t G&A. Mining costs were assumed as $2/t.
Underground mining was based on the same assumptions
with a mining costs of $20/t.
Mining factors
or assumptions * Assumptions made regarding possible mining methods, * Open pit mining is assumed with 5% dilution.
minimum mining dimensions and internal (or, if
applicable, external) mining dilution. It is always
necessary as part of the process of determining * 40 degree pit slopes in overburden and fresh rock
reasonable prospects for eventual economic extraction assumed. There are no geotechnical studies to support
to consider potential mining methods, but the this.
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this * Detailed underground mining methods have yet to be
should be reported with an explanation of the basis investigated. 5-10% dilution is assumed.
of the mining assumptions made.
Metallurgical
factors or * The basis for assumptions or predictions regarding * No metallurgical testwork has been completed.
assumptions metallurgical amenability. It is always necessary as
part of the process of determining reasonable
prospects for eventual economic extraction to * 87% Cu recovery is assumed by floatation, 75%
consider potential metallurgical methods, but the recovery is assumed for Au and Ag.
assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral
Resources may not always be rigorous. Where this is
the case, this should be reported with an explanation
of the basis of the metallurgical assumptions made.
Environmen-tal
factors or * Assumptions made regarding possible waste and process * The project is located in a prominent mining area. No
assumptions residue disposal options. It is always necessary as major settlements are within the immediate vicinity
part of the process of determining reasonable of the project. Adequate space is available for
prospects for eventual economic extraction to disposal of waste rock and tailings.
consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts, * Social and environmental studies are required to
particularly for a greenfields project, may not assess the impact on local communities which may have
always be well advanced, the status of early an interest in the land use, as well as the impact on
consideration of these potential environmental wildlife and water.
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made.
Bulk density
* Whether assumed or determined. If assumed, the basis * African Pioneer collected 211 bulk density samples
for the assumptions. If determined, the method used, over a range of lithologies, however only 50 of them
whether wet or dry, the frequency of the measurements lie within mineralisation zone.
,
the nature, size and representativeness of the
samples. * Samples were weighed dry with and without wax and
waxed samples submerged in water to account for
porosity.
* The bulk density for bulk material must have been
measured by methods that adequately account for void
spaces (vugs, porosity, etc), moisture and * Density values in t/m3 were estimated into the block
differences between rock and alteration zones within model using Inverse Power of Distance, mean of
the deposit. estimated and raw density value is comparable.
Average density in the block model is 2.96 t/m3.
* Discuss assumptions for bulk density estimates used
in the evaluation process of the different materials.
Classification
* The basis for the classification of the Mineral * The estimate is based on a large proportion of legacy
Resources into varying confidence categories. data. It is recommended to review the legacy data to
increase confidence in the resource.
* Whether appropriate account has been taken of all
relevant factors (ie relative confidence in * In areas of closes spaced and newer drilling
tonnage/grade estimations, reliability of input data, confidence in the estimation of mineralized volumes
confidence in continuity of geology and metal values, and grades is highest. The CP visited the site to
quality, quantity and distribution of the data). inspect the project geology and as such the estimate
is classified with indicated category.
* Whether the result appropriately reflects the
Competent Person's view of the deposit. * In areas of the sparse drilling and where only old
drilling data is available the confidence is
estimation of mineralized volumes and grades in lower,
hence the category of that resource is assigned as
inferred.
* Geotechnical pit slope analysis may serve to
materially change the open pit resource estimate.
Audits or * The have been no such audits or reviews.
reviews * The results of any audits or reviews of Mineral
Resource estimates.
Discussion of
relative * Where appropriate a statement of the relative * The estimate is local estimate and is accurate to
accuracy/ accuracy and confidence level in the Mineral Resource those typical of an inferred estimate with errors of
confidence estimate using an approach or procedure deemed +/-30 on a local basis and +/- 20-30% on a global
appropriate by the Competent Person. For example, the basis.
application of statistical or geostatistical
procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the
relative accuracy and confidence of the estimate.
* The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
=============== ============================================================ =====================================================================
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