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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Alba Mineral Resources Plc | LSE:ALBA | London | Ordinary Share | GB00B06KBB18 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.005 | -7.14% | 0.065 | 0.065 | 0.075 | 0.07 | 0.07 | 0.07 | 19,968,496 | 16:35:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.04M | -0.0003 | -2.33 | 4.99M |
From Apr 2019 to Apr 2024
TIDMALBA
RNS Number : 0150Z
Alba Mineral Resources PLC
14 May 2019
[Click on or paste the following link into your website browser to view the associated PDF document (including maps and images): http://www.rns-pdf.londonstockexchange.com/rns/0150Z_1-2019-5-14.pdf
Alba Mineral Resources plc
("Alba" or the "Company")
Maiden Mineral Resource Estimate for Thule Black Sands Project
Alba Mineral Resources plc (AIM: ALBA) is very pleased to announce that a Maiden Mineral Resource Estimate has been completed in respect of the Company's 100% owned Thule Black Sands Project in north-west Greenland.
Highlights:
-- The Mineral Resource Estimate prepared by mineral sands specialist IHC Robbins is broken down into three components:
-- An Inferred Resource of 19.0 Million Tonnes at 43.6% Total Heavy Mineral. -- An in-situ Ilmenite grade of 8.9%. -- A Contained Ilmenite of 1.7 Million Tonnes.
-- Testwork has shown that the contained ilmenite within the Heavy Mineral Concentrate (HMC) ranges in TiO2 content from 45.6% to 47.4% with very low contaminant levels.
-- The potential exists to increase the resource tonnage by drilling through the permafrost and additional confirmatory drilling in less explored areas.
-- The offshore mineralisation adjacent to the active beaches also offers an opportunity to increase the overall size of the deposit.
Alba's Executive Chairman, George Frangeskides, commented:
"To achieve a maiden resource at TBS after just one full field season is a phenomenal result. An Inferred Resource of 19 million tonnes is a huge step forward for this high-grade ilmenite project. For a 3 million tonnes per annum mining operation, this would already mean a mine life of more than six years."
"For our team to have taken this project from a standing start to a JORC resource in the space of two years is a testament to the hard work and commitment of our technical and management team as we continually strive to find and develop projects that will deliver real value for our shareholders."
"Alba now has two projects - TBS and Melville Bay - with JORC-compliant resources. We are due to start drilling at our Limerick Base Metals project imminently, followed in June and July by drilling at Amitsoq, our graphite project with world-leading graphite grades. And this is without mentioning the ongoing work to re-open the Clogau Gold Mine in Wales, and the ongoing exploration of the 30km stretch of the Dolgellau Gold Belt, under exclusive licence to Alba, which has already seen some very exciting results."
"With all these developments in train, Alba is extremely well-placed to make a huge step forward this year."
Mineral Resource Estimate
IHC Robbins, a multi-disciplinary firm specialising in providing services to the mineral sands and alluvial mining industry, produced the Mineral Resource Estimate for the Thule Black Sands Project using the drill data collected during the 2018 field season, including 163 Direct Push Geoprobe drillholes. All samples collected were evaluated for Total Heavy Mineral ("THM") content after screening off oversize material greater than 2mm and de-sliming the samples to remove the clay content less than 53 microns. The analysis was undertaken at MS Analytical Laboratories in Canada. Heavy Mineral Separation was carried out using TBE solution with a specific gravity of 2.93g/cm3 with the heavy liquid separation being undertaken on the sand fraction between 2mm and 53 microns once the oversize and clays had been removed.
The THM represents the fraction of the total sample that has a specific gravity greater than the heavy liquid (TBE solution) used to separate the light material from the heavy material. The resultant THM percentage quoted is the proportion of the original sample material that is considered heavy and is considered the percentage of heavy material that is in-situ. The ilmenite forms part of the THM, alongside other heavy minerals which have no material economic value.
The drillholes were completed across three main areas and were restricted in depth due to the permafrost level encountered. The maximum drillhole depth recorded was 1.8m.
Drilling and mapping of the licence area shows that the raised terrace material predominantly consists of an in-situ weathered sill, being the source of the ilmenite in the Alba licence and a common feature of the dominant Dundas Formation. High-grade active beach material occurs at various locations along the coast with the material in the active beach/wave zones being accumulations of run-off material from the raised terraces. The wave action has resulted in a natural sorting of the sand material resulting in high-grade concentration of heavy minerals.
The ilmenite-bearing sill material is exposed along the length of the Alba licence area and the drilling and mapping completed shows more intense weathering in the near-surface material with a decrease in weathering at depth and a general coarsening of material grain size. Ilmenite remains present with increasing depth although the depth of the weathering is unclear at present and deeper drilling, penetrating the permafrost, is required to determine the depth extent of the freely-liberating heavy minerals.
Geological models have been created for six areas within the licence. These are based on the drill coverage and material type, being raised terrace or active beach material. The extent to which the raised terraces continue in-land is limited by the presence of Dundas Formation sill and sediments that are exposed in the licence area along with glacial outwash plains located towards the back of the licence area.
The areas have been modelled to a maximum depth from surface equal to the deepest drillhole in the area, as limited by the permafrost horizon. The areas modelled and their respective modelled depths are listed below.
Hot Features
Premium
Area Name Modelled Depth (m)
1 Southeast Active 1.8
----------------- -------------------
2 Southeast 1 1.8
----------------- -------------------
3 Southeast 2 0.6
----------------- -------------------
4 Southeast 3 1.4
----------------- -------------------
5 Central 1.7
----------------- -------------------
6 Northwest 1.0
----------------- -------------------
A block model was created in Datamine Studio RM, an industry-leading product for mineral resource and ore reserve evaluation. THM, Oversize and Clay assays were added into the block model using an Inverse Distance Weighting algorithm. Average grades were applied to the Southeast Active and Southeast 2 zones due to the relatively limited data in these areas.
A bulk density (BD) was applied to the model using a standard linear formula originally described by Baxter (1977). This approach was refined in a practical application by this author using the following first principles calculations. This results in a regression formula used to calculate the conversion of tonnes from each cell volume and from there the calculation of material, THM and CLAY tonnes.
The estimated grade model was validated using statistical and visual techniques.
Based on existing mineral assemblage data, the ilmenite, expressed as a percentage of the THM has been applied to the block model.
Table 1 shows the Mineral Resource Statement for the Thule Black Sands Project. IHC Robbins considers that all the delineated mineralisation has reasonable prospects for eventual economic extraction and the Mineral Resource Statement has been reported at a 0% cut-off.
Mineral Resources are reported in accordance with the JORC Code (2012 Edition). Accordingly, the information in these sections should be read in conjunction with the respective explanatory Mineral Resources information included in Appendix 1.
Table 1: JORC Mineral Resource Statement for the Thule Black Sands Project with an effective date of 9th May 2019 (figures rounded to nearest decimal point)
Category Tonnage In Situ THM Oversize Clay Ilmenite Ilmenite In-Situ
(Mt) THM (Mt) (%) (%) >2mm (%) (% of Tonnes Ilmenite
<53um THM)* (Mt) (%)
Inferred 19.0 8.3 43.6 22.3 6.9 20.5 1.7 8.9
-------- ---------- ----- ---------- ------- --------- --------- ----------
* based on mineral assemblage data from composite samples
The Thule Black Sands Mineral Resource is estimated to be 19.0 Million Tonnes ("Mt") at an average grade of 43.6% THM for 8.3 Mt of Heavy Mineral (ie 19.0 Mt x 43.6% = 8.3 Mt).
Ilmenite, being the only Valuable Heavy Mineral ("VHM") within the deposit, makes up 20.5% of the THM. Based on the ilmenite percentage of the THM, the currently delineated resource at the Thule Black Sands Project results in a contained ilmenite of 1.7 Mt (ie 8.3 Mt x 20.5% = 1.7 Mt) and an in-situ ilmenite grade of 8.9% (ie 1.7 Mt / 19.0 Mt = 8.9%).
The in-situ ilmenite grade simply represents the proportion of material in the ground that is ilmenite.
Area Southeast 2 has been excluded from the maiden resource statement due to the area being drilled by a single line of drillholes only. Here, a 60cm skin of semi weathered sill has been modelled and further work is required to assess the resource potential of this area. This area does however represent further upside potential.
Ilmenite Quality Results
As previously reported, testwork has shown that the contained ilmenite within the Heavy Mineral Concentrate (HMC) ranges in TiO2 content from 45.6% to 47.4% with very low contaminant levels. Further samples will be tested in due course to continue to assess the TiO2 content of the ilmenite from the various areas drilled.
It should be noted that this represents the ilmenite quality results only and does not represent the potential final product grades attainable. Table 2 shows the ilmenite quality results.
Table 2: Ilmenite quality results
Oxide Range (%) Average (%)
TiO(2) 45.6 - 47.4 46.4
------------- ------------
FeO(2) 38.7 - 41.4 40.0
------------- ------------
Fe(2) O(3) (2) 9.2 - 12.9 11.2
------------- ------------
MgO 0.28 - 1.07 0.72
------------- ------------
Al(2) O(3) 0.02 - 0.04 0.03
------------- ------------
SiO(2) 0.02 - 0.09 0.03
------------- ------------
CaO 0.02 - 0.02 0.02
------------- ------------
V(2) O(5) 0.23 - 0.34 0.29
------------- ------------
Cr(2) O(3) 0.02 - 0.11 0.08
------------- ------------
MnO 0.45 - 0.57 0.51
------------- ------------
Nb(2) O(5) 0.02- 0.03 0.02
------------- ------------
Future work
It may be possible to materially increase the resource tonnage described in this Maiden Mineral Resource Estimate by drilling deeper holes to penetrate the permafrost. Further, while limited sampling was undertaken in 2018 of the offshore zone adjacent to the active beaches, a much more comprehensive and targeted sampling programme will be required to properly assess the offshore potential at Thule Black Sands. A single sample was collected offshore during the environmental baseline studies completed in 2018. The sample, collected by Golder environmental consultants, returned a grade of 26.4% THM, 5.4% Oversize and 8.0% Clay.
About IHC Robbins
Alba appointed IHC Robbins to assist Alba through the geological development of the project. IHC Robbins forms part of the Royal IHC Group of companies and is a multi-disciplinary technology business specialising in providing services to the mineral sands and alluvial mining industry.
As a leading service provider, IHC Robbins delivers geological resource evaluations, metallurgical and bulk testwork programmes, bespoke project design and engineering, and specialised equipment. All projects are undertaken whilst maintaining IHC's reputation for OSBIT (On Specification, Budget, In Time).
Through its integrated service capability, IHC Robbins is uniquely positioned to support clients for the entire lifecycle of their mining project: from discovery to construction, production, operation, tailings management and rehabilitation, in collaboration with specialist partners.
Alba engaged Mr Greg Jones of IHC Robbins to assist in the geological development of the project. Mr Jones is the IHC Geological Services Manager based in IHC's office in Perth and is a highly regarded professional in the mineral sands industry, with expertise in exploration, resource development, auditing and geo-metallurgy. His role enhances IHC's ability to service customers from the start of mining projects with integrated solutions in geology, metallurgy, engineering, plant and equipment.
Mr Jones undertook a Competent Person site visit to the project during the 2018 field campaign and as required by International Reporting Codes for Mineral Resources and Mineral Reserves.
About Ilmenite and the Titanium Dioxide Market
Ilmenite is the primary source of titanium dioxide, TiO2. Titanium dioxide is mined as ilmenite, rutile or, in lesser quantities, leucoxene. It is a dark coloured mineral which, with processing, becomes white and opaque. It is primarily used as a whitening pigment in paints, plastics and paper. Other uses include the manufacture of titanium metal.
Titanium dioxide feedstocks are graded by their titanium dioxide content. Feedstocks are either sold as raw minerals (rutile and chloride or sulphate ilmenite) or as processed or upgraded feedstocks, whereby ilmenite is processed to increase its titanium dioxide content. Upgraded feedstocks are synthetic rutile, chloride and sulphate slag and upgraded slag.
Titanium dioxide feedstocks are used predominately for the manufacture of pigment due to its opacity, UV resistance and non-toxic properties. This pigment is in turn used in paints, paper and plastics. Use in pigment accounts for approximately 80 to 90 per cent of total global demand for titanium feedstocks. Titanium metal and welding flux cord wire jointly account for the remaining 10 to 20 per cent of demand. Historically, demand for titanium feedstock has grown broadly in line with global GDP growth (source: Iluka Resources Ltd).
According to Lucintel, the global titanium dioxide market is expected to reach an estimated $18.2 billion by 2021 and is forecast to grow at a compound annual growth rate (CAGR) of 3.4% from 2016 to 2021. The major growth drivers for this market are growing demand for titanium dioxide in end use industries like paint, coatings and plastics. The Asia Pacific region is expected to remain the largest market due to growth of those end use industries, economic expansion in India and China and growing consumption of paints and coatings particularly in the automotive and construction industry (source: Lucintel, January 2017).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Competent Person Declaration
The information in this report that relates to the Thule Black Sands Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr. Greg Jones, who acts as Consultant Geologist for Alba Mineral Resources plc and is employed by IHC Robbins. Mr. Jones is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and as qualified person for the purposes of the AIM Rules for Companies. Mr. Jones has reviewed this report and consents to the inclusion in this report of the Mineral Resources estimates and supporting information in the form and context in which it appears.
Glossary
Block Model The block model is a set of specifically sized
"blocks" in the shape of the mineralised orebody.
The blocks contain geological, metallurgical
and estimated numeric data that are assigned
during a mineral resource estimate.
Chlorinatable Material such as ilmenite or titania slag, which
Feedstock is suitable for pigment production using the
"chloride" production route.
----------------------------------------------------------
Chloride Process The process for manufacture of TiO(2) pigment
by chlorination of titanium-bearing raw materials.
----------------------------------------------------------
Cut-Off The minimum grade required for a mineral or metal
to be economically mined (or processed). Material
found to be above this grade is considered to
be ore, while material below this grade is considered
to be waste.
----------------------------------------------------------
FeO Ferrous Iron Oxide.
----------------------------------------------------------
Heavy Mineral The separation of material above/below a given
Separation specific gravity.
----------------------------------------------------------
HMC Heavy Mineral Concentrate. Concentrated heavy
mineral mix extracted from deposits containing
ilmenite, zircon, rutile and other heavy minerals.
----------------------------------------------------------
Ilmenite The most common titanium-bearing mineral, consisting
of FeO.TiO(2) , with up to 6% Fe(2) O(3) in solid
solution.
----------------------------------------------------------
Ilmenite Product Commercial products containing ilmenite and pseudorutile,
averaging 35%-65% TiO(2.)
----------------------------------------------------------
Inferred Resource Definition of mineral deposit at low level of
confidence.
----------------------------------------------------------
Inverse Distance A type of deterministic method for multivariate
Weighting algorithm interpolation with a known scattered set of points.
The assigned values to unknown points are calculated
with a weighted average of the values available
at the known points.
----------------------------------------------------------
Maiden Mineral The first resource estimate to be completed on
Resource Estimate a project.
----------------------------------------------------------
Mineral Assemblage The different mineral species found within a
sample.
----------------------------------------------------------
Permafrost A thick subsurface layer of soil that remains
below freezing point throughout the year.
----------------------------------------------------------
Rutile The purest, naturally occurring titanium-bearing
mineral, containing over 95% TiO(2.)
----------------------------------------------------------
Slag An enriched TiO(2) product arising from smelting
of ilmenite, typically containing 75%-85% TiO(2)
.
----------------------------------------------------------
Slimes The fine silt fraction of the ore.
----------------------------------------------------------
Specific Gravity The ratio of the density of a substance to the
or Relative density of a standard, usually water for a liquid
Density or solid, and air for a gas.
----------------------------------------------------------
Sulphatable Material such as ilmenite or titania slag which
Feedstock is suitable for pigment production using the
"sulphate" production route.
----------------------------------------------------------
Sulphate Process The process for production of Ti0(2) pigment
by digestion of titanium-bearing raw materials
in sulfuric acid.
----------------------------------------------------------
Synthetic Rutile A product manufactured from an ilmenite product
by removal of most of the iron content of the
ilmenite, typically containing 90%-95% TiO(2.)
----------------------------------------------------------
TBE Solution A liquid that has a fixed specific gravity.
or Tetrabromoethane
----------------------------------------------------------
THM Total Heavy Minerals. All heavy minerals in mineral
sands with specific gravity >2.9.
----------------------------------------------------------
TiO(2) Titanium dioxide, occurring in a number of minerals
including ilmenite, rutile and leucoxene. The
main commercial application of TiO(2) is as a
whitening pigment.
----------------------------------------------------------
Titanium Titanium is mainly used to produce titanium dioxide
pigment which is non-toxic, inert and imparts
a brilliance and opacity. It is widely used in
paints, plastics and paper. It is also used to
produce titanium metal which has a high strength
to weight ratio, is non-reactive and resistant
to oxidation. It is used increasingly in aircraft
and space craft. Because it is non-reactive,
it is used extensively in surgery.
----------------------------------------------------------
VHM Valuable Heavy Mineral content. This is the mass
fraction that contains the valuable TiO(2) (Ilmenite,
Leucoxene and Rutile) and zircon minerals in
the THM.
----------------------------------------------------------
Zircon Zircon is a form of zirconium which because of
heat and corrosion resistance properties, is
used in chemical processing equipment, sanitary
ware, refractories and electronic appliances
and also in jewellery as zirconia.
----------------------------------------------------------
Alba's Project & Investment Portfolio
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.
Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent of mineral exploration licence ("MEL") 2017/40 and 2018/25 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba owns 100 per cent of the Limerick base metal project in the Republic of Ireland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in MEL 2017/41 in Melville Bay, north-west Greenland. The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of MEL 2017/29 in the Thule region, north-west Greenland.
Oil & Gas
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.
Horse Hill (Oil & Gas, UK): Alba holds an 11.765 per cent effective interest in the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246 covering a total area of 142.9 km(2)) in the UK Weald Basin.
Web: www.albamineralresources.com
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3907 4297
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Yellow Jersey PR (Financial PR/ IR)
Tim Thompson / Harriet Jackson / Henry Wilkinson +44 77 1071 8649
alba@yellowjerseypr.com
APPIX
JORC TABLE 1
JORC CODE, 2012 EDITION - TABLE 1 REPORT
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, * Drillhole samples using a Geoprobe MT direct push
random chips, or specific specialised industry drill rig
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * Samples are collected within a plastic pipe that is
examples should not be taken as limiting the broad cut open to retrieve the samples. Sample runs are 1m
meaning of sampling. in length with 100% of the sand material bagged for
analysis. Samples are 1kg in weight.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * Heavy mineral sand with an ilmenite content is
measurement tools or systems used. present at surface with the hole terminating in
mineralisation. All samples collected were analysed
with a Niton XRF to check for the presence of TiO2.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* All samples were dispatched to MS Analytical
Laboratories in Canada for heavy liquid separation at
* In cases where 'industry standard' work has been done 2.93g/cc. Analysis includes determination of heavy
this would be relatively simple (eg 'reverse mineral content, oversize >2mm and clays
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 * Drillhole samples using a Geoprobe MT direct push
hammer, rotary air blast, auger, Bangka, sonic, etc) drill rig. Drillholes were depth restricted due to
and details (eg core diameter, triple or standard permafrost being prevalent across the licence with
tube, depth of diamond tails, face-sampling bit or the maximum hole depth being 1.8m.
other type, whether core is oriented and if so, by
what method, etc).
-------------------------------------------------------------- ---------------------------------------------------------------
Drill sample
recovery * Method of recording and assessing core and chip * Core recovery monitored visually with the 1m direct
sample recoveries and results assessed. push drill runs returning a high recovery that does
not impact the quality of the sample. Core catcher
within the inner plastic tube prevents core loss. Low
* Measures taken to maximise sample recovery and ensure clay content and minimal loss of fines. Holes
representative nature of the samples. generally wet. In general, hole conditions were good
although potential exists for a bias in recovery due
to poor recovery due to oversize material that may
* Whether a relationship exists between sample recovery have been "pushed" away from the drill bit.
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 "resource" holes logged as heavy mineral sand
and geotechnically logged to a level of detail to bearing material with varying oversize (>2mm) as
support appropriate Mineral Resource estimation, determined through the laboratory analysis. The depth
mining studies and metallurgical studies. restriction prevents detailed logging although a
colour change from brown / orange to green grey is
observed with depth due to reduction in organic
* Whether logging is qualitative or quantitative in matter with depth.
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
-------------------------------------------------------------- ---------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * 100% of the sample was bagged for analysis.
and sample half or all core taken.
preparation
* Field duplicates collected during the programme.
* If non-core, whether riffled, tube sampled, rotary Standards were also generated from a bulk sample to
split, etc and whether sampled wet or dry. allow standards to be inserted into the assay stream.
* For all sample types, the nature, quality and Samples are considered
appropriateness of the sample preparation technique. representative due to
100% of the material
being analysed.
* Quality control procedures adopted for all * Sample size sufficient to enable heavy liquid
sub-sampling stages to maximise representivity of separation tests to be completed.
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 * The nature, quality and appropriateness of the * Industry standard sample preparation and assaying
data and assaying and laboratory procedures used and whether with drying and screening at 2mm and 53um to
laboratory the technique is considered partial or total. determine the oversize and clay fractions. The 2mm to
tests 53um sand fraction is then separated using a 2.93g/cc
heavy liquid to generate a heavy mineral concentrate
* For geophysical tools, spectrometers, handheld XRF (total heavy mineral) and a light fraction. All heavy
instruments, etc, the parameters used in determining liquid separation was conducted at MS Analytical
the analysis including instrument make and model, Laboratories.
reading times, calibrations factors applied and their
derivation, etc.
* Hand held XRF Niton analysis conducted by qualified
personnel on raw samples in the field. No XRF
* Nature of quality control procedures adopted (eg analysis has been completed by MS Analytical or any
standards, blanks, duplicates, external laboratory other external laboratory.
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
* Standards generated during the fieldwork and
submitted to the laboratory.
-------------------------------------------------------------- ---------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * All sampling undertaken by independent consultants
and assaying either independent or alternative company personnel. and an Independent Competent person site visit was
completed by Greg Jones of IHC Robbins.
* The use of twinned holes.
* No twinned drillholes have been completed.
* Documentation of primary data, data entry procedures
, * All data captured in excel database.
data verification, data storage (physical and
electronic) protocols.
* No adjustments to the assay data have been made.
-- Discuss any adjustment to
assay data.
-------------------------------------------------------------- ---------------------------------------------------------------
Location
of data * Accuracy and quality of surveys used to locate drill * All sample locations captured using a hand-held
points holes (collar and down-hole surveys), trenches, mine Garmin GPS and later projected to the topographic
workings and other locations used in Mineral Resource surface, generated from aerial photographs captured
estimation. and processed into a DEM by GEUS, the Geological
Survey of Denmark and Greenland.
* Specification of the grid system used.
* UTM WGS84 Zone 19.
* Quality and adequacy of topographic control.
* Topography believed to be accurate to 0.5m to 2m as
generated by GEUS.
-------------------------------------------------------------- ---------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * Drillholes completed on a predominant grid of 250m x
distribution 100m.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * Inferred classification assigned to the deposit with
grade continuity appropriate for the Mineral Resource the samples collected verifying the presence of THM
and Ore Reserve estimation procedure(s) and bearing coarse sand material from surface. The
classifications applied. geological continuity is further verified through
mapping and the aerial photography completed which
shows the correlation between the sample locations
* Whether sample compositing has been applied. and the sedimentary active beaches and raised beach
terraces.
* No sample compositing has been applied to the raw
drillhole samples.
-------------------------------------------------------------- ---------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * Sedimentary deposit with no relevant structural
in relation sampling of possible structures and the extent to features.
to which this is known, considering the deposit type.
geological
structure * Mineralisation is sedimentary hosted, at surface and
* If the relationship between the drilling orientation near horizontal so no perceived bias in the sample
and the orientation of key mineralised structures is orientation has been introduced.
considered to have introduced a sampling bias, this
should be assessed and reported if material.
-------------------------------------------------------------- ---------------------------------------------------------------
Sample
security * The measures taken to ensure sample security. * All samples weighed and bagged by external
consultants with all samples being shipped back to
Nuuk for storage and onward dispatch to the
laboratory. Contracted personnel arranged shipment.
-------------------------------------------------------------- ---------------------------------------------------------------
Audits
or reviews * The results of any audits or reviews of sampling * All protocols discussed and observed by IHC Robbins
techniques and data. personnel.
-------------------------------------------------------------- ---------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * Exploration licence MEL 2017/29, 100% ownership of
and land including agreements or material issues with third Alba Mineral Resources. 52km(2) .
tenure parties such as joint ventures, partnerships,
status overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
--------------------------------------------------------------- ------------------------------------------------------------
Exploration
done by * Acknowledgment and appraisal of exploration by other * Historical exploration of the Steensby Land ilmenite
other parties parties. province completed predominantly by GEUS, the
Geological Survey of Denmark and Greenland.
Exploration covered hard rock and sedimentary
ilmenite bearing sills, dykes and beach deposits.
Raised beach terraces were first discovered in the
area in 1971
* North-West Greenland was mapped by the former
Geological Survey of Greenland (GGU) between 1971 and
1980, mainly by shoreline investigations with limited
helicopter traversing inland. Steensby Land and areas
around Pituffik, exposing large tracts of Thule Basin
deposits, were mapped at 1:100 000; other areas,
composed mainly of shield rocks are available at
1:200 000 (Dawes 1988).
--------------------------------------------------------------- ------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * The intracratonic Thule Basin is one of several
mineralisation. Proterozoic epocentres on the northern rim of the
North American craton with comparable development
histories: thick sandstone and basalt units in lower
levels, often with red beds, are succeeded by
carbonate/shale dominated sequences.
* The Thule Basin developed on the peneplaned surface
of the Precambrian shield. It is represented by the
6-8 km thick Thule Supergroup, a multicoloured,
continental, littoral to shallow marine sedimentary
succession with one main interval of basaltic
volcanic rocks. Basic sills are common at several
levels. The strata are little deformed occurring as
shallow-dipping packages in fault blocks. The study
area exposes the south-eastern part of the basin
where four groups are recognised (Dawes 1997). The
lower three groups are Mesoproterozoic in age; the
age of the upper strata (Narssârssuk Group) is
uncertain. The Dundas Group is responsible for the
ilmenite bearing sands within the licence. This is a
dark-weathering succession conformably overlying the
previous group along a gradational contact. Its upper
limit is marked by Quaternary deposits and the
present erosion surface, the c. 2 km thick sequence
comprises fine-grained sandstones, siltstones and
shales with some carbonate units. Dark shales can
contain stratiform pyrite. Deposition was in an
overall deltaic to offshore environment. Sills and
dykes of mainly tholeiitic composition and unusually
rich in titanium are common, and the so-called
'Steensby Land sill complex' (Dawes 1997) contains
about fifteen master sills of probable Neoproterozoic
age. The thickest of these is over 100 m with sill
rock composing 30-40% of the stratigraphic section.
Sediment/sill and sediment/dyke contacts are
characterised by rusty weathering caused by pyrite,
and minor chalcopyrite, galena and sphalerite may
occur in thin quartz-calcite veins, lenses and pods
in both sediments and dolerites. The Neoproterozoic
sills and dykes are the source of placer ilmenite on
the south coast of Steensby Land (Cooke 1978, 1984;
Dawes 1989, 2006).
* Drilling and mapping of the licence area shows that
the raised terrace material predominantly consists of
an in-situ weathered sill, being the source of the
ilmenite in the Alba licence and is a common feature
of the dominant Dundas Formation. High grade active
beach material occurs at various locations along the
coast with the material in the active beach / wave
zones being accumulations of run-off material from
the raised terraces. The wave action has resulted in
a natural sorting of the sand material resulting in
high grade concentration of heavy mineral.
* The ilmenite bearing sill material is exposed along
the length of the Alba licence area and the drilling
and mapping completed shows more intense weathering
in the near surface material with a decrease in
weathering at depth and a general coarsening of
material grain size. Ilmenite remains present with
increasing depth although the depth of the weathering
is unclear at present and deeper drilling,
penetrating the permafrost is required to determine
the depth extent of the freely liberating heavy
minerals.
--------------------------------------------------------------- ------------------------------------------------------------
Drill hole
Information * A summary of all information material to the * All drill data has been compiled in to the
understanding of the exploration results including a "TBS_Statsdata_May2019" excel spreadsheet. This
tabulation of the following information for all includes:
Material drill holes:
o Assay location points
o easting and northing of the (GPS X and Y - Z pressed
drill hole collar to GEUS topography file)
o elevation or RL (Reduced o MSA assay data (Oversize
Level - elevation above sea >2mm, Total Heavy Mineral
level in metres) of the drill >2.93g/cc, floats <2.93g/cc,
hole collar clay <53um, length and
o dip and azimuth of the hole sample weight
o down hole length and interception o Tonnages were estimated
depth as an assumed dry basis.
o hole length. A bulk density algorithm
* If the exclusion of this information is justified on was prepared using first
the basis that the information is not Material and principles techniques
this exclusion does not detract from the coupled with industry
understanding of the report, the Competent Person experience that is exclusive
should clearly explain why this is the case. to IHC Robbins. We believe
the bulk density formula
to be appropriate and
fit for purpose at this
level of confidence
for the Mineral Resource
estimates.
--------------------------------------------------------------- ------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * No data aggregation or top-cutting has been applied
methods techniques, maximum and/or minimum grade truncations
(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 * Near horizontal sedimentary deposit with vertical
mineralisation reporting of Exploration Results. drillholes being appropriate for the type of deposit.
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 * Diagrams included in accompanying database
tabulations of intercepts should be included for any spreadsheet detailing the Mineral Resource Estimation
significant discovery being reported These should and results
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 * Handheld auger drillholes also completed have been
Results is not practicable, representative reporting removed from the estimation database due to a bias
of both low and high grades and/or widths should be observed.
practiced to avoid misleading reporting of
Exploration Results.
* All exploration results have been reported and
utilised in the Mineral Resource Estimate
--------------------------------------------------------------- ------------------------------------------------------------
Other
substantive * Other exploration data, if meaningful and material, * High resolution aerial photography was completed and
exploration should be reported including (but not limited to): used by GEUS in the generation of a topographic
data geological observations; geophysical survey results; surface and orthophoto. The orthophoto has been used
geochemical survey results; bulk samples - size and to demonstrate the extent of the sedimentary units
method of treatment; metallurgical test results; bulk and THM bearing sands. Due to the mineralisation
density, groundwater, geotechnical and rock being present from surface, this is a valuable tool
characteristics; potential deleterious or in demonstrating the extents to the mineralisation.
contaminating substances.
--------------------------------------------------------------- ------------------------------------------------------------
Further
work * The nature and scale of planned further work (eg * Sonic drilling, trenching and further mapping is
tests for lateral extensions or depth extensions or planned to increase the confidence in the maiden
large-scale step-out drilling). Mineral Resource Estimate and test the depth extent
to the mineralisation and weathering.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
--------------------------------------------------------------- ------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
(Criteria 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 * MSA assay data received as excel spreadsheet that was
corrupted by, for example, transcription or keying directly imported into the TBS_Database and
errors, between its initial collection and its use geological software. No editing of numerical data has
for Mineral Resource estimation purposes. taken place.
* Data validation procedures used. * All drill collar GPS coordinates typed in to excel
and imported into geological software. All collar
locations are accurate and within the sampling limits
/ licence.
------------------------------------------------------------ --------------------------------------------------------------
Site visits
* Comment on any site visits undertaken by the * Site visit undertaken by Greg Jones of IHC Robbins.
Competent Person and the outcome of those visits. Greg was on site for approximately 2 weeks of the
programme.
* If no site visits have been undertaken indicate why
this is the case.
------------------------------------------------------------ --------------------------------------------------------------
Geological
interpretation * Confidence in (or conversely, the uncertainty of) the * Drilling has shown that the predominant raised
geological interpretation of the mineral deposit. terraces consist of weathered sill material that is
rich in ilmenite. The controlling sills are dipping
gently at 5 degrees towards the coast with runoff
* Nature of the data used and of any assumptions made. creating areas of high-grade coastal deposition. The
weathered depth of raised terraces themselves, which
would control the depth of the freely liberated
* The effect, if any, of alternative interpretations on ilmenite is currently unknown and uncertainty exists
Mineral Resource estimation. in this regard. Drilling has been limited by the
depth of the permafrost and deeper drilling using a
method which could penetrate the permafrost is
* The use of geology in guiding and controlling Mineral required to test the depth extent of the soft,
Resource estimation. weathered material.
* The factors affecting continuity both of grade and * The geological interpretation and model created is
geology. based on the deepest drillhole in the six key areas
drilled with the base of the zone being restricted to
the deepest drillhole in this area. The six areas
modelled are restricted to the following depths:
* Southeast Active 1.8m modelled depth
* Southeast 1 1.8m modelled depth
* Southeast 2 0.6m modelled depth
* Southeast 3 1.4m modelled depth
* Central 1.7m modelled depth
* Northwest 1m modelled depth
* The shape of the raised terraces, shown by the
topographic surface developed, in places, indicates
depths of up to 25m vertically (assuming a flat
base) from surface although the exact depth of the
basement is unknown and the weathering extent of the
sills will impact on the recoverable quantities of
freely liberating ilmenite.
* Host shale units within the regional Dundas formation
may also exist overlying the weathered sills. No
shales were intersected during the drilling, but
these may be present at depth.
* Intrusive sills / dykes are observed along the
coastline and the geological model created abuts
against the intrusives where observed and the areas
modelled have been truncated at the boundaries of the
observed outcropping sills.
* Continuity is assumed from surface to the depth of
deepest drillhole in the area modelled. This was
undertaken due to permafrost restricting the depth of
the drillholes rather than a change in the geology
and it is considered likely that the weathered sills
are present to the depth of the deepest drillholes
completed in each sub area.
* The use of the aerial photography has guided the
extents of portions of the geological model and
resource estimate.
------------------------------------------------------------ --------------------------------------------------------------
Dimensions
* The extent and variability of the Mineral Resource * The mineral resource is split in to 3 main areas with
expressed as length (along strike or otherwise), plan the southeast zone split into 4 subdivisions due to
width, and depth below surface to the upper and lower the drill spacing and material type. From SE to NW,
limits of the Mineral Resource. area 1 is approximately 8km in strike length and up
to 800m in width. The depth of the inferred
classified material ranges from 0.6m to 1.8m. Area 2
has a maximum strike length of 2500m and a maximum
width of 850m. The depth of the inferred classified
material 1.7m. Area 3 has a maximum strike length of
2500m and a maximum width of 400m. The depth of the
inferred classified material 1m.
------------------------------------------------------------ --------------------------------------------------------------
Estimation
and modelling * The nature and appropriateness of the estimation * The estimate reported is the maiden mineral resource
techniques technique(s) applied and key assumptions, including estimate for the licence area. As such, no production
treatment of extreme grade values, domaining, records or historic estimates exist for the project.
interpolation parameters and maximum distance of
extrapolation from data points. If a computer
assisted estimation method was chosen include a * Modelling was based on single domains across the 6
description of computer software and parameters used. modelled areas with a block model being created
between the topographic surface and a base set at the
depth of the deepest drillhole from the topographic
* The availability of check estimates, previous surface (by projecting the topography to this depth
estimates and/or mine production records and whether to create a base).
the Mineral Resource estimate takes appropriate
account of such data.
* The geological modelling was created in Leapfrog Geo
software with the block model being created in
* The assumptions made regarding recovery of Datamine Studio RM. A block size of 50m X by 50m Y by
by-products. 1m Z was created with sub-cells to 10m X by 10m Y by
0.2m Z.
* Estimation of deleterious elements or other non-grade
variables of economic significance (eg sulphur for * Sampling is on a grid predominantly 250m x 100m.
acid mine drainage characterisation).
* Each modelled area was estimated independently using
* In the case of block model interpolation, the block only those samples that fall within the model
size in relation to the average sample spacing and perimeter.
the search employed.
* Grades of THM, Oversize and Clay were estimated in to
* Any assumptions behind modelling of selective mining the model using Datamine Studio RM.
units.
* A search ellipse with a dip of 2 degrees was used.
* Any assumptions about correlation between variables. The ellipse was visually validated to ensure that
adequate samples were being captured.
* Description of how the geological interpretation was
used to control the resource estimates. * No grade cutting was applied due to a reasonably near
normal population and limited elevated grades that
are considered real and associated with active beach
* Discussion of basis for using or not using grade samples.
cutting or capping.
* Grades of THM, Oversize and Clay have been estimated
* The process of validation, the checking process used, using an inverse distance squared algorithm using a
the comparison of model data to drill hole data, and search ellipse that is elongated in the strike of the
use of reconciliation data if available. coastline (150m x 75m x 2m). Estimation uses a
minimum of 2 samples and a maximum of 4 samples with
a limited vertical ellipse size preventing grade
smearing in the vertical direction to honour the
grade observations from the sample data.
* Average grades were applied to Southeast Active and
Southeast 2 due to the limited sampling in these
areas.
* The estimated grade was visually and statistically
validated with the input grades being a reasonable
reflection of the output block model grades.
* Mineral assemblage data from composite samples have
been used to apply an ilmenite percentage of the THM
and a calculated in-situ ilmenite percent. Ilmenite
is the only economic mineral hosted within the
material sampled to date.
------------------------------------------------------------ --------------------------------------------------------------
Moisture
* Whether the tonnages are estimated on a dry basis or * Tonnages were estimated as an assumed dry basis. A
with natural moisture, and the method of bulk density algorithm was prepared using first
determination of the moisture content. principles techniques coupled with industry
experience that is exclusive to IHC Robbins. We
believe the bulk density formula to be appropriate
and fit for purpose at this level of confidence for
the Mineral Resource estimates.
------------------------------------------------------------ --------------------------------------------------------------
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * No cut off grade has been adopted due to the
parameters applied. high-grade nature of the project with all material
being over 9% THM.
------------------------------------------------------------ --------------------------------------------------------------
Mining
factors * Assumptions made regarding possible mining methods, * Mining would be through conventional open pit methods
or assumptions minimum mining dimensions and internal (or, if with a zero strip ratio.
applicable, external) mining dilution. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic extraction
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
------------------------------------------------------------ --------------------------------------------------------------
Metallurgical
factors * The basis for assumptions or predictions regarding * The assaying process shows that a heavy mineral
or assumptions metallurgical amenability. It is always necessary as concentrate can be developed from gravity methods.
part of the process of determining reasonable Further testwork is required to determine the optimal
prospects for eventual economic extraction to process route to generate an ilmenite concentrate.
consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral
Resources may not always be rigorous. Where this is
the case, this should be reported with an explanation
of the basis of the metallurgical assumptions made.
------------------------------------------------------------ --------------------------------------------------------------
Environmental
factors * Assumptions made regarding possible waste and process * Waste / tailings would consist of an inert sand.
or assumptions residue disposal options. It is always necessary as Further testwork is required to determine the
part of the process of determining reasonable appropriate waste disposal route.
prospects for eventual economic extraction to
consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made.
------------------------------------------------------------ --------------------------------------------------------------
Bulk density
* Whether assumed or determined. If assumed, the basis * Tonnages were estimated as an assumed dry basis. A
for the assumptions. If determined, the method used, bulk density algorithm was prepared using first
whether wet or dry, the frequency of the measurements principles techniques coupled with industry
, experience that is exclusive to IHC Robbins. We
the nature, size and representativeness of the believe the bulk density formula to be appropriate
samples. and fit for purpose at this level of confidence for
the Mineral Resource estimates.
* The bulk density for bulk material must have been
measured by methods that adequately account for void
spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within
the deposit.
* Discuss assumptions for bulk density estimates used
in the evaluation process of the different materials.
------------------------------------------------------------ --------------------------------------------------------------
Classification
* The basis for the classification of the Mineral * All material has been classified as Inferred except
Resources into varying confidence categories. for area Southeast 2 that has been excluded from the
resource statement due to the limited data available.
This area represents upside potential due the
* Whether appropriate account has been taken of all presence of ilmenite bearing sands identified through
relevant factors (ie relative confidence in limited drilling.
tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values,
quality, quantity and distribution of the data). * The TBS coastline is dominated by multiple active
beach zones where high grade ilmenite bearing heavy
mineral sands have been identified, sampled and
* Whether the result appropriately reflects the assayed. Traversing inland, mineralised sedimentary
Competent Person's view of the deposit. raised terraces are observed, of apparent variable
thickness, with varying quantities of oversize
material. Mineralisation of the raised terraces is
controlled by in-situ weathering of the sills.
* Surficial heavy mineral sands are evident across the
areas of the licence drilled and the aerial
photography completed clearly highlights the
sedimentary features that have been sampled and
assayed, verifying the correlation between observed
geology and material / grade. The risk associated
with the geological complexity is considered
reasonably low within the resource area although
coastal sills have been identified and the depth
extent of the mineralised sedimentary unit is unknown
at present. The risk associated with the depth extent
to mineralisation is mitigated to a certain degree by
the nature of the sampling providing a profile
upwards through the raised terraces and the detailed
topographic surface obtained from the aerial
photography.
* In certain areas, inland lakes occur that have not
been explored although it assumed that ilmenite
bearing sands exist in these areas due to the natural
run off from the raised terraces observed.
* All samples have been collected through appropriate
drilling with the depth of the sample being
restricted by permafrost and oversize, when present.
* In total, 163 samples have been utilised in the
estimation of grade with all samples showing a heavy
mineral content and all samples correlating with
active beaches or raised terraces.
* All samples collected have been assayed for THM,
Oversize and Clay at MS Analytical laboratories in
Canada.
* Mineralogy data was generated by SGS Canada using
auger samples collected in a previous field season.
The auger holes have not been used in the grade
estimation.
* Tonnages were estimated as an assumed dry basis. A
bulk density algorithm was prepared using first
principles techniques coupled with industry
experience that is exclusive to IHC Robbins. We
believe the bulk density formula to be appropriate
and fit for purpose at this level of confidence for
the Mineral Resource estimates.
* Grades of THM, Oversize and Clay have been estimated
using an inverse distance squared algorithm using a
search ellipse that is elongated in the strike of the
coastline (150m x 75m x 2m). Estimation uses a
minimum of 2 samples and a maximum of 4 samples with
a limited vertical ellipse size preventing grade
smearing in the vertical direction to honour the
grade observations from the sample data.
* The grade estimate has been visually and
statistically validated with the output block grades
being a reasonable representation of the input sample
grades.
* The estimated grades depict the nature of the deposit
with a general trend showing grade decreasing from
the active beaches to the top of the raised terraces.
------------------------------------------------------------ --------------------------------------------------------------
Audits
or reviews * The results of any audits or reviews of Mineral * No audit has been carried out.
Resource estimates.
------------------------------------------------------------ --------------------------------------------------------------
Discussion
of relative * Where appropriate a statement of the relative * The relative accuracy of the estimate could be
accuracy/ accuracy and confidence level in the Mineral Resource affected by the drilling method in rocky areas or
confidence estimate using an approach or procedure deemed where oversize material has been "pushed" away from
appropriate by the Competent Person. For example, the the drill bit. More appropriate drill methods will be
application of statistical or geostatistical used in future exploration programmes where the depth
procedures to quantify the relative accuracy of the extent of the weathering will be tested.
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the * The depth extent of the mineralised or weathered
relative accuracy and confidence of the estimate. units, to bedrock is also unknown at present although
the topographic surface generated suggests potential
depths of more than 20m in places. This is however
* The statement should specify whether it relates to unlikely to be the average depth of the deposit with
global or local estimates, and, if local, state the shallower occurrences towards the active shoreline.
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures * Extrapolation of grade is however considered limited
used. due to the depth extent of the modelled areas.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
------------------------------------------------------------ --------------------------------------------------------------
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