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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Corcel Plc | LSE:CRCL | London | Ordinary Share | GB00BKM69866 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 0.30 | 0.35 | 0.325 | 0.325 | 0.325 | 3,482,215 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -1.26M | -0.0008 | -4.00 | 5.12M |
From Apr 2022 to Apr 2024
TIDMCRCL
RNS Number : 6895L
Corcel PLC
17 May 2022
/
Corcel PLC
("Corcel" or the "Company")
Wowo Gap JORC Resource
17 May 2022
Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, is pleased to announce the completion of a JORC mineral resource estimate at the Company's recently acquired Wowo Gap nickel/cobalt project in Papua New Guinea ("PNG"), where the Company owns a 100% interest. The establishment of a JORC resource is a critical technical step in preparing the mining lease application, validates Corcel's underlying rationale for the asset acquisition and confirms Wo Wo Gap as a similar size and grade deposit to the Company's sister project at Mambare, also in PNG.
Highlights:
o JORC 2012 code mineral resource estimate ("MRE") of 110m tonnes with 0.81% Ni and 0.06% Co (891,000t contained Ni and 66,000t contained Co)
o Mineralisation is continuous and laterally extensive - shallow nature of deposit and limited overburden is amenable to low-cost open pit mining
o Robust geological model with mineralisation well constrained within the host saprolite and limonite layers
o Tonnage and grade reported above the 0.7% Ni cut-off compare favourably with similar projects that have achieved production
Mineral Resource Estimate:
Using a 0.7% nickel cut-off grade, the deposit is estimated to contain 110 million tonnes at 0.81% nickel (Ni) for 891,000 tonnes of contained Ni and 0.06% cobalt (Co) for 66,000 tonnes of contained Co. Tonnage is quoted on a dry basis.
Table 1. Wowo Gap Mineral Resource estimate by lithology type and classification at 0.7% Ni cut-off.
Hot Features
Premium
Lithology Type Classification Million Ni% Co% Thousand Thousand
Tonnes Tonnes Tonnes
contained Contained
Ni Co
Limonite/Saprolite Indicated 63 0.85 0.08 540 50
Inferred 9 0.84 0.07 76 6.3
Rocky Saprolite Inferred 38 0.75 0.02 280 7.6
Total Indicated 63 0.85 0.08 540 44
Inferred 47 0.77 0.03 360 14
Total 110 0.81 0.06 890 66
*The project operator is Niugini Nickel Ltd.
** The Company's interest in Wowo Gap is 100% and consequently Gross and Net resource to the Company are the same
Niugini Nickel commissioned independent consulting geologists Queen and Associates and H&S Consultants Pty Ltd (HSC) as Competent Persons to complete a resource estimate for the Wowo Gap nickel laterite deposit incorporating 2015 drilling and Ground Penetrating Radar (GPR) data that were not used in the previous resource estimate.
The Competent Persons deem that there are reasonable prospects for eventual economic extraction of the mineralisation.
Property Description and Access:
The project is located within EL 1165, approximately 200 kilometres east of Port Moresby and 35 kilometres from the village of Wanigela, situated on Collingwood Bay (Figure 1). http://www.rns-pdf.londonstockexchange.com/rns/6895L_1-2022-5-16.pdf
There is no road access to site, with personnel and equipment transported to site by either helicopter, or by plane to a local village airstrip, followed by a day's walk to site by locally hired porters. The small village of Embessa is located approximately 10 kilometres northwest from site on the Musa River and serviced by an airstrip suitable for light aircraft. Fuel, supplies and equipment can be ferried direct to the site or from Embessa by helicopter transport with up to 5,000 kg payload capacity. If development proceeds, it is contemplated to construct an ore haul road directly to Collingwood Bay, some 40 km to the east.
Prospect Geology:
The Wowo Gap nickel laterite is a result of deep weathering of ultramafic rocks of the Papuan Ultramafic Belt (PUB). In the Didana Range (Low and High) the ultramafic rocks consist of tectonite ultramafics, cumulate ultramafics and gabbro and granular gabbro (Figure 2). http://www.rns-pdf.londonstockexchange.com/rns/6895L_1-2022-5-16.pdf The tectonite ultramafics crop out at the eastern end of the Didana Range adjacent to and within the western section of the Wowo Gap Project. The Sivai Breccia, co-host of the Wowo Gap mineralisation, flanks the tectonite ultramafic at the eastern end of the Didana Range adjacent to the Bereruma Fault. The ultramafic breccia also occurs along the south side of the Didana Range on the Ansuna and Boge Plateau.
The nickel laterites are derived from the leaching of ultramafic bedrock. In the project area the complete lateritic profile is preserved, with partial truncation associated with recent drainage systems. The depth of weathering varies according to rock type and the degree of brecciation. The lateritic profile is typically 10 to 15 metres thick, increasing locally to more than 30 metres above the Sivai Breccia.
The laterite profile (Figure 3) http://www.rns-pdf.londonstockexchange.com/rns/6895L_1-2022-5-16.pdf is typically 10m to 18m thick and composed of an upper iron-rich saprolite horizon (referred to as limonite) with high (>40%) to very high (>60%) Fe2O3 content but relatively low (<6%) MgO. It is the limonite horizon that contains enriched levels of cobalt, chromium and manganese values. Beneath the limonite is MgO-rich (>6 - 40%) earthy saprolite (referred to as saprolite) horizon with relatively low (<40%) Fe2O3 content. Below this in the regolith profile is the rocky saprolite (saprock), clearly identifiable because of corestones of partially weathered ultramafic bedrock.
Project History:
Nickel laterite mineralisation in the Didana Range was first noted in a 1958 Australian Bureau of Mineral Resources (BMR) reconnaissance survey of the area including Wowo Gap. Nickel mineralisation was reported in auger samples of breccia which returned values of up to 1.3% Ni, derived from a peridotite ultramafic having up to 0.18% Ni background values. This initial discovery was followed by several companies including United States Metals Refining Company (1967-1968), Papua Nickel Exploration (1970) and BRGM (1971-1972). The current period of exploration started when Niugini Nickel acquired the project in 1996. Since acquiring the project Niugini Nickel has carried out considerable work including geological mapping, resampling of pits, rock chip sampling, drainage sampling, several drilling programmes, a LiDAR survey over the whole of the mineralized area, two Ground Penetrating Radar (GPR) surveys (2007 and 2014), metallurgical test work and several Resource estimates.
This Mineral Resource estimate is based on the results of three drilling campaigns:
o diamond core drilling [2003-2008]
o tungsten carbide-tipped core drilling [2010-2011], and
o diamond core and custom auger core drilling [2014-2015].
These drilling campaigns totalled 3,174 meters of diamond core, 2,901 meters of auger/carbide core, and 731 meters of wacker drilling (Figures 4, 5, and 6). Sample lengths were generally 1m with the shortest sample being 0.3m and the longest 2m; sampling was done on half core. All drill core samples were sent to Intertek in Lae for sample preparation, with the pulps being sent to Intertek Jakarta for fusion XRF analysis for Ni, Co, Al2O3, CaO, Cr2O3, Fe2O3, K2O, LOI, MgO, MnO, Na2O, P2O5, SiO2 and LOI. Total number of samples assayed was 7874.
This Mineral Resource estimate is also based on two GPR surveys (2007 and 2014). In addition to the drilling data, GPR was used to define two of the geological boundaries, the boundary between limonite/saprolite and the rocky saprolite and the boundary between rocky saprolite and bedrock (Figure 7) http://www.rns-pdf.londonstockexchange.com/rns/6895L_1-2022-5-16.pdf The GPR lines in 2007 were between 200 and 300 metres apart while the 2014 survey reduced the spacing to 100 metres over a portion of the area (Figure 8) http://www.rns-pdf.londonstockexchange.com/rns/6895L_1-2022-5-16.pdf
For grade estimation the laterite layers were simplified into overburden (Qva), limonite/non rocky saprolite and rocky saprolite which in turn were used to guide and control the mineral resource estimate. Samples from each hole were used and were composited to the full width of the layer, making one composite per layer for each of the three layer; the mineralised domains were limited to the three interpreted geological layers as noted above. Nickel and cobalt grades from the composites where estimated using the ordinary kriging (OK) estimation technique in Micromine software. The mineralised domains were limited to the three interpreted geological layers as noted above. The grade distributions for nickel and cobalt are not strongly skewed so OK was an appropriate estimation method; there are no extreme values requiring grade cutting.
Resource classification is based on both the overall footprint of the GPR coverage and drilling. A polygon covering the area with nominal 300 m x 200 m drill spacing along with the GPR coverage was used to flag the block model as follows:
o any Qva or limonite-saprolite blocks within it are classified as Indicated,
o rocky saprolite blocks are classified as Inferred regardless of the polygon, and
o any blocks outside of classification polygon are classified as Inferred.
Density is based on the results of a limited number of samples collected during the 2010-2011 and 2014-2015 drilling campaigns. Based on this data a dry bulk density of 1.0 t/m3 has been used for the "clay profile" (limonite-saprolite layer), and 2.0 t/m3 for the rocky saprolite profile.
A nominal cut-off grade of 0.70% Ni was applied to define the Mineral Resources, which is based on a review of comparable nickel laterite deposits elsewhere.
The current mining plan proposal is to produce a bulk product suitable for smelting that will be transported offsite for processing. It has been assumed that mine waste will be relatively low in total volume and comprise the 0.5 m to 10 m soil and volcanic ash overburden layer. This material is likely to be used for rehabilitation purposes after mining is complete. Low-grade material, mostly limonitic in composition, may be stockpiled in mined-out areas.
Reasonable Prospects Hurdle:
Clause 20 of the JORC Code (2012) requires that all reports of Mineral Resources must have reasonable prospects for eventual economic extraction, regardless of the classification of the Mineral Resource. The Competent Persons deem there are reasonable prospects for eventual economic extraction of the mineralisation on the following basis:
o The mineralisation is continuous and laterally extensive. The shallow nature of the deposit and limited overburden means the deposit is amenable to low-cost open pit mining.
o The geological model is robust, with mineralisation well constrained within the host saprolite and limonite layers.
o The Competent Person considers that the tonnage and grade reported above the 0.7% Ni cut-off compare favourably with similar projects that have successfully achieved production. This opinion is based on experience with tropical nickel laterite deposits in Papua New Guinea at all stages of project development.
Comparison to Previous Resource:
In 2011 Resource Mining Corporation (ASX:RMI) released a Mineral Resource estimate for the Wowo Gap deposit ( https://tinyurl.com/yc6zwjbw ).
Table 2. Wowo Gap 2011 Mineral Resource estimate by classification at 0.8% Ni cut-off.
2011 Mineral Resource Mt Nickel Cobalt
Estimate at a 0.8% Ni (%) (%)
cut-off
Indicated 72 1.03 0.07
Inferred 53 1.09 0.06
Total 125 1.06 0.07
Contained Metal (kt) 1,325 83
The Mineral Resource estimate in this release has a number of differences from the 2011 Mineral Resource that have resulted in changes to the estimated grades and tonnages. The most significant of those changes include:
o Trimming of margins - The 2011 estimate was reported using a very wide margin (300 m) on the edge of the drilling area. This resulted in holes on the edge of the drilling having more influence than holes in the centre of the drilling. The 2022 model, in keeping with industry best practice, trims this margin to 150 m or roughly half the average hole spacing. As there are several higher grade and thickness holes on the eastern edge of the drilling, restricting the margin has resulted in a reduction of both tonnes and grade.
o Better definition of the overburden/volcanic ash - The previous estimate identified the overburden/volcanic ash solely based on the drill hole logs. The 2015 drilling gave us confidence we could use geochemical criteria (high Al2O3 and lower Ni grade) to objectively define the overburden. The overburden in the 2022 model is more widespread and is less poddy than in the previous model. This has contributed to the reduction in tonnage but has minimal impact on grade.
o Regression to the mean - The 2015 GPR and drilling program focused on an area with higher grades and thickness. As more drill sampling and GPR data was collected in the area, this area dropped back toward the mean of the deposit. The area is still "higher" grade but the drilling and GPR have reduced the extent and the degree to which it departs from the mean grade and thickness.
o Reporting at a lower cut-off grade - The previous cut-off grade of 0.8% was based on historic processing and mining assumptions that emphasized the rocky saprolite portion of the Resource over the non-rocky limonite and saprolite layers. Lowering the cut-off grade will impose few assumptions on the Resource and will allow the mining engineers greater flexibility when it comes to developing a mine plan and a Reserve estimate.
For detail of exploration drilling results, see the following Resource Mining Corporation Ltd (ASX:RMI) announcements:
o 8 December 2010. Wowo Gap Project Exploration Program Highlights
o 3 February 2011. Wowo Gap Project Exploration Program Highlights
o 23 June 2011. Wowo Gap Project Exploration Program Highlights
o 30 August 2011. Wowo Gap Project Exploration Program Highlights
o 4 March 2015. Exploration Update: Wowo Gap Nickel Laterite Project
o 18 March 2015. Exploration Update: Wowo Gap Nickel Laterite Project
o 29 April 2015. Wowo Gap exploration intersects high grade Nickel up to 1m @ 3.51%Ni
o 21 May 2015. Wowo Gap exploration intersects high grade Nickel up to 3m @ 1.87%Ni
Competent Persons and Qualified Persons Statement:
The information in this report that relates to Mineral Resources is based on information compiled by Lawrence Queen and Luke Burlet. Lawrence Queen is an employee of Queen and Associates, and Luke Burlet is employed by H&S Consultants. Mr Queen is a Member of the Australasian Institute of Mining and Metallurgy, and Mr Burlet is a Member of the Australian Institute of Geoscientists. Mr Queen and Mr Burlet have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and have sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies as published by AIM. Mr Queen and Mr Burlet have reviewed the information in this announcement and consent to the disclosure of the information in this report in the form and context in which it appears.
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Communications IR
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Glossary of Technical Terms:
"auger drill" a type of drill which uses a corkscrew type bit to recover samples from unconsolidated materials;
"block model" Refers to the process of creating a 3D spatial array of estimations. The parameter that is being estimated may be the thickness of the ore, the grade of the ore, or some other property that is useful for the evaluation of the resource. These estimations are based on a weighted average of the values associated with the surrounding control points. A variety of interpolation methods or "algorithms" are available for performing these estimations. A popular technique is ordinary Kriging;
"bulk density" is the mass per unit volume of a solid, including the voids in a bulk sample of the material;
"Co" cobalt;
"Competent Person" a 'Competent Person' is a minerals industry professional who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a 'Recognised Professional Organisation' (RPO), as included in a list available on the JORC and ASX websites. These organisations have enforceable disciplinary processes including the powers to suspend or expel a members;
"core recovery" amount of rock recovered when diamond core drilling usually expressed as a percentage;
"cut-off grade" a grade level below which the material is not of economic interest and considered to be uneconomical to mine and process. The minimum grade of mineralisation used to establish reserves;
"development" often refers to the construction of a new mine or; Is the underground work carried out for the purpose of reaching and opening up a mineral deposit includes shaft sinking, cross-cutting, drifting and raising;
"diamond drillhole" a drillhole which is drilled used a diamond impregnated bit so that a cylindrical sample of solid rock (drill core) can be recovered;
"Ground Penetrating Radar" a geophysical method that uses radar pulses to image the subsurface;
"Indicated Resource" that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed;
"Inferred Resource" that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes;
"JORC" the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia;
"JORC (2012)" the 2012 edition of the JORC code;
"laterite" a laterite is a residual soil rich in iron and aluminum hydroxides which develops in a humid tropical climate. Where these soils are enriched in nickel they are referred to as a nickel laterite;
"lithology" the lithology of a rock unit is a description of its physical characteristics visible at outcrop, in hand or core samples or with low magnification microscopy, such as colour, texture, grain size, or composition;
"m" metre;
"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;
"Ni" nickel;
"open pit" a mine that is entirely on the surface. Also referred to as open-cut or opencast mine;
"overburden" material of any nature, consolidated or unconsolidated, that overlies a deposit of ore that is to be mined;
"oxidation" a chemical reaction in which substances combine with oxygen for form an oxide. For example, the combination of iron with oxygen to form an iron oxide (rust) or copper and oxygen produce copper oxide; the green coating on old pennies. The opposite of oxidation is reduction.
"QAQC" Quality assurance and Quality control of the geological sample database;
"Reverse Circulation- RC drilling" A percussion drilling technique that produces chip samples that are removed from the drillhole by compressed air pushing the sample up the inside of the drill rods. Considered superior to aircore drilling; generating better quality samples
"strike length" the horizontal distance along the long axis of a structural surface, rock unit, mineral deposit or geochemical anomaly;
"t" tonnes;
"variogram" a function of the distance and direction separating two locations that is used to quantify dependence. The variogram is defined as the variance of the difference between two variables at two locations. The variogram generally increases with distance and is described by nugget, sill, and range parameters. If the data is stationary, then the variogram and the covariance are theoretically related to each other.
"variogram model" a model that is the sum of two or more component models, such as nugget, spherical, etc. Adding a nugget component to one of the other models is the most common nested model, but more complex combinations are occasionally used;
"wacker" a semi-mechanised deep overburden soil sampling method commonly used in PNG;
"weathering" disintegration or alteration of rock in its natural or original position at or near the Earth's surface through physical, chemical, and biological processes induced or modified by wind, water, and climate.
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 -- All the samples used in this
cut channels, random chips, or Mineral Resource Estimate are from
specific specialised drill core. The core was
industry standard measurement tools obtained over three main drill
appropriate to the minerals under campaigns.
investigation, such o Wacker drilling - 153 holes totaling
as down hole gamma sondes, or handheld 731 m. 3 cm diameter core- (nominal
XRF instruments, etc). These examples AQ). Only tested
should not be the non-rocky laterite.
taken as limiting the broad meaning of o Diamond core- (2003-2008 and
sampling. 2014-201 5)161 holes totaling 3174.2
-- Include reference to measures taken m. HQ or NQ core.
to ensure sample representivity and o Tungsten carbide coring (2010-2011)-
the appropriate 297 holes totaling 1745.8 m. Only
calibration of any measurement tools tested the non-rocky
or systems used. laterite.
-- Aspects of the determination of o Auger core (2014-2015)- 125 holes
mineralisation that are Material to totaling 944.5 m. Only tested the
the Public Report. non-rocky laterite.
-- In cases where 'industry standard' -- The drill methods were chosen to
work has been done this would be provide a sample of the friable
relatively simple (eg laterite that was relatively
'reverse circulation drilling was used undisturbed.
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 -- This Mineral Resource Estimate is
circulation, open-hole hammer, rotary based on results diamond core drilling
air blast, auger, Bangka, (2003 - 2008),
sonic, etc) and details (eg core tungsten carbide-tipped core drilling
diameter, triple or standard tube, (2010-2011), and (2014-2015) diamond
depth of diamond tails, core and custom
face-sampling bit or other type, auger core drilling. All holes are
whether core is oriented and if so, by vertical.
what method, etc).
Drill sample recovery -- Method of recording and assessing -- As the core is recovered from the
core and chip sample recoveries and triple tube (NQ3), core recoveries are
results assessed. typically very
-- Measures taken to maximise sample good. The recoveries were logged and
recovery and ensure representative recorded in the database.
nature of the samples. -- Core is recovered from the triple
-- Whether a relationship exists tube (NQ3) drilling to ensure good
between sample recovery and grade and recovery.
whether sample bias -- Overall recoveries are>90% and
may have occurred due to preferential there are no significant sample
loss/gain of fine/coarse material. recovery problems.
Logging -- Whether core and chip samples have -- Logging of the core recorded
been geologically and geotechnically lithology, mineralogy, weathering,
logged to a level colour and other features
of detail to support appropriate of the samples. The core from each
Mineral Resource estimation, mining core run were placed in plastic core
studies and metallurgical trays for logging
studies. and photographed, then sampled.
-- Whether logging is qualitative or Geotechnical logging was not conducted
quantitative in nature. Core (or for mineralization purposes as there
costean, channel, etc) is no structural
photography. control to the mineralization.
-- The total length and percentage of -- The logging is both qualitative and
the relevant intersections logged. quantitative in nature including
records of lithology,
(ore layer type), mineralogy,
textures, oxidation state and colour.
Visual estimates of percentages
of key minerals associated with nickel
mineralization and their appearance
and percent volume
of rock in diamond core samples of the
rocky saprolite. All core was
photographed. 31 pits
were also dug and sampled as
supporting evidence but not used in
the Resource estimation.
-- All holes drilled were logged.
Sub-sampling techniques and sample -- If core, whether cut or sawn and -- Core samples were collected from
preparation whether quarter, half or all core half core, on typical 1 metre lengths
taken. through the laterite
-- If non-core, whether riffled, tube profile.
sampled, rotary split, etc and whether -- No non-core samples were taken.
sampled wet or -- The samples were submitted to
dry. Intertek Laboratory in Lae, Papua New
-- For all sample types, the nature, Guinea (PNG) for preparation.
quality, and appropriateness of the All samples received were weighed and
sample preparation wet weight recorded, then dried at
technique. 105degC for at least
-- Quality control procedures adopted 16 hours. Samples were then crushed
for all sub-sampling stages to with 95% passing -2 mm. Crushed
maximise representivity samples were then riffle
of samples. split, with a split taken for fine
-- Measures taken to ensure that the pulverising to 95% passing -200 <MU>
sampling is representative of the in m, with the remainder
situ material collected, retained as coarse residue. For
including for instance results for samples of less than 1.5 kg, no coarse
field duplicate/second-half sampling. residue was retained.
-- Whether sample sizes are The pulverised (pulp) samples were
appropriate to the grain size of the forwarded to Intertek Laboratory in
material being sampled. Jakarta, Indonesia
for assay of Ni, Co, Al(2) O(3) , CaO,
Cr(2) O(3) , Fe(2) O(3) , K(2) O, LOI,
MgO, MnO, Na(2)
O, P(2) O(5) , SiO(2) and LOI by
fusion XRF. The sample preparation
technique is considered
appropriate for the style of
mineralisation under consideration.
-- Certified reference materials were
used at a rate of 1 standard per 20
samples and a field
duplicate is collected from the
unsampled half core for every second
hole.
-- The bulk of the laterite is made of
silt to clay size particle so sample
size is appropriate
for the granularity of the sampled
target mineral.
Quality of assay data and laboratory -- The nature, quality and -- The core samples were sent to
tests appropriateness of the assaying and Intertek in Lae for sample
laboratory procedures used preparation, with the pulps being
and whether the technique is sent to Intertek Jakarta for fusion
considered partial or total. XRF analysis for Ni, Co, Al(2) O(3) ,
-- For geophysical tools, CaO, Cr(2) O(3)
spectrometers, handheld XRF , Fe(2) O(3) , K(2) O, LOI, MgO, MnO,
instruments, etc, the parameters used Na(2) O, P(2) O(5) , SiO(2) and LOI.
in determining the analysis including This method is
instrument make and model, reading considered a total assay.
times, calibrations -- No portable XRF machines were used
factors applied and their derivation, to determine any element
etc. concentrations used in the
-- Nature of quality control grade determinations.
procedures adopted (eg standards, -- Sample preparation checks for
blanks, duplicates, external fineness were carried out by the
laboratory checks) and whether laboratory as part of their
acceptable levels of accuracy (ie lack internal procedures to ensure the
of bias) and precision grind size of 85% passing 75 micron
have been established. was being attained.
-- Laboratory QAQC involves the use of
internal lab standards using certified
reference material,
blanks, splits, and replicates as part
of the in-house procedures.
-- Certified reference materials were
used in the 2014-2015 drilling
program, with a certified
standard added to every second hole.
-- Field duplicate samples were
submitted from alternate holes.
Verification of sampling and assaying -- The verification of significant -- No verification was carried out.
intersections by either independent or -- In 2010 - 2011, a second twin hole
alternative company was drilled within one metre of the
personnel. original hole for
-- The use of twinned holes. every fourth or fifth hole drilled.
-- Documentation of primary data, data These samples were sent to Ultratrace
entry procedures, data verification, Laboratories for
data storage (physical fusion XRF analysis. Comparison of the
and electronic) protocols. twin hole data was used to estimate
-- Discuss any adjustment to assay short range variance
data. (0.52).
-- Logging data was collected using a
set of standard paper logging sheets
which were entered
into Maxwell's Logchief logging
software.
-- The information was sent to Mr M
Hill in the Perth office for
validation and forwarded
to Maxwell's for importing into the
Datashed Database.
-- There was no adjustment to any
assay data.
Location of data points -- Accuracy and quality of surveys -- Diamond holes from both the 2003 -
used to locate drill holes (collar and 2004 and 2007 drilling programs were
down-hole surveys), surveyed by Arman
trenches, mine workings and other Larmer Surveys Ltd Consulting
locations used in Mineral Resource Surveyors (PNG) using a Wild 805 Total
estimation. Station, traversing from
-- Specification of the grid system survey control stations which were
used. located using an Omnistar DGPS with a
-- Quality and adequacy of topographic reported accuracy
control. of +/- 0.1 metres.
Drill holes in 2008, 2010, 2011 and
2014 were surveyed by a handheld GPS.
Horizontal accuracy
is estimated to be +/- 5 meters.
-- All spatial data is recorded in
AMG84, zone 55
-- Topographic control is based on a
digital elevation model derived from a
LiDAR survey flown
by Digital Mapping Australia Pty Ltd
(DiMap) in April 2007.
Data spacing and distribution -- Data spacing for reporting of -- Nominal drilling spacing for most
Exploration Results. of the area is 300 metres x 200
-- Whether the data spacing and metres.
distribution is sufficient to For the areas covered by the 2014-2015
establish the degree of geological drilling the nominal drill hole
and grade continuity appropriate for spacing is 200 metres
the Mineral Resource and Ore Reserve on 100 metres spaced east - west
estimation procedure(s) lines.
and classifications applied. -- Each of the laterite layers shows
-- Whether sample compositing has been low variability and long range (100s
applied. of metres) continuity
of the economically important elements
(Ni & Co). The data spacing and
distribution is sufficient
to demonstrate spatial and grade
continuity of the mineralized horizons
to support the definition
of Inferred/Indicated Mineral
Resources under the 2012 JORC code
-- Samples were composited based on
mineralization type
(Overburden/Volcanic Ash, Limonite,
non-rocky Saprolite, and Rocky
Saprolite)
Orientation of data in relation to -- Whether the orientation of sampling -- Lateritic nickel mineralisation
geological structure achieves unbiased sampling of possible develops broadly parallel to the
structures and topographic surface and
the extent to which this is known, vertical drilling orientation is
considering the deposit type. generally unbiased.
-- If the relationship between the -- No sampling bias from drillhole
drilling orientation and the orientation is expected. The
orientation of key mineralised drillholes are vertical, with
structures is considered to have mineralisation generally horizontal
introduced a sampling bias, this and not obviously related to
should be assessed and reported structure.
if material.
Sample security -- The measures taken to ensure sample -- Chain of custody was managed by
security. RMC. Samples were stored on site and
delivered to an independent
transport company in Port Moresby, PNG
which delivered them to the assay
laboratory in Lae,
PNG the following day.
Audits or reviews -- The results of any audits or -- An independent due diligence study
reviews of sampling techniques and of the exploration procedures used on
data. the Wowo Gap nickel
laterite project was carried out by
Robin Rankin of GeoRes in April 2011.
This review concluded
the work by Niugini Nickle was well
founded and completely applicable to
good exploration
of a nickel laterite type deposit.
-- In 2015 Torridon Exploration
carried out an independent audit of
the 2014-2015 drilling
program. The review found the
exploration drilling program was
appropriate for a nickel laterite
deposit and conformed to accepted
industry practice.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure -- Type, reference name/number, -- The Wowo Gap nickel laterite
status location and ownership including project is located near Embessa in the
agreements or material issues Oro Province of Papua
with third parties such as joint New Guinea. The project is contained
ventures, partnerships, overriding within EL 1165, which is owned by
royalties, native title Niugini Nickel Limited,
interests, historical sites, a wholly owned subsidiary of Corcel
wilderness or national park and Plc, a UK company listed on the
environmental settings. Alternative Investment
-- The security of the tenure held at Market of the London Stock Exchange.
the time of reporting along with any Royalties payable on gross revenues
known impediments are expected to be
to obtaining a licence to operate in 1% PNG government. There are no native
the area. title, historical, national park, or
other impediments.
-- The tenement is currently in good
standing pending renewal.
Exploration done by other parties -- Acknowledgment and appraisal of -- Nickel laterite mineralization in
exploration by other parties. the area around Wowo Gap was first
reported by the BMR
in 1958. Auger samples of breccia
assayed up 1.3% Ni,
Geology -- Deposit type, geological setting, The Wowo Gap mineralization is a wet
and style of mineralisation. tropical nickel laterite. In the
project area an east
dipping lateritic profile has
developed over the underlying
ultramafics. The complete lateritic
profile is preserved, with partial
truncation associated with recent
drainage systems. The
depth of weathering varies according
to rock type and the degree of
brecciation. The lateritic
profile is typically 10 to 15 metres
thick, occasionally more than 30
metres above the Sivai
Breccia.
The laterite profile is typically 10m
to 18m thick and composed of an upper
iron-rich saprolite
horizon (referred to as limonite) with
high a (>40%) to very high (>60%)
Fe(2) O(3) content
but relatively low (<6%) MgO. It is
the limonite horizon that contains
enriched levels of
cobalt, chromium and manganese values.
Beneath the limonite is MgO-rich (>6 -
40%) earthy
saprolite (referred to as saprolite)
horizon with relatively low (<40%)
Fe(2) O(3) content.
Below this in the regolith profile is
the rocky saprolite (saprock), clearly
identifiable
because of corestones of partially
weathered ultramafic bedrock.
Drill hole Information -- A summary of all information -- All the drill holes used for this
material to the understanding of the Resource estimate were completed prior
exploration results including to the end of
a tabulation of the following 2015. Details for those holes were
information for all Material drill reported in ASX announcements that can
holes: be found on the
o easting and northing of the drill Resource Mining Corporation website
hole collar (https://resmin.com.au/investor-centre
o elevation or RL (Reduced Level - /asx-announcements/)
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 methods -- In reporting Exploration Results, -- Only Mineral Resources are being
weighting averaging techniques, reported. As no exploration results
maximum and/or minimum are being reported,
grade truncations (eg cutting of high this section is not considered
grades) and cut-off grades are usually applicable.
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 mineralisation -- These relationships are -- Only Mineral Resources are being
widths and intercept lengths particularly important in the reported. As no exploration results
reporting of Exploration Results. are being reported,
-- If the geometry of the this section is not considered
mineralisation with respect to the applicable.
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 -- Only Mineral Resources are being
scales) and tabulations of intercepts reported. As no exploration results
should be included are being reported,
for any significant discovery being this section is not considered
reported These should include, but not applicable.
be limited to a
plan view of drill hole collar
locations and appropriate sectional
views.
Balanced reporting -- Where comprehensive reporting of -- Only Mineral Resources are being
all Exploration Results is not reported. As no exploration results
practicable, representative are being reported,
reporting of both low and high grades this section is not considered
and/or widths should be practiced to applicable.
avoid misleading
reporting of Exploration Results.
Other substantive exploration data -- Other exploration data, if -- Only Mineral Resources are being
meaningful and material, should be reported. As no exploration results
reported including (but not are being reported,
limited to): geological observations; this section is not considered
geophysical survey results; applicable.
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 -- The portion of the Mineral Resource
further work (eg tests for lateral corresponding to the area of the 2014
extensions or depth GPR cover meets
extensions or large-scale step-out many but not all of the criteria to be
drilling). classified as Measured. Some
-- Diagrams clearly highlighting the additional drilling, bulk
areas of possible extensions, density sampling, further QAQC work
including the main geological and further resource modelling
interpretations and future drilling subdividing the laterite
areas, provided this information is into limonite and saprolite layers may
not commercially sensitive. be sufficient to allow this portion of
the Resource
to be reclassified
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 -- Measures taken to -- Logging data was collected using a set of standard paper logging sheets which were entered
integrity ensure that data has into Maxwell's Logchief logging software.
not been corrupted by, -- The information was sent to Mr M Hill in the Perth office for validation and forwarded
for example, to Maxwell's for importing into the Datashed Database.
transcription -- The WoWo drilling data was provided in a Microsoft Access database. Ground Penetrating
or keying errors, Radar (GPR) surveys (2007 and 2014) and topographic data (LiDAR) were provided in CSV format.
between its initial -- A range of basic checks were performed by H&SC prior to the resource estimates to ensure
collection and its use data consistency, including, but not limited to, checks for From-To interval errors, missing
for Mineral Resource or duplicate collar surveys, excessive down hole deviation, and extreme or unusual assay values.
estimation -- A range of drilling methods have been used at WoWo and incorporated into the resource modelling: Hole Type total Year_min Year_max
purposes. (m)
-- Data validation pit 253 1971 2004
procedures used. diamond 3,174 1972 2015
drill Hole
wacker 731 1999 2008
auger 2,901 2010 2015
-- Independent consultant Larry Queen conducted a review of the various drilling and sample
types to confirm that they are suitable to form the basis of the Mineral Resource Estimates
(MREs).
Site visits -- Comment on any site -- No site visits have been made by the Competent Persons for this report as until recently,
visits undertaken by access to the area has been impossible due to COVID19 travel restrictions. However, Mr. Queen
the Competent Person has over 30 years of experience in PNG and has served as Competent Person for the similar
and the outcome of Ramu Nickel Laterite and the Sewa Bay Nickel Laterite. Mr Queen has reviewed all the documentation
those from the previous work and is confident Wowo Gap is broadly similar to other tropical laterites
visits. in PNG.
-- If no site visits
have been undertaken
indicate why this is
the case.
Geological -- Confidence in (or -- The grade and lithological interpretation forms the basis for the modelling. Grades have
interpretation conversely, the all been estimated constrained within the lateritic layers (rock types).
uncertainty of ) the -- Based on experience at other nickel laterites in PNG and the drill log and geochemical
geological interpretation there is strong confidence in the geological interpretation of the lateritic
interpretation of the layers (rock types) of the deposit. The upper layers, especially the limonite layer, are usually
mineral deposit. continuous, with the absence of the limonite layer always due to erosion especially around
-- Nature of the data the incised streams. The grades including cobalt, are usually continuous and show little lateral
used and of any variability.
assumptions made. -- Core recording, sample analysis and ground penetrating radar (GPR) were applied to interpret
-- The effect, if any, the geological domains of deposit. The overburden/limonite boundary was created using grade
of alternative composites based on aluminium and nickel percentage. Samples with greater than 20% Al(2) O(3)
interpretations on were classified limonite. GPR data was used to define of the bottom of limonite/saprolite
Mineral Resource top of rocky saprolite.
estimation. -- The Wowo Gap deposit has been the subject of several previous resource estimates, the most
-- The use of geology recent dated December 2011 (
in guiding and https://resmin.com.au/wp-content/uploads/docs/asx_announcements/2011/20111214%20Wowo%20Gap%20Resource%20Upgrade.pdf
controlling Mineral ). All the resource models have been similar (i.e. the laterite occurs as a layer-cake like
Resource estimation. deposit that drapes over the topography.) and vary mostly in the amount of supporting data
-- The factors (drill holes and GPR)
affecting continuity -- The GPR data was used to interpret and define a bottom of Limonite-non rocky Saprolite
both of grade and and a bottom of rocky Saprolite surface. In the stream incised areas where there was little,
geology. or no GPR data low laterite thicknesses were used as defaults. This was done as it was assumed
the laterite profile would be largely removed along the streams.
-- The logged lithology and the geochemistry was also used to define the zone of Quaternary
overburden (mainly volcanic ash, "Qva"), the logged zone of limonite-non rocky saprolite and
rocky saprolite.
-- The Qva zone was used to define the bottom of overburden. Thus three geological zones/layers
were defined, overburden (Qva), limonite-non rocky saprolite and rocky saprolite which in
turn were used to guide and control the mineral resource estimate.
-- The interpreted overburden/Qva thickness ranges between 0 and 10m and averages 0.5m, the
limonite-non rocky saprolite between 0 and 23m and averages 3m, and the rocky saprolite between
0 and 20m and averages 3.8m
Dimensions -- The extent and -- The drilled laterite covers an area of 8700 metres N-S by 3300 to 4000 meters E-S. The
variability of the average thickness of the laterite above the rocky saprolite is roughly 7 metres with maximum
Mineral Resource thickness of 19 metres
expressed as length
(along strike or
otherwise), plan width,
and depth below surface
to the upper and lower
limits of the Mineral
Resource.
Estimation and -- The nature and -- Nickel and cobalt grades were estimated with using the ordinary kriging (OK) estimation
modelling appropriateness of the technique in Micromine software. Samples from each hole were used and composited to the full
techniques estimation technique(s) width of the layer, making 1 composite per layer for each of the three layer; the mineralised
applied and key domains were limited to the three interpreted geological layers as noted above. The grade
assumptions, distributions for nickel and cobalt are not strongly skewed so OK was an appropriate estimation
including treatment of method; there are no extreme values requiring grade cutting.
extreme grade values, The three layers were estimated separately, i.e., with hard boundaries.
domaining,
interpolation A two pass search strategy was used for OK estimation: axis axis axis min min
parameters and maximum Search 1 2 3 max samples total hole
distance of radians radians radians
extrapolation from data (m) (m) (m) per quadrant samples count
points. If a computer 1 40 1000 1000 6 4 4
assisted estimation 2 40 1200 1200 6 4 4
method was chosen
include a description
of computer software -- The block model was setup as a 'grade thickness model' where both grade and thickness are
and parameters used. estimated for each of the 3 layers. Due to the steep and widely undulating terrain, the block
-- The availability of model and input grade and thickness data from drilled was 'flattened' to a common dummy RL.
check estimates, This allowed a common search orientation to be used during the OK estimation routine.
previous estimates -- The orientation of the search ellipsoid and variogram models was isotropic in the horizontal
and/or mine production plane of the flattened block model.
records -- The maximum extrapolation distance would be close to the maximum search radii of 900m.
and whether the Mineral -- There is a previous estimate (Ravensgate, 2011) that is broadly compatible with the current
Resource estimate takes MREs, but substantial differences in the interpretation and modelling of mineralisation, as
appropriate account of well as additional drilling and more extensive and more detailed GPR technique, make detailed
such data. comparisons to the 2011 MRE meaningless. The current MREs take appropriate account of previous
-- The assumptions made estimates, while acknowledging substantial differences in methodology and data. H&SC also
regarding recovery of ran a non-grade thickness model, still using OK, but with set block heights and on a block
by-products. fraction basis. This block definition is more common in gold or base metal models. The overall
-- Estimation of results of the check model were closely comparable and gives confidence in the grade- thickness
deleterious elements or methodology.
other non-grade -- The deposits remain unmined so there are no production records for comparison.
variables of economic -- Only nickel and cobalt were estimated, so no potential by-products or deleterious elements
significance were assessed; consequently, no assumptions are made regarding the correlation of variables.
(eg sulphur for acid -- Dry bulk density was assigned by geological layer zone, based on average values for available
mine drainage measurements quoted by Ravensgate (2011)
characterisation). -- The block size for the model is a constant 10x10 in Easting and Northing with a variable
-- In the case of block block height for each of the 3 geological layers. In this way the block model is three blocks
model interpolation, high at each 10x10 cell. A 10x10 cell size was chosen as this considers the steep and undulating
the block size in terrain, thus largely avoiding the need for block proportions or sub-blocking.
relation to -- The new model was validated in several ways - visual comparison of block and drill hole
-- the average sample grades, statistical analysis (summary statistics), examination of grade-tonnage data, and
spacing and the search comparison with previous estimates and the check model.
employed. -- Average estimated grades are lower than average composite grades, reflecting clustering
-- Any assumptions in the drill hole data and slightly skewed grade distributions.
behind modelling of -- All the validation checks suggest that the grade estimates are reasonable when compared
selective mining units. to the composite grades, allowing for data clustering.
-- 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 -- Whether the tonnages -- All tonnes reported in the Mineral Resource are
are estimated on a dry estimated on a dry basis.
basis or with natural
moisture, and the The moisture and dry bulk density were measured using a cylinder of core. The volume of the
method sample was determined by measuring the length and diameter of the sample. The wet sample is
of determination of the weighed first, the sample is then dried in a drying oven under a constant temperature of 105degC,
moisture content. and then the dry weight is determined. Moisture is given by (Wet Weight - Dry Weight)/Wet
Weight). The average moisture content was 39%
Cut-off -- The basis of the -- A nominal cut-off grade of 0.7% Ni has been applied, based on similar open-pit operations.
parameters adopted cut-off
grade(s) or quality
parameters applied.
Mining factors -- Assumptions made -- The large, relatively flat and shallow nature of this type of deposit dictates any mining
or assumptions regarding possible would be by open pit methods. It has been assumed that the full strike length, width and depth
mining methods, minimum of the modelled mineralisation above the 0.7% Ni cut-off can be economically mined.
mining dimensions and
internal
(or, if 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 -- The basis for -- Some information relating to nickel recovery from the 'saprolite',
factors or assumptions or material is known as some of this material has been processed and undergone preliminary test
assumptions predictions regarding work. Similar test work is required to be carried out for each of the project areas. At this
metallurgical stage of the project no overall recoveries have been assumed for all the Wowo Gap Project
amenability. It is Area deposits.
always -- For resource modelling no assumptions were made about process methods or nickel recovery.
necessary as part of
the process of
determining reasonable
prospects for eventual
economic
extraction to consider
potential metallurgical
methods, but the
assumptions regarding
metallurgical
treatment processes and
parameters made when
reporting Mineral
Resources may not
always be
rigorous. Where this is
the case, this should
be reported with an
explanation of the
basis
of the metallurgical
assumptions made.
Environmen-tal -- Assumptions made -- The current proposal is to produce a bulk product suitable for smelting that will be transported
factors or regarding possible offsite for processing. It has
assumptions waste and process been assumed that mine waste will be relatively low in total volume and comprise the 1 m to
residue disposal 5 m soil and volcanic ash overburden layer. This material is likely to be used for rehabilitation
options. It is always purposes after mining is complete. Low-grade material, mostly limonitic in composition, may
necessary as part of be stockpiled, in mined-out areas.
the process of
determining reasonable
prospects for eventual
economic
extraction to consider
the potential
environmental impacts
of the mining and
processing operation.
While at this stage the
determination of
potential environmental
impacts, particularly
for
a greenfields project,
may not always be well
advanced, the status of
early consideration
of these potential
environmental impacts
should be reported.
Where these aspects
have not
been considered this
should be reported with
an explanation of the
environmental
assumptions
made.
Bulk density -- Whether assumed or -- Density data was adopted from the Ravensgate 2011 report as it appears this is the only
determined. If assumed, source of determined density information. In their report they indicate the representative
the basis for the and preferred in-situ bulk density for resource modelling is 1.0 t/m3 for the "clay profile"
assumptions. If (limonite-saprolite layer), and 2,0 t/m3 for the rocky Saprolite profile.
determined,
the method used, Queen & H&SC have, based on their experience, used an assumed default density 0.9 t/m3 for
whether wet or dry, the the volcanic ash. This assumed density is unlikely to have a large impact on the overall MRE
frequency of the tonnage as the volcanic ash layer has less overall volume compared to the other layers and
measurements, the does not contribute tonnage at cut-off grades above about 0.7% Ni.
nature, size and
representativeness of
the samples.
-- 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 -- Resource classification is based on both the overall footprint of the GPR coverage and
classification of the drilling. A polygon that encompasses this was used to flag the block model as follows:
Mineral Resources into -- any Qva or Limonite-Saprolite blocks within it are classified as Indicated.
varying confidence -- Rocky saprolite blocks classified as Inferred regardless of the polygon.
categories. -- any blocks outside of classification polygon are Inferred
-- Whether appropriate -- This classification scheme is considered to take appropriate account of all relevant factors,
account has been taken including the relative confidence in tonnage and grade estimates, confidence in the continuity
of all relevant factors of geology and metal values, and the quality, quantity and distribution of the drilling and
(ie relative confidence GPR data
in tonnage/grade -- The classification appropriately reflects the Competent Person's view of the deposit.
estimations,
reliability of input
data, confidence in
continuity of geology
and metal values,
quality, quantity and
distribution of the
data).
-- Whether the result
appropriately reflects
the Competent Person's
view of the deposit.
Audits or -- The results of any -- The current model has not been audited by an independent third party
reviews audits or reviews of -- This Mineral Resource estimate has been reviewed by Queen and H&SC personnel and the resource
Mineral Resource report was internally peer reviewed by H&SC. No material issues were identified because of
estimates. these reviews.
Discussion of -- Where appropriate a -- The relative accuracy and confidence level in the Mineral Resource estimates are in line
relative statement of the with the generally accepted accuracy and confidence of the nominated JORC Mineral Resource
accuracy/ relative accuracy and categories. This has been determined on a qualitative, rather than quantitative, basis, and
confidence confidence level in the is based on the estimator's experience with similar deposits elsewhere. The main factors that
Mineral affect the relative accuracy and confidence of the estimate are the drill hole spacing, the
Resource estimate using style of mineralisation and bulk density measurements.
an approach or -- The estimates are local, in the sense that they are localised to model blocks of a size
procedure deemed considered appropriate for local grade estimation. The tonnages relevant to technical and
appropriate by the economic analysis are those classified as Indicated Mineral Resources.
Competent Person. -- This deposit remains unmined so there are no production records for comparison.
For example, the
application of
statistical or
geostatistical
procedures to quantify
the relative
accuracy of the
resource within stated
confidence limits, or,
if such an approach is
not deemed
appropriate, a
qualitative discussion
of the factors that
could affect the
relative accuracy
and confidence of the
estimate.
-- The statement should
specify 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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