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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 1.20 | 1.30 | 1.25 | 1.25 | 1.25 | 246,609 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.58 | 3.48M |
TIDMTHR
RNS Number : 4223X
Thor Energy PLC
26 April 2023
26 April 2023
Thor Energy Plc
("Thor" or the "Company")
High-grade Rare Earth Discovery within IOCG Copper Project
Alford East Copper-Gold Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce new Rare Earth Element (REE) drill results from a review of the previously announced 2021 Copper and Gold drilling at the Alford East Project, South Australia (SA).
Highlights:
-- Significant REE drill intercepts (>500ppm TREO1) include:
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from 6.3m, including 11.8m @ 2095 ppm (0.21%) TREO and 1.22% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m
including 2m @ 5042ppm (0.5%) TREO from 47m o 21AED002: 11.6m @ 1699ppm (0.17% ) TREO and 0.26% Cu from 30.4m including 6.1m @ 2262ppm (0.22%) TREO from 34.0m o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and 0.1% Cu from 81m,
including 1.7m @ 3139ppm (0.31%) TRE0 from 84.3m o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from 42.8m, including 1.4m @ 2274ppm (0.23%) TREO from 35m o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m including 1.0m @ 2213ppm (0.22%) TREO from 19m
-- A REE review has revealed that eight out of nine of the 2021 diamond drill holes intersected wide zones of highly enriched REE's in kaolin altered, copper rich oxide zones of IOCG style mineralisation.
-- Mineralisation is open over a 5km trend as none of the remaining historical drilling at Alford East, to the best of the companies knowledge , has ever been assayed for REE's.
-- A full geochemical review of the historic drilling is now underway to access the lateral extent of the REE potential within the Alford Copper Belt , to generate drill targets and to fully assess the economic potential of this discovery.
-- The kaolin association may represent an ionic style of REE mineralisation, a highly valuable REE deposit class, often characterised by favourable low-cost metallurgical recovery compared with many other types of REE deposits.
-- Magnetic component (MREO) content of TREO up to 34%, see Table A.
-- Alford East is strategically located approximately 150km northwest of Adelaide.
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"I am absolutely delighted to report these thick zones of shallow, high-grade REE intercepts, found to be associated with oxide copper-gold mineralisation at the Alford East Project.
" This batch of results compares very favourably in terms of depth, thickness and grade to its peer group in the fledgling Australian REE sector.
" Importantly , this discovery has significant potential to be a large deposit based on the 5km lateral extent of the north-south trending, structurally controlled troughs hosting IOCG mineralisation . It is promising that aside from the nine 2021 diamond drill holes reported today, none of the other historic drilling at Alford East is known to have ever been assayed for REE content.
" Priority drill programme design is underway in conjunction with detailed geochemical reviews of the historic drilling, along with further studies on the nature of the REE mineralisation encountered to date."
Figure 1: Alford East Location Map showing the lateral extent of the Alford Copper Belt.
Rare Earth Element Drill Results
A review of the Alford East Project geochemical data, in particular, the drilling results from Thor's 2021 maiden drilling program (ASX/AIM: 22 February 2022), highlighted shallow high-grade REE results associated with the oxide copper-gold mineralisation (Figure 2- 5, Table A).
These wide zones of enriched REE occur in kaolin altered, oxide zones of IOCG-style mineralisation (Figure 3-5).
Three drill hole cross-sections (Figure 3 - 5) illustrate the REE mineralisation with the copper intercepts within the Mineral Resource Estimate (MRE) AE-5 area (Figure 2), where Thor in 2021 drilled 9 HQ diamond drillholes whilst targeting oxide copper mineralisation. The proximity to the key structure on the eastern side of the sections suggests the REE mineralisation is structurally controlled and associated with significant metasomatic alteration and deep weathering or kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE mineralisation, a highly valuable REE deposit class, often characterised by favourable low-cost metallurgical recovery compared with many other types of REE deposits.
This zone of oxide mineralisation lies in the Alford Copper Belt, which in this area, is a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within unweathered metamorphic units, on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA. A recently completed Ambient Noise Tomography (ANT) survey over the adjacent Alford West project successfully delineated the boundaries of the structures in that area (ASX/AIM: 17 April 2023) (Figure 1).
Next Steps:
Continue to review the geochemical REE data, with selected samples submitted to the Bureau Veritas laboratory for analysis, for a supplementary REE package; along with mineralogy and preliminary metallurgical work to determine the potential ionic nature of the REE.
Figure 2: Alford East Inferred Minerals Resource Domains (left) and 2021 Drill Collar Map (right)
Figure 3: Cross Section 6256360mN showing REE (TREO) intercepts with copper mineralisation.
Note - Historic holes "unassayed" have not known to have been assayed yet for REE's
Figure 4: Cross Section 6256440mN showing REE (TREO) intercepts with copper mineralisation.
Figure 5: Cross Section 6256600mN showing REE (TREO) intercepts with copper mineralisation.
Table A: Significant REE Drill results - TREO =Total Rare Earth Oxides (>500ppm)
From To Interval TREO MREO ppm MREO Cu Drillhole (m) (m) (m) % TREO ppm % % 21AEDD001 17.4 25 7.6 0.06 624 156 25 0.09 ----- ------ --------- ----- --------- --------- ----- ----- and 55 58.7 3.7 0.07 675 139 20 0.05 ----- ------ --------- ----- --------- --------- ----- ----- and 91.4 108.2 16.8 0.17 1721 248 14 0.48 ----- ------ --------- ----- --------- --------- ----- ----- Including 106 107 1 0.52 5184 729 14 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD002 30.4 42 11.6 0.17 1699 583 34 0.26 ----- ------ --------- ----- --------- --------- ----- ----- Including 34.0 40.1 6.1 0.20 2262 742 33 0.28 ----- ------ --------- ----- --------- --------- ----- ----- and 50.2 53.3 3.1 0.12 1167 259 22 0.16 ----- ------ --------- ----- --------- --------- ----- ----- and 65.5 75.3 8.8 0.07 749 146 19 0.33 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD003 19.3 42.3 22.6 0.05 504 92 18 0.14 ----- ------ --------- ----- --------- --------- ----- ----- including 28.6 33.4 4.8 0.11 1068 239 22 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD004 10.1 11.7 1.6 0.24 2412 680 28 0.23 ----- ------ --------- ----- --------- --------- ----- ----- and 28 36.4 8.4 0.08 835 183 22 0.65 ----- ------ --------- ----- --------- --------- ----- ----- including 35 36.4 1.4 0.23 2274 482 21 ----- ------ --------- ----- --------- --------- ----- ----- and 42.8 55.9 13.1 0.13 1366 273 20 0.45 ----- ------ --------- ----- --------- --------- ----- ----- including 44 45.4 1.4 0.19 1906 414 22 0.74 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD005 6.3 43 36.7 0.16 1568 399 25 1.19 ----- ------ --------- ----- --------- --------- ----- ----- Including 10 21.8 11.8 0.21 2095 512 24 1.22 ----- ------ --------- ----- --------- --------- ----- ----- and 47 58 11 0.21 2088 467 22 0.8 ----- ------ --------- ----- --------- --------- ----- ----- Including 47 59 2 0.50 5042 915 18 1.64 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD006 18 47 29 0.10 959 222 23 0.07 ----- ------ --------- ----- --------- --------- ----- ----- Including 25.2 26.5 1.3 0.25 2484 175 7 0.06 ----- ------ --------- ----- --------- --------- ----- ----- and 52 60.6 8.6 0.07 691 107 15 0.09 ----- ------ --------- ----- --------- --------- ----- ----- and 81 87.1 6.1 0.11 1171 280 24 0.09 ----- ------ --------- ----- --------- --------- ----- ----- including 84.3 86 1.7 0.31 3139 755 24 0.18
----- ------ --------- ----- --------- --------- ----- ----- 21AEDD007 13 28 15 0.1 961 272 28 0.12 ----- ------ --------- ----- --------- --------- ----- ----- including 19 20 1 0.22 2213 700 32 ----- ------ --------- ----- --------- --------- ----- ----- and 33 40 7 0.1 1009 178 18 0.1 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD008 7.8 10.6 2.8 0.08 864 198 23 0.15 ----- ------ --------- ----- --------- --------- ----- ----- 21AEDD009 NS ----- ------ --------- ----- --------- --------- ----- -----
-- NS- Not significant
-- TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) + Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
-- MREO = (Magnetic Rare Earth Oxides) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3
Table B: Drill Collar Locations
Hole EOH Depth East North RL Dip Azimuth ID 21AED001 156.17 763,727.91 6,256,359.35 48.69 -90(0) 360(0) ---------- ----------- ------------- ------ ------- -------- 21AED002 98.85 763,908.67 6,256,599.18 48.35 -70(0) 90(0) ---------- ----------- ------------- ------ ------- -------- 21AED003 93.20 763,680.15 6,256,359.62 48.39 -90(0) 360(0) ---------- ----------- ------------- ------ ------- -------- 21AED004 71.95 763,849.71 6,256,442.33 46.84 -90(0) 360(0) ---------- ----------- ------------- ------ ------- -------- 21AED005 96.47 763,799.52 6,256,358.84 47.91 -70(0) 90(0) ---------- ----------- ------------- ------ ------- -------- 21AED006 135.4 763,988.83 6,256,682.88 44.71 -90(0) 360(0) ---------- ----------- ------------- ------ ------- -------- 21AED007 115.2 763,883.93 6,256,600.85 48.09 -90(0) 360(0) ---------- ----------- ------------- ------ ------- -------- 21AED008 77.8 763,739.04 6,256,274.50 47.67 -70(0) 90(0) ---------- ----------- ------------- ------ ------- -------- 21AED009 32.63 763,812.14 6,256,205.90 46.10 -90(0) 360(0) ---------- ----------- ------------- ------ ------- --------
Alford East Project Background
The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (Figure 1) (ASX/AIM: 20 November 2020).
The Alford East Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford Copper Belt is a semi-coherent zone of copper-gold oxide mineralisation, within a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within metamorphic units on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA.
Thor completed an inferred Mineral Resource Estimate (MRE) by utilising historic drill hole information. Table C - (ASX/AIM: 27 January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper -- 71, 500oz of contained gold
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
Table C: Alford East Mineral Resource Estimate as of 22 January 2021- Figure 2 ( (ASX/AIM: 27 January 2021) .
Domain Tonnes Cu % Au g/t Contained Contained Au (Mt) Cu (t) (oz) AE_1 24.6 0.12 0.021 30,000 16,000 ------- ----- ------- ---------- ------------- AE_2 6.8 0.13 0.004 9,000 1,000 ------- ----- ------- ---------- ------------- AE_3 34.9 0.09 0.022 33,000 25,000 ------- ----- ------- ---------- ------------- AE_4 8.0 0.11 0.016 8,000 4,000 ------- ----- ------- ---------- ------------- AE_5 11.0 0.22 0.030 24,000 11,000 ------- ----- ------- ---------- ------------- AE-8 (NP) 31.3 0.19 0.008 61,000 8,000 ------- ----- ------- ---------- ------------- AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000 ------- ----- ------- ---------- ------------- AE-6 (LW_W) 1.3 0.13 0.011 2,000 500 ------- ----- ------- ---------- ------------- Total 125.6 0.14 0.018 177,000 71,500 ------- ----- ------- ---------- -------------
Note: MRE reported on oxide material only, at a cut-off grade of 0.05% copper which is consistent with the assumed In-Situ Recovery technique.
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information, please contact:
Thor Energy Plc Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 Ray Ridge, CFO / Company Secretary 1935 Tel: +61 (8) 7324 1935 WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 and Joint Broker) 220 1666 Antonio Bossi / Darshan Patel SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500 Nick Emerson Yellow Jersey (Financial PR) thor@yellowjerseypr.com Sarah Hollins / Shivantha Thambirajah Tel: +44 (0) 20 3004 / Bessie Elliot 9512
Competent Person's Report
The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Energy PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
Updates on the Company's activities are regularly posted on Thor's website https://thorenergyplc.com which includes a facility to register to receive these updates by email, and on the Company's twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are crucial in the shift to a 'green' energy economy. Thor has a number of highly prospective projects that give shareholders exposure to uranium, nickel, copper, lithium and gold. Our projects are located in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell, Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA with historical high-grade uranium and vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80% interest in oxide copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate(1). Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020. Thor executed a A$8m Farm-in and Funding Agreement with Investigator Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project on 24 November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits. Thor's interest in the Bonya tenement EL29701 is planned to be divested as part of the Farm-in and Funding agreement with Investigator Resources Limited.(6)
Notes
(1) https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2) www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3) www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4) https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5) www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6) https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
1 JORC Code, 2012 Edition - Table 1 report template
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary Sampling Diamond drilling program techniques * Nature and quality of sampling (eg cut channels, with half core sampled random chips, or specific specialised industry for Au fire assay FA001 standard measurement tools appropriate to the and Aqua Regia 48 element minerals under investigation, such as down hole gamma suite AR001. Samples sondes, or handheld XRF instruments, etc). These submitted to Bureau examples should not be taken as limiting the broad Veritas (BV), SA. Standard meaning of sampling. blank and duplicate inserted every 30 samples pXRF readings taken * Include reference to measures taken to ensure sample very 0.5m down the representivity and the appropriate calibration of any hole. measurement tools or systems used. Vanta C Series 800427 XRF -40sec reading time. * Aspects of the determination of mineralisation that Instrument calibrated are Material to the Public Report. externally annually and with QA/QC at start prior to sampling and * In cases where 'industry standard' work has been done calibration disc every this would be relatively simple (eg 'reverse 30 readings circulation drilling was used to obtain 1 m samples All co-ordinates are from which 3 kg was pulverised to produce a 30 g in UTM grid (GDA94 charge for fire assay'). In other cases more Z53) and drill hole explanation may be required, such as where there is collars have been surveyed coarse gold that has inherent sampling problems. by DGPS to an accuracy Unusual commodities or mineralisation types (eg of 0.1m. Down holes submarine nodules) may warrant disclosure of detailed surveys using Truman information. with readings every 6m. Diamond samples were collected at geologically defined intervals (minimum sample length 0.1m, maximum sample length 1.5m) for all drill holes in the current program Samples are cut using an automated diamond saw and half core is submitted for analysis at Bureau Veritas, SA. The sample size is deemed appropriate for the grain size of the material being sampled. Mineralisation is determined by descriptive geological logs for diamond hole as well as the incorporation of assay results and pXRF readings -------------------------------------------------------------- -------------------------------- Drilling Diamond drilling - techniques * Drill type (eg core, reverse circulation, open-hole GMP drilling Pty Ltd. hammer, rotary air blast, auger, Bangka, sonic, etc) B&D Multi 35 Rig and details (eg core diameter, triple or standard 0-6m open hammer - tube, depth of diamond tails, face-sampling bit or transported cover sequence. other type, whether core is oriented and if so, by HQ standard tube diamond what method, etc). drilling -------------------------------------------------------------- -------------------------------- Drill Core recovery assessed sample * Method of recording and assessing core and chip and measured relative recovery sample recoveries and results assessed. to drill rod measurements into laptop computer. HQ single tube drilling * Measures taken to maximise sample recovery and ensure through weathered zone representative nature of the samples. to maximise sample recovery. The sample recovery and condition * Whether a relationship exists between sample recovery is recorded every meter. and grade and whether sample bias may have occurred Generally, core recovery due to preferential loss/gain of fine/coarse is 98-100%, but occasionally material. drops to 70% in friable clays zones due to compaction and/or broken ground. No relationship is known to exist between sample recovery and grade -------------------------------------------------------------- -------------------------------- Logging All core is qualitative * Whether core and chip samples have been geologically geologically logged and geotechnically logged to a level of detail to (lithology, structure, support appropriate Mineral Resource estimation, alteration, veining, mining studies and metallurgical studies. mineralization weathering, colour and other features of the core). * Whether logging is qualitative or quantitative in Core photography completed nature. Core (or costean, channel, etc) photography. prior to core cutting
and after Core (and intersections) * The total length and percentage of the relevant logged based on geological, intersections logged. lithological and structural boundaries. All drill samples are measured for magnetic susceptibility at 1m intervals, and XRF readings taken every 0.5m. -------------------------------------------------------------- -------------------------------- Criteria JORC Code explanation Commentary -------------------------------------------------------------- -------------------------------- Sub- sampling Half core samples submitted techniques * If core, whether cut or sawn and whether quarter, for laboratory analysis. and sample half or all core taken. Diamond core was given preparation up to two weeks to dry out, prior to cutting * If non-core, whether riffled, tube sampled, rotary and sample prep. split, etc and whether sampled wet or dry. Sampling is carried out using standard protocols and QAQC For all sample types, the nature, quality procedures as per industry and appropriateness of the sample preparation practice. technique. Field QAQC procedures * Quality control procedures adopted for all involved the use of sub-sampling stages to maximise representivity of certified standards, samples. blanks and duplicate sample submitted every 25 samples. These are * Measures taken to ensure that the sampling is routinely checked against representative of the in situ material collected, originals. including for instance results for field Handheld pXRF readings duplicate/second-half sampling. reported. pXRF readings taken on whole (HQ) core * Whether sample sizes are appropriate to the grain at 0.5m intervals prior size of the material being sampled. to cutting. Vanta Series C 40 second reading time. Instrument calibrated at start, QAQC with 2 standards and 1 blank every 30 readings. External instrument calibration completed annually. Readings taken every 0.5m down hole -------------------------------------------------------------- -------------------------------- Quality Diamond core sampled of assay * The nature, quality and appropriateness of the through potential copper data and assaying and laboratory procedures used and whether and gold zones. laboratory the technique is considered partial or total. Samples submitted to tests Bureau Veritas for 50g fire assay and * For geophysical tools, spectrometers, handheld XRF Aqua Regia multi-element instruments, etc, the parameters used in determining analysis. the analysis including instrument make and model, Internal certified reading times, calibrations factors applied and their laboratory QAQC is derivation, etc. undertaken including check samples, blanks and internal standards * Nature of quality control procedures adopted (eg Handheld pXRF readings standards, blanks, duplicates, external laboratory reported. checks) and whether acceptable levels of accuracy (ie Vanta Series C 40 second lack of bias) and precision have been established. reading time. Instrument calibrated at start, QAQC with 2 standards and 1 blank every 30 readings. External instrument calibration completed annually. Readings taken every 0.5m down hole -------------------------------------------------------------- -------------------------------- Verification All drilling data is of sampling * The verification of significant intersections by collected in a series and assaying either independent or alternative company personnel. of templates in excel including geological logging, sample information, * The use of twinned holes. collar and survey information, All data is digitally recorded in the company's * Documentation of primary data, data entry procedures, electronic database. data verification, data storage (physical and No adjustments have electronic) protocols. been made to the assay data. All significant intersections * Discuss any adjustment to assay data. have been verified by an alternative company geologist.
There are no twinned drillholes Rare earth element analyses were originally reported in elemental form but have been converted to relevant oxide concentrations as in the industry standard. TREO = La(2) O(3) + CeO(2) + Pr(6) O11 + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) + Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) -------------------------------------------------------------- -------------------------------- Location Collars picked up using of data * Accuracy and quality of surveys used to locate drill DGPS - MGA94 zone 53 points holes (collar and down-hole surveys), trenches, mine (GDA) used. Down hole workings and other locations used in Mineral Resource survey readings taken estimation. every 6m with Boart Longyear Truman multi shot camera * Specification of the grid system used. * Quality and adequacy of topographic control. -------------------------------------------------------------- -------------------------------- Data spacing Drillhole data spacing and distribution * Data spacing for reporting of Exploration Results. is considered appropriate to allow confident interpretation of exploration * Whether the data spacing and distribution is results. sufficient to establish the degree of geological and pXRF readings taken grade continuity appropriate for the Mineral Resource every 0.5m down the and Ore Reserve estimation procedure(s) and hole. No sample compositing classifications applied. has been applied * Whether sample compositing has been applied. -------------------------------------------------------------- -------------------------------- Orientation Drill holes were oriented of data * Whether the orientation of sampling achieves unbiased vertical (090 degrees) in relation sampling of possible structures and the extent to or 070 towards 090degrees to geological which this is known, considering the deposit type. which is perpendicular structure to strike of the geological trough. Orientational * If the relationship between the drilling orientation bias is not applicable and the orientation of key mineralised structures is this stage with half considered to have introduced a sampling bias, this core samples taken should be assessed and reported if material. across full mineralised zone and pXRF sampling every 0.5m downhole -------------------------------------------------------------- -------------------------------- Sample Samples were trucked security * The measures taken to ensure sample security. from Alford to Adelaide, to Challenger Geological Services for cutting and prep, prior to submission to Bureau Veritas, Adelaide for analysis. -------------------------------------------------------------- -------------------------------- Audits No formal audits have or reviews * The results of any audits or reviews of sampling been undertaken techniques and data. -------------------------------------------------------------- --------------------------------
Section 2 : Reporting of Exploration Results
Criteria JORC Code explanation Commentary Mineral Alford East project: tenement * Type, reference name/number, location and ownership * The JV area covers portions EL6255 and E6529 which and land including agreements or material issues with third are 100% owned by Spencer Metals Ltd. tenure status parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and * PML 268 lies within E6529 environmental settings. * There are no non-government royalties, historical * The security of the tenure held at the time of sites or environmental issues. reporting along with any known impediments to obtaining a licence to operate in the area. * Underlying land title is Freehold land which extinguishes native title. * All tenure in good standing. -------------------------------------------------------------- ---------------------------------------------------------- Exploration The general area of done by * Acknowledgment and appraisal of exploration by other this report has been other parties parties. explored in the past by various companies including Jododex, Uranez, North Broken Hill, MIM, Hillgrove Resources, Argonaut Resources and Sandfire Resources. Activities include AC, RC, & Diamond
drilling, and significant geophysical surveying. The Company has reviewed past exploration data generated by these companies. -------------------------------------------------------------- ---------------------------------------------------------- Geology Primary deposits in * Deposit type, geological setting and style of the region are considered mineralisation. to be of Iron Oxide Copper Gold (IOCG) affinity, related to the 1590Ma Hiltaba/GRV event. Cu-Au-Mo-Pb mineralisation is structurally controlled and associated with significant metasomatic alteration and deep weathering or kaolinisation of host rocks. Locally, the low-grade copper/gold oxide mineralisation that forms the basis for this Exploration results announcement, is hosted within variably weathered and sheared metasedimentary basement lithologies. -------------------------------------------------------------- ---------------------------------------------------------- Drill hole Drillhole information Information * A summary of all information material to the is included in report, understanding of the exploration results including a with Table B summarising tabulation of the following information for all drillhole collar information. Material drill holes: Plan and sections showing drillhole locations is included in report o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. * If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. -------------------------------------------------------------- ---------------------------------------------------------- Data Weighted averaging aggregation * In reporting Exploration Results, weighting averaging technique is used for methods techniques, maximum and/or minimum grade truncations reporting exploration (eg cutting of high grades) and cut-off grades are assay results, usually Material and should be stated. No metal equivalents are reported. * 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 -------------------------------------------------------------- ---------------------------------------------------------- Criteria JORC Code explanation Commentary -------------------------------------------------------------- ---------------------------------------------------------- Relationship The REE are associated between * These relationships are particularly important in the with the copper oxide mineralisation reporting of Exploration Results. mineralization within widths and intense clay alteration. intercept The alteration is interpreted lengths * If the geometry of the mineralisation with respect to to be similar to that the drill hole angle is known, its nature should be found in the adjacent reported. Alford West area. The drilling intersections quoted are downhole * If it is not known and only the down hole lengths are intercept lengths with reported, there should be a clear statement to this an unknown orientation effect (eg 'down hole length, true width not known'). to dip and plunge of the target mineralisation -------------------------------------------------------------- ---------------------------------------------------------- Diagrams Appropriate maps and * Appropriate maps and sections (with scales) and sections included in tabulations of intercepts should be included for any document. significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. -------------------------------------------------------------- ---------------------------------------------------------- Balanced All results have been reporting * Where comprehensive reporting of all Exploration reported Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. -------------------------------------------------------------- ---------------------------------------------------------- Other All data have been substantive * Other exploration data, if meaningful and material, reported exploration should be reported including (but not limited to): data geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
-------------------------------------------------------------- ---------------------------------------------------------- Further Additional work will work * The nature and scale of planned further work (eg be carried to define tests for lateral extensions or depth extensions or the known extent of large-scale step- out drilling). the REE from historic drilling. Refer to diagram in * Diagrams clearly highlighting the areas of possible document for geological extensions, including the main geological interpretation and interpretations and future drilling areas, provided potential extensions. this information is not commercially sensitive. -------------------------------------------------------------- ----------------------------------------------------------
[1] TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) + Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
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April 26, 2023 02:00 ET (06:00 GMT)
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