PLUS1
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thor Mining Plc | LSE:THR | London | Ordinary Share | GB00BD0NBV71 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.0% | 0.675 | 0.65 | 0.70 | 0.675 | 0.675 | 0.675 | 554,416 | 08:00:06 |
| Industry Sector | Turnover (m) | Profit (m) | EPS - Basic | PE Ratio | Market Cap (m) |
|---|---|---|---|---|---|
| Mining | 0.0 | -0.9 | -0.1 | - | 14 |
Thor Mining PLC Alford East Drilling Results
31/08/2021 7:00am
UK Regulatory (RNS & others)
Thor Mining (LSE:THR)
Historical Stock Chart
From May 2021 to May 2022
TIDMTHR
RNS Number : 1127K
Thor Mining PLC
31 August 2021
31 August 2021
THOR MINING PLC
HIGH GRADE COPPER DRILLING RESULTS
Alford East Copper-Gold ISR Project, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are very pleased to advise of further significant copper and gold intercepts from the recently completed initial diamond drilling program at the Alford East Copper-Gold Project, SA.
Project highlights:
-- An exceptional high grade copper intercept over a wide interval:
21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including
18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m
-- As announced last week, other significant copper-gold intercepts include:
21AED001 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and
5m @ 0.5% Cu and 1.02g/t Au from 102m (previously reported THR: AIM Announcement 25 August 2021)
21AED002 59.9m @ 0.31% Cu from 21.9m (previously reported THR: AIM Announcement 25 August 2021)
-- Significant pXRF copper readings (to be confirmed by laboratory assays) including:
21AED004 50m @ 0.45% Cu from 6m (pXRF) (Previously reported THR: AIM Announcement 25 August 2021)
-- Remaining assays expected over the coming weeks.
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"The newly discovered broad zone of high copper and gold grades from near surface in 21AED005, combined with the significant intercepts in 21AED001 and 21AED002 takes this oxide mineralised system to a new level, reporting values well above the Mineral Resource Estimate grades.
The confirmed uplift in copper and gold grades along the controlling NNE structure continues to excite and exceed the directors of Thor expectations. We look forward to testing this structure in areas open along strike, to the north and south.
Pump testing scheduled for start of September will further advance the In-Situ Recovery (ISR) 'proof of concept' hydrometallurgical assessment.
Exciting times ahead as we await final assay results from this drilling campaign and commence the ISR for copper and gold baseline studies."
A copy of the Tenement and Prospect Location Plan may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg
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 (ASX: THR Announcement 23 November 2020).
The Alford East Project covers the northern extension the Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralization, within a structurally controlled, north-south corridor consisting of deeply kaolinized and oxidized troughs within metamorphic units on the edge of the Tickera Granite, Gawler Craton, SA.
Utilising historic drillhole information, Thor completed an inferred Mineral Resource Estimate (MRE) (ASX: THR Announcement 27 January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
-- 71, 500oz of contained gold
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
Based on the nature on the oxide mineralisation, the deposit is considered amenable to In Situ Recovery (ISR) techniques.
For further information on ISR please refer to Thor website via this link for an informative video:
https://www.youtube.com/watch?v=eG_1ZGD0WIw
Table A: Alford East Mineral Resource Estimate, with AR-5 extending towards AE-8 domains (previously Netherleigh Park) the focus of the current drilling program highlighted.
Domain Tonnes Cu % Au g/t Contained Cu Contained
( Mt) (t) Au (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
--------- -------- -------- ------------- ------------
Sub -Total 85.3 0.12 0.021 104,000 57,000
--------- -------- -------- ------------- ------------
AE-8 31.3 0.19 0.008 61,000 8,000
--------- -------- -------- ------------- ------------
LW_E 7.7 0.14 0.025 10,000 6,000
--------- -------- -------- ------------- ------------
LW_W 1.3 0.13 0.011 2,000 500
--------- -------- -------- ------------- --------------
Sub -Total 40.3 0.18 0.011 73,000 14,500
--------- -------- -------- ------------- --------------
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 .
A plan view showing the Alford East Project's eight mineralised domains , may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/mre_ae_5-drilling.jpg
Alford East Diamond Drilling Program Update
Nine diamond drillholes totalling 878m are now complete, with assays received for three drillholes - 21AED001, 21AED002, and now 21AED005. This initial program for Thor, focussed only on the northern portion of the Alford East copper-gold deposit around the AE-5 mineralised domains (Figure 2 and 3), with drilling targeting areas open at depth and along strike. AE-5 domain is one of eight mineralised domains.
Drillhole assay results are reported in Table B and C (Appendices), with significant copper and gold intercepts, including (21AED001 and 21AED002 previously reported THR: AIM Announcement 25 August 2021):
-- 21AED001 : 108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m, including
25.3m @ 0.11% Cu from 6.2m
32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and
5m @ 0.5% Cu and 1.02g/t Au from 102m
-- 21AED002 : 59.9m @ 0.31% Cu from 21.9m -- 21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including
18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m
Note for In Situ Recovery Thor is targeting broad copper-gold oxide intervals above the MRE cut-off grade of 0.05% copper.
An Alford East AE-5 Drillhole location plan may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/ae-5-location-plan.jpg
Preliminary portable X-ray fluorescent (pXRF) copper results (gold not measured by pXRF), in comparison to assay results as reported for 21AED001, 21AED002 and 21AED005 (ASX: AIM Announcement 25 August 2021), to date, have under reported the copper values (Table D). This positive correlation bides well with the drillholes awaiting assay results, and the continued use of pXRF readings for future drill targeting.
As previously announced, preliminary significant pXRF copper readings for all drillholes include:
21AED001 33m @0.4% Cu from 81.5 21AED002 55.5m @ 0.28% Cu from 28m 21AED003 26m @ 0.1% Cu from 15m 21AED004 50m @ 0.45% Cu from 6m 21AED005 73m @ 0.74% Cu from 6.3m 21AED006 16.5m @ 0.06% Cu from 44.5m 21AED007 29m @ 0.12% Cu from 20.5m 21AED008 5m @ 0.09% Cu from 36.5 21AED009 NSI - No Significant Intersection above 500ppm Copper
Important notice: The pXRF copper readings are indicative only with samples being submitted to laboratory for analytical analysis including gold assay. The Directors believe that with adequate sample preparation the pXRF analyser will yield high-quality analytical data. However, there can be no guarantee that this method provides accurate results similar to those from the laboratory analysis.
Table D: Assay verses pXRF Comparison (pXRF readings and intervals as per THR: AIM Announcement 29 June 2021)
HOLE ID Interval Depth From Copper Assays Copper pXRF
(Geological intervals) (0.5m readings average)
(weighted average)
21AED001 106.5m 8m 0.17% 0.14%
--------- ----------- ------------------------ -------------------------
21AED001 33m 81.5m 0.40% 0.40%
--------- ----------- ------------------------ -------------------------
21AED002 55m 28m 0.38% 0.28%
--------- ----------- ------------------------ -------------------------
21AED005 73 6.3 1.0% 0.74%
--------- ----------- ------------------------ -------------------------
For ISR purposes, drilling was limited to the deeply weathered lithological profile, testing the extent of the oxide zone and the depth boundary of the Top of Fresh Rock (TOFR). The copper-gold oxide mineralisation is hosted within deeply kaolinised (clay) and metasomatic altered units on the contact between the Olympic Domain Wallaroo Group metasediments and the Hiltaba Suite Tickera Granite, Gawler Craton). Copper oxide mineralogy is dominated by malachite and chalcocite.
Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A' 6,256,360mN), were drilled through the central portion of AE-5 MRE Domain, designed to validate the geological model and test areas, open at depth. The high-grade copper and gold intercepts in both 21AED001 and 21AED005, significantly above the MRE cut-off, opens the mineralisation up at depth, with 21AED005 highlighting the significant grade uplift along the controlling north-south structure. Copper (predominately malachite) and gold mineralisation in 21AED005 is hosted within residual friable clays.
A Cross section showing 21AED001, 21AED003 and 21AED005 may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/xs-6256360mn..jpg
Photo Plates for 21AED005 may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/21aed005_core-photo.jpg
Assay results from 21AED001, 21AED002 and 21AED005 confirm significant copper and gold grade uplift along the north-south trending controlling structure, validating the new geological model and structural controls on mineralisation. Validation and confidence in the geological model is critically important for future drill targeting, as well as resource modelling.
The continuation of copper mineralisation up to 100m north beyond the MRE AE-5 domain envelope, (21AED002, 21AED006 and 21AED007), confirms mineralisation remains opens along strike and the potential for MRE AE-5 to be structural link to AE-8 domain.
Remaining drill core is currently being prepared for sample submission to the laboratory, with all assay results anticipated in approximately 4 weeks.
Pump testing for initial hydrogeological baseline work forming part of the 'proof of concept' for ISR, including water characteristics, porosity, and permeability testing is scheduled for start of September. Preliminary hydrometallurgical studies by Mining and Process Solutions (MPS) on potential lixiviants for copper and gold recovery will commence once ground water samples are received. This work is all co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000.
- Ends -
For further information on the Company, please visit www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Mick Billing, Executive Chairman Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220 1666
and Joint Broker)
Jessica Cave / Darshan Patel
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004 9512
Competent Persons Report
The information in this report that relates to Exploration Results and the Estimation and Reporting of the Alford East Mineral Resource Estimation 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 Mining 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.
Forward Looking Statements
This document may contain certain forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Thor Mining PLC current expectations, estimates and projections about the industry in which Thor operates, and beliefs and assumptions regarding Thor's future performance. When used in this document, words such as "anticipate", "could", "plan", "estimate", "expects", "seeks", "intends", "may", "potential", "should", and similar expressions are forward-looking statements. Although Thor believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Thor and no assurance can be given that actual results will be consistent with these forward-looking statements
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.
The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.
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, for which drilling is planned in the first half of 2021.
At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold(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% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.
Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.
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 holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.
Notes
(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3) www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf
(5) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf
Table B: Drill Collar Locations
Hole ID EOH Depth East North RL Dip Azimuth
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)
---------- ----------- ------------- ------ ------- --------
Table C: Summary of Drillhole Assays
Hole ID Drill Sample Depth From Interval Cu % Au g/t Comments
Type type (m) (m)
Full oxide
profile -
with zones
of internal
21AED001 Diam -HQ Geological 6.2 108.2 0.17 0.1 dilution
---------- ------------ ----------- --------- ----- ------- ----------------
Upper Zone
(above 0.05%
including 6.2 25.3 0.11 NSI Cu)
---------------------------------- ----------- --------- ----- ------- ----------------
Lower Zone
(above 0.05%
including 81.5 32.9 0.4 0.31 Cu)
---------------------------------- ----------- --------- ----- ------- ----------------
Full oxide
profile (above
21AED002 Diam -HQ Geological 21.9 59.85 0.31 NSI 0.05% Cu)
---------- ------------ ----------- --------- ----- ------- ----------------
21AED003 Diam -HQ Awaiting
Assays
---------- ------------ ----------- --------- ----- ------- ----------------
21AED004 Diam -HQ Awaiting
Assays
---------- ------------ ----------- --------- ----- ------- ----------------
Full oxide
Profile (above
21AED005 Diam -HQ Geological 6.3 72.7 1.0 0.19 0.05% Cu)
---------- ------------ ----------- --------- ----- ------- ----------------
Upper Zone
(above 0.05%
Including 15.8 18.2 2.0 0.34 Cu)
---------------------------------- ----------- --------- ----- ------- ----------------
21AED006 Diam -HQ Awaiting
Assays
------------------------ ----------- --------- ----- ------- ----------------
21AED007 Diam -HQ Awaiting
Assays
------------------------ ----------- --------- ----- ------- ----------------
21AED008 Diam -HQ Awaiting
Assays
------------------------ ----------- --------- ----- ------- ----------------
21AED009 Diam -HQ Awaiting
Assays
------------------------ ----------- --------- ----- ------- ----------------
Notes to Table B and C
1. An accurate dip and strike and the controls on mineralisation are only interpreted and the true width of mineralisation is unknown at this time.
2. In Diamond (Diam drilling), individual samples were collected at geological intervals with no individual sample smaller than 0.1m and none larger than 1.5m.
3. All samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.01ppm detection limit) and Aqua Regia Multi-Element with ICP-MS finish (1ppm Cu detection limit) by Bureau Veritas, Adelaide South Australia.
4. Intersections are generally calculated over >1m intervals >0.05% Cu (500ppm) using weight averaging technique. Some internal dilution is included in 21AED001 full oxide profile <10m below 0.05% Cu for geological ISR modelling continuity.
5. g/t (grams per tonne), ppm (parts per million), NSI = no significant intercept above 0.01ppm Au
6. Drill type; Diam = Diamond, HQ = Diamond Core diameter
7. Coordinates are in GDA94, MGA Z53 using DGPS position
1 JORC Code, 2012 Edition - Table 1 report template
1.1 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 hole.
representivity and the appropriate calibration of any Vanta C Series 800427
measurement tools or systems used. XRF -40sec reading time.
Instrument calibrated
externally annually
* Aspects of the determination of mineralisation that and with QA/QC at start
are Material to the Public Report. prior to sampling and
calibration disc every
30 readings
* In cases where 'industry standard' work has been done All co-ordinates are
this would be relatively simple (eg 'reverse in UTM grid (GDA94 Z53)
circulation drilling was used to obtain 1 m samples and drill hole collars
from which 3 kg was pulverised to produce a 30 g have been surveyed by
charge for fire assay'). In other cases more DGPS to an accuracy
explanation may be required, such as where there is of 0.1m. Down holes
coarse gold that has inherent sampling problems. surveys using Truman
Unusual commodities or mineralisation types (eg with readings every
submarine nodules) may warrant disclosure of detailed 6m.
information. 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 - GMP
techniques * Drill type (eg core, reverse circulation, open-hole drilling Pty Ltd. B&D
hammer, rotary air blast, auger, Bangka, sonic, etc) Multi 35 Rig
and details (eg core diameter, triple or standard 0-6m open hammer - transported
tube, depth of diamond tails, face-sampling bit or cover sequence.
other type, whether core is oriented and if so, by HQ standard tube diamond
what method, etc). drilling
--------------------------------------------------------------- ----------------------------------
Drill sample Core recovery assessed
recovery * Method of recording and assessing core and chip and measured relative
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 is recorded
* Whether a relationship exists between sample recovery every meter. Generally,
and grade and whether sample bias may have occurred core recovery is 98-100%,
due to preferential loss/gain of fine/coarse but occasionally drops
material. 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 procedures
For all sample types, the nature, quality as per industry practice.
and appropriateness of the sample preparation Field QAQC procedures
technique. involved the use of
* Quality control procedures adopted for all certified standards,
sub-sampling stages to maximise representivity of blanks and duplicate
samples. sample submitted every
25 samples. These are
routinely checked against
* Measures taken to ensure that the sampling is originals.
representative of the in situ material collected, Handheld pXRF readings
including for instance results for field reported.
duplicate/second-half sampling. pXRF readings taken
on whole (HQ) core at
0.5m intervals prior
* Whether sample sizes are appropriate to the grain to cutting.
size of the material being sampled. 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 Aqua
* For geophysical tools, spectrometers, handheld XRF Regia multi-element
instruments, etc, the parameters used in determining analysis.
the analysis including instrument make and model, Internal certified laboratory
reading times, calibrations factors applied and their QAQC is undertaken including
derivation, etc. check samples, blanks
and internal standards
Handheld pXRF readings
* Nature of quality control procedures adopted (eg reported.
standards, blanks, duplicates, external laboratory Vanta Series C 40 second
checks) and whether acceptable levels of accuracy (ie reading time.
lack of bias) and precision have been established. 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
--------------------------------------------------------------- ----------------------------------
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.
workings and other locations used in Mineral Resource Down hole survey readings
estimation. taken 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
* Whether the data spacing and distribution is of exploration 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.
classifications applied. No sample compositing
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.
* If the relationship between the drilling orientation Orientational bias is
and the orientation of key mineralised structures is not applicable this
considered to have introduced a sampling bias, this stage with half core
should be assessed and reported if material. samples taken across
full mineralised zone
and pXRF sampling every
0.5m downhole
--------------------------------------------------------------- ----------------------------------
Sample security Samples were trucked
* 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 parties such as joint ventures, partnerships,
status 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. explored in the past
parties 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 technique
aggregation * In reporting Exploration Results, weighting averaging is used for reporting
methods techniques, maximum and/or minimum grade truncations exploration assay results,
(eg cutting of high grades) and cut-off grades are with pXRF Intersections
usually Material and should be stated. are calculated by simple
averaging of 0.5m assays.
No metal equivalents
* Where aggregate intercepts incorporate short lengths are reported.
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 copper oxide
between mineralisation * These relationships are particularly important in the mineralization
widths and reporting of Exploration Results. is associated with intense
intercept clay alteration. The
lengths alteration is interpreted
* 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 reporting All results have been
* 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 substantive All data have been
exploration * Other exploration data, if meaningful and material, reported
data should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
-------------------------------------------------------------- ----------------------------
Further work Awaiting additional
* The nature and scale of planned further work (eg laboratory assays.
tests for lateral extensions or depth extensions or Drilling to continue
large-scale step- out drilling). along sections and areas
open to the north and
south.
* Diagrams clearly highlighting the areas of possible Refer to diagram in
extensions, including the main geological document for geological
interpretations and future drilling areas, provided interpretation and
this information is not commercially sensitive. potential
extensions.
-------------------------------------------------------------- ----------------------------
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