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Thor Mining PLC Alford East Drilling Results

31/08/2021 7:00am

UK Regulatory (RNS & others)


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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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