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Thor Mining PLC Kapunda Drilling

17/09/2021 7:00am

UK Regulatory (RNS & others)


Thor Mining (LSE:THR)
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TIDMTHR

RNS Number : 1265M

Thor Mining PLC

17 September 2021

17 September 2021

KAPUNDA DRILLING

Kapunda Copper ISR Project, South Australia

Follow the link to view the announcement in full including all figures:

http://www.rns-pdf.londonstockexchange.com/rns/1265M_1-2021-9-17.pdf

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to advise that drilling has commenced at the Kapunda Copper ISR Project in South Australia.

EnviroCopper Ltd ("EnviroCopper") (in which Thor holds a 30% equity interest), in collaboration with MinEx CRC, is undertaking an innovative Coiled Tube ("CT") drilling program at Kapunda. MinEx CRC is the world's largest mineral exploration collaboration, bringing together mining industry (including drilling companies), government and research organisations. The drilling is designed to trial technological advancements using a safer, environmentally friendly mining technology with a low footprint.

Drilling is targeting copper-gold mineralisation approximately 30m from the planned in-situ recovery ("ISR") push/pull test site to the south of Kapunda township. A geophysics IP anomaly was also identified in this area by Copper Range Ltd in 2008. The drilling program is anticipated to take approximately 4 weeks.

A photo of the coiled tube rig may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/ct-drill-rig.jpg

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"It's great to see mineral exploration collaborations between industry, government and research organisations, such as this Coiled Tubed ("CT") drilling program between EnviroCopper and MinEx CRC. Based on geology and access, Kapunda is an ideal location to be trialling the next generation of CT drilling, whilst collecting geological information on the copper-gold mineralisation, which is valuable for the further development of the Kapunda Copper ISR Project."

A copy of the Project Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/17-007-1b-kapunda-alford-location.jpg

About Kapunda and EnviroCopper

The Kapunda ISR Copper Project is located approximately 90 kilometres north north-east of Adelaide in South Australia (Figure 1).

Thor holds a 30% interest in EnviroCopper, which in turn holds rights to earn up to a 75% interest in the mineral rights over metals which may be recovered via ISR contained in the Kapunda deposit from Australian listed company, Terramin Australia Limited ("Terramin" ASX:TZN). (ASX:THR Announcement 11 November 2020).

For detail of the ISR process, investors are invited to view the EnviroCopper website: https://www.envirocopper.com.au/

EnviroCopper-MinEX CRC Collaboration

EnviroCopper is an affiliate of the $10M MinEx CRC program and currently has the CT drilling rig on site at Kapunda. The drill program will supply geological information to EnviroCopper whilst testing various aspects of the rig and the solid handling system.

Copper Range Ltd in November 2008, drilled two reverse circulation ("RC") drill holes (SK001 and SK002) into an IP anomaly, with SK002 intersecting 22m @ 0.6% Cu (4-26m) including 4m @ 2.4% (4-8m) (Open File Envelope ENV11691). The CT rig aims to validate this mineralisation, in addition to gaining geological information on the copper mineral species.

Table A: Historic Drill Collar Summary, Coopper Range, 2008

(Sourced from Open File Envelope ENV 11691)

Kapunda MinEX CRC Coil Tube Drilling

MinEx CRC is the world's largest mineral exploration collaboration bringing together industry, government and research organisations with a total of $220M funding. For further information view MinEx CRC website www.minexcrc.com.au

Coiled Tubing drilling offers the potential for rapid, safe, energy and water-efficient drilling at a fraction of the cost of conventional techniques. MinEx CRC is building on the RoXplorer(R) CT technology developed by DET CRC and deployed to field trials in Nevada in 2018. The Nevada trials confirmed the potential of CT drilling but showed that there could be improvements to fluid management, streamline sampling procedures and reduce the footprint of drill sites. The Kapunda drilling trial represents the next generation of CT drilling, with these improvements being added to the platform.

A Location Map of the CT Drill Site showing historic Kapunda mine workings may be viwed via the following link:

http://cms.thormining.com/sites/thormining/media/maps/coiled-tube-drill-site-location-map.jpg

A plan of the Historic drill collars (ENV 11691) may be viewed via the folwing link:

http://www.thormining.com/sites/thormining/media/maps/kapunda-historic-drill-collars.jpg

- 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 
   Ray Ridge, CFO / Company Secretary           Tel: +61 (8) 7324 1935 
 
  WH Ireland Limited (Nominated Adviser        Tel: +44 (0) 207 220 
   and Joint Broker)                            1666 
  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 second 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 is subject to a sale option agreement.(6)

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 http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf

   1.           APPICES 

Checklist of Assessment and Reporting Criteria (JORC Code Table 1)

Section 1: Sampling Techniques and Data

 
 Criteria              JORC Code explanation          Commentary 
                       Nature and quality of          Historic drilling reported 
                       sampling (eg cut channels,      Since the cessation of mining, 
                       random chips, or specific       Kapunda has been explored 
                       specialised industry            by numerous exploration companies. 
                       standard                        Five of these companies undertook 
                       measurement tools               drilling and their work is 
                       appropriate                     summarized below. 
                       to the minerals under           The 2008 drilling undertaken 
                       investigation, such as          by Copper Range utilized reverse 
                       down hole gamma sondes,         circulation with the first 
                       or handheld XRF instruments,    6m collared using a 6 1/2 
                       etc). These examples should     inch hammer bit. Individual 
                       not be taken as limiting        metre sample intervals were 
                       the broad meaning of            collected in 600x900mmx150um 
                       sampling.                       plastic bags fitted to a rig 
                                                       mounted cyclone. A sub sample 
                                                       for analysis was then collected 
                                                       in a calico bag by passing 
                                                       the whole metre sample through 
                                                       a two-tier riffle splitter. 
 
                                                       A summary of the drilling 
                                                       undertaken at Kapunda is presented 
                                                       in table below. 
                                                       Diamond core holes Total 
                                                       KP Mines Exploration (1965-66) 
                                                       3 
                                                       K Northlands (1972-73) 52 
                                                       KD Utah (1974-76) 23 
                                                       Total diamond core holes 78 
 
                                                       Percussion Holes 
                                                       KV Mines Exploration (1965-66) 
                                                       43 
                                                       M Noranda (1970) 24 
                                                       Z Noranda (1970) 1 
                                                       KP Utah (1974-76) 36 
                                                       SM Copper Range (2008) 1 
                                                       SK Copper Range (2008) 4 
                                                       Total percussion holes 109 
 
                                                       Total drillholes 187 
 
                                                       Total meterage of all drillholes 
                                                       - f 22,712.8m. 
                      =============================  ================================================================= 
                        Include reference to          Core was aligned and measured 
                        measures                       by tape, comparing back to 
                        taken to ensure sample         downhole core blocks consistent 
                        representivity and the         with industry practice. Documentation 
                        appropriate calibration        indicates that the diamond 
                        of any measurement tools       and percussion drilling was 
                        or systems used.               completed by previous operators 
                                                       to industry standard at that 
                                                       time. 
                      =============================  ================================================================= 
                        Aspects of the 
                        determination 
                        of mineralisation that          Sampling was to industry standard 
                        are Material to the Public      at the time of drilling, with 
                        Report. In cases where          samples collected from various 
                        'industry standard' work        interval sizes depending on 
                        has been done this would        the company involved. Samples 
                        be relatively simple (eg        were assayed at certified 
                        'reverse circulation            laboratories. 
                        drilling 
                        was used to obtain 1 m 
                        samples from which 3 kg 
                        was pulverised to produce 
                        a 30 g charge for fire 
                        assay'). In other cases 
                        more explanation may be 
                        required, such as where 
                        there is coarse gold that 
                        has inherent sampling 
                        problems. Unusual 
                        commodities 
                        or mineralisation types 
                        (eg submarine nodules) 
                        may warrant disclosure 
                        of detailed information. 
                      =============================  ================================================================= 
 Drilling techniques    Drill type (eg core,          Copper Range's SK series holes 
                        reverse                        were drilled using reverse 
                        circulation, open-hole         circulation. 
                        hammer, rotary air blast, 
                        auger, Bangka, sonic, 
                        etc) and details (eg core 
                        diameter, triple or 
                        standard 
                        tube, depth of diamond 
                        tails, face-sampling bit 
                        or other type, whether 
                        core is oriented and if 
                        so, by what method, etc). 
                      =============================  ================================================================= 
 Drill sample           Method of recording and       Core recovery was measured 
  recovery               assessing core and chip       for each drill run between 
                         sample recoveries and         the driller's marker blocks. 
                         results assessed. 
                                                       No historic information is 
                                                       available for KP series holes. 
                      =============================  ================================================================= 
                        Measures taken to maximise    The historic records describe 
                         sample recovery and ensure    in length (as detailed above) 
                         representative nature         the efforts that went into 
                         of the samples.               maximizing core recovery. 
                      =============================  ================================================================= 
                        Whether a relationship        Statistical analysis indicates 
                        exists between sample          no significant sample bias 
                        recovery and grade and         caused by preferential loss/gain 
                        whether sample bias may        of course/fine material. 
                        have occurred due to 
                        preferential 
                        loss/gain of fine/coarse 
                        material. 
                      =============================  ================================================================= 
 Logging                Whether core and chip         All drillholes have been geologically 
                        samples have been              logged for recovery, lithology, 
                        geologically                   mineralisation and colour 
                        and geotechnically logged      with abundant petrographical 
                        to a level of detail to        and petrological studies to 
                        support appropriate Mineral    adequately support the Mineral 
                        Resource estimation, mining    Resource estimation, mining 
                        studies and metallurgical      studies and metallurgical 
                        studies.                       studies. 
                                                       SK series holes were logged 
                                                       for recovery, rock type, mineralisation 
                                                       and a geological description 
                                                       which included, colour, texture 
                                                       and grainsize. A total of 
                                                       98 petrographic samples and 
                                                       70 petrological samples were 
                                                       described. 
                                                       Geotechnical logging has been 
                                                       undertaken by Environmental 
                                                       Copper Recovery Pty Ltd (ECR) 
                                                       geologists on drill core stored 
                                                       at the South Australian Drill 
                                                       Core Reference Library. 
                      =============================  ================================================================= 
                        Whether logging is            Logging is qualitative based 
                        qualitative                    on visual field estimates. 
                        or quantitative in nature.     Qualitative code logging was 
                        Core (or costean, channel,     conducted for lithology, alteration, 
                        etc) photography.              veining, tone and colour. 
                      =============================  ================================================================= 
                        The total length and          Entire holes are logged in 
                        percentage                     all instances. 
                        of the relevant 
                        intersections 
                        logged. 
                      =============================  ================================================================= 
 Sub-sampling           If core, whether cut or       RC Reported only 
  techniques             sawn and whether quarter, 
  and sample             half or all core taken. 
  preparation 
                      =============================  ================================================================= 
                        If non-core, whether          The 2008 drilling undertaken 
                        riffled,                       by Copper Range utilized reverse 
                        tube sampled, rotary split,    circulation with the first 
                        etc and whether sampled        6m collared using a 6 1/2 
                        wet or dry.                    inch hammer bit. Individual 
                                                       metre sample intervals were 
                                                       collected in 600x900mmx150um 
                                                       plastic bags fitted to a rig 
                                                       mounted cyclone. A sub sample 
                                                       for analysis was then collected 
                                                       in a calico bag by passing 
                                                       the whole metre sample through 
                                                       a two-tier riffle splitter. 
                      =============================  ================================================================= 
                        For all sample types,         Documented sample preparation 
                        the nature, quality and        techniques followed best practice 
                        appropriateness of the         of the time and are considered 
                        sample preparation             adequate. 
                        technique. 
                      =============================  ================================================================= 
                        Quality control procedures    No additional historical information 
                        adopted for all                is available on quality control 
                        sub-sampling                   procedures to that detailed 
                        stages to maximise             above. 
                        representivity 
                        of samples. 
                      =============================  ================================================================= 
                        Measures taken to ensure      Techniques followed best practice 
                        that the sampling is           of the time including regular 
                        representative                 cleaning of the cyclones and 
                        of the in situ material        splitters and careful flushing 
                        collected, including for       of holes when water encountered. 
                        instance results for field 
                        duplicate/second-half 
                        sampling. 
                      =============================  ================================================================= 
                        Whether sample sizes are 
                         appropriate to the grain       Sample sizes are considered 
                         size of the material being     appropriate. 
                         sampled. 
                      =============================  ================================================================= 
 Quality of             The nature, quality and       Assaying was carried out at 
  assay data            appropriateness of the         certified analytical laboratories 
  and laboratory        assaying and laboratory        and the techniques are considered 
  tests                 procedures used and whether    appropriate, although little 
                        the technique is considered    historical information is 
                        partial or total.              available on checks and standards. 
 
                                                       No information is available 
                                                       on checks and standards. 
                      =============================  ================================================================= 
                       For geophysical tools,         Geophysical tools, spectrometers, 
                       spectrometers, handheld         handheld XRF instruments, 
                       XRF instruments, etc,           etc. were not available to 
                       the parameters used in          earlier companies. 
                       determining the analysis 
                       including instrument make       No geophysical tools were 
                       and model, reading times,       used by Terramin to estimate 
                       calibrations factors applied    published mineral or element 
                       and their derivation,           percentages. 
                       etc. 
                      =============================  ================================================================= 
                        Nature of quality control     Minimal historical information 
                        procedures adopted (eg         is available on the use of 
                        standards, blanks,             standards, blanks or duplicates. 
                        duplicates, 
                        external laboratory checks)    The use of check analyses 
                        and whether acceptable         were documented by Northland. 
                        levels of accuracy (ie         Check analyses were undertaken 
                        lack of bias) and precision    at their main laboratory, 
                        have been established.         Amdel and cross lab checks 
                                                       done at Robertson Research 
                                                       and McPhar Geophysics. 
 
                                                       Original assay reports from 
                                                       Amdel show that at the time 
                                                       they ran a mix of standards 
                                                       and blanks every fifteenth 
                                                       sample, although the results 
                                                       of these internal lab checks 
                                                       were not documented. 
                      =============================  ================================================================= 
 Verification           The verification of 
  of sampling           significant                     Utah's KD005 which returned 
  and assaying          intersections by either         from 45m, 27m @ 1.18% copper 
                        independent or alternative      was resampled by Copper Range 
                        company personnel.              in 2007. Copper Range's resampling 
                                                        returned from 45m, 27m @ 1.20% 
                                                        copper. 
                                                        Utah's deep intercept of primary 
                                                        copper sulphide in KD011 returned 
                                                        from 426m, 11m @ 2.00% copper 
                                                        was resampled by Terramin 
                                                        returned from 426m, 11m @ 
                                                        1.89% copper and 0.1g/t gold. 
                                                        Terramin's samples were a 
                                                        quarter cut of the remaining 
                                                        half core sample. (TZN ASX 
                                                        announcement - 1(st) Quarter 
                                                        Report, 29/4/2016) 
                                                        Other significant intersections 
                                                        from drill core have been 
                                                        visually reviewed by Terramin 
                                                        and ECR staff. Terramin has 
                                                        also utilised a hand held 
                                                        XRF to validate copper assays 
                                                        of percussion holes stored 
                                                        at the South Australian Drill 
                                                        Core Reference Library. 
                      =============================  ================================================================= 
                        The use of twinned holes.          There were two sets of planned 
                                                           twin holes: KD001 twinned 
                                                           drillhole K015 and KD0019 
                                                           twinned drillholes KP046 and 
                                                           K076. There are a further 
                                                           6 pairs of drillholes that 
                                                           are close enough to be considered 
                                                           twins. 
 
                                                           As part of compiling data 
                                                           for the Kapunda Mineral Resource 
                                                           estimate it was deemed necessary 
                                                           to be comfortable with the 
                                                           wide variety of drilling and 
                                                           sampling methods used on the 
                                                           Kapunda Project over a number 
                                                           of years. 
                                                           In order to look at the issue 
                                                           it was decided to; 
                                                            *    Compare summary statistics for the different 
                                                                 drillhole series. 
 
 
                                                            *    Compare a selection of twined holes. 
 
 
                                                            *    Compare poor recovery core holes with good recovery 
                                                                 drillholes 
 
 
                                                            *    Compare rotary drilling with diamond drilling within 
                                                                 a specific, geologically constrained spatial area. 
 
 
                                                            *    The process entailed creating a 2m downhole composite 
                                                                 set of drill assays and splitting these into their 
                                                                 component drill series types for statistical 
                                                                 analysis. 
 
 
                                                           Results; 
                                                            *    The results in general show no significant bias due 
                                                                 to drilling type. 
 
 
                                                            *    Twin holes Q-Q plots indicate there is little bias. 
 
 
                                                            *    There appears to be very little difference between 
                                                                 holes with poor core recovery versus those with good 
                                                                 core recovery. 
 
 
                                                            *    While there are some individual difference between 
                                                                 rotary and diamond holes, looking at a larger sample 
                                                                 they appear to give relatively consistent results. 
                      =============================  ================================================================= 
                        Documentation of primary      Primary data was recorded 
                        data, data entry               on paper log sheets, photocopies 
                        procedures,                    of originals were submitted 
                        data verification, data        as part of statutory reporting. 
                        storage (physical and          These have subsequently been 
                        electronic) protocols.         scanned to PDF and made available 
                                                       online at South Australian 
                                                       Resources and Information 
                                                       Gateway (SARIG)in the Resource 
                                                       and Energy Georeference Database. 
 
                                                       Terramin was also able to 
                                                       obtain digital data sets of 
                                                       the drill data from Copper 
                                                       Range Ltd and the digital 
                                                       data set used by Stuart Metals 
                                                       NL (Stuart Metals) for their 
                                                       1992 Kapunda Resource estimate. 
                                                       Where differences were found 
                                                       between the data contained 
                                                       in the original company reports 
                                                       and the data provided by Stuart 
                                                       Metals database, the original 
                                                       companies' values were used. 
 
                                                       The data was entered into 
                                                       Excel spreadsheets before 
                                                       being imported into a Maxwell 
                                                       Geo Services' DataShed and 
                                                       QAQCR which was used to validate 
                                                       the data viz; overlapping 
                                                       intervals, excessive drillhole 
                                                       deviation, assay QAQC. Secondary 
                                                       validation by Maptek's Vulcan 
                                                       software and visual validation 
                                                       was also undertaken. 
                      =============================  ================================================================= 
                        Discuss any adjustment        No adjustments are made to 
                         to assay data.                reported summary intersections. 
 
                                                       The Mineral Resource estimate 
                                                       makes an allowance for core 
                                                       loss with lost intervals assumed 
                                                       to have a zero grade. 
                      =============================  ================================================================= 
 Location of            Accuracy and quality of       Mines Exploration established 
  data points           surveys used to locate         the original grid baseline 
                        drill holes (collar and        parallel to main strike of 
                        down-hole surveys),            mineralization with grid north 
                        trenches,                      at 335 degrees magnetic. All 
                        mine workings and other        subsequent companies, except 
                        locations used in Mineral      for Copper Range used this 
                        Resource estimation.           grid. Copper Range use GDA94 
                                                       Zone 53 
 
                                                       Initial survey control was 
                                                       by licensed surveyor using 
                                                       theodolite. Collars were fixed 
                                                       by theodolite surveys and 
                                                       metal pin bench marks. Coordinate 
                                                       position 1000N 00E (collar 
                                                       of drillhole KV002). 
 
                                                       To allow for the incorporation 
                                                       of drillhole data from Copper 
                                                       Range an affine transformation 
                                                       was used to convert the earlier 
                                                       drillhole coordinates to MGA 
                                                       Zone 54 (GDA 94). 
                      =============================  ================================================================= 
                       Specification of the grid      The data is reported in grid 
                        system used.                   system MGA Zone 54 (GDA94). 
                      =============================  ================================================================= 
                       Quality and adequacy of        In 1972 Northland Minerals 
                        topographic control.           contracted surveying consultants 
                                                       Alex & Symonds Pty Ltd to 
                                                       survey the site and locate 
                                                       drill collars. The level datum 
                                                       used throughout the grid and 
                                                       drillhole levelling is based 
                                                       upon a Lands Department Bench 
                                                       Mark Number 6921. 
 
                                                       A digital terrain model was 
                                                       created by Terramin from the 
                                                       survey's 528 survey points 
                                                       collected across the deposit. 
                                                       Drillhole collar RL's not 
                                                       picked up during this survey 
                                                       were then assigned a value 
                                                       from this surface. 
                                                       With the exception of the 
                                                       historic workings, the area 
                                                       has low relief. The site has 
                                                       a gentle slope to the south, 
                                                       over the 1,500m of strike 
                                                       length there is just a maximum 
                                                       difference of 25m in collar 
                                                       RLs. 
                      =============================  ================================================================= 
 Data spacing           Data spacing for reporting    Drillhole spacings and sample 
  and distribution       of Exploration Results.       interval lengths are considered 
                                                       appropriate. 
                      =============================  ================================================================= 
                        Whether the data spacing      The data spacing and the characteristics 
                        and distribution is            of the Kapunda mineralisation 
                        sufficient                     determined from reviewing 
                        to establish the degree        historical drilling results, 
                        of geological and grade        and visual inspections of 
                        continuity appropriate         the core are suitable for 
                        for the Mineral Resource       the defined Mineral Resource 
                        and Ore Reserve estimation     to be classified as Inferred 
                        procedure(s) and               for ISR. 
                        classifications                However, the protocol for 
                        applied.                       estimation and reporting of 
                                                       Mineral Resources for exploitation 
                                                       using ISR has a number of 
                                                       additional steps compared 
                                                       to conventional mining and 
                                                       processing. Before any portion 
                                                       of the Kapunda Mineral Resource 
                                                       can be classified as Indicated 
                                                       or Measured pump testing and 
                                                       hydrogeological modeling will 
                                                       be required. 
                      =============================  ================================================================= 
                        Whether sample compositing    Field sample compositing was 
                         has been applied.             not undertaken on any of the 
                                                       diamond or percussion drill 
                                                       samples. Sample sizes are 
                                                       considered appropriate. 
                      =============================  ================================================================= 
 Orientation            Whether the orientation       The orientation of the drilling 
  of data in            of sampling achieves           is considered to be appropriate 
  relation to           unbiased                       for the oxide copper and secondary 
  geological            sampling of possible           copper sulphide mineralisation. 
  structure             structures 
                        and the extent to which 
                        this is known, considering 
                        the deposit type. 
                      =============================  ================================================================= 
                        If the relationship between   Drilling orientation is not 
                        the drilling orientation       deemed to have introduced 
                        and the orientation of         any significant sampling bias. 
                        key mineralised structures 
                        is considered to have 
                        introduced a sampling 
                        bias, this should be 
                        assessed 
                        and reported if material. 
                      =============================  ================================================================= 
 Sample security        The measures taken to         Chain of custody management 
                         ensure sample security.       was not documented. 
                      =============================  ================================================================= 
 Audits or              The results of any audits     Prior to acquiring the Kapunda 
  reviews                or reviews of sampling        Project from Maximus Resources 
                         techniques and data.          Ltd (Maximus), Terramin audited 
                                                       the Stuart Metals database 
                                                       against original reports and 
                                                       viewed drill core at the South 
                                                       Australian Drill Core Reference 
                                                       Library. 
                                                       Historical density techniques 
                                                       were considered inappropriate 
                                                       and discarded. New measurements 
                                                       collected by TZN and ERC show 
                                                       that density had previously 
                                                       been overcalled by over 10%. 
                                                       All data was loaded into a 
                                                       DataShed database and validated. 
                                                       Mineralisation was then visually 
                                                       checked and modelled using 
                                                       Maptek's Vulcan. 
                                                       Re-assaying of drill core 
                                                       by Copper Range and Terramin 
                                                       has confirmed the veracity 
                                                       of original sampling techniques 
                                                       and results. 
                                                       External audits and review 
                                                       of modelling techniques and 
                                                       data has been undertaken by 
                                                       Leon Faulkner from ECR. 
                      =============================  ================================================================= 
 

Section 2: Reporting for Exploration Results

 
 Criteria                  JORC Code explanation                                         Commentary 
 Mineral tenement           Type, reference name/number,                                 The Kapunda Mineral Resource 
  and land tenure            location and ownership                                      is located approximately 90 
  status                     including agreements or                                     km north of Adelaide and sits 
                             material issues with third                                  within exploration license 
                             parties such as joint ventures,                             (EL) 6198 held by Terramin 
                             partnerships, overriding                                    Exploration Pty Ltd (Terramin 
                             royalties, native title                                     Exploration). EL 6198 is 
                             interests, historical sites,                                currently 
                             wilderness or national                                      in good standing and owned 
                             park and environmental                                      100% by Terramin Exploration. 
                             settings.                                                   In August 2017 Terramin 
                                                                                         Exploration 
                                                                                         entered a joint venture 
                                                                                         agreement 
                                                                                         with ECR (TZN ASX 
                                                                                         announcement 
                                                                                         - New Copper Joint Venture 
                                                                                         Development, 2/8/2017) who 
                                                                                         will investigate the 
                                                                                         potential 
                                                                                         to extract the copper through 
                                                                                         low cost in-situ recovery 
                                                                                         (ISR) from shallow oxide ores 
                                                                                         in and around the historic 
                                                                                         Kapunda Mine area. 
                                                                                         The majority of the Mineral 
                                                                                         Resource sits beneath the 
                                                                                         heritage listed Kapunda Mine 
                                                                                         historic site which is owned 
                                                                                         by Light Regional Council. 
                                                                                         The southern extent of the 
                                                                                         Mineral Resource sits beneath 
                                                                                         freehold farmland. 
                                                                                         With the Kapunda Mine 
                                                                                         historic 
                                                                                         site heritage listed and the 
                                                                                         encroachment of housing 
                                                                                         within 
                                                                                         a few hundred metres of the 
                                                                                         site there is no likelihood 
                                                                                         of extracting copper by 
                                                                                         traditional 
                                                                                         open cut or underground 
                                                                                         mining 
                                                                                         techniques. ISR is seen as 
                                                                                         the only potential method 
                                                                                         that could be permitted to 
                                                                                         extract copper. 
                                                                                         The site consists of an 
                                                                                         unrehabiliated 
                                                                                         historic mining site covered 
                                                                                         by numerous old workings 
                                                                                         including 
                                                                                         open cut pits, shafts and 
                                                                                         waste dumps. There are also 
                                                                                         remnants of Australia's first 
                                                                                         heap leach trials which were 
                                                                                         undertaken in the 1950's. 
                                                                                         Vegetation regrowth has been 
                                                                                         minimal because of the high 
                                                                                         copper content of the soils 
                                                                                         and a large portion of the 
                                                                                         historic workings fenced off 
                                                                                         for the safety of the general 
                                                                                         public. 
                          ------------------------------------------------------------  ------------------------------ 
                            The security of the tenure                                   EL 5262 is currently in good 
                             held at the time of reporting                               standing. The majority of 
                             along with any known impediments                            the project area falls within 
                             to obtaining a licence                                      the Kapunda Mine historic 
                             to operate in the area.                                     site which is owned by the 
                                                                                         Light Regional Council and 
                                                                                         as such the land is 
                                                                                         classified 
                                                                                         as exempt land under the 
                                                                                         South 
                                                                                         Australian Mining Act 1971. 
                                                                                         This will require a waiver 
                                                                                         of exemption to be signed 
                                                                                         before any exploration or 
                                                                                         mining activities can take 
                                                                                         place. 
                                                                                         Clearance from the Department 
                                                                                         of Environment, Water and 
                                                                                         Natural Resources (DEWNR) 
                                                                                         will be required before 
                                                                                         activities 
                                                                                         can be conducted within the 
                                                                                         Heritage Site. 
                                                                                         Proximity to the Kapunda 
                                                                                         township 
                                                                                         means that significant 
                                                                                         community 
                                                                                         engagement will need to be 
                                                                                         carried out before 
                                                                                         preliminary 
                                                                                         testing or mining operations 
                                                                                         can be conducted. 
                          ============================================================  ============================== 
 Exploration                Acknowledgment and appraisal                                 Since the cessation of 
  done by other              of exploration by other                                     mining, 
  parties                    parties.                                                    Kapunda has been explored 
                                                                                         by several different 
                                                                                         government 
                                                                                         agencies and exploration 
                                                                                         companies 
                                                                                         including. 
                                                                                         SA Dept of Mines (1961-64) 
                                                                                         Mines Exploration (Broken 
                                                                                         Hill South) (1964-69) 
                                                                                         Minefields Exploration (1970) 
                                                                                         Noranda (1970) 
                                                                                         Northern Minerals Syndicate 
                                                                                         (1970-72) 
                                                                                         Northland Minerals (1971-85) 
                                                                                         (including 
                                                                                         Utah Development Co. 
                                                                                         (1974-78) 
                                                                                         Aztec Minerals Ltd (1987-88) 
                                                                                         Shell company (1995) 
                                                                                         Stuart Metals (1995-99) 
                                                                                         Minefinders Pty Ltd 
                                                                                         (1999-2000) 
                                                                                         Flinders Mines Ltd (2003-08) 
                                                                                         Copper Range (2007 - 09) 
                                                                                         Maximus (2008-2013) 
                                                                                         Terramin (2013-present) 
                                                                                         Work carried out by these 
                                                                                         groups has included 
                                                                                         geophysics, 
                                                                                         mapping, rock chip sampling, 
                                                                                         trenching, percussion and 
                                                                                         diamond drilling. 
                                                                                         Metallurgical and economic 
                                                                                         studies on the feasibility 
                                                                                         of restarting the Kapunda 
                                                                                         mine have been undertaken 
                                                                                         on at least 2 occasions. 
                                                                                         The largest phases of 
                                                                                         exploration 
                                                                                         occurred during the 
                                                                                         mid-1960's 
                                                                                         through to the mid 1970's 
                                                                                         with several groups 
                                                                                         undertaking 
                                                                                         detailed drilling programs. 
                                                                                         A brief summary of the larger 
                                                                                         drilling programs is provided 
                                                                                         below. Detail is available 
                                                                                         in the open file envelopes 
                                                                                         on the South Australian 
                                                                                         government's 
                                                                                         SARIG website. 
                                                                                         Mines Exploration Pty. Ltd. 
                                                                                         3 Diamond holes 
                                                                                         45 Percussion holes 
 
                                                                                         Noranda Australia Ltd. 
                                                                                         56 percussion holes 
                                                                                         Northland Minerals Ltd. 
                                                                                         53 diamond holes 
                                                                                         369 Auger holes (not used 
                                                                                         in the Mineral Resource 
                                                                                         estimate) 
                                                                                         11 percussion holes 
                                                                                         Utah Development Co. 
                                                                                         18 diamond core holes 
                                                                                         66 non-core holes 
                                                                                         Copper Range 
                                                                                         4 RC holes 
                                                                                         1 Diamond core hole 
                          ============================================================  ============================== 
 Geology                    Deposit type, geological                                     The Kapunda Mineral Resource 
                             setting and style of mineralisation.                        is located in the Tindelpina 
                                                                                         Shale Member of the Tapley 
                                                                                         Hill Formation. 
                                                                                         It is a structurally 
                                                                                         controlled 
                                                                                         copper deposit with the 
                                                                                         orebody 
                                                                                         sitting on the western limb 
                                                                                         of an antiform with primary 
                                                                                         copper mineralisation 
                                                                                         consisting 
                                                                                         of an en echelon series of 
                                                                                         lodes striking at 020 
                                                                                         degrees 
                                                                                         magnetic and dipping 70 
                                                                                         degrees 
                                                                                         west. 
                                                                                         Secondary supergene 
                                                                                         enrichment 
                                                                                         has taken place leading to 
                                                                                         the development of a 
                                                                                         significant 
                                                                                         copper enriched zone with 
                                                                                         kaolinized metasediments. 
                                                                                         Mineral species targeted by 
                                                                                         this Kapunda Mineral Resource 
                                                                                         include copper oxides 
                                                                                         (azurite, 
                                                                                         malachite and cuprite) and 
                                                                                         secondary copper sulphide 
                                                                                         minerals (chalcocite and 
                                                                                         covellite) 
                                                                                         within 100m of surface. 
                          ============================================================  ============================== 
 Drill hole                 A summary of all information                                 No new drillhole data or 
  Information                material to the understanding                               other 
                             of the exploration results                                  exploration results are 
                             including a tabulation                                      reported. 
                             of the following information                                All information has been 
                             for all Material drill                                      compiled 
                             holes:                                                      from "open file envelopes" 
                                                                                         available for download 
                                                                                         through 
                                                                                         the South Australian 
                                                                                         Government's 
                                                                                         SARIG website- 
                                                                                         http://map.sarig.sa.gov.au/ 
                            easting and northing of 
                             the drill hole collar 
                          ------------------------------------------------------------  ------------------------------ 
                            elevation or RL (Reduced 
                             Level - elevation above 
                             sea level in metres) of 
                             the drill hole collar 
                          ------------------------------------------------------------  ------------------------------ 
                            dip and azimuth of the 
                             hole 
                          ------------------------------------------------------------ 
                            down hole length and interception 
                             depth 
                            hole length. 
                          ============================================================  ------------------------------ 
                            If the exclusion of this                                     No new exploration results 
                             information is justified                                    have been reported, all 
                             on the basis that the information                           information 
                             is not Material and this                                    is publicly available from 
                             exclusion does not detract                                  SARIG. 
                             from the understanding 
                             of the report, the Competent 
                             Person should clearly explain 
                             why this is the case. 
 Data aggregation            In reporting Exploration                                    No new exploration results 
  methods                     Results, weighting averaging                               have been reported, all 
                              techniques, maximum and/or                                 information 
                              minimum grade truncations                                  is publicly available from 
                              (eg cutting of high grades)                                SARIG. 
                              and cut-off grades are 
                              usually Material and should 
                              be stated. 
 
                            *    Where aggregate intercepts incorporate short lengths 
                                 of high grade results and longer lengths of low grade 
                                 results, the procedure used for such aggregation 
                                 should be stated and some typical examples of such 
                                 aggregations should be shown in detail. 
                          ============================================================  ============================== 
                                                                                         No metal equivalents are 
                             *    The assumptions used for any reporting of metal        reported. 
                                  equivalent values should be clearly stated. 
                          ============================================================  ============================== 
 Relationship                                                                            No new exploration results 
  between mineralisation    *    These relationships are particularly important in the   have been reported, all 
  widths and                     reporting of Exploration Results.                       information 
  intercept                                                                              is publicly available from 
  lengths                                                                                SARIG. 
 
                            *    If the geometry of the mineralisation with respect to 
                                 the drill hole angle is known, its nature should be 
                                 reported. 
 
                            *    If it is not known and only the down hole lengths are 
                                 reported, there should be a clear statement to this 
                                 effect (eg 'down hole length, true width not known'). 
                          ============================================================  ============================== 
 Diagrams                                                                                Appropriate maps and diagrams 
                             *    Appropriate maps and sections (with scales) and         included in announcement 
                                  tabulations of intercepts should be included for any 
                                  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                                                                      No new exploration results 
                             *    Where comprehensive reporting of all Exploration       have been reported, all 
                                  Results is not practicable, representative reporting   information 
                                  of both low and high grades and/or widths should be    is publicly available from 
                                  practiced to avoid misleading reporting of             SARIG. 
                                  Exploration Results. 
                          ============================================================  ============================== 
 Other substantive                                                                       The overall copper grade of 
  exploration               *    Other exploration data, if meaningful and material,     the Mineral Resource estimate 
  data                           should be reported including (but not limited to):      fits within the accepted 
                                 geological observations; geophysical survey results;    parameters 
                                 geochemical survey results; bulk samples - size and     for copper ISR operations. 
                                 method of treatment; metallurgical test results; bulk   Initial hydrogeological 
                                 density, groundwater, geotechnical and rock             investigations 
                                 characteristics; potential deleterious or               show that the en echelon and 
                                 contaminating substances.                               conjugate fracture systems 
                                                                                         provide transmissivity values 
                                                                                         within the range needed for 
                                                                                         successful ISR operations. 
                          ============================================================  ============================== 
 Further work                                                                            Following approvals from the 
                             *    The nature and scale of planned further work (eg       Light Regional Council and 
                                  tests for lateral extensions or depth extensions or    regulators, a groundwater 
                                  large-scale step-out drilling).                        sample from the mineralized 
                                                                                         lode system will be collected 
                                                                                         and be used in the laboratory 
                                                                                         testing of lixiviant systems 
                                                                                         on core samples to be 
                                                                                         undertaken 
                                                                                         by CSIRO. 
                                                                                         Further hydrogeological 
                                                                                         investigations 
                                                                                         including aquifer pump 
                                                                                         testing 
                                                                                         and beneficial use studies 
                                                                                         will be undertaken. 
                                                                                         Understanding the 
                                                                                         hydrogeology 
                                                                                         of the area is critical to 
                                                                                         the Kapunda Project. 
                                                                                         Consequently, 
                                                                                         detailed hydrogeological 
                                                                                         investigations 
                                                                                         will be undertaken to 
                                                                                         accurately 
                                                                                         model groundwater parameters. 
                                                                                         These models will allow ECR 
                                                                                         to undertake design work to 
                                                                                         ensure that there is no 
                                                                                         compromising 
                                                                                         existing users' water quality 
                                                                                         or ability to access water. 
                                                                                         Groundwater Science has been 
                                                                                         engaged by ECR to carry out 
                                                                                         further groundwater studies. 
                          ============================================================  ============================== 
                                                                                         Additional drilling is 
                             *    Diagrams clearly highlighting the areas of possible    required 
                                  extensions, including the main geological              to better define and 
                                  interpretations and future drilling areas, provided    potentially 
                                  this information is not commercially sensitive.        extend the southern limits 
                                                                                         of the Kapunda 
                                                                                         mineralisation, 
                                                                                         Figure 2. 
                          ============================================================  ============================== 
 

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