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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.20 | 1.10 | 1.30 | 1.20 | 1.20 | 1.20 | 64,216 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.32 | 3.34M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 8980M
Thor Mining PLC
26 January 2021
26 January 2021
THOR MINING PLC
Maiden Copper-Gold Mineral Resource Estimate
Alford East ISR Project, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to announce a maiden Mineral Resource Estimate of 177,000 tonnes of contained copper and 71,500 ounces of contained gold at its Alford East copper-gold project, located on the Yorke Peninsula, South Australia .
Highlights:
-- Maiden Mineral Resource Estimate completed on the Alford-East Project (reported in accordance with JORC Code 2012) including Netherleigh Park, Liaway and Alford East prospects
-- An Inferred Mineral Resource Estimate of
o 125.6 Mt at 0.14% Cu for 177,000 tonnes of contained copper
o 71,500 ounces of contained gold
-- The resource estimate includes only oxide copper-gold mineralisation considered amenable to In Situ Recovery (ISR) techniques, and identical cut-off grades being used at operating ISR Copper projects such as Excelsior's Gunnison project in Arizona, USA
-- There is clear potential for resources growth, along strike and at depth
-- The Alford East Project covers the northern extension of Alford Copper Belt, where to the south-west, EnviroCopper Ltd has reported an Inferred Mineral Resource of 66.1Mt @ 0.17% Cu for three deposits; Wombat, Bruce and Larwood (THR:ASX Announcement 15 August 2019).
Mick Billing, Executive Chairman of Thor Mining, commented:
"The copper-gold Alford East Project results have exceeded our expectations for a Maiden Mineral Resource Estimate".
"There have been more than 500 recorded drill holes into these deposits, and it is a tremendous bonus to be able to apply proven ISR technology thinking to produce this initial resource estimate."
"Significant growth potential exists for this resource, both at depth, and along strike and, while we commence testing activities to demonstrate the potential for ISR production, we will concurrently work towards increasing this resource."
"Our objective will be to work towards technical feasibility of ISR production, which will be designed to allow continuation of traditional farming activities, as much as possible during operations, and following the end of the project life, with the land effectively undisturbed."
A copy of the Tenement and Prospect Location Plan may be view via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre---location.jpg
The Alford East Copper-Gold Mineral Resources are 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 (THR:ASX 23 November 2020).
The Alford East Project lies within the Alford Copper Belt, a 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.
A schematic showing Alford Copper Belt cross-section the coherent zone of ISR amenable copper-gold mineralization in trough of depth weathered metasediments (Drown, C., 2017, In-Sit copper Recovery investigation Moonta-Wallaroo District. SAEMC Conference December 2017) may be view via the following link:
www.thormining.com/sites/thormining/media/Maps/21-001-5-AE-Schematic.jpg
Mineral Resource Statement Overview
Pursuant to ASX listing rule 5.8.1, and in addition to the JORC tables (attached) the company provides the following in respect of the Alford East Mineral Resource Estimate.
Alford East Mineral Resource Estimate and Reporting Criteria
Independent geological consultant Dr Graeme McDonald has reported the Mineral Resource Estimate in accordance with the JORC Code (2012), which is summarised in Table 1 below. A summary prepared by Dr McDonald forms part of this ASX release.
Table 1: Alford East Mineral Resource Estimate by JORC (2012) classification as at 22 January 2021, reported for oxide material only, at a cut-off grade of 0.05% Copper which is consistent with the assumed In Situ Recovery technique.
Hot Features
Premium
Domain Prospect Category Oxidation Tonnes Cu Au Contained Contained
(Mt) % g/t Cu (t) Au (oz)
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Alford
AE_1 East Inferred Oxide 24.6 0.12 0.021 30,000 16,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Alford
AE_2 East Inferred Oxide 6.8 0.13 0.004 9,000 1,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Alford
AE_3 East Inferred Oxide 34.9 0.09 0.022 33,000 25,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Alford
AE_4 East Inferred Oxide 8.0 0.11 0.016 8,000 4,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Alford
AE_5 East Inferred Oxide 11.0 0.22 0.030 24,000 11,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Sub
-Total Inferred Oxide 85.3 0.12 0.021 104,000 57,000
------------------------ ---------- ---------- ------- ----- ------ ---------- ----------
Netherleigh
NP Park Inferred Oxide 31.3 0.19 0.008 61,000 8,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
LW_E Liaway Inferred Oxide 7.7 0.14 0.025 10,000 6,000
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
LW_W Liaway Inferred Oxide 1.3 0.13 0.011 2,000 500
--------- ------------- ---------- ----------- ------- ----- ------ ---------- ----------
Sub
-Total Inferred Oxide 40.3 0.18 0.011 73,000 14,500
------------------------ ---------- ---------- ------- ----- ------ ---------- ----------
Total Inferred Oxide 125.6 0.14 0.018 177,000 71,500
------------------------ ---------- ---------- ------- ----- ------ ---------- ----------
Note:
-- Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.05% Cu
-- Thor earning up to 80% interest in Alford East Copper-Gold Project
Geology and Geological Interpretation
The Alford East Project is located in the south-eastern portion of the Gawler Craton, close to the Torrens Hinge Zone, the major north-northwest-trending structural lineament that defines its eastern margin. The project covers a number of prospective magmatic centres with associated IOCG style alteration and mineralisation.
Outcrop of the Proterozoic basement rocks are limited as they are extensively masked by a veneer (<15m in depth) of transported clays and dune sands. The geology interpreted largely from geophysical data and drillholes consists of the metamorphosed Palaeoproterozoic Wallaroo Group sediments and volcanics intruded by the Tickera granitoids, which were syntectonically emplaced during the Hiltaba thermal event.
The region is extensively mineralised, with strongly developed Cu-Au mineralisation and lesser Ag, Pb, Zn, Mo, Ni, Co, U, Ni and Ce. The mineralisation occurs in breccia and shear zones, parallel to the foliation, in country rocks consisting of Palaeoproterozoic schist, quartzite and hornfels intruded by porphyry and granite.
Locally, the oxide mineralisation is hosted within variably weathered and sheared metasedimentary basement lithologies. Low grade copper mineralisation is widespread throughout the project area and is associated with the presence of chalcocite as the dominant copper bearing mineral as well as native copper and malachite. In total, eight separate zones of oxide mineralisation were defined of various size and thickness. Three zones in the north associated with the Netherleigh Park and Liaway prospects and five in the south associated with the Alford East prospect. With deeper depressions and troughs within the weathering profile generally hosting greater accumulations of oxidized copper and gold mineralisation.
An image showing the eight identified mineralised domains at Alford East may be view via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-1-ae-mre---plan-view.jpg
Drilling techniques and hole spacing
The Alford East drillhole database used for the MRE contains a total of 512 holes for 40,385.65m of drilling. Comprising 440 Aircore (AC), 24 Reverse Circulation (RC), 11 Mud Rotary (MR) and 37 Diamond (DD) holes. The majority of holes have been drilled at angles of between 60(o) - 90deg and approximately perpendicular to the strike of the mineralisation.
Holes were drilled by various companies between 1982 and 2015, with the majority (94%) drilled since 2002. In the north, across the Netherleigh Park and Liaway prospects, drillholes were located approximately 40m apart along 80m spaced sections with variable orientation from E-W to NW-SE. In the south, at the Alford East prospects, drillholes were located 80 to 160m apart on approximately 200m spaced E-W sections.
Geological and assay data for all drillholes was used in the geological interpretation and Mineral Resource Estimate.
An image showing drillhole density and type at Alford East may be view via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-3-ae-mre---plan-view-drilling.jpg
Sampling and sub-sampling
There is very little information about sampling techniques applied to drilling prior to 2002. Since 2002, the sampling methodology has been well documented. Drilling was undertaken by reputable drilling companies.
Aircore return samples were collected into polyurethane bags from the cyclone every metre and lined up on the ground adjacent to the rig. The polyurethane bags were then sampled as 3m composites via a spear or scoop into calico bags, which were then scanned with a portable XRF analyser and re-sampled at 1m intervals if Cu was detected over 400ppm.
HQ and NQ drill core was collected directly into trays, marked up by metre marks and secured as the drilling progressed. Core was cut into half longitudinally along a consistent line where possible , ensuring no bias in the cutting plane. A half was then collected on a metre basis where possible as determined by geological and lithological contacts.
An image showing the eight identified mineralised domains at Alford East may be view via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-1-ae-mre---plan-view.jpg
Sample analysis method
Historic RC and DD samples associated with drilling undertaken by MIM Exploration (pre 2002) were submitted for sample preparation and analysis at Analabs in Adelaide.
All AC and DD samples collected by Sandfire, Hillgrove and Argonaut (post 2002) were submitted to ALS in Adelaide for sample preparation and analysis undertaken at ALS in Perth. All samples were sorted and dried then pulverized and split to produce a 30g charge for Au fire assay (AA21). Assays for an additional 48 elements were collected via method ME-MS61.
As part of the post 2002 drilling, standards, blanks and duplicates (inserted every 20 samples) have all been applied in the QAQC methodology and are well documented. Sufficient accuracy and precision have been established for the type of mineralisation encountered and is appropriate for QAQC in the Mineral Resource Estimation.
A cross section showing Mineralised Domains at (6253400nN) may be view via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-2-ae-mineral-resource-estimate---domains-in-cross-section.jpg
Cut-off grades
The current Mineral Resource Inventory for the Alford East Project has been reported at a cut-off grade of 0.05% Cu. This is based on several factors including:
-- An analysis of the distribution of mineralised Cu assays at the Alford East Project
-- The cut-off grade of 0.05% Cu used in the Mineral Resource Estimate at the adjacent Bruce, Larwood and Wombat deposits (refer Thor Mining ASX announcement dated 15(th) August 2019 - "Substantial Mineral Resource Estimate for Moonta Copper")
-- Proposed application of In-Situ Recovery (ISR) at the Alford East Project by Thor and
-- Identical cut-off grades being used at operating ISR Copper projects such as Excelsior's Gunnison project in Arizona, USA.
No top cuts were applied.
Estimation methodology
Geology and mineralisation wireframes were generated in Micromine software using drillhole data supplied by Thor. Resource data was flagged with unique geology, oxidation and mineralisation domain codes as defined by the wireframes and composited to 2m lengths.
Due to differences in drillhole spacing and the shape and dimensions of the mineralisation between the northern and southern regions, separate block models were created for each region.
The northern block model has a parent block size of 20 x 40 x 10m with sub-blocks of 5 x 10 x 2m. The southern block model has a parent block size of 40 x 80 x 10m with sub-blocks of 5 x 10 x 2m. The different block sizes used adequately represent the respective mineralised volumes, with sub blocks estimated at the parent block scale.
Grade continuity analysis was undertaken in Micromine software for copper for the mineralised domains and models were generated in all three directions. Parameters generated were used in the block model estimation.
There is no bulk density data available for the oxide material at the Alford East project. As such, a review of the nearby copper oxide deposits of Wombat, Bruce and Larwood was undertaken. Examination of the Mineral Resource Estimate (refer Thor Mining ASX announcement dated 15(th) August 2019 - "Substantial Mineral Resource Estimate for Moonta Copper") revealed an average bulk density across all three deposits for the oxide mineralisation of 2.2 g/cm(3) .
This value was applied during the Mineral Resource Estimate at the Alford East project. The value is within the range of expected values.
Classification criteria
The resource classification has been applied to the Mineral Resource Estimate based on the drilling data spacing, grade and geological continuity, and data integrity.
All of the Mineral Resource has been classified as Inferred Mineral Resources. This is primarily due to the low data density and lower levels of confidence in the geology, mineralisation and mineral resource estimation.
The classification reflects the view of the Competent Person.
Mining and Metallurgy
Thor are considering the In-Situ Recovery (ISR) technique as a means of extracting the copper and gold, to exploit the oxidized nature of the mineralisation, together with the depth extent, size, grade and continuity. Specialist lixiviants will also be trialled to recover both copper and gold in an environmentally sensitive manner. Preliminary hydrological studies by EnviroCopper (ECR) on similar mineralisation associated with the nearby Alford West mineral resources have been positive. Similarly, preliminary metallurgical testwork at the Alford West project has confirmed that copper is present in phases amenable to leaching.
No other mining assumptions have been made at this stage.
No metallurgical testwork has been undertaken at Alford East and as such no recoveries have been applied to the Mineral Resource Estimate.
Eventual Economic Extraction
It is the view of the Competent Person that at the time of estimation there are no known issues that could materially impact on the eventual extraction of the Mineral Resource.
Next Step - Exploration Activities
Potential to grow the Alford East copper-gold Mineral Resource Estimate remains along strike and at depth. Historic aircore and reverse circulation drilling within the project area stopped within the mineralised oxide copper-gold zones as per cross-section 6257550mN with only limited deeper diamond holes continuing through the oxide copper mineralization. A diamond drilling program will hence be designed and implemented in the next few months to follow up on the depth extent of the oxide mineralization, adjacent to these mineralised diamond holes. In addition, drill holes will be placed along strike of the eight identified mineralised zones to confirm strike extent and continuity of the mineralization.
Initial work has highlighted the deeper depressions and troughs within the weathering profile generally host greater accumulation of the oxide copper and gold mineralisation, hence geophysics (gravity and electromagnetic) data will be reviewed to assist with mapping out these areas of interest for follow up drill testing.
A cross section at 6257550mN showing oxide copper mineralization open at depth adjacent to diamond hole MPBD3, may be viewed via the following link
www.thormining.com/sites/thormining/media/maps/21-001-3-ae-npsec6257550n-x-section.jpg
Further work to increase confidence in the Mineral Resource Estimate includes drilling to delineate the boundaries of the Alford Copper Belt including closing off the Alford-East mineralization to the north, south and at depth; hydrogeological studies, and mineralogy and metallurgical studies to confirm the copper is in a phase amenable to ISR recovery.
Selected Alford East historic core available at the South Australian Drill Core Reference Library, will undergo specific gravity (S.G) measurements, and be submitted for analysis using the Hylogger(TM) core scanner for spectroscopic logging and imaging. This will help to characterise and identify the dominant clay and copper mineral species present, and reduce the number of new drill holes required for mineralogy and metallurgical testing.
In conjunction with the technical assessment Thor will continue ongoing stakeholder and community engagement, and regulatory activities.
The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson / +44 (0) 207 383 Grant Thornton UK Nominated Adviser
George Grainger 5100 LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
Updates on the C o m pan y 's activities are regular ly p o sted on Thor's we bsite w w w.th o r m i n i ng .c o m , which includes a facility to regi ster to receive these updates by email, and on the Co m pan y's twitter page @ThorMining.
Competent Persons Report
The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Dr Graeme McDonald. Dr McDonald acts as an independent consultant to Thor Mining PLC on the Alford East Project Mineral Resource Estimation. Dr McDonald is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience with the style of mineralisation, deposit type under consideration and to the activities undertaken 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" (The JORC Code). Dr McDonald consents to the inclusion in this report of the contained technical information relating to the Mineral Resource Estimation in the form and context in which it appears.
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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned."
At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via Insitu Recovery techniques (ISR)
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 in South Australia recoverable by way of in situ recovery . Thor also holds rights to earn a 75% interest in portion of the Alford West copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery .
"Thor holds 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 in the Northern Territory of Australia, for which an updated feasibility study in August 2018(1) suggested attractive returns.
Adjacent 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(2).
Thor holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(3) on 2 of the 4 known deposits.
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018, and 29 January 2020
(3) Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
Refer ASX and AIM announcement of 15 August 2019
JORC C ODE , 2012 E DITION - T ABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Historic RAB drilling by Jododex and Uranez (436 RAB
random chips, or specific specialised industry holes for 13,545.7m), and North Broken Hill used
standard measurement tools appropriate to the auger drilling (191 holes). Follow-up drilling by
minerals under investigation, such as down hole gamma Jododex with 3 angled and one vertical diamond hole
sondes, or hand held XRF instruments, etc) These for 890.23m. Follow up also included a diamond hole
examples should not be taken as limiting the broad by Uranez in 1986, completed to 392.5m.
meaning of sampling.
* Historic Drilling - MIM (1993 -1997) - Diamond,
* Include reference to measures taken to ensure sample reverse circulation and aircore drilling (used to
representivity and the appropriate calibration of any obtain samples which were pulverised to produce sub
measurement tools or systems used. samples for lab assay at Analabs SA).
* Aspects of the determination of mineralisation that * Historic Drilling - Sandfire, Hillgrove & Argonaut
are Material to the Public Report. (2002-2014):
* In cases where 'industry standard' work has been done * AC drilling was used to obtain 1 m samples from which
this would be relatively simple (eg 'reverse 3 kg was pulverised to produce a 30 g charge for Au
circulation drilling was used to obtain 1 m samples fire assay AA21 and 48 element suite ME-MS61. Samples
from which 3 kg was pulverised to produce a 30 g submitted to ALS, SA.
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * Diamond drilling with half core sampled for Au fire
Unusual commodities or mineralisation types (eg assay AA21 and 48 element suite ME-MS61. Samples
submarine nodules) may warrant disclosure of detailed submitted to ALS, SA. Standard blank and duplicate
information. inserted every 30 samples
* There are no records indicating if any measures were
taken to ensure sample representivity and the
appropriate calibration of any measurement tools or
systems used.
* Mineralization is determined by descriptive logs for
each AC, RC and diamond hole as well as the
incorporation of assay results.
* Historic Collar elevations were calculated using the
TEISA DTM Grid in 2001.
-------------------------------------------------------------- -------------------------------------------------------------
Drilling
Techniques * Drill type (air core, reverse circulation, open-hole * Drill methods included; auger, RAB, diamond coring,
hammer, rotary air blast , auger, Bangka, sonic, etc) reverse circulation and aircore. Some precollars for
and details (eg core diameter, triple or standard diamond holes were drilled using rotary mud methods.
tube, depth of diamond tails, face sampling bit or
other type, whether core is orientated and if so, by
what method, etc). * Hole diameters varied for different drilling methods.
* Some diamond core was triple tubed.
* Face sampling hammers were used for RC holes.
* Other details unknown.
-------------------------------------------------------------- -------------------------------------------------------------
Drill Sample
Recovery * Method of recording and assessing core and chip * Sample recoveries for historic drillholes unknown.
sample recoveries and results assessed.
* No relationship is known to exist between sample
* Measures taken to maximise sample recovery and ensure recovery and grade.
representative nature of the sample.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of coarse/fine
material.
-------------------------------------------------------------- -------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * MIM Drilling - Assayed for Au, As, Pb, Zn, Co Ni, Mo
data and assaying and laboratory procedures used and whether (GA101)
laboratory the technique is considered partial or total.
tests
And U, F, La, Ce (GX401)
* For geophysical tools, spectrometers, handheld XRF * Sandfire, Argonaut & Hillgrove Drilling - fire assay
instruments, etc, the parameters used in determining for gold with four acid digest for 46 element
the analysis including instrument make and mode, package.
reading times, calibration factors applied and their
derivation, etc.
* Duplicate, Blank and standard samples inserted every
20 samples, were introduced into Sandfire, Argonaut
* Nature and quality control procedures adopted (eg and Hillgrove drilling, while the laboratory
standards, blanks, duplicates, external laboratory completed double assays on many samples. QAQC
checks) and whether acceptable levels of accuracy (ie measures undertaken by other companies (MIM) is not
lack of bias) and precision have been established. generally known.
* Argonaut, Sandfire and Hillgrove and external ALS
laboratory introduced QAQC samples, which indicate
acceptable analytical accuracy. No QAQC is known for
MIM drillholes.
-------------------------------------------------------------- -------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * All significant intersections have been verified by
and assaying either independent or alternative company personnel. an alternative company geologist.
* The use of twinned holes. * There are no records of twinned drillholes.
* Documentation of primary data, data entry procedures, * No adjustments have been made to the laboratory assay
data verification, data storage (physical or data.
electronic) protocols.
* Discuss any adjustment to assay data.
-------------------------------------------------------------- -------------------------------------------------------------
Location
of data * Accuracy and quality of surveys used to locate * Historic diamond drillhole collars were located from
points drillholes (collar and down-hole surveys), trenches, original grids and the collars pegged using GPS with
mine workings and other locations used in Mineral an accuracy of +/- 0.5 meters,
Resource estimation.
* Downhole surveys were completed on all RC and diamond
* Specification of the grid system used. holes using a compass-based instrument post 1996.
Only 5 diamond holes prior to this date, have
downhole survey information.
* Quality and adequacy of topographic control.
* GDA94 (Zone 53).
-------------------------------------------------------------- -------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * The data spacing is considered sufficient to allow
distribution confident interpretation of exploration results.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * No sample compositing has been applied.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classification applied.
* Whether sample compositing has been applied.
-------------------------------------------------------------- -------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * Drill lines are predominately oriented East-West. The
in relation sampling of possible structures and the extent to main oxide mineralization strikes roughly north south
to which this is known, considering the deposit type. and is flat lying with locally steep dipping
geological structures.
structure
* If the relationship between the drilling orientation
and the orientation of 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 ensure sample security. * Measures for historic drillholes unknown.
-------------------------------------------------------------- -------------------------------------------------------------
Audits or
reviews * The results of any audits or reviews of sampling * No formal audits have been completed.
techniques and data.
* A review of the sampling techniques and data were
undertaken as part of the Mineral Resource Estimate.
-------------------------------------------------------------- -------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section may apply to this section)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * The JV area covers portions EL6255 and EL6529 which
and land including agreements of material issues with third are 100% owned by Spencer Metals Ltd.
tenure status parties such as joint ventures, overriding royalties,
native titles interests, historical sites, wilderness
or national park and environmental settings. * PML 268 for aggregate & sand lies within
ELA2020/00019.
* The security of the tenure held at the time of
reporting along with any known impediments to * There are no non government royalties, historical
obtaining a license to operate in the area. sites or environmental issues.
* Underlying land title is Freehold land which
extinguishes native title.
* All tenure in good standing.
-------------------------------------------------------------- -------------------------------------------------------------
Exploration
done by other * Acknowledgement and appraisal of exploration by other * The general area of this report has been explored in
parties parties. the past by various companies including Jododex,
Uranez, North Broken Hill, MIM, Hillgrove Resources,
Argonaut Resources and Sandfire Resources. Activities
include AC, RC, & Diamond drilling, and significant
geophysical surveying. The Company has reviewed past
exploration data generated by these companies.
-------------------------------------------------------------- -------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * Primary deposits in the region are considered to be
mineralisation. 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 Mineral
Resource Estimate is hosted within variably weathered
and sheared metasedimentary basement lithologies.
-------------------------------------------------------------- -------------------------------------------------------------
Drill hole
Information * A summary of all information material to the * No tabulation of drillhole information is presented
understanding of the exploration results including a as the results are historical and the omission of
tabulation of the following information for all such detail does not detract from an investor's
Material drillholes: understanding of the report. Links and references to
Open File reports are included in document.
o Easting and northing of the drill
collar * A plan showing the location of drillholes is included
o Elevation or RL (Reduced Level in the report.
- elevation above sea level in meters)
of the drill collar.
o Dip and azimuth of the hole.
o Down hole length and interception
depth.
o Hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
-------------------------------------------------------------- -------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * Intersections are calculated by simple averaging of
methods techniques, maximum and/ or minimum grade truncations 1m assays.
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* No metal equivalents are reported.
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in some detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
-------------------------------------------------------------- -------------------------------------------------------------
Relationship
between * These relationships are particularly important in the * All companies noted the association of copper oxide
mineralisation reporting of Exploration Results. mineralization with intense clay alteration. The
widths and alteration is interpreted to be similar to that found
intercept in the adjacent Alford West area.
lengths * If the geometry of the mineralisation with respect to
the drillhole angle is known, its nature should be
reported. * The drilling intersections quoted are downhole
intercept lengths with an unknown orientation to dip
and plunge of the target mineralization.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
-------------------------------------------------------------- -------------------------------------------------------------
Diagrams
* Appropriate maps and sections (with scales) and * Appropriate plans and sections with scales appear in
tabulations of intercepts should be included for any the report.
significant discovery being reported. These should
include, but not be limited to a plan view of
drillhole collar locations and appropriate sectional
views.
-------------------------------------------------------------- -------------------------------------------------------------
Balanced
Reporting * Where comprehensive reporting of all Exploration * The report summarizes publicly available open file
Results is not practicable, representative reporting results, not new results.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
-------------------------------------------------------------- -------------------------------------------------------------
Other
substantive * Other exploration data, if meaningful and material, * There is no other meaningful or material exploration
exploration should be reported including (but not limited to): data that has been omitted from the report.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, ground water, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
-------------------------------------------------------------- -------------------------------------------------------------
Further work
* The nature and scale of planned further work (eg * Further work may involve further drilling, mineral
tests of lateral extensions or depth extensions or resource estimation, followed by technical studies
large scale step-out drilling). including lixiviant optimisation, permeability
studies, etc.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
-------------------------------------------------------------- -------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding sections also apply to this section.)
-- JORC Code explanation -- Commentary
* Criteria
* Database integrity * Measures taken to ensure that data has not been * A data check of source assay data and survey data has
corrupted by, for example, transcription or keying been undertaken. No translation issues have been
errors, between its initial collection and its use identified. The data was validated during the
for Mineral Resource estimation purposes. interpretation of the mineralisation, with no
significant errors identified.
* Data validation procedures used.
* Given the historical nature of some of the data,
extensive checks were undertaken to ensure that
collar details in particular were correct.
* Data validation processes are in place and run upon
import into Micromine to be used for the MRE. Checks
included: missing intervals, overlapping intervals
and any depth errors.
------------------------------------------------------------ ------------------------------------------------------------
* Site visits * Comment on any site visits undertaken by the * Graeme McDonald (CP) has not undertaken a site visit
Competent Person and the outcome of those visits. due to the current lack of field activity in the
area.
* If no site visits have been undertaken indicate why
this is the case. * A review of the drilling, logging, sampling and QAQC
procedures has been undertaken. All processes and
procedures were in line with industry best practice.
* Diamond drill core from the project has been viewed
by the CP and the mineralisation and oxidation state
confirmed.
------------------------------------------------------------ ------------------------------------------------------------
* Geological interpretation * Confidence in (or conversely, the uncertainty of) the * The geological interpretation is considered robust
geological interpretation of the mineral deposit. due to the nature of the mineralisation.
* Nature of the data used and of any assumptions made. * Due to the continuity of the geological
interpretation, together with the drilling density,
alternative interpretations were not considered.
* The effect, if any, of alternative interpretations on
Mineral Resource estimation.
* The oxide mineralisation is hosted within variably
weathered and sheared sedimentary basement
* The use of geology in guiding and controlling Mineral lithologies.
Resource estimation.
* In total, eight separate zones of oxide
* The factors affecting continuity both of grade and mineralisation were defined of various size and
geology. thickness. Three zones in the north associated with
the Netherleigh Park and Liaway prospects and five in
the south associated with the Alford East prospects.
* Deeper depressions and troughs within the weathering
profile generally hosting greater accumulations of
oxidized copper and gold mineralisation.
* The presence of primary copper mineralisation within
the fresh basement lithologies may affect grade
continuity within the overlying oxide zones.
* All drillholes have been used in the MRE. Lithology,
oxidation, and assay data has been used to generate
the mineralisation models.
* The mineralisation interpretation is based on a
copper cut-off grade of 0.05%, with some internal
dilution allowed to maintain continuity.
------------------------------------------------------------ ------------------------------------------------------------
* Dimensions * The extent and variability of the Mineral Resource * The copper/gold mineralisation is hosted within eight
expressed as length (along strike or otherwise), plan separate oxide zones of various size and thickness .
width, and depth below surface to the upper and lower
limits of the Mineral Resource
* Three zones in the north associated with the
Netherleigh Park and Liaway prospects and five in the
south associated with the Alford East prospects.
* Plan dimensions of the zones vary from the smallest
(180m wide by 270m long) to the largest (500m wide by
2,500m long).
* The oxide zones are sub-horizontal and vary in depth
from 10m to approximately 200m below surface.
------------------------------------------------------------ ------------------------------------------------------------
* Estimation and Modelling techniques * The nature and appropriateness of the estimation * Grade estimation of copper and gold has been
technique(s) applied and key assumptions, including completed using Ordinary Kriging (OK) into 8
treatment of extreme grade values, domaining, mineralised oxide domains using Micromine software.
interpolation parameters and maximum distance of Variography has been undertaken for copper only on
extrapolation from data points. If a computer the grade domain composite data. Variogram
assisted estimation method was chosen include a orientations are largely controlled by the strike and
description of computer software and parameters used. dip of the mineralisation.
* The availability of check estimates, previous * A check estimate using an alternative estimation
estimates and/or mine production records and whether technique (ID2) has also been undertaken.
the Mineral Resource estimate takes appropriate
account of such data.
* No assumptions have been made regarding recovery of
any by-products.
* The assumptions made regarding recovery of
by-products.
* In the north, across the Netherleigh Park and Liaway
prospects, drillholes were located approximately 40m
* Estimation of deleterious elements or other non-grade apart along 80m spaced sections with variable
variables of economic significance (e.g. sulphur for orientation from E-W to NW-SE.
acid mine drainage characterisation).
* In the south, at the Alford East prospects,
* In the case of block model interpolation, the block drillholes were located 80 to 160m apart on
size in relation to the average sample spacing and approximately 200m spaced E-W sections.
the search employed.
* The northern block model has a parent block size of
* Any assumptions behind modelling of selective mining 20 x 40 x 10m with sub-blocks of 5 x 10 x 2m to
units. define the mineralisation, with the estimation at the
parent block scale.
* Any assumptions about correlation between variables.
* The southern block model has a parent block size of
40 x 80 x 10m with sub-blocks of 5 x 10 x 2m to
* Description of how the geological interpretation was define the mineralisation, with the estimation at the
used to control the resource estimates. parent block scale.
* Discussion of basis for using or not using grade o Pass 1 estimation has been
cutting or capping. undertaken using a minimum
of 4 and a maximum of 20 samples
into a search ellipse with
* The process of validation, the checking process used, a radius of approximately
the comparison of model data to drillhole data, and half the range, with samples
use of reconciliation data if available. from a minimum of two drillholes.
o Pass 2 estimation has been
undertaken using a minimum
of 4 and a maximum of 20 samples
into a search ellipse with
a radius approximating the
range, with samples from a
minimum of two drillholes.
o Pass 3 estimation has been
undertaken using a minimum
of 4 and a maximum of 20 samples
into a search ellipse with
a radius of approximately
twice the range, with samples
from a minimum of two drillholes.
* For domains AE_2, NP, LW_E and LW_W a minimum of 1
hole was used during the third pass.
* No selective mining units are assumed in this
estimate.
* Copper and gold have been estimated using the copper
variograms for each mineralised domain. No
correlation between variables has been assumed.
* Domains AE_2 and AE_4 were estimated using the
parameters established for domain AE_1.
* The mineralisation and geological wireframes have
been used to flag the drillhole intercepts in the
drillhole assay file. The flagged intercepts have
then been used to create composites in Micromine. The
composite length is 2 m in all data.
* The influence of extreme sample distribution outliers
in the composited data has been determined using a
combination of histograms and log probability plots.
It was decided that no top-cuts need to be applied.
* Model validation has been carried out, including
visual comparison between composites and estimated
blocks; check for negative or absent grades;
statistical comparison against the input drillhole
data and graphical plots.
------------------------------------------------------------ ------------------------------------------------------------
* Moisture * Whether the tonnages are estimated on a dry basis or * The tonnes have been estimated on a dry basis.
with natural moisture, and the method of
determination of the moisture content.
------------------------------------------------------------ ------------------------------------------------------------
* Cut-off parameters * The basis of the adopted cut-off grade(s) or quality * For the reporting of the Mineral Resource Estimate, a
parameters applied. 0.05 Cu% cut-off has been used.
* Based on data for similar deposits locally and
globally and the proposed application of the In-Situ
Recovery technique for the extraction of copper and
gold.
------------------------------------------------------------ ------------------------------------------------------------
* Mining factors or assumptions * Assumptions made regarding possible mining methods, * Due to the oxidized nature of the mineralisation,
minimum mining dimensions and internal (or, if together with the depth extent, size, grade and
applicable, external) mining dilution. It is always continuity, Thor are considering the In-Situ Recovery
necessary as part of the process of determining (ISR) technique as a means of extracting the copper
reasonable prospects for eventual economic extraction and gold. No other assumptions have been made.
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
------------------------------------------------------------ ------------------------------------------------------------
* Metallurgical factors or assumptions * The basis for assumptions or predictions regarding * No metallurgical recoveries have been applied.
metallurgical amenability. It is always necessary as
part of the process of determining reasonable
prospects for eventual economic extraction to * It has been demonstrated elsewhere that under the
consider potential metallurgical methods, but the right conditions, ISR can be an economic means of
assumptions regarding metallurgical treatment extracting both copper and gold from oxide
processes and parameters made when reporting Mineral mineralisation.
Resources may not always be rigorous. Where this is
the case, this should be reported with an explanation
of the basis of the metallurgical assumptions made.
------------------------------------------------------------ ------------------------------------------------------------
* Environmental factors or assumptions * Assumptions made regarding possible waste and process * No environmental assumptions have been made during
residue disposal options. It is always necessary as the MRE.
part of the process of determining reasonable
prospects for eventual economic extraction to
consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made.
------------------------------------------------------------ ------------------------------------------------------------
* Bulk density * Whether assumed or determined. If assumed, the basis * No bulk density data is available for the oxide
for the assumptions. If determined, the method used, material at the Alford East project.
whether wet or dry, the frequency of the measurements
,
the nature, size and representativeness of the * A review of nearby copper oxide deposits revealed an
samples. average bulk density of 2.20 g/cm(3) .
* The bulk density for bulk material must have been * An average bulk density value of 2.20 g/cm(3) has
measured by methods that adequately account for void been applied during the MRE.
spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within
the deposit. * The value is within the range of expected values.
* Discuss assumptions for bulk density estimates used
in the evaluation process of the different materials.
------------------------------------------------------------ ------------------------------------------------------------
* Classification * The basis for the classification of the Mineral * The resource classification has been applied to the
Resources into varying confidence categories. MRE based on the drilling data spacing, grade and
geological continuity, and data integrity.
* Whether appropriate account has been taken of all
relevant factors (i.e. relative confidence in * The classification takes into account the relative
tonnage/grade estimations, reliability of input data, contributions of geological and data quality and
confidence in continuity of geology and metal values, confidence, as well as grade confidence and
quality, quantity and distribution of the data). continuity.
* Whether the result appropriately reflects the * The classification reflects the view of the Competent
Competent Person's view of the deposit. Person.
------------------------------------------------------------ ------------------------------------------------------------
* Audits or reviews * The results of any audits or reviews of Mineral * This Mineral Resource estimate has not been audited
Resource estimates. by an external party.
------------------------------------------------------------ ------------------------------------------------------------
* Discussion of relative accuracy / confidence * Where appropriate a statement of the relative * The relative accuracy of the Mineral Resource
accuracy and confidence level in the Mineral Resource estimate is reflected in the reporting of the Mineral
estimate using an approach or procedure deemed Resource as per the guidelines of the 2012 JORC Code.
appropriate by the Competent Person. For example, the
application of statistical or geostatistical
procedures to quantify the relative accuracy of the * The statement relates to global estimates of tonnes
resource within stated confidence limits, or, if such and grade.
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the
relative accuracy and confidence of the estimate.
* The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
------------------------------------------------------------ ------------------------------------------------------------
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