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BARYS RESOURCES LIMITED — Capital/Financing Update 2022
Dec 6, 2022
64567_rns_2022-12-06_75e01d07-39d6-45c1-a0f5-890a24fbb418.pdf
Capital/Financing Update
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ASX Announcement 7 December 2022
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High Priority Drill Targets Identified at Ghanzi West
Highlights:
-
Airborne Electromagnetic and Gravity Survey completed across the Kara Antiform on the Ghanzi West Project in the emerging world class Kalahari Copper Belt of Botswana.
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Three domal features identified, similar to those discovered along strike by Sandfire Resources Ltd at its Motheo Copper Mine.
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Airborne electromagnetic data indicates the presence of carbonaceous units of the lower D’Kar Formation, associated with the magnetic domes.
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The D’Kar Formation and Ngwako Pan Formation contact is known to host the majority of copper - silver mineralisation across the Kalahari Copper Belt.
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Multiple high-priority structural targets for drilling have been identified following the review of the airborne electromagnetic data.
ENRG Elements Limited ( ASX:EEL ) (“ ENRG Elements ” or the “ Company ”) is pleased to announce the completion of its Airborne Electromagnetic (“ AEM ”) and Gravity Survey by New Resolution Geophysics (“ NRG ”) over ENRG Element’s wholly owned Ghanzi West Copper-Silver Project (“ Ghanzi West ”, “ Project ”), in the emerging world class Kalahari Copper Belt of Botswana, with multiple high priority exploratory drill targets identified.
Initial processing and interpretation have identified three domal features with fold related anticlinal hinge zones that may host structurally controlled “trap-sites”, similar to those discovered along strike by Sandfire Resources Limited (ASX:SFR) (“ Sandfire ”) at its Motheo Copper Mine, at its A4 and T3 Deposits.0F[1] There is also potential for near surface D’Kar Formation (“ DKF ”)/Ngwako Pan Formations (“ NPF ”) contact associated mineralisation over the south-east boundaries of the Project area.
The Prospecting Licences over the Kara Antiform at the Company’s Project are located along strike of Sandfire’s T3 and A4 copper-silver Deposits and the Khoemacau Zone 5 mine. Cobre Limited’s (ASX:CBE) recent Ngami Copper Project discovery, also in the Kalahari Copper Belt, is located approximately 170km north-east of the Company’s tenements.
1 See Sandfire's announcements dated 17 April 2020 and 7 September 2021.
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement 7 December 2022
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The Company’s assets are situated in the central structural corridor, considered to be the optimal geological zone for potential intact domal structures with favourable stratigraphy between Sandfire’s existing deposits (northeast-Botswana) and their new licences in Namibia (northwest) (see Figure 1).
Managing Director, Caroline Keats, commented: “We are extremely encouraged by the results of the survey and excited by the opportunity to advance the Ghanzi West Project area, which exhibits magnetic and AEM signatures similar to that of ASX listed Sandfire Resource’s T3 & A4 deposits. The application of this new combined magnetic and gravity survey system permitted the technical team to make advances in identification of potential areas to host mineralisation.
“We look forward to continuing to advance this exciting project.”
As announced on 12 July 2022, the Company commenced an AEM and Gravity Survey over the Kara Antiform, a part of the Company’s Ghazi West Project in the Kalahari Copper Belt of Botswana. The surveys focused on identifying fold related anticlinal hinge zones with structurally controlled “trapsites” associated with domal structures, similar to and along strike (165km) from Sandfire’s discoveries.
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Figure 1 – Location of Ghanzi West Project
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement 7 December 2022
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Mineralisation in the KCB can be characterized as being structurally controlled and stratabound, with most copper-silver deposits hosted along the major redox boundary between the DKF and NPF. The copper-silver mineralisation is mineralogically zoned and concentrated in favourable lithostratigraphic and litheogeochemical “trap-sites” along the fold limbs, local scale parasitic folds and in the hinge positions of regional scale folds. Regional facies changes along the base of the transgressive DKF often mark a series of syn-sedimentary basin highs and lows.
The presence of basin and sub-basin architecture with basin margins and intra-basinal highs provide important controls in sedimentary copper models. Fault controls along these boundaries provide pathways for mineralising hydrothermal fluids, both during basin formation and basin inversion. Restricted basins and sub-basins can provide closed systems for focused fluid flow, which may increase the metal tenor of some deposits.
Airborne gravity, high resolution magnetics and electromagnetic data can assist mapping the original basin architecture with gravity data providing density contrast at the interface between the Okwa Group Basement and the lower density volcano sedimentary units of the Kgwebe Formation and Ghanzi Group. High resolution magnetics and electromagnetic data help discriminate along-strike variations in lithostratigraphy and structural features, faults, shears and thrusts.
A total of 1,864 line km of airborne electromagnetic and 932 line km of gravity data was collected by NRG using a fixed-wing platform flown at low-level (appr. 30m survey height) and 500m line spacing. Airborne gravity data was collected using NRG’s NxT airborne gravimeter. The system employs a new laser ring gyro strapdown Inertial Measurement Unit allowing for operation in turbulent conditions typical in low-level tight drape magnetic surveys. As a result, sub mGal gravity data can be collected concurrently with high-resolution magnetic data. The combined gravity and magnetic data products provide an effective combination for mapping and target generation.
The survey was designed to test for local domes and the associated fold related anticlinal hinge zones with the potential to host mineralisation in structurally controlled “trap-sites” similar to those discovered along strike by Sandfire at it’s A4 & T3 deposits. Processing of the NRG data, by Cas Lotter of Spectral Geophysics, has successfully detected the presence of three possible domes along the Kara Antiform and the potential for NPF style contact mineralisation close to surface, covering more than 30km of strike on the south-east boundary of the Project area.
Interpretation of the high-resolution magnetic data has identified anticlinal hinge zones, thrusts, and faulting, while the new data has confirmed regional mapping and drilling that identified DKF basement rocks underlying the Kara Antiform This opens the possibility for shallow, relatively flat lying mineralisation along the redox contact between the DKF and NPF (see Figure 2).
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement
7 December 2022
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Figure 2 – Magnetic Reduction to pole – First Vertical Derivative (RTP_1VD) image with interpreted domes and historic drill hole locations
The revised interpretation is also supported by soil geochemistry traverses that reported elevated copper and zinc values that also correlate with structural features such as fold axes, thrusts, and faults, as shown in Figures 3 & 4.
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement
7 December 2022
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geochemistry for Copper and Zinc
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Figure 4 – 3D perspective showing AEM CDI sections with Copper (above) and Zinc (below) with geology and magnetics transparencies as overlays
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement 7 December 2022
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The AEM data further supports this with the identification of characteristic conductive zones, believed to be related to carbon rich shales of the lower DKF above the NPF contact.
The gravity data suggests the Kara Dome may form the edge of a sub-basin, the margins of which would be considered prospective sites to host structurally controlled copper-silver mineralisation in folded transitional sediments, including carbon rich shale units, similar to those at Sandfire (Motheo Copper Mine) and Khoemacau (Zone 5, Banana Zone).
Future Work Programmes
Analysis of the new geophysical data along with existing soil geochemistry and previous drilling, highlights the potential for these three sub-domes as priority targets. The style of host “trap” site, scale, and distribution of mineralisation within these interpreted domes increases the potential for the Project to deliver new discoveries in the emerging Kalahari Copper Belt.
With multiple exploration drill targets identified, the Company is planning further geophysical and geochemical work to prioritise targets for future drilling.
For further enquiries, please contact: For investor relations enquiries:
Caroline Keats Jane Morgan Managing Director Investor and Media Relations Manager ENRG Elements Limited Jane Morgan Management - info@enrg elements.com.au [email protected] +61 8 6263 4400 + 61 (0) 405 555 618 - www.enrg elements.com.au www.janemorganmanagement.com.au
About ENRG Elements Limited
ENRG Elements Limited (ASX:EEL) is a company focused on the exploration and development of its uranium and copper projects, both commodities which are essential for a clean energy future.
The Company holds 100% of the underexplored Agadez Uranium Project located in the Tim Mersoi Basin of Niger, with a JORC Resource of 10.7m pounds of contained eU3O8 at 295ppm (150ppm cut-off grade) from surface to only ~30m depth, with exploration currently underway to advance the project (ASX Release – 30 May 2022). Agadez hosts similar geology to Orano SA’s Cominak/Somair and Imouraren uranium mines and the deposits held by Global Atomic Corporation (TSE:GLO) and GoviEx Uranium (CVE:GXU).
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement 7 December 2022
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Niger has one of the world’s largest uranium reserves and in 2021 it was the seventh-highest uranium producer globally1F[2] with the Tim Mersoï Basin in Niger hosting the highest-grade and tonnage uranium ores in Africa2F[3] . ENRG Elements also holds the 100% owned Ghanzi West Copper-Silver Project covering a total area of 2,630km[2] in the emerging world class Kalahari Copper Belt of Botswana, one of the most prospective copper belts in the world, which hosts Sandfire Resources' Motheo Copper Mine and Khoemacau Copper Mining’s Zone 5 underground mine. ENRG Elements believes that the Kalahari Copper Belt has the potential for material discovery, with further exploration underway to advance the project.
Botswana is a stable, pro-mining jurisdiction, supportive of mineral exploration and development. According to the 2020 Fraser Institute Annual Mining Survey3F[4] , Botswana was ranked 1st for ‘investment attractiveness’ in Africa, in addition to being ranked 11th out of 77 countries globally.
The Directors and management of ENRG Elements have strong complementary experience with over 90 years of Australian and international technical, legal and executive experience in exploration, resource development, mining, legal and resource fields.
Competent Persons Statement
The information in this announcement that relates to exploration results is based on information compiled by Mr David Catterall, a Competent Person and a member of a Recognised Professional Organisations (ROPO). David Catterall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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 (JORC 2012). David Catterall is a member of the South African Council for Natural Scientific Professions, a recognised professional organisation.
David Catterall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
2 https://world-nuclear.org/information-library/facts-and-figures/uranium-production-figures.aspx 3 https://www.sciencedirect.com/science/article/pii/S016913682200213X
4 https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies- 2020.pdf
A: Suite 10, 44 Kings Park Road West Perth, WA 6005 P: +61 8 6263 4400 | F: +61 8 9481 7869 E: [email protected]
ASX: EEL ABN: 73 149 230 811 www.enrg-elements.com.au
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ASX Announcement
7 December 2022
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JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Sampling | • Nature and quality of sampling (eg cut channels, random chips, | • |
The information in this release relates to the technical |
| techniques | or specific specialised industry standard measurement tools | details from the Company’s recent geophysical | |
| appropriate to the minerals under investigation, such as down | survey and references historical exploration over the | ||
| hole gamma sondes, or handheld XRF instruments, etc). These | Kara Antiform which lies within the Ghanzi District on | ||
| examples should not be taken as limiting the broad meaning of | the Kalahari Copper Belt, Republic of Botswana. | ||
| sampling. | • | The airborne geophysical survey undertaken by NRG | |
| • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. |
comprised, high resolution magnetics, electromagnetics and gravity. The magnetics and EM |
||
| • Aspects of the determination of mineralisation that are Material | were acquired over a 1,864 line km with a line spacing | ||
| to the Public Report. | of 500m while the line spacing for gravity data | ||
| • In cases where ‘industry standard’ work has been done this | acquisition was 1000m. The electromagnetic sensor | ||
| would be relatively simple (eg ‘reverse circulation drilling was | was XciteTM with a coincident Tx-Rx sensor |
||
| used to obtain 1 m samples from which 3 kg was pulverised to | configuration. The magnetometer was a Scintrex CS3 | ||
| produce a 30 g charge for fire assay’). In other cases more | while the Gravimeter was a Novatel DL-V3L1L2 | ||
| explanation may be required, such as where there is coarse | • | No soil sampling or drilling related to the recent |
P: +61 8 6263 4400 | F: +61 8 9481 7869
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ASX Announcement
7 December 2022
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| gold that has inherent sampling problems. Unusual | geophysical survey | ||
| commodities or mineralisation types (eg submarine nodules) | • | Historically soil sampling was carried out along | |
| may warrant disclosure of detailed information. | traverses using 25m & 50m sample intervals. Soil | ||
| samples were taken at an average depth of 10cm | |||
| from uncontaminated and undisturbed site. | |||
| Samples were collected in the dry season to avoid | |||
| having to dry them before sieving. Samples were | |||
| sieved on site to -180µm and sealed in clear plastic | |||
| sample envelopes. Soil samples are submitted to | |||
| Intertek Laboratories in Perth, Australia for analysis | |||
| • | Historic drilling included rotary air blast (RAB), | ||
| percussion & reverse circulation (RC) and diamond | |||
| drilling. Percussion, RAB & RC drill chips were | |||
| sampled in 1m intervals. All samples were | |||
| geologically logged by a suitably qualified geologist | |||
| on site. RC samples were collected at one metre | |||
| intervals from the drill rig cyclone before splitting | |||
| using a commercial riffle splitter using an 87.5/12.5 | |||
| ratio split on a single pass. QAQC procedures being | |||
| employed during drilling include the addition of | |||
| blanks, standards, and field duplicates at a rate of 1 |
P: +61 8 6263 4400 | F: +61 8 9481 7869
ASX Announcement
7 December 2022
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| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| in every 20 samples. Samples were submitted to | |||
| Intertek in Perth for selected RAB/RC & diamond | |||
| intersections. | |||
| Drilling | • Drill type (eg core, reverse circulation, open-hole hammer, | • | No drilling related to the geophysical survey |
| techniques | rotary air blast, auger, Bangka, sonic, etc) and details (eg core | • | Historic rotary air blast/percussion drilling was drilled at |
| diameter, triple or standard tube, depth of diamond tails, face- | 6” size. Reverse circulation drilling was drilled at 5.5” size. | ||
| sampling bit or other type, whether core is oriented and if so, by | diamond drilling was drilled at NQ size | ||
| what method, etc). | |||
| Drill sample | • Method of recording and assessing core and chip sample | • | No drilling related to the geophysical survey |
| recovery | recoveries and results assessed. | • | Sample recovery was recorded for all types of drilling |
| • Measures taken to maximise sample recovery and ensure | method. Sample recovery was generally very good. RC | ||
| representative nature of the samples. | recoveries were visually checked for recovery, moisture | ||
| • Whether a relationship exists between sample recovery and | and contamination. Sample recovery was generally very | ||
| grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
good and as such it is not expected that any such bias exists. |
||
| Logging | • Whether core and chip samples have been geologically and | • | No drilling related to the geophysical survey |
| geotechnically logged to a level of detail to support | • | Historic diamond drill core and drill chips were | |
| appropriate Mineral Resource estimation, mining studies and | geologically logged by a qualified geologist using | ||
| metallurgical studies. | predefined lithological, mineralogical and physical |
P: +61 8 6263 4400 | F: +61 8 9481 7869
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ASX Announcement
7 December 2022
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| • Whether logging is qualitative or quantitative in nature. Core (or | characteristic (colour, weathering etc) logging codes. | ||
| costean, channel, etc) photography. | The geologist on site followed the Company’s standard | ||
| • The total length and percentage of the relevant intersections | operating procedure for Diamond, RAB/Percussion & RC | ||
| logged. | drilling processes. RAB/RC chip trays are collected for | ||
| each of the intervals and stored at the field office. | |||
| Diamond drill core was marked up on site and logged | |||
| back at the field office where it is securely stored. Data | |||
| was recorded manually by hand on paper standard | |||
| logging sheets (hard copy) and then data captured to | |||
| Excel logging sheets. Logging uses standard published | |||
| logging charts for grain size, sorting to maintain a | |||
| qualitative and semi-quantitative standard based on | |||
| visual estimation. | |||
| Magnetic susceptibility readings were also taken every | |||
| meter. 100% of all recovered intervals were geologically | |||
| logged | |||
| Sub- | • If core, whether cut or sawn and whether quarter, half or all | • | No drilling related to the geophysical survey |
| sampling | core taken. | • | Historically, selected intervals were cut with a |
| techniques | • If non-core, whether riffled, tube sampled, rotary split, etc and | commercial core cutter and half cores taken for | |
| whether sampled wet or dry. | analysis. Duplicate Percussion, RAB & RC samples were |
P: +61 8 6263 4400 | F: +61 8 9481 7869
ASX Announcement
7 December 2022
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and sample | • For all sample types, the nature, quality and appropriateness of | collected from the full recovered one metre interval at |
| preparation | the sample preparation technique. | the drill rig by cyclone and riffle splitter. 20% QA/QC |
| • Quality control procedures adopted for all sub-sampling stages | blanks, standards and/or duplicates are inserted on site |
|
| to maximise representivity of samples. | while sampling further standards are inserted by the | |
| • Measures taken to ensure that the sampling is representative of | laboratory. Sampling was deemed appropriate for the |
|
| the in situ material collected, including for instance results for | type of survey and equipment used. The sample sizes | |
| field duplicate/second-half sampling. | collected are in line with standard practice | |
| • Whether sample sizes are appropriate to the grain size of the | ||
| material being sampled. | ||
| Quality of | • The nature, quality and appropriateness of the assaying and | |
| assay data | laboratory procedures used and whether the technique is | • No assays related to the recent geophysical survey |
| and | considered partial or total. | • No assays related to the recent geophysical survey |
| laboratory | • For geophysical tools, spectrometers, handheld XRF | • Partial selective digests were carried out on historic soil |
| tests | instruments, etc, the parameters used in determining the | media to detect mineralisation under cover in areas |
| analysis including instrument make and model, reading times, | where conventional geochemistry may be ineffective. | |
| calibrations factors applied and their derivation, etc. | Buried ore bodies may release trace levels of metals into | |
| • Nature of quality control procedures adopted (eg standards, | groundwater which are inferred to travel vertically in the | |
| blanks, duplicates, external laboratory checks) and whether | overlying substrate and accumulate in the top portion of | |
| acceptable levels of accuracy (ie lack of bias) and precision | the soil profile where they are added to the background | |
| have been established. | metal concentrations. |
P: +61 8 6263 4400 | F: +61 8 9481 7869
ASX Announcement
7 December 2022
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Targeted metal ions generally reside on the surfaces of | ||
| soil particles requiring only weak selective digest to | ||
| remove them, thus producing a superior anomaly to | ||
| background contrast. This differentiates partial digests | ||
| from stronger leaches which also extract occluded | ||
| substrate metal ions that contribute to background levels | ||
| of metal, resulting in an inferior anomaly contrast. | ||
| • A range of partial digests are offered designed to target | ||
| certain element suites and specific element species. | ||
| • TL1 uses an alkaline cyanide digest. | ||
| • Detection limit for Cu & Pb is 0.02ppm and for Ag & Zn | ||
| 0.2ppm | ||
| • Historic drilling was stratigraphic and therefore not | ||
| assayed | ||
| • Historically, Intertek inserted their own standards, |
||
| duplicates and blanks and followed their own SOP for | ||
| quality control. | ||
| • External laboratory checks will be undertaken in any | ||
| future drilling when enough sampling warrants. | ||
| • A ZH Instruments SM30 magnetic susceptibility meter | ||
| was used historically for measuring magnetic |
P: +61 8 6263 4400 | F: +61 8 9481 7869
7 December 2022
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ASX Announcement
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| susceptibilities and readings were randomly repeated to | |||
| ensure reproducibility and consistency of the data. | |||
| Verification of | • The verification of significant intersections by either |
• | Historically QA/QC checks were run as normal laboratory |
| sampling and | independent or alternative company personnel. |
standards, together with blanks and duplicates | |
| assaying | • The use of twinned holes. | • | All data is electronically stored with peer review of data |
| • Documentation of primary data, data entry procedures, data | processing and modelling | ||
| verification, data storage (physical and electronic) protocols. | • | Data entry procedures standardized in SOP, data | |
| • Discuss any adjustment to assay data. | checking and verification routine. | ||
| • | Data storage on partitioned drives and backed up | ||
| • | |||
| Location of | • Accuracy and quality of surveys used to locate drill holes (collar | • |
The recent geophysical survey was conducted using |
| data points | and down-hole surveys), trenches, mine workings and other | Novatel DL-V3L1L2 GPS positioning with real time | |
| locations used in Mineral Resource estimation. | differential correction measured using 12 satellites in | ||
| • Specification of the grid system used. | conjunction with an SF11/C (Loop) and SF00 (Hellicopter) | ||
| • Quality and adequacy of topographic control. | laser altimeter | ||
| • | Elevation control on the geophysical survey relied on | ||
| Novatel DL-V3L1L2 with post-processed differential | |||
| correction in conjunction with a Free flight radar | |||
| altimeter. |
P: +61 8 6263 4400 | F: +61 8 9481 7869
ASX Announcement
7 December 2022
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Geophysical data location controlled by GGPS. | ||
| • The grid system used is WGS84 Zone 34S. All reported | ||
| coordinates are referenced to this grid. | ||
| • Topographic control was based on satellite survey data | ||
| collected at 30m resolution. Quality is considered | ||
| acceptable. | ||
| Data spacing | • Data spacing for reporting of Exploration Results. | • Geophysical data sampling is deemed appropriate for |
| and | • Whether the data spacing, and distribution is sufficient to | the types of survey and equipment used. |
| distribution | establish the degree of geological and grade continuity | • Magnetic, electromagnetic and gravity survey lines were |
| appropriate for the Mineral Resource and Ore Reserve | flown on bearing 315 degrees with line spacing of 500m | |
| estimation procedure(s) and classifications applied. | for magnetic and electromagnetic data and 1000m for | |
| • Whether sample compositing has been applied. | gravity data. Survey altitude was an average of 30m. | |
| Orientation of | • Whether the orientation of sampling achieves unbiased | • AEM survey direction (315°) flown across the average |
| data in | sampling of possible structures and the extent to which this is | regional strike direction (060°) |
| relation to | known, considering the deposit type. | • No drilling related to this geophysical survey to date |
| geological | • If the relationship between the drilling orientation and the | |
| structure | orientation of key mineralised structures is considered to have | |
| introduced a sampling bias, this should be assessed and | ||
| reported if material. |
P: +61 8 6263 4400 | F: +61 8 9481 7869
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ASX Announcement
7 December 2022
| Criteria | JORC Code explanation | Commentary | Commentary | |||
|---|---|---|---|---|---|---|
| Sample | • The measures taken to ensure sample security. | • | All readings/geophysical measurements collected and | |||
| security | stored on computer. Data was transferred via cloud | |||||
| storage. All readings/geophysical measurements | ||||||
| collected and stored on computer with separate backup | ||||||
| data. | ||||||
| Audits or | • The results of any audits or reviews of sampling techniques | and | • |
All sampling procedures are documented and according | ||
| reviews | data. | to industry standard practice | ||||
| • | All geophysical data was checked, and peer reviewed by | |||||
| Spectral Geophysics. | ||||||
| Section 2 Reporting of Exploration Results | ||||||
| (Criteria listed in the preceding section also apply to this section.) | ||||||
| Criteria | JORC Code explanation | Commentary | ||||
| Mineral | • Type, reference name/number, location and ownership | • | The Botswana Project area PL’s are held by two wholly | |||
| tenement and | including agreements or material issues with third parties |
owned (100%) locally registered companies: | ||||
| land tenure | such as joint ventures, partnerships, overriding royalties, | • | Ashmead Holdings (Pty) Ltd (“Ashmead”) PL127/2017, | |||
| status | native title interests, historical sites, wilderness or national | PL128/2017 & PL129/2017, covering an area of 659.40km2in | ||||
| park and environmental settings. | total. | |||||
| • The security of the tenure held at the time of reporting | • | The Ashmead licences were renewed, commencing 30 | ||||
| along with any known impediments to obtaining a licence | June 2022. |
P: +61 8 6263 4400 | F: +61 8 9481 7869
7 December 2022
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ASX Announcement
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| to operate in the area. | • Icon Trading (Pty) Ltd (“Icon”), PL203/2016, PL204/2016 & | |
| PL205/2016 (167 km2), covering an area of 1,971.29km2 in | ||
| total. | ||
| • The Icon licences have been renewed and their next | ||
| renewal is 30 September 2023. | ||
| • The Company expects to apply for renewal or extension | ||
| of Licences as required | ||
| • The tenements are in good standing. | ||
| Exploration | • Acknowledgment and appraisal of exploration by other | • Historical exploration in the area was previously |
| done by other | parties. | conducted by MOD Resources prior to ENRG Elements |
| parties | acquiring the licences and reportedly comprised soil | |
| sampling, ground geophysics and drilling. | ||
| Geology | • Deposit type, geological setting and style of mineralisation. | • The geological setting is analogous, as are the |
| interpreted deposit types and styles of mineralisation, to | ||
| others within the Central Kalahari Copperbelt currently | ||
| being explored by Khoemacau Copper Mining and | ||
| Sandfire Resources. |
P: +61 8 6263 4400 | F: +61 8 9481 7869
ASX Announcement
7 December 2022
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| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Drill hole | • A summary of all information material to the | • | No drilling related to the recent geophysical survey |
| Information | understanding of the exploration results including a | ||
| tabulation of the following information for all Material drill | |||
| holes: | |||
| 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 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 | • In reporting Exploration Results, weighting averaging | • | No drilling related to the recent geophysical survey |
| aggregation | techniques, maximum and/or minimum grade truncations | ||
| methods | (eg cutting of high grades) 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, |
P: +61 8 6263 4400 | F: +61 8 9481 7869
ASX Announcement
7 December 2022
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| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| the procedure used for such aggregation should be stated | |||
| and some typical examples of such aggregations should | |||
| be shown in detail. | |||
| • The assumptions used for any reporting of metal | |||
| equivalent values should be clearly stated. | |||
| Relationship | • These relationships are particularly important in the | • | No drilling related to the recent geophysical survey |
| between | reporting of Exploration Results. | ||
| mineralisatio | • If the geometry of the mineralisation with respect to the | ||
| n widths and | drill hole angle is known, its nature should be reported. | ||
| intercept | • If it is not known and only the down hole lengths are | ||
| lengths | 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 maps and images show the Licence | |
| tabulations of intercepts should be included for any | locations and regional setting together with the | ||
| significant discovery being reported These should include, | continental geo-tectonic setting, interpreted extent of | ||
| but not be limited to a plan view of drill hole collar | the Kalahari Copperbelt and recent exploration activities | ||
| locations and appropriate sectional views. | within the district | ||
| Balanced | • Where comprehensive reporting of all Exploration Results is | • The accompanying press release is considered to be a | |
| reporting | not practicable, representative reporting of both low and | balanced report with a suitable cautionary note | |
| high grades and/or widths should be practiced to avoid |
P: +61 8 6263 4400 | F: +61 8 9481 7869
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ASX Announcement
7 December 2022
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| misleading reporting of Exploration Results. | ||
| Other | • Other exploration data, if meaningful and material, should | • Historically ground magnetics and ground |
| substantive | be reported including (but not limited to): geological | electromagnetics (Max-Min) surveys were conducted |
| exploration | observations; geophysical survey results; geochemical | over two grids by Wellfields consulting. The first was GW1 |
| data | survey results; bulk samples – size and method of | on licence PL205/2016 consisting of 9 lines of 800m |
| treatment; metallurgical test results; bulk density, | totalling 7,200m was completed. GW2 on licence | |
| groundwater, geotechnical and rock characteristics; | PL203/2016 comprised 9 lines of approximately 1,300m | |
| potential deleterious or contaminating substances. | totalling 11,700m was completed. | |
| • Reprocessing of historic Botswana Geological Institute | ||
| airborne geophysics was completed over portions of the | ||
| Ghanzi-Chobe belt. | ||
| Further work | • The nature and scale of planned further work (eg tests for | • Any further work on the Licences will be dependent upon |
| lateral extensions or depth extensions or large-scale step- | planned future ground geophysics to refine the | |
| out drilling). | targeting model. | |
| • Diagrams clearly highlighting the areas of possible | • Processing and interpretation of the Magnetic, | |
| extensions, including the main geological interpretations | Electromagnetic and Gravity data is ongoing | |
| and future drilling areas, provided this information is not | ||
| commercially sensitive. |
P: +61 8 6263 4400 | F: +61 8 9481 7869