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DYNAMIC METALS LIMITED — Capital/Financing Update 2024
Oct 27, 2024
64809_rns_2024-10-27_4926fcb8-88f5-4eea-8ebd-894ff6eca44a.pdf
Capital/Financing Update
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28 October 2024
ASX ANNOUNCEMENT
SIGNIFICANT HIGH-GRADE ROCK CHIPS RESULTS FROM COGNAC WEST
HIGHLIGHTS
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39 rock chip sample assays from priority gold prospect Cognac West, where three soil anomalies were recently identified[1] , have returned high-grade results including:
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2,040g/t Au in DM1007
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53.1g/t Au in DM1010
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5.91g/t Au in DM1006
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8.95g/t Au in DM1008
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3.27g/t Au in DYM2424091006
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Infill soil sampling has commenced to refine drill targets for 2025
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Dynamic well-funded for exploration with a cash balance of $5.3M[2]
Dynamic Metals Limited ( ASX: DYM ) (“ Dynamic ” or “the Company ”) is pleased to provide an update on gold exploration activities on its Goldrush tenement (E15/1753), which includes the Cognac West prospect, part of the broader Widgiemooltha Project located in the Western Australian goldfields.
The Company previously announced results from soil sampling completed at the Cognac West prospect where three strong gold anomalies were identified with several high-grade results including 2.1g/t Au, 0.49g/t Au and 0.22g/t Au in soils[1] .
Assays have now returned from rock chip sampling of float, sub crop and outcrop across the Goldrush tenement with encouraging results from multiple locations at Cognac West, including an exceptional 2,040g/t Au in DM1007.
Managing Director, Karen Wellman commented:
"We are thrilled with these bonanza rock chip results as they robustly reflect the mineral prospectivity that our exploration ground holds. One of the best pathfinders for gold is the presence of gold itself and it would appear we have exceptional potential for further discoveries at our aptly named Goldrush tenement.
“The area now has multiple indicators pointing to potential significant gold mineralisation at a time when the gold price has hit $4,000/oz, including our large soil anomalies, these latest rock chip sample results and recent gold finds reported by prospectors.
“We are extremely optimistic and excited about our ongoing exploration activities at Cognac West, with infill soil sampling currently underway to inform our drill target definition for testing in early 2025 .”
T 61 8 6558 0637 . E [email protected]
Cognac West Prospect
The Cognac West prospect area has been subject to near surface historic exploration dating back to the 1970s including soil sampling and shallow drilling, with historic data sets often incomplete and limited to gold assays only. A peak historic drill hole gold assay from the 1990s includes 1m @ 91.3g/t from 41m in JSA025[3] . The area is structurally complex with interpreted second order structures around a late felsic intrusion that is approximately 500m to the east of the major structure in the area, the Republican Thrust. Dynamic has begun gathering new, high-confidence data as part of the Company’s systematic approach to exploration.
For the first step in this process, Dynamic completed a soil sampling program over an area approximately 3km long and 2km wide and collected samples every 50m along 200m spaced east-west lines. Assay results highlighted two areas of +0.025ppm (25ppb) gold anomalism[3] , Anomaly A and Anomaly B. The Company returned to the prospect in early October 2024 to extend soil sampling lines to the east and in areas where previous soil samples had been insufficient, and subsequently identified a third high-grade anomaly[1] .
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Figure 1. Cognac West soil and rock chip sampling results
During this field campaign the Company undertook mapping and rock chip sampling across the Cognac West area. Mapping around the eastern +25ppb Au soil anomaly (Anomaly A) established that the majority of the surface geology is residual soil with limited felsic volcaniclastic outcrop. Using the initial round of soil sampling as a guide, field crews identified a sub cropping northeast trending quartz vein adjacent to anomalous gold in soil results. Eight rock chip/float samples were taken along 50m of the exposed quartz trend.
Sample DM1007 ( 2,040 g/t Au ) was taken from a shallow (<1m deep) pit at the NE end of the outcropping vein (Figure 2) and quartz dominated samples DM1006 (5.91g/t Au) and DM1008 (8.95g/t Au) are immediately southwest and northwest respectively, defining a very high-grade trend. Sample DM1010 (53.1g/t Au) was located approximately 40m east of the northeast gold trend defined by samples DM1006-1008 and could be indicative of a second parallel Au mineralised structure that is poorly exposed.
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Figure 2. Sample DM1007 @ 2,040g/t Au. Hole from where DYM1007 was taken (left), quartz sample sent to lab (top right) and gold panned from dollied sample in the field
# Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Mapping around the western +25ppb Au soil anomaly (Anomaly B) identified discrete outcropping gabbro intrusions, the margins of which show evidence of a network of highly weathered shear zones within mafic volcanics that may be related to a gold mineralising system. The mapping work confirmed that outcrop and residual soil dominate the surficial geology allowing the Company to employ infill soil sampling to further define the geometry of the gold anomalism established to date. Rock chips samples were taken from outcropping geology with the best result to date coming from an iron rich brecciated quartz vein (sample DYM24091006 - 3.27g/t Au).
Exploration licence 15/1753 is referred to by the Dynamic team as the “Goldrush” tenement due to the extensive gold prospecting activities that have taken place on the tenement. Over 68 nuggets have been reported as located on the tenement to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) in the preceding 9 months, including the examples noted in Figure 3 below.
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Figure 3. Examples of gold detected and reported by prospectors on E15/1753
# Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Background
Dynamic has a dominant land position in the well-established, multicommodity Widgiemooltha mineral field, prospective for gold, lithium and nickel (Figure 4). Gold was first discovered in the region in 1892 and since then multiple million-ounce gold deposits have been delineated.
Dynamic’s tenements are located adjacent to the St Ives Gold Camp (JSE: GFI), Mandilla gold project (ASX: AAR) and the Higginsville & Chalice gold mines (ASX: WGX).
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Figure 4 Widgiemooltha Project tenement map with gold prospects and major deposits
Next Steps
Infill soil sampling has commenced on 100m spaced lines with 25m between samples which will inform drill target definition for testing. The Company will then initiate permitting processes in anticipation of drilling in early 2025.
Released with the authority of Dynamic Metals’ Board of Directors.
For further information on the Company and our projects, please visit: www.dynamicmetals.com.au
CONTACT
Fiona Marshall
Karen Wellman
Managing Director White Noise Communications [email protected] [email protected] +61 8 6558 0637 +61 400 512 109
REFERENCES
Additional details including JORC 2012 reporting tables, where applicable, can be found in the following releases lodged with ASX and referred to in this announcement:
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Dynamic Metals ASX Announcement 9/10/2024: “High grade gold soil anomaly identified at Cognac West”
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Dynamic Metals ASX Announcement 18/10/2024: “Quarterly Activities Report”
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Dynamic Metals ASX Announcement 19/09/2024: “Widgiemooltha Gold Exploration Update”
COMPETENT PERSONS STATEMENT
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mrs Karen Wellman. Mrs Wellman is an employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mrs Wellman has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration, and to the activity being undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves.’ Mrs Wellman consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
FORWARD LOOKING STATEMENT
This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Dynamic Metals Limited’s (Dynamic’s) current expectations, estimates and projections about the industry in which Dynamic operates, and beliefs and assumptions regarding Dynamic’s future performance. When used in this document, the words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Dynamic 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 Dynamic and no assurance can be given that actual results will be consistent with these forward-looking statements.
ABOUT DYNAMIC METALS
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Dynamic Metals (ASX: DYM) is a dedicated exploration company focused on advancing an underexplored portfolio of minerals critical to decarbonisation and the growing battery metals market.
Dynamic’s flagship project, Widgiemooltha, covers an extensive area of ~800km[2] extending between Norseman and Kambalda. The Widgiemooltha region is highly prospective for nickel and gold and more recently emerged in significance for its lithium mineralisation and prospectivity. In July 2024, Dynamic completed a binding joint venture and farm-in agreement with Mineral Resources Limited (ASX: MIN) (MinRes), whereby Dynamic sold 40% of its lithium rights on the Widgiemooltha Project for $5m. MinRes can increase its interest to 65% by spending $15m and then to 80% by sole funding to a Decision to Mine.
In addition to Widgiemooltha, Dynamic holds an extensive portfolio of exploration tenure in Western Australia, including several joint venture positions in Western Australia where other parties are funding ongoing exploration to earn an interest in the project. These projects are prospective for gold, nickel, lithium, and iron ore.
DYNAMIC METALS CAPITAL STRUCTURE
Share Price: $0.195/share
Cash 30/9/2024 : $5.32M Shares on Issue: 49M Market Cap : $9.55M
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Portfolio of Exposure to global Substantial Team has On-ground Attractive future-facing decarbonisation exploration extensive activities valuation and critical minerals and battery targets generated experience and complete and leverage to projects in metals thematic across Au, Li, Ni, successful track drilling exploration Australia Cu and PGE record commenced success
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ANNEXURE A
All rock chip and grab sample results from Dynamic’s Cognac West prospect. Coordinates are MGA Zone 51. All results are reported for transparency although not all samples were expected to contain gold.
| Prospect | Sample ID | Northing | Easting | Au ppm | Short Description |
|---|---|---|---|---|---|
| Cognac West | DYM24090702 | 6504390 | 391885 | 0.11 | Quartz vein with biotite |
| Cognac West | DYM24090703 | 6504473 | 391946 | 0.009 | Weathered gabbro |
| Cognac West | DYM24090704 | 6504481 | 392015 | 0.009 | Felsic intrusive |
| Cognac West | DYM24090801 | 6504898 | 391875 | 0.009 | Schist float from surface |
| Cognac West | DYM24090802 | 6504050 | 392032 | <0.005 | Quartz vein |
| Cognac West | DYM24090901 | 6504594 | 391985 | 0.049 | Quartz float, subsurface |
| Cognac West | DYM24091001 | 6504189 | 391972 | <0.005 | Quartz and outcropping gabbro |
| Cognac West | DYM24091002 | 6504112 | 392501 | <0.005 | Gabbro, fresh |
| Cognac West | DYM24091003 | 6504099 | 392139 | 0.009 | Quartz float |
| Cognac West | DYM24091004 | 6504077 | 392143 | 0.088 | Quartz float |
| Cognac West | DYM24091005 | 6504071 | 392102 | <0.005 | Weathered quartz vein |
| Cognac West | DYM24091006 | 6504074 | 392178 | 3.27 | Breccia quartz vein, iron rich |
| Cognac West | DYM24091007 | 6504018 | 392174 | 0.014 | Bucky quartz vein |
| Cognac West | DYM24091008 | 6504340 | 391883 | 0.011 | Quartz breccia |
| Cognac West | DYM24091009 | 6504446 | 391869 | 0.036 | Quartz subcrop |
| Cognac West | DYM24091010 | 6504473 | 391994 | <0.005 | Milky yellow quartz |
| Cognac West | DYM24091011 | 6504395 | 392087 | 0.427 | Quartz float, close proximity to vein |
| Cognac West | DYM24091012 | 6504461 | 392130 | <0.005 | Quartz float |
| Cognac West | DYM24091013 | 6504970 | 391968 | <0.005 | Quartz float |
| Cognac West | DYM24091014 | 6505004 | 391931 | 0.007 | Breccia quartz vein |
| Cognac West | DYM24091015 | 6505007 | 391983 | <0.005 | Quartz float |
| Cognac West | DYM24091016 | 6505027 | 392030 | <0.005 | Quartz float |
| Cognac West | DYM24091201 | 6503770 | 393716 | 0.024 | Bucky quartz vein |
| Cognac West | DYM24091202 | 6503097 | 393544 | <0.005 | Quartz float |
| No name | DYM24091203 | 6509253 | 393862 | 1.13 | Saprolite, volcaniclastics |
| Cognac West | DM1001 | 6503419 | 393122 | <0.005 | Quartz float |
| Cognac West | DM1002 | 6503426 | 393123 | 1.34 | Quartz float |
| Cognac West | DM1003 | 6503430 | 393127 | <0.005 | Quartz reef |
| Cognac West | DM1004 | 6503436 | 393130 | <0.005 | Quartz reef |
| Cognac West | DM1005 | 6503441 | 393135 | 0.03 | Quartz reef |
| Cognac West | DM1006 | 6503446 | 393138 | 5.91 | Quartz reef |
| Cognac West | DM1007 | 6503450 | 393142 | 2,040 | Quartz float, subsurface ~0.6m deep |
| Cognac West | DM1008 | 6503455 | 393144 | 8.95 | Quartz float |
| Cognac West | DM1009 | 6503458 | 393148 | 0.091 | Quartz float |
| Cognac West | DM1010 | 6503440 | 393180 | 53.1 | Reef of 80% iron, 20% quartz |
| Courvoisier | DM1011 | 6508083 | 394099 | 0.197 | Quartz float |
| Courvoisier | DM1012 | 6508080 | 394101 | 0.547 | Quartz float |
| Courvoisier | DM1013 | 6508074 | 394103 | 0.069 | Quartz float |
| Courvoisier | DM1014 | 6508071 | 394103 | 0.037 | Quartz float |
ANNEXURE B
JORC Code 2012 Edition Section 1 Rock Chip Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Sampling | • Nature and quality of sampling (eg cut | • | Rock chip samples are used to obtain a point |
| Techniques | channels, random chips, or specific | sample of float, sub crop or outcrop at the | |
| specialised industry standard measurement tools appropriate to the |
• | prospect. Rock chip samples generally taken at surface |
|
| minerals under investigation, such as down | unless otherwise stated. | ||
| hole gamma sondes, or handheld XRF | • | Rock chip samples were taken across a broad | |
| instruments, etc). These examples should | range of rock types to increase understanding | ||
| not be taken as limiting the broad meaning | of the geology at the prospect. | ||
| of sampling. | |||
| • Include reference to measures taken to | |||
| ensure sample representivity and the | |||
| appropriate calibration of any | |||
| measurement tools or systems used. | |||
| • Aspects of the determination of | |||
| mineralisation that are Material to the | |||
| Public Report. | |||
| • In cases where ‘industry standard’ work | |||
| has been done this would be relatively | |||
| simple (eg ‘reverse circulation 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 | Drill type (eg core, reverse circulation, open- | • | Not applicable as no drilling undertaken. |
| Techniques | hole 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 assessing core | • | Not applicable as no drilling undertaken. |
| recovery | and chip sample recoveries and results | ||
| assessed. | |||
| • Measures taken to maximise sample | |||
| recovery and ensure representative nature | |||
| of the samples. | |||
| Whether a relationship exists between sample | |||
| recovery and grade and whether sample bias | |||
| may have occurred due to preferential | |||
| loss/gain of fine/coarse material. | |||
| Logging | • Whether core and chip samples have been | • | Field observations were recorded at each |
| geologically and geotechnically logged to a level of detail to support appropriate |
• | sample point for soils and rock chips. Photos were taken of all samples and sample |
|
| Mineral Resource estimation, mining | locations. |
| Criteria | JORC Code explanation | Commentary | ||||
| studies and metallurgical studies. | • | Rock chip samples will not be used to support | ||||
| • Whether logging is qualitative or | Mineral Resource estimation. | |||||
| quantitative in nature. Core (or costean, | ||||||
| channel, etc) photography. | ||||||
| • The total length and percentage of the | ||||||
| relevant intersections logged. | ||||||
| Sub-sampling | • If core, whether cut or sawn and whether | • | Samples were dry when taken. | |||
| techniques | quarter, half or all core taken. | • | Average sample weight was 1.05kg. | |||
| and sample preparation |
• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. |
• • • • |
Samples pulverized to <75um at the laboratory. Multi-element analysis for 36 elements undertaken by aqua regia digest followed by ICP-AES (ME-ICP61). Gold was assayed via 50g fire assay with AAS finish (Au-AA24). Overrange gold assayed by fire assay with gravimetric finish (Au-GRA21 (30g sample) and Au-GRA22 (50g sample)) |
|||
| • Measures taken to ensure that the sampling is representative of the in situ |
• | Sample size considered appropriate for first pass exploration. |
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| material collected, including for instance | ||||||
| results for field duplicate/second-half | ||||||
| sampling. | ||||||
| • Whether sample sizes are appropriate to | ||||||
| the grain size of the material being | ||||||
| sampled. | ||||||
| Quality of | • The nature, quality and appropriateness of | • | Samples were submitted to ALS Laboratories | |||
| assay data | the assaying and laboratory procedures | in Perth. | ||||
| and | used and whether the technique is | • | No standards were submitted by Dynamic. | |||
| laboratory | considered partial or total. | • | Field duplicates were taken at a rate of 1/50 | |||
| tests | • For geophysical tools, spectrometers, handheld XRF instruments, etc, the |
• | during soil sampling. Standards were used by ALS at 1/10, blanks |
|||
| parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
• | were 1/20 and duplicates at 1/25. After high grade gold was identified additional QAQC was applied with bulk reject samples reassayed to check sample contamination did |
||||
| • Nature of quality control procedures | not occur. | |||||
| adopted (eg standards, blanks, duplicates, | ||||||
| external laboratory checks) and whether | ||||||
| acceptable levels of accuracy (ie lack of | ||||||
| bias) and precision have been established. | ||||||
| Verification of | • The verification of significant intersections | • | Field checking of anomalies has been | |||
| sampling and | by either independent or alternative | completed by staff. | ||||
| assaying | company personnel. | • | Sampling personnel movements are logged | |||
| • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
• • |
via GPS. Results are stored as reported by the laboratory. No adjustments to assay data have been made. |
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| • Discuss any adjustment to assay data | ||||||
| Location of | • Accuracy and quality of surveys used to | • | Locations are reported in metres GDA94 MGA | |||
| data points | locate drill holes (collar and down-hole | Zone 51. | ||||
| surveys), trenches, mine workings and | ||||||
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| Criteria | JORC Code explanation | Commentary | ||||
| other locations used in Mineral Resource | • | Sample locations are surveyed using | ||||
| estimation. | handheld GPS. | |||||
| • Specification of the grid system used. | • | Samples will not be used for Mineral | ||||
| • Quality and adequacy of topographic | Resource estimation. | |||||
| control. | ||||||
| Data spacing | • Data spacing for reporting of Exploration | • | Spacing of rock chip samples is ad hoc as it is | |||
| and | Results. | dependent on geological features and | ||||
| distribution | • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity |
• • |
available outcrop. No compositing has been applied. No Mineral Resource has been estimated. |
|||
| appropriate for the Mineral Resource and | ||||||
| Ore Reserve estimation procedure(s) and | ||||||
| classifications applied. | ||||||
| • Whether sample compositing has been | ||||||
| applied. | ||||||
| Orientation of | • Whether the orientation of sampling | • | There is not enough information to make | |||
| data in | achieves unbiased sampling of possible | assumptions regarding orientation of | ||||
| relation to | structures and the extent to which this is | potential mineralised structures. | ||||
| geological | known, considering the deposit type. | |||||
| 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 assess and reported if material. | ||||||
| Sample | • The measures taken to ensure sample | • | Samples were freighted directly to ALS in | |||
| security | security. | Perth by DYM field personnel. | ||||
| Audits or | • The results of any audits or reviews of | • | No audits have been completed at this stage. | |||
| reviews | sampling techniques and data. | |||||
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Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Mineral | • Type, reference name/number, location and | • | E 15/1753 is 100% owned by Dynamic Metals Limited. |
| tenement | ownership including agreements or | Mineral Resources Limited have purchased 40% | |
| and land | material issues with third parties such as | interest in the lithium rights in E15/1753, Dynamic | |
| tenure status | joint ventures, partnerships, overriding | Metals retains 100% of the remaining rights including | |
| royalties, native title interests, historical | gold | ||
| sites, wilderness or national park and | • | No royalty interest is applicable. | |
| environmental settings. | |||
| • The security of the tenure held at the time of | |||
| reporting along with any known | |||
| impediments to obtaining a licence to | |||
| operate in the area. | |||
| Exploration | • Acknowledgment and appraisal of | • | Exploration has been undertaken by several |
| done by other | exploration by other parties. |
companies over time including but not limited to | |
| parties | WMC and Acacia Resources. | ||
| Geology | • Deposit type, geological setting and style of | • | Historic exploration has primarily been for gold and |
| mineralisation. | nickel. | ||
| • | Exploration is targeting orogenic and intrusive | ||
| related gold deposit styles. | |||
| Drill hole | • A summary of all information material to the | • | Not applicable as no drilling is being reported in this |
| Information | understanding of the exploration results | announcement. | |
| 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 | • | All results have been reported for transparency |
| aggregation | averaging techniques, maximum and/or | although not all results were expected to carry grade. | |
| methods | minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. |
• • |
No top-cutting has been applied. No weighted averages or assumptions on metal equivalents have been made. |
| • 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. | |||
| • The assumptions used for any reporting of |
| Criteria | JORC Code explanation | Commentary | |||||
| metal equivalent values should be clearly | |||||||
| stated. | |||||||
| Relationship | • These relationships are particularly | • | Not applicable as no | drilling is being reported. | |||
| between | important in the reporting of Exploration | ||||||
| mineralisation | Results. | ||||||
| widths and intercept lengths |
• 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 sections (with scales) | • | See main body of announcement for plan including | ||||
| and tabulations of intercepts should be | sample locations. | ||||||
| included for any significant discovery being | • | Summary tables are included in Appendix 1. | |||||
| reported These should include, but not be | |||||||
| limited to a plan view of drill hole collar | |||||||
| locations and appropriate sectional views. | |||||||
| Balanced | • Where comprehensive reporting of all | • | All results have been | reported as g/t or ppm Au. | |||
| reporting | Exploration Results is not practicable, | • | All samples are reported for transparency, although | ||||
| representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of |
• | not all samples were expected to carry gold. All sample locations are shown on diagram in body of announcement. |
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| Exploration Results. | |||||||
| Other | • Other exploration data, if meaningful and | • | No additional observations at this time. | ||||
| substantive | material, should be reported including (but | ||||||
| exploration | not limited to): geological observations; | ||||||
| data | geophysical survey results; geochemical | ||||||
| survey results; bulk samples – size and | |||||||
| method of treatment; metallurgical test | |||||||
| results; bulk density, groundwater, | |||||||
| geotechnical and rock characteristics; | |||||||
| potential deleterious or contaminating | |||||||
| substances. | |||||||
| Further work | • The nature and scale of planned further | • | Infill soil sampling will be used to infill the identified | ||||
| work (eg tests for lateral extensions or depth | gold anomalies. | ||||||
| extensions or large-scale step-out drilling). | • | Preparations for permitting for drilling initiated. | |||||
| • Diagrams clearly highlighting the areas of | |||||||
| possible extensions, including the main | |||||||
| geological interpretations and future | |||||||
| drilling areas, provided this information is | |||||||
| not commercially sensitive. | |||||||
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