AI assistant
ELEMENT 25 LIMITED — Regulatory Filings 2016
Mar 29, 2016
64810_rns_2016-03-29_8f414d73-5b61-45a4-884c-cb50ee634a9e.pdf
Regulatory Filings
Open in viewerOpens in your device viewer
==> picture [172 x 102] intentionally omitted <==
30!MARCH!2016!
YAMARNA!DRILLING!EXTENDS!BASEMENT!MINERALISATION!AT!JATZ
-
➤ Geochemical!bladeArefusal!aircore!programme!along!the!Jatz!strike! corridor!returns!basement!gold!up!to! 12.1!g/t!gold .!
-
➤ Regional!scale!high!tenor!basement!gold!anomaly!now!extends! over!1!km! in!strike!at!over!0.5!g/t!gold .!
-
➤ Anomaly!broadens!in!width!and!grade!to!the!north!and!is!open!to!the! north!and!west.!
-
➤ Heritage!clearance!in!place!to!extend!drill!coverage!to!the!north!and!west! to!define!northern!extent!of!the!target!corridor.!
-
➤ Drilling!to!recommence!as!soon!as!practicable.!
Montezuma!Mining!Company!Ltd!(“Montezuma”!or!“Company”)!is!pleased! to!announce!that!a!recently!completed!geochemical!aircore!drilling! programme!at!the!Company’s!100%!owned!Yamarna!Project!has! significantly!extended!the!basement!gold!anomaly!with!basement!gold! grades! up!to!12.1!g/t!Au !returned!in!assay!results.!!
The!latest!programme!has!now!extended!the!high!grade!basement! geochemical!signature! over!at!least!1km!in!strike!at!over!0.5!g/t!(500ppb)! gold .!The!anomaly!is!coherent!and!strikes!in!a!north!westerly!direction!and! appears!to!be!strengthening!to!the!north.!!Mineralisation!is!open!to!the! north!and!west.!
ABOUT!MONTEZUMA!MINING!
Listed!in!2006,!Montezuma!Mining! Company!Ltd!(ASX:!MZM)!is!a!diversified! explorer!primarily!focused!on!manganese,! copper!and!gold.!!The!Company’s!primary! objective!is!to!achieve!returns!for! shareholders!through!selected!strategic! acquisitions!and!targeted!exploration.!!
Montezuma!Mining!has!100%!interests!in! the!Yamarna!Gold!Project!in!the!Yamarna! Geenstone!Belt,!Western!Australia!and!the! Butcherbird!Manganese/Copper!Project!in! the!Murchison!region!of!Western!Australia!!
MARKET!DATA!
ASX!code:! MZM! Share!price:! $0.20! Shares!on!issue:! 70,464,350! Market!capitalisation:! $14.1M! Cash!(31!December!2015):! $5.7M!
BOARD!AND!MANAGEMENT! Chairman! Seamus!Cornelius! Executive!Director!! Justin!Brown! NonAExecutive!Director! John!Ribbons! Exploration!Manager! Brad!Drabsch!
The!drilling!to!date!at!Jatz!has!tested!only!a!small!part!of!what!is!now! interpreted!as!a!target!corridor!approximately!5km!in!strike!length!and!up! to!2km!in!width,!containing!greenstone!rocks!with!demonstrated!potential! for!high!grade!Archean!gold!mineralisation.!!
Heritage!clearances!have!now!been!received!to!extend!the!drilling! programme!to!test!this!larger!regional!corridor.!!The!next!round!of!work! will!be!commenced!as!soon! as!practicable.!
The!latest!results!confirm!the! Jatz!Prospect!as!a!strongly! mineralised!corridor!within!a! package!of!prospective! Archean!greenstones.!!
The!Company!intends!to! accelerate!work!with!the!aim! of!unlocking!the!obvious! potential!as!quickly!and!cost! effectively!as!possible.
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
Company!information,!ASX!announcements,! investor!presentations,!corporate!videos! and!other!investor!material!on!the! Company’s!projects!can!be!viewed!at!1! www.montezuma.com.au!!
==> picture [443 x 332] intentionally omitted <==
Figure!1:!Collar!locations!over!aeromagnetics.!Assays!from!RC!drilling!are!for!the!first!16!holes!of!a!37!hole!programme.!
==> picture [402 x 346] intentionally omitted <==
Figure!2:!Multiple!new!targets!identified!by!recently!flown!close!spaced!aeromagnetics.!Targets!shown!over!1vD!RTP!data.!
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
2!
| HoleID | Easting (MGA94 Z51) |
Northing (MGA94 Z51) |
Nominal RL (m) |
Dip ( 0) |
Azimuth (mag 0) |
Total Depth (m) |
Depth From (m) |
Depth To (m) |
Intercept Width(m) |
Au (ppb) |
|---|---|---|---|---|---|---|---|---|---|---|
| YAAC205 | 593365 | 6889997 | 398 | A60 | 267 | 39 | 20 | 28 | 8 | 132 |
| YAAC206 | 593400 | 6890002 | 398 | A60 | 272 | 43 | 9 | 10 | 1 | 54 |
| YAAC209 | 593537 | 6890004 | 399 | A60 | 273 | 30 | 23 | 30 | 7 | 69 |
| YAAC212 | 593622 | 6889999 | 400 | A60 | 274 | 34 | 11 | 12 | 1 | 57 |
| and | 28 | 31 | 3 | 69 | ||||||
| YAAC213 | 593655 | 6889994 | 400 | A60 | 270 | 29 | 16 | 25 | 9 | 105 |
| YAAC216 | 593714 | 6889994 | 400 | A60 | 274 | 15 | 12 | 15 | 3 | 79 |
| YAAC221 | 593797 | 6889985 | 400 | A60 | 273 | 22 | 21 | 22 | 1 | 59 |
| YAAC229 | 593234 | 6890365 | 394 | A60 | 267 | 61 | 32 | 37 | 5 | 121 |
| YAAC232 | 593386 | 6890373 | 396 | A60 | 280 | 68 | 26 | 30 | 4 | 120 |
| and | 48 | 49 | 1 | 194 | ||||||
| and | 58 | 67 | 9 | 229 | ||||||
| Incl | 58 | 62 | 4 | 457 | ||||||
| YAAC233 | 593139 | 6890790 | 393 | A60 | 259 | 71 | 48 | 53 | 5 | 209 |
| and | 65 | 66 | 1 | 1087 (1.08g/t) |
||||||
| YAAC234 | 593201 | 6890801 | 393 | A60 | 268 | 67 | 32 | 37 | 5 | 330 |
| YAAC235 | 593259 | 6890801 | 393 | A60 | 268 | 84 | 76 | 80 | 4 | 95 |
| YAAC236 | 593329 | 6890803 | 394 | A60 | 273 | 62 | 48 | 62 | 14 | 254 |
| YAAC237 | 593386 | 6890799 | 394 | A60 | 267 | 60 | 19 | 24 | 5 | 96 |
| YAAC247 | 593439 | 6890368 | 396 | A60 | 275 | 66 | 48 | 56 | 8 | 176 |
| YAAC248 | 593496 | 6890360 | 396 | A60 | 270 | 60 | 34 | 41 | 7 | 186 |
| and | 44 | 47 | 3 | 66 | ||||||
| and | 51 | 52 | 1 | 115 | ||||||
| YAAC250 | 593597 | 6890353 | 398 | A60 | 270 | 51 | 50 | 51 | 1 | 419 |
| YAAC251 | 593647 | 6890355 | 398 | A60 | 265 | 54 | 30 | 39 | 9 | 1648 (1.65g/t) |
| Incl | 30 | 31 | 1 | 12531 (12.53g/t)* |
||||||
| and | 53 | 54 | 1 | 51 | ||||||
| YAAC277 | 593866 | 6889797 | 401 | A60 | 270 | 12 | 10 | 11 | 1 | 54 |
| YAAC286 | 593527 | 6889601 | 402 | A60 | 270 | 29 | 16 | 29 | 13 | 773 |
| Incl | 20 | 28 | 8 | 1201 (1.20g/t) |
||||||
| YAAC304 | 593978 | 6889605 | 402 | A60 | 270 | 10 | 8 | 10 | 2 | 71 |
| YAAC306 | 593664 | 6889396 | 404 | A60 | 270 | 27 | 26 | 27 | 1 | 944 |
| YAAC312 | 593816 | 6889419 | 406 | A60 | 270 | 13 | 12 | 13 | 1 | 58 |
| YAAC313 | 593841 | 6889423 | 407 | A60 | 270 | 12 | 10 | 12 | 2 | 78 |
| YAAC316 | 593914 | 6889438 | 407 | A60 | 270 | 10 | 9 | 10 | 1 | 129 |
| YAAC320 | 594016 | 6889433 | 408 | A60 | 270 | 15 | 13 | 15 | 2 | 125 |
Table!1:!Significant!gold!assays!>50ppb!from!recently!completed!aircore!drilling!at!the!Yamarna!Project.!All!intersections! are!quoted!as!downhole!widths.!(Note!d!*!indicates!this!is!a!Fire!Assay!Repeat!following!an!over!range!result!initially.!
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
3!
==> picture [579 x 689] intentionally omitted <==
----- Start of picture text -----
5.62!M!oz!
East
Sth.
CAPTAINS!
PROSPECT!
JATZ!PROSPECT!
CRUSKIT!
PROSPECT!
----- End of picture text -----*
Figure!3:!Gold!in!soil!anomalies!generated!by!Montezuma’s!recently!completed!soil!sampling!programme!over!interpreted! basement!geology.!*!http://www.goldroad.com.au/reports/431bxcg4t7pqdd.pdf!
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
4!
FOR!MORE!INFORMATION…!
Justin!Brown!
Executive!Director! Phone:!+61!8!6315!1400! Email:[email protected]!
Company! information,! ASX! announcements,! investor! presentations,! corporate! videos! and! other! investor! material!on!the!Company’s!projects!can!be!viewed!at!http://www.montezuma.com.au.!!
The!information!in!this!report!that!relates!to!Exploration!Results,!Mineral!Resources!and!Mineral!Reserves!is!based!on!information! compiled!by!Mr!Bradley!Drabsch!who!is!a!member!of!the!Australasian!Institute!of!Geoscientists.!At!the!time!that!the!Exploration! Results,!Mineral!Resources!and!Mineral!Reserves!were!compiled,!Mr!Drabsch!was!an!employee!of!Montezuma!Mining!Company! Ltd.!Mr!Drabsch!is!a!geologist!and!has!sufficient!experience!which!is!relevant!to!the!style!of!mineralisation!and!type!of!deposit! under!consideration!and!to!the!activity!which!he!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’.!Mr!Drabsch!consents!to!the! inclusion!of!this!information!in!the!form!and!context!in!which!it!appears!in!this!report.!
Please!note!with!regard!to!exploration!targets,!the!potential!quantity!and!grade!is!conceptual!in!nature,!that!there!has!been! insufficient!exploration!to!define!a!Mineral!Resource!and!that!it!is!uncertain!if!further!exploration!will!result!in!the!determination!of! a!Mineral!Resource.!
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
5!
JORC%Table%1 (Criteria!in!this!section!apply!to!all!succeeding!sections.)
| Criteria | JORCCodeexplanation | Commentary |
|---|---|---|
| Sampling | • Natureandqualityofsampling(egcutchannels,randomchips,or | • Aircore(AC)drillchipswerecollectedascompositesamples(either |
| techniques | specificspecialisedindustrystandardmeasurementtoolsappropriate | 1m,2m,3mor4msamples)frombulkpileslaidoutnexttothe |
| tothemineralsunderinvestigation,suchasdownholegamma | drillholecollarusingahandheldscoop. | |
| sondes,orhandheldXRFinstruments,etc).Theseexamplesshould | • Sampleswerescoopedinsuchamannerastoensureportionsofthe | |
| notbetakenaslimitingthebroadmeaningofsampling. | wholepileweresampled.Thisisstandardindustrypracticeforthis | |
| • Includereferencetomeasurestakentoensuresamplerepresentivity | typeofearlyphasedrilling. | |
| andtheappropriatecalibrationofanymeasurementtoolsorsystems | • Mineralisationdeterminedqualitativelybygeologicalloggingand | |
| used. | quantitativelythroughassaying. | |
| • AspectsofthedeterminationofmineralisationthatareMaterialtothe | • Approximately2kgofsamplewascollectedasacomposite.This | |
| PublicReport. | samplewaspulverisedto85%passing75µmthena10gsubMsample | |
| • Incaseswhere‘industrystandard’workhasbeendonethiswouldbe | digestedviaaquaMregiafollowedwithassaybyICPMOESorICPMMS | |
| relativelysimple(eg‘reversecirculationdrillingwasusedtoobtain1 | methods. | |
| msamplesfromwhich3kgwaspulverisedtoproducea30gcharge | ||
| forfireassay’).Inothercasesmoreexplanationmayberequired, | ||
| suchaswherethereiscoarsegoldthathasinherentsampling | ||
| problems.Unusualcommoditiesormineralisationtypes(eg | ||
| submarinenodules)maywarrantdisclosureofdetailedinformation. | ||
| Drilling | • Drilltype(egcore,reversecirculation,openNholehammer,rotaryair | • ACdrillingusingafacesamplingbladeorwhereAChammermethod |
| techniques | blast,auger,Bangka,sonic,etc)anddetails(egcorediameter,triple | used,afacesamplingbit.Holediameternominally100mm. |
| orstandardtube,depthofdiamondtails,faceNsamplingbitorother | ||
| type,whethercoreisorientedandifso,bywhatmethod,etc). | ||
| Drillsample | • Methodofrecordingandassessingcoreandchipsamplerecoveries | • Recoveriesqualitativelynotedatthetimeofdrillingandrecordedin |
| recovery | andresultsassessed. | theMZMdatabase. |
| • Measurestakentomaximisesamplerecoveryandensure | • Thecycloneofthedrillrigiscleanedattheendofeach3mrodto | |
| representativenatureofthesamples. | ensuresampleisnot“hungMup”andsamplesareascleanaspossible | |
| • Whetherarelationshipexistsbetweensamplerecoveryandgrade | withaslittlecrosscontaminationaspossible. | |
| andwhethersamplebiasmayhaveoccurredduetopreferential | • Norelationshipbetweengradeandrecoveryhasyetbeen | |
| loss/gainoffine/coarsematerial. | established. | |
| Logging | • Whethercoreandchipsampleshavebeengeologicallyand | • Allsampleswereloggedtoalevelofdetailtosupportfutureuseina |
| geotechnicallyloggedtoalevelofdetailtosupportappropriate | mineralresourcecalculationshoulditberequired. | |
| MineralResourceestimation,miningstudiesandmetallurgical | • Qualitative:Lithology,alteration,mineralisation. | |
| studies. | • Quantitative:Veinpercentage,assayingforgoldandotherelements. | |
| • Whetherloggingisqualitativeorquantitativeinnature.Core(or | • Allholesfortheirentirelengtharelogged. | |
| costean,channel,etc)photography. | ||
| • Thetotallengthandpercentageoftherelevantintersectionslogged. |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
6!
| Criteria | JORCCodeexplanation | Commentary |
|---|---|---|
| Sub8 | • Ifcore,whethercutorsawnandwhetherquarter,halforallcore | • Aircore(AC)drillchipswerecollectedascompositesamples(either |
| sampling | taken. | 1m,2m,3mor4msamples)frombulkpileslaidoutnexttothe |
| techniques | • IfnonNcore,whetherriffled,tubesampled,rotarysplit,etcand | drillholecollarusingahandheldscoop. |
| andsample | whethersampledwetordry. | • Samplesweretakenatinterpretedgeologicalboundariesinorderto |
| preparation | • Forallsampletypes,thenature,qualityandappropriatenessofthe | identifyanddiscriminatebetweentransportedandinMsitu |
| samplepreparationtechnique. | mineralisation. | |
| • QualitycontrolproceduresadoptedforallsubNsamplingstagesto | • Sampleconditionwithrespecttomoisturecontentisnotedonthe | |
| maximiserepresentivityofsamples. | geologicallog. | |
| • Measurestakentoensurethatthesamplingisrepresentativeofthein | • Theentirecompositesample(approx.2kg)hasbeendried, | |
| situmaterialcollected,includingforinstanceresultsforfield | pulverisedto85%passing75µm,a10gsubMsamplesplitthen | |
| duplicate/secondNhalfsampling. | digestedbyaquaMregiafollowedbyassaywithICPMMSorICPMOES | |
| • Whethersamplesizesareappropriatetothegrainsizeofthematerial | forgoldandasuiteofpathfinderelements. | |
| beingsampled. | • Nofieldduplicateshavebeenprocessedasyet.Pulpduplicateshave | |
| beentakenatthepulverisingstageandselectiverepeatsconducted | ||
| atthelaboratoriesdiscretion. | ||
| • Samplesizesareconsideredappropriateforthegrainsizeofthe | ||
| materialsampled. | ||
| Qualityof | • Thenature,qualityandappropriatenessoftheassayingand | • SampleswereassayedusinganICPMMSorICPMOESfinishafter |
| assaydata | laboratoryproceduresusedandwhetherthetechniqueisconsidered | beingdigestedwithaquaMregia(industrystandardtechniqueforlow |
| and | partialortotal. | levelAuinsurfacesamples).Thisisconsideredapartialdigest |
| laboratory | • Forgeophysicaltools,spectrometers,handheldXRFinstruments,etc, | techniquehoweverinweatheredsamplesitisconsideredto |
| tests | theparametersusedindeterminingtheanalysisincludinginstrument | approximateatotaldigestassay. |
| makeandmodel,readingtimes,calibrationsfactorsappliedandtheir | • Assayswerereturnedforthefollowingelements:Au,Ag,As,Cu,Pb, | |
| derivation,etc. | Zn,Ni,Sb,Bi,W,TeandMo. | |
| • Natureofqualitycontrolproceduresadopted(egstandards,blanks, | • CertifiedReferenceMaterial(Standards)wassubmittedwithbatches | |
| duplicates,externallaboratorychecks)andwhetheracceptablelevels | (approximately1inevery25samples)andlaboratoryinserted | |
| ofaccuracy(ielackofbias)andprecisionhavebeenestablished. | standards,blanksandduplicateswerealsoreported.Wheregold | |
| levelswereoverrangefortheICPMMStechnique,aseparatesample | ||
| fromthepulverisedpulpwasanalysedusinga25gfireassay.The | ||
| resultsreportedforareallwithintolerablelimits. | ||
| Verification | • Theverificationofsignificantintersectionsbyeitherindependentor | • AlldatahavebeencheckedinternallyforcorrectnessbyseniorMZM |
| ofsampling | alternativecompanypersonnel. | geologicalandcorporatestaff. |
| and | • Theuseoftwinnedholes. | • AlldataiscollectedviaGeobankMobilesoftwareanduploadedinto |
| assaying | • Documentationofprimarydata,dataentryprocedures,data | theMZMGeobankDatabasefollowingvalidation. |
| verification,datastorage(physicalandelectronic)protocols. | • Noadjustmentshavebeenmadetoassaydata. | |
| • Discussanyadjustmenttoassaydata. |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
7!
| Criteria | JORCCodeexplanation | Commentary | Commentary |
|---|---|---|---|
| Locationof | • Accuracyandqualityofsurveysusedtolocatedrillholes(collarand | • | AlllocationpointswerecollectedusinghandheldGPSinMGA94– |
| datapoints | downNholesurveys),trenches,mineworkingsandotherlocations | Zone51 | |
| usedinMineralResourceestimation. | |||
| • Specificationofthegridsystemused. | |||
| • Qualityandadequacyoftopographiccontrol. | |||
| Dataspacing | • DataspacingforreportingofExplorationResults. | • | Holesweredrilledatvariousspacingbasedupongeological |
| and | • Whetherthedataspacinganddistributionissufficienttoestablishthe | observationsatthetimeofdrilling.Thisistypically100m,50mor | |
| distribution | degreeofgeologicalandgradecontinuityappropriatefortheMineral | 25m.Drilllinesarespacedatapproximately200mM400mwhere | |
| ResourceandOreReserveestimationprocedure(s)and | multiplelinesaredrilledinanarea. | ||
| classificationsapplied. | • | Holespacingisappropriatefordrillingatthisearlystageinthe | |
| • Whethersamplecompositinghasbeenapplied. | explorationprocess. | ||
| • | Samplecompositinghasbeenapplied.Samplesweretakenat | ||
| interpretedgeologicalboundariesinordertoidentifyanddiscriminate | |||
| betweentransportedandinMsitumineralisation. | |||
| Orientation | • Whethertheorientationofsamplingachievesunbiasedsamplingof | • | Theorientationofstructuresisnotknownwithcertaintybutdrilling |
| ofdatain | possiblestructuresandtheextenttowhichthisisknown,considering | wasconductedusingappropriateorientationsforinterpreted | |
| relationto | thedeposittype. | structures. | |
| geological | • Iftherelationshipbetweenthedrillingorientationandtheorientation | • | Biasintroducedbydrillorientationwithrespecttostructuresisnot |
| structure | ofkeymineralisedstructuresisconsideredtohaveintroduceda | known. | |
| samplingbias,thisshouldbeassessedandreportedifmaterial. | |||
| Sample | • Themeasurestakentoensuresamplesecurity. | • | Chainofcustodywasmanagedbycompanyrepresentativesandis |
| security | consideredappropriate.Allsamplesarebaggedinatiednumbered | ||
| calicobag,groupedintolargerpolyweavebagsandcabletied. | |||
| Polyweavebagsareplacedintolargerbulkybagswithasample | |||
| submissionsheetandtiedshut.Consignmentnoteanddelivery | |||
| addressdetailsarewrittenonthesideofthebaganddeliveredtoToll | |||
| inLaverton.ThebagsaredelivereddirectlytoMinAnalyticalin | |||
| CanningVale,WAwhoareNATAaccreditedforcompliancewith | |||
| Auditsor • Theresultsofanyauditsorreviewsofsamplingtechniquesanddata. • |
ISO/IEC17025:2005. Noexternalauditsorreviewshavebeenconductedapartfrom |
||
| reviews | internalcompanyreview. |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
8!
Section 2 Reporting of Exploration Results
(Criteria!listed!in!the!preceding!section!also!apply!to!this!section.)!
| Criteria | JORCCodeexplanation | Commentary | Commentary |
|---|---|---|---|
| Mineral | • Type,referencename/number,locationandownershipincluding | • E38/2889is100%ownedbyMontezumaMiningCompanyLimited | |
| tenement | agreementsormaterialissueswiththirdpartiessuchasjoint | andisingoodstandingandtherearenoknownimpedimentsto | |
| andland | ventures,partnerships,overridingroyalties,nativetitleinterests, | maintainingalicencetooperateinthearea. | |
| tenurestatus | historicalsites,wildernessornationalparkandenvironmental | • ThelandonwhichE38/2889issituatedwithinAboriginalReserve | |
| settings. | 20396.MontezumaMiningCompanyLimitedhasobtained“Mining | ||
| • Thesecurityofthetenureheldatthetimeofreportingalongwithany | EntryPermits”tooperatewithinthelicencearea. | ||
| knownimpedimentstoobtainingalicencetooperateinthearea. | |||
| Exploration | • Acknowledgmentandappraisalofexplorationbyotherparties. | • VerylittleexplorationhasbeenundertakenintheareaofE38/2889 | |
| doneby | previously.ThemostdetailedworkwascarriedoutbyWMCduring | ||
| otherparties | themidM1990’swheretheycollectedM75umsoilsamplesonaregional | ||
| scale.WMCdidnotfollowMupthelowtenoranomaliestheydefinedin | |||
| thecurrentworkareaatthetime. | |||
| Geology | • Deposittype,geologicalsettingandstyleofmineralisation. | • Notenoughinformationhasbeengatheredtoadequatelydefinethe | |
| precisegeologyintheareaasitislargelycoveredinrecentsand. Drillhole • Asummaryofallinformationmaterialtotheunderstandingofthe • Seeappendixtotherelease. |
|||
| Information | explorationresultsincludingatabulationofthefollowinginformation | ||
| forallMaterialdrillholes: | |||
o eastingandnorthingofthedrillholecollar |
|||
o elevationorRL(ReducedLevel–elevationabovesealevelin |
|||
| metres)ofthedrillholecollar | |||
o dipandazimuthofthehole |
|||
o downholelengthandinterceptiondepth |
|||
o holelength. |
|||
| Data | • InreportingExplorationResults,weightingaveragingtechniques, | • NotopMcutshavebeenappliedwhenreportingresults. | |
| aggregation | maximumand/orminimumgradetruncations(egcuttingofhigh | • Firstassayfromtheintervalinquestionisreported(i.e.Au1),except | |
| methods | grades)andcutNoffgradesareusuallyMaterialandshouldbestated. | inthecaseswheretheassayrepeatsorisreportedasoverrangefor | |
| • Whereaggregateinterceptsincorporateshortlengthsofhighgrade | goldfortheinstrumentbeingused.Inthiscase,afireassayrepeatis | ||
| resultsandlongerlengthsoflowgraderesults,theprocedureused | conductedandthatvaluereported.Thisisnotedwherethisoccurs. | ||
| forsuchaggregationshouldbestatedandsometypicalexamplesof | • Aggregatesampleassayscalculatedusingalengthweighted | ||
| suchaggregationsshouldbeshownindetail. | average | ||
| • Theassumptionsusedforanyreportingofmetalequivalentvalues | • Significantgradeintervalsbasedonintercepts>50ppbgold. |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
9!
| Criteria | JORCCodeexplanation | Commentary |
|---|---|---|
| shouldbeclearlystated. | • Nometalequivalentvalueshavebeenusedforreportingofresults. | |
| Relationship | • Ifthegeometryofthemineralisationwithrespecttothedrillhole | • Notenoughinformationhasbeengatheredtoadequatelydefinethe |
| between | angleisknown,itsnatureshouldbereported. | precisegeologyintheareaasitislargelycoveredinrecentsand. |
| mineralisatio | • Ifitisnotknownandonlythedownholelengthsarereported,there | |
| nwidthsand | shouldbeaclearstatementtothiseffect(eg‘downholelength,true | |
| intercept | widthnotknown’). | |
| lengths | ||
| Diagrams | • Appropriatemapsandsections(withscales)andtabulationsof | • Refertofiguresindocument. |
| interceptsshouldbeincludedforanysignificantdiscoverybeing | ||
| reportedTheseshouldinclude,butnotbelimitedtoaplanviewof | ||
| drillholecollarlocationsandappropriatesectionalviews. | ||
| Balanced | • WherecomprehensivereportingofallExplorationResultsisnot | • Alldrillholelocationsarereportedandatableofsignificantintervals |
| reporting | practicable,representativereportingofbothlowandhighgrades | isprovidedinthereleasetext. |
| and/orwidthsshouldbepracticedtoavoidmisleadingreportingof | ||
| ExplorationResults. | ||
| Other | • Otherexplorationdata,ifmeaningfulandmaterial,shouldbereported | • Allmeaningfulandmaterialinformationisreported. |
| substantive | including(butnotlimitedto):geologicalobservations\geophysical | |
| exploration | surveyresults\geochemicalsurveyresults\bulksamples–sizeand | |
| data | methodoftreatment\metallurgicaltestresults\bulkdensity, | |
| groundwater,geotechnicalandrockcharacteristics\potential | ||
| deleteriousorcontaminatingsubstances. | ||
| Furtherwork | • Thenatureandscaleofplannedfurtherwork(egtestsforlateral | • SecondphasedillplanningtofollowMupsignificantintersectionsis |
| extensionsordepthextensionsorlargeNscalestepNoutdrilling). | underwayandisexpectedtocommencewithinQ42015. | |
| • Diagramsclearlyhighlightingtheareasofpossibleextensions, | ||
| includingthemaingeologicalinterpretationsandfuturedrillingareas, | ||
| providedthisinformationisnotcommerciallysensitive. |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
10!
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005! 11!
Section 2 Reporting of Exploration Results
(Criteria!listed!in!the!preceding!section!also!apply!to!this!section.)!
| Criteria | JORCCodeexplanation | Commentary | Commentary |
|---|---|---|---|
| Mineral | • Type,referencename/number,locationandownershipincluding | • E38/2889is100%ownedbyMontezumaMiningCompanyLimited | |
| tenement | agreementsormaterialissueswiththirdpartiessuchasjoint | andisingoodstandingandtherearenoknownimpedimentsto | |
| andland | ventures,partnerships,overridingroyalties,nativetitleinterests, | maintainingalicencetooperateinthearea. | |
| tenurestatus | historicalsites,wildernessornationalparkandenvironmental | • ThelandonwhichE38/2889issituatedwithinAboriginalReserve | |
| settings. | 20396.MontezumaMiningCompanyLimitedhasobtained“Mining | ||
| • Thesecurityofthetenureheldatthetimeofreportingalongwithany | EntryPermits”tooperatewithinthelicencearea. | ||
| knownimpedimentstoobtainingalicencetooperateinthearea. | |||
| Exploration | • Acknowledgmentandappraisalofexplorationbyotherparties. | • VerylittleexplorationhasbeenundertakenintheareaofE38/2889 | |
| doneby | previously.ThemostdetailedworkwascarriedoutbyWMCduring | ||
| otherparties | themidM1990’swheretheycollectedM75umsoilsamplesonaregional | ||
| scale.WMCdidnotfollowMupthelowtenoranomaliestheydefinedin | |||
| thecurrentworkareaatthetime. | |||
| Geology | • Deposittype,geologicalsettingandstyleofmineralisation. | • Notenoughinformationhasbeengatheredtoadequatelydefinethe | |
| precisegeologyintheareaasitislargelycoveredinrecentsand. | |||
| • Earlyobservationsindicatethatthemineralisationpresentat | |||
| YamarnaappearstobepartofatypicalYilgarnCraton,Archaean, | |||
| shearhosted,mesoMthermalstylesystem. Drillhole • Asummaryofallinformationmaterialtotheunderstandingofthe • Seeappendixtotherelease. |
|||
| Information | explorationresultsincludingatabulationofthefollowinginformation | ||
| forallMaterialdrillholes: | |||
o eastingandnorthingofthedrillholecollar |
|||
o elevationorRL(ReducedLevel–elevationabovesealevelin |
|||
| metres)ofthedrillholecollar | |||
o dipandazimuthofthehole |
|||
o downholelengthandinterceptiondepth |
|||
o holelength. |
|||
| Data | • InreportingExplorationResults,weightingaveragingtechniques, | • NotopMcutshavebeenappliedwhenreportingresults. | |
| aggregation | maximumand/orminimumgradetruncations(egcuttingofhigh | • Firstassayfromtheintervalinquestionisreported(i.e.Au1). | |
| methods | grades)andcutNoffgradesareusuallyMaterialandshouldbestated. | • Aggregatesampleassayscalculatedusingalengthweighted | |
| • Whereaggregateinterceptsincorporateshortlengthsofhighgrade | average. | ||
| resultsandlongerlengthsoflowgraderesults,theprocedureused |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
12!
| Criteria | JORCCodeexplanation | Commentary |
|---|---|---|
| forsuchaggregationshouldbestatedandsometypicalexamplesof | • Significantgradeintervalsbasedonintercepts>0.1g/tgold. | |
| suchaggregationsshouldbeshownindetail. | • Nometalequivalentvalueshavebeenusedforreportingofresults. | |
| • Theassumptionsusedforanyreportingofmetalequivalentvalues | ||
| shouldbeclearlystated. | ||
| Relationship | • Ifthegeometryofthemineralisationwithrespecttothedrillhole | • Notenoughinformationhasbeengatheredtoadequatelydefinethe |
| between | angleisknown,itsnatureshouldbereported. | precisegeologyintheareaasitislargelycoveredinrecentsand. |
| mineralisatio | • Ifitisnotknownandonlythedownholelengthsarereported,there | • Truewidthsarenotknown,however,initialobservationsindicatethe |
| nwidthsand | shouldbeaclearstatementtothiseffect(eg‘downholelength,true | drillingisappropriatetotheinterpretedorientationofmineralising |
| intercept | widthnotknown’). | structuresanddownholewidthswillapproximatetruewidths. |
| lengths | ||
| Diagrams | • Appropriatemapsandsections(withscales)andtabulationsof | • Refertofiguresindocument. |
| interceptsshouldbeincludedforanysignificantdiscoverybeing | ||
| reportedTheseshouldinclude,butnotbelimitedtoaplanviewof | ||
| drillholecollarlocationsandappropriatesectionalviews. | ||
| Balanced | • WherecomprehensivereportingofallExplorationResultsisnot | • Alldrillholelocationsarereportedandatableofsignificantintervalsis |
| reporting | practicable,representativereportingofbothlowandhighgrades | providedinthereleasetext. |
| and/orwidthsshouldbepracticedtoavoidmisleadingreportingof | ||
| ExplorationResults. | ||
| Other | • Otherexplorationdata,ifmeaningfulandmaterial,shouldbereported | • Allmeaningfulandmaterialinformationisreported. |
| substantive | including(butnotlimitedto):geologicalobservations\geophysical | |
| exploration | surveyresults\geochemicalsurveyresults\bulksamples–sizeand | |
| data | methodoftreatment\metallurgicaltestresults\bulkdensity, | |
| groundwater,geotechnicalandrockcharacteristics\potential | ||
| deleteriousorcontaminatingsubstances. | ||
| Furtherwork | • Thenatureandscaleofplannedfurtherwork(egtestsforlateral | • DrillingattheYamarnaProjectiscontinuingatthepresenttime. |
| extensionsordepthextensionsorlargeNscalestepNoutdrilling). | ||
| • Diagramsclearlyhighlightingtheareasofpossibleextensions, | ||
| includingthemaingeologicalinterpretationsandfuturedrillingareas, | ||
| providedthisinformationisnotcommerciallysensitive. |
Ground!Floor,!31!Ventnor!Street,!WEST!PERTH!WA!6005!
13!