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EMETALS LIMITED Interim / Quarterly Report 2013
64850_rns_2013-04-29_21bf929a-2255-47cd-b02f-e25b6767e8cf.pdf
Interim / Quarterly Report
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WEST PEAK IRON
ASX announcement
30 April 2013
ACN: 142 411 390
T: 08 6489 1600
F: 08 6489 1601
Suite 9, 330 Churchill Avenue,
Subiaco WA 6008
PO Box 866,
Subiaco WA 6904
www.westpeakiron.com.au
Directors & Management
Gary Lyons: Chairman
Graham Marshall: Director
Mathew Walker: Director
Jimmy Lee: Director
Teck Wong: Director
Shane Tomlinson: Exploration Manager
Sonu Cheema: Company Secretary
Issued Capital
80,500,000 ordinary shares
13,105,465 unlisted options exercisable at 20 cents each on or before 30 June 2013
500,000 unlisted options exercisable at 30 cents each on or before 30 June 2013
2,000,000 unlisted options exercisable at 15 cents each on or before 30 June 2014
WEST PEAK IRON LTD
MARCH 2013
QUARTERLY ACTIVITIES REPORT
Key Points:
- All assays returned from RC holes drilled from Stage 2 of the maiden drilling program on the eastern prospects of the Bomi South project in Liberia.
- Assay results confirm the presence of friable iron bearing formations, with interpreted true widths of up to 40m from the surface, transitioning into primary magnetite bearing itabirite with increasing depth across a collective strike length of 5 km.
- Assay results from intersected iron formation have been received with a significant intervals of:
- 48m @ 38.30 % Fe, 0.051% P from surface
- 34m @ 38.31 % Fe, 0.032 % P from surface
- 80m @ 34.41 % Fe, 0.045 % P from 34m
- Grades and lithology's are consistent with the China Union owned Bong Mine (>275Mt @ 38% Fe) which is currently being recommissioned and lies approximately 5km to the east of the Company's Area 6 prospect in the Bomi Hills project area.
- Results are now being reviewed and a Stage 3 program is being evaluated to include the possibility of diamond drilling to
- In Western Australia a maiden drilling program consisting of 1,132m of RC drilling was carried out at the Highway prospect with intercepted iron formation showing varying degrees of supergene enrichment.
- Mr Teck Wong appointed Non-Executive Director of the Company.
- Cash at bank at the end of the quarter was circa $1,919,000
The Board of West Peak Iron Ltd ('West Peak' or the 'Company') are pleased to present the March 2013 quarterly activities report.
Exploration Update - Liberia
Bomi Hills South
Work carried out in Liberia during the quarter focused on the eastern side of the Bomi South licence and consisted of geological mapping, surface rock chip sampling, pitting and a targeted drilling program, which
WEST PEAK IRON
March 2013 Quarterly Activities Report
consists to date of 3,320 metres of completed RC drilling, being Stage 1 (689 Metres) and Stage 2 (2,631 metres).
Drilling during the quarter targeted friable iron formation over a collective strike of approximately 5km in two prospect areas (Area 4 & 6), as shown in Figure 1. The drill targets are the continuation along strike of iron formations that were mined at the historic Bong Iron Mine, which is currently being recommissioned by China Union to restart iron ore exports through the port of Monrovia.
The program has been successful in intersecting itabirite units over the entire strike length of the two prospects tested to date (5 km) in the collective Area 4 & 6 prospects. In total 2,631m of RC drill holes have been completed on prospects 4 & 6, which will now be interpreted to plan the next phase of exploration.
From the drilling completed to date, friable hematite/goethite bearing iron formations at interpreted true widths of up to 40 metres have been intersected from the surface. Coarse grained magnetite was identified in the friable zone of the itabirite grading into fine to medium grained magnetite with increasing depth. Please refer Figure 2.
Future exploration from these prospect areas will focus on the friable iron formation which the Company believes to be consistent in grade and lithology to the China Union owned Bong Mine (>275Mt @ 38% Fe) project which is currently being recommissioned and lies approximately 5km to the west of the Area 6 prospect.
Figure 1. Bomi South License
WEST PEAK IRON
March 2013 Quarterly Activities Report
Figure 2. Drill hole BWRC004; 48m @ 38.30% Fe, 40.20% SiO2, 0.051% P from surface
Table 1. Significant assay results received - Liberia Stage 2 Program.
| Hole ID | Depth From (m) | Depth To (m) | Interval (m) | Fe % | SiO2% | Al2O3% | P % | S % | LOI % |
|---|---|---|---|---|---|---|---|---|---|
| BWRC003 | 0 | 26 | 26 | 39.79 | 38.67 | 1.92 | 0.037 | 0.022 | 2.23 |
| including | 2 | 22 | 20 | 41.11 | 37.70 | 1.23 | 0.04 | 0.02 | 1.78 |
| BWRC004 | 0 | 48 | 48 | 38.30 | 40.20 | 1.95 | 0.051 | 0.032 | 2.14 |
| including | 8 | 22 | 14 | 41.23 | 38.38 | 0.75 | 0.04 | 0.01 | 1.45 |
| BWRC015 | 12 | 36 | 24 | 39.04 | 41.47 | 1.36 | 0.041 | 0.013 | 0.98 |
| including | 22 | 30 | 8 | 40.74 | 39.92 | 0.77 | 0.03 | 0.01 | 0.57 |
| BWRC020 | 0 | 20 | 20 | 38.64 | 35.28 | 4.24 | 0.033 | 0.044 | 3.58 |
| including | 10 | 20 | 10 | 48.22 | 26.14 | 2.18 | 0.03 | 0.02 | 1.76 |
| BWRC022 | 12 | 22 | 10 | 39.88 | 38.70 | 1.99 | 0.039 | 0.016 | 1.64 |
| including | 14 | 20 | 8 | 41.52 | 36.46 | 2.32 | 0.04 | 0.01 | 1.68 |
| and | 44 | 58 | 12 | 36.59 | 44.62 | 1.12 | 0.036 | 0.018 | -0.85 |
| BWRC028 | 0 | 12 | 12 | 37.70 | 40.66 | 3.43 | 0.021 | 0.024 | 1.91 |
| including | 0 | 8 | 8 | 42.02 | 37.46 | 1.53 | 0.02 | 0.02 | 0.95 |
| BWRC029 | 0 | 34 | 34 | 38.31 | 38.37 | 3.97 | 0.032 | 0.023 | 2.26 |
| including | 2 | 10 | 8 | 42.31 | 33.28 | 3.21 | 0.03 | 0.02 | 2.17 |
| BWRC034 | 34 | 114 | 80 | 34.41 | 48.76 | 0.86 | 0.045 | 0.023 | -1.27 |
| BWRC036 | 28 | 76 | 48 | 36.04 | 47.95 | 0.43 | 0.019 | 0.044 | -0.58 |
RC drill samples were collected at 2m intervals by riffle splitter. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at $1000^{\circ}\mathrm{C}$ .
All samples reported were dry. Intervals have been calculated using a bottom cut off iron grade of $30\%$ Fe with an internal dilution width of 2m. Minimum interval width used for reporting is 6m.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Figure 3. Area 6 drill hole cross section 346,100 E, looking west.
Figure 4. Area 4 drill hole cross section 335,230 E, looking west.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Bobo Creek
The granting of an exploration licence for the Bobo Creek prospect was completed during quarter following the successful conversion of the original reconnaissance licence MRL13022. This licence forms part of the Central Liberian projects and is located approximately 70km from the operating deep water port of Buchanan, which services the Yekepa Iron project of ArcelorMittal. Previous field work has identified surface iron enrichment in the form of a hematite/goethite-rich cap interpreted to overly itabirite units where returned rock chip samples ranged from between 23% and 58% Fe over a collective strike magnetic anomalism of 15km.
Figure 5. Bobo Creek vertical integral of the analytic signal aeromagnetic image with the modelled areas highlighted.
Exploration Update - Western Australia
Highway Prospect
A maiden drilling program consisting of 1,132m of RC drilling was carried out during the quarter at the Highway prospect which is located adjacent to the Great Northern Highway and 20km southwest of Paynes Find. The program focused on testing iron formations identified in previous field reconnaissance work where rock chip assay results returned DSO type iron grades.
Iron formation was intercepted which showed varying degrees of supergene enrichment, but no significant direct shipping ore type mineralisation was identified. Please refer Table 2.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Table 2. Significant assay results
| Hole ID | From | To | Fe% | SiO2% | Al2O3% | LOI% |
|---|---|---|---|---|---|---|
| HWRC006 | 4 | 13 | 41.1 | 32.1 | 2.3 | 6.3 |
| HWRC007 | 10 | 29 | 42.2 | 26.9 | 3.5 | 8.5 |
| HWRC008 | 23 | 30 | 42.6 | 24.8 | 4.8 | 7.9 |
| HWRC010 | 30 | 32 | 47.9 | 17.7 | 3.3 | 9.6 |
| HWRC011 | 16 | 22 | 44.4 | 25.9 | 3.6 | 6.4 |
| HWRC012 | 26 | 33 | 41.4 | 28.5 | 4.3 | 7.2 |
| and | 68 | 71 | 46.4 | 26.7 | 0.8 | 4.9 |
| HWRC015 | 5 | 8 | 50.9 | 10.4 | 4.1 | 11.4 |
| HWRC016 | 11 | 14 | 43.6 | 19.7 | 6.8 | 9.1 |
| HWRC017 | 9 | 16 | 45.1 | 12.6 | 10.3 | 10.8 |
| and | 25 | 29 | 43.7 | 12.7 | 10.2 | 11.3 |
| HWRC020 | 4 | 15 | 40.6 | 31.6 | 3.3 | 6.3 |
RC drill samples were collected at 1m intervals by cone split. Selected samples based upon geological logging were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at $1000^{\circ}\mathrm{C}$ . All samples reported were dry. Intervals have been calculated using a bottom cut off iron grade of $40\%$ Fe with an internal dilution width of 1m. Minimum interval width used for reporting is 2m.
Figure 6. Collor locations at the Highway prospect.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Other WA tenements:
During the quarter tenements E59/1767 (Tallering) and P59/1940 (Paynes Find) were granted, while E21/0156 (Cue) was relinquished.
Corporate
During the quarter the Company and its directors welcomed Mr Teck Wong to the board as non-executive director.
At the end of the quarter the Company had 80,500,000 fully paid ordinary shares and 15,605,465 Company Options on issue (13,105,465 unlisted Company Options exercisable at $0.20 on or before 30 June 2013; 500,000 unlisted Company Options exercisable at $0.30 on or before 30 June 2013; and 2,000,000 unlisted Company Options exercisable at $0.15 on or before 30 June 2014).
Cash and cash equivalents held by the Company at the end of the quarter was approximately $1,919,000.
For further information contact: Mathew Walker; Executive Director, West Peak Iron Ltd.
Telephone: +61 8 6489 1600
Email: [email protected]
COMPETENT PERSONS' STATEMENTS
Scientific or technical information in this news release has been prepared under the supervision of Mr Shane Tomlinson, an employee of the Company and a Member of the Australian Institute of Geoscientists (MAIG). Mr Tomlinson has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Tomlinson consents to the inclusion in this report of the information in the form and context in which it appears.
FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS
Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include, but are not limited to, statements concerning the Company's exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as "expected", "planned", "target", "scheduled", "intends", "potential", "prospective", and "seek", "proposed" and similar expressions.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Appendix 1 - Assay results - Highway Prospect WA
| Hole ID | From | To | Fe% | SiO2% | Al2O3% | LOI% |
|---|---|---|---|---|---|---|
| HWRC001 | NSR | |||||
| HWRC002 | NSR | |||||
| HWRC003 | NSR | |||||
| HWRC004 | NSR | |||||
| HWRC005 | NSR | |||||
| HWRC006 | 4 | 13 | 41.1 | 32.1 | 2.3 | 6.3 |
| HWRC007 | 10 | 29 | 42.2 | 26.9 | 3.5 | 8.5 |
| HWRC008 | 23 | 30 | 42.6 | 24.8 | 4.8 | 7.9 |
| HWRC009 | NSR | |||||
| HWRC010 | 30 | 32 | 47.9 | 17.7 | 3.3 | 9.6 |
| HWRC011 | 16 | 22 | 44.4 | 25.9 | 3.6 | 6.4 |
| HWRC012 | 26 | 33 | 41.4 | 28.5 | 4.3 | 7.2 |
| and | 68 | 71 | 46.4 | 26.7 | 0.8 | 4.9 |
| HWRC013 | NSR | |||||
| HWRC014 | NSR | |||||
| HWRC015 | 5 | 8 | 50.9 | 10.4 | 4.1 | 11.4 |
| HWRC016 | 11 | 14 | 43.6 | 19.7 | 6.8 | 9.1 |
| HWRC017 | 9 | 16 | 45.1 | 12.6 | 10.3 | 10.8 |
| and | 25 | 29 | 43.7 | 12.7 | 10.2 | 11.3 |
| HWRC018 | NSR | |||||
| HWRC019 | NSR | |||||
| HWRC020 | 4 | 15 | 40.6 | 31.6 | 3.3 | 6.3 |
RC drill samples were collected at 1m intervals by cone split. Selected samples based upon geological logging were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at 1000°C.
All samples reported were dry. Intervals have been calculated using a bottom cut off iron grade of 40% Fe with an internal dilution width of 1m. Minimum interval width used for reporting is 2m.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Appendix 2: Additional drill hole information - Highway Prospect WA
| Hole ID | Northing | Easting | RL | Max depth | Dip | Azimuth |
|---|---|---|---|---|---|---|
| HWRC001 | 6,758,850 | 545,875 | 375 | 38 | -60 | 270 |
| HWRC002 | 6,758,650 | 545,890 | 375 | 50 | -60 | 270 |
| HWRC003 | 6,758,450 | 545,890 | 370 | 56 | -60 | 270 |
| HWRC004 | 6,758,250 | 545,675 | 370 | 50 | -60 | 270 |
| HWRC005 | 6,758,250 | 545,825 | 370 | 92 | -60 | 270 |
| HWRC006 | 6,758,050 | 545,625 | 370 | 32 | -60 | 270 |
| HWRC007 | 6,757,875 | 545,640 | 373 | 38 | -60 | 222.5 |
| HWRC008 | 6,757,905 | 545,670 | 375 | 80 | -60 | 222.5 |
| HWRC009 | 6,758,000 | 545,770 | 380 | 80 | -60 | 222.5 |
| HWRC010 | 6,757,765 | 545,743 | 384 | 56 | -60 | 222.5 |
| HWRC011 | 6,757,800 | 545,780 | 381 | 98 | -60 | 222.5 |
| HWRC012 | 6,757,730 | 545,845 | 378 | 80 | -60 | 222.5 |
| HWRC013 | 6,757,765 | 545,885 | 378 | 56 | -60 | 222.5 |
| HWRC014 | 6,757,625 | 546,025 | 377 | 50 | -60 | 222.5 |
| HWRC015 | 6,757,650 | 546,050 | 377 | 62 | -60 | 222.5 |
| HWRC016 | 6,757,585 | 546,180 | 377 | 32 | -60 | 180 |
| HWRC017 | 6,757,600 | 546,325 | 381 | 50 | -60 | 180 |
| HWRC018 | 6,757,600 | 546,465 | 380 | 44 | -60 | 180 |
| HWRC019 | 6,757,600 | 546,570 | 379 | 62 | -60 | 180 |
| HWRC020 | 6,757,695 | 545,955 | 376 | 26 | -60 | 222.5 |
华
WEST PEAK IRON
March 2013 Quarterly Activities Report
Appendix 3: Liberia Assay results received
| Hole ID | Depth From (m) | Depth To (m) | Interval (m) | Fe % | SiO2% | Al2O3% | P % | S % | LOI % |
|---|---|---|---|---|---|---|---|---|---|
| BWRC001 | No significant results | ||||||||
| BWRC002 | 14 | 40 | 26 | 38.49 | 42.98 | 0.64 | 0.042 | 0.017 | 0.23 |
| BWRC003 | 0 | 26 | 26 | 39.79 | 38.67 | 1.92 | 0.037 | 0.022 | 2.23 |
| including | 2 | 22 | 20 | 41.11 | 37.70 | 1.23 | 0.04 | 0.02 | 1.78 |
| BWRC004 | 0 | 48 | 48 | 38.30 | 40.20 | 1.95 | 0.051 | 0.032 | 2.14 |
| including | 8 | 22 | 14 | 41.23 | 38.38 | 0.75 | 0.04 | 0.01 | 1.45 |
| BWRC005 | 24 | 58 | 34 | 36.69 | 44.56 | 0.72 | 0.054 | 0.040 | -1.40 |
| BWRC006 | 12 | 20 | 8 | 35.14 | 41.89 | 4.20 | 0.039 | 0.029 | 2.92 |
| BWRC007 | 40 | 76 | 36 | 36.67 | 43.49 | 0.95 | 0.067 | 0.015 | -1.37 |
| BWRC008 | 20 | 36 | 16 | 31.35 | 45.56 | 5.14 | 0.047 | 0.022 | 1.83 |
| BWRC009 | 0 | 6 | 6 | 32.00 | 43.55 | 5.33 | 0.023 | 0.040 | 3.98 |
| BWRC010 | No significant results | ||||||||
| BWRC011 | No significant results | ||||||||
| BWRC012 | No significant results | ||||||||
| BWRC013 | 30 | 46 | 16 | 35.71 | 46.13 | 0.94 | 0.040 | 0.014 | -1.01 |
| BWRC014 | No significant results | ||||||||
| BWRC015 | 12 | 36 | 24 | 39.04 | 41.47 | 1.36 | 0.041 | 0.013 | 0.98 |
| including | 22 | 30 | 8 | 40.74 | 39.92 | 0.77 | 0.03 | 0.01 | 0.57 |
| BWRC016 | No significant results | ||||||||
| BWRC017 | 2 | 34 | 32 | 36.69 | 43.70 | 1.57 | 0.028 | 0.016 | 1.26 |
| BWRC018 | 12 | 18 | 6 | 39.44 | 41.17 | 1.02 | 0.033 | 0.015 | 1.18 |
| BWRC019 | 46 | 52 | 6 | 33.01 | 48.26 | 1.92 | 0.051 | 0.176 | -1.40 |
| BWRC020 | 0 | 20 | 20 | 38.64 | 35.28 | 4.24 | 0.033 | 0.044 | 3.58 |
| including | 10 | 20 | 10 | 48.22 | 26.14 | 2.18 | 0.03 | 0.02 | 1.76 |
| BWRC021 | 14 | 26 | 12 | 33.31 | 40.94 | 5.92 | 0.042 | 0.040 | 4.10 |
| BWRC022 | 12 | 22 | 10 | 39.88 | 38.70 | 1.99 | 0.039 | 0.016 | 1.64 |
| including | 14 | 20 | 8 | 41.52 | 36.46 | 2.32 | 0.04 | 0.01 | 1.68 |
| and | 44 | 58 | 12 | 36.59 | 44.62 | 1.12 | 0.036 | 0.018 | -0.85 |
| BWRC023 | 38 | 54 | 16 | 35.01 | 45.11 | 2.61 | 0.032 | 0.005 | -0.93 |
| BWRC024 | No significant results | ||||||||
| BWRC025 | 34 | 54 | 20 | 31.35 | 44.88 | 3.71 | 0.084 | 0.182 | -0.56 |
| BWRC026 | 46 | 58 | 12 | 30.31 | 44.88 | 3.88 | 0.051 | 0.057 | 0.48 |
| BWRC027 | 0 | 22 | 22 | 37.50 | 40.81 | 2.78 | 0.044 | 0.016 | 1.96 |
| and | 46 | 52 | 6 | 37.08 | 46.08 | 0.48 | 0.162 | 0.154 | -2.17 |
| BWRC028 | 0 | 12 | 12 | 37.70 | 40.66 | 3.43 | 0.021 | 0.024 | 1.91 |
| including | 0 | 8 | 8 | 42.02 | 37.46 | 1.53 | 0.02 | 0.02 | 0.95 |
| BWRC029 | 0 | 34 | 34 | 38.31 | 38.37 | 3.97 | 0.032 | 0.023 | 2.26 |
| including | 2 | 10 | 8 | 42.31 | 33.28 | 3.21 | 0.03 | 0.02 | 2.17 |
| BWRC030 | 0 | 6 | 6 | 35.02 | 31.12 | 10.46 | 0.036 | 0.071 | 7.11 |
| BWRC031 | 30 | 40 | 10 | 31.52 | 47.30 | 4.18 | 0.064 | 0.024 | 1.21 |
| BWRC032 | 70 | 78 | 8 | 31.43 | 46.09 | 3.23 | 0.058 | 0.058 | -0.17 |
| BWRC033 | No significant results | ||||||||
| BWRC034 | 34 | 114 | 80 | 34.41 | 48.76 | 0.86 | 0.045 | 0.023 | -1.27 |
| BWRC035 | No significant results | ||||||||
| BWRC036 | 28 | 76 | 48 | 36.04 | 47.95 | 0.43 | 0.019 | 0.044 | -0.58 |
| BWRC037 | 46 | 54 | 8 | 35.52 | 45.61 | 1.76 | 0.016 | 0.107 | -1.06 |
| BWRC038 | 42 | 48 | 6 | 35.00 | 48.70 | 1.13 | 0.029 | 0.056 | -1.27 |
| BWRC040 | 20 | 26 | 6 | 36.54 | 44.44 | 1.65 | 0.016 | 0.023 | 1.06 |
RC drill samples were collected at 2m intervals by riffle splitter. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Losses on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at $1000^{\circ}\mathrm{C}$ .
All samples reported were dry. Intervals have been calculated using a bottom cut off iron grade of $30\%$ Fe with an internal dilution width of 2m. Minimum interval width used for reporting is 6m.
WEST PEAK IRON
March 2013 Quarterly Activities Report
Appendix 4: Drill-Hole details, Bomi South Project, projection WGS 84 Zone 29 North
| Hole ID | East | North | RL | Depth | Dip | Azimuth | Prospect |
|---|---|---|---|---|---|---|---|
| BWRC001 | 346481 | 754180 | 189 | 36 | -50 | 180 | Area 6 |
| BWRC002 | 346478 | 754190 | 202 | 60 | -75 | 180 | Area 6 |
| BWRC003 | 346489 | 754192 | 185 | 72 | -60 | 0 | Area 6 |
| BWRC004 | 346304 | 754154 | 189 | 60 | -60 | 180 | Area 6 |
| BWRC005 | 346294 | 754208 | 171 | 84 | -60 | 180 | Area 6 |
| BWRC006 | 346101 | 754149 | 171 | 48 | -50 | 180 | Area 6 |
| BWRC007 | 346099 | 754167 | 163 | 90 | -75 | 180 | Area 6 |
| BWRC008 | 345896 | 754097 | 163 | 48 | -55 | 0 | Area 6 |
| BWRC009 | 345900 | 754101 | 162 | 36 | -50 | 180 | Area 6 |
| BWRC010 | 345656 | 754089 | 151 | 42 | -60 | 180 | Area 6 |
| BWRC011 | 335577 | 752475 | 133 | 30 | -50 | 175 | Area 4 |
| BWRC012 | 335577 | 752488 | 126 | 39 | -60 | 0 | Area 4 |
| BWRC013 | 335000 | 752239 | 151 | 72 | -50 | 0 | Area 4 |
| BWRC014 | 335006 | 752228 | 171 | 96 | -60 | 0 | Area 4 |
| BWRC015 | 334805 | 752202 | 187 | 48 | -50 | 0 | Area 4 |
| BWRC016 | 334808 | 752194 | 188 | 66 | -70 | 0 | Area 4 |
| BWRC017 | 334596 | 752187 | 177 | 48 | -90 | 0 | Area 4 |
| BWRC018 | 334393 | 752298 | 145 | 120 | -50 | 180 | Area 4 |
| BWRC019 | 334212 | 752366 | 154 | 78 | -50 | 180 | Area 4 |
| BWRC020 | 333971 | 752322 | 201 | 48 | -50 | 0 | Area 4 |
| BWRC021 | 333830 | 752351 | 161 | 90 | -50 | 180 | Area 4 |
| BWRC022 | 333598 | 752337 | 167 | 72 | -50 | 180 | Area 4 |
| BWRC023 | 333387 | 752326 | 172 | 90 | -50 | 167 | Area 4 |
| BWRC024 | 333193 | 752334 | 130 | 48 | -50 | 180 | Area 4 |
| BWRC025 | 333013 | 752372 | 148 | 72 | -50 | 180 | Area 4 |
| BWRC026 | 333015 | 752377 | 147 | 84 | -70 | 180 | Area 4 |
| BWRC027 | 332791 | 752378 | 169 | 66 | -60 | 180 | Area 4 |
| BWRC028 | 332588 | 752337 | 186 | 42 | -50 | 180 | Area 4 |
| BWRC029 | 332586 | 752336 | 185 | 78 | -50 | 0 | Area 4 |
| BWRC030 | 332397 | 752355 | 193 | 30 | -50 | 180 | Area 4 |
| BWRC031 | 332374 | 752455 | 165 | 48 | -50 | 180 | Area 4 |
| BWRC032 | 332401 | 752518 | 148 | 96 | -50 | 180 | Area 4 |
| BWRC033 | 334004 | 752368 | 167 | 90 | -50 | 180 | Area 4 |
| BWRC034 | 335231 | 752325 | 138 | 126 | -50 | 0 | Area 4 |
| BWRC035 | 335398 | 752350 | 144 | 42 | -50 | 0 | Area 4 |
| BWRC036 | 335761 | 752476 | 158 | 90 | -50 | 0 | Area 4 |
| BWRC037 | 336614 | 752637 | 128 | 66 | -50 | 180 | Area 4 |
| BWRC038 | 336402 | 752615 | 128 | 60 | -50 | 180 | Area 4 |
| BWRC039 | 336187 | 752603 | 135 | 54 | -50 | 180 | Area 4 |
| BWRC040 | 336787 | 752636 | 128 | 36 | -50 | 180 | Area 4 |
Co-ordinates were collected by a hand held GPS with an observed error of $+ / _ - 3\mathrm{m}$
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
WEST PEAK IRON LTD
ABN
71 142 411 390
Quarter ended ("current quarter")
31 March 2013
Consolidated statement of cash flows
| Cash flows related to operating activities | | Current quarter
$A'000 | Year to date
(9 months)
$A'000 |
| --- | --- | --- | --- |
| 1.1 | Receipts from product sales and related debtors | | |
| 1.2 | Payments for
(a) exploration and evaluation
(b) development
(c) production
(d) administration | (380) | (987) |
| | | - | - |
| | | - | - |
| | | (86) | (334) |
| 1.3 | Dividends received | - | - |
| 1.4 | Interest and other items of a similar nature received | 13 | 29 |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | 3 | (8) |
| 1.7 | Other | - | - |
| | Net Operating Cash Flows | (450) | (1,300) |
| | Cash flows related to investing activities | - | - |
| 1.8 | Payment for purchases or renewal of:
(a) prospects (Tenement Sale Agreement and Tenement Applications)
(b) equity investments
(c) other fixed assets | - | - |
| 1.9 | Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets | - | - |
| 1.10 | Loans to other entities | - | - |
| 1.11 | Loans repaid by other entities | - | - |
| 1.12 | Other (provide details if material) | - | - |
| | Net investing cash flows | - | - |
| 1.13 | Total operating and investing cash flows
(carried forward) | (450) | (1,300) |
Appendix 5B
Mining exploration entity quarterly report
| 1.13 | Total operating and investing cash flows (brought forward) | (450) | (1,300) |
|---|---|---|---|
| Cash flows related to financing activities | |||
| 1.14 | Proceeds from issues of shares, options, etc. | - | 2,937 |
| 1.15 | Proceeds from sale of forfeited shares | - | - |
| 1.16 | Proceeds from borrowings | - | - |
| 1.17 | Repayment of borrowings | - | - |
| 1.18 | Dividends paid | - | - |
| 1.19 | Other (Placement and capital raising fees) | - | (238) |
| Net financing cash flows | - | 2,699 | |
| Net increase (decrease) in cash held | (450) | 1,399 | |
| 1.20 | Cash at beginning of quarter/year to date | 2,369 | 519 |
| 1.21 | Exchange rate adjustments to item 1.20/rounding | - | 1 |
| 1.22 | Cash at end of quarter | 1,919 | 1,919 |
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
| Current quarter $A'000 | ||
|---|---|---|
| 1.23 | Aggregate amount of payments to the parties included in item 1.2 | 106 |
| 1.24 | Aggregate amount of loans to the parties included in item 1.10 | - |
1.25 Explanation necessary for an understanding of the transactions
Payments of Director remuneration/fees, superannuation and provision of administration/consulting services.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
- See chapter 19 for defined terms.
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Appendix 5B Page 1
Appendix 5B
Mining exploration entity quarterly report
Financing facilities available
Add notes as necessary for an understanding of the position.
| | Amount available
$A'000 | Amount used
$A'000 | |
| --- | --- | --- | --- |
| | | - | - |
| 3.1 | Loan facilities | - | - |
| 3.2 | Credit standby arrangements | 10 | - |
Estimated cash outflows for next quarter
| 4.1 | Exploration and evaluation | $A'000 |
|---|---|---|
| 400 | ||
| 4.2 | Development | - |
| 4.3 | Production | - |
| 4.4 | Administration | 210 |
| Total | 610 |
Reconciliation of cash
| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. | | Current quarter
$A'000 | Previous quarter
$A'000 |
| --- | --- | --- | --- |
| 5.1 | Cash on hand and at bank | 1,659 | 2,109 |
| 5.2 | Deposits at call | 260 | 260 |
| 5.3 | Bank overdraft | - | - |
| 5.4 | Other (provide details) | - | - |
| Total: cash at end of quarter (item 1.22) | | 1,919 | 2,369 |
Changes in interests in mining tenements
| Tenement reference | Nature of interest (note (2)) | Interest at beginning of quarter | Interest at end of quarter | ||
|---|---|---|---|---|---|
| 6.1 | Interests in mining tenements relinquished, reduced or lapsed | CUE E21/0156 | Voluntary relinquishment | 100% | 0% |
| 6.2 | Interests in mining tenements acquired or increased | TALLERING E59/1767 | |||
| PAYNES FIND P59/1940 | WA Tenement Applications granted | 0% | |||
| 0% | 100% | ||||
| 100% |
- See chapter 19 for defined terms.
Appendix 5B Page 3
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Appendix 5B
Mining exploration entity quarterly report
Issued and quoted securities at end of current quarter*
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted | Issue price per security (see note 3) (cents) | Amount paid up per security (see note 3) (cents) | ||
|---|---|---|---|---|---|
| 7.1 | Preference | ||||
| *securities | |||||
| (description) | - | - | - | - | |
| 7.2 | Changes during | ||||
| quarter | - | - | - | - | |
| 7.3 | *Ordinary | ||||
| securities | 80,500,000 | 80,500,000 | - | - | |
| 7.4 | Changes during | ||||
| quarter, increases | |||||
| through | - | - | - | - | |
| 7.5 | *Convertible debt | ||||
| securities | |||||
| (description) | - | - | - | - | |
| 7.6 | Changes during | ||||
| quarter | - | - | - | - | |
| 7.7 | Options | ||||
| (description and | |||||
| conversion factor) | 13,105,465 | ||||
| 500,000 | |||||
| 2,000,000 | Nil | ||||
| Nil | |||||
| Nil | Ex price 20 cents | ||||
| Ex price 30 cents | |||||
| Ex price 15 cents | Expiry date 30/06/13 | ||||
| Expiry date 30/06/13 | |||||
| Expiry date 30/06/14 | |||||
| 7.8 | Issued during | ||||
| quarter | - | - | - | - | |
| 7.9 | Exercised during | ||||
| quarter | - | - | - | - | |
| 7.10 | Expired during | ||||
| quarter | - | - | - | - | |
| 7.11 | Debentures | ||||
| (totals only) | - | - | |||
| 7.12 | Unsecured notes | ||||
| (totals only) | - | - |
- See chapter 19 for defined terms.
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Appendix 5B Page 1
Appendix 5B
Mining exploration entity quarterly report
Compliance Statement
- This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
- This statement does give a true and fair view of the matters disclosed.
Date: 30 April 2013
(Sign here: (Director))
Print name: Mathew Walker
Notes
- The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
- The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
- Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
- The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
-
Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
-
See chapter 19 for defined terms.
Appendix 5B Page 5
30/9/2001