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FOCUS MINERALS LTD — Interim / Quarterly Report 2014
Jan 29, 2015
64932_rns_2015-01-29_1031da00-6b6f-4cdf-bcbe-4e6aa926e076.pdf
Interim / Quarterly Report
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Quarterly Activities Report To 31 December, 2014
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ASX ANNOUNCEMENT
30 January 2015
Focus Minerals Ltd (ASX:FML) Quarterly Activities Report for October – December 2014
Corporate Activity During The Quarter
Financial Position Remains Strong
Focus remains in a strong financial position with $84.9M in cash and equivalents at 31 December 2014 (30 September $88.3m).
Focus’ corporate activities are closely aligned with the Company’s strategy to build a sustainable quantity of high margin ounces to enable a restart of mining operations while using our strong cash position to build shareholder value through high value acquisitions.
| CashatBankandDeposits | $65.8M |
|---|---|
| Cash held on bond | $19.1M |
| Total Cash and Equivalents | **$84.9M ** |
Unmarketable Parcel Sale Facility
The unmarketable parcel sale was successfully completed, further lowering the Company’s administrative overheads.
Exploration Activity During the Quarter
The Company’s exploration program continued to develop in line with the strategic plan outlined in 2013. As discussed in previous announcements, this places the emphasis on finding higher-value ounces with a view to recommencing production at Coolgardie and Laverton, while simultaneously reviewing and divesting less prospective tenement holdings.
During the quarter the Company drilled 65 RC holes for 11,247m across Coolgardie and Laverton, as well as 79 AC holes for 6,805m and 147 RAB holes for 2446m at Coolgardie. Significant results were first released to the ASX on the 21[st] of January and 30[th] of January 2015.
Coolgardie Gold Project
During the quarter 245 holes were drilled, consisting of 3,926m from 19 RC drill holes, 6805m from 79 AC drill hole and 2446m from RAB drill holes.
Bonnie Vale
Nine holes were drilled at Bonnie Vale for 1,865m. The program was designed to test extensions of high-grade mineralised reefs defined from previous drilling in 2014 (release to ASX on 30 July and 9 October 2014). The drilling successfully extends high grade gold mineralisation along strike. The mineralisation remains open to southeast and at depth.
Highlight intersections, released to the ASX on the 21[st] of January 2015, include:
- 4.0m @ 18.84 g/t Au from 123m and 1.0m @ 8.11 g/t Au from 141m and
Quarterly Activities Report To 31 December, 2014
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-
10.0m @ 9.14 g/t Au from 146m in BONC054
-
7.0m @ 22.06 g/t Au from 136m in BONC055
-
o3.0m @ 8.82 g/t Au from 118m in BONC056o5.0m @21.54 g/t Au from 165m in BONC058o4.0m @ 5.47 g/t Au from 216m in BONC059 -
4.0m @ 3.30 g/t Au from 146m and 2.0m @ 16.26 g/t Au from 153m in BONC060
-
o3.0m @ 8.81 g/t Au from 36m and -
7.0m @ 4.30 g/t Au from 147m in BONC061
Bonnie Vale is one of the largest and highest grade historic mines in the Coolgardie field, however it has received little effective exploration in the modern era due to holes either being too shallow or poorly targeted. The majority of previous drilling in the area is shallow RAB, which is ineffective in testing reef structures dipping at between 45 and 60 degrees.
Focus will continue to explore at Bonnie Vale in the first half of 2015 to test the extensions and continuity.
Brilliant North
At the Brilliant North two RC holes were drilled for 314m. The purpose of the drilling was to test mineralisation to the north beneath the State Battery area. Due to approval delays, only two of nine planned RC holes were drilled. No significant mineralisation was intercepted. Further drilling to the north is planned for 2015 drilling program.
Melanie Anne
An eight-hole RC drilling program for 1,747m was conducted at the Melanie Anne prospect. The program was designed to test three zones of mineralisation at depth. An interpreted NNE trending structure was also targeted to determine what role it plays in gold distribution in the area.
Analysis of the results have shown that seven of the eight targets were reached. Zones 1 and 3 were disappointing, but the deep hole drilled under zone 2 produced some encouraging results and will be followed up in 2015. The goal of this future work will be to better understand the structural and geological controls on mineralisation.
RAB/AC Drilling Program at Coolgardie
In addition to the RC drilling program, Focus completed an initial RAB/AC drilling program at other exploration targets around Coolgardie. The program drilled 226 holes for 9,251m over Barbican, Lord Bob, Stinger-Matador and Bonnie Vale West four project areas. The results have successfully identified and verified high grade gold mineralisation at Barbican and Lord Bob.
Highlight intersections from Lord Bob and Barbican (released to the ASX on the 21[st] of January, 2015) include:
-
3.0m @ 10.78 g/t Au from 8m and Including 1m @ 18.35m g/t Au from 9m in FCRB00110 at Barbican
-
7.0m @ 34.71 g/t Au from 27m in FCAC00038 at Lord Bob
-
o4.0m @ 4.85 g/t Au from 29m in FCAC00039 at Lord Bob
These results from Barbican and Lord Bob, especially when coupled with the Bonnie Vale results, further confirm Focus’ belief in the potential of the Coolgardie Gold Project. Focus is now planning follow-up drilling to further define and test the size and the grade of the gold mineralisation at these two locations.
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2
Quarterly Activities Report To 31 December, 2014
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Nepean Nickel Mine
During the quarter the Company has finished a 2D2R seismic survey for 6 km. The purpose of the work is to test the depth and continuity of cross-cutting pegmatites which intrude the mine sequence. The data processing and interpretations are pending.
Planned Work
In 2015 Focus will continue to follow-up drilling at Bonnie Vale, Lord Bob and Barbican.
If Nepean seismic survey shows the host contact between the komatiite and basalt to be open at depth beneath the known pegmatites, deep drilling is expected to be planned in 2015.
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Figure 1: Map of Coolgardie Gold Project and Priority Targets
3
Quarterly Activities Report To 31 December, 2014
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Laverton Gold Project
At Laverton the exploration strategy continues to develop, with a longer-term emphasis on larger, long-life targets sufficient to justify the recommencement of mining operations. During the quarter 45holes were drilled for 7321m.
Karridale and Boomerang
Eight holes for 1,674 metres of RC and two holes for 192 metres of RC were drilled into the Karridale and Boomerang prospects, respectively. The purpose of this drilling was to extend known mineralisation at Karridale and confirm mineralisation away from historic workings at Boomerang. The best intercepts from the program (released to the ASX 30 January 2015) include:
-
6.0m @ 5.20 g/t Au from 168m and 1.0m @ 38.96 g/t Au from 190m in KARC140
-
5.0m @ 4.55 g/t Au from 41m in KARC152
-
2.0m @ 17.37 g/t Au from 5m in KARC153
The programme was successful in confirming the orientation of the mineralisation at Karridale, suggesting also a shallow northwest plunge. The drilling also extended the known mineralisation down plunge. Access issues restricted the Boomerang test to the mine’s northeast strike extensions. However the limited drilling confirmed the presence of gold mineralisation.
Sickle Mirror
Four holes for 670 metres of RC were drilled into the Sickle Mirror project. The project is considered an analogue of the Sickle mine some 600m to the west. Both projects are interpreted to sit on either side of an open antiform with mineralisation trends matching the axial plane orientation. The drilling targeted modelled conductive plates identified in the airborne EM survey conducted in January 2014. The drilling successfully confirmed the conductors are silica sulphide veined carbonaceous shales associated with gold mineralisation. The best intercepts (released to the ASX 30 January 2015) included:
- 8.0m @ 4.26g/t Au from 144m in SKRC428
Admiral Hill
Seven holes for 1,340 metres of RC infilled known copper and gold mineralisation to the east of the Admiral Hill pit in the vicinity of modelled plate conductors identified in the airborne EM survey earlier in the year. Modest copper and gold anomalism was intersected and the information used to target a diamond drill hole. The hole extended to 378.5m and tested the felsic / mafic footwall contact beneath the Admiral Hill pit. The hole was completed before the end of the quarter. However logging and sampling took place in January 2015 and will be reported separately.
Gladiator
Three holes for 319m RC were used to test positions on the historic underground Gladiator mine as well as along strike of the closed Gladiator open cut. Early indications suggest mineralisation is associated with banded iron units and shearing within mafic volcanics, further information will be released to the market when assays have been processed.
4
Quarterly Activities Report To 31 December, 2014
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Ida H
Eleven holes for 1,795m were drilled at Ida H. Drilling difficulties meant not all holes reached their full target depth. Nevertheless, a number of the holes recorded anomalous gold. The holes primarily targeted the southern strike extensions of the historic underground Ida H mine, the second largest mine by production of its time in Laverton (early 1900’s). Mineralisation was associated with shearing and veining in a sedimentary package including carbonaceous shales.
Other Areas
The remaining ten RC holes (together 1,322m) were drilled in other locations at Laverton, such as She’s Right, Scotland Yet, Grouse and Tempest. No significant mineralisation has been intercepted in these holes.
Planned Work
Single diamond holes at Admiral Hill (completed in 2014) and Karridale (completed in 2015) are still to be processed. Additional follow-up drilling at a number of prospects are planned at Laverton to extend known mineralisation and test for repetitions.
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Figure 2: Map of Laverton Gold Project
5
Quarterly Activities Report To 31 December, 2014
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Tenement list held at 31 December 2014
| Laverton Gold Project | ||
|---|---|---|
| Tenement Description | Tenement Numbers |
Percentage Interest |
| BARRICK | E38/1642 | 100% |
| BARRICK | E38/1652 | 100% |
| BARRICK | E38/1725 | 100% |
| BARRICK | E38/2028 | 0% (Sold to CARE) |
| BARRICK | E38/2032 | 100% |
| BARRICK | L38/0092 | 100% |
| BARRICK | L38/0101 | 100% |
| BARRICK | M38/0037 | 100% |
| BARRICK | M38/0038 | 100% |
| BARRICK | M38/0049 | 100% |
| BARRICK | M38/0101 | 100% |
| BARRICK | M38/0159 | 100% |
| BARRICK | M38/0342 | 100% |
| BARRICK | M38/0363 | 100% |
| BARRICK | M38/0364 | 100% |
| BARRICK | M38/0535 | 100% |
| BARRICK | M38/0693 | 100% |
| BARRICK | M38/0954 | 0% (Sold to CARE) |
| BARRICK | P38/3500 | 100% |
| BARRICK | P38/3501 | 100% |
| BARRICK | P38/3656 | 0% (Sold to CARE) |
| BARRICK | P38/3657 | 0% (Sold to CARE) |
| BARRICK | P38/3667 | 100% |
| BARRICK | P38/3671 | 100% |
| BLACK SWAN JV | E38/1869 | 64% |
| BLACK SWAN JV | P38/3608 | 64% |
| BURTVILLE | G38/0033 | 100% |
| CENTRAL LAVERTON | E38/1349 | 100% |
| CENTRAL LAVERTON | E38/1861 | 100% |
| CENTRAL LAVERTON | E38/1864 | 100% |
| CENTRAL LAVERTON | E38/1865 | 0% (Sold to CARE) |
| CENTRAL LAVERTON | E38/1866 | 0% (Au, Fe rights only) |
| CENTRAL LAVERTON | E38/2143 | 100% |
| CENTRAL LAVERTON | G38/0020 | 100% |
| CENTRAL LAVERTON | M38/0264 | 100% |
| CENTRAL LAVERTON | M38/0318 | 100% |
| CENTRAL LAVERTON | M38/0376 | 100% |
| CENTRAL LAVERTON | M38/0377 | 100% |
| CENTRAL LAVERTON | M38/0387 | 100% |
| CENTRAL LAVERTON | M38/0401 | 100% |
| CENTRAL LAVERTON | M38/0425 | 0% (Au, Fe rights only) |
| CENTRAL LAVERTON | M38/0505 | 0% (Au,Ferights only) |
| CENTRAL LAVERTON | M38/0507 | 100% |
| CENTRAL LAVERTON | M38/1032 | 100% |
| CENTRAL LAVERTON | M38/1042 | 100% |
| CENTRAL LAVERTON | P38/3691 | 100% |
| CENTRAL LAVERTON | P38/3692 | 100% |
| EAST LAVERTON | E38/1860 | 0% (Sold to CARE) |
6
Quarterly Activities Report To 31 December, 2014
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| EAST LAVERTON | E38/1867 | 0% (Sold to CARE) |
|---|---|---|
| EAST LAVERTON | M38/0008 | 100% |
| EAST LAVERTON | M38/0261 | 100% |
| EAST LAVERTON | P38/3611 | 100% |
| EAST LAVERTON | P38/3612 | 100% |
| EAST LAVERTON | P38/3693 | 0% (Sold to CARE) |
| INFRASTRUCTURE | G38/0024 | 100% |
| INFRASTRUCTURE | G38/0025 | 100% |
| INFRASTRUCTURE | L38/0034 | 100% |
| INFRASTRUCTURE | L38/0052 | 100% |
| INFRASTRUCTURE | L38/0053 | 100% |
| INFRASTRUCTURE | L38/0054 | 100% |
| INFRASTRUCTURE | L38/0055 | 100% |
| INFRASTRUCTURE | L38/0056 | 100% |
| INFRASTRUCTURE | L38/0057 | 100% |
| INFRASTRUCTURE | L38/0063 | 100% |
| INFRASTRUCTURE | L38/0075 | 100% |
| INFRASTRUCTURE | L38/0076 | 100% |
| INFRASTRUCTURE | L38/0078 | 100% |
| INFRASTRUCTURE | L38/0108 | 100% |
| INFRASTRUCTURE | L38/0120 | 100% |
| INFRASTRUCTURE | L38/0152 | 100% |
| INFRASTRUCTURE | L38/0153 | 100% |
| INFRASTRUCTURE | L38/0160 | 100% |
| INFRASTRUCTURE | L38/0163 | 100% |
| INFRASTRUCTURE | L38/0164 | 100% |
| INFRASTRUCTURE | L38/0165 | 100% |
| INFRASTRUCTURE | L38/0166 | 100% |
| INFRASTRUCTURE | L38/0173 | 100% |
| INFRASTRUCTURE | L38/0177 | 100% |
| INFRASTRUCTURE | L38/0179 | 100% |
| INFRASTRUCTURE | L38/0183 | 100% |
| INFRASTRUCTURE | L39/0124 | 100% |
| INFRASTRUCTURE | L39/0214 | 100% |
| JASPER HILLS | M39/0138 | 100% |
| JASPER HILLS | M39/0139 | 100% |
| JASPER HILLS | M39/0185 | 100% |
| JASPER HILLS | M39/0262 | 100% |
| LAVERTON | L38/0231 | 100% |
| LAVERTON | P38/4091 | 100% |
| LAVERTON | P38/4099 | 100% |
| LAVERTON | P38/4100 | 100% |
| LAVERTON | P38/4102 | 100% |
| LAVERTON | P38/4161 | 0% (Under Application) |
| LAVERTON | P38/4163 | 0% (Under Application) |
| LAVERTON-MONEY | M38/0547 | 100% |
| LAVERTON-MONEY | P38/3504 | 100% |
| LAVERTON-MONEY | P38/3505 | 100% |
| LAVERTON-MONEY | P38/3506 | 100% |
| MEROLIAJV | M38/0073 | 56% |
| MEROLIA JV | M38/0089 | 56% |
| MT WELD | E38/2862 | 100% |
| MT WELD | E38/2872 | 100% |
| MT WELD | E38/2873 | 0% (Underapplication) |
| WATER | GWL154255 | 100% |
7
Quarterly Activities Report To 31 December, 2014
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| WATER | GWL154359 | 100% |
|---|---|---|
| WATER | GWL160209 | 100% |
| WATER | GWL160210 | 100% |
| WATER | GWL160679 | 100% |
| WATER | GWL160682 | 100% |
| WATER | GWL160684 | 100% |
| WATER | GWL160685 | 100% |
| WATER | GWL160686 | 100% |
| WATER | GWL67391 | 100% |
| WEST LAVERTON | M38/0143 | 100% |
| WEST LAVERTON | M38/0236 | 100% |
| WEST LAVERTON | M38/0270 | 100% |
| Coolgardie Gold Project | ||
|---|---|---|
| Tenement Description | Tenement Numbers | Percentage Interest |
| BAYLEYS | G15/0007 | 100% |
| BAYLEYS | M15/0630 | 100% |
| BAYLEYS | M15/1433 | 100% |
| BAYLEYS | M15/1788 | 100% |
| BAYLEYS | P15/4912 | 100% |
| BAYLEYS | P15/5717 | 100% |
| BONNIE VALE | M15/0277 | 100% |
| BONNIE VALE | M15/0365 | 100% |
| BONNIE VALE | M15/0595 | 100% |
| BONNIE VALE | M15/0662 | 100% |
| BONNIE VALE | M15/0711 | 100% |
| BONNIE VALE | M15/0770 | 100% |
| BONNIE VALE | M15/0852 | 100% |
| BONNIE VALE | M15/0857 | 100% |
| BONNIE VALE | M15/0877 | 100% |
| BONNIE VALE | M15/0981 | 100% |
| BONNIE VALE | M15/1384 | 100% |
| BONNIE VALE | M15/1444 | 100% |
| BONNIE VALE | M15/1760 | 100% |
| BONNIE VALE | P15/5155 | 100% |
| BONNIE VALE | P15/5156 | 100% |
| BONNIE VALE | P15/5158 | 100% |
| BONNIE VALE | P15/5159 | 100% |
| BONNIE VALE | P15/5190 | 100% |
| BONNIE VALE | P15/5238 | 100% |
| BONNIE VALE | P15/5253 | 100% |
| BONNIE VALE | P15/5254 | 100% |
| BONNIE VALE | P15/5255 | 100% |
| BONNIE VALE | P15/5704 | 0% (Under application) |
| BONNIE VALE | P15/5713 | 100% |
| BONNIE VALE | P15/5714 | 100% |
| BURBANKS | P15/5939 | 0% (Under application) |
| COOLGARDIE | P15/5946 | 0% (Underapplication) |
| COOLGARDIE | P15/5949 | 0% (Under application) |
| GUNGA | M15/1341 | 100% |
| GUNGA | M15/1357 | 100% |
| GUNGA | M15/1358 | 100% |
| GUNGA | M15/1359 | 100% |
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Quarterly Activities Report To 31 December, 2014
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| GUNGA | P15/5256 | 100% |
|---|---|---|
| GUNGA | P15/5702 | 0% (Under application) |
| GUNGA | P15/5703 | 0% (Underapplication) |
| LAKE COWAN | E15/0986 | 100% |
| LAKECOWAN | E15/1224 | 100% |
| LORD BOB | M15/0385 | 100% |
| LORD BOB | M15/0664 | 100% |
| LORD BOB | M15/1789 | 100% |
| LORD BOB | P15/4829 | 100% |
| LORD BOB | P15/4916 | 100% |
| LORD BOB | P15/4917 | 100% |
| LORD BOB | P15/4950 | 100% |
| LORD BOB | P15/4951 | 100% |
| LORD BOB | P15/4952 | 100% |
| LORD BOB | P15/4953 | 100% |
| LORD BOB | P15/4956 | 100% |
| LORD BOB | P15/5550 | 100% |
| LORD BOB | P15/5712 | 0% (Under application) |
| LORD BOB | P15/5731 | 100% |
| LORD BOB | P15/5733 | 100% |
| LORD BOB | P15/5735 | 100% |
| ML-BAYLEYS | L15/0034 | 100% |
| ML-BAYLEYS | L15/0122 | 100% |
| ML-BAYLEYS | L15/0161 | 100% |
| ML-BAYLEYS | L15/0164 | 100% |
| ML - BAYLEYS | L15/0186 | 100% |
| ML-BONNIEVALE | L15/0126 | 100% |
| ML-BONNIEVALE | L15/0127 | 100% |
| ML-BONNIEVALE | L15/0130 | 100% |
| ML-BONNIEVALE | L15/0200 | 100% |
| ML-BONNIEVALE | L15/0211 | 100% |
| ML-GUNGA | L15/0088 | 100% |
| ML -GUNGA | L15/0090 | 100% |
| ML-GUNGA | L15/0095 | 100% |
| ML-GUNGA | L15/0096 | 100% |
| ML -GUNGA | L15/0114 | 100% |
| ML-GUNGA | L15/0116 | 100% |
| ML -GUNGA | L15/0119 | 100% |
| ML-GUNGA | L15/0283 | 100% |
| ML - LORD BOB | L15/0051 | 100% |
| ML-LORD BOB | L15/0059 | 100% |
| ML-LORD BOB | L15/0063 | 100% |
| ML-LORD BOB | L15/0077 | 100% |
| ML-LORD BOB | L15/0078 | 100% |
| ML - MOUNT | L15/0325 | 0% (Sold toLukah) |
| ML-MOUNT | L15/0338 | 0% (Sold to Lukah) |
| ML - MOUNT | L15/0343 | 0% (Underapplication -Sold toLukah) |
| ML-NEPEAN | L15/0027 | 100% |
| ML-NEPEAN | L15/0028 | 100% |
| ML - NEPEAN | L15/0179 | 100% |
| ML-NEPEAN | L15/0193 | 100% |
| ML - NEPEAN | L15/0194 | 100% |
| ML-NEPEAN | L15/0294 | 100% |
| ML - NORRIS | L15/0071 | 100% |
| ML - NORRIS | L15/0168 | 100% |
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Quarterly Activities Report To 31 December, 2014
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| ML-NORRIS | L15/0169 | 100% |
|---|---|---|
| ML-NORRIS | L15/0170 | 100% |
| ML - NORRIS | L15/0171 | 100% |
| ML-NORRIS | L15/0172 | 100% |
| ML - NORRIS | L15/0173 | 100% |
| ML-NORRIS | L15/0174 | 100% |
| ML - NORRIS | L15/0175 | 100% |
| ML-THREE MILE HILL | L15/0042 | 100% |
| ML-THREE MILE HILL | L15/0123 | 100% |
| ML - THREE MILE HILL | L15/0177 | 100% |
| MOUNT | M15/0030 | 0% (Sold to Lukah) |
| MOUNT | M15/1423 | 0% (Sold toLukah) |
| MOUNT | M15/1431 | 0% (Sold to Lukah) |
| MOUNT | P15/4906 | 0% (Sold toLukah) |
| MOUNT | P15/4907 | 0% (Sold to Lukah) |
| MOUNT | P15/5495 | 0% (Sold to Lukah) |
| MOUNT | P15/5500 | 0% (Sold toLukah) |
| MOUNT | P15/5501 | 0% (Sold to Lukah) |
| MOUNT | P15/5716 | 0% (Sold toLukah) |
| NEPEAN | M15/0709 | 100% |
| NEPEAN | M15/1809 | 100% |
| NEPEAN | P15/5519 | 100% |
| NEPEAN | P15/5574 | 100% |
| NEPEAN | P15/5575 | 100% |
| NEPEAN | P15/5576 | 100% |
| NEPEAN | P15/5625 | 100% |
| NEPEAN | P15/5626 | 100% |
| NEPEAN | P15/5629 | 100% |
| NEPEAN | P15/5738 | 100% |
| NEPEAN | P15/5739 | 100% |
| NEPEAN | P15/5740 | 100% |
| NEPEAN | P15/5741 | 100% |
| NEPEAN | P15/5742 | 100% |
| NEPEAN | P15/5743 | 100% |
| NEPEAN | P15/5749 | 100% |
| NEPEAN | P15/5750 | 100% |
| NORRIS | M15/0384 | 100% |
| NORRIS | M15/0391 | 100% |
| NORRIS | M15/0515 | 100% |
| NORRIS | M15/0761 | 100% |
| NORRIS | M15/0791 | 100% |
| NORRIS | M15/0871 | 100% |
| NORRIS | M15/1153 | 100% |
| NORRIS | M15/1422 | 100% |
| NORRIS | M15/1793 | 100% |
| NORRIS | P15/5241 | 100% |
| NORRIS | P15/5522 | 100% |
| NORRIS | P15/5527 | 100% |
| NORRIS | P15/5528 | 100% |
| NORRIS | P15/5729 | 100% |
| NORRIS | P15/5730 | 100% |
| NORRIS | P15/5732 | 100% |
| NORRIS | P15/5734 | 100% |
| NORRIS | P15/5736 | 100% |
| NORRIS | P15/5756 | 100% |
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Quarterly Activities Report To 31 December, 2014
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| NORRIS | P15/5807 | 100% |
|---|---|---|
| THREE MILE HILL | M15/0150 | 100% |
| THREE MILE HILL | M15/0154 | 100% |
| THREE MILE HILL | M15/0636 | 100% |
| THREE MILE HILL | M15/0645 | 100% |
| THREE MILE HILL | M15/0781 | 100% |
| THREE MILE HILL | M15/0827 | 100% |
| THREE MILE HILL | M15/1432 | 100% |
| THREE MILE HILL | M15/1434 | 100% |
| THREE MILE HILL | P15/4913 | 100% |
| THREE MILE HILL | P15/4926 | 100% |
| TINDALS | M15/0023 | 100% |
| TINDALS | M15/0237 | 100% |
| TINDALS | M15/0410 | 100% |
| TINDALS | M15/0411 | 100% |
| TINDALS | M15/0412 | 100% |
| TINDALS | M15/0646 | 100% |
| TINDALS | M15/0660 | 100% |
| TINDALS | M15/0675 | 100% |
| TINDALS | M15/0958 | 100% |
| TINDALS | M15/0966 | 100% |
| TINDALS | M15/1114 | 100% |
| TINDALS | M15/1262 | 100% |
| TINDALS | M15/1293 | 100% |
| TINDALS | M15/1294 | 100% |
| TINDALS | M15/1461 | 100% |
| TINDALS | P15/4810 | 100% |
| TINDALS | P15/4933 | 100% |
| TINDALS | P15/4934 | 100% |
| TINDALS | P15/4935 | 100% |
| TINDALS | P15/4941 | 100% |
| TINDALS | P15/4943 | 100% |
| TINDALS | P15/4945 | 100% |
| TINDALS | P15/4947 | 100% |
| TINDALS | P15/5046 | 100% |
| TINDALS | P15/5048 | 100% |
| TINDALS | P15/5464 | 100% |
| BAYLEYS | G15/0007 | 100% |
11
Quarterly Activities Report To 31 December, 2014
==> picture [76 x 53] intentionally omitted <==
For further information please contact:
Dane Etheridge
Company Secretary and GM Business Development Focus Minerals Ltd Phone: +61 8 9215 7888
Focus Minerals Limited - Focus owns two large gold projects in Western Australia’s Eastern Goldfields. The company is the largest landholder in the Coolgardie Gold Belt, where it owns the 1.2Mtpa processing plant at Three Mile Hill. 250km to the northeast Focus has the Laverton Gold Project which comprises a significant portfolio of highly prospective tenure. Focus also owns the 1.45Mtpa Barnicoat mill in Laverton which has been on care and maintenance since 2009.
Forward Looking Statements
This release contains certain “forward looking statements”. Forward-looking statements can be identified by the use of ‘forward-looking’ terminology, including, without limitation, the terms ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘predicts’, ‘intends’, ‘plans’, ‘propose’, ‘goals’, ‘targets’, ‘aims’, ‘outlook’, ‘guidance’, ‘forecasts’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future, assumptions which may or may not prove correct, and may be beyond Focus’ ability to control or predict which may cause the actual results or performance of Focus to be materially different from the results or performance expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions and contingencies and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Similarly, no representation is given that the assumptions upon which forward-looking statements may be based are reasonable. Forward-looking statements speak only as at the date of this document and Focus disclaims any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this document.
Competent Person’s Statement
The information in this announcement that relates to Exploration Results is based on information compiled by Michael Guo (P Geo) who is a member of the Association of Professional Geoscientists of Ontario, Canada, which is a Recognised Professional Organisation (RPO). Mr Guo is employed by Focus Minerals Limited and has sufficient experience that 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 Guo consents to the inclusion in this announcement of the matters based on the information compiled by him in the form and context in which it appears.
END QUARTERLY ACTIVITY STATEMENT
12
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
| Name of entity | |
|---|---|
| Focus Minerals Ltd | |
| ABN 56005470799 |
Quarter ended (“current quarter”) |
| 56005470799 | 31 December 2014 |
Consolidated statement of cash flows
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a)exploration & evaluation (b) development (c) production (d) administration (e) royalties (f) Mine Rehabilitation Fund 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) (a) shutdown Cost Net Operating Cash Flows |
Current quarter $A’000 |
Year to date (Twelve months) $A’000 |
|---|---|---|
| 221 (2,314) - - (1,845) (400) - - 998 (31) - - |
806 (7,956) - - (9,214) (620) (614) - 3040 (352) - (156) |
|
| (3,450) | (15,066) | |
| Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (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) (a) bond Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- - (78) - - 150 - - - |
- - (996) - 267 1,239 - - - |
| 72 | 510 | |
| (3,378) | (14,556) | |
| 1.13 Total operating and investing cash flows (brought forward) |
(3,378) | (14,556) |
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 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 (provide details if material) Net financing cash flows |
- - - - - - |
- - - - - - |
|---|---|---|
| - | - | |
| Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter |
(3,378) 88,290 |
(14,556) 99,468 |
| 84,912 | 84,912 |
Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities
| 1.23 1.24 |
Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 |
Current quarter $A'000 |
|---|---|---|
| 1.25 | Explanation necessaryfor an understandingof the transactions | |
| Director fees including superannuation expenses and board meetings |
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 Nil
-
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
Nil
Financing facilities available
Add notes as necessary for an understanding of the position.
| 3.1 Loan facilities 3.2 Credit standby arrangements |
Amount available $A’000 |
Amount used $A’000 |
|---|---|---|
| 19,000 | 17,250 |
14
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Estimated cash outflows for next quarter
$A’000 3,300 - - 1,250
-
4.1 Exploration and evaluation
-
4.2 Development
-
4.3 Production
-
4.4 Administration
1,250 4,550 Total
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 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (Environmental Bonds) |
65,788 | 71,040 |
| - | - | |
| - | - | |
| 19,124 | 17,250 | |
| Total: cash at end of quarter(item 1.22) | 84,912 | 88,290 |
Changes in interests in mining tenements and petroleum tenements
| 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased |
Tenement reference and location |
Nature of interest (note (2)) |
Interest at beginning ofquarter |
Interest at end of quarter |
|---|---|---|---|---|
| L15/213 P15/5227 |
Surrendered Surrendered |
100% 100% |
0% 0% |
|
| P15/5949 P38/4161 P38/4163 |
Tenement Application Tenement Application Tenement Application |
0% 0% 0% |
0% 0% 0% |
15
Appendix 5B Mining exploration entity and oil and gas 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 note3) (cents) |
Amount paid up per security (see note3) (cents) |
|
|---|---|---|---|---|
| 7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions |
N/A | |||
| N/A | ||||
| 7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs |
9,137,375,877 | 9,137,375,877 | ||
| - | ||||
| 7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted |
N/A | |||
| - | ||||
| 7.7 Options (description and conversion factor) |
17,500,000 | Exercise price 5 cents |
Expiry date 28 Feb 2016 |
16
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| 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) |
Compliance statement
-
1 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 5).
-
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 30 January 2015 (Company secretary)
Print name: Dane Etheridge
Notes
-
1 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.
-
2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum 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 or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
-
3 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 .
-
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
-
5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting 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.
17