HASTINGS TECHNOLOGY METALS LTD — Management Reports 2016

Jul 17, 2016

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18 July 2016

Hastings Technology Metals Limited ABN 43 122 911 399

ASX Code: Shares ‐ HAS

Level 25, 31 Market Street Sydney NSW 2000 PO Box Q128 Queen Victoria Building NSW 1220 Australia

HIGHLIGHTS

• Further assay results from the infill drilling programme at Bald Hill South continue to confirm existing interpretation

• Best intersections from these holes included:‐

• 6m (10‐16m) at 1.89%TREO with 0.84%Nd2O3‐Eq

• 6m (7‐13m) at 1.34%TREO with 0.69%Nd2O3‐Eq

• 7m (32‐39m) at 1.03%TREO with 0.55%Nd2O3‐Eq

Telephone: +61 2 8268 8689 Facsimile: +61 2 8268 8699 info@hastingstechmetals.com

Board

Charles Lew (Executive Chairman) Anthony Ho (Non‐Exec Director) Malcolm Mason (Non‐Exec Director)

• 10m (42‐52m) at 1.55%TREO with 0.72%Nd2O3‐Eq, and

• 6m (7‐13m) at 1.64%TREO with 0.75%Nd2O3‐Eq

• The Project‐wide aeromagnetic/radiometric survey has been completed and interpretation is under way

• A detailed air photo and topographic survey has been completed

.

www.hastingstechmetals.com

The Board of Hastings Technology Metals Limited [ASX:HAS] (Hastings or the Company) is pleased to announce further assay results from the infill drilling programme at Bald Hill South within the Yangibana Project. Results continue to support the existing interpretation of the mineralisation and the Company expects to be able to upgrade at least a portion of the current JORC Indicated Resources to the Measured Resource category on completion of the programme.

The drilling programme has been temporarily halted due to heavy rains in the Upper Gascoyne region, with drilling expected to recommence in the coming days.

The Project‐wide aeromagnetic and radiometric survey has been completed and interpretation has commenced with the aim of prioritising targets for follow up and potentially drilling as part of the resource expansion programme that is planned to commence on completion of the infill drilling programme.

A detailed air photo and topographical survey has been completed to expand on the coverage achieved in 2014. This survey covers new potential targets but also provides detailed coverage of potential infrastructure sites, including main access roads from the Shire road to site, to assist site engineering planning.

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YANGIBANA PROJECT

Infill Drilling Results

The Company has received assay results from the remaining holes drilled to date as part of the major infill drilling programme to obtain a large composite sample from the Eastern Belt mineralisation at Yangibana. Because of the higher neodymium‐praseodymium (Nd‐Pr) content and the superior metallurgical characteristics of this portion of the overall Yangibana Project compared to the other areas, this Eastern Belt will be the focus of the early development of the Project. Collar data for these holes is provided in Appendix 1.

Best intersections from these holes are:‐

Hole BHRC	From	To	Interval	%TREO	%Nd2O3‐Eq
190	10	16	6	1.89	0.84
191	6	13	7	0.93	0.42
193	16	18	2	1.51	0.65
194	22	25	3	1.30	0.61
196	12	16	4	1.60	0.78
197	7	13	6	1.34	0.69
198	7	11	4	1.19	0.54
202	43	44	1	3.26	1.36
205	12	17	5	1.24	0.53
222	13	16	3	1.04	0.49
223	19	21	2	1.06	0.67
226	22	25	3	1.37	0.67
227	30	35	5	1.11	0.59
229	35	38	3	1.07	0.54
230	32	39	7	1.03	0.55
231	35	38	3	1.12	0.48
234	34	35	1	2.37	1.42
236	5	9	4	1.06	0.53
237	20	25	5	1.22	0.60
238	44	47	3	1.01	0.57
239	59	62	3	1.29	058
240	36	43	7	1.22	0.50
and	46	48	2	1.35	0.62
241	39	41	2	1.09	0.45
245	42	52	10	1.55	0.71
247	69	75	6	1.64	0.75
248	31	34	3	2.36	1.03
249	7	13	6	1.05	0.53

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Drill results have confirmed the interpretation of the mineralisation at Bald Hill South and it is expected that at least a portion of the current JORC Indicated Resources will be upgraded to Measured Resource category following the completion of the drilling programme.

TERMINOLOGY USED IN THIS REPORT

TREO is the sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).

HREO is the sum of the oxides of the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y).

CREO is the sum of the oxides of neodymium (Nd), europium (Eu), terbium (Tb), dysprosium (Dy), and yttrium (Y) that were classified by the US Department of Energy in 2011 to be in critical short supply in the foreseeable future.

LREO is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm).

NEODYMIUM EQUIVALENCE

Hastings is concentrating its efforts on the recovery of four important rare earths – neodymium, praseodymium, dysprosium and europium. To portray the grade of the mineralisation Hastings has established neodymium‐equivalent figures where:‐

The Nd2O3 equivalent (Nd2O3‐Eq) values have been calculated based on the following rare earths prices. These prices have been established by independent consultants Adamas Intelligence in its report entitled “Rare Earth Market Outlook, Update: Supply, Demand and Pricing from 2014 through 2020” dated 30 June 2015, and are being used by Hastings in the evaluation of the project.

For further information please contact:

Andy Border, General Manager Exploration, +61 2 8268 8689 Charles Tan, Chief Operations Officer, +61 2 8268 8689

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About Hastings Technology Metals

• Hastings Technology Metals is a leading Australian rare earths company, with two rare earths projects hosting JORC‐compliant resources in Western Australia.

• The Yangibana Project hosts JORC Indicated and Inferred Resources totalling 12.36 million tonnes at 1.10% TREO, including 0.44% Nd2O3‐Eq (comprising 8.13 million tonnes at 1.11% TREO Indicated Resources and 4.24 million tonnes at 1.09% TREO in Inferred Resources).

• The Brockman deposit contains JORC Indicated and Inferred Resources totalling 41.4 million tonnes (comprising 32.3mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb₂O₅ and 0.90% ZrO₂.

• Rare earths are critical to a wide variety of current and new technologies, including smart phones, hybrid cars, wind turbines and energy efficient light bulbs.

• The Company aims to capitalise on the strong demand for critical rare earths created by expanding new technologies. In March 2016 Tetra Tech Proteus completed the Pre‐ Feasibility Study of the Yangibana Project that confirmed the economic viability of the Project and Hastings is advancing the Project towards development.

Competent Persons’ Statement

The information in this announcement that relates to Resources is based on information compiled by Simon Coxhell. Simon Coxhell is a consultant to the Company and a member of the Australasian Institute of Mining and Metallurgy. The information in this announcement that relates to Exploration Results is based on information compiled by Andy Border, an employee of the Company and a member of the Australasian Institute of Mining and Metallurgy.

Each has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are 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’ (“JORC Code”). Each consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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Appendix 1

Appendix 1
BHRC	EastingMGA94	NorthingMGA94	RL	Dip	Azi Mag
190	428337.95	7356323.00	353	‐90	0
191	428292.14	7356323.00	354	‐90	0
192	428243.71	7356323.00	354	‐90	0
193	428190.05	7356321.69	354	‐90	0
194	428140.31	7356323.00	354	‐90	0
195	428089.27	7356324.30	354	‐90	0
196	428348.42	7356377.97	356	‐90	0
197	428299.99	7356376.66	356	‐90	0
198	428248.95	7356376.66	357	‐90	0
199	428200.52	7356376.66	358	‐90	0
200	428149.47	7356376.66	358	‐90	0
201	428099.74	7356376.66	357	‐90	0
202	428050.00	7356376.66	356	‐90	0
203	428385.07	7356425.09	357	‐90	0
204	428336.65	7356426.40	358	‐90	0
205	428289.52	7356426.40	359	‐90	0
206	428237.17	7356426.40	360	‐90	0
207	428187.43	7356427.71	361	‐90	0
208	428139.00	7356429.01	360	‐90	0
209	428086.65	7356429.01	358	‐90	0
210	428187.41	7356521.27	364	‐60	90
211	428391.61	7356473.52	359	‐90	0
212	428339.26	7356473.52	360	‐90	0
213	428292.14	7356473.52	361	‐90	0
214	428241.09	7356473.52	362	‐90	0
215	428191.36	7356473.52	362	‐90	0
216	428141.62	7356473.52	361	‐90	0
217	428398.16	7356521.94	361	‐90	0
218	428349.73	7356520.63	362	‐90	0
219	428298.68	7356521.94	363	‐90	0
220	428248.95	7356520.63	364	‐90	0
221	428349.73	7356571.68	364	‐90	0
222	428299.99	7356571.68	366	‐90	0
223	428250.25	7356571.68	367	‐90	0
224	428200.52	7356572.99	367	‐90	0
225	428146.86	7356571.68	366	‐90	0
226	428425.64	7356622.73	364	‐90	0
227	428381.14	7356622.73	366	‐90	0
228	428387.51	7356572.01	363	‐60	90
229	428332.71	7356624.03	368	‐90	0
230	428280.36	7356624.03	369	‐90	0
231	428230.62	7356622.73	369	‐90	0
232	428426.95	7356675.08	363	‐90	0
233	428371.98	7356675.08	366	‐90	0
234	428323.55	7356675.08	368	‐90	0
236	428463.60	7356749.69	364	‐90	0
237	428408.63	7356748.38	364	‐90	0
238	428357.58	7356749.69	366	‐90	0

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteriainthis section	(Criteriainthis section	apply to allsucceeding sections.)
Criteria	JORC Code explanation		Commentary
Sampling		Nature and quality of sampling (eg cut channels,		Reverse circulation drilling was carried out to infill
techniques		random chips, or specific specialised industry		the previous drilling at the Bald Hill South JORC
		standard measurement tools appropriate to the		resources. Drill chip samples are collected from
		minerals under investigation, such as down hole		one-metre intervals from which a 2-4kg sample
		gamma sondes, or handheld XRF instruments,		was collected for submission to the laboratory for
		etc). These examples should not be taken as		analysis for rare earths, rare metals, U, Th and a
		limiting the broad meaning of sampling.		range of rock-forming elements. The main aim of
		Include reference to measures taken to ensure		this programme is to provide material for a bulk
		sample representivity and the appropriate		composite for pilot plant test work. Mineralised
		calibration of any measurement tools or systems		zones were identified visually during geological
		used.		logging in the field.
		Aspects of the determination of mineralisation		Samples from each metre were collected in a
		that are Material to the Public Report.		cyclone and split using a 3 level riffle splitter.
		In cases where ‘industry standard’ work has		Field duplicates, blanks and Reference Standards
		been done this would be relatively simple (eg		were inserted at a rate of approximately 1 in 20.
		‘reverse circulation drilling was used to obtain 1		Limited historical drilling in the mid-1980s and
		m samples from which 3 kg was pulverised to		more recent drilling by Hastings has established
		produce a 30 g charge for fire assay’). In other		JORC Indicated and Inferred Resources at Bald
		cases more explanation may be required, such		Hill South.
		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-hole		Reverse Circulation drilling at Bald Hill South
techniques		hammer, rotary air blast, auger, Bangka, sonic,		utilised a nominal 5 1/4 inch diameter face-
		etc) and details (eg core diameter, triple or		sampling hammer. Diamond drilling has been
		standard tube, depth of diamond tails, face-		completed on a limited number of holes at HQ
		sampling bit or other type, whether core is		core diameter. All core has been oriented using
		oriented and if so, by what method, etc).		standard methods.
Drill sample		Method of recording and assessing core and		Recoveries are recorded by the geologist in the
recovery		chip sample recoveries and results assessed.		field at the time of drilling/logging.
		Measures taken to maximise sample recovery		If poor sample recovery is encountered during
		and ensure representative nature of the		drilling, the geologist and driller have endeavoured
		samples.		to rectify the problem to ensure maximum sample
		Whether a relationship exists between sample		recovery. Visual assessment is made for moisture
		recovery and grade and whether sample bias		and contamination. A cyclone and splitter were
		may have occurred due to preferential loss/gain		used to ensure representative samples and were
		of fine/coarse material.		routinely cleaned.
				Sample recoveries to date have generally been
				high, and moisture in samples minimal.
				Insufficient data is available at present to
				determine if a relationship exists between
				recovery and grade.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Logging		Whether core and chip samples have been		All drill chip samples are geologically logged at 1m
		geologically and geotechnically logged to a level		intervals from surface to the bottom of each
		of detail to support appropriate Mineral		individual hole to a level that will support
		Resource estimation, mining studies and		appropriate future Mineral Resource studies.
		metallurgical studies.		Logging is considered to be semi-quantitative
		Whether logging is qualitative or quantitative in		given the nature of reverse circulation drill chips.
		nature. Core (or costean, channel, etc)		All RC drill holes in the current programme are
		photography.		logged in full.
		The total length and percentage of the relevant
		intersections logged.
Sub-		If core, whether cut or sawn and whether		The RC drilling rig is equipped with an in-built
sampling techniques and sample preparation	 	quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and		cyclone and triple tier riffle splitting system, which provided one bulk sample of approximately 25kg, and a sub-sample of 2-4kg per metre drilled. All samples were split using the system described
		appropriateness of the sample preparation		above to maximise and maintain consistent
		technique.		representivity. The majority of samples were dry.
		Quality control procedures adopted for all sub-		For wet samples the cleanliness of the cyclone
		sampling stages to maximise representivity of		and splitter was constantly monitored by the
		samples.		geologist and maintained to avoid contamination.
		Measures taken to ensure that the sampling is		Bulk samples were placed in green plastic bags,
		representative of the in situ material collected,		with the sub-samples collected placed in calico
		including for instance results for field		sample bags.
		duplicate/second-half sampling.		Field duplicates were collected directly from the
		Whether sample sizes are appropriate to the		splitter as drilling proceeded through a secondary
		grain size of the material being sampled.		sample chute. These duplicates were designed for
				lab checks as well as lab umpire analysis.
				A sample size of 2-4kg was collected and
				considered appropriate and representative for the
				grain size and style of mineralisation.
Quality of		The nature, quality and appropriateness of the		Genalysis (Perth) was used for all analysis work
assay data and laboratory tests		assaying and laboratory procedures used and whether the technique is considered partial or total.		carried out on the 1m drill chip samples and the rock chip samples. The laboratory techniques below are for all samples submitted to Genalysis
		For geophysical tools, spectrometers, handheld		and are considered appropriate for the style of
		XRF instruments, etc, the parameters used in		mineralisation defined at the Yangibana REE
		determining the analysis including instrument		Project: FP6/MS
		make and model, reading times, calibrations		Blind field duplicates were collected at a rate of
		factors applied and their derivation, etc.		approximately 1 duplicate for every 20 samples
		Nature of quality control procedures adopted (eg		that are to be submitted to Genalysis for
		standards, blanks, duplicates, external		laboratory analysis. Field duplicates were split
		laboratory checks) and whether acceptable		directly from the splitter as drilling proceeded at
		levels of accuracy (ie lack of bias) and precision		the request of the supervising geologist.
		have been established.
Verification		The verification of significant intersections by		At least two company personnel verify all
of sampling and assaying		either independent or alternative company personnel.		significant intersections. All geological logging and sampling information is
		The use of twinned holes.		completed firstly on to paper logs before being
		Documentation ofprimary data, data entry		transferred to Microsoft Excel spreadsheets.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		procedures, data verification, data storage		Physical logs and sampling data are returned to
		(physical and electronic) protocols.		the Hastings head office for scanning and storage.
		Discuss any adjustment to assay data.		Electronic copies of all information are backed up
				daily.
				No adjustments of assay data are considered
				necessary.
Location of		Accuracy and quality of surveys used to locate		A Garmin GPSMap62 hand-held GPS is used to
data points		drill holes (collar and down-hole surveys),		define the location of the drill hole collars.
		trenches, mine workings and other locations		Standard practice is for the GPS to be left at the
		used in Mineral Resource estimation.		site of the collar for a period of 5 minutes to obtain
		Specification of the grid system used.		a steady reading. Collar locations are considered
		Quality and adequacy of topographic control.		to be accurate to within 5m. Collars will be picked
				up by DGPS in the future. Down hole surveys are
				conducted by the drill contractors using a Reflex
				electronic single-shot camera with readings for dip
				and magnetic azimuth nominally taken every 30m
				down hole, except in holes of less than 30m. The
				instrument is positioned within a stainless steel
				drill rod so as not to affect the magnetic azimuth.
				Grid system used is MGA 94 (Zone 50)
				Topographic control is based on the detailed 1m
				topographic survey undertaken by Hyvista
				Corporation in 2014.
Data spacing		Data spacing for reporting of Exploration		The infill drill hole spacing is 50m (or 25m on three
and distribution		Results. Whether the data spacing and distribution is		selected sections) along drill-lines, with lines spaced between previously drilled lines at 50m
		sufficient to establish the degree of geological		intervals. Collar locations were varied slightly
		and grade continuity appropriate for the Mineral		dependent on access at a given site.
		Resource and Ore Reserve estimation		Further details are provided in the collar co-
		procedure(s) and classifications applied.		ordinate table contained elsewhere in this report.
		Whether sample compositing has been applied.		No sample compositing is used in this report, all
				results detailed are the product of 1m downhole
				sample intervals.
Orientation		Whether the orientation of sampling achieves		Most drill holes in the current programme are
of data in relation to geological structure		unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.		vertical (subject to access to the preferred collar position) and as such intersected widths do not represent true thickness.
		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 assessed and reported if
		material.
Sample		The measures taken to ensure sample security.		The chain of custody is managed by the project
security				geologist who places calico sample bags in
				polyweave sacks. Up to 10 calico sample bags are
				placed in each sack. Each sack is clearly labelled
				with:

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				 Hastings Technology Metals Ltd
				 Address of laboratory
				 Sample range
				Samples were delivered by Hastings personnel to
				the Nexus Logistics base in order to be loaded on
				the next available truck for delivery to Genalysis.
				The freight provider delivers the samples directly
				to the laboratory. Detailed records are kept of all
				samples that are dispatched, including details of
				chain of custody.
Audits or		The results of any audits or reviews of sampling		No audit of sampling data has been completed to
reviews		techniques and data.		date but a review will be conducted once all data
				from Genalysis (Perth) has been received. Data is
				validated when loading into the database and will
				be validated again prior to any Resource
				estimation studies.

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		The RC drilling at Bald Hill South was carried out
		tenement and land tenure status	ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title		within M09/197. All Yangibana tenements are in good standing and no known impediments exist.
			interests, historical sites, wilderness or national
			park and 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		Previous exploration has been carried by Hurlston
		done by other parties	by other parties.		in the 1980s and more recently by Hastings.
		Geology	 Deposit type, geological setting and style of		The Yangibana ironstones within the Yangibana
			mineralisation.		Project are part of an extensive REE-mineralised
					system associated with the Gifford Creek
					Carbonatite Complex. The lenses have a total
					strike length of at least 12km.
					These ironstone lenses have been explored
					previously for base metals, manganese, uranium,
					diamonds and rare earths.
					The ironstones are considered by GSWA to be
					coeval with the numerous carbonatite sills that
					occur within Hastings tenements, or at least part
					of the same magmatic/hydrothermal system.
		Drill hole	 A summary of all information material to the		Refer to details of drilling in table in the body of
		Information	understanding of the exploration results		this report and the appendices.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		including a tabulation of the following
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole
		collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o 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 intervals reported are composed of 1m
aggregation methods		averaging techniques, maximum and/or minimum grade truncations (eg cutting of high		downhole intervals and as such are length weighted. A lower cut-off grade of 0.25%Nd2O3-
		grades) and cut-off grades are usually Material		Eq has been used for assessing significant
		and should be stated.		intercepts, and no upper cut-off grade was
		Where aggregate intercepts incorporate short		applied.
		lengths of high grade results and longer lengths		Maximum internal dilution of 1m was incorporated
		of low grade results, the procedure used for		in reported significant intercepts.
		such aggregation should be stated and some		The basis for the metal equivalents used for
		typical examples of such aggregations should		reporting are provided in the body of the ASX
		be shown in detail.		announcement.
		The assumptions used for any reporting of		.
		metal equivalent values should be clearly
		stated.
Relationship		These relationships are particularly important in		True widths for mineralisation have not been
between mineralisation widths and intercept lengths		the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		calculated and as such only downhole lengths have been reported. It is expected that true widths will be less than downhole widths, due to the apparent dip of the
		If it is not known and only the down hole		mineralisation.
		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)		Appropriate maps and sections are available in
		and tabulations of intercepts should be included		the body of this ASX announcement.
		for any significant discovery being 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		Reporting of results in this report is considered
reporting		Exploration Results is not practicable,		balanced.
		representative reporting of both low and high
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Other		Other exploration data, if meaningful and		Geological mapping has continued in the vicinity
substantive exploration data		material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk		of the drilling as the programme proceeds.
		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 work		The currently drilling programme is primarily
		(eg tests for lateral extensions, depth		designed to provide a large composite sample for
		extensions or large-scale step-out drilling).		pilot plant processing test work. Additional
		Diagrams clearly highlighting the areas of		resources will be sought in a subsequent drilling
		possible extensions, including the main		programme to commence on completion of the
		geological interpretations and future drilling		infill programme.
		areas, provided this information is not
		commercially sensitive.