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KORAB RESOURCES LIMITED — Capital/Financing Update 2017
Sep 3, 2017
65198_rns_2017-09-03_bafe4db5-a7ad-4257-a445-2f81803298f5.pdf
Capital/Financing Update
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
4 September 2017
COBALT D RILL I NG P R OGR A M AT BATC H ELO R - U P DAT E
KEY POINTS
-
Cobalt drilling program to commence shortly
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Additional sampling of a gold prospect and cobalt drill targets completed at Batchelor pending commencement of the drilling program
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Geological personnel and drilling rig with crew are awaiting Korab’s instructions to move to the drill site
Korab Resources L td (“ Korab ”, or “ Company ”) ( ASX: KOR ) is pleas e d to report t h at the cobalt drilling program will c ommence s h ortly at the B a tchelor project near Darwi n . Pendi n g the comm e ncement of t h e drilling, K o rab undertook additional s ampling of a gold prospect and of cobalt/gold d r ill targets. Samples have been sent for a nalysis and r e sults are pe n ding.
Korab is also plea s ed to report that the geol o gical personnel, drilling c rew and all e quipment ar e ready t o move to t h e first drill si t e immediatel y once they receive the g o -ahead from Korab. Kora b has made some la s t minute ch a nges to the drilling locations, depths, dips, and a z imuths of th e plann e d drill holes a nd is curren t ly putting fin i shing touche s on the pro g ram. We ex p ect this to b e compl e ted by next w eek and th e market will b e advised o f this (and of the commen c ement of th e drilling program).
Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
P rojects
Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5)
Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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Korab has previously reported (2 June 2016) t h at it has obt a ined results f r om IP and E M geophysic a l surve y s showing m ajor geophy s ical anomal y underlying a large cob a lt target whi c h historicall y return e d significant grades of c o balt, copper and gold. G r ades report e d at this loc a tion include d 0.495% cobalt and 5.8g/t gold i n rock chips a nd up to 0.146% cobalt, 1.69% copper and 3.45 g/t gold in reverse ci r culation (R C ) drilling. W o rk on the r e -interpretati o n of the ex p loration dat a (geoc h emical and geophysical) h a s been cont i nuing over the last 4 wee k s and it has r esulted in th e definition of multiple additional ta r gets of similar tenor and in the setting si m ilar to the a b ove anomaly. Updat e d cobalt drill t argets are s h own in Figur e 1 on Page 2 .
All tar g ets are locat e d at the Bat c helor/Green A lligator Poly m etallic Proje c t in the Nort h ern Territory, appro x imately 70 k m south of D arwin. Access to the proj e ct is via St u art highway a nd Batchelor highw a y.
Korab previously r e ported (10 F ebruary 201 7 ) historical r esults of th e cobalt, cop p er, and gol d explor a tion showing significant g r ades of cob a lt, copper and gold. For d etails of the results pleas e see A p pendix A.
Prior t o that (23 N ovember 2 0 16), Korab r eported hist o rical results of zinc, le a d, and silver explor a tion at Batc h elor project. F or details of zinc, lead an d silver pote n tial of the Ba t chelor project please see Appendi x B.
CONT A CT:
Andrej K. Karpinski, Executive C h airman - Aus t ralia: (08) 94 7 4 6166, Inter n ational: +61 8 9474 6166
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 1
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
ABOU T KORAB R E SOURCES
Korab Resources Ltd is an intern a tional minin g and exploration company with operatio n s in Australi a and E urope. Kora b ’s projects i nclude Winc h ester magn e sium carbo n ate deposit and Geolse c phosp h ate rock deposit at Batch e lor in the Northern Territor y of Australia as well as a g old and silver deposit at Bobrikov o in eastern Ukraine,. Th e Company also explores f or gold and copper at Mt. Eleph a nt/Ashburton Downs in W estern Austr a lia and for various metal s and special t y minerals at Batch e lor in the N o rthern Territ o ry. More information about Korab’s pr o jects can be sourced fro m Korab’s website at w ww.korab.com.au. Korab’ s shares are traded on Aus t ralian Securi t ies Exchang e (ASX) and on the Berlin Stoc k Exchange ( Berliner Bör s e) through E quiduct ele c tronic tradin g platfor m .
Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
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Figure 1 Cobalt targets
P rojects
Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5)
Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 2
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
APPENDIX A
Cobalt, Copper and Gold Potential of Batchelor Project
On 1 0 February 2 0 17 Korab reported result s from the r e view of hist o rical drilling and samplin g enco m passing geo c hemical assessment of 78 4 RAB drillholes, 20 RC dr i llholes, 2,95 0 soil samples, and 6 8 6 rock chip s a mples.
Excer p ts from the r e port are sho w n below for r e ference. Full report can b e accessed at:
http:// w ww.asx.com.au/asx/statist i cs/displayAn n ouncement. d o?display=p d f&idsId=018 2 7144
There has been no material cha n ge to the ex p loration results since they were originally reported o n 10 Fe b ruary 2017. Highli g hts (above 7 0 0ppm Co) f r om Reverse Circulation d r illing include following mu l tiple zones of cobalt, copper and g old (where a v ailable) mineralisation:
| HOLE _ID |
FROM_M | TO_M | CO_PPM | CU_ PPM |
AU_PPM | |
|---|---|---|---|---|---|---|
| BRC2 | 41 | 42 | 725 | 120 | n/a | |
| BRC2 | 43 | 44 | 1,090 | 152 | n/a | |
| BRC2 | 44 | 45 | 895 | 146 | n/a | |
| BRC5 | 46 | 47 | 880 | 800 | 3.45 | |
| BRC5 | 56 | 57 | 1,460 | 10,000 | 2.29 | |
| BRC5 | 57 | 58 | 1,300 | 12,100 | 1.31 | |
| BRC5 | 58 | 59 | 1,040 | 16,900 | 1.36 | |
| BRC5 | 65 | 66 | 765 | 9,420 | 1.69 | |
| BRC6 | 103 | 104 | 795 | 250 | 1.64 |
Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
Cobalt mineralisation appears to be pervasiv e , extending over multiple z ones of significant surfici a l extent, covering in a ggregate an a rea of appro x imately 13.9 mln m[2] . The largest single mineralisatio n zone c overs 10.3 m ln m[2] . In the northern zo n es cobalt ap p ears to be a ssociated wi t h copper an d gold, i n the southe r n and centr a l zones it appears to be a ssociated wi t h copper an d nickel. Hig h grade cobalt miner a lisation is l o cated either on top of, or near inters e ctions of deep faults an d crosscutting faults and fractures (see Figure 2 and Figure 3). All of the el e vated cobalt drill intercept s are associated with surface geo c hemical an o malies present in soil, ro c k chips, and shallow RA B drilling.
Highli g hts (above 5 0 0ppm Co) fr o m surface sa m pling includ e following hi g h grade cobalt samples:
P rojects
Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5)
Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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| TYPE | CO_PP M |
CU_PPM | NI_PPM | |
|---|---|---|---|---|
| rockchip | 4,9 50 |
|||
| rockchip | 4,0 33 |
|||
| rockchip | 2,6 60 |
1,61 0 |
700 | |
| rockchip | 2,1 02 |
|||
| rockchip | 2,0 00 |
94 5 |
460 | |
| rockchip | 1,9 10 |
26 0 |
1,020 | |
| rockchip | 1,5 10 |
1,05 0 |
620 | |
| rockchip | 1,4 40 |
|||
| rockchip | 1,4 10 |
80 0 |
455 | |
| rockchip | 1,1 58 |
|||
| rockchip | 1,0 20 |
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 3
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
| rockchip | 7 50 |
|||
|---|---|---|---|---|
| rockchip | 6 70 |
|||
| rockchip | 6 33 |
10 0 |
1 | |
| rockchip | 5 70 |
|||
| rockchip | 5 45 |
1,90 0 |
820 |
Highli g hts (above 5 00 ppm C o ) from shallow RAB drilling include following zo n es of cobalt miner a lisation:
| HOLE _ID |
FROM_M | TO_M | CO_PPM | CU_PPM | NI_PPM | |
|---|---|---|---|---|---|---|
| MGR2 30 |
1 | 3 | 2,400 | 1,14 0 |
570 | |
| MGR2 30 |
3 | 5 | 2,700 | 1,54 0 |
735 | |
| MGR2 30 |
5 | 7 | 1,500 | 1,08 0 |
630 | |
| MGR2 30 |
7 | 9 | 1,420 | 80 0 |
455 | |
| MGR7 66 |
9 | 11 | 1,030 | 7 2 |
239 | |
| MGR2 27 |
7 | 9 | 685 | 2,26 0 |
1,040 |
Diagram below illu s trates in 3D near surface cobalt value s in shallow R AB drilling w ith faults an d fractur e s.
Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
P rojects
Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5)
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Figure 2 3D image of cobalt values in gridded shallow RAB drilling with overlayed faults and fractures (near surface drill-chip values, height and colour reflects Co grade in ppm).
Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 4
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
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Figure 3 3D image of cobalt values above 30ppm Co in gridded geochemical soil survey with overlayed faults and fractures (height and colour reflects Co grade in ppm).
Issue d Capital Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
P rojects Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5) Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252
PAGE 5
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
APPENDIX B
Zinc, Silver and Lead Potential of Batchelor Project
Signifi c ant drill int e rcepts (whic h were repo r ted on 23 N ovember 2 0 16) are sho w n below for refere n ce. Full repo r t can be acc e ssed at:
http:// w ww.asx.com.au/asx/statist i cs/displayAn n ouncement. d o?display=p d f&idsId=018 0 5134
There has been no material cha n ge to the ex p loration results since they were originally reported o n 23 No v ember 2016.
Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
P rojects Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5) Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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| Hole | Fro m (m) To (m) Int erval (m) Ag (ppm) |
Fro m (m) To (m) Int erval (m) Ag (ppm) |
Fro m (m) To (m) Int erval (m) Ag (ppm) |
Fro m (m) To (m) Int erval (m) Ag (ppm) |
Fro m (m) To (m) Int erval (m) Ag (ppm) |
Zn (%) | Pb (%) |
|---|---|---|---|---|---|---|---|
| BRC12 | 68 | 81 | 13 | 4 | 4.71 | 0.38 | |
| In cluding |
78 79 80 |
79 80 81 |
1 1 1 |
15 10 4 |
20.60 11.80 7.35 |
0.32 1.53 0.39 |
|
| BRC12 | 88 | 101 | 13 | 4 | 3.14 | 0.11 | |
| In cluding |
90 93 94 97 |
91 94 95 98 |
1 1 1 1 |
8 14 4 4 |
5.34 7.79 4.15 6.38 |
0.05 0.15 0.14 0.09 |
|
| WBD06 | 36 | 58 | 22 | 78 | 0.21 | 3.16 | |
| In cluding |
42 44 48 50 |
44 46 50 52 |
2 2 2 2 |
210 135 99 115 |
0.16 0.16 0.79 0.21 |
8.38 13.50 2.36 2.08 |
|
| WBP01 | 101 | 124 | 23 | 15 | 4.98 | 1.60 | |
| In cluding |
104 107 108 111 115 116 117 118 119 120 |
105 108 109 112 116 117 118 119 120 121 |
1 1 1 1 1 1 1 1 1 1 |
10 7 10 10 45 19 110 50 40 13 |
5.74 5.94 12.40 9.50 13.60 7.04 24.30 14.60 8.66 3.08 |
0.11 0.85 1.13 0.49 0.98 0.29 17.30 5.60 2.70 1.41 |
|
| Figure 4 Drilling resu lts highlights |
As pr e viously repo r ted Korab, h as secured o riginal drill l o gs, plans, s e ctions, labo r atory assays, partial pulps and drill chips and a ssociated m a terials. Drill logs show th a t the mineralisation occur s as sp h alerite (zinc s ulphide) an d galena (lea d sulphide) with occasionally large amounts of silver. Simila r ly to Woodc u tters, mineralisation occur s primarily in a chlorite-car b onate altere d dolerite wit h associ a ted significa n t faulting an d fracturing.
Korab has previou s ly reported t hat the abo v e zinc/lead/silver drilling r esults are v e ry significant becau s e they pres e nt potential f or finding di s cordant, str u cturally emp l aced zinc, l e ad and silver
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252
PAGE 6
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
orebo d ies and als o present po s sibility for l a rge stratifor m , or stratab o und zinc, lead and silver deposits.
It is i m portant to n o te that there is evidence o f both styles of mineralis a tion in commercially mine d deposits nearby. Discordant, str u cturally emp l aced orebodies were disc o vered at th e Woodcutter s zinc, l e ad and silver mine and a t Area 44 some 8km to t h e north from Korab’s White Bomb/Gle n Luckie prospects. L arge stratiform or strata b ound base m etal deposi t s were disc o vered in th e Emba y ment Area a t Rum Jungl e (Browns, M t . Fitch and W hites) some 15-20km to the north west from W hite Bomb/G l en Luckie pr o spects.
Wood c utters Ag-Pb - Zn base met a l deposit wa s discovered in 1966 by B M R when the y drill-tested a promi n ent soil geo c hemical ano m aly. Open p it mining co m menced in 1 985 and w a s followed b y under g round development in late 1986. The mine operated for 14 years a n d closed in M ay 1999. Or e produ c tion totalled 4 .65 Million to n nes at 12.28 % Zn, 5.65% Pb, and 87 g/ t Ag.
The p o ssibility of a large zinc, lead and sil v er deposit i n the White B omb/Glen L uckie area i s sugge s ted by simil a rity of its s e tting to Wo o dcutters min e , the great t hicknesses o f significantl y miner a lised graphitic and pyritic sediments d rilled and th e large later a l extent of t h e associate d promi n ent soil geoc h emical ano m aly.
Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
P rojects
Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5)
Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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Figure 5 Location of Winchester magnesium carbonate open pit relative to historical RC and DD drilling and soil Zn anomalies reported on 23 November 2016 (overlayed on a 3D soil Zn grid)
White Bomb is loc a ted on a mi n eralised tren d extending over 4km, which is part of a 16 km lon g target horizon and i n cludes the n e arby prospe c ts of White Bomb East, th e CRAE lead-zinc prospect, and p o ssibly the Oc c idental lead- z inc prospect .
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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 7
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Issue d Capital
Shares: 288 mln Options: 4 mln Last Price: 1.7 cents ASX: KOR BERLIN: C6S.BE
P rojects
Winchester (NT) Magne s ium carbonate (MgCO3) Geolsec (NT) P hosphate rock (P2O5) Batchelor (NT) Au, Ag, Zn, Pb, Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb
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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au
White Bomb/Glen L uckie prosp e cts are in close proximit y to the ma g nesium carbonate deposit alread y discovered at Winches t er which is located within the adjac e nt mining lease, just fe w kilome t res to the n o rth-west and which is cur r ently nearing developmen t . This proxi m ity to Korab’ s other m ining and exploration ass e ts will provid e for conside r able logistic a nd operational advantage s during both the expl o ration phase and (should a discovery b e made) durin g any future d evelopment.
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Figure 6 Location of the Winchester open pit and the mining lease relative to the Zn anomalies reported on 23 November 2016 (overlayed on a 3D topography grid).
For de t ails of Wood c utters-style m ineralisation see the repor t of 23 Nove m ber 2016.
White Bomb pros p ect present s all feature s present in the explor a tion model for Zn/Pb/A g miner a lisation base d on the resul t s of the Woo d cutters struc t ural study:
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Proximity t o regional sc a le basement d omes.
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The inters e ction of regio n al scale anti c lines and tra n spressional f a ult zones. Localised f ault-induced changes in t h e orientation of anticlinal axis or changes in plung e directions.
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Presence o f fault-related medium to s m all scale fol d s, especially d isharmonic folds.
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Fault (she a r) zones cont a ining deformed lamproph y re dykes or s u lphidic quart z veins. Localised f a ult bends an d dilational fa u lt jogs.
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Fault zone s with associ a ted cross cut t ing mineralis e d quartz vein arrays.
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