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MCS SERVICES LIMITED — Interim / Quarterly Report 2012
Jul 30, 2012
65377_rns_2012-07-30_2d2ff0f0-375c-4780-981a-165ef9cec269.pdf
Interim / Quarterly Report
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Appendix 5B
Red Gum Resources Limited Operations Report for the Fourth Quarter - 1 April 2012 to 30 June 2012.
HIGHLIGHTS
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LA NEGRA DRILLIING RESULTS CONFIRM NEAR SURFACE POLYMETALLIC MINERALISATION - assays reported from the second drill hole RDN-002 that continued to confirm mineralisation, in broad intervals up to 40.0 metres wide assaying 2.94% Zinc, 1.55% Lead and 20.2 g/t Silver, including higher grade intervals up to 5.0 metres wide grading 7.34% Zinc, 5.67% Lead and 78 g/t Silver;. Assays received from diamond drill holes RDN-003, RDN004 and RDN-005 include a shallow 36.0 metre intersection in hole RDN-005 grading 1.63% Zinc, 1.47% Lead, 12.0 g/t Silver and 0.49 g/t Gold;
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EXERCISE OF LA NEGRA OPTION – following the encouraging results the Company exercised its option to take 100% ownership of the La Negra project in Chile, paying the final tranche of USD$500,000 in early July 2012;
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CUMULATIVE TOTAL of 2,521.82 METRES DRILLED AT LA NEGRA BY 27th JUNE 2012 – twelve (12) holes completed before suspension of program due to backlog in assay results and to conserve cash resources.
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HIGH GRADE ZINC, LEAD, SILVER IN SURFACE SAMPLING AT CERRO HUANCASH, PERU -preliminary results suggest the extension of the district-scale “Ariana Corridor”, an emerging new polymetallic trend in central Peru, through the Cerro Huancash project area
CORPORATE ACTIVITIES
The Reporting Period (1 April 2012 to 30 June 2012) has seen the consolidation of the Company’s corporate and investor relations activities, plus strong advancement of the Company’s operations in Chile and Peru, subsequent to the completion of the Initial Public Offering (“IPO”) and listing on the Australian Stock Exchange (ASX:RGX) on 17[th] January 2012.
During the Reporting Period the Company relocated its principal business and registered office to Suite 9, Lester Court, 75a Angus Street Adelaide 5000.
During the Reporting Period Mr Norman Zillman resigned as a director of the Company on 23[rd] April 2012.
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Appendix 5B
CAPITAL
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During the Reporting Period:
The Company had the following securities on issue at 30 June 2012:
| Quoted ordinary shares Escrowed ordinary shares Total ordinary shares Unquoted stock options on issue |
Number 38,743,000 36,235,727 74,978,727 4,000,000 |
|---|---|
During the period 250,000 shares were issued in lieu of cash payment for work done amounting to $13,750 by an unrelated party.
Since 30 June 2012 a further 3,914,495 ordinary shares have been released from escrow.
OPERATIONAL ACTIVITIES - CHILE
Operational activities at La Negra during the Reporting Period can be broken down into a number of components:
- Logistics
As previously reported, Red Gum successfully negotiated a two year land access agreement with the local community and continues to maintain a good relationship with the community. The Company has also successfully assembled and maintained a field team and regional operations office based at Combarbala, led by geologist and project manager, Mr.Miguel Huarachi.
With drilling activities currently suspended the Company will focus on consolidation and interpretation of data, plus more detailed logging and metallurgical studies of existing drillcore at the Combabala field office.
• Field Geological Mapping
Field mapping at the 1:5,000 scale, currently nearing completion, has confirmed the presence of the strongly leached and altered breccia zone that is between 250 metres to 450 metres in width over a strike length greater than 1,200 metres. In addition, the mapping has sought to identify additional alteration and mineralisation zones elsewhere on the property outside the main breccia zone. The results of this detailed mapping, and the implications for mineral prospectivity at La Negra, will be accessed during the next quarterly period.
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Appendix 5B
• Drilling Program
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As announced to the ASX on 17th January 2012, Red Gum commenced drilling at the La Negra Project. The exploratory drill program was to consist of a minimum 3,500 metre first phase program to evaluate the economic potential at depth of near-surface high grade Lead-Zinc-Silver (Copper-Gold) mineralisation exposed in old colonial era workings. In detail, the drilling program is designed to test targets within both base/precious metals-bearing tourmaline breccia structure and potential porphyry target suggested by the induced polarization survey data.
The initial part of the drill program was carried out by the Chilean subsidiary of Energold Drilling Corp., a Canadian-listed international drilling company. Energold had drilled the first six drillholes, RDN-001 to RDN-006 for a total of 1,418.47 metres, by 3rd April 2012. However, due to the slow penetration rates of the machine utilized by Energold, and its subsequent increased cost impact on project budgets, the Company elected to cancel the contract with Energold. A new drilling company was contracted (H.S.B. Sondajes, a local Chilean drilling company) and drilling recommenced on 28th April 2012. H.S.B. Sondajes utilized a larger, truck mounted drill rig (Explorer 1500D) that has maximised the efficiency of the remainder of the program.
Due to the high demand, considerable delays have been experienced in processing sample assays through ALS Minerals analytical laboratories in Chile. An average of 2 months delay is now being experienced. Subsequently, as a cost reduction measure and to allow time for a full assay database to be received, a decision was made by Red Gum to suspend drilling for the time being. At the date of suspension of drilling (27[th] June, 2012), the Red Gum had drilled a cumulative total of 2,521.82 metres at La Negra.
Some 1,137.17 metres were drilled in six diamond drill holes during the Reporting Period. All except for two of the holes drilled to date have encountered significant visual base metal sulphide mineralisation. As reported in a ASX press release dated 20th April, 2012 a tranche of assay results were reported from the drill hole RDN-002 that continued to confirm mineralisation in broad intervals up to 40.0 metres wide assaying 2.94% Zinc, 1.55% Lead and 20.2 g/t Silver, including higher grade intervals up to 5.0 metres wide grading 7.34% Zinc, 5.67% Lead and 78 g/t Silver. Subsequently, an additional tranche of assay results was reported to the ASX on 22nd May, 2012, covering the three diamond drill holes RDN-003, RDN-004 and RDN-005. Best results included a shallow 36.0 metre intersection in hole RDN-005 grading 1.63% Zinc, 1.47% Lead, 12.0 g/t Silver and 0.49 g/t Gold. Overall the drilling to date has confirmed a near surface zone of polymetallic sulphide..
A summary of significant intersections for all drill holes released to date (RDN-001 to RDN-005) is shown in Table 1 below, whilst collar data is collated in Table 2.
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| Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
Appendix 5B Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-001 25.00 50.00 25.0 2.40 0.71 0.23 20.28 0.08 including 25.00 26.00 1.0 5.35 2.26 0.09 15.20 0.04 including 32.00 34.00 2.0 7.22 1.32 0.45 30.25 0.08 including 37.00 38.00 1.0 10.45 0.14 0.23 10.00 0.05 RDN-001 52.00 76.00 24.0 0.36 0.33 0.03 10.38 0.07 including 56.00 58.00 2.0 0.62 2.02 0.15 55.55 0.23 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-002 0.00 40.00 40.0 2.94 1.55 0.07 20.23 0.07 including 24.00 29.00 5.0 7.34 5.67 0.23 77.96 0.13 RDN-002 45.00 50.00 5.0 2.70 2.52 0.05 21.50 0.09 including 45.00 46.00 1.0 10.85 10.30 0.14 52.70 0.12 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-003 8.00 30.00 22.0 0.16 0.16 0.01 3.15 0.17 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-004 4.00 12.00 8.0 0.47 0.27 0.03 6.23 0.57 RDN-004 182.00 191.00 9.0 0.45 0.65 0.03 7.20 0.22 Drill Hole From (m) To (m) Width (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) RDN-005 21.00 39.00 18.0 0.58 0.39 0.03 4.40 0.13 RDN-005 51.00 87.00 36.0 1.63 1.47 0.08 12.04 0.49 including 63.00 74.00 11.0 1.68 1.74 0.12 17.10 1.04 |
|---|---|---|---|---|---|---|---|---|
| **Drill Hole ** | From (m) | To (m) | Width (m) | Zn (%) | Pb (%) | Cu (%) | Ag (g/t) | Au (g/t) |
| RDN-001 | 25.00 | 50.00 | 25.0 | 2.40 | 0.71 | 0.23 | 20.28 | 0.08 |
| including | 25.00 | 26.00 | 1.0 | 5.35 | 2.26 | 0.09 | 15.20 | 0.04 |
| including | 32.00 | 34.00 | 2.0 | 7.22 | 1.32 | 0.45 | 30.25 | 0.08 |
| including | 37.00 | 38.00 | 1.0 | 10.45 | 0.14 | 0.23 | 10.00 | 0.05 |
| RDN-001 | 52.00 | 76.00 | 24.0 | 0.36 | 0.33 | 0.03 | 10.38 | 0.07 |
| including | 56.00 | 58.00 | 2.0 | 0.62 | 2.02 | 0.15 | 55.55 | 0.23 |
| **Drill Hole ** | From (m) | To (m) | Width (m) | Zn (%) | Pb (%) | Cu (%) | Ag (g/t) | Au (g/t) |
| RDN-002 | 0.00 | 40.00 | 40.0 | 2.94 | 1.55 | 0.07 | 20.23 | 0.07 |
| including | 24.00 | 29.00 | 5.0 | 7.34 | 5.67 | 0.23 | 77.96 | 0.13 |
| RDN-002 | 45.00 | 50.00 | 5.0 | 2.70 | 2.52 | 0.05 | 21.50 | 0.09 |
| including | 45.00 | 46.00 | 1.0 | 10.85 | 10.30 | 0.14 | 52.70 | 0.12 |
| **Drill Hole ** | From (m) | To (m) | Width (m) | Zn (%) | Pb (%) | Cu (%) | Ag (g/t) | Au (g/t) |
| RDN-003 | 8.00 | 30.00 | 22.0 | 0.16 | 0.16 | 0.01 | 3.15 | 0.17 |
| **Drill Hole ** | From (m) | To (m) | Width (m) | Zn (%) | Pb (%) | Cu (%) | Ag (g/t) | Au (g/t) |
| RDN-004 | 4.00 | 12.00 | 8.0 | 0.47 | 0.27 | 0.03 | 6.23 | 0.57 |
| RDN-004 | 182.00 | 191.00 | 9.0 | 0.45 | 0.65 | 0.03 | 7.20 | 0.22 |
| **Drill Hole ** | From (m) | To (m) | Width (m) | Zn (%) | Pb (%) | Cu (%) | Ag (g/t) | Au (g/t) |
| RDN-005 | 21.00 | 39.00 | 18.0 | 0.58 | 0.39 | 0.03 | 4.40 | 0.13 |
| RDN-005 | 51.00 | 87.00 | 36.0 | 1.63 | 1.47 | 0.08 | 12.04 | 0.49 |
| including | 63.00 | 74.00 | 11.0 | 1.68 | 1.74 | 0.12 | 17.10 | 1.04 |
Table 1- Weighted average grades of major metallic constituents of La Negra intersected in drillholes RDN-001 to RDN-005
| Drill Hole | utmE | utmN | RL (m) | Azimuth (0) | Dip (0) | Depth (m) | Started | Finished |
|---|---|---|---|---|---|---|---|---|
| RDN001 | 319235 | 6551992 | 1959 | 90 | -60 | 266.22 | 4-Jan-12 | 24-Jan-12 |
| RDN002 | 319271 | 6551999 | 1955 | 270 | -70 | 150.65 | 28-Jan-12 | 1-Feb-12 |
| RDN003 | 319248 | 6551906 | 2002 | 90 | -65 | 241.11 | 5-Feb-12 | 16-Feb-12 |
| RDN004 | 319216 | 6551804 | 2025 | 90 | -60 | 215.62 | 23-Feb-12 | 7-Mar-12 |
| RDN005 | 319335 | 6551710 | 2019 | 90 | -60 | 250.25 | 8-Mar-12 | 17-Mar-12 |
| RDN006 | 319302 | 6550720 | 1933 | 90 | -70 | 294.62 | 20-Mar-12 | 3-Apr-12 |
| RDN007 | 320531 | 6551816 | 2036 | 90 | -60 | 250.00 | 28-Apr-12 | 19-May-12 |
| RDN008 | 319287 | 6551999 | 1949 | 270 | -80 | 215.55 | 20-May-12 | 1-Jun-12 |
| RDN009 | 319321 | 6551743 | 2014 | 80 | -60 | 179.00 | 2-Jun-12 | 9-Jun-12 |
| RDN010 | 319362 | 6551681 | 2025 | 90 | -86 | 187.55 | 10-Jun-12 | 16-Jun-12 |
| RDN011 | 319375 | 6551587 | 2015 | 90 | -60 | 130.00 | 17-Jun-12 | 22-Jun-12 |
| RDN012 | 319307 | 6551955 | 1957 | 270 | -60 | 141.25 | 23-Jun-12 | 27-Jun-12 |
Table 2- Collar data for the twelve drill holes completed to date at La Negra
Page 4
Appendix 5B
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The Company’s present interpretation is that drill holes RDN-001, RDN-002 and RDN-005 are located close to the principal axis of base and precious metal mineralization, which appears to strike northnorthwest and closely follows a prominent lobate chargeability and geochemical anomalies of the same orientation. Drill holes RDN-003 and RDN-004 were targeted primarily on geological, rather than geophysical, criteria and it would appear that they passed to the west of, and potentially underneath, the principal target zone. Nonetheless, both of these holes did intersect significant zones of low grade zinc, lead, silver and gold mineralization interpreted as steeply dipping “feeder” zones.
The Company will continue with its compilation and geological interpretation of results as final assay data becomes available during the next quarterly period. Although the drilling is widely spaced, there is a suggestion that the mineralized breccia bodies may be steep, structurally-controlled zones and/or stratabound “manto” zones emplaced parallel to the shallow-dipping volcanic host stratigraphy. Red Gum will release more details of the interpretational aspects once the full assay dataset becomes available.
• Metallurgical Studies
Visible sulphides have been intersected in 10 of the 12 drillholes completed to date at La Negra and the zone of oxide mineralization would appear to be volumetrically subordinate. Promet 101, Red Gum’s Consultant Metallurgists to the project, have completed preliminary metallurgical sampling of key intersections and samples were submitted to the Kamloops, B.C., Canada laboratory of G&T Metallurgical Services. Samples are stage crushed to 6 mesh and homogenized before being prepared into 1 kg charges and stored under nitrogen until used in subsequent testing. Representative head samples are removed and pulverized for assay and quantitative Bulk Mineral Analysis by QEMSCAN. This analysis provides mineral content and overall estimates of mineral fragmentation characteristics for the primary minerals. Flotation testing utilizes conventional lead-zinc differential flowsheet and reagents.
Preliminary results are expected to be announced during August 2012.
• Purchase Option
Previously the Company had purchased an option to acquire 100% of the La Negra Project through its wholly owned Chilean subsidiary. Following the reception of favourable assays from the drilling program, the Company resolved to make the final payment of US$500,000 to acquire 100% ownership of the property as reported on 2[nd] July, 2012. The payment has now been made to the Owner and the Company is finalizing the registration of the deed of transfer of ownership to Red Gum with the relevant Chilean authorities.
About the La Negra Project
The La Negra Lead-Zinc-Silver (Copper-Gold) Project is located within Region IV in Chile, approximately 360 kilometres NNE of the capital, Santiago, and approximately 10 kilometres ENE of the mining town of Combarbalá. The project is easily accessible with the Pan American Highway nearby running to La Serena and access to the property is via a good set of roads with the last 6 km of road suitable for 4 x 4 vehicles. With proximity to Combarbala, infrastructure in the area is good. The average elevation of La Negra is approximately 2,000 m above sea level and the semi-desert conditions makes for moderate weather year round.
Page 5
Appendix 5B
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Following exercise of the Option Red Gum will have 100% ownership of the property, which comprises 11 separate mining and exploration concessions totaling approximately 2,600 hectares.
The La Negra property has a long history, dating back to colonial times, of sourcing high grade leadzinc-silver material. Modern day geochemical sampling verified the surface and subsurface continuity of high metal grades (zinc, lead, silver, copper, gold) over significant widths within the old workings. Previous work on the project, by a third party, has generated extensive geochemistry and 3D induced polarisation geophysical datasets which have formed the basis for the present exploration program.
Previous surface geochemistry defined a strong northerly trending (“principal”) zinc-lead anomaly, 1200 metres long x 400 metres wide, broadly corresponding with outcropping tourmaline-bearing hydrothermal breccias that host the old workings. Strong silver, copper and gold values are concentrated in the soils of the northern segment of this principal anomaly. These, and other geochemical anomalies, are underlain by large chargeability anomalies defined in the geophysics.
The La Negra mineralisation is hosted in a tourmaline/hydrothermal breccia system comprising a potentially bulk mineable unit. The system strikes north N-S within a regional system which hosts several strongly mineralised polymetallic brecciated bodies along at least 40 km of strike.
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Page 6
Appendix 5B
OPERATIONAL ACTIVITIES - PERU
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Operational activities at Cerro Huancash during the Reporting Period can be broken down into a number of components:
• Logistics
The Company has contracted a Senior Geologist (Mr. Angel Rosas) and Field Technician (Mr. Julio Calderon) to manage the community aspects and field logistics of the surface exploration program at Cerro Huancash. A one year renewable community land access agreement was signed by the Company with the local community on 1[st] June, 2012. This agreement has made possible the initiation of the Cerro Huancash surface exploration program during Q2.
• Field Geological Mapping
A field campaign of 1:5,000 mapping was commenced during the month of June in the southern sector of the Cerro Huancash property and this work is expected to be completed for the northern sector during July.
• Surface Rock Chip Geochemistry
A surface geochemical sampling program (41 rock samples) was conducted in tandem with the surface geological mapping program during the month of June. The sampling encountered high grade base and precious metal mineralisation from old workings hosted by discontinuous skarn outcrops over a +1.2 x 0.4 kilometre area. Assay results have been received from this sampling and were announced to the ASX on 19[th] July, 2012. Highlights included:
-
Zinc assays up to 19.0%, lead up to 17.75%, copper up to 0.89%, with 17 (41%) of the samples reporting >1% of zinc or lead (or both);
-
Silver assays up to 2,460 g/t, with 12 (29%) of the samples reporting >100 g/t silver and 5 samples reporting >500 g/t silver;
-
Gold assays up to 0.74 g/t, with 15 (37%) reporting >0.1 g/t gold;
Mineralisation occurs in irregular and discontinuous bodies of sulphidic skarn cutting marblelimestone of the Jumasha Formation, many of which have been the subject of historical small scale surface exploitation. This surface mineralisation is interpreted as being part of a larger system developed along the “Ariana Corridor”, a district-scale belt of faulting and mineralisation which strikes NNW-SSE through Cerro Huancash and into adjacent properties. The strongly mineralised outcrops located to date potentially represent the surface expression of a voluminous skarn/replacement polymetallic system at depth. This segment of the Ariana Corridor has never been drilled.
Page 7
Appendix 5B
• Ground Magnetics
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Magnetics is a very useful direct alteration/mineralisation mapping tool in polymetallic carbonate replacement systems and, to that end, Fugro Ground Geophysics has recently completed acquisition of ground magnetics over Cerro Huancash for the Company. The survey consisted of approximately 75 line kilometres of ground magnetics acquired along ENE-WSW oriented lines spaced 200 metres apart.
Preliminary results were announced to the ASX on 26th July, 2012 and the work has identified a number of strong magnetic anomalies potentially associated with economic skarn and replacementstyle base/precious metal mineralisation.
FUTURE ACTIVITIES
-
Compilation and interpretation of La Negra assay data during the next quarterly period, with final assays expected to be received and announced by August 2012;
-
Field mapping and sampling expected to be completed at Cerro Huancash during the month of August 2012..
About the Cerro Huancash Project
The Cerro Huancash Project covers an area of 575.6 hectares and is a zinc-lead-silver exploration project. Cerro Huancash is located approximately 100 km northeast of Lima and is accessible year round. While limited exploration has been conducted over Cerro Huancash, previous exploration in the area surrounding Cerro Huancash has identified a zone, of approximately 8 km length, reporting very strong zinc, copper, lead, silver and gold anomalies. Previous exploration in the Cerro Huancash area revealed frequent occurrences of iron-stained gossans and mineralised float containing banded zinc sulphides along this trend. The Cerro Huancash claim covers over 3 km of this highly prospective trend and given its close proximity to major mining operations at Morococha and Casapalca, this mineralised trend has been heavily targeted by companies. Based on previous work done by Teck Cominco and Pasminco, the trend contains very strong zinc, copper, lead, silver and gold anomalies, predominantly along the faulted contact between Tertiary volcanics and Cretaceous limestones of the Jumasha Formation (a unit which hosts large ore deposits in the region including the giant Antamina Copper-Zinc deposit with reported mineable reserves 745 million tonnes @ 1.06% Copper, 0.67% Zinc, 0.64% Lead, 11.7 g/t Silver and 0.026% Molybdenum).
As disclosed in the Independent Expert's Report, included within the Company's IPO Prospectus issued in November 2011, historical surface geochemical sampling by Pasminco reported up to 15.8% Zinc, 9.8% Lead and 459 ppm Silver to the west of the central side of the Cerro Huancash claim. Only four samples were taken towards the southern end of and within the claim area and reported up to 2,779 ppm Zinc, 1,957 ppm Lead and 11 ppm Silver. Teck Cominco in 2001 reportedly drilled at least four diamond drill holes along the trend to the north of the concession, intersecting intervals of high grade Zinc- Lead-Copper-Silver sulphides hosted within skarn–altered limestones.
More recently, Pan American Silver has reportedly conducted drilling of the mineralised trend immediately to the north of the Cerro Huancash claim. Red Gum is also aware that Pan American Silver recently completed a transaction with a private company, Southern Peaks Mining, involving the ‘Ariana’ tenements, which are adjacent to Cerro Huancash. The Company believes that this transaction has positive implications for the prospectivity of the area exclusively controlled by Red Gum.
Page 8
Appendix 5B
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FINANCIAL
Reconciliation of expenditure
This is the fourth quarterly report for Red Gum Resources Limited for the year ending 30 June 2012.
Exploration and evaluation
The estimated exploration and evaluation expenditure cash flows amounted to $600,000, actual expenditure amounted to $646,000. The increase is a combination of slower than expected rate of drilling progress, plus the change in drilling contractors and the consequent increased logistics costs.
Administration
The estimated administration expenditure cash flows included in the previous report amounted to $200,000, actual expenditure amounted to $197,000.
Cash at the end of the quarter
Cash at 30 June 2012 was $2,791,577.
Attached is the Appendix 5B Consolidated Statement of Cash Flows for the period from 1 April 2012 to 30 June 2012.
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Paul Pearson (Managing Director) ................................................. BSc (Hons), PhD, University of QLD, Fellow of AusIMM
The information prepared on operations in this report relating to mineral exploration activities has been prepared by Paul Pearson who has significant experience 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Paul Pearson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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Page 9
Appendix 5B
Mining exploration entity quarterly report
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Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
RED GUM RESOURCES LIMITED
| ABN ABN 66 119 641 986 Consolidated statement of cash flows |
||||
|---|---|---|---|---|
| 30 JUNE 2012 | ||||
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors –sale of project 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 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 Net Operating Cash Flows |
Current quarter $A’000 |
Year to date (12 months) $A’000 |
||
| - (647) - - (195) - 25 - - - |
- (1,256) - - (566) - 76 - - - |
|||
| (817) | (1,746) | |||
| 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) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- - - - - - - - - |
- - (4) - - - - - - |
||
| - | (4) | |||
| (817) | (1,750) | |||
Page 10
| Appendix 5B | Year to date (12 months) $A’000 (1,750) 4,772 - - - - (571) 4,201 2,451 341 - 2,792 |
|
|---|---|---|
| Current quarter $A’000 |
Year to date (12 months) $A’000 |
|
| 1.13 Total operating and investing cash flows (brought forward) |
(817) | (1,750) |
| 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) Share Issue Costs Net financing cash flows |
- - - - - - |
4,772 - - - - (571) |
| - | 4,201 | |
| 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 |
(817) 3,609 - |
2,451 341 - |
| 2,792 | 2,792 | |
Payments to directors of the entity and associates of the directors
Payments to 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 |
|---|---|---|
| 113 | ||
| - | ||
| 1.25 | Explanation necessaryforanunderstanding ofthe transactions | |
| Cash payment in respect of directors’ gross remuneration and fees. |
Page 11
Appendix 5B
Non‐cash financing and investing activities
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- 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
N/A
- 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
N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
| 3.1 Loan facilities 3.2 Credit stand by arrangements |
Amount available $A’000 |
Amount used $A’000 |
|---|---|---|
| Nil | Nil | |
| Nil | Nil | |
�
Estimated cash outflows for next quarter
| 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration |
$A’000 |
|---|---|
| (1100) | |
| - | |
| - | |
| (200) | |
| Total | (1300) |
Reconciliation of cash
| Reconciliation of cash | ||
|---|---|---|
| Previous quarter $A’000 3,609 - - - 3,609 |
||
| 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 (provide details) |
2,792 | 3,609 |
| - | - | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 2,792 | 3,609 |
Page 12
Appendix 5B
Changes in interests in mining tenements
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| 6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased |
Tenement reference | Nature of interest (note(2)) |
Interest at beginning of quarter |
Interest at end of quarter |
|
|---|---|---|---|---|---|
| N/A | |||||
| N/A 100% ownership of La Negra registered 2 July2012 |
|||||
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 (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions |
Nil | Nil | ||
| Nil | Nil | |||
| 7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through Escrow release Share issue (b) Decreases through returns of capital, buy- backs |
74,978,727 Includes 36,235,727 escrowed shares |
38,743,000 | ||
| Nil 250,000 Nil |
Nil 250,000 Nil |
|||
| 7.5 +Convertible debt securities(description) |
Nil | Nil | ||
| 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted |
Nil | Nil | ||
Page 13
Appendix 5B
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| Total number | Total number | Number quoted |
Issue price per security (see note3) (cents) |
Amount paid up per security (see note 3) (cents) |
|
|---|---|---|---|---|---|
| 7.7 Options(description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter |
1,000,000 1,000,000 1,000,000 1,000,000 4,000,000 |
Nil Nil Nil Nll Total |
Exercise price $0.25 $0.30 or $0.35 $0.35 or $0.40 $0.40 or $0.60 |
Expiry date 25/11/2014 25/11/2016 25/11/2017 25/11/2018 |
|
| Nil | Nil | ||||
| Nil | Nil | ||||
| Nil | Nil | ||||
| 7.11 Debentures (totals only) |
Nil | Nil | |||
| 7.12 Unsecured notes (totals only) |
Nil | Nil | |||
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 4).
-
2 This statement does give a true and fair view of the matters disclosed.
Mr Malcolm Lucas Smith (Company secretary) ...........................................................
Date: 31 July 2012
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Page 14
Appendix 5B
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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 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.
-
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 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
-
5 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.
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