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MEEKA METALS LIMITED — Capital/Financing Update 2014
Aug 14, 2014
65312_rns_2014-08-14_310942aa-0d5f-4815-b35a-bf956d80430a.pdf
Capital/Financing Update
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ASX Release ASX Release 31 January 2014 15 August 2014
KALENGWA EXPLORATION UPDATE
Ground Floor
Ground Floor, 16 Ord Street, 16 Ord Street, West Perth WA 6005
PO BOX 902 West Perth WA 6872
P + 61 8 9482 0500 F + 61 8 9482 0505 E [email protected] W www.integratedresources.com.au
Contact:
Michael EdwardsContact:
Chief Executive Officer (CEO) Morgan Barron E [email protected] Director M 0427 001 819 E [email protected]
Nathan Sabao Directors:
Country / Exploration Manager - Zambia Timothy Moore - Chairman Plot No 9722/C Central Street, Morgan Barron - Director Jesmondine, Lusaka John Richards - Director
Roger Steinepreis - Director P +260 976 448 530
Brett Tucker - Company Secretary Non-Executive Directors: Timothy Moore – Non Exe Chairman Mike Edwards – Consultant Geologist Morgan Barron - Non Exe Director John Richards - Non Exe Director Roger Steinepreis - Non Exe Director
Issued Capital:
Brett Tucker - 1,408,499,328 Ordinary Shares (IRG) Company Secretary 400,000,000 Unlisted Options
(0.225 cents to 30/06/15) Mike Edwards – Chief Executive Officer (CEO)
ASX Code: IRG (Fully Paid Ordinary Shares) Issued Capital: 1,408,499,328 Ordinary Shares (IRG) 400,000,000 Unlisted Options
(0.225 cents to 30/06/15) 38,000,000 Unlisted Options (Management) (0.3 - 0.4 cents to 31/12/16)
ASX Code: IRG (Fully Paid Ordinary Shares)
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Re-logging of historical core from Kalengwa South Project completed
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IOCG deposit style confirmed
Integrated Resources Group Limited (ASX : IRG, “IRG”, “the Company ”) is pleased to announce that re-logging of historical diamond drill core from the Kalengwa South project has been completed. Seven additional holes were uncovered taking the total number of known historical diamond holes to twenty one. IRG’s Country/Exploration Manager, Nathan Sabao uncovered the previously unrecorded holes while inspecting the core at the Kalalushi Core farm. All of the historical core were viewed and six more of the most significant holes were re-logged in detail. Geological understanding gained from this re-logging has given us confidence in drawing parallels with Blackthorn’s nearby IOCG Kitumba deposit but with mineralisation present from surface.
Most importantly the re-logging confirmed the presence of hydrothermal breccias showing evidence of strong alteration including scapolitic, albitization, potassic, oxidation, silicification calcic and sulphidization. This strong brecciation and alteration was associated with mineralisation. In addition, it was observed that the country rocks (Kundelungu argelites) were strongly scaptolised indicating some degree of metamorphism which has led to sericitization, epidotic and chlorite encroachment. This style of overprinting relationship, mineralogy, chemical composition of alteration zones and mineralisation within the breccia zones supports the current IOCG exploration model for copper-gold deposits in the region.
Blackthorn’s Kitumba deposit (Reserves of 31.5mt @ 2.04% Cu) is located just 100km to the SE of the Kalengwa south project and we believe this IOCG type deposit is similar to our model. The re-logging and desk top studies have confirmed the presence and relationship between alteration, brecciation and mineralisation. In addition, the spatial relationship between this mineralisation, the Hook Granite and interpreted regional structures (Figure 1) also supports this interpretation. The most encouraging thing so far is the shallow depth of the historical intersections with all mineralisation occurring between surface and 60m whereas Blackthorn’s Kitumba was a blind deposit.
Readings from a Handheld X-Ray Flourescence (XRF) analyser were taken from the archived half core in order to validate the reported historic assay results. These results as well as the detailed logs are still being compiled and will be reported on as soon as finalised.
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Mike Edwards, CEO, commented “The completion of the re-logging and the discovery of an additional seven holes has significantly furthered our understanding of this exciting new project. We are beginning to understand the structures and alteration associated with mineralisation and project geology as core re-logging and desktop studies progress. The analogous relationship between Kalengwa South and Blackthorn’s 31.5mt @ 2.04% Cu deposit is very encouraging especially considering the shallow depth we are seeing mineralisation.”
As previously reported, initial geological modelling suggests that the depth and thickness of the ore bearing brecciated zone is increasing to the south of the tenement. This model will be tested and defined further through geochemical and geophysical programs, and eventually drilling which is planned for September/October after the required environmental approvals from the Zambian Environmental Management Agency are received.
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Figure 1 – Kalengwa South Project showing Regional Magnetics and Interpreted Structures
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Figure 2 - Map of Kalengwa South Project showing Prospect Areas and Historic Exploration Results
Kind regards
On behalf of Integrated Resources Group Limited
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Tim Moore Chairman
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Kalengwa Projects
The ‘Kalengwa South’ Project has been determined as the flagship project in the portfolio, located on Prospecting Licence 17212, with an area totalling 557km[2] . The other three permits are contiguous and together comprise the ‘Kalengwa East’ project totalling 2,632km[2] (Prospecting Licences 18211, 17211 & 18162).
Historical drilling has been conducted on the Kalengwa South project and a significant database has been developed including over 300 shallow holes, 120 percussion holes, and 21 diamond holes which have identified four highly prospective targets. Refer to ASX announcement on 4 February 2014 for details of the project and JORC reporting. The Kalengwa East project is located in an area that is prospective for IOCG style mineralisation, similar to that of First Quantum’s Kansanshi mine to the north. Several exploration targets have already been identified from the regional magnetics.
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Figure 3 – Map showing Location of the Kalengwa Projects
Competent Person Statement:
The information included in this report that relates to Historical Exploration Results is based on information compiled by Michael Edwards, B.Sc, B.Bus, Grad dip OEN, a competent person who is a member of the Australian Institute of Geoscientists. Mr Edwards is a consultant for the Company and holds a direct interest in Integrated Resources. Mr Edwards has worked as a geologist in regional exploration, mine evaluation and resource estimation roles for over 10 years in precious and base metal deposits. Mr. Edwards has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken 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 Edwards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.