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METALS AUSTRALIA LTD — Interim / Quarterly Report 2012
Jul 30, 2012
65344_rns_2012-07-30_5775cd7e-7905-4ba9-a168-a1eb9fc47ec7.pdf
Interim / Quarterly Report
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QUARTERLY A CTI V ITIES REP O RT for th e perio d ende d 30 Ju n e 201 2
H I G H L I G H T S
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High-grade surface samples up to 13,912 ppm U3O8 from Mile 72.
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New areas of high grade uranium extend Kudu-Impala to the south and west.
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Kudu-Impala now has a length and width of over 10km by 2km.
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RC drilling at Mile 72 has confirmed uranium mineralisation within the basement alaskite, granites and schists.
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Metals has entered a new phase of exploration at Mile 72, focusing exclusively on delineating granite-hosted primary uranium mineralisation
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Deeper drilling planned to test for Rössing-style primary uranium mineralisation.
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Geophysical targets confirmed at Manindi Zinc Project have potential to substantially expand the resource.
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High quality data from regional aeromagnetic surveys of western Victorian gold projects received.
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Metals Au s tralia Ltd ( A BN 38 008 982 4 74) www. m etalsaustrali a .com.au 1[st] Floor, 8 Par l iament Place, W e st Perth, WA 60 0 5 ▪ PO Box 161 8 , West Perth, W A 6872 ▪ t: +61 8 9 481 7833 ▪ f: +6 1 9481 7835 ▪ e: m ls@metalsaustr a lia.com.au
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U R ANIUM PROJEC T S, NAM IBIA
Dur i ng the Jun e 2012 quart e r, very pos i tive results wer e returned in the final batch of 154 assays rec e ived from t h e trench s a mpling at t h e Mile 72 Project in Namibia (Figure 1). Assays were also rec e ived from the pilot shallow R C drilling pro g ramme of 2 31 drillhole s for 1,023m at Mile 72 whi c h showed strong ano m alism awa y from the mai n Kudu-Imp a la prospect.
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At the Engo Valley Pr o ject (Figu r e 1) the env i ronmental c learance and access permit for surf a ce explora t ion work w h ich were s u bmitted in Jan u ary 2012 a r e still await e d.
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TH E MILE 72 URANIUM P R OJECT
The Mile 72 U r anium Proj e ct is a lar g e uranium proj e ct on the c o ast of Na m ibia north o f the city of Sw a kopmund. S ome of the h ighest uranium grades in t h e world ha v e been rec o rded in ou t crop and in sha l low pits at M ile 72. Met a ls Australia has entered into a new phase of explo r ation, targe t ing a large hig h -tonnage moderate gra d e primary d eposit of a similar style to t h e Rössing a nd Husab m ines to the sou t h.
Figure 1 – Location of t he Mile 72 uranium pr o ject, Namibia.
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Sur f ace trench i ng
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Ne w surface s a mpling res u lts receive d during the qua r ter from th e Kudu-Impala area (Fig u re 2, Table 1) h ave again highlighted the high g r ade values ach i eved over significant intervals a t Mile 72. Gra d es were a s high as 13,912 ppm U3O8 , and inte r vals of up to nearly 300 m in length with in excess of 900 ppm U3O8 have bee n identified. Mo s t importantl y , many of these high-grade results are located out s ide the pre v iously defin e d extent of the K udu-Impal a prospect a r ea.
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Figure 2 – Hand-dug sa m pling of subcr o pping the K udu-Impal a prospect a r ea. weath e red rocks in th e NE Extension area. All o f the high-grade zones are in area s of outcrop p ing or subc r opping schi s ts, granite s and ala s kite, and in s ome cases in areas of b asaltic cov e r. The min e ralisation o c curs as car n otite within gypcrete, as it is at all other localities of high grade mineralisation at M i le 72.
Ass a y results r e ceived duri n g the quar t er included 23 sample s (out of 15 4 ) that exce e ded 1,0 0 0 ppm U3O 8 (Table 1). T hese sam p les have allowed the d e finition of s e veral new highgra d e zones th a t substanti a lly extend K udu-Impala (Figure 3). One example of a new high gra d e zone in c ludes the n orthwest e x tension of Line 5 whi c h recorde d an avera g e of 947 . 1 ppm U3O 8 from 71 sa m ples over 3 00 m of len g th on Line 5 (this resul t is not quot e d as an i n tercept as s ampling wa s taken from individual pits rather th a n as a conti n uous sample).
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Figure 3 – Uranium distributions deter m ined by Metal s Australia thro u ghout the Mil e 72 licence a rea. Assay results are plotte d over a conto u red plot of U3 O 8[ distribution] [s] . New work r e ported here i n corporates sa m pling along li n es 2A throug h 10A (outlined by stippled lines). Total stri k e length of ur a nium anomali s m now excee d s 10km and w idth is over 2km in places.
Table 1 - Highlights of last 154 assay results from sampling at Mile 72 (samples exceeding 1,000 ppm U3[O] 8[) ]
| Li N ne o Sample No 6 X1540 5 X1573 X1575 X1576 X1579 X1580 X1582 X1586 X1588 X1590 X1595 X1599 U308 (ppm) 1651 2511 1639 2865 1262 1698 13912 2877 1710 1117 2782 1081 Easting No 408071 75 407562 75 407555 75 407549 75 407542 75 407540 75 407534 75 407527 75 407523 75 407518 75 407510 75 407499 75 rthing 81416 81185 81191 81196 81202 81203 81208 81215 81218 81220 81226 81234 |
L ine No Sample No U308 (ppm) Easting No rthing |
|---|---|
| X1604 X1606 X1607 X1608 X1615 X1617 X1631 X1635 X1636 1957 2452 2665 1262 1127 1071 1486 1627 2653 407485 7 407482 7 407479 7 407478 7 407466 7 407459 7 407380 7 407370 7 407369 7 581243 581246 581248 581249 581259 581262 581313 581320 581321 |
|
| 2A X1672 X1684 1320 1556 407136 7 407080 7 579821 579862 |
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Pil o t shallow R C drilling p r ogramme
A short pilot pr o gramme of s hallow RC d rilling was completed at Mile 72, late in the March qua r ter. The pr o gramme w a s designed to test for s hallow sec o ndary calcr e te-hosted u r anium min e ralisation within ch a nnels; th a t is, min e ralisation o f a similar style to L a ngerHei n rich in Na m ibia and Y e elirrie in W estern Aus t ralia. The programm e is part o f the sys t ematic ap p roach being taken b y the Co m pany to thoroughly e x plore all p o ssible styl e s of uraniu m mineralisa t ion at Mile 7 2.
| Table 2 - High lights of RC D rill hole assay s |
Table 2 - High lights of RC D rill hole assay s |
Table 2 - High lights of RC D rill hole assay s |
Table 2 - High lights of RC D rill hole assay s |
|
|---|---|---|---|---|
| (sam ples exceedin From T g 100 o |
ppm U3O U308 **8) ** |
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| Hole No. | (m) | (m ) |
(ppm ) |
|
| M 72RC0167 |
3 | 4 | 324.2 | |
| M M M 72RC0213 72RC0054 72RC0067 |
2 1 2 |
3 2 3 |
317.2 316.0 292.4 |
|
| M 72RC0162 |
3 | 4 | 241.7 | |
| M 72RC0046 |
2 | 3 | 221.7 | |
| M 72RC0213 |
0 | 1 | 220.5 | |
| M M 72RC0047 72RC0061 |
3 0 |
4 1 |
214.6 187.5 |
|
| M 72RC0067 |
3 | 4 | 187.5 | |
| M M M 72RC0077 72RC0029 72RC0049 |
2 0 2 |
3 1 3 |
158.0 141.5 134.4 |
|
| M 72RC0087 |
3 | 4 | 113.2 | |
| M 72RC0049 |
1 | 2 | 108.5 | |
| M 72RC0144 |
2 | 3 | 107.3 | |
| M 72RC0054 |
2 | 3 | 104.3 |
Alth o ugh some v ery encour a ging result s were M 72RC0067 3 M 72RC0077 2 rec e ived (Tabl e 2), it is clear, in the areas M 72RC0029 0 test e d, that th e re is no significant c a lcrete- M 72RC0049 2 hos t ed deposi t present in the shallow M 72RC0087 3 sub s urface. The presence of u r anium M 72RC0049 1 min e ralisation within th e bottom- o f-hole M 72RC0144 2 M 72RC0054 2 sa m ples sugg e sts that there is ample opp o rtunity for d eeper Rössing-style mi n eralisation i n the drilled a reas.
The gravel are a s targeted by the dril l ing were i m mediately a djacent to areas of k n own sub c ropping ur a nium anom a lism. All h o les were a b le to penetrate the gr a vels, which vary fro m 0-5m thick (Figure 8).
Anomalous ura n ium minera l isation occ u rs in the b a se-of-hole sampling in s everal loca t ions. The s e encoura g ing results c onfirm ura n ium mineralisation in th e underlying basement r ocks whi c h are mostl y alaskite, g r anite and bi o tite schist.
Ass a y results f r om the drilling were r e ceived in M ay 2012 and sevente e n (17) of these sa m ples excee d ed 100 pp m U3O8 (Tabl e 2). Despit e the wide spacing of th e lines, ther e are distinct north-easterly correl a tions of bot t om-of-hole results between lines. T h ese correlations dire c tly follow t h e north-ea s terly strike of the schi s ts, granites and alaskit e throughout the Project area.
A n e w phase o f exploration at Mile 7 2 The elimination o f Langer H e inrich-style calcrete-ho s ted mineralisation from t he present list of targ e ts at Kudu-Impala mea n s that Met a ls has mov e d into a ne w phase of e x ploration at Mile 72. The clear t a rget is now primary ur a nium miner a lisation wit h in the gran i te-schist-al a skite bas e ment sequ e nce. Prima r y mineralis a tion within t he licence a rea is mos t likely to be of a similar style to t h e Rössing a nd Husab d e posits.
Gra n ite-hosted primary uranium deposits are typi c ally high tonnage and moderate g rade (25 0 -600 ppm or 0.25-0.6 k g /t U3O8). A s such, the g rades enco u ntered at s u rface at Mile 72 are not expect e d to be encountered at depth but a re, rather, a surface e n richment fe a ture indi c ative of mineralisation at depth.
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Figure 7 – Satellite image of the Mile 7 2 licence are a , showing the r ecent RC drill fences. At K u du-Impala, N E Extension, a n d Central Areas, “weathered rock” areas h ave been tr e nch sampled and an initial 231 drillhole p rogramme has been comple t ed in the “gravel” areas in t he current pro g ramme.
Met a ls is prese n tly reviewin g in detail all historic an d recent data collected a t and around Mile 72. S ome of the key finding s to date incl u de:
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A regio n al geological assessm e nt shows t h at the Mil e 72 area h a s an equivalent propen s ity to gener a te alaskites (the hosts to uranium m ineralisatio n ) as the Al a skite Alley ar e a that cont a ins Rössing and Husab.
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Interpre t ation of the Kudu-Im p ala geolog y from geophysics sh o ws that u n ique geologi c al features, which m a y be imp o rtant in th e concentr at ion of uranium mineralisation, do n o t extend far beyond the EPL3308 licence bound a ry.
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Uraniu m that is co n centrated a t surface at Kudu-Impala must be s ourced fro m the basement sequenc e within the licence are a , and has n ot been transported in from elsewh e re.
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Ground w aters may h ave shifted the surface uranium an o malies relat i ve to subsurface mineralisation to a li m ited extent.
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For a mineralised p r ofile in this t ype of weat h ering envir o nment, we w ill expect t o see very high grades at surface, foll o wed by a z one of depl e tion (mayb e 20-50 m d e pth) that contains very lit t le or no mi n eralisation, f ollowed by fresh primar y mineralisat i on.
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Several targets hav e been iden t ified that re q uire further refining an d analysis pr i or to drilling a nd we expe c t to identify several mo r e as work p r ogresses.
Met a ls will co n tinue to assess and i n vestigate t he Mile 72 licence u s ing all methods nec e ssary. Pre p aration is p resently u n derway for a high-res o lution aero m agnetic s u rvey whi c h is sched u led to be undertaken in the com i ng quarter. This will b e used to refine targ e ting in ide n tified drill target areas. T he forthco m ing drilling programme will compri s e an array of deep (around 80-100 m), widely spaced hol e s over the c hosen targ e t areas. Thi s first pas s drilling pr o gramme will serve as a precursor to subseque n t more su b stantial res o urce defi n ition programmes.
TH E ENGO VA L LEY URANIUM PROJ E CT
The Engo Vall e y project ( E PL3306) is located in t he remote northwest o f Namibia i n the Skeleton Coast (National) P a rk. Access Permits are required to v isit the Sk e leton Coast Park and there are n o roads and n o habitable sites within the 16,000 k m[2] park.
In January 201 2 , Metals s u bmitted a d etailed Environmental O verview a n d Environmental Ma n agement Pl a n docume n t to the Na m ibian Minis t ry of Enviro n ment and T ourism (MET) to app l y for an En v ironmental Clearance a nd Access Permit to c o mmence surface exploration wor k at Engo V alley. Unf o rtunately, t h e quarter p assed with o ut receivin g the nece s sary per m its from th e MET on th e granting o f the cleara n ce. Metals i s continuing to liaise wit h the ME T and is m a king every endeavour to ensure t he early gr a nting of the Environmental Cle a rance and A ccess Per m it for Engo Valley. On c e granted, a programm e of field w o rk to ma p , sample a n d assess t h e Engo Va l ley Project area has b e en planned and is rea d y to co m mence at s h ort notice.
BASE MET A L PROJECTS, WE STERN AUSTRALIA
Met a ls currentl y holds an interest in two base met a ls projects i n Western A ustralia (Fi g ure 3).
The Manindi zi n c project is located aro u nd 500 km northeast of Pe r th and is b e ing explore d by Metals with a view to expanding the existing resources and examining t h e project's c opper pote n tial.
The Sherlock B a y base me t al joint ven t ure project is l o cated in t he Pilbara region an d is being ma n aged and explored by A ustralasian Resources Ltd (ARH). The project sur r ounds ARH ’ s Sherlock Bay nickel depo s it.
MANINDI ZIN C PROJECT
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Figure 3 – L ocation of the W estern Australian base m etals projects.
Dur i ng the qua r ter, a serie s of Fixed- L oop Timedo m ain Electro M agnetic (F L TEM) geo p hysical sur v eys were performed a t Manindi. These
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sur v eys were d esigned to validate a n d expand u pon the a n omalies d e tected duri n g a Ver s atile Time- d omain Elec t roMagnetic (VTEM) ge o physical su r vey over th e entire gro u p of ten e ments that w as perform e d in the pr e vious quart e r.
The FLTEM su r veys confir m ed each o f the VTE M anomalies, providing a number o f drill targ e ts at Mani n di. These t a rgets have the potential to significantly upgrad e the resour c e at Ma n indi and ha v e been ran k ed for futur e drill testing
The Manindi zinc project is a significant resource lo c ated in the M urchison District of We s tern Aus t ralia, 20 km southwest o f the defun c t Youanmi g old mine.
The deposit is a volcanogenic massive s ulphide zin c deposit, co m prising a s e ries of lenses of min e ralisation t h at have been folded, sh e ared, faulted, and possibly intruded by later dol e rites and gabbros. T h e style of m i neralisation is similar to other base m etal sulphi d e deposits in the Yilg a rn Craton, particularly Golden Gr o ve to the w est of Manindi at Yalg o o, and Teutonic Bor e -Jaguar in the Eastern G oldfields.
Met a ls has prev i ously delineated a JOR C resource o f:
1.354 million tonnes @ 6.04% Zinc, 0.25% Copper, 3.4 g/t Silver & 0.25 g/t Gold
| The | resource is |
divided into the following categories (at a 1% Zin c cut-off): |
divided into the following categories (at a 1% Zin c cut-off): |
|---|---|---|---|
| Meas ured |
4 97,000 tonn es @ 7.32% Zinc |
||
| Indic ated |
4 38,000 tonn es @ 6.38% Zinc |
||
| Inferr ed |
4 19,000 tonn es @ 4.14% Zinc |
SH E RLOCK BA Y EXTENDED BASE ME T AL PROJE C T
The Sherlock B a y Extended project is c o mposed of two Exploration Licenc e s (E47/176 9 and E47/1770), which surroun d the main Sherlock Bay nickel deposit ( w holly owne d by Aus t ralasian Resources Ltd - ‘ARH’). T h e project is prospective for nickel, c o pper, silve r and gol d mineralisat i on.
The project is a joint ventu r e between A RH (70% interest) and Metals (30 % interest). ARH are t he manage r s of the project, with Metals being ‘f r ee-carried’ through to th e completio n of a ban k able feasib i lity study and the decisi o n to comm e nce comme r cial mining.
AR H have advi s ed that the r eview of th e recent ma p ping and biogeochemic a l survey w o rk is still being concl u ded.
As a means to further und e rstand the newly attai n ed biogeochemical dat a and pote n tially gen e rate additi o nal targets a series o f Hyperspe c tral studies were com m issioned i n the pre v ious quarte r .
The company h as now been able to combine th e information generate d by Global Ore Dis c overy (proc e ssed HyM a p data) wit h the DTM d ata and the biogeoche m ical assay d ata. As a result of t h is work a biogeochemi c al sampling programme has been designed to c over all tenements w ithin the S h erlock proj e ct area. Fi g ure XX bel o w shows h ow HyMap data cle a rly identifie s the margin of the Cain e s Well Gra n ite on the northern part of E47/176 9 , an are a that will be tested in th e coming bio g eochemical programm e .
Approximately 2 ,600 samples are ex p ected to b e collected in the co m ing quarter and sub m itted to G e nalysis for a ssay. Field work is ex p ected to span approxi m ately five w eeks and assays are l ikely to be r e ceived earl y in the four t h quarter.
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Bio g eochemical sampling h a s been sh o wn to identify nickel anomalism as s ociated wit h the Sherlock Bay Nickel Deposi t . With seve r al areas of a nomalism i d entified bey o nd the Sherlock dep o sit area by previous s a mpling pro g rammes it is hoped th e currently p lanned wor k will giv e the compa n y a number of targets s u fficient to ju s tify a combined drilling p rogramme.
G O LD PRO J ECTS, VICTORI A
Met a ls holds t w o low impa c t exploratio n licences i n western V i ctoria (Figu r e 4). The S outh Arn a ud (EL524 2 ) and Wedderburn (E L 5243), proj e cts contain significant h istoric wor k ings that have received little mo d ern and sys t ematic exploration. During the quar t er the Scar s dale (EL 5 244) and M oyston (EL5245) proj e cts were s urrendered as they d i d not mee t the Co m pany’s exploration crite r ia.
The results of the regional aeromagne t ic surveys w ere receiv e d at the e n d of the q u arter (Figure 5). The data is of very high q uality and w ill enable identificatio n of gold targets throughout the project ar e as. Analysi s and inte r pretation o f the data is schedul e d to co m mence shortly.
The Victorian Goldfield s wer e discovere d in the gol d rus h es of the mid-1800s , with all sign i ficant gol d min i ng activity ceased b y 193 0 . Govern m ent record s sho w that nu m erous gol d pro s pects, m ines an d occ u rrences ar e document - ed w ithin the lic e nce areas.
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Figure 4 – Location of the Wedderb u rn and Sout h Arnaud projects in wes t ern Victoria. Yellow dots represent gold de p osits and prospects, and t heir distributio n highlights the rich gold belts o f Victoria.
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Figure 5 – Results of the magn e tic surveys ov e r the Wedder b urn (top right) and South Arnaud (bottom l e ft) projects in w estern Victoria.
Norman Grafton
Company Secretary Metals Australia Ltd
For further information please contact
Nor m an Grafton – Compan y Secretary + 6 1 8 9481 7833
Or consult our website:
w ww.metals a ustralia.co m .au
Competent Persons Declaration
The i n formation in this release relating to the geology an d exploration res u lts of the project s owned by Metalls Australia Ltd is based on information compile d by Mr Kieron Munro, Exploration Manager for Me t als Australia and a full time consulltant to Metals A u stralia. Mr M u nro is a membe r of The Australia n Institute of Geo s cientists, a Recognised Professio n al Organisation bby the Australasi a n Joint Ore R eserves Committee, who has sufficient experie n ce relevant to t he style of min e ralisation and tyypes of deposits under consi d eration and to t h e activity which is being underta ke n to qualify as a Competent Per s on as defined in the 2004 Editio n of the “Aust r alasian Code for Reporting of Exploration Results, M ineral Resource s and Ore Reserv e s”. Mr Munro connsents to the incl u sion in this r e port of the matte r s based on his in f ormation in the f o rm and context i n which it appear s . Forward-Looking Statements
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This d ocument may i n clude forward-looking statement s . Forward-lookin g statements include, but are nott limited to, stat e ments conc e rning Metals Aus t ralia Ltd’s plann e d exploration pro g ramme and oth e r statements that are not historical facts. When use d in this docu m ent, the words s uch as "could," "plan," "estimate," "expect," "intend," "may”, "potenti a l," "should," and similar expressi o ns are forwa r d-looking statem e nts. Although M e tals Australia Lt d believes that its expectations refl e cted in these forwward-looking stat e ments are r e asonable, such s tatements involv e risks and uncer t ainties and no a s surance can be g iven that actual rresults will be co n sistent with t h ese forward-loo k ing statements.
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