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METEORIC RESOURCES NL Capital/Financing Update 2021

Oct 24, 2021

65311_rns_2021-10-24_dc06a130-016d-491f-b210-5dce87e46ff0.pdf

Capital/Financing Update

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25 October 2021

ASX ANNOUNCEMENT

640m Zone of Anomalous Copper Mineralisation

Deep drilling confirms presence of a significant porphyry system

Highlights

  • Initial 3-hole program completed for 2400m of diamond drilling

  • Observed porphyritic intrusives, veining and alteration indicate presence of a magmatic hydrothermal (porphyry) mineralised system

  • Significant thickness of anomalous copper reported in hole JUDD043 in excess of 600m at greater than 200 ppm copper

  • Scoping Study for the development of Juruena Gold deposits has commenced and Mining licence applications underway

Meteoric Resources NL ( ASX: MEI ) (the Company ) is pleased to announce results from the Deep Diamond drill hole program to test the Porphyry Au-Cu potential of a giant IP chargeability anomaly detected in late 2020 (ASX:MEI 09/12/20).

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Figure 1: Drill hole location map JUDD042‐044 showing: deep IP chargeability pseudo‐ sections, fertile intrusive lamprophyres (beige), shells of high magnetism (red) from 3D inversion of magnetics, and major structures. Arrow highlights the enormous size of the geophysical anomaly.

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Dr Andrew Tunks Meteoric’s Managing Director said:

Although we have not yet discovered economic porphyry copper-gold mineralisation at Juruena, the drilling has confirmed the presence of a significant porphyry system. The recognition of the porphyry system is underpinned by the diagnostic veining and alteration zones we have observed in the deep drilling. The porphyry copper potential is best exemplified by the 640m thick zone of copper mineralisation enriched 100 times above local background copper levels that was intercepted in hole JUDD043. When we couple this thick intersection with the several new gold zones intercepted in the drilling and the enormous IP Chargeability anomaly discovered and announced to the market late last year[1] the potential for a discovery of an economic porphyry system remains high.

Exploration for Tier 1 Porphyry Cu deposits such as our target at Juruena is high cost, high risk exploration and on this basis, we have decided to seek a major partner to further advance this obvious and exciting opportunity. The Alta Floresta Belt continues to be the focus of multiple major mining and exploration companies carrying out belt-wide geophysical surveys to identify porphyry copper exploration targets. MEI has fielded numerous requests for data and conducted several initial site visits to Juruena.

While we conduct the process of looking for a project partner on the copper gold porphyry exploration the Company will continue to forge ahead with development plans for exploiting its current gold resources at Juruena. We have recently commenced work on a Scoping Study for the development of the Dona Maria, Querosene and Crentes gold deposits with GE 21, a Brazilian Mining Consultancy while at the same time commencing the application process for Mining Licences over the key areas proposed for open-pit and underground mining.

Details of Juruena Porphyry System

The Company has completed all drilling and received all assays from the initial three-hole program of the Juruena Deep Drilling program designed to test the Porphyry Au-Cu potential of the significant IP chargeability anomaly announced to the market on Dec 9[th] 2020.

The drilling program completed three holes (JUDD042-044) for 2421m of diamond drilling and intercepted a large Cu-Au enriched magmatic hydrothermal system centered on a series of intrusive, intermediate porphyries. Within this enormous magmatic hydrothermal alteration system Company geologists documented two (2) distinct geochemical associations: 1) an epithermal style of mineralisation with gold (Au) + silver (Ag) ± tellurium (Te), and 2) a porphyry style of mineralisation with characteristic propylitic alteration and anomalous copper (Cu) + molybdenite (Mo) grades (up to 0.9% Cu up to 0.5% Mo) that represent copper enrichment which is two orders of magnitude above background (background 2 ppm Cu in unaltered granite at Juruena). This is best seen in JUDD043 with 640m @ 206 ppm Cu (Table 1) within a thick zone of propylitic alteration centered on a cluster of intermediate porphyry intrusives.

On the other hand, epithermal mineralisation is characterised by phyllic alteration (sericite) very similar to that observed at Dona Maria and Querosene which contain a high-grade gold Mineral Resource of 980Kt @ 10.4 g/t Au for 326,000 Ounces of gold (ASX:MEI 15/06/2021).

Significantly, whilst JUDD042 and JUDD044 show a predominance of epithermal alteration overprinted with pulses of porphyry contribution (Cu and Mo), JUDD043 presents a more classic porphyry style of veining and alteration related to the emplacement of intermediate, porphyritic intrusives. Within JUDD043 the presence of over 600m of strongly altered host rocks averaging over 200ppm of Cu coupled with an IP chargeability anomaly that is over 2km long x 1.5km wide (ASX:MEI 09/12/2020 & Figure 1) highlight the enormous size of the magmatic hydrothermal system at Juruena.

1 ASX:MEI - Giant IP Anomaly Identified at Juruena - 9/12/2020

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Table 1: JUDD042 – 044: Intercepts Table (copper).

Hole ID From(m) To(m) Interval(m) Cu Grade(ppm)
JUDD042 15.00 33.00 18.00 120
102.00 112.00 10.00 143
261.50 353.00 91.50 117
392.00 475.00 83.00 186
502.00 591.00 89.00 213
614.20 648.00 33.80 147
694.00 759.00 65.00 103
Significant assay 905 906 1.00 9600
936.00 946.00 10.00 444
including 939.20 940.60 1.40 2452
JUDD043 110.20 765.80 655.60 202*
including 129.00 133.00 4.00 509
and 196.00 214.00 18.00 490
and 230.00 232.00 2.00 542
and 259.00 261.00 2.00 491
and 322.00 324.00 2.00 531
and 380.00 388.00 8.00 650
and 432.00 434.00 2.00 541
and 465.00 467.00 2.00 509
and 484.40 487.00 2.60 571
and 525.00 527.00 2.00 604
JUDD044 No Significant Cu Intercept

NOTE: min width 10m, lower‐cut 100pm Cu, max 10m internal dilution NOTE: inclusions – min 1m width, lower‐cut 500ppm Cu, max 2m internal dilution * includes up to 20m of internal dilution

Table 2: JUDD042 – 044: Intercepts Table (gold).

Hole ID From(m) To(m) Interval(m) Au Grade(g/t)
JUDD042 2.00 8.00 6.00 0.74
277.30 278.60 1.30 0.51
303.00 304.00 1.00 0.60
562.10 563.70 1.60 0.91
748.00 749.20 1.20 0.83
761.00 763.00 2.00 0.82
JUDD043 137.00 138.00 1.00 0.70
240.00 244.00 4.00 2.89
378.40 380.00 1.60 0.79
587.00 588.00 1.00 0.98
JUDD044 296.00 297.00 1.00 0.49
338.00 339.00 1.00 0.65
603.40 607.40 4.00 1.11

NOTE: min width 1m, lower‐cut 0.5g/t Au, max 1m internal dilution

Table 3: JUDD042 ‐ 044: Intercepts Table (molybdenum).

Hole ID From(m) To(m) Interval(m) Mo Grade(ppm)
JUDD042 270.60 271.10 0.50 195
298.00 299.00 1.00 416
309.50 310.00 0.50 108
315.00 315.50 0.50 201
319.00 322.00 3.00 247
442.80 443.30 0.50 148
448.20 448.70 0.50 5720
509.00 510.00 1.00 122
517.00 518.00 1.00 109
523.00 524.00 1.00 257
624.00 625.10 1.10 115
729.50 730.00 0.50 121
734.00 735.00 1.00 159
JUDD043 188.00 189.00 1.00 102
212.00 214.00 2.00 198
320.00 321.00 1.00 122
JUDD044 0.00

NOTE: min width 0.5m, lower-cut 100ppm Mo, max 1m internal dilution

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Vectors towards economic Porphyry Cu mineralisation

Hydrothermal alteration haloes to economic Porphyry Cu mineralisation are interpreted using a combination of visual mineral percentages, multi-element geochemistry (including alteration Indexes), and spectral analysis. The dominant hydrothermal alteration haloes intersected were; propylitic, potassic, and phyllic (Photos 1a, 1b, and 1c respectively). The resultant alteration zonation observed will assist future vectoring studies towards major sources of economic Porphyry Cu mineralisation.

JUDD042 and 044 showed a predominance of pyrite-rich phyllic alteration. It was commonly seen overprinted by later carbonatisation and silicification. JUDD043 however was significantly different showing a change in the intensity and abundance of alteration minerals and sulphide content, namely the presence of chalcopyrite, bornite and molybdenite.

The accompanying propylitic alteration associated with the copper and molybdenite minerals (Photo 01a) overprinted diorites and locally some minor late-stage porphyry intrusions. This propylitic alteration also overprinted earlier fingers of potassic alteration with associated quartz veinlets.

Elsewhere, although overprinted by other later hydrothermal events (silicification and late propylitic), we see preserved strong phyllic alteration (JUDD042 & 044). Gold mineralisation (where it is present) is almost exclusively associated with this phyllic-style of alteration. Phyllic alteration is characterised by sericite, phengite and pyrite occurring as vein selvedges and is very similar to the phyllic alteration associated with gold resources at shallower levels in the Dona Maria and Querosene deposits.

Potassic alteration was also well developed and observed in JUDD043, together with the strongest Cu and Mo anomlaism and is characterised by K-feldspar veins and halos. These high temperature alteration assemblages are associated with copper sulfides (Photo 01b). Vein textures (widespread D-style veins within aplite dykes in JUDD042 versus abundant B- style veins in JUDD043), plus the changing mineralogy of sulphides and alteration minerals suggests an increasing temperature gradient towards JUDD043.

In considering the hydrothermal alteration haloes described above as vectors towards Cu-rich ore associated with a classic zoned Porphyry Cu deposit one might expect economic copper mineralisation to be proximal to JUDD043 with its propylitic alteration and anomalous Cu grades as opposed to predominantly phyllic alteration observed in JUDD042 and 044.

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Figure 2: Drillhole collar plan with geology background – highlighting the 3 deep porphyry exploration holes and the shallow epithermal gold resources.

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Photo 1 a) propylitic alteration 1 with associated Cu minerals.

Photo 1 b) ‘B’ type veinlets and associated potassic alteration. Note the Cu mineral related to alteration.

Photo 1 c) intense phyllic alteration (sericite), similar to that which hosts high-grade gold mineralisation at Dona Maria and Querosene.

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Competition for Exploration in the Alta Floresta Province

During the last 30 years the Alta Floresta Polymetallic Belt ( AFPB ) has recorded substantial gold production, mostly from artisanal mines with more than 5Moz Au registered on the official government production register. The exploration focus on gold by all companies has reflected that. However, during the last 5 years the exploration focus across the province has changed substantially after a major porphyry Cu-Au discovery at Jaca (in the east of the Belt) by Anglo American.

There was a general recognition that the known gold deposits along the AFPB can be classified as low to intermediate sulphidation epithermal deposits. Consequently, they likely represent only the shallowest parts of much larger, major magmatic systems (Porphyry Au-Cu). Exploration in the province has evolved and there is an increased focus on the CuAu potential associated with these porphyry systems. This has resulted in a rush for claims with the province now almost entirely under license (approximately 3M Ha). This rush has been led by several major Brazilian and international companies.

Recent and continuing work by these companies includes the collection of large scale digital airborne geophysics with follow up drilling programs expected to follow. In addition, mid-tier companies are also investing in the Cu potential. Whilst this new exploration focus occurs the existing (junior) companies continue to aggressively exploit and explore for additional shallow epithermal gold deposits. All this combined activity arguably makes the AFPB one of the major ‘Exploration Hubs’ in Brazil at the present time, and an attractive destination for Meteoric to continue exploring for shallow epithermal gold and also welcome a partner to assist in the exploration for a significant deeper Porphyry Au-Cu deposit on its licenses.

Juruena Gold Project – Scoping Study

During 2021 the Company updated the Mineral Resources for Juruena on June 15[th] 2021.

Prospect & Depth
RESOURCE
CATEGORY
CUT-OFF
(g/t)
TONNES
GRADE (g/t)
GOLD
(oz)
Prospect & Depth
RESOURCE
CATEGORY
CUT-OFF
(g/t)
TONNES
GRADE (g/t)
GOLD
(oz)
Prospect & Depth
RESOURCE
CATEGORY
CUT-OFF
(g/t)
TONNES
GRADE (g/t)
GOLD
(oz)
Prospect & Depth
RESOURCE
CATEGORY
CUT-OFF
(g/t)
TONNES
GRADE (g/t)
GOLD
(oz)
Prospect & Depth
RESOURCE
CATEGORY
CUT-OFF
(g/t)
TONNES
GRADE (g/t)
GOLD
(oz)
Prospect & Depth
RESOURCE
CATEGORY
CUT-OFF
(g/t)
TONNES
GRADE (g/t)
GOLD
(oz)
All < 100m Indicated 0.8 150,000 13.7 66,300
All > 100m Indicated 2.5 136,300 20.6 90,500
Indicated Sub Total 0.8 286,300 17.0 156,800
All < 100m Inferred 0.8 1,211,000 3.5 134,700
All > 100m Inferred 2.5 423,000 7.0 95,800
Inferred Sub Total 2.5 1,634,000 4.4 230,500
Global MRE
1,920,500
6.3
387,200

On the basis of the increase in resource estimates, the Company has commenced a Scoping Study to quantify the underlying economics of development of a stand-alone gold operation at Juruena. A Brazilian Mining Consultancy GE 21 has been contracted to: review the Mineral Resource Estimate, complete initial open pit and underground mine designs, propose a process route, schedule mine production, personnel requirements and formulate an economic model for the project. The results of the Scoping study will be reported in Q1 2022.

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This announcement has been authorised for release by the Directors of the Company.

For further information, please contact:

Dr Andrew Tunks Victoria Humphries Managing Director Investor and Media Relations Meteoric Resources NL NWR Communications E: [email protected] E: [email protected] T: +61 400 205 555 T: +61 431 151 676

The information in this announcement that relates to mineral resource estimates and exploration results is based on information reviewed, collated and fairly represented by Mr Peter Sheehan who is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Mr Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Sheehan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Additionally, Mr Sheehan confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

Appendix 1 – Drill Collar Location Table

Prospect Hole ID Hole
**Type **
Easting Northing RL Dip Azimuth Final
Depth
Uliam‐Mauru JUDD042 DD 327268 8989916 210 ‐80 30 946
Claudio Baarbosa JUDD043 DD 326534 8990240 213 ‐75 10 821
Claudio Baarbosa JUDD044 DD 325964 8990132 240 ‐75 10 654
2,421

* Geographic Datum: UTM_SAD69 (z21S)

Appendix 2 – JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections).

**Criteria ** Commentary
Sampling  Diamond core was split in half lengthways and sampled at 1.0 m intervals inside alteration zones and 1.0 m intervals outside
techniques this. Half core was retained on site in Juruena for future reference.
 Samples were placed in high density plastic sample bags and sealed shut with cable ties.
 Sample mass varied according to the sample length, typically mass varied between 1‐ 6kg.
Drilling  Coring was done by Willemita Sondagens Ltda using a Sondas MACH‐1200 diamond drill rig with conventional wireline
techniques technology. It had a capacity of 600 (six hundred) meters deep in HQ diameter and 1,000 (one thousand) meters in NQ, and 1,200
(twelve hundred) metres in BQ.
 Holes were collared to fresh rock using HQ diameter, and the hole was completed using NQ diameter.
 Drilling was standard tube (not triple tube).
 Drill hole inclinations ranged from ‐45 to ‐77 degrees.
 Down‐hole surveys were carried out by Willemita at the completion of each hole using a MAXIBORE 2 tool.
 The drill was oriented every 3m in NQ core using a REFLEX ACT2 tool.
Drill sample  Diamond core recovery is recorded by measuring the length of core recovered compared to the length drill run. Drill
recovery recoveries were considered very good with over 90% of the drill runs > 90% recovery.
 Gold mineralisation does not apparently correlate to zones of low sample recovery; sample bias due to poor sample recovery
is therefore not believed to be an issue.

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**Criteria ** Commentary
Logging  All drill‐holes are geologically and geotechnically logged, and the data stored in a digital database.
 Logging of diamond drill‐core is a combination of qualitative and quantitative and records: weathering, colour, texture,
lithology, alteration, mineralisation, and structure.
 The core is also photographed and catalogued.
Sub‐  Diamond drill‐core is cut in half lengthways using a diamond saw. The core is consistently cut to the right of a cut/orientation
sampling line (looking downhole), and piece of core without the line is sampled. This ensures samples are representative and minimises
techniques any bias.
and sample
preparation
 Duplicate samples are routinely done by cutting half of the core for sampling into quarter, and both pieces are analysed.
 Sample lengths are determined by geology: 1.0m inside alteration zones and 1.0m outside them. This is considered
appropriate for the style of mineralisation.
Quality of  Sample preparation was undertaken by ALS Laboratories (Goiania, Brasil). Preparation included: coarse crushing of entire
assay data sample, fine crushing to 90% passing 2mm, and pulverising a 1 kg split to 95% passing 106um.
and
laboratory
 The samples were analysed for Au by ALS Laboratories (Lima, Peru) using Fire Assay Au‐AA26 with 50g aliquots followed by
Atomic Absorption Spectroscopy (AAS), a technique designed to report total gold. On occasions where ‘visible gold’ was present
tests or Fire Assay results were >100g/t Au a Screen Fire Assay (Au‐SCR24) was requested. These are considered appropriate methods
for this style of mineralisation. Additionally, a multi element suite of ME‐MS61 48 element 4 acid ICP‐MS was done.
 Standards (certified reference material), blanks and duplicates were inserted into the sample stream at the rate of 1:20,
1:25 and 1:40 samples, respectively for the sample batches of 50.
 Routine analysis of the results of the Blanks, Standards and Duplicates are carried out and any variation away from pre‐
determined limits are discussed with the lab. Any issues not resolved to Meteoric’s satisfaction are re‐analysed on a batch basis.
No external check laboratory assays have been completed on these samples.
 The coarse and pulp sample rejects from the preparation and analytical laboratories were retained and stored at the
laboratory, allowing for re‐assaying in the future if required. All pulps are stored indefinitely.
Verification  Significant intercepts have been checked and replicated by the Independent qualified person for this release. Meteoric
of sampling geologists also revisit the drill core for visual inspection and verification.
and
assaying
 All drill‐hole data is recorded in Microsoft Excel spreadsheets and appended/merged into a Microsoft Access database. The
entry of data is controlled by a database administrator. Standardised geological codes and checks have been employed to ensure
standardised geological logging and required observations performed. The database is stored by a ‘Cloud’ storage service. Work
procedures exist for all actions concerning data management.
 No twin holes were employed in this drilling campaign.
 No adjustments or calibrations were made to any assay data .
Location  Collar surveys are initially performed using handheld GPS with accuracy to ~5m . A licensed surveyor will check the locations
of data using a total station (later in the field season. All drill‐holes have been checked spatially in 3D and all obvious errors addressed.
points  The grid system used for all data types in a UTM projection, SIRGAS2000 Zone 21 Southern Hemisphere.
 Topographic control in the area of the drilling is generally poor (+/‐ 10m), control is made using topographic maps and hand‐
held GPS.
Data  The drilling carried out is on a variable grid, depending on the targeting stage of the drilling. Grid spacing varies from 25m x
spacing and 25m to approximate 50m x 50m grid, both horizontally and vertically (in the plane of the mineralised structure, which is sub‐
distribution vertical).
 The density of information is considered insufficient for conducting a mineral resource estimate to the standards required by
the JORC 2012 mineral resource code.
 No compositing was applied.
Data  The drilling carried out is on a variable grid, depending on the targeting stage of the drilling. Grid spacing varies from 25m x
spacing and 25m to approximate 50m x 50m grid, both horizontally and vertically (in the plane of the mineralised structure, which is sub‐
distribution vertical).
 The density of information is considered insufficient for conducting a mineral resource estimate to the standards required by
the JORC 2012 mineral resource code.
 No compositing was applied.
Orientation  Mineralised structures were targeted and planned to be intersected so that minimal sample bias would occur. All structures
of data in were planned to be intersected as perpendicular as possible and to pass through the entire structure .
relation to
geological
 Wherever possible, all drill holes were oriented to intersect the intended structure perpendicular to the strike and a
minimum of 40 degrees to the dip of the mineralised zone. The mineralised structures are visible from within the artisanal
structure miners' workings which allowed drill holes to be oriented to minimise introducing a sample bias.
 None of the reported significant intersections are a result of intentional sample bias. There is discussion in the text as to
possible true widths.
Sample  Sampled core is packed flat in plastic bags and sealed with tape. These individual bags are then put in plastic woven bags
security which are tied and have a metal seal attached. A packing list (confirming the number of sacks for transport) is prepared and
samples are transported by Meteoric staff to commercial transport company in Nova Bandeirantes and recorded on a
consignment note.

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9

**Criteria ** Commentary
 Upon receipt at the laboratory, samples were checked in and the list of received samples immediately sent back to the
company' s database administrator as a security check that all samples were received, and all were fully intact and not opened.
Audits or  The sampling techniques and data have been reviewed by the Competent Person and are found to be of industry standard.
reviews  No audits were completed by any external parties.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

**Criteria ** **Commentary **
Mineral tenement  License details are shown in Appendix 3.
and land tenure
status
 There is an existing 1% net smelter return payable to a previous owner. There are three Garimpeiros mining licences
within the tenement package, allowing the Garimpeiros to legally work under certain restrictions. The tenements are not
subject to any native title interests but is located within the border zone around a national park. Within this border zone
further conditions may be required to gain an operating licence. Cattle grazing and legal timber felling are the two primary
industries and land uses for the area.
Exploration done  Garimpeiros first discovered the mineralised areas around Juruena in the 1970's . Garimpeiros have been active in the
by other parties region since, recovering gold from alluvial, colluvial and some oxidised rock. The area has been explored on and off from the
mid 1990's through to the present, with the majority of drilling taking place over the last four to five years.
 Madison Minerals Ltd first explored and carried out some drilling evaluation of the Juruena core area in 1995/1996.
Lago Dourado Minerals drill tested several anomalies and zones from 2010 to 2013. All work undertaken by
Lago Dourado Minerals was performed to a JORC compliant standard and the data generated is considered sufficient to be
used for a JORC compliant mineral resource estimate, should further results confirm continuity, grade and geological
interpretation in the future.
Geology  The Juruena mineralisation is considered to have resulted from magmatic activity (intrusions and fluids) which could be
sourced from a gold rich source rock and concentrated along structural zones. The mineralisation is hosted by
Paleoproterozoic volcanic and granitoid rocks of varying composition. The host rocks are found within the Juruena‐
Rondonia block of the Amazon Craton.
Drill hole  See body of report
Information
Data aggregation  Significant intercepts are calculated using a 0.5 Au ppm lower cut‐off, no upper cut, and up to 4m of consecutive
methods dilution. Sample intervals were not equal to 1 m were weight averaged.
Relationship  As far as practically possible and with the geological interpretation available, The drill targets were tested with the aim of
between intersecting the interpreted mineralised structure as perpendicular as possible to the strike. All positive holes to date
mineralisation intersected the mineralisation are minimum of 40 degrees to the dip, which will cause a slight overstatement of the actual
widths and intercept width. All results are reported as downhole widths.
intercept lengths
Diagrams  See included Figure(s) in the announcement.
Balanced  Where results are reported the company intends to report all significant intercepts either in the text or as an Appendix.
reporting
Other substantive  No other substantive data is mentioned in this release.
exploration data
Further work  Further work is discussed in the body of the report.

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10

Appendix 3: Table of Brazil Licences for Juruena and Novo Astro Projects

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