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MINDAX LIMITED — Capital/Financing Update 2022
Nov 16, 2022
65308_rns_2022-11-16_8c0bb478-1331-435f-881a-caaa89a4b87d.pdf
Capital/Financing Update
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MT FORREST PROJECT UPDATE
ASX ANNOUNCEMENT
17 November 2022
ASX Code: MDX ABN: 28 106 866 442
Principal Address and Registered Office Level 1, Suite 3 17 Ord Street West Perth WA 6005 Telephone: +61 8 9389 2111 Email: [email protected]
Investor Enquiries Mr Benjamin Chow AO Chair Telephone: +61 8 9389 2111 Email: [email protected]
HIGHLIGHTS
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A further 6,451m of RC and 1,189m of diamond drilling was completed at the project targeting the MF1 and MF6 prospects and this concludes the exploration drilling programme.
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A grand total of 41,437.8 m was drilled which includes 38,044m of RC drilling for 123 holes and 3,393.8 m of diamond drilling for 12 holes.
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Iron assays for MF2 have reconfirmed the continuity and thickness of the high-grade magnetite bands previously intersected and extended the strike length to up to 3km through areas that had previously not been drilled (refer to figure 6). Individual Banded Iron Formation (BIF) units have returned intercepts up to 100m width with Davis Tube Recovery (DTR) assays of greater than 68% iron and less than 10% silica (refer to figure 8).
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Assays from MF2 have defined a new BIF unit to the east of the main ridge which has the potential to add additional high-grade mineralisation to the prospect.
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RC Drilling was completed at MF6 and has confirmed the presence of high-grade magnetite within the BIF units and assays are expected to be returned during Q4 2022.
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Geological interpretation of the drilling results and 3D modelling of this mineralisation is well underway and is on target for handover to a third party to generate an updated mineral resource estimate for MF1, MF2 and MF6 which is due for completion in Q4 2022.
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Mindax Ltd (ASX: MDX, “Mindax” or “the Company”) is pleased to provide an operational update regarding exploration activities at the Mt Forrest Iron Project. The Company, Norton Gold and the Company’s wholly owned subsidiary Yilgiron Pty Ltd (“Yilgiron”) executed a Subscription Agreement, Shareholders Agreement, Management Agreement and other associated documents on 22 July 2021. The parties formed an incorporated joint venture for the purposes of continuing exploration on and achieving the earning conditions for the Mt Forrest Iron Project where Norton Gold has the right to earn a 19.9% joint venture interest in the Mr Forrest iron project by sole funding AUD$20 million of exploration work.
MINDAX LIMITED | www.mindax.com.au
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A total of 6,451m of RC and 1,189m of diamond drilling has been completed since 1 July 2022 to complete the planned exploration programme with a grand total of 38,044m of RC and 3,393m of diamond drilling being completed since exploration work on the project resumed in September 2021. Drilling completed focussed on testing the MF6 prospect with infill drilling on existing drill lines to provide additional sample and drill definition information to assist in the generation of a new resource estimate for the project. Assays returned were from MF1 and MF2 where infill drilling was conducted in the first half of 2022.
MF1 Definition Drilling
A small amount of infill drilling was completed at MF1 with two RC holes for 472m and three diamond holes for 1,189m being completed. The holes were designed to confirm the BIF unit contact positions to assist in geological interpretation prior to the resource estimation being completed. Several encouraging iron assays were returned including a best DTR result in hole MFC0664 of 88m at 68.6% iron, 3.6% silica and 36.1% weight recovery from 280m (refer to figure 7). The new assays have confirmed strong continuity for the interpreted high-grade magnetite between 100m spaced drill holes both along strike and down dip.
MF2 Definition Drilling
No drilling was completed on the prospect, however numerous assay results from previously drilled holes were returned. The results are very encouraging as they confirmed that the BIF units at MF2 have consistent high-grade mineralisation of widths up to 100m thick over a strike length of 3km. Best results returned were MFC0646 with 199m (downhole width) at 68.9% iron, 4.3% silica and 49.6% weight recovery from 91m(refer to figure 8) and MFC18701 with 224m (downhole width) at 68.1% iron, 4.9% silica and 44.1% weight recovery from 81m .
These results have extended the strike length of the existing mineralisation to the north and south and also have delineated a new high grade BIF unit to the east of the main ridge and they show the potential for the prospect to contain a significant amount of high-grade mineralisation.
MF6 Definition Drilling
The bulk of the drilling focussed on this area with 18 RC holes for 5,979m being completed. The holes were designed to infill the historic drill lines to 100m a long strike and 100m along downdip and provide additional sampling information to allow for the generation of an updated mineral resource estimate to be included. Geological logging and magnetic susceptibility observations indicate that multiple BIF bands ranging in widths from 50m to 75m have been intersected by the drilling over an area 200m wide by 1.2km in strike. Composite samples from these holes were submitted to the laboratory and these DTR assays are anticipated to be returned during Q4 2022.
Future Work
Davis Tube Recovery (DTR) samples have been submitted for analysis and results received to date indicate there is a potential for significant recovery of magnetite via a magnetic beneficiation process. Average figures from the DTR work are included below (tables 1,2) for a 40-micron grind size. On receipt for all pending DTR assays that are awaited, an updated geological interpretation will be produced, and this will be used to generate a new resource estimate for the project. Work on the geological interpretation is underway and all assays are expected to be returned in early Q4 with the new resource expected to be complete by the end of Q4 2022.
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Figure 1: MF6 RC Drill Collar Location
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Figure 2: MF1 RC and Diamond Drill Collar Location
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Figure 3: MF2 North Drill Collar Location includes received assays.
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Figure 4: MF2 South Drill Collar Location includes received assays.
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Figure 5: MF1 Drill Collar Location includes received assays.
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Figure 6: MF2 drill collar locations drilled as part of the exploration programme showing the strike length of BIF with the previously undrilled areas where new drilling has intersected high grade mineralisation.
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Figure 7: Representative cross section at 6824275mN from MF1 showing latest returned assay results with interpreted BIF units. Bars are iron grade above 60% and traces show silica with blue less than 5% Si and yellow 5-10% silica.
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Figure 8: Representative cross section at 6817550mN from MF2 showing latest returned assay results with interpreted BIF units. Bars are iron grade above 60% and traces show silica with blue less than 5% Si and yellow 5-10% silica.
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Table 1: Mt Forrest – MF1 RC Drill DTR Assays reporting above Fe 60% and below 10% Si cut-
off. Several DTR results were returned and fall below the reported cut-off.
| (m) | (%) | Concentrate Grade (%) | Concentrate Grade (%) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Hole Number | Depth From (m) |
Depth to (m) |
Downhole Width |
Mass Recovery |
Fe | SiO2 | Al203 | P | S | LOI |
| MFC0664* | 123 | 126 | 3 | 21.4 | 65.0 | 8.8 | 0.18 | 0.03 | 0.20 | -2.9 |
| 186 | 190 | 4 | 27.9 | 66.9 | 6.1 | 0.15 | 0.01 | 0.02 | -3.0 | |
| 217 | 247 | 30 | 34.2 | 67.9 | 4.8 | 0.04 | 0.01 | 0.64 | -2.9 | |
| 278 | 368 | 90 | 36.1 | 68.6 | 3.6 | 0.04 | 0.01 | 0.59 | -2.8 | |
| 379 | 384 | 5 | 18.8 | 65.7 | 5.1 | 0.18 | 0.03 | 0.48 | -1.3 | |
| MFC0665* | 254 | 294 | 40 | 39.6 | 68.3 | 4.3 | 0.04 | 0.01 | 0.32 | -2.6 |
| 309 | 330 | 21 | 25.0 | 68.2 | 3.5 | 0.15 | 0.01 | 1.48 | -2.5 | |
| MFC0666 | 395 | 426 | 31 | 33.0 | 66.6 | 6.1 | 0.47 | 0.01 | 0.004 | -3.0 |
| MFC0668 | 103 | 163 | 60 | 43.9 | 69.5 | 2.67 | 0.03 | 0.01 | 0.01 | -2.9 |
| MFC0669 | 93 | 100 | 7 | 20.1 | 66.5 | 4.9 | 0.13 | 0.01 | 0.05 | -2.7 |
| 122 | 142 | 20 | 41.3 | 67.1 | 5.9 | 0.004 | 0.01 | 0.12 | -3.0 | |
| 157 | 202 | 45 | 43.3 | 67.6 | 5.5 | 0.06 | 0.01 | 0.14 | -3.1 | |
| 250 | 263 | 13 | 30.8 | 63.8 | 8.0 | 0.25 | 0.02 | 0.29 | -2.7 | |
| MFC0672 | 91 | 106 | 15 | 23.5 | 66.4 | 5.9 | 0.03 | 0.02 | 0.03 | -1.5 |
| 123 | 127 | 4 | 54.7 | 68.1 | 3.7 | 0.76 | 0.04 | 0.01 | -3.0 | |
| 135 | 145 | 10 | 50.7 | 65.4 | 7.9 | 0.50 | 0.03 | 0.01 | -2.9 | |
| 153 | 157 | 4 | 38.5 | 64.8 | 8.4 | 0.09 | 0.03 | 0.06 | -2.8 | |
| 180 | 190 | 10 | 37.5 | 66.7 | 5.7 | 0.06 | 0.02 | 0.27 | -2.9 | |
| 241 | 269 | 28 | 46.3 | 69.0 | 3.3 | 0.08 | 0.01 | 0.20 | -3.1 | |
| MFC0673 | 63 | 66 | 3 | 18.5 | 66.7 | 5.8 | 0.02 | 0.03 | 0.01 | -0.9 |
| 124 | 129 | 5 | 29.1 | 68.0 | 5.8 | 0.08 | 0.01 | 0.01 | -3.1 | |
| 164 | 184 | 20 | 39.9 | 67.5 | 67.4 | 4.90 | 0.05 | 0.82 | -2.8 | |
| 264 | 283 | 19 | 17.0 | 66.5 | 6.1 | 0.06 | 0.01 | 0.96 | -2.8 | |
| MFC0674 | 94 | 99 | 5 | 46.6 | 64.8 | 4.1 | 2.10 | 0.02 | 0.01 | -2.8 |
| 105 | 120 | 15 | 41.5 | 67.1 | 5.9 | 0.11 | 0.01 | 0.01 | -2.6 | |
| 135 | 140 | 5 | 37.2 | 69.5 | 3.1 | 0.03 | 0.01 | 0.01 | -3.1 | |
| 150 | 165 | 15 | 40.6 | 67.2 | 5.7 | 0.05 | 0.01 | 0.03 | -3.1 | |
| 223 | 233 | 10 | 38.3 | 67.1 | 5.2 | 0.02 | 0.02 | 0.28 | -2.9 | |
| 238 | 247 | 9 | 29.1 | 64.5 | 9.4 | 0.13 | 0.02 | 0.05 | -2.9 | |
| 289 | 294 | 5 | 33.5 | 66.0 | 7.8 | 0.04 | 0.02 | 0.09 | -3.0 | |
| 300 | 311 | 11 | 31.2 | 67.3 | 5.0 | 0.04 | 0.01 | 0.38 | -2.3 | |
| MFC0675 | 79 | 109 | 30 | 19.1 | 66.2 | 4.4 | 0.01 | 0.004 | 0.01 | -0.4 |
| MFC0676 | 24 | 49 | 25 | 7.9 | 66.1 | 3.9 | 0.02 | 0.02 | 0.01 | 0.7 |
| 124 | 174 | 50 | 43.1 | 69.1 | 3.3 | 0.02 | 0.004 | 0.01 | -2.8 | |
| 339 | 350 | 11 | 28.5 | 68.8 | 3.6 | 0.11 | 0.02 | 1.21 | -2.7 | |
| 410 | 415 | 5 | 37.8 | 65.6 | 6.3 | 0.01 | 0.03 | 0.24 | -2.8 | |
| MFC24204 | 139 | 180 | 41 | 31.9 | 68.1 | 4.7 | 0.03 | 0.01 | 0.28 | -2.2 |
| 184 | 193 | 9 | 16.1 | 60.4 | 3.8 | 0.35 | 0.02 | 0.12 | -2.3 | |
| 199 | 223 | 24 | 25.9 | 67.7 | 5.5 | 0.12 | 0.02 | 0.14 | -2.9 | |
| MFC24603 | 144 | 149 | 5 | 48.1 | 66.2 | 5.9 | 0.03 | 0.01 | 0.01 | -3.1 |
| 220 | 279 | 59 | 36.8 | 62.5 | 2.5 | 0.39 | 0.02 | 0.03 | -2.8 | |
| MFC24701 | 22 | 32 | 10 | 14.3 | 67.0 | 3.4 | 0.02 | 0.03 | 0.01 | -0.1 |
| 89 | 91 | 2 | 16.4 | 69.3 | 2.8 | 0.20 | 0.01 | 0.50 | -2.6 |
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- denotes hole finished in ore.
Table 2: Mt Forrest – MF2 RC Drill DTR Assays reporting above Fe 60% and below 10% Si cutoff. Several DTR results were returned that fall below the reported cut-off.
| (m) | (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Hole Number | Depth From (m) |
Depth to (m) |
Downhole Width |
Mass Recovery |
Fe | SiO2 | Al203 | P | S | LOI |
| MFC0631 | 97 | 99 | 2 | 33.6 | 64.9 | 8.6 | 0.07 | 0.01 | 0.10 | -2.9 |
| MFC0632 | 139 | 154 | 15 | 40.7 | 67.5 | 5.9 | 0.02 | 0.01 | 0.02 | -3.1 |
| 181 | 184 | 3 | 23.1 | 66.5 | 7.8 | 0.03 | 0.02 | 0.04 | -3.0 | |
| 208 | 234 | 26 | 45.8 | 67.3 | 6.4 | 0.02 | 0.01 | 0.01 | -3.0 | |
| 237 | 244 | 7 | 40.7 | 65.4 | 8.1 | 0.005 | 0.01 | 0.02 | -3.0 | |
| 247 | 248 | 1 | 22.8 | 65.0 | 7.3 | 0.04 | 0.01 | 0.02 | -3.0 | |
| 256 | 258 | 2 | 24.1 | 64.5 | 9.9 | 0.05 | 0.02 | 0.08 | -2.9 | |
| MFC0641 | 33 | 82 | 49 | 22.4 | 68.3 | 3.0 | 0.03 | 0.02 | 0.02 | -0.7 |
| 115 | 117 | 2 | 36.4 | 68.0 | 4.3 | 0.06 | 0.02 | 0.01 | -3.0 | |
| 127 | 149 | 22 | 20.6 | 64.5 | 6.2 | 0.09 | 0.01 | 1.70 | -2.0 | |
| 154 | 172 | 18 | 28.6 | 62.8 | 7.3 | 0.04 | 0.01 | 0.07 | -2.8 | |
| MFC0645 | 48 | 68 | 20 | 41.8 | 68.9 | 3.5 | 0.001 | 0.02 | 0.01 | -1.9 |
| MFC0646* | 91 | 290 | 199 | 49.6 | 68.9 | 4.3 | 0.01 | 0.01 | 0.06 | -3.0 |
| MFC0652* | 41 | 59 | 18 | 33.6 | 65.6 | 6.0 | 0.02 | 0.03 | 0.02 | -0.4 |
| 91 | 219 | 128 | 52.4 | 68.8 | 4.4 | 0.01 | 0.01 | 0.12 | -3.0 | |
| MFC0653* | 285 | 350 | 65 | 42.2 | 68.2 | 5.3 | 0.03 | 0.02 | 0.10 | -3.0 |
| 369 | 386 | 17 | 42.8 | 69.9 | 2.9 | 0.01 | 0.01 | 0.14 | -2.9 | |
| MFC0654* | 47 | 82 | 35 | 25.6 | 67.9 | 3.5 | 0.01 | 0.01 | 0.01 | -1.1 |
| 88 | 220 | 132 | 41.3 | 70.2 | 2.5 | 0.03 | 0.01 | 0.01 | -3.0 | |
| MFC0655 | 109 | 139 | 30 | 44.5 | 66.6 | 7.5 | 0.07 | 0.01 | 0.01 | -2.8 |
| 174 | 204 | 30 | 42.8 | 69.2 | 3.9 | 0.02 | 0.01 | 0.01 | -3.2 | |
| 211 | 222 | 11 | 42.2 | 65.6 | 7.9 | 0.01 | 0.01 | 0.54 | -2.8 | |
| 225 | 239 | 14 | 31.1 | 67.2 | 6.2 | 0.01 | 0.01 | 0.65 | -2.8 | |
| 243 | 252 | 9 | 33.4 | 68.1 | 3.8 | 0.05 | 0.01 | 0.50 | -3.0 | |
| MFC0656 | 56 | 90 | 34 | 25.0 | 64.4 | 5.8 | 0.00 | 0.02 | 0.01 | -1.1 |
| 122 | 136 | 14 | 53.1 | 68.1 | 4.9 | 0.30 | 0.01 | 0.00 | -3.0 | |
| 145 | 180 | 35 | 43.4 | 64.2 | 3.1 | 0.05 | 0.01 | 0.01 | -2.9 | |
| 188 | 213 | 25 | 39.1 | 66.2 | 4.8 | 0.02 | 0.01 | 0.01 | -3.1 | |
| 222 | 231 | 9 | 40.8 | 64.8 | 8.1 | 0.02 | 0.01 | 1.07 | -2.6 | |
| 249 | 254 | 5 | 43.6 | 65.6 | 9.0 | 0.00 | 0.01 | 0.15 | -2.9 | |
| 258 | 266 | 8 | 36.2 | 68.8 | 3.3 | 0.04 | 0.01 | 0.41 | -3.1 | |
| MFC0657 | 42 | 129 | 87 | 35.5 | 67.9 | 4.8 | 0.01 | 0.02 | 0.01 | -1.4 |
| 215 | 220 | 5 | 35.5 | 66.1 | 7.5 | 0.05 | 0.01 | 0.02 | -3.1 | |
| 134 | 138 | 4 | 59.6 | 62.8 | 10.0 | 0.04 | 0.03 | 0.03 | -2.5 | |
| 144 | 154 | 10 | 56.1 | 65.3 | 8.4 | 0.02 | 0.02 | 0.17 | -2.9 | |
| MFC0658 | 73 | 142 | 69 | 47.1 | 67.9 | 5.1 | 0.01 | 0.01 | 0.04 | -2.8 |
| 153 | 200 | 47 | 45.5 | 67.8 | 5.2 | 0.04 | 0.02 | 0.14 | -2.9 | |
| 224 | 239 | 15 | 45.6 | 67.2 | 6.7 | 0.05 | 0.02 | 0.03 | -2.9 | |
| 257 | 267 | 10 | 44.1 | 67.4 | 7.1 | 0.04 | 0.01 | 0.01 | -2.8 |
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| Hole Number | (m) | (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | Concentrate Grade (%) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| MFC0659 | Depth From (m) |
Depth to (m) |
Downhole Width |
Mass Recovery |
Fe | SiO2 | Al203 | P | S | LOI | |
| 106 | 134 | 28 | 45.1 | 66.7 | 3.7 | 0.05 | 0.02 | 0.02 | -3.0 | ||
| 152 | 162 | 10 | 54.7 | 69.6 | 3.3 | 0.03 | 0.01 | 0.01 | -3.2 | ||
| 184 | 212 | 28 | 52.4 | 69.2 | 3.6 | 0.04 | 0.02 | 0.16 | -3.1 | ||
| 175 | 180 | 5 | 49.2 | 66.4 | 8.0 | 0.01 | 0.01 | 0.03 | -3.0 | ||
| 227 | 237 | 10 | 44.1 | 66.6 | 6.3 | 0.05 | 0.02 | 0.21 | -3.0 | ||
| 266 | 295 | 29 | 49.8 | 68.2 | 4.6 | 0.03 | 0.02 | 1.45 | -2.5 | ||
| MFC0660 | 134 | 189 | 55 | 50.0 | 69.0 | 4.2 | 0.01 | 0.01 | 0.02 | -3.1 | |
| MFC0661 | 42 | 77 | 35 | 42.2 | 69.0 | 3.0 | 0.02 | 0.01 | 0.01 | -2.3 | |
| MFC0662 | 24 | 27 | 3 | 18.1 | 63.9 | 8.4 | 0.02 | 0.01 | 0.02 | 0.4 | |
| 28 | 38 | 10 | 19.3 | 63.2 | 6.4 | 0.07 | 0.02 | 0.02 | 0.9 | ||
| 41 | 59 | 18 | 34.2 | 64.2 | 3.9 | 0.03 | 0.02 | 0.03 | -2.2 | ||
| MFC0663 | 202 | 212 | 10 | 39.8 | 67.4 | 5.6 | 0.08 | 0.02 | 0.05 | -3.1 | |
| 307 | 323 | 16 | 47.6 | 66.8 | 7.1 | 0.03 | 0.02 | 0.04 | -3.0 | ||
| MFC0677 | 26 | 105 | 79 | 17.5 | 67.3 | 3.5 | 0.04 | 0.01 | 0.03 | -0.7 | |
| 191 | 200 | 9 | 39.4 | 69.1 | 3.7 | 0.07 | 0.01 | 0.02 | -3.2 | ||
| 241 | 269 | 28 | 46.1 | 68.7 | 4.5 | 0.06 | 0.01 | 0.01 | -3.2 | ||
| 278 | 321 | 43 | 34.8 | 67.0 | 6.3 | 0.05 | 0.01 | 0.23 | -3.0 | ||
| 343 | 359 | 16 | 31.3 | 67.8 | 4.7 | 0.05 | 0.01 | 1.60 | -2.4 | ||
| 377 | 382 | 5 | 26 | 69.0 | 3.1 | 0.02 | 0.01 | 3.90 | -1.6 | ||
| MFC0678* | 73 | 153 | 80 | 38.4 | 63.3 | 8.6 | 0.01 | 0.02 | 0.02 | -2.5 | |
| 162 | 166 | 4 | 30.9 | 65.6 | 8.5 | 0.09 | 0.02 | 0.87 | -3.6 | ||
| 201 | 209 | 8 | 31.8 | 64.4 | 8.6 | 0.03 | 0.04 | 0.45 | -2.7 | ||
| 218 | 317 | 99 | 53.2 | 69.1 | 3.7 | 0.04 | 0.01 | 0.07 | -3.0 | ||
| MFC0679 | 41 | 96 | 55 | 47.8 | 68.1 | 4.6 | 0.02 | 0.01 | 0.02 | -2.3 | |
| 118 | 139 | 21 | 40.6 | 69.2 | 4.1 | 0.06 | 0.02 | 0.02 | -3.0 | ||
| 150 | 225 | 75 | 49.3 | 68.7 | 4.3 | 0.05 | 0.01 | 0.12 | -3.0 | ||
| MFC0680 | 110 | 160 | 50 | 55.2 | 69.7 | 2.7 | 0.03 | 0.01 | 0.19 | -3.1 | |
| 187 | 237 | 50 | 46.8 | 67.9 | 5.5 | 0.06 | 0.01 | 0.01 | -3.3 | ||
| 258 | 263 | 5 | 37.3 | 65.5 | 8.0 | 0.12 | 0.02 | 0.06 | -2.9 | ||
| 273 | 278 | 5 | 48 | 67.8 | 6.7 | 0.01 | 0.01 | 0.01 | -3.1 | ||
| MFC0681 | 86 | 91 | 5 | 51.3 | 66.9 | 7.5 | 0.01 | 0.01 | 0.01 | -3.1 | |
| 154 | 167 | 13 | 50.0 | 68.1 | 4.6 | 0.04 | 0.01 | 0.04 | -3.1 | ||
| 187 | 247 | 60 | 42.1 | 68.8 | 4.7 | 0.04 | 0.01 | 0.02 | -3.2 | ||
| 264 | 294 | 30 | 39.4 | 65.9 | 8.7 | 0.12 | 0.01 | 0.02 | -2.7 | ||
| MFC0682 | 68 | 88 | 20 | 44.2 | 65.9 | 7.0 | 0.27 | 0.02 | 0.02 | -2.5 | |
| 173 | 183 | 10 | 47.5 | 66.2 | 7.9 | 0.10 | 0.01 | 0.01 | -3.0 | ||
| 193 | 197 | 4 | 30.0 | 65.4 | 6.4 | 0.30 | 0.01 | 0.01 | -3.0 | ||
| 245 | 280 | 35 | 39.7 | 66.9 | 6.5 | 0.09 | 0.01 | 0.01 | -2.9 | ||
| 290 | 300 | 10 | 41.6 | 66.0 | 8.0 | 0.05 | 0.01 | 0.04 | -3.0 | ||
| 310 | 312 | 2 | 27.0 | 67.9 | 4.8 | 0.12 | 0.02 | 0.03 | -3.2 | ||
| MFC0683 | 59 | 64 | 5 | 45.7 | 65.2 | 6.7 | 0.1 | 0.01 | 0.02 | -2.6 | |
| 69 | 72 | 3 | 49.6 | 69.1 | 4.4 | 0.07 | 0.01 | 0.01 | -3.0 | ||
| 75 | 80 | 5 | 44.7 | 65.5 | 7.5 | 0.49 | 0.01 | 0.02 | -2.9 | ||
| 156 | 251 | 95 | 46.3 | 67.5 | 5.6 | 0.04 | 0.01 | 0.01 | -3.1 | ||
| 311 | 316 | 5 | 29.9 | 61.2 | 10.0 | 0.42 | 0.03 | 1.41 | -2.1 |
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| Hole Number | (m) | (%) | Concentrate Grade(%) | Concentrate Grade(%) | Concentrate Grade(%) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Depth From (m) |
Depth to (m) |
Downhole Width |
Mass Recovery |
Fe | SiO2 | Al203 | P | S | LOI | |
| MFC0683 | 346 | 353 | 7 | 18.4 | 64.3 | 7.5 | 0.09 | 0.01 | 0.44 | -2.5 |
| MFC0684 | 18 | 33 | 15 | 19.8 | 64.8 | 5.8 | 0.06 | 0.02 | 0.02 | -0.1 |
| 44 | 48 | 4 | 34.2 | 64.4 | 9.2 | 0.07 | 0.03 | 0.01 | -1.0 | |
| 66 | 69 | 3 | 35.1 | 66.0 | 7.3 | 0.17 | 0.01 | 0.14 | -1.7 | |
| 94 | 183 | 89 | 43.8 | 67.9 | 4.8 | 0.06 | 0.01 | 0.03 | -3.1 | |
| MFC0685 | 92 | 122 | 30 | 48.0 | 68.1 | 4.9 | 0.06 | 0.01 | 0.05 | -3.0 |
| 171 | 211 | 40 | 27.0 | 65.0 | 8.6 | 0.22 | 0.01 | 0.03 | -2.8 | |
| MFC18301 | 413 | 418 | 5 | 41.1 | 64.2 | 9.5 | 0.03 | 0.02 | 0.26 | -2.7 |
| 430 | 445 | 15 | 44.3 | 66.8 | 6.8 | 0.007 | 0.01 | 0.02 | -2.7 | |
| MFC18602 | 166 | 284 | 118 | 47.0 | 69.1 | 4.3 | 0.04 | 0.01 | 0.04 | -3.0 |
| MFC18701* | 60 | 74 | 14 | 22.7 | 66.4 | 5.5 | 0.01 | 0.03 | 0.02 | -0.6 |
| 81 | 305 | 224 | 44.1 | 68.1 | 4.9 | 0.05 | 0.01 | 0.01 | -2.7 | |
| MFC18803 | 55 | 105 | 50 | 66.7 | 66.7 | 5.5 | 0.02 | 0.01 | 0.01 | -0.3 |
| 122 | 198 | 76 | 45.0 | 68.1 | 4.8 | 0.06 | 0.01 | 0.01 | -3.0 | |
| MFC18804 | 41 | 162 | 121 | 35.7 | 67.0 | 5.7 | 0.03 | 0.01 | 0.01 | -10.7 |
| 173 | 178 | 5 | 34.0 | 65.4 | 8.1 | 0.17 | 0.01 | 0.04 | -3.0 | |
| 186 | 196 | 10 | 39.2 | 66.6 | 7.4 | 0.20 | 0.01 | 0.09 | -2.9 | |
| MFC18901* | 182 | 187 | 5 | 46.8 | 68.0 | 6.9 | 0.01 | 0.01 | 0.01 | -3.1 |
| 192 | 197 | 5 | 46.8 | 65.3 | 8.9 | 0.02 | 0.02 | 0.09 | -3.0 | |
| 207 | 282 | 75 | 36.9 | 67.1 | 6.9 | 0.14 | 0.02 | 0.84 | -2.7 | |
| MFC18902 | 122 | 152 | 30 | 40.8 | 66.9 | 7.4 | 0.05 | 0.01 | 0.11 | -3.0 |
| 202 | 207 | 5 | 36.0 | 69.5 | 4.5 | 0.06 | 0.03 | 0.04 | -3.1 | |
| 273 | 288 | 15 | 41.0 | 68.0 | 5.9 | 0.05 | 0.02 | 0.62 | -2.8 | |
| 297 | 339 | 42 | 40.9 | 68.7 | 5.1 | 0.05 | 0.01 | 0.01 | -3.1 | |
| 378 | 398 | 20 | 41.5 | 68.2 | 5.7 | 0.09 | 0.01 | 0.01 | -3.0 | |
| MFC18903 | 115 | 181 | 66 | 43.2 | 68.2 | 5.8 | 0.05 | 0.01 | 0.03 | -2.9 |
| 198 | 216 | 18 | 45.5 | 68.6 | 5.3 | 0.05 | 0.01 | 0.01 | -3.1 | |
| 228 | 237 | 9 | 46.7 | 70.5 | 3.0 | 0.04 | 0.01 | 0.01 | -3.3 | |
| 242 | 250 | 8 | 19.7 | 67.8 | 6.4 | 0.17 | 0.02 | 0.04 | -3.1 |
- denotes hole finished in ore.
Table 3: Mt Forrest – MF1 RC Drill Collar Details
| Easting | |||||||
| Northing MGA94 | Survey | Total Depth (m) | |||||
| Hole ID | RL (m) | Dip | Azimuth | ||||
| Method | |||||||
| MGA94 | |||||||
| MFC22602 | 6,822,547.12 | 789,501.4 | 503.46 | DGPS | -74 | 270 | 382 |
| MFC24303 | 6,824,332.02 | 789,941.5 | 534.93 | DGPS | -48 | 271 | 500 |
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Table 4: Mt Forrest – MF1 Diamond Drill Collar Details
| Easting | |||||||
| Northing MGA94 | Survey | Total Depth (m) | |||||
| Hole ID | RL (m) | Dip | Azimuth | ||||
| Method | |||||||
| MGA94 | |||||||
| MFC24702A | 6,824,745.6 | 789,810.2 | 524.98 | DGPS | -72 | 270 | 425.3 |
| MFD0020 | 6,824,344.06 | 789,880.2 | 547.12 | DGPS | -62 | 20 | 533.8 |
| MFC22601 | 6,822,543.5 | 789,504.3 | 502.83 | DGPS | -57 | 283 | 273 |
Table 5: Mt Forrest – MF6 RC Drill Collar Details
| Easting | |||||||
|---|---|---|---|---|---|---|---|
| Northing | |||||||
| Total Depth (m) | |||||||
| Hole ID | RL (m) | Survey Method | Dip | Azimuth | |||
| MGA94 | |||||||
| MGA94 | |||||||
| MFC0686 | 6,817,753.91 | 787,891.5 | 561.26 | DGPS | -50 | 90 | 444 |
| MFC0687 | 6,817,718.73 | 787,980.6 | 584.58 | DGPS | -62 | 270 | 323 |
| MFC0688 | 6,817,713.13 | 787,988.7 | 584.42 | DGPS | -62 | 90 | 307 |
| MFC0689 | 6,817,605.21 | 787,939.7 | 583.79 | DGPS | -58 | 251 | 378 |
| MFC0690 | 6,817,532.71 | 787,856 | 579.53 | DGPS | -55 | 90 | 409 |
| MFC0691 | 6,817,535.58 | 787,847.1 | 580.39 | DGPS | -53 | 270 | 419 |
| MFC0692 | 6,817,389.99 | 787,834.6 | 590.04 | DGPS | -50 |
90 | 375 |
| MFC0693 | 6,817,395.61 | 787,820.4 | 589.86 | DGPS | -79 |
203 | 329 |
| MFC0694 | 6,817,270.02 | 787,797.9 | 594.08 | DGPS | -62 |
90 | 387 |
| MFC0695 | 6,817,070.84 | 787,756.6 | 596.2 | DGPS | -75 |
270 | 310 |
| MFC0697 | 6,817,129.92 | 787,746.1 | 595.26 | DGPS | -53 |
90 | 432 |
| MFC0699 | 681,7047 | 787,679 | 590 | GPS | -52 |
90 | 406 |
| MFC0700 | 6,816,852.96 | 787,626.7 | 585.83 | DGPS | -50 |
90 | 204 |
| MFC0701 | 6,816,852.96 | 787,625.5 | 585.81 | DGPS | -63 |
60 | 321 |
| MFC0702 | 6,816,688.29 | 787,623.2 | 559.45 | DGPS | -50 |
90 | 228 |
| MFC0703 | 6,816,749.37 | 787,567.8 | 559.44 | DGPS | -54 |
97 | 364 |
| MFC0704 | 6,816,788.93 | 787,534.9 | 557.96 | DGPS | -58 |
110 | 343 |
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MINDAX LIMITED | www.mindax.com.au
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This announcement has been authorised for release by Benjamin Chow, Chairman.
End of Announcement
For further information contact: Benjamin Chow Chairman Mindax Limited Telephone: +61 8 9389 2111
Competent Person’s Statement:
The information in this report that relates to Exploration Results is based on information compiled by Mr John Vinar who is a member of the Australasian Institute of Mining and Metallurgy, with more than 5 years’ experience in the field of activity being reported on.
John Vinar is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which he is undertaking 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”. John Vinar 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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JORC Code, 2012 Edition – Table 1 report template Review results for updating per JORC 2012- refer below table
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary | ||
|---|---|---|---|---|
| Sampling | • | Nature and quality of sampling (eg cut | • | Sampling has been carried out using reverse |
| techniques | channels, random chips, or specific | circulation (RC) drilling and diamond drilling | ||
| specialised industry standard measurement | (DD). | |||
| tools appropriate to the minerals under | • | RC samples are collected as drill chips from | ||
| investigation, such as down hole gamma | the drill rig utilizing a cyclone unit with a | |||
| sondes, or handheld XRF instruments, etc). | static MetzkeTMcone splitter to produce a 3- | |||
| These examples should not be taken as | 5kg sample for each metre drilled collected in | |||
| limiting the broad meaning of sampling. | a calico numbered bag. Up to five | |||
| • | Include reference to measures taken to ensure | consecutive 1m samples are then run | ||
| sample representivity and the appropriate | through a 3-tier riffle splitter to produce a | |||
| calibration of any measurement tools or | corresponding 5m composite sample which | |||
| systems used. | will be submitted for analysis. | |||
| • | Aspects of the determination of mineralisation | • | DD samples are collected by cutting the core | |
| that are Material to the Public Report. | in half and then submitting half core of 1m | |||
| • | In cases where ‘industry standard’ work has | intervals to the laboratory. The laboratory | ||
| been done this would be relatively simple (eg | then crushes five consecutive 1m samples | |||
| ‘reverse circulation drilling was used to obtain | and combines them together to produce a | |||
| 1 m samples from which 3 kg was pulverised | 5m composite sample for assay. | |||
| to produce a 30 g charge for fire assay’). In | • | Magnetic susceptibility of RC samples is | ||
| other cases more explanation may be | recorded using a KT-10 magnetic | |||
| required, such as where there is coarse gold | susceptibility to take 5 individual | |||
| that has inherent sampling problems. Unusual | measurements on each metre drilled which | |||
| commodities or mineralisation types (eg | are then averaged to produce an average | |||
| submarine nodules) may warrant disclosure of | result. All five individual measurements and | |||
| detailed information. | the average are stored in the database. | |||
| Magnetic susceptibility data is first used to | ||||
| assist in logging and identifying areas of | ||||
| interest to be sampled, it is not used to | ||||
| calculate grade in any way. | ||||
| • | Magnetic susceptibility of DD core is | |||
| recorded using a KT-10 magnetic | ||||
| susceptibility to take one measurement every | ||||
| metre down hole. All measurements are | ||||
| stored in the database. Magnetic | ||||
| susceptibility data is first used to assist in | ||||
| logging and identifying areas of interest to be | ||||
| sampled, it is not used to calculate grade in | ||||
| any way. | ||||
| • | Sample collection is carried out according to | |||
| Yilgiron sampling and QAQC protocols. | ||||
| Samples selected for DTR assay are chosen | ||||
| when magnetic susceptibility returned | ||||
| greater than 100SI units, and if the host | ||||
| lithologywas banded iron formation. |
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| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Drilling | • Drill type (eg core, reverse circulation, open- | • | RC – Drill rig owned by Precision Exploration |
| techniques | hole hammer, rotary air blast, auger, Bangka, | Drilling is used. Holes are drilled using a 5.5 | |
| sonic, etc) and details (eg core diameter, triple | inch diameter face sampling drill bit. RC | ||
| or standard tube, depth of diamond tails, face- | holes are drilled from 50m to 468m depths. | ||
| sampling bit or other type, whether core is | • | DD – Drill rig owned by DDH1 is used. | |
| oriented and if so, by what method, etc). | Diamond core is drilled at PQ (85mm), HQ3 | ||
| (61.1mm) and NQ2 (50.6mm) size. All | |||
| competent core is orientated using the Reflex | |||
| digital orientation tool with the core pieced | |||
| together and fully orientated by Yilgiron staff | |||
| at the core yard. Diamond holes are drilled | |||
| both from surface and as tails from RC holes | |||
| when required to extend holes beyond the | |||
| depth capacity of the RC rig. Diamond holes | |||
| are drilled from 62m to 556m depths. | |||
| Drill sample | • Method of recording and assessing core and | • | RC – The majority of RC samples collected |
| recovery | chip sample recoveries and results assessed. | are dry with wet or moist samples identified | |
| • Measures taken to maximise sample recovery | during sampling and recorded in the | ||
| and ensure representative nature of the | database. RC recovery is visually estimated | ||
| samples. | and recoveries are recorded in the database | ||
| • Whether a relationship exists between sample | with recovery generally considered to be | ||
| recovery and grade and whether sample bias | good. Face sampling drill bits are used to | ||
| may have occurred due to preferential | maximize sample recovery and samples are | ||
| loss/gain of fine/coarse material. | collected via a cyclone with a cone splitter. | ||
| The cyclone is cleaned at the end of every | |||
| rod to prevent material accumulating within it | |||
| and the cyclone level is checked before | |||
| drilling commences to ensure that it is | |||
| collecting unbiased samples. | |||
| • | DD – Uncontaminated fresh core is collected | ||
| which is cleaned at the drill site to remove all | |||
| drilling muds prior to logging and sampling. | |||
| The drill crew measures core recovery for | |||
| every run and records all instances of core | |||
| loss or gain on core blocks. Core is pieced | |||
| back together by Yilgiron staff and then | |||
| physically measured with a tape measure | |||
| and the core recovery calculated. Close to | |||
| 100% recovery has been achieved with most | |||
| core loss occurring in areas of saprolite close | |||
| to the surface. In areas of broken ground, | |||
| holes may be drilled as triple tube to | |||
| maximize core recovery. | |||
| • | No significant sample bias or material loss | ||
| has been observed to have taken place and | |||
| there is not considered to be any relationship | |||
| between sample recoveryandgrade. | |||
| Logging | • Whether core and chip samples have been | • | All RC and diamond holes are fully |
| geologically and geotechnically logged to a | geologically logged by Yilgiron geologists | ||
| level of detail to support appropriate Mineral | using the Yilgiron logging scheme. Twins | ||
| Resource estimation, mining studies and | Geotech of Kalgoorlie has been engaged to | ||
| metallurgical studies. | provide all geotechnical services including | ||
| • Whether logging is qualitative or quantitative in | geotechnical logging of diamond core. | ||
| nature. Core (or costean, channel, etc) | • | Logging records lithology, mineralogy, | |
| photography. | alteration, weathering and for diamond core |
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| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| • The total length and percentage of the | structure. | ||
| relevant intersections logged. | • | Diamond core is photographed in the core | |
| trays with wet and dry photos taken for each | |||
| tray. | |||
| • | All RC holes have every metre wet sieved | ||
| and representative drill chips collected into a | |||
| chip tray. All chip trays are photographed | |||
| and then retained in storage on site. | |||
| • | The level of logging detail is considered | ||
| sufficient for mineral resource estimation and | |||
| technical studies. | |||
| Sub- | • If core, whether cut or sawn and whether | • | RC samples are collected as drill chips from |
| sampling | quarter, half or all core taken. | the drill rig to produce a 3-5kg sample for | |
| techniques | • For all sample types, the nature, quality and | each metre drilled. Five consecutive 1m | |
| and sample | appropriateness of the sample preparation | samples are then run through a 3-tier riffle | |
| preparation | technique. | splitter to produce a 5m composite sample | |
| • Quality control procedures adopted for all sub- | which is submitted for assay. Only dry | ||
| sampling stages to maximise representivity of | sample material is run through the riffle | ||
| samples. | splitter to prevent contamination of samples. | ||
| • Measures taken to ensure that the sampling is | Wet samples are left until they have dried out | ||
| representative of the in situ material collected, | before they are composited. All compositing | ||
| including for instance results for field | is done to the logged geological boundaries | ||
| duplicate/second-half sampling. | with no composites taken across boundaries. | ||
| • Whether sample sizes are appropriate to the grain size of the material being sampled. |
For geological units that are less than 5m wide a composite will be produced for the thickness of the unit. |
||
| • | Every 30 samples a field duplicate is taken | ||
| by repeating the compositing process to | |||
| create a second 5m composite for the | |||
| interval which is also submitted for assay to | |||
| check that the compositing process is | |||
| representative. | |||
| • | Core is cut in half with one half retained and | ||
| one half submitted for assay. Core is | |||
| sampled on 1m intervals which are then sent | |||
| to the laboratory where they are crushed and | |||
| then 5 consecutive 1m samples are | |||
| combined to make a composite sample. | |||
| • | Assaying is conducted by Spectrolabs at | ||
| their Geraldton laboratory using the Davis | |||
| Tube Recovery (DTR) method to produce a | |||
| magnetic concentrate before completing a | |||
| XRF finish for a suite of iron and 19 other | |||
| major elements plus Loss on Ignition and | |||
| mass recovery. DTR involves pulverising the | |||
| sample until it can pass through a 75micron | |||
| screen, 20g of ground sample is then placed | |||
| into a glass tube containing an | |||
| electromagnet through which water is run | |||
| causing the non-magnetic portion to be | |||
| flushed out and the magnetic components | |||
| retained. This magnetic portion is then | |||
| assayed by XRF to give a magnetic | |||
| concentrate grade. Pulverised sample not | |||
| used for the DTR is retained. |
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| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| • | The sample sizes are considered appropriate | ||
| for this style of mineralisation. | |||
| Quality of | • The nature, quality and appropriateness of the | • | The assaying techniques and laboratory |
| assay data | assaying and laboratory procedures used and | procedures are considered to be appropriate | |
| and | whether the technique is considered partial or | for the style of mineralisation. | |
| laboratory | total. | • | The laboratory is NATA certified and inserts |
| tests | • Nature of quality control procedures adopted | regular lab blanks and standards to check | |
| (eg standards, blanks, duplicates, external | the accuracy and precision of their laboratory | ||
| laboratory checks) and whether acceptable | processes. | ||
| levels of accuracy (ie lack of bias) and | • | A selection of pulps have been sent to a | |
| precision have been established. | second umpire laboratory for check DTR | ||
| analysis to determine if the original results | |||
| are repeatable including a check on the grind | |||
| size P80 – 40 micron as well. These umpire | |||
| lab samples produced results that match the | |||
| original results. | |||
| • | Yilgiron’s QAQC procedure is to submit | ||
| standards and field duplicates at a rate of 3 | |||
| in 100 samples. | |||
| • | The QAQC samples submitted have returned | ||
| results in line with expectations and indicate | |||
| that the laboratory is operating with | |||
| acceptable levels of accuracy and precision. | |||
| • | This QAQC procedure is considered to be | ||
| appropriate for the style of mineralisation | |||
| beingtargeted. | |||
| Verification | • The verification of significant intersections by | • | All significant assay results are checked by |
| of sampling | either independent or alternative company | both Yilgiron geologists and the Exploration | |
| and | personnel. | Manager who is an employee of the Norton | |
| assaying | • The use of twinned holes. | Gold FieldsPty Limited, the project’s JV | |
| • Documentation of primary data, data entry | partner. | ||
| procedures, data verification, data storage | • | No twin holes have been drilled as part of | |
| (physical and electronic) protocols. | this programme. | ||
| • Discuss any adjustment to assay data. | • | No adjustments aremade to any assay data. | |
| Location of | • Accuracy and quality of surveys used to locate | • |
Holes are set out for drilling using a handheld |
| data points | drill holes (collar and down-hole surveys), | GPS with an accuracy of 5m. | |
| trenches, mine workings and other locations | • | After drilling is complete all holes are picked | |
| used in Mineral Resource estimation. | up using a DGPS by a qualified contract | ||
| • Specification of the grid system used. | surveyor from Gyro Australia Pty Ltd. | ||
| • Quality and adequacy of topographic control. | • | All holes are set up on the designed dip and | |
| azimuth using a clinometer and north | |||
| seeking gyro. | |||
| • | At the completion of drilling all holes have a | ||
| downhole survey completed using a north | |||
| seeking gyro. | |||
| • | Grid projection is GDA94, MGA Zone 50. | ||
| • | RL is assigned to the holes using the DGPS | ||
| pick updata. | |||
| Data spacing | • Data spacing for reporting of Exploration |
• | Drilling is completed on a 100m x 100m |
| and | Results. | (MF1 and MF6 ) or 200 x 100m (MF2) drill | |
| distribution | • Whether the data spacing and distribution is | spacing. | |
| sufficient to establish the degree of geological | • | The data spacing is considered to be | |
| and grade continuity appropriate for the | appropriate for the style of mineralisation | ||
| Mineral Resource and Ore Reserve estimation | beingtargeted. |
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MINDAX LIMITED | www.mindax.com.au
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| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| procedure(s) and classifications applied. | • | One metre samples are composited to 5m | |
| • Whether sample compositing has been | composites based on geological logging | ||
| applied. | boundaries in the field prior to analysis. No | ||
| compositing of assay results has been | |||
| undertaken. | |||
| Orientation | • Whether the orientation of sampling achieves | • | The orientation of drilling (typically orientated |
| of data in | unbiased sampling of possible structures and | towards either 090 or 270 degrees azimuth, | |
| relation to | the extent to which this is known, considering | dips ranging from -50 to -70 degrees) is | |
| geological | the deposit type. | approximately perpendicular to the strike and | |
| structure | • If the relationship between the drilling | dip of both the geology and mineralisation. | |
| orientation and the orientation of key | • | No sampling bias has been introduced by the | |
| mineralised structures is considered to have | drilling or sampling orientation. | ||
| introduced a sampling bias, this should be | |||
| assessed and reported if material. | |||
| Sample | • The measures taken to ensure sample | • | Samples for analysis are collected in pre- |
| security | security. | numbered calico bags which are placed into | |
| plastic bags (5 calicos per plastic bag). The | |||
| plastic bags are sealed and then taken to the | |||
| laboratoryin Geraldton bycourier. | |||
| Audits or | • The results of any audits or reviews of | • | SRK have audited the sampling techniques |
| reviews | sampling techniques and data. | and data and all work practices are | |
| considered to be industrystandard. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land | • Type, reference name/number, | •Yilgiron Pty Ltd (Yilgiron) Bulga Downs Project |
| tenure status | location and ownership | comprises seven granted Mining Leases: |
| including agreements or | M29/257, M29/258, M29/314, M29/348, M29/349, | |
| material issues with third | M29/350 and M29/351. The mining leases were | |
| parties such as joint ventures, | preceded by E29/138 and E29/370 originally held | |
| partnerships, overriding | 100% by Sipa Exploration NL (Sipa) and E29/117 | |
| royalties, native title interests, | and E29/279 originally held jointly by Sipa and | |
| historical sites, wilderness or | Anglo Australian Resources NL (AAR) and are | |
| national park and | owned 100% by Yilgiron Pty Ltd a subsidiary | |
| environmental settings. | company of Mindax Limited (Mindax). | |
| • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
•Norton Goldfields Pty Ltd (Norton Gold) and Mindax’s wholly owned subsidiary Yilgiron executed a Subscription Agreement, Shareholders Agreement, Management Agreement and other associated documents on |
|
| 22 July 2021. The parties have since formed an | ||
| incorporated joint venture for the purposes of | ||
| continuing exploration on and achieving the | ||
| earning conditions for the Mt Forrest Iron Project | ||
| where Norton Gold has the right to earn a 19.9% | ||
| joint venture interest in the Mr Forrest iron project | ||
| by sole funding AUD$20 million of exploration | ||
| work. | ||
| •The security of the tenure has no known | ||
| impediments at the time of reporting. |
Page | 19
MINDAX LIMITED | www.mindax.com.au
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Exploration done by other | • Acknowledgment and | • Previous exploration includes work |
| parties | appraisal of exploration by | completed by Sipa Gold between 1991 and |
| other parties. | 1997’s. Their exploration efforts | |
| concentrated on gold, in particular at | ||
| Paradise Bore. The Low grade dispersed | ||
| gold mineralisation is open along strike and | ||
| at depth and is still considered a viable gold | ||
| target. | ||
| • In 2004 Mindax acquired the tenements |
||
| covering the project and until 2007 continued | ||
| with exploration programs aimed primarily at | ||
| gold mineralisation. The potential for iron ore | ||
| was recognised in 2006 and followed up with | ||
| initial rock chip sampling in 2007. From 2008 | ||
| onwards the focus of the project has moved | ||
| towards iron, both its potential for beneficial | ||
| DSO (goethite-hematite) as well as | ||
| beneficial magnetite. Intensive drilling from | ||
| 2009 for iron has generated a significant | ||
| JORC 2004 iron inventory. | ||
| • In September 2021 Norton Gold entered a |
||
| joint venture with Mindax to undertake | ||
| exploration activities. The focus of their | ||
| investment is resource definition drilling and | ||
| comprehensive metallurgical assay, | ||
| updating the mineral resource inventory and | ||
| completing a pre feasibility study. | ||
| Geology | • Deposit type, geological setting | •The Mt Forrest Project is situated in the northern |
| and style of mineralisation. | extremity of the Archaean Illaara greenstone belt | |
| in which banded iron formation, chert as well as | ||
| mafic and lesser ultramafic volcanics, variably | ||
| weathered and lateritised, predominate. These | ||
| lithologies are bounded by the regionally | ||
| significant Edale and Illara-Perrinvale Faults. | ||
| Laterite, colluvium and alluvium largely obscure | ||
| the western contact of the greenstones with | ||
| foliated granite and might also conceal a narrow | ||
| zone of ultramafic and mafic rocks in sheared | ||
| contact with gneissic rocks. Steep, prominent | ||
| north-trending ridges through the project area | ||
| are formed by resistant banded iron formation | ||
| units that are part of the southerly-plunging, | ||
| regional Richardson Syncline. Tight minor folding | ||
| and shearing is evident in places and indicates | ||
| that the western flank of the syncline in particular | ||
| has been subjected to considerable structural | ||
| deformation. | ||
| Drill hole Information | • A summary of all information | •Refer to tables 1 to 6 in the document. |
| material to the understanding | ||
| of the exploration results | ||
| including a tabulation of the | ||
| following information for all | ||
| Material drill holes: | ||
o easting and northing of the |
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| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| drill hole collar | |||
o elevation or RL (Reduced |
|||
| Level – elevation above sea | |||
| level in metres) of the drill | |||
| hole collar | |||
o dip and azimuth of the hole |
|||
o down hole length and |
|||
| interception depth | |||
o hole length. |
|||
| • If the exclusion of this | |||
| information is justified on the | |||
| basis that the information is not | |||
| Material and this exclusion | |||
| does not detract from the | |||
| understanding of the report, | |||
| the Competent Person should | |||
| clearly explain why this is the | |||
| case. | |||
| Data aggregation methods | • In reporting Exploration | • | Davis Tube Recovery is undertaken for |
| Results, weighting averaging | samples returning stronger than 100 SI | ||
| techniques, maximum and/or | units, equivalent to DTR 10% weight | ||
| minimum grade truncations (eg | recovery and are banded iron formation. | ||
| cutting of high grades) and cut- | • | All compositing is done to the logged | |
| off grades are usually Material | geological boundaries with no composites | ||
| and should be stated. | taken across boundaries. For geological | ||
| • Where aggregate intercepts | units that are less than 5m wide a composite | ||
| incorporate short lengths of | will be produced for the thickness of the unit. | ||
| high grade results and longer | |||
| lengths of low grade results, | |||
| the procedure used for such | |||
| aggregation should be stated | |||
| and some typical examples of | |||
| such aggregations should be | |||
| shown in detail. | |||
| • The assumptions used for any | |||
| reporting of metal equivalent | |||
| values should be clearly | |||
| stated. | |||
| Relationship between | • These relationships are | •The mineralised widths reported are down hole | |
| mineralisation widths and | particularly important in the | widths and are based on geological bands | |
| intercept lengths | reporting of Exploration | comprising banded iron formation. At times there | |
| Results. | are composites that include narrow bands, up to | ||
| • If the geometry of the | 2m | in width of sheared greenstones. | |
| mineralisation with respect to | •All drilling is down hole surveyed and geometry of | ||
| the drill hole angle is known, its | the |
mineralisation is known. The majority of | |
| nature should be reported. | exploration drilling is drilled 90 degrees to the dip | ||
| • If it is not known and only the | of the mineralisation. | ||
| down hole lengths are | •Downhole widths are reported for all exploration | ||
| reported, there should be a | results, the true thickness width is not known. | ||
| clear statement to this effect | •Plans and sections are included in the document. | ||
| (eg ‘down hole length, true | |||
| _width not known’). _ | |||
| Diagrams | • Appropriate maps and sections | •Refer to figures in document. |
|
| (with scales) and tabulations of | |||
| intercepts should be included |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| for any significant discovery | ||
| being reported These should | ||
| include, but not be limited to a | ||
| plan view of drill hole collar | ||
| locations and appropriate | ||
| sectional views. | ||
| Balanced reporting | • Where comprehensive | •All individual drilling results have been included |
| reporting of all Exploration | and reported above Fe 60% and below 10% Si | |
| Results is not practicable, | cut-off. | |
| representative reporting of | ||
| both low and high grades | ||
| and/or widths should be | ||
| practiced to avoid misleading | ||
| reporting of Exploration | ||
| Results. | ||
| Other substantive | • Other exploration data, if | •The Mt Forrest Project has been explored over |
| exploration data | meaningful and material, | the past 30 years with substantial data collected |
| should be reported including | including geophysical surveys, geochemical | |
| (but not limited to): geological | surveys, geological mapping of exposures and | |
| observations; geophysical | metallurgical test work. | |
| survey results; geochemical | ||
| survey results; bulk samples – | ||
| size and method of treatment; | ||
| metallurgical test results; bulk | ||
| density, groundwater, | ||
| geotechnical and rock | ||
| characteristics; potential | ||
| deleterious or contaminating | ||
| substances. | ||
| Further work | • The nature and scale of | •An Updated Mineral Resource will be undertaken |
| planned further work (eg tests | ||
| for lateral extensions or depth | ||
| extensions or large-scale step- | ||
| out drilling). | ||
| • Diagrams clearly highlighting | ||
| the areas of possible | ||
| extensions, including the main | ||
| geological interpretations and | ||
| future drilling areas, provided | ||
| this information is not | ||
| commercially sensitive. |
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MINDAX LIMITED | www.mindax.com.au