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PROSPECT RESOURCES LIMITED Capital/Financing Update 2019
65617_rns_2019-04-30_237877b9-670e-4376-ab42-a171e97289ca.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
African lithium developer, Prospect Resources Ltd (ASX: PSC) ("Prospect" or "the Company") lodged an ASX announcement on 5 April 2019 in relation to the Metallurgical Testwork at the Arcadia Lithium Project in Zimbabwe.
The Company has lodged an amended announcement, attached herewith, which now includes additional information regarding the testwork and the JORC Code 2012 Table 1.
Andrew Whitten Company Secretary
+61 8 9217 3300 [email protected] www.prospectresources.com.au
Unit 6. 245 Churchill Avenue Subiaco, WA 6008
NEW PETALITE METALLURGICAL TESTWORK RESULTS DELIVER INCREASED RECOVERY
Highlights
- Extensive petalite bulk metallurgical testwork and three-stage dense media separation (DMS) program results meet technical grade concentrate and improves petalite quality
- o Technical grade petalite concentrate (+4% Li2O, <0.1% Fe2O3) delivered through the DMS circuit
- o Improved petalite recovery contributes to an increased global recovery to +70%
- Follow up bulk testwork program to optimise petalite recovery by gravity separation has commenced
- Expanded spodumene flotation program underway
African lithium developer, Prospect Resources Ltd (ASX: PSC) ("Prospect" or "the Company") is pleased to report significant improvements to the global lithium recovery for its 87%1 -owned Arcadia Lithium Project in Zimbabwe, as a result of petalite DMS testwork.
Following the release of the Definitive Feasibility Study (DFS) for Arcadia in November 2018, Prospect has continued with bulk metallurgical variability testing of bulk ore samples taken from existing open pit exposure of the Main Pegmatite (MP) zone within the proposed pit outline at Arcadia. The test programs focussed principally on extending the Project understanding of petalite recovery by dense medium separation (DMS) and spiral treatment, and improving spodumene recovery from exposed MP ore by froth flotation. The results of the DMS bulk testwork, together with the results of a review of the metallurgical database support the recovery factors employed in the DFS and indicate the potential for an overall increase in Project lithium recovery from 67.9% to +70%. Spiral treatment of -0.6 mm MP ore is currently in progress.
This bulk testwork was undertaken at independent third-party facilities in order to provide impartiality and ensure quality control. The three stage DMS test work programme confirmed the amenability of Arcadia ore to deliver premium low iron petalite concentrate product containing +4% Li2O and <0.1% Fe2O3. Preliminary results
Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]
1 Subject to Reserve Bank of Zimbabwe and shareholder approval
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300
from bulk MP flotation testing demonstrate a significant improvement in spodumene recovery and concentrate grade, which surpass the data available to the DFS.
Bulk sampled collected at the surface from the western end of the "Old Pit" (the historical mine pit)
By maintaining its focus on petalite-rich MP ore, which will form the bulk of run of mine ore for the first two years of mine life, the Company aims to further optimise design and operating parameters in order to de-risk the plant construction and project ramp-up to production. The extensive metallurgical testwork program will exceed similar programs completed by peer projects, given Arcadia's ore body contains petalite in addition to commonly produced spodumene.
Prospect's Managing Director, Sam Hosack, said the testwork results demonstrated the quality of the project and the Company's ability to de-risk and optimise the project prior to development.
"The investment we have made into technical validation and value engineering for the project, supports our ability to successfully deliver on the Arcadia Lithium Project. The Company has attracted market leading professionals to join the team and lead the technical development, including individuals with extensive experience in DMS, gravity and flotation processing of lithium bearing minerals. With these initiatives being undertaken by leading independent specialist organisations, we are delivering on a high level of quality for each initiative and de-risking the Project as we go into development"
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300 Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]
"Prospect will continue to invest in building upon Arcadia's existing strong project economics by optimising the plant construction, pit design and efficient operation of the project."
With extended petalite recovery and concentration bulk testwork nearing completion, the Company is undertaking spodumene metallurgical bulk testwork, to conclude the post-DFS testwork and develop a revised global lithium recovery result.
For further Information regarding the Arcadia Lithium Project's DFS, please refer to ASX announcement "Arcadia DFS confirms leading Lithium Project" dated 19 November 2018.
Details of Metallurgical Test Work
Three separate DMS programmes of approximately 400 kg of -3.35 mm +0.6 mm feed material each examined the effects of the following variables on performance using a blend of ferrosilicon and magnetite:
- Roughing at SG2.55;
- Cleaning at SG2.40;
- Scavenging DMS at SG2.40 on milled cleaner DMS sinks; to
- Produce a DMS combined petalite concentrate containing +4% Li2O, <0.1% Fe2O3
Following bench-scale heavy liquid separation, pilot-scale rougher DMS separations were carried out using 50%/50% FeSi/magnetite media blend at separation SG2.55. Cleaning using 37.5%/62.5% FeSi/magnetite media blend was carried out at SG2.40 following each rougher run. Cleaner tails were milled to P100 1.4 mm and screened at 0.6 mm, with the oversize sent to scavenging DMS at SG2.40. Figure 1 illustrates the flowsheet adopted for the pilot DMS programme.
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300 Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]
Figure 1 DMS Flowsheet Including Ore Preparation
The results of DMS testing carried out on the Main Pegmatite ore are summarised in Table 1.
| Head Ore | DMS Product | ||
|---|---|---|---|
| Li2O, % | 2.22 | 4.05 | |
| Petalite, % | 19.2 | 73.4 | |
| Fe2O3, % | 0.43 | 0.09 | |
| Yield, % | - | 6.1 | |
| DMS Li2O recovery, % | - | 11.1 | |
| Petalite recovery, % | - | 24.8 |
Prospect plans to continue opportunistic ore testing to enhance its understanding of the behaviour of other minor components of the Arcadia Resource as sample material becomes available.
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300
Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]
ASX ANNOUNCEMENT
1 May 2019
*ENDS*
African focused ASX listed emerging Lithium and Battery Mineral Company
Well positioned Lithium Resource in regard to both Scale and Grade
Strong Project Economics demonstrated in DFS
Path forward to Financing, Development and Production
Offtake Agreement in place and positioned to capitalise on Market Demand
For further information, please contact:
Nicholas Rathjen General Manager, Corporate Affairs [email protected]
About Prospect Resources Limited (ASX: PSC)
Prospect Resources Limited (ASX:PSC) is an ASX listed lithium company based in Perth with operations in Zimbabwe. Prospect's flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe. The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect's experienced team, focusing on near term production of petalite and spodumene concentrates.
About Lithium
Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature it occurs as compounds within hard rock deposits (such as Arcadia) and salt brines. Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses. Lithium has the highest electrochemical potential of all metals, a key property in its role in lithium-ion batteries.
Competent Persons Statements
The information in this announcement that relates to Exploration Results, is based on information compiled by Mr Roger Tyler, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and The South African Institute of Mining and Metallurgy. Mr Tyler is the Company's Senior Geologist. Mr Tyler has sufficient experience relevant to the style of mineralisation and type of deposit under consideration
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300
Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]
and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Mr Tyler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is based on information compiled by or under the supervision of Ms Gayle Hanssen of Digital Mining Services, Harare Zimbabwe. Ms Hanssen is registered as Professional Scientist with the South African Council for Professional Natural Scientific Professions (SACNASP) which is a Recognised Professional Organisation (RPO). Ms Hanssen is employed by DMS and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Ms Hanssen consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
The information in this study that relates to Metallurgical Testing is based on information compiled by or under the supervision of Mr Michael Kitney, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Kitney is an independent mineral processing consultant. Mr Kitney has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Mr Kitney consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Caution Regarding Forward-Looking Information
This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in United States currency, unless otherwise stated.
Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300 Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]
JORC Code, 2012 Edition – Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Samplingtechniques | •Nature and quality of sampling (e.g.cut channels, random chips, orspecific specialised industry standard measurement tools appropriateto the minerals under investigation, such as down hole gammasondes, or handheld XRF instruments, etc.). These examples shouldnot be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation that are Material to thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (e.g.'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g chargefor fire assay'). In other cases more explanation may be required,such as where there is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure of detailed information. | •10 x 1 t bulk bags of broken ore were collected by hand from the exposedextension of the Main Pegmatite zone within the existing historical open pitworkings.•All samples were taken in Company transport to the Prospectlaboratory in KweKwe, where they were crushed to -25 mmand then dispatched by courier toGeolabs,Johannesburg.•4 x selected bags were crushed to -3.35 mm by employing HPGR crushing at theThyssenKrupp facility in Johannesburg. The remaining 6 x 1 t bags were sent tostorage.•Each crushed bag was sampled during crushing by taking regular 1 kg subsamples during the crushing process.•The sub-samples were blended and sampled again by rotary splitter at Geolabsto produce head samples for analysis and heavy liquid separation (HLS).•All samples were analysed by semi-quantitative XRD employing Reitveld mineralcontent estimation, and multi-elementXRF andICP-OES.•Validated quantitative mineral analysis was produced by matching ICP elementalanalyses to the mineral phases present. |
| Drillingtechniques | •Drill type (e.g. core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,triple or standard tube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, by what method, etc.). | •There was no drilling conducted in relation to this metallurgical testworkannouncement |
| Drill samplerecovery | • | •There was no drilling conducted in relation to this metallurgical testworkannouncement |
| Logging | • | •There was no drilling conducted in relation to this metallurgical testwork |
| Subsamplingtechniques | •If core, whether cut or sawn and whether quarter, half or all coretaken.•If non-core, whether riffled, tube sampled, rotary split, etc.andwhether sampled wet or dry. | ••The samples were crushed to P100 25 mmat the ProspectLaboratory.•Secondary crushing to -3.5 mm was carried out using pilot-scale HPGR |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and samplepreparation | •For all sample types, the nature, quality and appropriateness of thesample preparation technique.•Quality control procedures adopted for all sub-sampling stagestomaximise representivity of samples.•Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of the materialbeing sampled. | equipment.•3.5 mm screen undersize was sampled on a regular basis to produce arepresentative composite sample of each batch of crusher feed.•The -3.5 mm material was then blended and split to provide a head analysissample using a rotary splitter. |
| Qualityofassaydataandlaboratorytests | •The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique is consideredpartial or total.•For geophysical tools, spectrometers, handheld XRF instruments,etc., the parameters used in determining the analysis includinginstrument make and model, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control procedures adopted (e.g.standards, blanks,duplicates, external laboratory checks) and whether acceptable levelsof accuracy (i.e.lack of bias) and precision have been established. | •All samples were analysed by multi-element ICP (ME-MS61). Over limits (> onlithium analysed by LiOG63 method, after four acid dissolution. All assays wereperformed at ALS Johannesburg.•All samples were analysed by XRD techniques to produce an initial Rietveldestimate of mineral content.•The XRD data was subsequently validated against the ICP elemental analyses.• |
| Verificationof samplingand assaying | •The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.•Discuss any adjustment to assay data. | •Prospect Resources' Chief Geologist and Consulting Metallurgist wereon siteduring bulk sample collection.•The Consulting Metallurgist accompanied the samples to the ProspectLaboratory and supervised the primary crushing, packaging and dispatch of all10 bags.•All hard copies of data are retained at the Prospect Resource Exploration offices.All electronic data resides in Excel™ format on the office desktop, with back-upsretained on hard-drives in a safe, and in an Access™ database in adata cloudoffsite.•All assay results reported as Li2O %. Ta assays are expressed as Ta2O5. Fe2O3assays were reported in %. |
| Locationofdata points | •Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locationsused in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control. | •Virimai Mining was contracted to carry out blast holedrilling and blastingfocused on the old Arcadia Pit•In order to generate the required material, three 1.2m wide benches weredeveloped to fully expose the 7m vertical thickness of the Main Pegmatite |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Data spacinganddistribution | •Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has been applied | •Samples weregenerated fromboth from the blasted and broken MainPegmatite stockpiles. Continuous 1 m samples were channel sampled and handsampled along cut lines, every 2 m on the pit face. |
| Orientationof data inrelationtogeologicalstructure | •Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.•If the relationship between the drilling orientation and the orientationof key mineralised structures is considered to have introduced asampling bias, this should be assessed and reported if material | •Face sampling in the pit was carried out as vertical channels (approx. normal tothe dip of the mineralisation. |
| Samplesecurity | •The measures taken to ensure sample security. | •Bulksamples were placed in sealed bulk bags to loss during transport. Minimalpreparation was done on site. Samples were transported in company vehiclesaccompanied by the Consulting Metallurgistto the pre-preparation laboratoryin Kwe Kwe. |
| Auditsorreviews | •The results of any audits or reviews of sampling techniques and data. | •The Chief Metallurgist is continually reviewing sample management practicesand data generation and collection. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineraltenementandlandtenurestatus | •Type, reference name/number, location and ownershipincluding agreements or material issues with third partiessuch as joint ventures, partnerships, overriding royalties,native title interests, historical sites, wilderness or nationalpark and environmental settings.•The security of the tenure held at the time of reportingalong with any known impediments to obtaining a licenceto operate in the area. | 10 square km (1,038 hectares) mining lease, no 38 was issued on August 16th 2018•An approx.to Prospect Lithium Zimbabwe (formerly Examix Investments (Pvt)).This encompasses theentire mineral resource.•No environmental or land title issues or impediments. EIA certificate of approval granted bythe Environmental Management Agency, to cover all of the company's exploration activities.•Rural farmland –fallow, effectively defunct commercial farm. |
| Explorationdonebyother parties | •Acknowledgment and appraisal of exploration by otherparties. | •Two rounds of historical drilling were done. Three EXT holes were drilled in 1969 with supportfrom the Geological Survey of Zimbabwe, at the site of the historic pit. These logs are available,and the lithologies observed are consistent with that seen byProspect Resources' drilling.•The sites of at least 10 previously drilled NQ sized boreholes have also been identified in thefield. Much detailed records of this programme have been lost. But the work done is mentionedin the Geological Survey in their 1989 Harare bulletin, no 94 where a non-JORC compliantestimate of 18Mt is recorded.•Recent investigations have revealed that this was actually two campaigns of drilling. The firstin 1974, consisted of six diamond drill holes and a limited number of percussion holes by localcompany Rhodex.•The second round was undertaken in 1981 by Rand Mines' local subsidiary Central AfricanMinerals. A total of 813.77 m was drilled in eight diamond drill holes. Six of the old the borehole collars have been identified, one with a hole number AC#4, and depth 47 m. (This wastwinned by PR hole ACD001). It is apparent that though Rand Mines intersected the LowerMain Pegmatite in one of the holes, they were not aware that the ore body thickenedsignificantly to the north.•A weighted average grade of 1.47 % Li2O over 26 m was recorded from the eight holes. Thoughnon-JORC compliant, the order of magnitude of the results are consistent with Prospect's work. |
| Geology | •Deposit type, geological setting and style of mineralisation. | •The deposit comprises a number of pegmatites hosted in meta-basalts of the ArcturusFormation within the Harare Greenstone Belt.•The pegmatites belong to the Petalite subclass of the Rare-Element pegmatite deposit classand belong to the LCT pegmatite family. |
| • | •The pegmatites are poorly to moderately zoned (but not symmetrically or asymmetricallyzoned and have no quartz core). The main lithium bearing minerals are dominantly petaliteand spodumene, with sub-ordinate eucryptite, Bikitaite, and minor lepidolite. In addition,disseminated tantalite is present. Gangue minerals are quartz, alkali feldspars and muscovite.•The pegmatites strike 045° and dip at 10° to the northwest. | |
|---|---|---|
| DrillholeInformation | A summary of all information material to the understandingof the exploration results including a tabulation of thefollowing information for all Material drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above seaolevel in meters) of the drill hole collardip and azimuth of the holeodown hole length and interception depthohole length.o•If the exclusion of this information is justified on the basisthat the information is not Material and this exclusion doesnot detract from the understanding of the report, theCompetent Person should clearly explain why this is thecase. | There was no drilling conducted in relation to this metallurgical testworkannouncement |
| Dataaggregationmethods | •In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations(e.g.cutting of high grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of low grade results,the procedure used for such aggregation should be statedand some typical examples of such aggregations shouldbe shown in detail.•The assumptions used for any reporting of metalequivalent values should be clearly stated. | •There was no drilling conducted in relation to this metallurgical testworkannouncement.•There was no drilling conducted in relation to this metallurgical testworkannouncement•Sampling for metallurgical testwork has no effect on current Mineral Resource |
| Relationshipbetweenmineralisationwidthsandinterceptlengths | •These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(e.g.'down hole length, true width not known'). | •There was no drilling conducted in relation to this metallurgical testworkannouncement |
|---|---|---|
| Diagrams | •Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These should include,but not be limited to a plan view of drill hole collar locationsand appropriate sectional views. | •A map showing the location of the old Arcadia pit isattached in the body of the report |
| Balancedreporting | •Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both low andhigh grades and/or widths should be practiced to avoidmisleading reporting of Exploration Results. | •The Company states that all results have been reported and comply with balanced reporting. |
| Othersubstantiveexplorationdata | •Other exploration data, if meaningful and material, shouldbe reported including (but not limited to): geologicalobservations; geophysical survey results; geochemicalsurvey results; bulk samples –size and method oftreatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances. | •Channel sampling also carried out at the adjacent dormant pit, previously mined in the 1970's.Continuous 1m samples were channel sampled and hand sampled along cut lines, every 2mon the pit face. Approximately 3kg samples were collected, and assayed at ALS after crushingand milling at Zimlabs. Assays were incorporated into the MRE.•Geological mapping was undertaken down-dip and along strike of the pit and has beenincorporated into the current MRE.•Soil sampling orientation lines have produced lithium geochemical anomalies that coincidewith sub-outcropping projections of the pegmatites.•Detailed XRD and petrographic investigations have been completed on a range of samplesfrom across and at depth from the Arcadia deposit. The results indicate the mineralogy of thelithium mineralisation is coarse grained petalite and fine grained spodumene, both of whichare amenable to conventional recovery methods for the production of a potentially saleablelithium concentrate. Initial heavy liquid separation results in petalite reporting largely to thefloats and spodumene to the sinks.The two may be separated after primary fine crushing bydense medium separation (DMS) and after successive fine grinding, by flotation. Petalite iscomparatively coarse grained, primarily reporting to gravity concentrates.The finerspodumene responds very well to conventional fatty acid flotation.•Testing Lower Main Pegmatite ore produced spodumene concentrate grade of >5% lithiumoxide (Li2O) and petalite concentrate at >4% Li2O from dense medium separation tests with a |
lithium recovery of up to 20% as petalite in gravity concentrates. Spodumene, reporting to DMS sinks graded ~5% Li2O at a lithium recovery of ~8%. Lithium recovery of ~44% to spodumene flotation concentrate grading >6% Li2O was achieved. These results reflect near total recovery of spodumene and significant initial recovery of petalite minerals. Work to maximize petalite recovery employing spirals and flotation is continuing. Further bulk testing of Main Pegmatite ore supports the selection of DMS for coarse petalite recovery, and specialist flotation testing has indicated additional petalite may be recoverable while achieving specification grade.
- The following products have been produced;
- o Spodumene flotation concentrate @ 6.5% Li2O and 0.33% Fe2O3
- o Spodumene flotation concentrate @ 6.1% Li2O and 0.52% Fe2O3
- o Petalite gravity concentrate @ 4.2 % Li2O and 0.08 % Fe2O3
- Battery grade lithium carbonate has been produced from the laboratory and pilot test facility established in Kwe Kwe, Zimbabwe. Excellent quality product significantly above battery grade specification been produced at lithium carbonate analyses >99.5%.
Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale stepout 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. • Phase 7 was drilled as infills within the existing grid on Arcadia to produce more Main Pegmatite intercepts for continuing the metallurgical test work. The Main Pegmatite intercepts have yet to be processed by the test work laboratories. The geological information from the logging will be used to update the geological and resource models, as the grid is now less than 30 m in these areas. • In addition a potential Phase 8 drilling that would involve drilling 14 x 140 m holes on the
western edge of the planned Main Pit is being considered. This is to upgrade all of the Basal & Lower Basal Pegmatite to at least an Indicated Mineral Resource category.
Section 3 Estimation and Reporting of Mineral Resources
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Databaseintegrity | •Measures taken to ensure that data has not been corrupted by, forexample, transcription or keying errors, between its initial collectionand its use for Mineral Resource estimation purposes.•Data validation procedures used. | •All data is stored in Excel spreadsheets, which are checked by the Project Geologistprior to import into an Access Database.•Columns in the spreadsheet have been inserted to calculate the sample lengthsand compare them to that recorded by the samplers.•The spreadsheets are set up to, allow only standardized logging codes. Checks arealso done during data capture and prior to import to ensure there are no intervalor sample overlaps, duplication of data or samples. |
| Site visits | •Comment on any site visits undertaken by the Competent Personand the outcome of those visits.•If no site visits have been undertaken indicate why this is the case. | •The project has regularly been visited by the Company's Chief Geologist and CP.In addition, Mr Michael Cronwright of The MSA Group, a pegmatite specialist andCP has undertaken a number of site visits to advise on pegmatite zonation andmineralogy and observe sampling practices. |
| Geologicalinterpretation | •Confidence in (or conversely, the uncertainty of) the geologicalinterpretation of the mineral deposit.•Nature of the data used and of any assumptions made.•The effect, if any, of alternative interpretations on Mineral Resourceestimation.•The use of geology in guiding and controlling Mineral Resourceestimation.•The factors affecting continuity both of grade and geology. | •The geology of the deposit is relatively simple, a number of shallow dipping (10°to the NW) pegmatites hosted in meta-basalt. The deposit is cross-cut bysouthwest-northeast and north northwest –south southeast trending faults. Thelatter set is thoughtto have controlled initial emplacement of the pegmatites, butthere is little discernible displacement of the pegmatites along them.•Estimations have been done separately on each of the major three pegmatitesbodies; the Main Pegmatite, the Intermediate Pegmatite, the Lower MainPegmatite and the Basal Pegmatite.•Lithium is a highly mobile element, and weathering has affected and leached thegrade down to 20-30m depth. Separate estimations have been made on theweathered and un-weathered zones. |
| Dimensions | •The extent and variability of the Mineral Resource expressed aslength (along strike or otherwise), plan width, and depth belowsurface to the upper and lower limits of the Mineral Resource. | •The block model encompasses 2.6km of the 3.5km of SW-NE strike, by 900mdown dip, and to a depth of 130m. The geological model is 300m thick, whichrepresents a depth greater than the combined maximum topographic height, plusmaximum depth drilled. |
| Estimation andmodellingtechniques | •The nature and appropriateness of the estimation technique(s)applied and key assumptions, including treatment of extreme gradevalues, domaining, interpolation parameters and maximumdistance of extrapolation from data points. If a computer assistedestimation method was chosen include a description of computer | •The initial geological models were constructed in Leapfrog software based onhand drawn sections compiled by the Project and Chief Geologists. The blockmodel was constructed by Digital Mining Services (DMS) in Surpac software. Notop cut was applied, as there were no statistical outliers. Based on frequency |
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| software and parameters used.•The availability of check estimates, previous estimates and/or mineproduction records and whether the Mineral Resource estimatetakes appropriate account of such data.•The assumptions made regarding recovery of by-products.•Estimation of deleterious elements or other non-grade variables ofeconomic significance (e.g. sulphur for acid mine drainagecharacterisation).•In the case of block model interpolation, the block size in relation tothe average sample spacing and the search employed.•Any assumptions behind modelling of selective mining units.•Any assumptions about correlation between variables.•Description of how the geological interpretation was used to controlthe resource estimates.•Discussion of basis for using or not using grade cutting or capping.•The process of validation, the checking process used, thecomparison of model data to drill hole data, and use ofreconciliation data if available. | distribution analysis however a bottom cut off of 0.2% Li2O was used. In addition,a higher grade resource was defined, using a cut-off of 0.8%% Li2O. OrdinaryKriging (OK) was employed. A spherical model was used, with search parametersset to follow the SW-NE strike and NW dip of the pegmatites.•N/A•Estimations were also made on tantalum, the primary by-product and niobium,which is intimately (mineralogically) associated with it, and also rubidium. Thelatter has a very high background level and is considered to be associated with theK-Feldspar, but unlikely to form economic mineralisation.•Deleterious elements, such as Cd, Fe and U are at acceptable to low levels.•Initial block size was set at 40m x 40m x 5m (standard Zimbabwean Benchheight). Sub –blocking done at 10 x 10 x 2.5m.•Statistical analysis suggests a strong correlation between Cs & Rb, and Ta, Nb andBe, but a weak to negative correlationbetweenlithium andalmost all otherelements.•No outlier high values to warrant top cut-off. Statistical analysis suggested a 0.2% Li2O lower cut-off.•Sections were sliced through the body at 100m intervals and bore hole interceptgrades visually compared against the estimated block grades. | |
| Moisture | •Whether the tonnages are estimated on a dry basis or with naturalmoisture, and the method of determination of the moisture content. | •Estimated on a dry basis |
| Cut-offparameters | •The basis of the adopted cut-off grade(s) or quality parametersapplied. | •Commodity is an industrial mineral. Key value drivers are Li (or Li2O) grade andmineralogy. Lower cut -off of 0.2% Li2O determined statistically.•Metallurgical and mineralogical test work has been completed and is ongoing. |
| Mining factorsor assumptions | •Assumptions made regarding possible mining methods, minimummining dimensions and internal (or, if applicable, external) miningdilution. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economic extractionto consider potential mining methods, but the assumptions maderegarding mining methods and parameters when estimatingMineral Resources may not always be rigorous. Where this is thecase, this should be reported with an explanation of the basis of themining assumptions made. | •5m block height size used to confirm with standard Zimbabwean bench height.Open cast mining is planned in the eastern part of the ore body to exploit theBasal, Lower Main, Intermediate, Main andUpper Pegmatites.•A stripping ratio of less than 2.79 : 1 to 130m depth has been determined.•Although numerous thin pegmatite bands (14 in all) exist; practical minimum sizeof 2m is deemed possible to economically mine (equates to average bucket widthof an excavator). Bands thinner than this will dictate the necessity of establishinglow grade stockpiles, which may be economic to process once mine and floatationplant and gravity circuits are running successfully. The current estimate was made |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| on the four thickest bands; the Upper Pegmatite, Main Pegmatite, theMiddlePegmatite Lower Main Pegmatite, Basal and Lower Basal Pegmatites. | ||
| Metallurgicalfactorsorassumptions | •The basis for assumptions or predictions regarding metallurgicalamenability. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economic extractionto consider potential metallurgical methods, but the assumptionsregarding metallurgical treatment processes and parameters madewhen reporting Mineral Resources may not always be rigorous.Where this is the case, this should be reported with an explanationof the basis of the metallurgical assumptions made. | Refer Section 2 above |
| Environmentalfactorsorassumptions | •Assumptions made regarding possible waste and process residuedisposal options. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economic extractionto consider the potential environmental impacts of the mining andprocessing operation. While at this stage the determination ofpotential environmental impacts, particularly for a greenfieldsproject, may not always be well advanced, the status of earlyconsideration of these potential environmental impacts should bereported. Where these aspects have not been considered thisshould be reported with an explanation of the environmentalassumptions made. | •An EIA certificate has been issued by the Environmental Management Agency(EMA) of Zimbabwe for both the exploration and the mining phases. Sterilizationdrilling was successfully done at the planned plant site located away from anyperennial water courses. There are no centres of dense human habitation. |
| Bulk density | •Whether assumed or determined. If assumed, the basis for theassumptions. If determined, the method used, whether wet or dry,the frequency of the measurements, the nature, size andrepresentativeness of the samples.•The bulk density for bulk material must have been measured bymethods that adequately account for void spaces (vugs, porosity,etc.), moisture and differences between rock and alteration zoneswithin the deposit.•Discuss assumptions for bulk density estimates used in theevaluation process of the different materials. | •Specific gravities for all RC and DD core samples have been measured, in bothweathered and un-weathered zones. The pegmatites are competent units with novoids, and the specific gravities measured are considered to be a good estimateof future mined bulk densities.•In core, the Archimedes technique has been used by the company. For the RCchips, a pycnometer was used by SGS Harare, and the Archimedes technique byZimlabs. The results from the DD have proved to be more statistically robust, andonly in areas where there is no DD coverage, have the SG measurements from theRC been used. |
| Classification | •The basis for the classification of the Mineral Resources intovarying confidence categories.•Whether appropriate account has been taken of all relevant factors(i.e. relative confidence in tonnage/grade estimations, reliability ofinput data, confidence in continuity of geology and metal values,quality, quantity and distribution of the data). | •The deposits show reasonable continuity in geology and grade. The basis ofresource classification is therefore largely based in drill hole density. MeasuredResources at 50m spacing, Indicated Resources up to 100m and InferredResources > 100m.•The company believes that all relevant factors have been taken into account. |
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| •Whether the result appropriately reflects the Competent Person'sview of the deposit. | •The CP, Chief Geologist and Project Geologist agree that the Mineral Resourceestimate is a fair and realistic model of the deposit. | ||
| Auditsreviews | or | •The results of any audits or reviews of Mineral Resource estimates. | •The Mineral Resource Estimate was reviewed by amongst others Entech Mining ofPerth, BGRIMM of Beijing and Lionhead of Johannesburg. |
| Discussionrelativeaccuracy/confidence | of | •Where appropriate a statement of the relative accuracy andconfidence level in the Mineral Resource estimate using anapproach or procedure deemed appropriate by the CompetentPerson. For example, the application of statistical or geostatisticalprocedures to quantify the relative accuracy of the resource withinstated confidence limits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factors that could affectthe relative accuracy and confidence of the estimate.•The statement should specify whether it relates to global or localestimates, and, if local, state the relevant tonnages, which shouldbe relevant to technical and economic evaluation. Documentationshould include assumptions made and the procedures used.•These statements of relative accuracy and confidence of theestimate should be compared with production data, whereavailable. | •The individual pegmatite bodies are geologically consistent, and it is deemed thatthe estimates are valid for such deposits over significant distances.•N/A•The statement refers to the four main pegmatite bodies; the Upper Pegmatite, theMain Pegmatite, the Intermediate Pegmatite the Lower Main Pegmatite, Basal andLower Basal Pegmatites. |
| BHID | EastingsARC50 | NorthingsARC50 | ElevationAzimuth | Dip | Depth | |
|---|---|---|---|---|---|---|
| ACD001 | 331,375.37 | 8,034,084.52 | 1,406.87 | 145 | -80 | 67.10 |
| ACD002 | 331,344.43 | 8,034,059.89 | 1,408.65 | 148 | -79 | 104.70 |
| ACD003 | 331,331.21 | 8,034,127.59 | 1,404.69 | 144 | -80 | 86.70 |
| ACD004 | 331,336.18 | 8,034,179.68 | 1,399.66 | 135 | -80 | 80.70 |
| ACD005 | 331,404.84 | 8,034,110.33 | 1,401.06 | 135 | -80 | 71.60 |
| ACD006 | 331,387.09 | 8,034,224.41 | 1,386.85 | 135 | -80 | 77.70 |
| ACD007 | 331,292.17 | 8,034,033.50 | 1,402.76 | 135 | -80 | 74.32 |
| ACD008 | 331,243.12 | 8,034,063.75 | 1,393.43 | 135 | -79 | 53.60 |
| ACD009 | 331,201.73 | 8,033,968.64 | 1,405.58 | 142 | -80 | 62.70 |
| ACD010 | 331,109.41 | 8,033,902.90 | 1,398.59 | 135 | -80 | 67.35 |
| ACD011 | 331,220.44 | 8,033,907.17 | 1,405.97 | 135 | -80 | 32.70 |
| ACD012 | 331,100.31 | 8,033,851.10 | 1,397.82 | 135 | -80 | 71.96 |
| ACD013 | 331,075.76 | 8,033,936.72 | 1,391.31 | 145 | -79 | 60.70 |
| ACD014 | 331,291.75 | 8,034,171.09 | 1,404.12 | 135 | -80 | 29.75 |
| ACD014B | 331,288.54 | 8,034,174.19 | 1,404.36 | 150 | -78 | 86.70 |
| ACD015 | 331,134.81 | 8,033,976.09 | 1,398.27 | 158 | -79 | 58.00 |
| ACD016 | 331,464.00 | 8,034,145.40 | 1,378.00 | 135 | -80 | 86.70 |
| Phase 2 RC | ||||||
| ACR001 | 331,539.78 | 8,034,132.39 | 1,366.49 | 130 | -79 | 51.00 |
| ACR002 | 331,503.95 | 8,034,179.73 | 1,361.24 | 151 | -81 | 52.00 |
| ACR003 | 331,453.30 | 8,034,256.34 | 1,373.19 | 144 | -80 | 76.00 |
| ACR004 | 331,610.58 | 8,034,203.15 | 1,343.05 | 147 | -80 | 37.00 |
| ACR005 | 331,589.70 | 8,034,234.81 | 1,342.52 | 144 | -80 | 33.00 |
| ACR006 | 331,535.33 | 8,034,315.34 | 1,343.68 | 148 | -80 | 56.00 |
| ACR007 | 331,708.76 | 8,034,254.73 | 1,327.65 | 139 | -81 | 43.00 |
| ACR008 | 331,671.74 | 8,034,296.39 | 1,330.92 | 148 | -80 | 50.00 |
| ACR009 | 331,612.23 | 8,034,370.25 | 1,327.21 | 155 | -79 | 55.00 |
| ACR010 | 331,471.00 | 8,034,399.00 | 1,346.00 | 156 | -80 | 70.00 |
| ACR011 | 331,685.21 | 8,034,448.12 | 1,318.22 | 156 | -80 | 76.00 |
| ACR012 | 331,639.00 | 8,034,510.44 | 1,316.34 | 146 | -80 | 81.00 |
| ACR013 | 331,779.82 | 8,034,489.41 | 1,312.28 | 135 | -79 | 81.00 |
| ACR014 | 331,781.48 | 8,034,309.88 | 1,319.29 | 150 | -78 | 82.00 |
| ACR015 | 331,751.79 | 8,034,346.86 | 1,321.29 | 135 | -80 | 68.00 |
| ACR016 | 331,554.34 | 8,034,449.37 | 1,325.61 | 158 | -79 | 76.00 |
| ACR017 | 331,500.25 | 8,034,537.82 | 1,323.51 | 135 | -80 | 53.00 |
| ACR018 | 331,417.16 | 8,034,475.73 | 1,332.79 | 135 | -80 | 82.00 |
APPENDIX I – SUMMARY OF DRILL HOLES USED IN MINERAL RESOURCE ESTIMATE
| ACR019 | 331,345.31 | 8,034,424.79 | 1,343.41 | 128 | -80 | 77.00 |
|---|---|---|---|---|---|---|
| ACR020 | 331,398.64 | 8,034,322.36 | 1,359.26 | 127 | -77 | 69.00 |
| ACR021 | 331,313.46 | 8,034,289.43 | 1,381.18 | 132 | -80 | 85.00 |
| ACR023 | 330,956.26 | 8,033,777.46 | 1,403.47 | 129 | -81 | 89.00 |
| ACR024 | 330,881.57 | 8,033,718.84 | 1,417.00 | 150 | -77 | 55.00 |
| BHID | EastingsARC50 | NorthingsARC50 | Elevation | Azimuth | Dip | Depth |
| ACR025 | 330,795.46 | 8,033,657.62 | 1,420.24 | 130 | -79 | 55.00 |
| ACR026 | 330,705.33 | 8,034,116.03 | 1,390.68 | 135 | -77 | 60.00 |
| ACR027 | 330,652.92 | 8,034,195.07 | 1,391.80 | 144 | -75 | 74.00 |
| ACR028 | 330,740.59 | 8,034,249.39 | 1,394.10 | 131 | -59 | 70.00 |
| ACR029 | 330,815.74 | 8,034,313.91 | 1,380.42 | 130 | -79 | 70.00 |
| ACR030 | 330,621.81 | 8,034,059.22 | 1,408.56 | 141 | -80 | 53.00 |
| ACR031 | 330,818.97 | 8,033,796.31 | 1,411.68 | 131 | -78 | 61.00 |
| ACR032 | 331,671.13 | 8,034,114.18 | 1,336.15 | 135 | -79 | 24.00 |
| Phase 3 (DD) | ||||||
| ACD017 | 331,337.01 | 8,034,200.90 | 1,398.38 | 127 | -80 | 83.85 |
| ACD018 | 331,644.87 | 8,034,412.88 | 1,322.11 | 125 | -80 | 74.75 |
| ACD019 | 331,827.50 | 8,034,408.51 | 1,314.25 | 124 | -80 | 77.70 |
| ACD020 | 331,573.20 | 8,034,593.51 | 1,316.06 | 133 | -79 | 139.40 |
| ACD021 | 332,023.14 | 8,034,485.85 | 1,303.85 | 130 | -80 | 65.60 |
| ACD022 | 331,511.40 | 8,034,419.82 | 1,334.54 | 132 | -79.5 | 74.75 |
| ACD023 | 331,719.05 | 8,034,567.88 | 1,310.43 | 137 | -78 | 182.70 |
| ACD024 | 332,000.03 | 8,034,344.41 | 1,306.64 | 137 | -80 | 101.60 |
| ACD025 | 331,825.32 | 8,034,627.66 | 1,305.46 | 133 | -79.5 | 197.70 |
| ACD026 | 331,863.90 | 8,034,275.86 | 1,315.11 | 139 | -78.6 | 89.70 |
| ACD027 | 331,883.06 | 8,034,692.43 | 1,303.98 | 136 | -79.2 | 191.00 |
| ACD028 | 331,857.12 | 8,034,551.29 | 1,307.64 | 135 | -79.4 | 164.70 |
| ACD029 | 331,460.90 | 8,034,511.98 | 1,327.78 | 118.6 | -79.13 | 125.70 |
| ACD030 | 331,638.77 | 8,034,652.11 | 1,310.90 | 132.3 | -79.1 | 205.25 |
| ACD031 | 331,583.86 | 8,034,412.21 | 1,326.37 | 133.5 | -79.5 | 77.75 |
| ACD032 | 331,519.88 | 8,034,676.15 | 1,315.39 | 134.9 | -79.2 | 188.60 |
| ACD033 | 331,363.44 | 8,034,566.64 | 1,325.95 | 133.9 | -79.2 | 137.60 |
| ACD034 | 331,962.93 | 8,034,723.46 | 1,302.06 | 128.9 | -80.2 | 188.70 |
| ACD035 | 331,290.29 | 8,034,512.25 | 1,331.84 | 127.8 | -79.3 | 104.60 |
| ACD036 | 332,042.88 | 8,034,810.39 | 1,298.79 | 131.2 | -81.4 | 191.60 |
| ACD037 | 332,114.47 | 8,034,870.89 | 1,296.15 | 125.2 | -78.3 | 164.60 |
| ACD038 | 331,207.90 | 8,034,444.88 | 1,343.14 | 132.9 | -78.1 | 113.60 |
| ACD039 | 332,001.12 | 8,034,931.82 | 1,303.99 | 132.7 | -78.2 | 86.40 |
| ACD039B | 332,098.53 | 8,034,733.24 | 1,298.53 | 132.7 | -78.2 | 200.60 |
|---|---|---|---|---|---|---|
| ACD041 | 331,441.74 | 8,034,613.53 | 1,320.77 | 126.4 | -80.1 | 141.25 |
| ACD040 | 332,099.00 | 8,034,730.00 | 1,305.00 | 134.9 | -79.9 | 77.33 |
| ACD042 | 332,182.00 | 8,034,948.00 | 1,305.00 | 138.2 | -79.5 | 170.70 |
| ACD043 | 332,170.00 | 8,035,053.00 | 1,290.00 | 149.3 | -79.9 | 176.70 |
| ACD044 | 332,088.00 | 8,034,993.00 | 1,295.00 | 134 | -77.4 | 203.60 |
| ACD045 | 331,708.00 | 8,034,500.00 | 1,316.00 | 135.7 | -79.6 | 104.85 |
| ACD046 | 331,648.00 | 8,034,581.00 | 1,316.00 | 129.6 | -80.4 | 116.85 |
| ACD048 | 331,845.00 | 8,034,478.00 | 1,311.00 | 127.6 | -79.2 | 113.85 |
| ACD049 | 331,788.00 | 8,034,560.00 | 1,310.00 | 124.5 | -79.6 | 107.85 |
| BHID | EastingsARC50 | NorthingsARC50 | Elevation | Azimuth | Dip | Depth |
| ACD050 | 331,240.00 | 8,034,228.00 | 1,388.00 | 141.1 | -79.4 | 80.60 |
| ACD051 | 331,597.00 | 8,034,483.00 | 1,318.00 | 130.4 | -79.3 | 89.95 |
| ACD052 | 331,768.00 | 8,034,420.00 | 1,321.00 | 137.8 | -80.1 | 80.60 |
| ACD053 | 331,160.00 | 8,034,172.00 | 1,382.00 | 130.8 | -79.7 | 83.60 |
| ACD054 | 331,297.00 | 8,034,717.00 | 1,328.00 | 146.1 | -78.8 | 68.25 |
| ACD055 | 331,412.00 | 8,034,414.00 | 1,349.00 | 124.4 | -78.9 | 74.85 |
| ACD056 | 331,182.00 | 8,034,314.00 | 1,361.00 | 131.8 | -79.3 | 104.70 |
| ACD057 | 331,068.00 | 8,034,464.00 | 1,343.00 | 136.1 | -79.4 | 95.70 |
| ACD058 | 331,684.00 | 8,034,361.00 | 1,329.00 | 137 | -78.9 | 75.10 |
| ACD059 | 331,099.00 | 8,034,257.00 | 1,369.00 | 129.6 | -79.6 | 80.70 |
| ACD060 | 330,982.00 | 8,034,412.00 | 1,347.00 | 139.5 | -79.3 | 89.70 |
| ACD061 | 331,018.00 | 8,034,198.00 | 1,355.00 | 131.6 | -79.6 | 131.70 |
| ACD062 | 330,900.00 | 8,034,373.00 | 1,361.00 | 143.7 | -79.2 | 89.70 |
| ACD063 | 330,939.00 | 8,034,137.00 | 1,358.00 | 135.5 | -80 | 131.60 |
| ACD064 | 332,019.00 | 8,034,669.00 | 1,305.00 | 138 | -78.4 | 149.60 |
| ACD065 | 331,674.00 | 8,034,789.00 | 1,312.00 | 141.5 | -77.5 | 203.70 |
| Phase 3(RC) | ||||||
| ACR034 | 330,416.00 | 8,035,708.00 | 1,393.00 | 159 | -74.8 | 80.00 |
| ACR035 | 330,437.00 | 8,035,660.00 | 1,393.00 | 248 | -87.4 | 100.00 |
| ACR036 | 330,655.00 | 8,035,698.00 | 1,401.00 | 337 | -74.5 | 90.00 |
| ACR037 | 330,473.00 | 8,035,611.00 | 1,392.00 | 343 | -67.8 | 82.00 |
| ACR038 | 330,521.00 | 8,035,643.00 | 1,397.00 | 335 | -71.7 | 72.00 |
| ACR039 | 330,381.00 | 8,035,607.00 | 1,393.00 | 340 | -70 | 90.00 |
| ACR040 | 330,580.00 | 8,035,700.00 | 1,398.00 | 340 | -70 | 78.00 |
| ACR041 | 330,653.00 | 8,035,736.00 | 1,398.00 | 353 | -74.7 | 64.00 |
| ACR042 | 330,707.00 | 8,035,776.00 | 1,394.00 | 334 | -68.7 | 60.00 |
| ACR043 | 331,760.18 | 8,034,172.79 | 1,322.82 | 131 | -80.8 | 75.00 |
| ACR044 | 331,457.41 | 8,034,025.65 | 1,376.89 | 137 | -82.2 | 82.00 |
|---|---|---|---|---|---|---|
| ACR045 | 330,853.00 | 8,035,804.00 | 1,393.00 | 344 | -72 | 65.00 |
| ACR046 | 331,922.41 | 8,034,282.84 | 1,311.24 | 137 | -80.3 | 83.00 |
| ACR047 | 331,819.83 | 8,034,096.44 | 1,319.15 | 140 | -80.8 | 81.00 |
| ACR048 | 331,840.66 | 8,034,227.19 | 1,317.12 | 134 | -80.7 | 77.00 |
| ACR049 | 331,724.19 | 8,034,023.21 | 1,326.88 | 129 | -79.5 | 79.00 |
| ACR050 | 331,759.53 | 8,033,900.35 | 1,322.79 | 130 | -80.6 | 75.00 |
| ACR051 | 330,911.08 | 8,033,869.20 | 1,400.10 | 155 | -81.3 | 80.00 |
| ACR052 | 331,869.71 | 8,033,999.45 | 1,316.20 | 140 | -80.1 | 67.00 |
| ACR053 | 331,901.85 | 8,034,147.66 | 1,314.46 | 144 | -75 | 75.00 |
| ACR054 | 330,831.09 | 8,033,952.91 | 1,384.08 | 145 | -79.3 | 73.00 |
| ACR055 | 331,982.73 | 8,034,208.03 | 1,309.51 | 142 | -80.7 | 88.00 |
| ACR056 | 331,950.69 | 8,034,425.78 | 1,308.07 | 131 | -81 | 75.00 |
| ACR057 | 332,288.00 | 8,034,881.00 | 1,302.00 | 150 | -60 | 57.00 |
| ACR058 | 332,244.00 | 8,035,050.00 | 1,292.00 | 150 | -60 | 74.00 |
| BHID | EastingsARC50 | NorthingsARC50 | Elevation | Azimuth | Dip | Depth |
| ACR059 | 332,650.00 | 8,034,950.00 | 1,307.00 | 180 | -60 | 50.00 |
| ACR060 | 332,650.00 | 8,035,000.00 | 1,300.00 | 180 | -60 | 58.00 |
| ACR061 | 332,650.00 | 8,035,050.00 | 1,302.00 | 180 | -60 | 76.00 |
| ACR062 | 332,650.00 | 8,035,146.00 | 1,299.00 | 180 | -60 | 80.00 |
| ACR063 | 332,650.00 | 8,035,247.00 | 1,296.00 | 180 | -60 | 125.00 |
| ACR064 | 332,750.00 | 8,035,000.00 | 1,305.00 | 180 | -60 | 63.00 |
| ACR066 | 332,850.00 | 8,035,001.00 | 1,300.00 | 180 | -60 | 74.00 |
| ACR067 | 332,850.00 | 8,035,050.00 | 1,302.00 | 180 | -60 | 84.00 |
| ACR068 | 332,950.00 | 8,035,000.00 | 1,295.00 | 180 | -60 | 85.00 |
| ACR069 | 332,950.00 | 8,035,050.00 | 1,296.00 | 180 | -60 | 93.00 |
| ACR070 | 333,050.00 | 8,035,000.00 | 1,295.00 | 180 | -60 | 92.00 |
| ACR071 | 333,050.00 | 8,035,050.00 | 1,297.00 | 180 | -60 | 92.00 |
| ACR072 | 333,150.00 | 8,035,000.00 | 1,292.00 | 180 | -60 | 108.00 |
| ACR073 | 332,950.00 | 8,034,900.00 | 1,296.00 | 174 | -62 | 70.00 |
| ACR074 | 332,950.00 | 8,034,800.00 | 1,309.00 | 180 | -59 | 60.00 |
| ACR075 | 333,150.00 | 8,034,700.00 | 1,287.00 | 178 | -59 | 77.00 |
| ACR076 | 333,238.00 | 8,034,700.00 | 1,286.00 | 169 | -63 | 73.00 |
| ACR077 | 333,150.00 | 8,034,800.00 | 1,283.00 | 175 | -66 | 75.00 |
| ACR078 | 333,150.00 | 8,034,600.00 | 1,291.00 | 177 | -61 | 75.00 |
| ACR079 | 332,550.00 | 8,035,146.00 | 1,299.00 | 180 | -63 | 79.00 |
| ACR080 | 332,452.00 | 8,035,150.00 | 1,294.00 | 182 | -61 | 80.00 |
| ACR081 | 332,350.00 | 8,035,146.00 | 1,301.00 | 173 | -62 | 80.00 |
| Phase 3 Tails | ||||||
|---|---|---|---|---|---|---|
| ACDT01 | 331,228.39 | 8,034,595.14 | 1,329.10 | 130.8 | -80.7 | 140.50 |
| ACDT02 | 331,314.86 | 8,034,640.81 | 1,324.39 | 154.1 | -79.9 | 134.60 |
| ACDT04 | 331,598.00 | 8,034,727.00 | 1,317.00 | 132.1 | -79.8 | 170.60 |
| ACDT07 | 331,147.60 | 8,034,525.55 | 1,334.51 | 135 | -80 | 110.60 |
| Phase 3DD | ||||||
| ACD059 | 331,099.00 | 8,034,257.00 | 1,369.00 | 129.6 | -79.6 | 80.70 |
| ACD060 | 330,982.00 | 8,034,412.00 | 1,347.00 | 139.5 | -79.3 | 89.70 |
| ACD061 | 331,018.00 | 8,034,198.00 | 1,355.00 | 131.6 | -79.6 | 131.70 |
| ACD062 | 330,900.00 | 8,034,373.00 | 1,361.00 | 143.7 | -79.2 | 89.70 |
| ACD063 | 330,939.00 | 8,034,137.00 | 1,358.00 | 135.5 | -80 | 131.60 |
| ACD064 | 332,019.00 | 8,034,669.00 | 1,305.00 | 138 | -78.4 | 149.60 |
| ACD065 | 331,674.00 | 8,034,789.00 | 1,312.00 | 141.5 | -77.5 | 203.70 |
| ACD066 | 331,858.00 | 8,034,367.00 | 1,316.00 | 128.5 | -79.6 | 67.95 |
| ACD067 | 331,733.00 | 8,034,713.00 | 1,314.00 | 136.1 | -77.6 | 173.70 |
| ACD068 | 331,262.00 | 8,034,547.00 | 1,333.00 | 146 | -79.3 | 101.75 |
| ACD069 | 331,568.00 | 8,034,524.00 | 1,329.00 | 139.4 | -79.7 | 101.85 |
| ACD070 | 331,391.00 | 8,034,525.00 | 1,333.00 | 145.4 | -79.5 | 101.85 |
| ACD071 | 331,191.00 | 8,034,557.00 | 1,332.00 | 135 | -79.6 | 113.85 |
| ACD072 | 331,808.00 | 8,034,773.00 | 1,311.00 | 130.9 | -79.7 | 143.70 |
| Eastings | Northings | |||||
| BHID | ARC50 | ARC50 | Elevation | Azimuth | Dip | Depth |
| ACD073 | 331,495.00 | 8,034,535.00 | 1,325.00 | 133.1 | -79.3 | 108.12 |
| ACD074 | 331,358.00 | 8,034,069.00 | 1,410.00 | 132.1 | -79.7 | 41.85 |
| ACD075 | 331,392.00 | 8,034,090.00 | 1,409.00 | 129.6 | 79.1 | 44.85 |
| ACD076 | 331,322.00 | 8,034,053.00 | 1,413.00 | 128.9 | 80.5 | 29.85 |
| ACD077 | 331,349.00 | 8,034,102.00 | 1,403.00 | 130.1 | 80.5 | 41.85 |
| ACD078 | 331,304.00 | 8,034,073.00 | 1,409.00 | 136.1 | 79.6 | 35.75 |
| ACD079 | 331,293.00 | 8,034,324.00 | 1,374.00 | 131.7 | 79.3 | 44.85 |
| ACD080 | 331,244.00 | 8,034,398.00 | 1,349.00 | 137.8 | 79.5 | 44.85 |
| ACD081 | 331,379.00 | 8,034,119.00 | 1,402.00 | 140.6 | 79.9 | 44.85 |
| Phase 4 (RC) | ||||||
| ACR074 | 332,950.00 | 8,034,800.00 | 1,309.00 | 180 | -59 | 60.00 |
| ACR075 | 333,150.00 | 8,034,700.00 | 1,287.00 | 178 | -59 | 77.00 |
| ACR076 | 333,238.00 | 8,034,700.00 | 1,286.00 | 169 | -63 | 73.00 |
| ACR077 | 333,150.00 | 8,034,800.00 | 1,283.00 | 175 | -66 | 75.00 |
| ACR078 | 333,150.00 | 8,034,600.00 | 1,291.00 | 177 | -61 | 75.00 |
| ACR079 | 332,550.00 | 8,035,146.00 | 1,299.00 | 180 | -63 | 79.00 |
| ACR081 | 332,350.00 | 8,035,146.00 | 1,301.00 | 173 | -62 | 80.00 |
|---|---|---|---|---|---|---|
| ACR082 | 330,980.00 | 8,034,699.00 | 1,333.00 | 133 | -81 | 50.00 |
| ACR083 | 330,921.00 | 8,034,780.00 | 1,337.00 | 143 | -80 | 44.00 |
| ACR084 | 331,134.00 | 8,034,915.00 | 1,333.00 | 130 | -81 | 30.00 |
| ACR085 | 331,110.00 | 8,034,758.00 | 1,326.00 | 127 | -81 | 50.00 |
| ACR086 | 331,054.00 | 8,034,840.00 | 1,335.00 | 135 | -80 | 70.00 |
| ACR087 | 330,998.00 | 8,034,920.00 | 1,344.00 | 143 | -84 | 51.00 |
| ACR088 | 331,210.00 | 8,034,810.00 | 1,331.00 | 136 | -81 | 40.00 |
| ACR089 | 330,878.00 | 8,034,647.00 | 1,338.00 | 141 | -81 | 48.00 |
| ACR090 | 330,937.00 | 8,034,565.00 | 1,343.00 | 130 | -80 | 50.00 |
| ACR091 | 331,638.00 | 8,033,946.00 | 1,332.00 | 135 | -80 | 50.00 |
| ACR091B | 331,634.00 | 8,033,947.00 | 1,332.00 | 114 | -82 | 85.00 |
| ACR092 | 331,528.00 | 8,033,891.00 | 1,340.00 | 134 | -80 | 75.00 |
| ACR093 | 331,422.00 | 8,033,823.00 | 1,360.00 | 140 | -82 | 76.00 |
| ACR094 | 331,370.00 | 8,033,725.00 | 1,360.00 | 150 | -79 | 84.00 |
| ACR095 | 331,213.00 | 8,033,634.00 | 1,372.00 | 135 | -82 | 72.00 |
| ACR096 | 331,511.00 | 8,033,634.00 | 1,348.00 | 135 | -80 | 36.00 |
| ACR097 | 330,469.00 | 8,033,552.00 | 1,442.00 | 138 | -79 | 76.00 |
| ACR098 | 330,419.00 | 8,033,447.00 | 1,469.00 | 153 | -80 | 73.00 |
| ACR099 | 330,356.00 | 8,033,362.00 | 1,443.00 | 107 | -78 | 80.00 |
| ACR100 | 330,581.00 | 8,033,745.00 | 1,405.00 | 135 | -80 | 76.00 |
| ACR101 | 330,365.00 | 8,033,739.00 | 1,398.00 | 135 | -80 | 72.00 |
| ACR102 | 331,575.00 | 8,033,759.00 | 1,339.00 | 133 | -84 | 95.00 |
| ACR103 | 331,670.00 | 8,033,820.00 | 1,330.00 | 141 | -82 | 93.00 |
| ACR123 | 331,127.00 | 8,034,386.00 | 1,355.00 | 140 | -80 | 90.00 |
| BHID | Eastings | Northings | Elevation | Azimuth | Dip | Depth |
| ARC50 | ARC50 | |||||
| ACR126 | 331,048.00 | 8,034,327.00 | 1,347.00 | 144 | -81 | 90.00 |
| ACR128 | 330,955.00 | 8,034,265.00 | 1,361.00 | 137 | -80 | 90.00 |
| ACR134 | 331,775.00 | 8,034,809.00 | 1,455.00 | 128 | -81 | 130.00 |
| ACR136 | 330,880.00 | 8,034,207.00 | 1,318.00 | 141 | -81 | 90.00 |
| ACR139 | 331,030.00 | 8,033,704.00 | 1,387.00 | 147 | -83 | 70.00 |
| ACR140 | 330,758.00 | 8,033,883.00 | 1,407.00 | 140 | -82 | 80.00 |
| ACR142 | 330,952.00 | 8,033,644.00 | 1,398.00 | 147 | -81 | 50.00 |
| ACR145 | 331,109.00 | 8,033,644.00 | 1,381.00 | 130 | -81 | 100.00 |
| ACR146 | 331,110.00 | 8,033,772.00 | 1,379.00 | 146 | -82 | 85.00 |
| ACR147 | 331,199.00 | 8,033,824.00 | 1,388.00 | 144 | -83 | 100.00 |
| ACR148 | 103.00 | |||||
| 331,291.00 | 8,033,864.00 | 1,384.00 | 128 | -80 | ||
| ACR149ACR152 | 331,499.00331,177.00 | 8,033,794.008,033,722.00 | 1,347.001,387.00 | 138135 | -79-80 | 79.00109.00 |
| ACR153 | 331,269.00 | 8,033,768.00 | 1,384.00 | 140 | -82 | 105.00 |
|---|---|---|---|---|---|---|
| ACR154 | 331,349.00 | 8,033,852.00 | 1,370.00 | 137 | -80 | 105.00 |
| ACR155 | 331,377.00 | 8,033,946.00 | 1,399.00 | 136.3 | -81 | 102.00 |
| ACR156 | 331,162.00 | 8,033,601.00 | 1,377.00 | 142 | -81 | 82.00 |
| ACR157 | 331,033.00 | 8,033,855.00 | 1,390.00 | 137 | -81 | 110.00 |
Phase 5 (RC)
| BHID | EastingsARC50 | NorthingsARC50 | Elevation | Azimuth | Dip | Depth |
|---|---|---|---|---|---|---|
| ACR168 | 330,860 | 8,034,086 | 1,372 | 126 | -79 | 110.00 |
| ACR169 | 330,772 | 8,034,020 | 1,382 | 142 | -76 | 151.00 |
| ACR170 | 330,689 | 8,033,956 | 1,403 | 134 | -79 | 160.00 |
| ACR171 | 331,120 | 8,034,130 | 1,377 | 123 | -82 | 61.00 |
| ACR172 | 331,053 | 8,034,079 | 1,371 | 123 | -80 | 113.00 |
| ACR173 | 332,551 | 8,035,054 | 1,305 | 179 | -60 | 99.00 |
| ACR174 | 330,993 | 8,034,036 | 1,370 | 134 | -81 | 114.00 |
| ACR175 | 332,451 | 8,035,072 | 1,305 | 180 | -60 | 97.00 |
| ACR176 | 330,939 | 8,034,009 | 1,363 | 135 | -80 | 120.00 |
| ACR177 | 332,359 | 8,035,050 | 1,301 | 180 | -60 | 90.00 |
| ACR178 | 332,453 | 8,035,250 | 1,296 | 180 | -60 | 121.00 |
| ACR179 | 330,814 | 8,034,150 | 1,380 | 135 | -80 | 160.00 |
| ACR182 | 332,247 | 8,035,150 | 1,289 | 180 | -60 | 109.00 |
| ACR183 | 331,225 | 8,034,135 | 1,395 | 135 | -80 | 131.00 |
| ACR184 | 331,152 | 8,034,065 | 1,383 | 135 | -80 | 126.00 |
| ACR185 | 331,081 | 8,034,024 | 1,386 | 135 | -80 | 130.00 |
| ACR186 | 331,011 | 8,033,940 | 1,384 | 135 | -80 | 118.00 |
| ACR187 | 331,197 | 8,034,041 | 1,389 | 135 | -80 | 140.00 |
| ACR188 | 331,096 | 8,033,967 | 1,397 | 135 | -80 | 121.00 |
Phase 6 (RC) – Six RC holes (427m) ACR 189 - 194 drilled on satellite ore body , and not included in this MRE
| Phase 7 (Metallurgical test drilling, targeted the Main Pegmatite ) _ Samples not yet tested | ||||||
|---|---|---|---|---|---|---|
| -- | -- | -- | -- | ---------------------------------------------------------------------------------------------- | -- | -- |
| BHID | EastingsARC50 | NorthingsARC50 | Elevation | Azimuth | Dip | Depth |
|---|---|---|---|---|---|---|
| ACD082 | 331,614 | 8,034,364 | 1,339 | 135 | -80 | 54.90 |
| ACD083 | 331,537 | 8,034,312 | 1,344 | 135 | -80 | 35.40 |
| ACD084 | 331,351 | 8,034,053 | 1,404 | 135 | -80 | 29.50 |
| ACD085 | 331,383 | 8,034,081 | 1,376 | 135 | -80 | 40.00 |
|---|---|---|---|---|---|---|
| ACD086 | 331,409 | 8,034,102 | 1,373 | 135 | -80 | 35.50 |
| ACD087 | 331,294 | 8,034,028 | 1,381 | 135 | -80 | 20.50 |
| ACD088 | 331,351 | 8,034,038 | 1,389 | 135 | -80 | 28.00 |
| ACD089 | 331,310 | 8,034,009 | 1,401 | 135 | -80 | 25.00 |
| ACD090 | 331,330 | 8,033,992 | 1,392 | 135 | -80 | 25.52 |
| ACD091 | 331,351 | 8,033,959 | 1,387 | 135 | -80 | 16.50 |
| ACD092 | 331,394 | 8,034,060 | 1,404 | 135 | -80 | 29.50 |
| ACD093 | 331,433 | 8,034,092 | 1,401 | 135 | -80 | 31.00 |
| ACD094 | 331,465 | 8,034,107 | 1,396 | 135 | -80 | 28.00 |
| ACD095 | 331,493 | 8,034,124 | 1,384 | 135 | -80 | 14.80 |
| ACD096 | 331,494 | 8,034,128 | 1,379 | 135 | -80 | 20.50 |
| ACD097 | 331,300 | 8,034,096 | 1,407 | 135 | -80 | 23.50 |
| ACD098 | 331,389 | 8,034,220 | 1,399 | 135 | -80 | 36.60 |
| ACD099 | 331,388 | 8,034,219 | 1,377 | 135 | -80 | 36.50 |
| ACD100 | 331,337 | 8,034,176 | 1,400 | 135 | -80 | 43.00 |
| ACD101 | 331,333 | 8,034,121 | 1,410 | 135 | -80 | 40.00 |
| ACD102 | 331,296 | 8,034,165 | 1,410 | 135 | -80 | 44.00 |
| ACD103 | 331,275 | 8,034,132 | 1,408 | 135 | -80 | 36.00 |
| ACD104 | 331,275 | 8,034,205 | 1,400 | 135 | -80 | 55.00 |
| ACD105 | 331,243 | 8,034,227 | 1,396 | 135 | -80 | 35.85 |
| ACD106 | 331,309 | 8,034,273 | 1,372 | 135 | -80 | 44.50 |
| ACD107 | 331,163 | 8,034,170 | 1,369 | 135 | -80 | 40.00 |
| ACD108 | 331,183 | 8,034,315 | 1,354 | 135 | -80 | 46.00 |
| ACD109 | 331,183 | 8,034,321 | 1,376 | 135 | -80 | 40.00 |
| ACD110 | 331,404 | 8,034,319 | 1,364 | 135 | -80 | 40.00 |
| ACD111 | 331,451 | 8,034,259 | 1,377 | 135 | -80 | 29.00 |