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RESOLUTION MINERALS LTD — Capital/Financing Update 2025
Apr 6, 2025
65717_rns_2025-04-06_0d9535aa-9e4f-4f9f-8d00-6b8f8677f5aa.pdf
Capital/Financing Update
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7 April 2025
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PLACEMENT CLEANSING NOTICE UNDER SECTION 708A(5)(E) OF THE CORPORATIONS ACT - UPDATED
Resolution Minerals Ltd ACN 617 789 732 ( Company ) (ASX:RML) gives this notice pursuant to section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ).
On 1 April 2025 the Company issued 909,091 fully paid ordinary shares in the Company ( Shares ) pursuant to a placement announced on 13 March 2025.
The Company advises that:
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(1) the Company issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act;
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(2) as at the date of this notice, the Company has complied with:
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(a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and
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(b) sections 674 and 674A of the Corporations Act; and
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(3) as at the date of this notice, there is no “excluded information” of the type referred to in sections 708A(7) and 708A(8) of the Corporations Act.
The Company notes that a cleansing notice was previously issued by the Company on Monday 1 April 2025 in relation to the above Share issue ( Original Cleansing Notice ).
On 3 April 2025 the Company subsequently released an announcement entitled “Antimony, Gold and Copper Mineralisation at Drake East” ( Subsequent Public Announcement ).
To the extent that the Original Cleansing Notice can be said to be defective as a result of the Subsequent Public Announcement, the Company draws investors attention to the Subsequent Public Announcement, which is attached to his announcement for convenience.
Authorised by the Board of the Resolution Minerals Ltd
For further information please contact:
Jarek Kopias
Company Secretary Resolution Minerals Ltd P: +61 8 6118 7110 E: [email protected]
W: www.resolutionminerals.com
Level 21, 91 King William Street Adelaide SA 5000 www.resolutionminerals.com
3 April 2025
791 ANTIMONY, GOLD AND COPPER MINERALISATION MINE WORKINGS IDENTIFIED AT DRAKE EAST IN FINAL LIDAR INTERPRETATION
HIGHLIGHTS
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RML has received a final report for a High-quality Light Detection and Ranging (“ LiDAR ”) interpretation conducted at the Company’s Drake East Antimony-Gold Project. A total of 791 mine workings, including 742 pits, 33 shafts and 16 adits, have been interpreted across the Drake East Project area.
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The vast majority of these mine workings correspond to the seventy historical [mostly] gold and antimony prospects recorded at Drake East. CAUTIONARY NOTE: The gold and antimony prospects are historical and are not 2012 JORC Code compliant. The Competent Person has not done sufficient work to classify these occurrences as mineral resources in accordance with the 2012 JORC Code. There are no guarantees that further tests would elevate these occurrences to 2012 JORC Code compliancy.
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The antimony / antimony-gold mineralisation is classified as antimony-quartz, antimony-goldquartz, and antimony-gold-tungsten-quartz vein-type.
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The Hedley’s Antimony and Hensen Hills Antimony Prospect areas are believed part of a large NE-SW orientated antimony-gold mineral field that also includes the Lunatic Antimony Field which occurs on Legacy Minerals’ Drake Project (ASX: LGM).
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The LGM Lunatic Antimony Field hosts vein-hosted mineralisation with peak grades of 30% antimony and 85g/t gold. Refer to LGM Announcement dated 26 February 2025.
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As previously announced by RML (ASX announcement 10 March and 26 March 2025) Drake East hosts high-grade antimony, high-grade gold, and high-grade silver mineralisation, including peak values of 5.72% Sb, 60.9 g/t Au and 214 g/t Ag from sampling of various historical workings.
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LiDAR interpretations have also identified a concentration of placer gold mine workings covering an estimated area of 135,500 square metres in the Lanikai Alluvial Prospect area.
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RML to expedite fieldwork including geological mapping and geochemical rock chip sampling.
Antimony-gold focused exploration company Resolution Minerals Ltd (“ RML ” or the “ Company ”) ( ASX: RML ) is pleased to announce that it has received the final LiDAR data reprocessing and interpretation report (“ Report ”) for its Drake East Antimony-Gold Project (“ Drake East ” of the “ Project ”), located in NSW, Australia (subject of previous ASX announcements of 10 March, 17 March, 25 March and 26 March 2025). The Report was received from LiDAR data reprocessing and interpretation specialist service provider GeoCloud Analytics (“ GeoCloud ”).
Seven hundred and ninety-one workings were identified from the LiDAR data by GeoCloud. The final report was reviewed by the principal geologist of Riviere Minerals Pty. Ltd. (“ Riviere ”), Mr Ross Brown. Mr Brown has adequate experience in geomorphology to qualify as Competent Person regarding this exploration activity. These workings by and large coincide with the 70 antimony and gold prospects known to occur within RML’s Drake East Project as recorded in the NSW Geological Survey MinView online data portal (“ MinView ”) (Table 1) (Figure 1). The antimony and gold prospects occurring at Drake East were the subject of four prior ASX announcements made by the company, dated 10 March, 17 March, 25 March and 26 March 2025.
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| Prospect Name | Prospect Cluster Area | Commodity | Commodity | Style of Mineralisation |
Location GDA94 Coordinates | Location GDA94 Coordinates |
|---|---|---|---|---|---|---|
| Principal | Secondary | Northing | Easting | |||
| GullyProspect | Hedleys-GullyProspect | Sb,Au | Vein | -28.821272 | 152.440030 | |
| Cross River | Hedleys-GullyProspect | Sb,Au | Vein | -28.819490 | 152.445574 | |
| Hedleys Reef | Hedleys-GullyProspect | Sb,Au | Vein | -28.810896 | 152.441008 | |
| Bucklands Reef | Hedleys-GullyProspect | Au | Vein | -28.815541 | 152.440221 | |
| Urquhart & Coprospect | Hedleys-GullyProspect | Au | Vein | -28.813167 | 152.444589 | |
| Campbells 2 | Hansen Hills-Hidden Treasure | Au | Vein | -28.810945 | 152.452793 | |
| Hidden Treasure | Hansen Hills-Hidden Treasure | Au | As | Vein | -28.809872 | 152.455572 |
| Four Mile Prospect | Au | Placer(Holocene) | -28.812383 | 152.474102 | ||
| Emu Creek Prospect | Au | Placer(Holocene) | -28.816931 | 152.483206 | ||
| Quail Reef | Hansen Hills-Hidden Treasure | Au,Sb | Vein | -28.803744 | 152.457961 | |
| Septic Prospect | Hansen Hills-Hidden Treasure | Au,Sb | Vein | -28.805090 | 152.455904 | |
| Fordhams Reef | Hansen Hills-Hidden Treasure | Au,Sb | Pb,As | Vein | -28.801484 | 152.456948 |
| Isolated Prospect | Hansen Hills-Hidden Treasure | Au,Sb | Vein | -28.801505 | 152.462065 | |
| Hansen & Hills shaft | Hansen Hills-Hidden Treasure | Sb | Vein | -28.800581 | 152.456946 | |
| Withers deposit | Hansen Hills-Hidden Treasure | Sb | Vein | -28.800173 | 152.456493 | |
| Hansen & Hills deposit | Hansen Hills-Hidden Treasure | Sb,Au | Cu,Zn | Vein | -28.799495 | 152.456241 |
| Creek Prospect | Hansen Hills-Hidden Treasure | Au | Placer(Holocene) | -28.795884 | 152.455952 | |
| M' Ridge Prospect | Au,Ag | Cu,Zn | Disseminated | -28.798893 | 152.486670 | |
| Martin & Richardson | Glasby& Co | Au | Placer(Holocene) | -28.785743 | 152.470547 | |
| Brosh & WickingReef | Glasby& Co | Au | Vein | -28.785123 | 152.473624 | |
| Glasby& Co Prspect | Glasby& Co | Sb | Vein | -28.779000 | 152.477547 | |
| Nobles Gold Mine | Reliance Mine-Rileys Alluvials | Au | Vein | -28.777903 | 152.429402 | |
| Lincolnshire reef | Reliance Mine-Rileys Alluvials | Au | Vein | -28.786245 | 152.438373 | |
| Grahamsprospect | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.786449 | 152.444116 | |
| Shaws Prospect | Reliance Mine-Rileys Alluvials | Au | Vein | -28.784460 | 152.443409 | |
| Thurgates Workings | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.785937 | 152.451342 | |
| Stockyard Prospect | Reliance Mine-Rileys Alluvials | Au | Vein | -28.782892 | 152.457454 | |
| PrettyGullyAlluvium | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.781623 | 152.456026 | |
| Rileys Alluvials 1 | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.781965 | 152.451311 | |
| The Blue Bag | Reliance Mine-Rileys Alluvials | Au | Vein | -28.781563 | 152.441324 | |
| Reliance Mine | Reliance Mine-Rileys Alluvials | Au | Ag,Pb | Vein | -28.781021 | 152.441327 |
| Rileys Alluvials 2 | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.779758 | 152.441488 | |
| Rileys Lode | Reliance Mine-Rileys Alluvials | Sb,Au | Vein | -28.779668 | 152.441386 | |
| Spur Prospec 1 | Reliance Mine-Rileys Alluvials | Au | Vein | -28.778412 | 152.443339 | |
| Frenchmans Lode | Reliance Mine-Rileys Alluvials | Au | Vein | -28.776329 | 152.441711 | |
| Frenchmans Shaft | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.775264 | 152.445808 | |
| Pinnacles Mine | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.776642 | 152.451948 | |
| Lost Shaft | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.775105 | 152.451136 | |
| DairyGullyAlluvials | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.769380 | 152.441742 | |
| Unnamed Prospect | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.769019 | 152.441955 | |
| Butlers Alluvials | Reliance Mine-Rileys Alluvials | Au | Placer(Holocene) | -28.768047 | 152.446871 | |
| Lanikai Adit | Ottis Mine-Lankai Alluvials | Au | Placer(Cenozoic) | -28.744279 | 152.439622 | |
| Alluvial DeepLead | Ottis Mine-Lankai Alluvials | Au | Placer(Cenozoic) | -28.737520 | 152.420821 | |
| Paddys Hill Adit | Ottis Mine-Lankai Alluvials | Au | Placer(Cenozoic) | -28.737262 | 152.423684 | |
| Kings Alluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.719079 | 152.393886 | |
| Unexpected Alluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.719447 | 152.405511 | |
| Eassons Lode | Ottis Mine-Lankai Alluvials | Au | Vein | -28.726931 | 152.414326 | |
| Yellow Creek Alluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.729992 | 152.412255 | |
| Hillside Prospect 2 | Ottis Mine-Lankai Alluvials | Au | Vein | -28.725162 | 152.422528 | |
| Lanikai West GullyAlluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.725525 | 152.423038 | |
| Lanikai East GullyAlluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.728693 | 152.425062 | |
| Plantation Prospect | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.723150 | 152.427044 | |
| Hoffmans Workings | Ottis Mine-Lankai Alluvials | Au | Vein | -28.725548 | 152.428458 | |
| Gays Lode | Ottis Mine-Lankai Alluvials | Sb | W | Vein | -28.725786 | 152.431433 |
| Ottis Mine | Ottis Mine-Lankai Alluvials | Sb | Vein | -28.724668 | 152.433788 | |
| Clarence River alluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Holocene) | -28.725397 | 152.435422 | |
| Hoffmans Folly | Ottis Mine-Lankai Alluvials | Au | Vein | -28.728283 | 152.434792 | |
| Petticoat Alluvials | Ottis Mine-Lankai Alluvials | Au | Placer(Quaternary) | -28.730988 | 152.434266 | |
| Goulter & Harrisonsprospect | Ottis Mine-Lankai Alluvials | Au,Ag,Cu,Pb,Zn | Vein | -28.728295 | 152.437864 | |
| MolyProspect | Ottis Mine-Lankai Alluvials | Mo | Vein | -28.729572 | 152.440929 | |
| GullyAlluvials | Pine Gully-Mosquito Creek Antimony | Au | Placer(Holocene) | -28.709285 | 152.424656 | |
| Mundines Prospect | Pine Gully-Mosquito Creek Antimony | Au | Cu,Pb | Vein | -28.708776 | 152.432338 |
| Mosquito Creek alluvials | Pine Gully-Mosquito Creek Antimony | Au | Placer(Holocene) | -28.703893 | 152.430323 | |
| Mosquito Creek Antimony | Pine Gully-Mosquito Creek Antimony | Sb,Au | Vein | -28.701193 | 152.432071 | |
| SteepGullyalluvials | Pine Gully-Mosquito Creek Antimony | Au | Placer(Holocene) | -28.701197 | 152.432890 | |
| Darkes Point occurrence | Pine Gully-Mosquito Creek Antimony | Au | Vein | -28.699400 | 152.434954 | |
| Pine GullyLodes South | Pine Gully-Mosquito Creek Antimony | Sb-Au | As,Pb | Vein | -28.692628 | 152.434421 |
| Pine GullyLodes North | Pine Gully-Mosquito Creek Antimony | Au | Pb,As,Zn | Vein | -28.689461 | 152.432551 |
| Beardmores Lead | Pine Gully-Mosquito Creek Antimony | Au | Placer(Triassic) | -28.691583 | 152.422200 | |
| DeepLead Gold | Pine Gully-Mosquito Creek Antimony | Au | Placer(Cenozoic) | -28.688874 | 152.421806 |
Table 1: Metal occurrences located within the Drake East Project area. All information is obtained from the NSW Geological Survey MinView online data portal. Please also refer to the figures provided in this announcement. CAUTIONARY NOTE : These minerals occurrences are of historical nature and are not 2012 JORC Code compliant. The Competent Person has not done sufficient work to classify these occurrences as mineral resources in accordance with the 2012 JORC Code. There are no guarantees that further tests would elevate these occurrences to 2012 JORC Code compliancy. CAUTIONARY NOTE: The elevations (height above sea level) for these mineral occurrences are not known.
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Figure 1: Combined LiDAR image and Satellite image of the Drake East Project area, showing topography, the location of the MinView historical metals occurrences and the GeoCloud interpreted mine workings. The five focus areas are highlighted (white box shapes). CAUTIONARY NOTE : The minerals occurrences shown in this figure are of historical nature and are not 2012 JORC Code compliant. The Competent Person has not done sufficient work to classify these occurrences as mineral resources in accordance with the 2012 JORC Code. There are no guarantees that further tests would elevate these occurrences to 2012 JORC Code compliancy.
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Drake East Project Area LiDAR Results
The entire Project area hosts a total of 791 mine workings, including 742 prosecting pits, 33 shafts and 16 adits. These are spread over the 70 MinView antimony, gold, silver, copper and base metal prospects known to occur within RML’s Drake East Project (Table 1) (Figure 1).
There are also newly interpreted mine workings which do not correspond to the MinView prospects (Figure 1) indicating that there are mineral occurrences present that are not recorded in MinView.
Five areas have been recognised that have high concentrations (or “clusters”) of mine workings associated with the MinView prospects. These include:
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Hedley’s - Gully Prospect Area
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Hansen Hills - Hidden Treasure Area
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Reliance Mine - Rileys Alluvials Area
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Ottis Mine - Lanikai Alluvials Area
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Pine Gully - Mosquito Creek Antimony Area
These are discussed in further detail below.
Hedley’s - Gully Prospect Area
The Hedley’s Reef – Gully Prospect Area hosts 90 interpreted mine workings, including 75 pits, nine shafts and six adits (Figure 3). The majority of these are associated with the Hedley’s Reef Antimony Prosect and the Bucklands Reef Gold Prospect.
The configuration of the mine workings indicates a strong linear control of gold-antimony mineralisation. This is consistent with the vein-style mineralisation known at the Buckland Reef gold prosect and the Hedley’s Reef antimony prospect. There are two vein orientations: NW-SE and NS.
Located in the southwestern part of the Project area, the Hedley’s Reef – Gully Prospect mine workings cluster is approximately 4km northeast of Legacy Minerals’ (“ Legacy ”) Lunatic Antimony Field (Figure 2 RIGHT). Legacy detailed rock chip sample assay results from the Lunatic Antimony Field in an ASX announcement dated 26 February 2025.
Figure 1 of Legacy’s announcement dated 26 February 2025, with the title “30% Antimony and 85g/t gold in Rock Chips at the Drake Project” is copied RIGHT, without modification. Directly relevant to RML’s Hedley’s Reef and Gully Prospect areas, there is a clear NW-SE to NS orientation of the gold and antimony veins comprising the Lunatic Antimony Field. Cautionary Note : Please refer to the Legacy 26 February 2025 Announcement for details of their exploration results.
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RML believes that the antimony-gold mineralisation of Hedley’s Reef – Gully Prospect Area is part of the same, broader, antimony-gold mineralisation of the Lunatic Antimony Field (Figure 2). The style of mineralisation, host geology and the orientation of the veins are all similar.
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Figure 3: LiDAR image (right) with location geological location plans (left). The LiDAR image was produced by GeoCloud. The author has added trend lines and certain captions: Yellow dashed lines highlight the orientation of the mine working; CAUTIONARY NOTE : The inserts are from areas expanded from the primary plan. The coordinates (and north arrow) of the inserts are therefore constrained by the primary plan.
Hansen Hills - Hidden Treasure Area
The Hansen Hills - Hidden Treasure Area is located centrally in the southern part of the Project area. It is 2km NE of the Hedley’s - Gully Prospect area (discussed above), and approximately 6km northeast of Legacy Minerals’ Lunatic Antimony Field.
The Hansen Hills - Hidden Treasure Area hosts 112 mine workings including 109 pits, one shaft and two adits (Figure 4).
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Like the Hedley’s Reef – Gully Prospect antimony prospects, the Hansen Hills - Hidden Treasure Area mine workings display a strong NW-SE and NS orientation, again, as would be expected in the case of vein-hosted Sb and Au mineralisation.
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Figure 4: LiDAR image (right) with location geological location plans (left). The LiDAR image was produced by GeoCloud. The author has added trend lines and certain captions: Yellow dashed lines highlight the orientation of the mine working. White dashed lines highlight interpreted lineation that is reflected in local drainage patterns. Drainage systems often reflect underlying linear geology (dykes, faults, joints, sheers, geological contacts) as a result of preferential erosional. CAUTIONARY NOTE : The inserts are from areas expanded from the primary plan. The coordinates (and north arrow) of the inserts are therefore constrained by the primary plan.
Like with the Hedley’s Reef – Gully Prospect Area, RML believes that the antimony-gold mineralisation of the Hansen Hills - Hidden Treasure Area, forms part of the same, broader, antimony-gold mineralisation of the Lunatic Antimony Field (Figure 2). The style of mineralisation is the same, the host geology is the same, and the orientation of the veins is the same.
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Reliance Mine - Rileys Alluvials Area
The Reliance Mine - Rileys Alluvials Area is located in the central part of the project area. It comprises several gold and antimony vein prospects and an extensive field of placer gold prospects. The total number of mine workings in the area is too numerous to count (owing to the intense concentration of alluvial diggings). In the Reliance Gold Mine area alone, there is a total of 75 mine workings, including 65 pits, eight shafts, two adits and 17 trenches (Figure 4).
Like the LiDAR mine workings of the antimony-gold prospects discussed above, the same mine workings orientation occurs in the Reliance Mine - Rileys Alluvials Area. The occurrence of widespread alluvial (placer) gold prospects introduces a less linear configuration of the mine workings (Figure 5). The distribution of such placer prospects is influenced by the present-day erosion of the known gold-bearing Carboniferous-aged Emu Creek Formation. The Emu Creek Formation occurs throughout the Project area.
To clarify, the spatial control of the mine workings of placer gold prospects is not related to the occurrence of antimony-gold veins but relates to the drainage system as seen in Figure 5.
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Figure 5: LiDAR image (right) with location geological location plans (left). The LiDAR image was produced by GeoCloud. The author has added trend lines and certain captions: Yellow dashed lines highlight the orientation of the mine working. Curved orange dashed lines highlight interpreted alluvial gold drainages. CAUTIONARY NOTE : The inserts are from areas expanded from the primary plan. The coordinates (and north arrow) of the inserts are therefore constrained by the primary plan.
The distribution of the placer gold mine workings is also useful in interpreting the possible occurrence of additional vein hosted gold mineralisation. The occurrence of place gold in first and second order creeks (Figure 5) strongly indicate that the source of [placer] gold is very localised.
The widespread nature of the alluvial mine workings in the Reliance Mine - Rileys Alluvials Area therefore strongly indicates the occurrence of significantly more mineralised veins than currently known.
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Ottis Mine - Lanikai Alluvial Area
The Ottis Mine – Lanikai Alluvial Area is located in the central northern part of the project area. It is very similar to the Reliance Mine - Rileys Alluvials Area in that it hosts a combination of gold and antimony-gold veins and several clusters of placer gold mine workings (Figure 6).
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Figure 6: LiDAR image (right) with location geological location plans (left). The LiDAR image was produced by GeoCloud. CAUTIONARY NOTE : The inserts are from areas expanded from the primary plan. The coordinates (and north arrow) of the inserts are therefore constrained by the primary plan.
It is not possible to calculate with certainty the total number of mine workings in the Ottis Mine – Lanikai Alluvial Area such is the intensity of the alluvial placer gold workings. Three sub-areas of the Ottis Mine – Lanikai Alluvial Area are presented in this announcement to illustrate the intense nature of past alluvial gold mining activity.
The Lanikai West Gully Alluvial and the Lanikai East Gully Alluvials (Figure 7) cover an area of 43,000 square metres. The Clarence River Alluvials (Figure 8) cover an area of 71,500 square metres. The Yellow Creek Alluvials (Figure 9) cover an area of 21,000 square metres. The three placer gold areas have a combined total area of 135,500 square metres. CAUTIONARY NOTE: The estimate of the area of mine workings is not a measure of the extent of placer gold mineralisation.
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Figure 7: LiDAR image produced by GeoCloud showing the Lanikai West Gully and East Gully Alluvial fields. The alluvial workings create a pimply appearance in LiDAR imagery (highlighted within the yellow circled areas). These placer fields occur within first and second order stream in-valley land surfaces of likely Holocene age (transparent blue arrows). Current drainage is eroding the Holocene in-valley land surfaces. Direct evidence for a local source of gold is the Hillside Prospect 2 gold occurrence which reported to be a vein deposit. CAUTIONARY NOTE : The Competent Person has not done sufficient work to verify whether the Hillside Prospect 2 Prospect is a vein-related gold occurrence.
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Figure 8: LiDAR image produced by GeoCloud showing the Clarence Alluvial fields. The alluvial workings create a pimply appearance in LiDAR imagery. These placer fields occur within first and second order stream in-valley land surfaces for likely Holocene age (transparent blue arrows). In the case of the Clarence Alluvial Field, modern drainage has partially overprinted the Holocene drainage leaving alluvial terraces. A number of gold vein and antimony vein prospects occur in the very near vicinity. This illustrates the very close source of the gold in the placer deposits. CAUTIONARY NOTE : The Competent Person has not done sufficient work to verify whether the prospects in this figure relate to antimony and/or gold vein mineralisation.
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Figure 9: LiDAR image produced by GeoCloud showing the Yellow Creek Alluvial fields. The alluvial workings create a pimply appearance in LiDAR imagery. These placer fields occur within first and second order stream in-valley land surfaces for likely Holocene age (transparent blue arrows). In the case of the Yellow Creek Alluvial Field, modern drainage has partially overprinted the Holocene drainage leaving alluvial terraces. Direct evidence of a very local source of gold is the Eassons Lode gold occurrence which is a vein deposit. CAUTIONARY NOTE : The Competent Person has not done sufficient work to verify whether the Eassons Lode Prospect is a vein-related gold occurrence.
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Pine Gully– Mosquito Creek Antimony Area
The Pine Gully - Mosquito Creek Antimony Area is located in the northern part of the Project. It hosts total of 19 interpreted mine workings, including 17pits, and two adits associated seven metal occurrences (Figure 10).
The Mosquito Creek Antimony Prospect is among the most significant in the Drake East Project area, described as a vein “reef” with a strike length of 1,000m and strike direction of NNE (MinView). Cautionary Note : The Competent Person has not done sufficient work to verify the MinView data. There are no guarantees that further tests would confirm that the Mosquito Creek Antimony Prospect is approximately 1,000m long.
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Figure 10: LiDAR image (right) with location geological location plans (left). The LiDAR image was produced by GeoCloud. The author has added trend lines and certain captions: Yellow dashed lines highlight the orientation of the mine working. White dashed lines highlight interpreted lineation that is reflected in local drainage patterns. A single black dashed line reflects a MinView description of a NNE 1,000m gold-antimony reef. CAUTIONARY NOTE : The insert areas (A and B) are from areas inside the primary plan, as indicated on the primary plan. The coordinates (and north arrow) of the inserts are therefore constrained by the primary plan.
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The linear configuration of the mine workings comprising the Pine Gully Lode North and Pine Gully Lode South, interpreted from LiDAR, indicates a NW-SE orientation which is consistent with the interpreted vein orientations in the southern part of the project at the Hedley’s - Gully Prospect Area and Hansen Hills - Hidden Treasure Area.
Next Steps and Funding
The planned next step at Drake East is to ground-truth those mine workings that are considered significant; those relating to potentially economic levels of antimony and/or gold, and/or copper.
Upcoming planned programs include (but not limited to):
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A desk-top review to prioritise the nearly 800 mine workings for fieldwork including geological mapping and geochemical rock chip sampling.
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A desk-top review of the 70 MinView mineral prospects.
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A desk-top review if the placer gold potential of the Project.
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Mapping and sampling of high priority mine workings, MinView prosects, and new targets.
The author of this announcement understands that the Company has adequate funds to complete this planned exploration activity.
RML Management Says
Executive Director, Aharon Zaetz, commented about the LiDAR results and independent review:
“ The final LiDAR interpretation now reviewed by Riviere has provided RML further insight into the antimony and gold potential of Drake East. This project clearly has very significant upside with nearly 800 mine workings, that in reality are too numerous to count. The widespread placer gold workings are in their own right a valid and exciting exploration target. That they strongly indicate a very local source of gold is equally exciting. And then there is of course the antimony and antimony-gold vein potential, which is very significant, believed part of the same mineral system that included Legacy’s adjacent Lunatic Antimony Field.”
About the Drake East Antimony-Gold-Copper Project
The Drake East Project is considered a highly prospective brownfields opportunity with past historical antimony production. The Drake East Project is immediately adjacent to the Legacy Minerals Holdings Ltd (ASX: LGM) Drake Gold-Copper Project where they are developing a large epithermal gold-copper mineralised system.
The Drake East Project hosts fifteen known antimony occurrences, including the well-documented Mosquito Creek Antimony-Gold Reef. These antimony occurrences cover a large area with a NW-SE strike length of over 15km (Figure 1 and Figure 2). The project also hosts fifty gold occurrences, including a placer gold resource at Lanikai West.
A significant antimony occurrence at Drake East is called the Mosquito Creek Antimony-Gold Reef . Antimony and gold here are associated with a vein system bearing 30 NE, 1,000 metres in length, cutting local geology (Emu Creek Formation mudstones and Jenny Lind Tonalite granites). Antimony (and gold) mineralisation appears to be closely associated with NE-SW structures that spray from the Jump Up Fault (Figure 2). Another significant antimony occurrence at Drake East is the Ball & Smiths Lode , centred in the southern half of the project area. Juxtaposed with several other antimony and gold occurrences, the Ball & Smiths Lode is an historical 1870’s mine (shafts and open pits). Assays from Sample Number G00/363 reports 5.72% Sb and 0.26g/t Au.
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Note: All sample results have been referenced in previous RML ASX announcements. The author has not completed sufficient studies to be able to verify the reported grades.
The style (classification) of mineralisation is believed to be structurally controlled metahydrothermal vein AuSb-W (Ag-Te) type. In these types of deposits, antimony characteristically occurs as the sulphide ore mineral stibnite (Sb2S3 with 73% mol weight antimony).
As well developing the antimony potential of the Drake East Project, the Company will also pursue the gold (silver and copper) potential. Drake East has 50 documented historical gold occurrences, with assays at Pine Gully returning up to 60.9 g/t, and historical production at Bucklands Reef of 100 tonnes @ 32.6 g/t Au.
Note: All sample results have been referenced in previous RML ASX announcements. The author has not completed sufficient studies to be able to verify the reported grades.
Limited systematic and modern exploration at Drake East represents significant opportunity for Resolution Minerals. RML plans to initiate systematic exploration programs, including geophysical surveys, geochemical sampling, and drilling campaigns, to evaluate the mineral potential of these projects.
About Rivere Minerals
Riviere Minerals is a resource consultancy specialising in economic geology, geomorphology, project evaluation and portfolio management. Its principle geologist and sole director, Mr Ross Brown, has nearly 40 years of experience in mineral exploration worldwide.
Among other specialisations, Mr Brown specialises in economic geology and geomorphology, such as palaeochannel-hosted forms of mineralisation and placer deposits. LiDAR is an exploration tool used to accurately measure topography. The combination of geology and topography equates to the study of geomorphology. Mr Brown therefore has adequate expertise to review LiDAR interpretations and qualifies as a Competent Person for this exploration activity.
Competent Person’s Statement
The information in this report, that relates to proposed exploration activities for the Drake East Project in New South Wales, is based on information reviewed and compiled by Mr Ross Brown BSc (Hons), M AusIMM, SEG, Principal Geologist/director of exploration consulting firm, Riviere Minerals Pty. Ltd, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Brown has sufficient experience, which is relevant to the exploration activities, style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Riviere Minerals is consulting to Resolutions Minerals Limited and consents to the report being issued in the form and context in which it appears. The Company confirms it is not aware of any new information or data that materially affects the information cross referenced in this announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.
Disclaimer
This report and opinions contained herein are based on LiDAR results received from LIDAR data modelling and interpretation specialists, GeoCloud Analytics. The author who has adequate experience to review LiDAR interpretations has based its review of the interpretation, conclusions and recommendations from these results in the format it was provided. The author does not take any responsibility or liability for the commentary derived from these sources, nor does the author take any responsibility or liability for commercial decisions or work carried out by Resolution Ltd, any related party, or subsequent parties, or actions resulting from them.
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Further Reading for Resolution’s New Antimony Projects
As well as the ASX announcements of 10 and 17 March 2025 describing the antimony-focussed project acquisitions and commencement of LiDAR respectively, the Company published a presentation entitled “High Grade Antimony Strategy to Meet Growing Global Critical Metals Demands” (also 10 March 2025).
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Authorised for release by the board of Resolution Minerals Ltd.
For further information, please contact Aharon Zaetz Executive Director.
Aharon Zaetz
Executive Director Resolution Minerals Ltd. M: +61 424 743 098 [email protected]
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Appendix 1: How LiDAR Works (Taken from GeoCloud website).
Light Detection and Ranging (LiDAR) is a remote sensing technique that uses laser pulses to measure distances and directions to objects. LiDAR systems can create 3D models of the earth’s surface (see Figure 11). A laser scanner fitted to an aircraft scans along its flight path, sending pulses out at a rate up to 1000khz, with multiple target reflections per pulse. While scanning, the GPS (GNSS receiver) on the aircraft is in constant communication the GPS satellite constellation, always knowing where it is in 3D space. During flight, the subtle aircraft movements are recorded, allowing post processing to correct these deviations ensuring the laser scan lines are calibrated and corrected for maximum precision and accuracy.
The standout feature of LiDAR is its ability to see the ground through trees and heavy vegetation.
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Figure 11: A schematic representation of how LiDAR works (copied, and unmodified, from the GeoCloud website).
LiDAR Can Detect Old Mine Workings
Historical mine shafts can be detected using this technology, which essentially “sees through” the vegetation cover that may conceal old shafts overgrown. Given the historical mining that has taken place at Drake East, the LiDAR study is perfectly suited to helping identity areas of interest and provide a series of initial targets to focus further exploration on.
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Appendix 2: JORC Code, 2012 Edition
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques |
• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• Data supplied in LiDAR datums as downloaded from ELIVIS in GDA2020, UTM zone 56 South in metres, vertical datum AHD using AusGeoid2020 in metres. • Average horizontal accuracy: ⩽40cm @ 68% confidence interval, average vertical accuracy: ⩽10cm @ 68% confidence interval. • Metadata document for the source LiDAR acquired by FUGRO for the CSIRO. • Gold and antimony prospect locations and historical data from these prospects were obtained from the NSW geological Survey online data portal MinView. • Findings of a review of the LiDAR interpretations constitutes exploration results, and such exploration results are generated by the author, who has adequate experience in geomorphological interpretation to qualify as a Competent Person with respect to its conclusions. • The author has not completed sufficient studies to determine the accuracy of the various reports mentioned in this announcement with respect to the gold and antimony prospects. |
| Drilling techniques |
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). |
• Data classification was manually checked and edited against georeferenced digital orthophotography and government minerals occurrence files acquired from the NSW geological Survey online data portal MinView. |
| Drill sample recovery |
• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
• No drilling results are referred to in this announcement.. |
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and |
• No drilling results are referred to in this announcement.. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. |
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| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. |
• No drilling results are referred to in this announcement. • In the rock chip channel and bulk sample sampling no sub-sampling was referred to in the available data. |
| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
• Based on available data it is unknown whether the assay data is partial or total. • No pXRF technology was available at the time of the sampling. • No analytical method was stated in the available data. It is presumed that a certified laboratory completed the assay analysis. • No information is available concerning the control procedures adopted. |
| Verification of sampling and assaying |
• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
• No significant intersections are referred to in this announcement. • No drilling and therefore twinned holes are mentioned in this announcement. • No attempt has been made to adjust assay data. |
| Location of data points |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
• Data supplied in LiDAR datums as downloaded from ELIVIS in GDA2020, UTM zone 56 South in metres, vertical datum AHD using AusGeoid2020 in metres. • Average horizontal accuracy: ⩽40cm @ 68% confidence interval, average vertical accuracy:⩽10cm@68% |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| confidence interval. | ||
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• LiDAR over Drake East has an emitted minimum average density of 16 points per metre without swath overlap. With swath overlap, minimum average density of 30 points per metre is achieved. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
• LiDAR data represents the surface areas of the LiDAR surveyed area, with accurate X (east-west), Y (north-south) and Z (height) data reported as a topographic image in a prescribed area. • LiDAR does not indirectly indicate mineralisation. In the case of this announcement, emphasis is placed on LiDAR mappable ground disturbances that are interpreted to related to historical mining and prospecting; and by this, indirectly alluded to mineralisation. • An exemplar is the NE-SW orientation of LiDAR ground disturbances interpreted workings that in turn are interpreted as a NE-SW orientated linear zone of mineralisation. |
| Sample security |
• The measures taken to ensure sample security. | • LiDAR data is confidential, and only accessed by RML representatives and GeoCloud Analytics representatives.. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data. |
• Airborne LiDAR surveys include field test points of survey areas. LiDAR test points were used to test and validate the achieved (above stated) accuracies. Results of test point comparisons and achieved accuracies are reported in the above mention source metadata. |
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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 tenure status |
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, past sites, wilderness or national park and environmental settings. • 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. |
• This announcement refers to one project (the subject of a binding acquisition agreement (subject of a prior ASX announcement of 10 March 2025):Drake East: EL9730; • The granted exploration licence is in good standing at the time of this announcement. |
| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by other parties. |
• The LiDAR data modelling and interpretation was carried out by GeoCloud Analytics. |
| Geology | • Deposit type, geological setting and style of mineralisation. |
• The geology of the Drake East Project is affected by the New England Orogen, comprising Carboniferous and Triassic aged sediments, and Permian-aged granites. The Sb (Au-As) mineralisation in vein type associated with near-vertical structures. |
| Drillhole Information |
• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: o easting and northing of the drillholecollar o elevation or RL (Reduced Level –elevation above sea level in metres) of the drillhole collar o dip and azimuth of the holeo down hole length and interception deptho 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. |
• No drillhole results are reported in this announcement. |
| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure usedfor such aggregation should |
• No weighting averaging techniques were used in this announcement. • No aggregate intercepts were used in this announcement. • No metal equivalent values were used in this announcement. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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. |
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| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting 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 are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
• LiDAR data represents the surface areas of the LiDAR surveyed area, with accurate X (east-west), Y (north-south) and Z (height) data reported as a topographic image in a prescribed area. • LiDAR does not indirectly indicate mineralisation. In the case of this announcement, emphasis is placed on LiDAR mappable ground disturbances that are interpreted to related to historical mining and prospecting; and by this, indirectly alluded to mineralisation. • An exemplar is the NE-SW orientation of LiDAR ground disturbances interpreted workings that in turn are interpreted as a NE-SW orientated linear zone of mineralisation.. |
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views. |
• All diagrams of the LiDAR based topography of selected areas within the project area, show coordinates, scale bar, north direction and an explanatory legend. |
| Balanced reporting |
• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
• The author of this announcement considers the announcement to be fair and balanced, with additional care and caution noted in the body of the announcement regarding the historical nature of the results relating to the historical gold and antimony prospects. |
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical 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. |
• This announcement relates to a final report of LiDAR data reprocessing and interpretation, and an independent review of same. • A more detailed review of the historical data and a ground truthing program is recommended. |
| Further work | • The nature and scale of 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 |
• This announcement relates to a final report of LiDAR data reprocessing and interpretation, and an independent review of same. By virtue of this fact and that the LiDAR interpretations are of ground disturbances relatingto historical |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
mine workings; that the Company has newly acquired these projects; a full reconnaissance program is required to verify the historical data. Planning for such future exploration has already commenced. |
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