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RESOURCE BASE LIMITED. Board/Management Information 2022
65667_rns_2022-09-12_64f791b5-b213-4188-acf7-1ad9bea643fd.pdf
Board/Management Information
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About Resource Base
and South Australia
Jamie Myers
Paul Hissey
Non-Executive Director
Non-Executive Director
CFO & Company Secretary
L/4, 105 St Georges Terrace
E. [email protected] W. www.resourcebase.com.au
Executive Director
Ailsa Osborne
Perth WA 6000
Enquiries:
Company Secretary Ailsa Osborne T. +61 8 6102 8072
EV Metals explorer targeting clay Rare Earths and VHMS in Victoria
Resignation of Executive Chairman and CEO – Shannon Green
Resource Base Limited (ASX:RBX) (Resource Base or the Company), a strategic metals explorer targeting clay hosted REE and VHMS in Victoria and South Australia, announces today the resignation of Mr Shannon Green as Executive Chairman and CEO effective immediately.
During his tenure Mr Green has led the Company through a reconstruction and the ASX listing process, with the Company commencing trading on the ASX on 12 July 2021.
Post listing Shannon continued to work tirelessly for the benefit of all shareholders, including the acquisition and subsequent exploration of the Mitre Hill Project, the purchase of a fit for purpose rig to fast track exploration and the expansion of the tenement footprint. All with a view to hold a significant scale clay hosted Rare Earth Element project in the southern margin of the Murray Basin.
In the interim while suitable replacements are sought Mr Jamie Myers has been appointed as Non-Executive Chairman and Ms Ailsa Osborne, the Company's CFO and Company Secretary has stepped onto the Board.
Ms Osborne has been appointed under her existing Executive Services Agreement the terms of which are provided in Annexure A of this announcement.
Non-Executive Chairman Jamie Myers commented: "I would like to take this opportunity to thank Shannon for his commitment to the Company, for his considerable contribution through the reconstruction and listing process and his efforts in swiftly advancing the Company through to exploration drilling."
- ENDS –
This announcement has been authorised by the Board of Resource Base Limited.
For further information please visit our website – www.resourcesbase.com.au
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About Resource Base Ltd
Resource Base Ltd (ASX: RBX) is an Australian based mineral exploration company focused on the development of highly prospective exploration projects with demonstrated potential for scalable discoveries.
Mitre Hill Project
The Mitre Hill tenements account for 7,022km2 that are prospective for clay hosted Rare Earth Elements (REE) within the southern margin of the Murray Basin, the Project consists of four (4) granted tenements in Victoria, one (1) granted tenement in South Australia and twenty five (25) applications in Victoria.
Upon granting of all tenements Mitre Hill will hold the largest position within a potential emerging clay hosted Rare Earth precinct located in the southern margin of the Murray Basin across Victoria and South Australia.
The licence and applications are located in the southern margin of the Murray Basin on the South Australian and Victorian state Border near the towns of Naracoorte, Penola and Edenhope
The main economic target is clay hosted REE deposits, with Heavy Rare Earths considered strategically important given global supply modelling. A significant archive of historical exploration data has been acquired by the Company, including drilling results, numerous government studies and minor private exploration.
Black Range Project
The Black Range Project (619km2) in Victoria's premier porphyry and VHMS target district, the Mount Stavely Volcanic Complex (MSVC) in Western Victoria, captures three fault-bound segments of the MSVC volcanics with a combined strike length of approximately 55kms. The Project includes the advanced Eclipse prospect, which is prospective for copper, gold and zinc. The project consists of one (1) granted tenement and one (1) application in Victoria.
The MSVC is considered an analogue of the Mt Read Volcanics in Tasmania, which is host to a number of world-class VHMS deposits (Rosebery, Hellyer, Que River), the giant Mt Lyell Cu-Au deposit, and the Henty Au deposit. Numerous other targets, including Anomaly F, Honeysuckle, Anomaly K and Mt Bepcha are associated with MSVC rocks across the tenement but have seen little work to date.
Petrological studies indicate that important VHMS style hydrothermal alteration and is well developed on the Eclipse prospect. Resource Base will utilise systematic geophysics, drilling and geochemical analyses combined with petrological and hyperspectral SWIR alteration mapping to vector towards zones with high mineralisation potential as identified from comparison with known VHMS deposits in the Mt Read Volcanics and around the world.
RESOURCE BASE LIMITED ACN 113 385 425 Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 T. +61 8 6102 8072 E. [email protected] www.resourcebase.com.au
Forward Looking Statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.
Although the Company attempts and has attempted to identify factors that would cause actual actions, events, or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
Competent Person Statement
The information in this report which relates to Exploration Results is based on, and fairly represents, information compiled by Mr Ian Cameron. Mr Cameron is a Member of the Australian Institute of Geoscientists (AIG) and an employee of the Company. Mr Cameron has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcement. Mr Cameron consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Mitre Hill Pty Ltd Tenements
| Mitre Hill Project Tenements | ||||
|---|---|---|---|---|
| Victoria Tenements | Tenement Size (km2) | Application Date | Date Granted | |
| EL007640 | 490 | 23 July 2021 | 17 June 2022 | |
| EL007641 | 103 | 11 June 2021 | 17 June 2022 | |
| EL007646 | 28 | 22 June 2021 | 8 November 2021 | |
| EL007647 | 30 | 11 June 2021 | 17 June 2022 | |
| EL007888 | 6 | 2 March 2022 | ||
| EL007889 | 15 | 2 March 2022 | ||
| EL007891 | 6 | 2 March 2022 | ||
| EL007892 | 4 | 2 March 2022 | ||
| EL007893 | 9 | 2 March 2022 | ||
| EL007894 | 6 | 2 March 2022 | ||
| EL007895 | 13 | 2 March 2022 | ||
| EL007896 | 24 | 2 March 2022 | ||
| EL007897 | 44 | 2 March 2022 | ||
| EL007898 | 204 | 2 March 2022 | ||
| EL007899 | 353 | 2 March 2022 | ||
| EL007900 | 456 | 2 March 2022 | ||
| EL007982 | 500 | 21 July 2022 | ||
| EL007983 | 499 | 14 July 2022 | ||
| EL007984 | 233 | 14 July 2022 | ||
| EL007985 | 500 | 14 July 2022 | ||
| EL007986 | 498 | 14 July 2022 | ||
| EL007989 | 492 | 28 July 2022 | ||
| EL007990 | 257 | 28 July 2022 | ||
| EL007991 | 90 | 28 July 2022 | ||
| EL007992 | 242 | 28 July 2022 | ||
| EL007993 | 439 | 11 August 2022 | ||
| EL007994 | 498 | 11 August 2022 | ||
| EL007995 | 90 | 28 July 2022 | ||
| EL008002 | 84 | 11 August 2022 | ||
| Total Victoria | 6,213 |
RESOURCE BASE LIMITED ACN 113 385 425 Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000 T. +61 8 6102 8072 E. [email protected] www.resourcebase.com.au
| South Australia Tenement | Tenement Size (km2) | Application Date | Date Granted |
|---|---|---|---|
| EL6708 | 809 | 28 May 2021 | 1 April 2022 |
Resource Base Limited Tenements
| Black Range Project Tenements | ||||
|---|---|---|---|---|
| Victoria Tenements | Tenement Size (km2) | Application Date | Date Granted | |
| EL4590 | 124 | 14 February 2017 | ||
| EL007999 | 495 | 28 July 2022 | ||
| Total Victoria | 619 |
Annexure A – Executive Services Agreement
Ms Osborne has been appointed as and Executive Director under her existing Executive Service Agreement, details as follows:
| Name: | Ailsa Osborne |
|---|---|
| Agreement commenced: | 1 December 2021 |
| Details: | $180,000 per year plus statutory superannuation |
Termination by the Company
The Company may terminate the Executives employment without reason, by giving three (3) months' written notice and making a payment equal to three (3) months' salary, or immediately is the Executive is convicted of any major criminal office which brings the Company or its related body corporate into disrepute. The Company may otherwise terminate the Executive by giving on (1) month's written notice if the Executive:
- (i) is or becomes incapacitated by illness or injury for a period of two consecutive months (or any periods aggregating to two months in 12 months);
- (ii) is or becomes unsound of mind;
- (iii) commits any serious or persistent breach of any of the provisions contained in the Executive Service Agreement (ESA)that are not remedied within 14 days;
- (iv) is absent in, or demonstrates incompetence with regard to the performance of the Executive's duties under the ESA, or is neglectful of any duties under the ESA or otherwise does not perform all duties under this Agreement in a satisfactory manner, (provided the Executive is provided with a reasonable opportunity to remedy the specific matters complained of by the Board);
- (v) commits or becomes guilty of any Gross Misconduct; or
- (vi) refuses or neglects to comply with any lawful reasonable direction or order by the Company.
Termination by the Executive
The Executive may at their discretion, terminate the ESA if:
- (i) The Company commits any serious of persistent breach of the provisions contained in the ESA and the breach is not remedies within 28 days; or
- (ii) by giving three (3) months' written notice to the Company.
Expenses
The Company will reimburse the Executive for all reasonable expenses incurred by them in the performance of all duties in connection with the business of the Company.
The EAS otherwise contains provisions considered standards for an agreement of its nature (including representations and warranties and confidentiality provisions).