Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

RTG Mining Inc. Capital/Financing Update 2023

Dec 14, 2023

47130_rns_2023-12-14_a35932ad-2c10-493a-b29e-6ad5c5b07ccb.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

Not for release to US wire services or distribution in the United States

FURTHER HIGH-GRADE COPPER AND GOLD MINERALISATION IDENTIFIED AT CHANACH

ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE AND AUSTRALIAN SECURITIES EXCHANGE

14 DECEMBER 2023

Highlights:

  • New results confirm multiple styles of mineralisation and more encouraging gold and copper grades along 6.5km of skarns and new structures
  • High-grade trench sampling assays include:
    • o 17m @ 5.13g/t Au and 0.78% Cu from Cut 6
    • o 3m @ 2.52g/t Au and 10.48% Cu from Cut 7
    • o 11m @ 1.29g/t Au (including 1m @ 3.13g/t Au and 1.03% Cu) from Cut 8
    • o 3m @ 4.15% Cu from Cut 8
  • Chanach demonstrates clear potential to host both a high-grade, large Copper – Gold Porphyry Skarn system, combined with a high-grade epithermal gold system
  • Latest exploration program at Chanach included ground truthing, targeted soil sampling, the digging of seven dozer cut trenches across the 6.5km skarn and outcropping quartz and a magnetic survey
  • Results from the magnetic data in the eastern end of the tenement has a relatively quiet texture with some distinctive features that clearly show the geometries of folded lithologies and locations of structural features, along which known mineralisation is aligned
  • Results from the geochemistry show large areas of anomalism (+0.05ppm Au and +0.01% Cu) both in gold and copper stretching over the majority of the identified structures
  • Mabilo Project in the Philippines continues to advance on-track, recent discussions with committed local partner focused on moving the project into development
  • Budgets for the Stage 1 Direct Shipping Operation ("DSO") are being finalised and it is expected that discussions with financiers will recommence early in 2024

The Board of RTG Mining Inc. ("RTG", or the "Company") (TSX Code: RTG, ASX Code: RTG) is pleased to provide an update on recent exploration activities completed at the Company's 90% owned Chanach Gold & Copper Project (Chanach) in the Kyrgyz Republic.

Recent exploration activities at Chanach have included ground truthing, the collection of 1,154 soil samples concentrating on 6.5km of skarn and new structures identified in the eastern end of the tenement in last year's structural survey, the digging of seven dozer cut trenches across the identified skarn and outcropping quartz and a magnetic survey over the tenement.

Management Commentary:

Commenting on these positive results, RTG's CEO Justine Magee said: "These results continue to build our confidence that Chanach may be a similar opportunity to the Mabilo Project with strong potential to evolve into both a high-grade, large Copper – Gold Porphyry Skarn system, combined with a high-grade epithermal gold system. The results from the magnetic surveys have correlated well with our high grade trench sampling results providing a much stronger understanding of the significant scale and potential of the Chanach Project. The plan is to follow up with a 3DIP survey and a drilling program in the next field season.

In addition to the continued excellent results coming from Chanach, the Mabilo Project in the Philippines continues to progress well with updated budgets for the planned DSO start up expected to be finalised shortly. Importantly, early in the new year this will allow the team to quickly focus on updates on finance offers from the various parties who have continued to express a desire to be involved in the financing of the Mabilo Project."

High-Grade Trench Sampling Results:

  • 17m @ 5.13g/t Au and 0.78% Cu from Cut 6
  • 3m @ 2.52g/t Au and 10.48% Cu from Cut 7
  • 1m @2.25% Cu from Cut 7
  • 2m @ 2.45% Cu from Cut 7
  • 2m @ 1.13% Cu from Cut 7
  • 11m @ 1.29g/t Au (including 1m @ 3.13g/t Au and 1.03% Cu) from Cut 8
  • 4m @ 0.8% Cu from Cut 8
  • 3m @ 4.15% Cu from Cut 8
  • 3m @ 0.83g/t Au and 0.88% Cu from Cut 8
  • 1m @ 1.32g/t Au from Cut 8
  • 1m @ 1.13% Cu from Cut 8
  • 1m @ 0.86% Cu from Cut 8
  • 1m @ 0.72% Cu from Cut 8

Grades above 0.7g/t Au and 0.3% Cu have been included in the High-Grade Sampling Results

Results from dozer cuts and the soil sampling have been processed at the fully accredited Information Research Centre Laboratory in Kara Balta in the Kyrgyz Republic with some results still pending.

Dozer Cut 6 intercepted broad high-grade mineralisation (quartz, chalcopyrite, pyrite, malachite, azurite, calcite) in a geological structure consisting of fractured sandstone with limonite along the fractures.

Dozer Cuts 7 and 8 intercepted multiple zones of high-grade mineralisation (malachite, azurite, magnetite, pyrite, chalcopyrite, limonite, hematite, garnets, serpentenite, epidote and quartz) within the skarn zone.

Dozer Cuts 9 to 12 showed lower grades but was impacted by the depth of sedimentary cover sitting on top of the skarn. These anomalies will be tested further in next field season by digging deeper trenches.

Magnetic Survey

The magnetic survey was flown with drones by Geoscan Ltd on 25m line spacing at an altitude of 50m. The data collected is being processed by Southern Geoscience Consultants in Perth, whilst the full interpretation is still being worked on, initial results at the eastern end show the magnetic data has a relatively quiet texture with some distinctive features that clearly show the geometries of folded lithologies and locations of structural features, along which known mineralization is aligned (See Figure 3 below).

The drone magnetic data will be integrated with all other geological datasets to yield precise target locations for further detailed exploration in the next field season.

Geochemistry Survey

Detailed soil sampling on a 50m grid was conducted over 7km of identified structures within the tenement. The results show continuous zones of anomalism for gold and copper (see Figure 2 below) that coincide with key structures identified in the Structural Survey undertaken by O. V. Vaulin in 2022 and further supported by the recent magnetic survey. The geochemistry also indicated zones not previously identified which will be tested in next year's field season.

Figure 1: Tenement Map showing location of latest Trenches and Mapped Skarn Structure.

Figure 2: Tenement Map showing anomalous geochemical contours for copper and gold.

Figure 3: Magnetic Response of Eastern End of Tenement Showing Structure Definition Identified in the Structural Survey Undertaken by O. V. Vaulin in 2022, Coincident with High-Grade Copper and Gold and Magnetic Features.

Figure 4: Tenement Map Showing Different Mineralised Zones with Coincident High-Grade Outcropping Copper and Gold Results

ABOUT RTG MINING INC

RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange and the Australian Securities Exchange. RTG is currently focused primarily on progressing the Mabilo Project to start-up with its new partners, the Villar Family. The team has secured a mining permit for the Project, with a view to moving quickly and safely to a producing gold and copper company.

The Chanach Project, although earlier stage, is advancing well and is believed to have strong potential to be similar to or better than the Mabilo Project, with both a high-grade, large Copper – Gold Porphyry Skarn system, combined with a high-grade epithermal gold system.

RTG also has a number of exciting new opportunities including the Panguna Project in Bougainville, which it remains committed to while also considering further new business development opportunities.

RTG has an experienced management team which has to date developed seven mines in five different countries, including being responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited. RTG has some of the most respected international institutional investors as shareholders including Franklin Templeton, Equinox Partners and Sun Valley.

ENQUIRIES

President & CEO – Justine Magee Tel: +61 8 6489 2900 Email: [email protected]

Jaime Wells: +1 970 640 0611 Sam Burns: +61 400 164 067 [email protected] [email protected]

US Investor Relations Contact Australia Investor and Media Contact

COMPLIANCE STATEMENT

Date: 14 October 2023

Authorised for release by: By the Board of Directors

QUALIFIED PERSON AND COMPETENT PERSON STATEMENT

The information in this release that relates to Exploration Results and Mineral Resource Estimates of the Chanach Project is based upon information compiled, reviewed and approved by Viktor Zabolotny who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Viktor Zabolotny is employed by BW Three Holdings Ltd and is a consultant to RTG. Viktor Zabolotny has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person and a Qualified Person for the purposes of NI 43-101. Viktor Zabolotny consents to the inclusion in the release of the matters based on her information in the form and the context in which it appears.

The information in this release that relates to Exploration Targets of the Chanach Project is based upon information compiled, reviewed and approved by Greg Hall who is a Qualified Person under NI 43-101 and a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Greg Hall is employed by Golden Phoenix International Pty Ltd and is a consultant to RTG. Greg Hall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person and a Qualified Person for the purposes of NI 43-101. Greg Hall consents to the inclusion in the release of the matters based on his information in the form and the context in which it appears.

The information in this release that relates to areas outside of exploration results, Mineral Resources, Mineral Reserves and Metallurgy and Processing is based on information prepared by or under the supervision of Mark Turner, who is a Qualified Person and Competent Person. Mark Turner is a Fellow of the Australasian Institute of Mining and Metallurgy and is employed by RTG Mining Inc, the Company. Mark Turner has sufficient experience that is relevant to the information 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" and to qualify as a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mark Turner has verified the data disclosed in this release. Mark Turner consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

For the ASX Feasibility Study announcement including JORC tables please refer to the RTG Mining website (www.rtgmining.com) and on the ASX, under announcements (www.asx.com.au).

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation including, among others, statements made or implied relating to the interpretation of exploration results, accuracy of mineral resource and mineral reserve estimates, parameters and assumptions used to estimate mineral reserves and mineral resources, realization of mineral reserve and mineral resource estimates, estimated economic results of the Mabilo Project, future operational and financial results, including estimated cashflow and the timing thereof, estimated expenditures, expansion, exploration and development activities and the timing thereof, including expectations regarding the DSO, plans for progressing Stage 2 development, completion of a debt funding package, the negotiation of contracts for start up works and offtake arrangements and the completion of merged documentation, RTG's objectives, strategies to achieve those objectives, RTG's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations. All statements, other than statements of historical fact, included herein, are forward-looking statements. Forward looking statements generally can be identified by words such as "objective", "may", "will", "expected", "likely", "intend", "estimate", "anticipate", "believe", "should", "plans", or similar expressions suggesting future outcomes or events. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from RTG's expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of RTG's mineral projects; the need to obtain additional financing to develop RTG's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for RTG's mineral projects and other risks and uncertainties as discussed in RTG's annual report for the year ended December 31, 2022 and detailed from time to time in our other filings with the Canadian securities regulatory authorities available at www.sedar.com. The forward‐looking statements made in this announcement relate only to events as of the date on which the statements are made. RTG will not release publicly any revisions or updates to these forward‐looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Canada and Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

Appendix 1 – JORC Code, 2012 Edition – Table 1: Chanach Project

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. cutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc.). Theseexamples should not be taken aslimiting the broad meaning of sampling •Sample bags were visually inspected for volumeto ensure minimal size variation. Sampling wascarried out under standard industry protocols andQAQC procedures.• A 50-gram sample is digested for gold analysis byFire Assay and Atomic AdsorptionSpectrophotometry (AAS), and for copper analysisvia pressed pellet X-ray florescence (XRF).
•Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used. • A 0.2-gram sample is digested for multi-elementanalysis by Fire Assay and Inductive CoupledPlasma (ICP) using Mass Spectroscopy (MS) orOptical Emission Spectroscopy (OES).
•Aspects of the determination ofmineralisation that are Material to thePublic Report. •The trench samples in 2023 were undertaken by anexperienced geologist who determined frommapping of bedrock and trenches the areas to besampled.
•In cases where 'industry standard' workhas been done this would be relativelysimple (e.g. 'reverse circulation drillingwas used to obtain 1 m samples fromwhich 3 kg was pulverised to produce a30 g charge for fire assay'). In othercases more explanation may berequired, such as where there is coarsegold that has inherent samplingproblems. Unusual commodities ormineralisation types (e.g. submarinenodules) may warrant disclosure ofdetailed information. •All samples were dried and crushed to 90%passing 2mm. A 300g split was taken andpulverised to 80% passing 74 microns. Thesamples were analysed using Atomic Absorption.
DrillingTechniques •Drill type (e.g. core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc.) and details(e.g. core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whether coreis oriented and if so, by what method,etc.). •N/A
Drillsamplerecovery •Method of recording and assessingcore and chip sample recoveries andresults assessed. •N/A
•Measures taken to maximise samplerecovery and ensure representativenature of the samples.
•Whether a relationship exists betweensample recovery and grade andwhether sample bias may haveoccurred due to preferential loss/gain offine/coarse material.
Logging •Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies. •Logging is considered qualitative.•All 2023 trench grab samples were logged andrecorded on primary documents and maps.
•Whether logging is qualitative or
Criteria JORC Code Explanation Commentary
quantitative in nature. Core (or costean,channel, etc.) photography.
The total length and percentage of therelevant intersections logged.
Sub-samplingtechniques and If core, whether cut or sawn andwhether quarter, half or all core taken. At this stage of the exploration no sub sampling isundertaken during the collection stage.
samplepreparation If non-core, whether riffled, tubesampled, rotary split, etc and whethersampled wet or dry. The sample sizes are considered to be appropriateto correctly represent the mineralisation style.
For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.
Quality control procedures adopted forall sub-sampling stages to maximiserepresentivity of samples.
Measures taken to ensure that thesampling is representative of the in situmaterial collected, including forinstance results for fieldduplicate/second-half sampling.
Whether sample sizes are appropriateto the grain size of the material beingsampled.
Quality of assay ®dataandlaboratory tests The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total. The analytical techniques Fire Assay, Atomicadsorption Spectrophotometry for gold analysisand ICP MS or OES for multi-element analysis areconsidered suitable for the reconnaissance stylesampling undertaken.
For geophysical tools, spectrometers,handheld XRF instruments, etc., theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrationsfactors applied and their derivation, etc.Nature of quality control proceduresadopted (e.g. standards, blanks,duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (i.e. lack of bias) andprecision have been established. Gold analysis was carried out using Fire Assay withfinishing on a Thermo Scientific Solar S2 AA-Spectrometer.
Multi-element analysis was carried out by aquaregia digest with ICP MS and OES analysis usingan iCAP 6300 ICP-instrument manufactured byThermo-Scientific.
Laboratory QAQC involves the use of internal labstandards using certified reference material,blanks, splits and replicates as part of the in-houseprocedures.
All samples from the 2023 trench samplingprogram were analysed at Information andResearch Centre Laboratory, which has allinternational standards certification and weresubject to in-house QAQC procedures.
Verificationof∙samplingandassaying The verification of significantintersections by either independent oralternative company personnel. An executive director of Chanach LLC has visuallyverified significant intersections in rock samplesfrom the Chanach project.
The use of twinned holes. N/A
Documentation of primary data, dataentry procedures, data verification, datastorage (physical and electronic)protocols.Discuss any adjustment to assay data. Primary data was collected using a set of standard$\bullet$Excel templates on paper and re-entered intolaptop computers. Assay data is received in digitaland hard copy directly from the laboratory andimported into the database.
No adjustments or calibrations were made to anyassay data used in this report.
Criteria JORC Code Explanation Commentary
Location of data●points Accuracy and quality of surveys usedto locate drill holes (collar and down-hole surveys), trenches, mine workingsand other locations used in MineralResource estimation. Sample locations were recorded using handheldGarmin GPS60s. Elevation values were in AHD RLand values recorded within the database. Expectedaccuracy is $+$ or $-$ 3 to 7 m for easting, northingand 10m for elevation coordinates.
Specification of the grid system used. The grid system is WGS84 UTM (zone 42 north).
Quality and adequacy of topographiccontrol. Topographic surface uses handheld GPS elevationdata, which is adequate at the current stage of theproject.
Location of the 2023 trench samples were recordedusing a handheld Garmin GPS.
Dataspacing•and distribution Data spacing for reporting ofExploration Results. N/A
Whether the data spacing andl.distribution is sufficient to establish the N/A
degree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classificationsapplied. The 2023 trench samples were composited inmeter intervals across the trenches dug. 3 to 4 kgsamples were taken from each meter width.
Whether sample compositing has beenapplied.
Orientationof∙data in relationgeologicaltostructure Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type. N/AN/A
If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.
Samplesecurity The measures taken to ensure sample security. Sample security is managed by Chanach LLC.Samples are collected by Company employees andtransported by Company vehicles to the Laboratoryin Kara Balta. The sample processing facility hasSecurity Officers on duty 24 hours per day. TheCompany stores all mineralised intervals and alllaboratory samples in a secured steel vault withinthe secured processing facility.
The 2023 sample security was managed by Sitemanagement. Samples are collected by Companyemployees and transported by Company vehiclesto the Laboratory in Kara Balta. The processingfacility has security officers on duty 24 hours perday. The Company stores all mineralised intervalsand laboratory samples in the secured samplestore.
Auditsor•reviews The results of any audits or reviews of $\vert \bullet \vert$sampling techniques and data. The Company carries out its own internal dataaudits. No problems have been detected.

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, locationand ownership including agreements ormaterial issues with third parties suchas joint ventures, partnerships,overriding royalties, native titleinterests, historical sites, wilderness ornational park and environmentalsettings.•The security of the tenure held at thetime of reporting along with any knownimpediments to obtaining a licence tooperate in the area. •The mineralisation is located within ExplorationLicense AP6771 which is a Joint Venture betweenRTG Mining Inc (90%) and BW3 Pty Ltd (10%)•There are no other material issues.•The tenement is in good standing and no knownimpediments exist.
Explorationdone by otherparties •Acknowledgment and appraisal ofexploration by other parties. •No other exploration has been carried out
Geology •Deposit type, geological setting andstyle of mineralisation. •The geological setting is of Cambrian to Permianaged intrusive porphyry systems, bounded byoverlying basaltic, and sedimentary rocks.Mineralisation is mostly situated within graniticporphyry units as broad alteration containing coppersulphides and within narrow quartz veins and faults.Skarn mineralisation consists of magnetite, pyrite,chalcopyrite, malachite, azurite, limonite, haematite,epidote and granular andradite.
DrillHoleInformation •A summary of all information materialto the understanding of the explorationresults including a tabulation of thefollowing information for all Material drillholes:o easting and northing of the drill holecollaro elevation or RL (Reduced Level –elevation above sea level in meters)of the drill hole collaro dip and azimuth of the holeo down hole length and interceptiondeptho hole length.•If the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case. •N/A
DataAggregationmethods •In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.•Where aggregate interceptsincorporate short lengths of high graderesults and longer lengths of low graderesults, the procedure used for suchaggregation should be stated and some •No length weighting has been applied due to thenature of the sampling technique.•No top-cuts have been applied in reporting of theintersections.•No aggregate intercepts are used.•No metal equivalent values are used for reportingexploration results.
Criteria JORC Code Explanation Commentary
typical examples of such aggregationsshould be shown in detail.
The assumptions used for anyreporting of metal equivalent valuesshould be clearly stated.
Relationshipbetweenmineralisationwidthsand.interceptlengths These relationships are particularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported. Ifit is not known and only the down holelengths are reported, there should be aclear statement to this effect (e.g.'down hole length, true width notknown'). The 2023 trench samples were taken from meterlength samples taken at right angles across themapped vein and represent true widths of themineralisation.
Diagrams Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These should *include, but not be limited to a planview of drill hole collar locations andappropriate sectional views. Appropriate maps and sections are included inprevious announcements.Photos and regional map showing mappinglocations and trenches for the 2023 program areincluded in this update.
BalancedReporting Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both lowand high grades and/or widths shouldbe practiced to avoid misleadingreporting of Exploration Results. Representative reporting is included within the bodyof this report and in previous announcements.
Othersubstantiveexplorationdata Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to): geologicalobservations; geophysical surveyresults; geochemical survey results;bulk samples - size and method oftreatment; metallurgical test results;bulk density, groundwater, geotechnicaland rock characteristics; potentialdeleterious or contaminatingsubstances. Exploration targeting has been enhanced by astructural study completed by Orefind in 2017, aground magnetics study by Southern Geoscience in2016 and a geophysical study completed by BaodingGeological Engineering Institute in 2011. Theproject is a target rich environment with 2019planned exploration focussing on multiple targets.This has been further enhanced by a structuralsurvey completed by Vaulin in 2022.No metallurgical test work has been conducted onthe 2023 sampling.
Further Work The nature and scale of planned further.work (e.g. tests for lateral extensions ordepth extensions or large-scale step-out drilling). Diagrams clearlyhighlighting the areas of possibleextensions, including the maingeological interpretations and futuredrilling areas, provided this informationis not commercially sensitive. Ongoing reverse circulation and diamond drilling wilbe used to further define the nature and extent ofthe geochemical anomalism, and to gain lithologicalinformation.Most mineralisation is open both along strike anddown dip.Further structural mapping, geophysicalinterpretation, trenching and drilling will be requiredto develop the resource model following the 2023sampling regime.