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S2 RESOURCES LTD Interim / Quarterly Report 2022
65745_rns_2022-04-27_07355c3b-f49f-492a-abf7-cfb372eedf06.pdf
Interim / Quarterly Report
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ASX Announcement 28 April 2022
MARCH 2022 QUARTERLY ACTIVITIES REPORT
Key highlights
- At the Greater Fosterville Project in Victoria the Exploration Licence Application (ELA) process and preparatory technical work continued
- Greater Fosterville Project has an area of 394 square kilometres and a strike extent of 55 kilometres, incorporating the northern and southern extensions of stratigraphy and structures which host Fosterville mine mineralisation
- Maiden first pass RC drilling at the West Murchison Project in Western Australia intercepted disseminated sulphides in hole SWMC0007, with assay results of:
- o 5.0 metres at 0.34% Cu, 0.35% Ni, 0.33g/t Au and 3.7g/t Ag from 61 metres, including 2.0 metres at 0.62% Cu, 0.68% Ni, 0.64g/t Au and 7.2g/t Ag from 61 metres, and
- o 3.0 metres at 0.68% Cu, 0.39% Ni, 0.51g/t Au and 5.9g/t Ag from 68 metres, including 1.0 metre at 1.06% Cu, 0.70% Ni, 0.51g/t Au and 6.2g/t Ag from 69 metres
- All exploration licences subject to the Rupert Resources earn-in agreement in northern Finland granted in February 2022 and base of till (BoT) drilling has commenced
- BoT drilling continued on the Kinross Gold earn-in licences in northern Finland, with diamond drilling planned to commence in the June 2022 quarter
- Good financial position with A$6.38 million cash at quarter's end, plus a 13.2% stake in Todd River Resources (ASX:TRT) valued at A$3.81 million
1 Based on a closing price of 0.051 per share on 27 April 2022
CORPORATE
Finance
A total of A$1.67 million was spent during the quarter on operating activities, comprising A$1.35 million exploration and evaluation costs, A$0.16 million corporate costs, business development costs, overheads and payments for fixed assets and A$0.17 million staff costs.
At the end of the March quarter cash totalled A$6.38 million. S2 also owns 75.2 million shares in Todd River Resources (ASX.TRT) equating to 13.2% of shares on issue, valued at A$3.8 million. Planned expenditure for the next quarter ended 30 June 2022 is anticipated to be approximately A$1.24 million.
Capital structure
The total issued capital as at 31 March 2022 comprised 356,374,854 ordinary shares and 41.25 million unlisted options, which if exercised, would represent a capital injection of A$12.64 million to the Company.
Related Parties
In accordance with ASX Listing Rule 5.3.5, $127,000 was paid to related parties or their associates during the quarter, as shown in Section 6 of the Company's Cashflow Report (Appendix 5B) for the Quarter ended 31 March 2022. The payments include Non-executive Director payments of $21,000.
EXPLORATION
Greater Fosterville Project, Victoria (100% S2)
S2's 100% owned subsidiary, Southern Star Resources, has the sole right to apply for an Exploration Licence on EL7795. This application covers an area of 394 square kilometres and extends 55 kilometers north to south. EL7795 abuts and surrounds Agnico Eagle's world class Fosterville Gold Mine which produced 509,601 ounces of gold in 2021 and has current Ore Reserves of 1.9 million ounces grading 10.3g/t gold (refer to Agnico Eagle 2021 Annual Report).
S2 has inherited a substantial amount of data acquired by previous explorers over the area, including the relatively recent exploration work undertaken by Kirkland Lake Gold (recently acquired by Agnico Eagle) on the tenement before it expired. This includes prior drilling, which although widely spaced and/or shallow and/or highly localised, has identified gold mineralisation in several locations. Much of this drilling was undertaken immediately before the licence was placed under moratorium for inclusion in the North Central Victorian Goldfields Ground (NCVG) tender process. In addition to historic drill data, the Company has inherited a comprehensive set of extensive and high quality geophysical and geochemical surveys including gravity, IP, seismics, magnetics and LIDAR.
S2 has now collated the vast majority of this historic data and has identified initial target areas to be tested with diamond and percussion drilling once the license is granted.
Figure 1. Map of the Greater Fosterville Project showing gold deposits/occurrences/prospects, key structures and the favourable corridor for gold mineralisation running 1.5 to 5 kilometres west of the Redesdale Fault.
During the March Quarter, S2 progressed the application process for the grant of an Exploration Licence at Grater Fosterville. This process comprises a number of steps which need to be completed before the licence is granted, including:
- The publication of a Notice of the Acceptance of the tender in local Victorian and Bendigo newspapers, required under the Mineral Resources (Sustainable Development) Act 1990. This step was completed on 10 November 2021.
- This publication was followed by a 21-day public comment and objection period which ended on 30 November 2021. S2 subsequently submitted comprehensive responses to all comments and objections to the Victorian Minister of Resources (completed).
- The current stage in the process is the negotiation of agreements with traditional owners, which can be expedited where traditional owners have determined Native Title and/or other equivalent agreements with the State. S2 has already engaged with the applicable traditional owner groups and is forging mutually beneficial relationships with these groups.
- The final stage is an assessment of the Company and its planned activities by the Government of Victoria's Earth Resources Regulator (ERR) before granting the Exploration Licence. Note that in this case much of this assessment was completed as part of the ground release tender process which afforded S2 the sole right to apply for an Exploration licence.
Polar Bear nickel project, Western Australia (S2 100% nickel rights)
S2's holds the nickel rights over an area of 568 square kilometres to the southeast of the Widgiemooltha and Kambalda nickel sulphide trends. S2 retained these rights when it sold the Polar Bear project (comprising the Polar Bear and Norcott projects and the Eundynie Joint Venture) to Higginsville Gold Operations (now owned by Karora Resources Inc.). The nickel rights include the Halls Knoll, Taipan and Gwardar nickel prospects.
To date, nickel exploration has covered only one kilometre out of the ten kilometres of prospective ultramafic stratigraphy at Polar Bear. In addition, much of the historic regional aircore drilling was only assayed for gold and the limited existing electromagnetic (EM) survey coverage is considered largely ineffectual, due to the salt lake terrain. S2 sees potential to define further nickel-copper-PGE sulphide occurrences via infill and extensional drilling along known mineralised stratigraphy and through the use of modern, deep penetrating electromagnetic (EM) geophysics that is operable in highly saline environments. To this extent, the Company is planning an EM survey in the June Quarter using a deep penetrating superconducting quantum interference device (SQUID). This survey will encompass an extensive area of the Polar Bear Project.
S2 aims to extend and build upon the three known zones of confirmed nickel sulphide mineralisation associated within cumulate facies ultramafic channels at the Halls Knoll, Taipan and Gwardar prospects (Figure 2).
Better results from previous S2 exploration programs include:
- 4.1 metres @ 3.8% nickel, 2.45% copper, 0.08% cobalt, 0.89 g/t platinum and 1.60 g/t palladium from 104.4 metres, including 2.2 metres @ 5.84% nickel, 3.73% copper, 0.12% cobalt 1.10 g/t platinum and 1.65 g/t palladium from 106 metres in SPBD0046 (Taipan),
- 20.0 metres @ 0.62% nickel, 0.10 % copper, 0.02% cobalt, 0.17 g/t platinum and 0.39 g/t palladium from 113 metres, including 2.0 metres @ 1.46% nickel, 0.43% copper, 0.03% cobalt, 0.67 g/t platinum and 1.69 g/t palladium from 131 metres in SPBC0062 (Taipan),
- 17.8 metres@ 0.75% nickel from 183 metres, including 0.75 metres @ 2.41% nickel from 194.53 metres and 0.68 metres @ 3.31% nickel, 0.43% copper from 200.15 metres and 3.33 metres @ 1.38% nickel, 0.24% copper from 223.67 metres (Gwardar)
- 24.7 m @ 0.88% nickel from 241.0 metres, including 8.06 metres @ 1.33% nickel from 241.94 metres and 7.82 metres @ 0.61% nickel from 306.00 metres (Gwardar)
- 9.0 metres @ 1.02% nickel, 0.22% copper, 0.11 g/t palladium and 0.06 g/t platinum from 2 metres (Halls Knoll)
Page 5 of 28 Figure 2. Location map on the Polar Bear Project showing prospective ultramafic geology (purple) and known nickel occurrences
Central Lapland Greenstone Belt, Finland (100% S2)
S2 has mineral rights covering approximately 557 square kilometres in the Central Lapland Greenstone Belt (CLGB) of Finland, a region that contains significant shear zone hosted gold deposits, such as Agnico Eagle's ~7.4Moz Kittilä gold mine and Rupert Resources recent 3.95Moz Ikkari discovery, and magmatic coppernickel-PGE-gold deposits which include Boliden's 298Mt Kevitsa mine and Anglo American's world class 44Mt Sakatti deposit. S2's Aarnivalkea prospect has the potential to be another significant discovery in the region with approximately 1.3 kilometres of gold anomalism and high grade diamond drill intercepts such as 6.8m at 11.8g/t gold from 223m (hole FAVD0062) and 20.4m at 4.0g/t gold from 193m (hold FAVD0064).
S2 did not conduct any further work in the CLGB during the March quarter, however work was undertaken on both the Kinross Gold and Rupert Resources earn-in licences. Assay results were also received for a small BoT drill program conducted by S2 on the Paana W2 licence, located to the south of the Aarnivalkea prospect (Figure 3). No significant gold results were recorded from this drilling.
Kinross Gold farm-in
In June 2021, S2, through its wholly owned Finnish subsidiary Sakumpu Exploration Oy, entered into a binding farm-in option agreement with north American major gold producer Kinross Gold ("Kinross") (KGC.NYSE, K.TSX) on four Exploration Licence and licence applications covering an area of 83 square kilometres in the Central Lapland Greenstone Belt. Under this agreement, Kinross can spend up to US$9.5 million (approximately A$13.3 million 2 ) to earn a 70% interest in the licences, with a minimum expenditure requirement of US$3.5 million over the first three years. The farm-in incorporates two distinct blocks known as Palvanen/Mesi and Home. The Palvanen/Mesi block is located immediately south of Agnico Eagle's 7.4Moz Kittila gold mine and incorporates the southern extensions of the Kiistala Shear Zone, a key structural control of mineralisation at the mine (Figure 3). The Home block is located along the east-west trending Sirkka Thrust Zone which hosts multiple gold occurrences including Rupert Resources' ("Rupert") (RUP.V) recently discovered 3.95Moz Ikkari gold deposit.
On 10 January 2021, the Home and Mesi licences achieved validity enabling on-ground exploration activities to commence. During the March Quarter, Kinross conducted BoT drilling on the Palvanen and Mesi licences at target areas identified from ground mapping and geophysical interpretation. Further BoT drilling, along with follow-up diamond drilling and trenching is planned for the June Quarter.
Rupert Resources farm-in
In August 2021, S2, through its wholly owned Finnish subsidiary Sakumpu Exploration Oy, entered into a binding farm-in option agreement with Canadian explorer Rupert Resources on two exploration licence applications covering an area of 37 square kilometres in the Central Lapland Greenstone Belt (Figure 3).
2 Based on AUD/USD exchange rate of 0.717
Under this agreement, Rupert can spend up to €3.4 million (approximately A$5.03 million) to earn a 70% interest in the Sikavaara East and Sikavaara West licences, with an initial expenditure requirement of €1.2 million over the first three years. Sikavaara East is just 16 kilometres west of Rupert's Area 1, host to six discoveries including the standout Ikkari discovery. Sikavaara West is located 6 kilometres west of Sikavaara East, and its boundary is 400 metres east of Rupert's Hirvi project, where 2019 RC drilling included intercepts of 38 metres at 1.4g/t gold from 52 metres in hole 119202 and 53 metres at 1.3g/t gold from 72 metres in hole 119209 (see link to Rupert Resources announcement).
On 21 January 2021, the Sikavaara East and Sikavaara West licences achieved validity enabling Rupert to commence on-ground exploration activities under the earn-in agreement. BoT drilling commenced on the Sikavaara West licence in late March 2022. Results are awaited.
Figure 3. Location map showing S2's landholding in the Central Lapland Greenstone Belt, Finland. The map shows the areas related to the Rupert and Kinross earn-in agreements. The map also shows neighbouring companies, mines and defined resources. Resources and are sourced from public company statements.
3 Based on AUD/EUR exchange rate of 0.675
West Murchison nickel-copper-PGE project, Western Australia (S2 100%)
S2 has three Exploration Licences covering 693 square kilometres over several targets interpreted to represent mafic-ultramafic intrusions prospective for magmatic nickel-copper and precious metals mineralisation. Five target areas have been identified based upon magnetic anomalies and mafic-ultramafic rock outcrops (Figure 4).
During the March Quarter, S2 conducted a maiden reconnaissance RC drilling program at the West Murchison Project comprising eight holes (932 metres) at the Woodrarung target and 14 holes (992 metres) at the Whitehurst target. Drilling was designed to test geochemical anomalies identified by previous S2 surveys, including a coincident nickel-copper-gold anomaly at Woodrarung with values up to 1,562ppm nickel, 550ppm copper and +50ppb gold, and up to 226 ppm copper associated with anomalous nickel (max 685 ppm) at Whitehurst. The northernmost hole at the Woodrarung target (SWMC007) intercepted disseminated sulphides within two zones (refer to S2 ASX announcement date 2 March 2022). Assay results for this hole recorded:
- 5.0 metres at 0.34% Cu, 0.35% Ni, 0.33g/t Au and 3.7g/t Ag from 61 metres,
- o including 2.0 metres at 0.62% Cu, 0.68% Ni, 0.64g/t Au and 7.2g/t Ag from 61 metres, and
- 3.0 metres at 0.68% Cu, 0.39% Ni, 0.51g/t Au and 5.9g/t Ag from 68 metres,
- o including 1.0 metres at 1.06% Cu, 0.70% Ni, 0.51g/t Au and 6.2g/t Ag from 69 metres
A follow-up hole (SWMC008) was drilled approximately 40 metres south of SWMC007, in an interpreted updip position. This hole, along with holes SWMC001 to SWMC006 further to the south (Figure 5), intercepted trace sulphides with assays pending.
S2 is highly encouraged by this first pass drill program which proves that Woodrarung is a fertile Cu-Ni sulphide system. Drilling to the north of hole SWMC007, in the direction of apparent increasing sulphides, is planned once an extension to the existing heritage survey clearance area has been obtained.
The Woodrarung geology has been interpreted as a thick zone of serpentinite after olivine cumulate ultramafics in the south, trending into low MgO ultramafic and mafic units to the north.
At the Whitehurst target, only trace sulphides were intercepted. Geology in this area comprises amphibolite and quartz amphibolite country rock with minor ultramafic units.
An airborne electromagnetic survey (SkyTEM) was recently undertaken over the Aubrey, Aubrey South and Yalgamine targets at West Murchison. Results are awaited.
Figure 4. Location of the magnetic and geochemical targets at the West Murchison Project underlain by aeromagnetic imagery showing both mapped and interpreted mafic-ultramafic intrusions.
Figure 5. Location of RC drill holes at the Woodrarung target showing coincident soil geochemical anomalism underlain by aeromagnetic imagery. Hole SWMC0007 intercepted disseminated nickel/copper sulphides with anomalous gold and silver over two zones at the northernmost limit of the area cleared by a heritage survey.
Three Springs nickel-copper-PGE project, Western Australia (S2 100%)
S2 has two exploration licenses covering approximately 361 square kilometres over several targets interpreted to represent mafic-ultramafic intrusions prospective for magmatic nickel-copper-PGE mineralisation.
A soil auger geochemical program was completed over the Three Springs project, with a total of 1,834 sample sites collected on a nominal 400 metre by 40 metre pattern with selected 200 metre infill lines. The survey has identified a number of semi-coincident nickel (max. 1,280 ppm), copper (max. 795 ppm), platinum (max 23 ppm) and palladium (max 30 ppb) anomalies that appear to be associated with potential WNW trending mafic-ultramafic intrusive bodies, as well as a prominent NNW trending, cross-cutting mafic dyke swarm (Figure 6).
A moving loop electromagnetic (MLEM) survey, completed over the same area did not identify any responses consistent with a bedrock conductor. A full evaluation of the recently acquired data is still ongoing, prior to a decision of future exploration during the next summer season.
Figure 6. Geochemical results for recent auger drilling at the Three Springs Project, underlain by aeromagnetic imagery showing targeted magnetic highs, interpreted to represent mafic-ultramafic geology.
Koonenberry nickel-copper-PGE project
S2 has three Exploration Licence applications covering 2,712 square kilometres in northern New South Wales (NSW) extending for a strike of 143 kilometres along the Koonenberry Belt. The scale and cratonic margin setting of this belt is analogous to the Fraser Zone of the Albany Fraser Orogen, which hosts the Nova-Bollinger and Silver Knight nickel-copper-cobalt deposits and the Tropicana gold deposit. The belt also contains early breakup gabbros and likely comagmatic orthocumulate ultramafic picrite sills and intrusions, considered petrographically similar to those that host mineralisation in the Russian Pechenga nickel-copper-PGE camp.
S2 is currently undertaking a right to negotiate process with potential native title parties ahead of the grant of an Exploration Licences by the NSW Department of Mineral Resources. Planned activities for 2022 include establishing land access agreements, electromagnetic (EM) surveys, soil and rock chip sampling, regional mapping and data consolidation. Existing datasets will provide a head start to S2, however the area is largely unexplored in terms of effective drilling.
Jillewarra gold and base metals project, Western Australia (S2 earning 70%)
S2 is earning a majority interest in the Jillewarra project which covers 793 square kilometres of gold and base metal prospective greenstones situated approximately 50 kilometres west of Meekatharra in the Murchison Goldfields of Western Australia. Jillewarra is an under explored Archaean greenstone belt with very limited drilling below 70 metres. S2 is taking a systematic approach to identify and drill test targets throughout the Jillewarra Belt. To date, over 30 targets have been identified based on structural and geological interpretation, evidence of historical workings and historic exploration data.
No on-ground exploration activities were conducted at the Jillewarra Project during the March Quarter.
Fraser Range nickel project, Western Australia (S2 100%)
The Company has three exploration licenses covering 176 square kilometres of the Fraser Range nickel province. The licenses are located 40 to 80 kilometres to the northeast of the Nova-Bollinger nickel-copper mine (discovered by S2's predecessor, Sirius Resources in 2012).
No exploration activities were conducted in the Fraser Range during the March Quarter.
Berkshire, Nerramyne and Mt Vinden nickel-copper-PGE projects, Western Australia (via 13.2% shareholding in Todd River Resources)
S2 is exposed to the Berkshire, Nerramyne and Mt Vinden nickel-copper-PGE projects (Figure 7) via 75.2 million shares held in Todd River Resources ("Todd River") (ASX:TRT). These projects contain a number of interpreted mafic-ultramafic intrusions considered to be analogous to the Gonneville intrusion which hosts Chalice Mining's Julimar 330 million tonne nickel-copper-PGE discovery.
During the March Quarter, Todd River completed an RC drilling campaign at the Berkshire Valley Project to follow up on earlier aircore programs which intercepted sulphides over an area of coincident Ni-Cu-PGE soil geochemistry. All drillholes at the Mako prospect at the northern end of the project area (see Figure 8) intercepted sulphides in intervals up to 60m thick within an amphibolite. Sulphides were predominantly trace with some strongly disseminated zones with up to 15% sulphides. Visual logging of the sulphides indicate they are predominately pyrite and pyrrhotite, with trace chalcopyrite observed in some intervals. Sulphide mineralisation is commonly associated with silica +/-sericite +/- epidote alteration. In total thirteen RC holes were drilled into the Mako Prospect for approximately 2,000m (refer to TRT ASX announcement dated 11 February 2022).
Post the March Quarter, Todd River announced the results of a SkyTEM electromagnetic survey covering approximately 188 square kilometres of the company's Nerramyne Project (Figure 7). Initial interpretation of the survey has identified several bedrock conductors associated with prospective geology. The final fully processed data is yet to be received (refer to TRT ASX announcement dated 19 April 2022).
Figure 7. Todd River Resources Project locations (Sourced from TRT announcement dated 19 April 2022).
Figure 8. Berkshire Valley Project showing the location of recently drilled RC holes as well as aircore holes and highlighting those that intersected sulphides over Pt+Pd geochemistry (Sourced from TRT announcement dated 11 February 2022).
This announcement has been provided to the ASX under the authorisation of the S2 Board.
For further information, please contact:
| Matthew Keane | Mark Bennett |
|---|---|
| Chief Executive Officer | Executive Chairman |
| +61 8 6166 0240 | +61 8 6166 0240 |
Past Exploration results reported in this announcement have been previously prepared and disclosed by S2 Resources Ltd in accordance with JORC 2012. The Company confirms that it is not aware of any new information or data that materially affects the information included in these market announcements. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement. Refer to www.s2resources.com.au for details on past exploration results.
Competent Persons statements
The information in this report that relates to Exploration Results is based on information compiled by John Bartlett, who is an employee and shareholder of the Company. Mr Bartlett is a member of the Australian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience of relevance to the style of mineralization and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartlett consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
| Target | Hole | Easting | Northing | RL | Azimuth | Dip | Depth | From | To | Width | Cu(Pct) | Ni(Pct) | Au(g/t) | Ag(g/t) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Woodrarung | SWMC0001 | 368400 | 6991020 | 308 | 180 | -60 | 148 | AWR | ||||||
| Woodrarung | SWMC0002 | 368400 | 6991100 | 308 | 180 | -60 | 118 | AWR | ||||||
| Woodrarung | SWMC0003 | 368400 | 6990780 | 300 | 180 | -60 | 118 | AWR | ||||||
| Woodrarung | SWMC0004 | 368400 | 6990940 | 306 | 180 | -60 | 64 | AWR | ||||||
| Woodrarung | SWMC0005 | 368400 | 6991500 | 309 | 180 | -60 | 118 | AWR | ||||||
| Woodrarung | SWMC0006 | 368400 | 6991420 | 309 | 180 | -60 | 118 | AWR | ||||||
| Woodrarung | SWMC0007 | 368400 | 6991660 | 312 | 180 | -60 | 148 | 61 | 66 | 5 | 0.34 | 0.35 | 0.33 | 3.7 |
| Including | 61 | 63 | 2 | 0.62 | 0.68 | 0.64 | 7.2 | |||||||
| And | 68 | 71 | 3 | 0.68 | 0.39 | 0.51 | 5.9 | |||||||
| Including | 69 | 70 | 1 | 1.06 | 0.70 | 0.51 | 6.2 | |||||||
| Woodrarung SWMC0008 | 368409 | 6991624 | 312 | 180 | -60 | 100 | AWR | |||||||
| Whitehurst | SWMC0009 | 362812 | 6977310 | 305 | 180 | -60 | 118 | AWR | ||||||
| Whitehurst | SWMC0010 | 362811 | 6977381 | 306 | 180 | -60 | 118 | AWR | ||||||
| Whitehurst | SWMC0011 | 362799 | 6977247 | 306 | 0 | -60 | 118 | AWR | ||||||
| Whitehurst | SWMC0012 | 362799 | 6977483 | 306 | 180 | -60 | 118 | AWR | ||||||
| Whitehurst | SWMC0013 | 365410 | 6977835 | 288 | 180 | -60 | 40 | AWR | ||||||
| Whitehurst | SWMC0014 | 365397 | 6978006 | 288 | 180 | -60 | 34 | AWR | ||||||
| Whitehurst | SWMC0015 | 365396 | 6978157 | 288 | 180 | -60 | 40 | AWR | ||||||
| Whitehurst | SWMC0016 | 365402 | 6978325 | 291 | 180 | -60 | 34 | AWR | ||||||
| Whitehurst | SWMC0017 | 365403 | 6978496 | 290 | 180 | -60 | 64 | AWR | ||||||
| Whitehurst | SWMC0018 | 365401 | 6978634 | 290 | 180 | -60 | 64 | AWR | ||||||
| Whitehurst | SWMC0019 | 365396 | 6978719 | 290 | 180 | -60 | 76 | AWR | ||||||
| Whitehurst | SWMC0020 | 365399 | 6978800 | 290 | 180 | -60 | 58 | AWR | ||||||
| Whitehurst | SWMC0021 | 365404 | 6978966 | 290 | 180 | -60 | 52 | AWR | ||||||
| Whitehurst | SWMC0022 | 365400 | 6979122 | 290 | 180 | -60 | 58 | AWR |
Table 1. Summary of drilling – West Murchison RC drilling
Significant intervals have been cut using a 0.1% copper lower cut-off with internal intervals at a nominal 0.5% and 1.0% cut-off respectively. Note Holes marked as AWR – awaiting results.
Annexure 1
The following Tables are provided to ensure compliance with the JORC code (2012) edition requirements for the reporting of exploration results.
SECTION 1: SAMPLING TECHNIQUES AND DATA – WEST MURCHISON
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques | Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples should | Current drilling by S2 at West Murchison consists of reversecirculation (RC) drill holes, completed by Strike Drilling,based out of Perth.A nominal 2-3kg one metre split is collected for each meterusing an on-board, cyclone cone splitter and retained. Theone-metre samples are collected through zones of logged |
| not be taken as limiting the broad meaning of sampling. | sulphide for submission to the laboratory.For all other intervals, a nominal 4 metre compositesamples (nominal 2-3kg) are collected using a spear. | |
| Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used | Sampling and QAQC procedures are carried out using S2protocols as per industry best practice. | |
| Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation | The selected samples are to be submitted to Minanalyticallaboratory. (Up to) 3kg sample was pulverised andanalysed for Au, Pt, Pd using a 25g fire assay and ICP/MSfinish, and a multi-element (48 elements) suite by four aciddigest with an ICP/OES and ICP/MS finish and | |
| Drilling techniques | Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc) anddetails (e.g. 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). | RC drilling is being completed utilizing a 5-inch, facesampling hammer. |
| Drill sample recovery | Method of recording and assessing core and chipsample recoveries and results assessed | Qualitative sample recoveries have been recorded for eachmetre |
| Measures taken to maximise sample recovery andensure representative nature of the samples | Use of drilling fluids have been used to maximise recoverieswhere appropriate | |
| Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material. | No relationship has been established | |
| Logging | Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, miningstudies and metallurgical studies. | Logging of RC samples uses a standard legend developed byS2 which records lithology, mineralogy, mineralisation,weathering, colour and other features of the samples |
| Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc) photography. | Logging is considered qualitative. | |
| The total length and percentage of the relevantintersections logged | All drillholes were logged in full to end of hole. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sub-samplingtechniques andsample preparation | If core, whether cut or sawn and whether quarter, halfor all core taken. | No core drilling |
| If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry. | The sample preparation follows industry best practice insamplepreparationinvolvingovendrying,thenpulverisation of entire sample (up to 3kg) to minimum of85% passing -75um. | |
| For all sample types, the nature, quality andappropriateness of the sample preparation technique. | Full QAQC system in place to determine accuracy andprecision of assays | |
| Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples. | Sample collection sites were selected to avoid areas ofobvious disturbance as well as to avoid creek lines. Allsample equipment was clean and dry brushed between sitesto avoid contamination. | |
| Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling. | For composite samples, sampling was conducted by runningthe spear or scoop through the entire sample spoil. Sampleswere collected such that the amount of material collectedfrom each metre was as similar as possible. | |
| Whether sample sizes are appropriate to the grain sizeof the material being sampled. | The sample size is considered appropriate. | |
| Quality of assay dataand laboratory tests | The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total. | The use of 4-acid digest and fire assay techniques areappropriate for the stage of exploration, and are considerednear total digest |
| For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc. | No geophysical tools were used to determine any elementconcentrations. | |
| Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established. | Full QAQC system in place including Certified Standards andblanks of appropriate matrix and levels. | |
| Verification ofsampling and assaying | The verification of significant intersections by eitherindependent or alternative company personnel. | The drill results have been verified by the S2 ExplorationManager. This included comparisons with the preliminarypXRF results in the field that were considered with in errorrange. |
| The use of twinned holes. | No twin holes have been completed | |
| Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols. | Primary sampling data is collected in a set of standard Exceltemplates. The information is managed by S2's databasemanager for validation and compilation into S2's centraldatabase. | |
| Discuss any adjustment to assay data. | No adjustments to any assay data have been undertaken | |
| Location of datapoints | Accuracy and quality of surveys used to locate drillholes(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resourceestimation. | Drill hole collar locations were recorded using handheldGarmin GPS. Elevation values were in AHD RL and valuesrecorded within the database. Expected accuracy is + or –5 m for easting, northing and 10m for elevationcoordinates. |
| Specification of the grid system used. | The grid system is GDA94 (MGA), zone 50. | |
| Quality and adequacy of topographic control. | Elevation data for the soil data has been derived directlyform the Garmin handheld GPS and is considered adequategiven the preliminary nature of the exploration activities. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Data spacing anddistribution | Data spacing for reporting of Exploration Results. | Drilling has been completed on a series of single, N-S drillline with holes spaced 80 – 320 metres apart |
| Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied. | The sampling to date is inadequate to establish geologicaland grade continuity for the purposes of Mineral Resourceestimation | |
| Whether sample compositing has been applied. | No sample compositing has been applied | |
| Orientation of data inrelation to geologicalstructure | Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type. | Exploration is in the preliminary stages and it is currently notpossible to assess whether sampling is unbiased |
| If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material. | Not applicable (see comments above) | |
| Sample security | The measures taken to ensure sample security. | Samples were collected and bagged up on site totransported to the geochemical laboratory in Perth.Samples were either driven from site directly to thelaboratory by an S2 employee or dropped off at a securedepot for Toll Global Express in Geraldton for trackeddelivery to the laboratory. |
| Audits or reviews | The results of any audits or reviews of samplingtechniques and data. | No audits or reviews have been conducted at this stage. |
SECTION 2: REPORTING OF EXPLORATION RESULTS – WEST MURCHISON
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement andland tenure status | Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park and environmental settings. | The West Murchison Project comprises three explorationlicenses, located southwest of Murchison in WesternAustralia. The ELs are E09/2390, E09/2391 and E70/5392.The ELs are 100% owned by Southern Star Exploration PtyLtd, a 100% owned subsidiary of S2 Resources.The tenements are located wholly within (WC2004/010)Wajarri Yamatji #1Native Tile claim (partially determined)and partially within (WC1996/093) Mullewa WadjariCommunity Native Title claim |
| The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area. | No known impediments to obtaining a licence to operate inthe area.All of the Exploration Licences are granted and a heritageagreement has been finalised with the native title claimgroup (Wajarri Yamatji #1). | |
| Exploration done byother parties | Acknowledgment and appraisal of exploration by otherparties. | The Tenements have had no published or open fileexploration work for magmatic nickel/ copper or orogenicgold style mineralisation. WMC undertook limited rock chipsampling in 1977 to assess the potential for chromitemineralisation of outcropping ultramafic within the projectarea. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Geology | Deposit type, geological setting and style ofmineralisation. | The project is located on the southwest margin of theNarryer Gneiss Terrain, a poly-deformed complex of graniteand interleaved Archean greenstone (mafic, felsic andsedimentary lithologies) accreted to the northwest marginof the Yilgarn Craton.The target mineralisation style is magmatic nickel-copperPGE sulphide mineralisation hosted in or associated withmafic-ultramafic intrusions. |
| Drill hole Information | A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:•easting and northing of the drill hole collar•elevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollar•dip and azimuth of the hole•down hole length and interception depth•hole length. | All drilling conducted on the tenement are reported inTable 1. |
| Data aggregationmethods | In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated. | All results have been length weighted and reported using alower cut-off of 0.2% copper (no upper cut-off has beenused in reporting). A maximum of 1 metre of internaldilution has been allowed. |
| Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregation shouldbe stated and some typical examples of suchaggregations should be shown in detail. | Internal intervals have been reported using a nominal 0.5%and 1.0% copper | |
| The assumptions used for any reporting of metalequivalent values should be clearly stated. | No metal equivalent reporting has been used. | |
| Relationship betweenmineralisation widthsand intercept lengths | These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known'). | The geometry of mineralisation is currently unknown; thusall reported intersections are down hole length and truewidth is currently not known. |
| Diagram | Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views. | Refer to Figures in body of text. |
| Balanced reporting | Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults. | All results considered significant are reported. |
| Other substantiveexploration 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 andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances. | Surface soil geochemical sampling has been completed overselected targer areas.MLEM electromagnetic surveys have been carried out overthe Woodrarung and Whitehurst target areas.A skyTEM heliborne EM survey has been completed over theAubrey, Aubrey South and Yalgamine target areas. Resultsof these surveys are still pending. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Further work | The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive | The exact nature of any follow-up exploration will bedetermined once all the geochemical results from thedrilling and the results of the SkyTEM heliborne EM surveyhave been evaluated.Selected samples from the drilling will be submitted forpetrological evaluation to assist in gaining a betterunderstanding of the host intrusive bodies and the nature ofthe sulphide mineralisation. |
SECTION 1: SAMPLING TECHNIQUES AND DATA – THREE SPRINGS
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques | Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of sampling. | Soil geochemical samples was carried out using a 3-inchauger, with samples collected at depths between 0.5 and1.5 metres.A nominal 500-gram sample was collected from the base ofthe auger hole. The sample was sieved with a -180-micronfraction collected for analysis (nominal 150 grams). |
| Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used | Sampling and QAQC procedures are carried out using S2protocols as per industry best practice. | |
| Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation | The selected -180µ sample was analysed using thecompanies hand-held pXRF (Olympus Delta model) prior tosubmitting to Minanalytical laboratory in Perth. Sampleswere pulverised and analysed for Au, Pt, Pd using a 25g fireassay and ICP/MS finish. | |
| Drilling techniques | Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc) anddetails (e.g. 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). | A 3-inch auger bit was used to collect the soil sample. |
| Drill sample recovery | Method of recording and assessing core and chipsample recoveries and results assessed | Not applicable - no bedrock drilling was undertaken |
| Measures taken to maximise sample recovery andensure representative nature of the samples | Not applicable - no bedrock drilling was undertaken | |
| Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material. | Not applicable - no bedrock drilling was undertaken | |
| Logging | Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, miningstudies and metallurgical studies. | The soil sample was logged to include nature of soil, colouretc.Soil sampling is preliminary in nature and is insufficient tosupport any Mineral Resource estimation, mining studiesor metallurgical studies. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc) photography. | Logging is considered qualitative. | |
| The total length and percentage of the relevantintersections logged | Only the bottom of hole auger sample was logged. | |
| Sub-samplingtechniques andsample preparation | If core, whether cut or sawn and whether quarter, halfor all core taken. | No core drilling |
| If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry. | A base of hole sample was collected using a plastic scoopand then sieved to a -180µ fraction. Samples were collectedboth dry and moist. | |
| For all sample types, the nature, quality andappropriateness of the sample preparation technique. | All samples are considered appropriate for the preliminarynature of the method employed. | |
| Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples. | Sample collection sites were selected to avoid areas ofobvious deep disturbance as well as to avoid creek lines. Allsample equipment was clean and dry brushed between sitesto avoid contamination. | |
| Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling. | A complete sample was collected at the base of the augerhole to minimise any bias affects. | |
| Whether sample sizes are appropriate to the grain sizeof the material being sampled. | The sample size is considered appropriate. | |
| Quality of assay dataand laboratory tests | The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total. | The use of pXRF results for the multi-element suite and fireassay techniques for Au, Pt, Pd are appropriate for the stageof exploration, and are considered near total digest |
| Que | For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc. | An Olympus Delta model pXRF was used for multi-elementanalysis, included base metal elements. The machine useda 2-beam array with read times of 15 seconds (beam 1) and20 seconds (beam 2). Samples were analysed using the |
| Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established. | QAQC procedures included the insertion of appropriateCRM material for analysis, both during the pXRF andlaboratory analysis. | |
| Verification ofsampling and assaying | The verification of significant intersections by eitherindependent or alternative company personnel. | The geochemical results have been inspected by the S2Exploration Manager. |
| The use of twinned holes. | No twin holes have been completed | |
| Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols. | Primary sampling data is collected in a set of standard Exceltemplates. The information is managed by S2's databasemanager for validation and compilation into S2's centraldatabase. | |
| Discuss any adjustment to assay data. | No adjustments to any assay data have been undertaken | |
| Location of datapoints | Accuracy and quality of surveys used to locate drillholes(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resourceestimation. | Auger geochemical sites were recorded using handheldGarmin GPS. Elevation values were in AHD RL and valuesrecorded within the database. Expected accuracy is + or –5 m for easting, northing and 10m for elevationcoordinates. |
| Specification of the grid system used. | The grid system is GDA94 (MGA), zone 50. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Quality and adequacy of topographic control. | Elevation data for the soil data has been derived directlyform the Garmin handheld GPS and is considered adequategiven the preliminary nature of the exploration activities. | |
| Data spacing anddistribution | Data spacing for reporting of Exploration Results. | Auger sites were collected at 40 metre spacings along linesspaced 200 and 400 metres apart. |
| Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied. | The sampling is insufficient to establish either geological andgrade continuity for the purposes of Mineral Resourceestimation | |
| Whether sample compositing has been applied. | No sample compositing has been applied | |
| Orientation of data inrelation to geologicalstructure | Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type. | Exploration is in the preliminary stages, and it is currentlynot possible to assess whether sampling is unbiased |
| If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material. | Not applicable (see comments above) | |
| Sample security | The measures taken to ensure sample security. | Samples were collected and bagged up on site totransported to the geochemical laboratory in Perth.Samples were driven from site to the laboratory by an S2employee, after completion of the pXRF analysis, |
| Audits or reviews | The results of any audits or reviews of samplingtechniques and data. | No audits or reviews have been conducted at this stage. |
SECTION 2: REPORTING OF EXPLORATION RESULTS – THREE SPRINGS
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement andland tenure status | Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park and environmental settings. | The West Murchison Project comprises two explorationlicenses (E70/5380 and E70/5381), located between thetownships of Three Springs, Carnamah and Perenjori in theMidland's wheatbelt region of Western Australia.The ELs are 100% owned by Southern Star Exploration PtyLtd, a 100% owned subsidiary of S2 Resources.The tenements are located within freehold farming land. Asa result, the tenements were granted with sub-surface rights(>30 metres)Early stage exploration activities are scheduled around thecropping cycles, limiting exploration to between January and |
| April. | ||
| The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area. | The tenements were Landowner access and compensationagreements (LACA) are required to be negotiated with therelevant landowners and lodged with the DMIRS to obtainsurface rights to the tenements. | |
| To date, 2 agreements have been negotiated over keyareas within the project area. |
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Exploration done byother parties | Acknowledgment and appraisal of exploration by otherparties. | The Tenements have had no published or open fileexploration work for magmatic nickel/ copper or orogenicgold style mineralisation.In the 1990's, CRAE undertook limited exploration for basemetals (Cu, Pb, Zn) in the far NW corner of the project area.Work included soil geochemical sampling as well as groundmagnetic and gravity surveys. Drilling was recommendedon one target within the project area, but the tenementswere relinquished | |
| Geology | Deposit type, geological setting and style ofmineralisation. | The project is located in the far north corner of theSouthwest Terrane, immediately adjacent to theMesoproterozoic Darling Fault that represents the westernmargin of the Yilgarn Craton.The target mineralisation style is magmatic nickel-copperPGE sulphide mineralisation hosted in or associated withmafic-ultramafic intrusions. The project is located withinthe recently identified West Yilgarn Ni-Cu-PGE province. | |
| Drill hole Information | A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:•easting and northing of the drill hole collar•elevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollar•dip and azimuth of the hole•down hole length and interception depth•hole length. | Not applicable - no bedrock drilling has been completed. | |
| Data aggregationmethods | In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated. | Not applicable - no bedrock drilling has been completed. | |
| Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregation shouldbe stated and some typical examples of suchaggregations should be shown in detail. | Not applicable - no bedrock drilling has been completed. | ||
| The assumptions used for any reporting of metalequivalent values should be clearly stated. | Not applicable - no bedrock drilling has been completed. | ||
| Relationship betweenmineralisation widthsand intercept lengths | These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known'). | Not applicable - no bedrock drilling has been completed. | |
| Diagram | Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views. | Refer to Figures in body of text. |
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Balanced reporting | Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults. | All results considered significant are reported. | |
| Other substantiveexploration 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 andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances. | Work completed over the Three Springs project includedaugersoilgeochemicalsamplingandaMLEMelectromagnetic surveys Surface soil geochemical samplinghas been completed over selected target areas. | |
| Further work | The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive | The exact nature of any follow-up exploration, to becompleted during the 2023 exploration season will bedetermined once all the auger geochemical results havebeen returned and results have been fully evaluated. |
SECTION 1: SAMPLING TECHNIQUES AND DATA - FINLAND
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Sampling techniques | Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning ofsampling. | Base of Till (BoT) drilling is undertaken by MoreenityoMacklin Oy of Sattanen, Finland. Holes are drilled tobedrock or blade refusal and a 20cm sample is collectedat the end of hole for geochemical analysis andlithological logging.All are forwarded for analyses by ALS Laboratories. | |
| Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used | Sampling and QAQC procedures are carried out using S2protocols as per industry best practice. | ||
| Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation | The BoT samples are sent to ALS Laboratories inOutokumpu, Finland for preparation that includes weighingand then screening to produce a sieved fraction <180micron for analyses for gold and base metals. | ||
| Drilling techniques | Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. 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). | Base of Till drilling is by a percussion flow through sample bitthat can collect a 20cm sample of bedrock material at thebase of glacial deposits up to 20m thick. |
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Drill sample recovery | Method of recording and assessing core and chipsample recoveries and results assessed | BoT samples are visually inspected and photographed toassess if they are likely to be a basement sample or whetherthe hole has failed to reach basement due to boulders orexcessive cover thickness. | |
| Measures taken to maximise sample recovery andensure representative nature of the samples | Sample quality is qualitatively logged recording samplecondition, with quantity of fines versus coarse chips. | ||
| Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material. | No relationship has been seen to exist | ||
| Logging | Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining | The logging uses a standard legend developed by S2which is suitable for wireframing of the basementinterface. | |
| studies and metallurgical studies. | Exploration holes are not geotechnically logged but resourceholes are. | ||
| Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography. | All chips haves been photographed wet. | ||
| The total length and percentage of the relevantintersections logged | All chips from BoT holes were logged in full. | ||
| Sub-samplingtechniques and samplepreparation | If core, whether cut or sawn and whether quarter, halfor all core taken. | No core was drilled or sampled | |
| If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry. | Bot samples are dried and sieved. A representative portionof the coarse fraction is retained and logged | ||
| For all sample types, the nature, quality andappropriateness of the sample preparation technique. | Samples were delivered by S2 commercial freight to ALSMinerals laboratory in Outokumpu, Finland for preparationthat includes weighing and then screening to produce asieved fraction <180 micron for analyses for gold and basemetals. The prepared samples are forwarded to ALSMinerals Loughrea, Ireland, for analysis. | ||
| Quality control procedures adopted for all subsampling stages to maximise representivity of samples. | Full QAQC system in place to determine accuracy andprecision of assays | ||
| Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling. | No core was drilled or sampled | ||
| Whether sample sizes are appropriate to the grain sizeof the material being sampled. | Samplesareofappropriatesizeforgeochemicalreconnaissance | ||
| Quality of assay dataand laboratory tests | The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total. | All samples were analysed by ALS Minerals Loughrea,Ireland. Samples analysed using a 25g aqua regia digestionwith a combination of ICP-AES and ICP-MS finish (codeAuME-TL43) for Au as well as a multi-element suite (Ag, As,Bi, Ca, Cd, Cu, Fe, Hg, Mg, Mn, Mo, Ni, P, Pb, S, Sb, Tl & Zn).No geophysical tools were used to determine any elementconcentrations. | |
| For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc. |
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established. | Full QAQC system in place including Certified Standards andblanks of appropriate matrix and levels | ||
| Verification ofsampling and assaying | The verification of significant intersections by eitherindependent or alternative company personnel. | A company representative has personally inspected allsample chips with a photographic record kept for all chips.The Exploration Manager has inspected all photographs. | |
| The use of twinned holes. | No twinned BoT holes have been completed | ||
| Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols. | Primary sampling data is collected in a set of standard Exceltemplates. The information is managed by S2's databasemanager for validation and compilation into S2's centraldatabase. | ||
| Discuss any adjustment to assay data. | No adjustments made | ||
| Location of data points | Accuracy and quality of surveys used to locate drillholes(collar and down-hole surveys), trenches, mineworkings and other locations used in Mineral Resourceestimation. | BoT collars were located with a handheld GPS with anaccuracy of within 3 metres. | |
| Specification of the grid system used. | The grid system used is the Standard Finnish National GridETRS-TM35FIN | ||
| Quality and adequacy of topographic control. | Excellent quality topographic maps produced by the FinnishAuthority – National Land Survey of Finland.(NLS) | ||
| Data spacing anddistribution | Data spacing for reporting of Exploration Results. | Drill holes are BoT geochemical samples at this stage anddrilled at 400m by 20m for initial reconnaissance. | |
| Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied. | Data spacing, sampling technique and distribution is notsufficient at this stage to allow the estimation of mineralresources. | ||
| Whether sample compositing has been applied. | No sample compositing has been applied. | ||
| Orientation of data inrelation to geologicalstructure | Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type. | Geochemical sampling of basement interface only | |
| If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material. | Geochemical sampling of basement interface only. | ||
| Sample security | The measures taken to ensure sample security. | Chain of custody is managed by S2 personnel. Drill samplesand core is visually checked at the drill rig and thentransported to S2's logging and cutting facilities by S2personnel for logging, cutting and sampling. Bagged samplesare transferred to ALS Laboratories in Sodankyla, Finland byS2 personnel. | |
| Audits or reviews | The results of any audits or reviews of samplingtechniques and data. | No audits or reviews have been conducted at this stage. |
SECTION 2: REPORTING OF EXPLORATION RESULTS - FINLAND
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Mineral tenement andland tenure status | Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park and environmental | The Base of Till drilling wasundertaken within theAarnivalkea prospect is located within the Paana Central(ML2018:0081) and Paana W2 (ML2018:0107) explorationlicenses.The exploration licences are 100% owned by SakumpuExploration Oy, a Finnish registered 100% owned subsidiaryof S2 | |
| settings. | |||
| The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area. | All of the Exploration Licences are in good standing and noknown impediments exist on the tenements being activelyexplored. | ||
| Exploration done byother parties | Acknowledgment and appraisal of exploration by otherparties. | The Aarnivalkea prospect was a greenfield discovery withhistoric BoT holes drilled in the region by Outukumpu nothaving been assayed for gold. | |
| Geology | The area is prospective for repeats of the Aarnivalkeamineralisation. | ||
| Aarnivalkea is a shear zone hosted orogenic gold depositwithin the Kittila Group of the Paleoproterozoic CentralLapland Greenstone belt. | |||
| Deposit type, geological setting and style ofmineralisation. | The primary host rocks include altered and sheared basalt,dacites and sediments | ||
| Alteration assemblages include albite, sericite, carbonate,chloritewithdisseminatedpyrite,pyrrhotiteandarsenopyrite. | |||
| Drill hole Information | A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:•easting and northing of the drill hole collar•elevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollar•dip and azimuth of the hole•down hole length and interception depth•hole length. | Refer to sample plans in text. | |
| Data aggregationmethods | In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated. | Results are single point geochemical samples at the end ofthe BoT hole. | |
| Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail. | None used. | ||
| The assumptions used for any reporting of metalequivalent values should be clearly stated. | None used. |
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Relationship betweenmineralisation widthsand intercept lengths | These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known'). | The prospect area is a greenfields exploration play and nomineralization is known to be present. Drilling has beendesigned to test across likely gold bearing structures.Refer to figures in body of text. | |
| Diagram | Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views. | Refer to Figures in body of text. | |
| Balanced reporting | Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults. | All results considered significant are reported. | |
| Other substantiveexploration 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 andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances. | Not applicable | |
| Further work | The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive | Assessment of the most appropriate future explorationactivities within the Paana propject area is ongoing. |
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Name of entity | |||
|---|---|---|---|
| S2 Resources Ltd | |||
| ABN | Quarter ended ("current quarter") | ||
| 18 606 128 090 | 31 March 2022 |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date(9months)$A'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | - | - |
| 1.2 | Payments for | ||
| (a)exploration & evaluation * | (1,345) | (4,507) | |
| (b)development | - | - | |
| (c)production | - | - | |
| (d)staff costs** | (169) | (526) | |
| (e)administration and corporate costs | (157) | (559) | |
| 1.3 | Dividends received (see note 3) | ||
| 1.4 | Interest received | 2 | 8 |
| 1.5 | Interest and other costs of finance paid | (3) | (10) |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other (provide details if material) | - | - |
| 1.9 | Net cash from / (used in) operatingactivities | (1,672) | (5,594) |
*Exploration & evaluation comprise exploration physical costs of $1,051k and pre-resource exploration staff costs of $294k.
**Total staff costs for the quarter end was $463k comprising pre-resource exploration $294k, corporate $129k, non-executive directors $21k, business development $19k. Staff costs of presource exploration $294k has been transferred to the above category 'exploration & evaluation'.
| 2. | Cash flows from investing activities | ||
|---|---|---|---|
| 2.1 | Payments to acquire or for: | ||
| (a)entities | - | - | |
| (b)tenements | - | - | |
| (c)property, plant and equipment | (2) | (18) | |
| (d)exploration & evaluation | - | - |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date(9months)$A'000 | |
|---|---|---|---|
| (e)investments | - | - | |
| (f)other non-current assets | - | - | |
| 2.2 | Proceeds from the disposal of: | ||
| (a)entities | - | - | |
| (b)tenements | - | - | |
| (c)property, plant and equipment | - | - | |
| (d)investments | - | - | |
| (e)other non-current assets | - | 155 | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other | - | - |
| 2.6 | Net cash from / (used in) investingactivities | (2) | 137 |
| 3. | Cash flows from financing activities | ||
|---|---|---|---|
| 3.1 | Proceeds from issues of equity securities(excluding convertible debt securities) | - | 4,978 |
| 3.2 | Proceeds from issue of convertible debtsecurities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | - | (331) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | (21) | (67) |
| 3.7 | Transaction costs related to loans andborrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | 5 |
| 3.10 | Net cash from / (used in) financingactivities | (21) | 4,585 |
| 4. | Net increase / (decrease) in cash andcash equivalentsfor the period | ||
|---|---|---|---|
| 4.1 | Cash and cash equivalents at beginning ofperiod | 8,132 | 7,317 |
| 4.2 | Net cash from / (used in) operatingactivities (item 1.9 above) | (1,672) | (5,594) |
| 4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (2) | 137 |
| Consolidated statement of cash flows | Current quarter$A'000 | Year to date(9months)$A'000 | ||
|---|---|---|---|---|
| 4.4 | Net cash from / (used in) financing activities(item 3.10 above) | (21) | 4,585 | |
| 4.5 | Effect of movement in exchange rates oncash held | (61) | (69) | |
| 4.6 | Cash and cash equivalents at end ofperiod | 6,376 | 6,376 |
| 5. | Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts | Current quarter$A'000 | Previous quarter$A'000 |
|---|---|---|---|
| 5.1 | Bank balances | 6,376 | 8,132 |
| 5.2 | Call deposits | ||
| 5.3 | Bank overdrafts | ||
| 5.4 | Other (provide details) | ||
| 5.5 | Cash and cash equivalents at end ofquarter (should equal item 4.6 above) | 6,376 | 8,132 |
| 6. | Payments to related partiesof the entityand theirassociates | Current quarter$A'000 |
|---|---|---|
| 6.1 | Aggregate amount of payments to related parties and theirassociates included in item 1 | 127 |
| 6.2 | Aggregate amount of payments to related parties and theirassociates included in item 2 | - |
| Salaries and fees paid to directors in the quarter including superannuation. | ||
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and anexplanation for, such payments. |
| 7. | FinancingfacilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity. | Total facilityamountat quarterend$A'000 | Amount drawnatquarter end$A'000 | |||
|---|---|---|---|---|---|---|
| 7.1 | Loan facilities | - | - | |||
| 7.2 | Credit standby arrangements | - | - | |||
| 7.3 | Other (please specify) | - | - | |||
| 7.4 | Total financing facilities | - | - | |||
| 7.5 | Unused financing facilities available at quarter end- | |||||
| 7.6 | Include in the box below a description of each facility above, including the lender, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities have been entered into or are proposed to be entered into after quarter end,include a note providing details of those facilities as well. | |||||
| 8. | Estimated cash available for future operating activities | $A'000 | ||
|---|---|---|---|---|
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (1,672) | ||
| 8.2 | (Payments for exploration & evaluation classified as investingactivities) (item 2.1(d)) | - | ||
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (1,672) | ||
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 6,376 | ||
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | ||
| 8.6 | Total available funding (item 8.4 + item 8.5) | 6,376 | ||
| 8.7item 8.3) | Estimated quarters of funding available (item 8.6 divided by | 3.81 | ||
| Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A".Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | ||||
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: | |||
| 8.8.1 | Does the entity expect that it will continue to have the current level of net operating | |||
| Answer: | ||||
| 8.8.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful? | ||||
| Answer: | ||||
| 8.8.3 | Does the entity expect to be able to continue its operations and to meet its business |
|---|---|
| objectives and, if so, on what basis? |
Answer:
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
- 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- 2 This statement gives a true and fair view of the matters disclosed.
Date: 28 April 2022
Authorised by: .The Board............................................................................ (Name of body or officer authorising release – see note 4)
Notes
-
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
-
- If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
- Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
- If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
-
- If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
| Project | Tenement ID | Registered Holder | Location | Ownership % | Status |
|---|---|---|---|---|---|
| Western Australia | |||||
| Three Springs | E70/5380 | Southern Star Exploration Pty Ltd | Three Springs | 100% | Granted |
| Three Springs | E70/5381 | Southern Star Exploration Pty Ltd | Three Springs | 100% | Granted |
| West Murchison | E70/5382 | Southern Star Exploration Pty Ltd | West Murchison | 100% | Granted |
| West Murchison | E09/2390 | Southern Star Exploration Pty Ltd | West Murchison | 100% | Granted |
| West Murchison | E09/2391 | Southern Star Exploration Pty Ltd | West Murchison | 100% | Granted |
| Jillewarra | E51/1602 | Tanzi Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/1603 | Tanzi Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/1604 | Tanzi Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/1617 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/1906 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/1915 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/2050 | Third Eye Resources Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/2051 | Third Eye Resources Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/2052 | Third Eye Resources Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/2053 | Third Eye Resources Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/2054 | Third Eye Resources Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | M51/270 | Tanzi Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | M51/353 | Tanzi Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | M51/451 | Tanzi Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | P51/2696 | Wood, Sandra | Jillewarra | earning 51% | Granted |
| Jillewarra | P51/2950 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | P51/3082 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% | Granted |
| Jillewarra | E51/1955 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% when granted | Application |
| Jillewarra | E51/1956 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% when granted | Application |
| Jillewarra | E51/1965 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% when granted | Application |
| Jillewarra | E51/1966 | Black Raven Mining Pty Ltd | Jillewarra | earning 51% when granted | Application |
| Jillewarra | M51/885 | Wood, Sandra | Jillewarra | earning 51% when granted | Application |
| Polar Bear | E15/1298 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | E15/1461 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | E15/1541 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | E63/1142 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | E63/1712 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | E63/1725 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | E63/1756 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M15/651 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M15/710 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M15/1814 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M63/230 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M63/255 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M63/269 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M63/279 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P15/5958 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P15/5959 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1587 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1588 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1589 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1590 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1591 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1592 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1593 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | P63/1594 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel | Granted |
| Polar Bear | M63/662 | Polar Metals Pty Ltd | Lake Cowan | 100% nickel when granted | Application |
| Eundynie JV | E15/1458 | Polar Metals Pty Ltd / Shumwari Pty Ltd | Lake Cowan | 80% nickel | Granted |
| Eundynie JV | E15/1459 | Polar Metals Pty Ltd / Shumwari Pty Ltd | Lake Cowan | 80% nickel | Granted |
| Eundynie JV | E15/1464 | Polar Metals Pty Ltd / Shumwari Pty Ltd | Lake Cowan | 80% nickel | Granted |
| Eundynie JV | E63/1726 | Polar Metals Pty Ltd / Shumwari Pty Ltd | Lake Cowan | 80% nickel | Granted |
| Eundynie JV | E63/1727 | Polar Metals Pty Ltd / Shumwari Pty Ltd | Lake Cowan | 80% nickel | Granted |
| Eundynie JV | E63/1738 | Polar Metals Pty Ltd / Shumwari Pty Ltd | Lake Cowan | 80% nickel | Granted |
| Norcott | E15/1487 | Polar Metals Pty Ltd | Mt Norcott | 100% nickel | Granted |
| Norcott | E63/1728 | Polar Metals Pty Ltd | Mt Norcott | 100% nickel | Granted |
| Fraser Range | E28/2791 | Southern Star Exploration Pty Ltd | Fraser Range | 100% | Granted |
| Fraser Range | E28/2792 | Southern Star Exploration Pty Ltd | Fraser Range | 100% | Granted |
| Fraser Range | E28/2794 | Southern Star Exploration Pty Ltd | Fraser Range | 100% | Granted |
| New South Wales | |||||
| Koonenberry | ELA6198 | Third Eye Resources Pty Ltd | Koonenberry | 100% when granted | Application |
| Koonenberry | ELA6199 | Third Eye Resources Pty Ltd | Koonenberry | 100% when granted | Application |
| Koonenberry | ELA6200 | Third Eye Resources Pty Ltd | Koonenberry | 100% when granted | Application |
| Victoria |
| Project | Tenement ID | Registered Holder | Location | Ownership % | Status | ||
|---|---|---|---|---|---|---|---|
| Greater Fosterville | EL7795 | Southern Star Exploration Pty Ltd | Greater Bendigo | 100% when granted | Application | ||
| Finland | |||||||
| Exploration Licenses | |||||||
| Central Lapland | Kerjonen ML2015:0061 | Sakumpu Exploration Oy | Central Lapland | 100% | Granted | ||
| Central Lapland | Keulakkopää ML2016:0058 | Sakumpu Exploration Oy | Central Lapland | 100% | Granted | ||
| Central Lapland | Ruopas Pahtapuura ML2017:0040 | Sakumpu Exploration Oy | Central Lapland | 100% | Granted | ||
| Central Lapland | Paana Central ML2018:0081 | Sakumpu Exploration Oy | Central Lapland | 100% | Granted | ||
| Central Lapland | Aakenusvaara ML2018:0105 | Sakumpu Exploration Oy | Central Lapland | 100% | Granted | ||
| Central Lapland | Paana W2 ML2018:0107 | Sakumpu Exploration Oy | Central Lapland | 100% | Granted | ||
| Central Lapland | Putaanperä ML2016:0063 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Paana West ML2017:0028 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Paana East ML2017:0029 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Selkä ML2017:0037 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Nuttio ML2017:0041 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Hanhijarvi ML2017:0112 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Pahasvuoma ML2019:0085 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Rova ML2019:0086 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Ruopas ML2020:0043 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Paana Silas ML2021:0057 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Central Lapland | Paanapyytö ML2021:0058 | Sakumpu Exploration Oy | Central Lapland | 100% when granted | Application | ||
| Kinross JV | Palvanen ML2016:0062 | Sakumpu Exploration Oy | Central Lapland | 100% (Kinross earning 70%) | Granted | ||
| Kinross JV | Mesi ML2017:0034 | Sakumpu Exploration Oy | Central Lapland | 100% (Kinross earning 70%) | Granted | ||
| Kinross JV | Home ML2017:0042 | Sakumpu Exploration Oy | Central Lapland | 100% (Kinross earning 70%) | Granted | ||
| Kinross JV | Home 1 ML2018:0109 | Sakumpu Exploration Oy | Central Lapland | 100% (Kinross earning 70%) | Granted | ||
| Central Lapland | Sikavaara E ML2016:0056 | Sakumpu Exploration Oy | Central Lapland | 100% (Rupert earning 70%) | Granted | ||
| Central Lapland | Sikavaara W ML2019:0107 | Sakumpu Exploration Oy | Central Lapland | 100% (Rupert earning 70%) | Granted | ||
| Exploration Reservations | |||||||
| Central Lapland | Kehrävarsi VA2021:0028 | Sakumpu Exploration Oy | Central Lapland | 100% (Kinross earning 70%) | Granted | ||
| Central Lapland | Kevuvuoma VA2021:0029 | Sakumpu Exploration Oy | Central Lapland | 100% (Kinross earning 70%) | Granted |