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SPARC TECHNOLOGIES LIMITED Interim / Quarterly Report 2020
65846_rns_2020-10-26_33840601-e795-4fec-9793-acce03457ce3.pdf
Interim / Quarterly Report
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ASX: AJC
Quarterly Activities Report
Ended 30 September 2020
OVERVIEW
The Directors of Acacia Coal Limited (Acacia or the Company) provide a summary of activities in the September 2020 quarter.
Acquisition of Graphene Technology Solutions Ltd
During the quarter, the main focus of the Company was on the completion of the 100% acquisition of Graphene Technology Solutions Ltd ("GTS"), a South Australian based company seeking to commercialise graphene based technologies to disrupt or enhance multi bullion dollar industries.
The details of the acquisition were announced to the market on 22 July 2020 and the Company's securities were suspended until a shareholder meeting on 26 October 2020 to approve the transaction.
The Company lodged a prospectus to raise $3-4 million with ASIC on 5 October and ASX on 7 October 2020 to re-comply with Chapters 1 and 2 of the ASX listing rules.
Shareholders have been asked to vote on the acquisition of GTS on 26 October 2020, and the Board looks forward to transitioning the Company to GTS.
Overview of Project Activities
The Mt Windarra projects remained on maintenance.
ASX: AJC
Acacia Coal Limited Registered & Principal Office ABN 13 009 092 068 Ground Floor, 16 Ord Street www.acaciacoal.com West Perth, Western Australia Email: [email protected] Telephone: +61 8 9482 0520
GENERAL OVERVIEW OF PROJECTS & LOCATION
Acacia Coal has one granted tenement being the Mt Windarra Project.
Mt Windarra
The Mt Windarra Project comprises a granted Exploration licence (39/1996), which is located in the Mt Margaret Goldfield of Western Australia and is situated about 25km to the west of Laverton. Access to the Mt Windarra Project is via the sealed Leonora-Laverton road to Mt Windarra. The Mt Windarra Project covers a land area of 16.11km2 .
Project Geology
The Archaean Komatiites of the eastern Yilgarn Craton are the focus for Ni-Cu-Co mineralisation. Basal accumulations of massive sulphide mineralisation are generally concentrated in structural depressions and the basal contacts of thick ultramafic flows (Kambalda-type) and as disseminated sulphides in thick dunite units (Mt Keith-type). Deposits in the Windarra region are predominantly the Kambalda-type.
The Windarra region forms part of the Mt Margaret Goldfield. Mafic and ultramafics, metavolcanics and intrusives form important members of the Windarra Greenstone Belt. A major granitoid pluton has intruded the stratigraphy and has locally stoped out the greenstone units.
Exploration Completed
A total of 50 drill holes for 4,103m of drilling have now been completed to date inclusive of RAB, Aircore, RC and Diamond
Drilling. Previous exploration completed has delineated nickel and cobalt mineralisation associated with ultramafic lithologies. Extensive transported cover sequences have obscured the underlying lithologies, and thus the local geology has been defined based on a combination of magnetic and drilling information.
Other
The Company lodged its annual report and notice of Annual General Meeting and a General Meeting notice with the ASX during the quarter.
For the purpose of Section 6 of the Appendix 5B, all payments made to related parties have been paid in relation to director fees.
Acacia confirms it holds the current tenement as of 30 September 2020:
| Location | Tenement | Nature ofInterest | Project | Equity (%)held at start ofQuarter | Equity (%) held atend of Quarter |
|---|---|---|---|---|---|
| WA | E39/1996 | Granted | Mt Windarra | 100% | 100% |
This announcement has been authorised by Adam Santa Maria on behalf of the Company.
For enquiries, please contact:
Adam Santa Maria
Chairman
+61 8 6365 5200
COMPETENT PERSON STATEMENT
The exploration results included in this report for the Mt Windarra Project were first announced by the Company in its announcements of 31 January 2019, 14 March 2019 and 1 October 2019. The Company confirms it is not aware of any new information or data that materially affects the information included in those market announcements. The exploration results included in this report for the Mt Bruce Project were first announced by the Company in its announcement of 13 March 2019 and 30 August 2019.