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STRATA MINERALS LIMITED. — Capital/Financing Update 2021
Jun 2, 2021
65823_rns_2021-06-02_4d5ecc8e-c0bb-43ad-ac63-a2e4ad0d4ee1.pdf
Capital/Financing Update
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www.nickelxlimited.com
ASX Announcement 3 JUNE 2021
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DATA REVIEW IDENTIFIES HIGH-GRADE GOLD AT BLACK DRAGON
ON STRIKE FROM TROPICANA
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Following the recent commencement of nickel exploration activities at its Biranup Project, the Company has now completed an initial review of the gold potential at its primary project.
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The review identified Black Dragon as a high priority gold target, located ~30km northeast (NE) of the Tier 1 Tropicana gold operations.
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The Black Dragon gold target, defined by highly anomalous rock chip and drill hole assay results, lies within a ~10km X 3km, NE-SW-striking zone of significant surface gold anomalism.
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Importantly, the surface gold anomalism is spatially coincident with the Black Dragon shear zone as well as a >250km-structural feature in gravity data in the area.
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Following the review, the Company has commenced planning a maiden exploration program for the September Quarter designed to test the Black Dragon gold target with a deep seeking induced polarisation (IP) survey and DD drilling program as soon as practical.
NickelX Limited (“NickelX” or “The Company”) is pleased to report that it has completed an initial review of the gold prospectivity at the Biranup Project where previous and current work has identified Black Dragon as a high priority gold target, and where exploration works have now been prioritised, planned for the September Quarter 2021.
The Black Dragon gold target is located ~30km NE of the Tier 1 Tropicana gold operations and ~35km SW of the emerging Hercules gold discovery, within a ~10km X 3km, NE-SW-striking zone of significant surface gold anomalism that is spatially coincident with the Black Dragon shear zone, as well as a >250kmstructural feature in gravity data that also passes through Tropicana.
NickelX Managing Director Matt Gauci commented:
“Black Dragon represents a compelling gold exploration target with significant historic results reported by previous explorers and an initial review from current work, demonstrating a high priority gold target which is located along strike from the Tier 1 Tropicana gold operations.”
“Now having prioritised the targets the Company is organising an IP Survey and RC and/or DD program for the September Quarter 2021, to better understand Black Dragon, while we are completing our EM surveys at Fire Dragon and organising a EIS funded DD program, seeking Nickel-Copper deposits as our primary target at Biranup.”
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
www.nickelxlimited.com
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Black Dragon Gold Target Location & Geology
Figure 1. Interpreted Northern Albany Fraser Orogen Gold Corridor including the Tropicana gold operations (10M oz Au), the Black Dragon gold target and emerging Hercules gold discovery (Carawine Resources 2021a,b).
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The Black Dragon gold target at the Company’s Biranup Project (Figure 1) is located in the northern Albany-Fraser Orogen (AFO), ca. 30 km NE of the Tier 1 Tropicana gold operations and 35km SW of the emerging Hercules gold discovery, all of which lie along the interpreted Northern AFO Gold Corridor (Figure 1).
The AFO, a ca. 1,200 km-long, arcuate, Neoarchean to Mesoproterozoic fold belt that developed along the southern and southeastern margins of the Archean Yilgarn Craton and upon a Yilgarn-like Archean basement, is divided into a number of fault-bound tectonostratigraphic zones, mainly comprising paraand orthogneisses that have been metamorphosed at amphibolite to granulite facies conditions and intruded by late-tectonic granitoid plutons.
The Black Dragon prospect is situated along the Black Dragon shear zone, a laterally extensive (>100kmlong), NNE-SSW- to NE-SW-striking and ESE-dipping thrust separating the 2,720 to 1,700 Ma Tropicana Zone to the S and the 1,815 to 1,625 Ma Biranup Zone to the N. The Tropicana Zone is represented by the ca. 2,640 Ma Tropicana Gneiss and several intrusive units. The Biranup Zone is mainly comprised of the 1,815 to 1,800 Ma Black Dragon Gneiss and an unnamed metagranitic unit.
Black Dragon is marked by an area of subcropping basement surrounded and elsewhere covered by colluvium and wind-blow sand. Gold mineralisation at Black Dragon is associated with quartz veining, hematite breccia, iron-rich sheared basement schist and gneiss and sericite-altered granite with disseminated pyrite. Individual veins are 0.3 to 5.0m-wide and can be traced at surface for 10 to 30m along strike. Multiple mineralised veins have been recorded, dominantly striking ENE-WSW and N-S. Their dips are unknown. The limited historical drilling has thus far failed to explain the surface gold-silvertellurium anomalism or provide information about the orientation, structural controls on, genesis, or source for the mineralisation.
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
www.nickelxlimited.com
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Previous Exploration Activities
The outcropping quartz (±hematite, ±breccia) veins at Black Dragon were first recognised by AngloGold Ashanti Limited (AGA) during the company’s 2007-08 field season. Rock chip sampling at Black Dragon by AGA returned significant gold assay values up to 573 g/t Au (Figure 2, Table 1). These results were followed-up with an aircore (AC) drilling campaign, undertaken on a 200m×400m grid. The best result from this drilling was 1.00m @ 13.27g/t Au from surface in hole BDA189 (Table 2). Additional AC drilling during the 2008-09 field season defined a coherent, low-level gold anomaly along strike to the NE and up to a distance of 2km from the outcropping quartz veins (WAMEX Reports a79742, a84617). Following the high-grade intercept in hole BDA189, two phases of reverse circulation (RC) drilling were completed during AGA’s 2008-09 field season with 22 holes drilled for a total of 3,001m. Of these holes, 12 were completed in the Black Dragon prospect area. Whilst the drilling intercepted a sequence of sericitealtered granite with disseminated pyrite (i.e., a typical gold-related hydrothermal alteration assemblage), quartz (±hematite, ±breccia) veins as exposed at surface were not intersected. Nevertheless, the RC drilling returned several narrow, gold anomalous intercepts with a best result of 1.00m @ 3.96g/t Au from 84.00m in hole BDRC008. In 2014, the tenement containing the Black Dragon prospect was relinquished (WAMEX Report a103657).
Ventnor Resources Limited (now VRX Silica Limited) (ASX:VRX) explored the Black Dragon gold prospect in 2015 and 2017. Initial work by VRX involved geological mapping and rock chip sampling (Figure 2, Table 1). Ten of the 32 rock chip samples collected at Black Dragon returned gold assay values >1.00g/t Au, with a peak assay of 626.00g/t Au, 154.00 g/t Ag and 651.00 ppm Te (sample BD103) returned from this program and indicating the presence of a gold-silver-tellurium mineralised system (Ventnor Resources Limited, 2015a,b). Later in 2015, VRX commenced a drilling program at Black Dragon, including 33 RC holes for 2,492 m. The holes were drilled in multiple orientations as to gain a better understanding of the orientation of the mineralisation. Every drill hole meter was sampled and assayed for gold and silver, using a 25g fire assay for gold and an aqua regia acid digest for silver. The most significant intersection encountered was in hole BDRC1001, which returned 9.00m @ 7.08g/t Au and 3.88 g/t Ag from surface, including 2.00m @ 24.74g/t Au and 14.15g/t Ag from 1.00m. Additional significant intercepts included 5.00m @ 2.26 g/t Au and 1.88g/t Ag from 6.00m (hole BDRC1015) and 6.00m @ 3.02g/t Au and 0.64g/t Ag from 25.00m (hole BDRC1026). In contrast to the previous drilling by AGA, the VRX drilling returned results that (i) were of higher tenor than indicated by the previous work; (ii) pointed towards a more complex geology comprising not only granitoid but also folded metasedimentary and metavolcanic rocks; and (iii) suggested a possible E-W orientation of the mineralised trend (Ventnor Resources Limited, 2015b). In 2017, VRX embarked on a final 208m, 3 hole RC drilling program at the Black Dragon gold prospect as well as a 20,000 line km auger surface geochemical drilling program covering the Black Dragon-Red Dragon corridor (Ventnor Resources Limited, 2017), which outlined a significant, ca. 10km-long and up to 3km-wide, NE-SW-striking zone of surface gold anomalism (Figure 3) that is spatially coincident with the Black Dragon shear zone as well as a >250km-structural feature in gravity data that also passes through Tropicana. No further work was undertaken since 2017.
Variability in gold grades between some original and repeat assays indicate the presence of coarse gold in the system, and that both historic rock chips and drilling results are significantly under-reported due to the absence of a more reliable assaying method (e.g., screen fire assays which sample both coarse and fine fraction gold from a larger sample size). This lack of effective sampling could have significant implications for the understanding of the orientation and morphology of the gold system.
Future work on the Black Dragon gold corridor includes more effective induced polarisation (dipoledipole or offset pole-dipole rather than the existing gradient array data that has a very limited depth capacity), followed by the generation of a 3D targetable model of the system including all available geochemistry, geophysics and geology, drill hole planning and diamond drilling with appropriate sampling and assaying techniques (including 4Acid Digest for multi-element analysis and the use of screen fire or other more robust assaying techniques for high grade coarse gold systems).
Given the currently understood significant size potential and very high tenor of the known gold-silvertellurium system, testing of the Black Dragon prospect becomes a very high priority for the company and will proceed in tandem with our nickel discovery program.
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
www.nickelxlimited.com
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Figure 2. Black Dragon rock chip sample locations and results as reported by Ventnor Resources Limited (2015).
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Figure 3 . Significant gold-in-auger geochemical anomaly (10km X 3km) along the Black Dragon-Red Dragon corridor and ~ 24km NE and on strike of Tropicana.
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Next Steps at Black Dragon
The company has issued a Request For Proposal (RFP) to a number of service providers to conduct a deep seeking induced polarisation (IP) survey at Black Dragon to better identify potential high grade ore shoots at depth where historic gradient array induced polarisation has not adequately tested for chargeability (sulphide distribution) or resistivity (alteration and quartz veins) at depth. Additionally, the Company has appointed DDH1 Limited (DDH1) to undertake a reverse circulation (RC) and diamond (DD) drill program at the Black Dragon target to test the results of the completed IP survey in conjunction with historic surface sampling and drilling results while using more modern sampling and accurate assaying techniques.
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
Table 1. Summary of Black Dragon rock chip samples and assay results.
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Sample East North
Company Ag Au Au Te Sample Descrip�on
No GDA�� GDA��
m m ppm ppb g/t ppm
AGA ������� ������ ������� � ��.�� �� Quartz vein
AGA ������� ������ ������� �.� ��.�� �� Gneiss, shear zone, quartz veins
AGA ������� ������ ������� �.� �.� �.� Quartz-hema�te breccia
AGA ������� ������ ������� � ��.�� ��.� Quartz-hema�te breccia
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia
AGA ������� ������ ������� BDL �.�� �.� Quartz-hema�te breccia
AGA ������� ������ ������� BDL �.�� BDL Quartz vein
AGA ������� ������ ������� BDL �.�� BDL Quartz-hema�te breccia
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Laminated quartz float
AGA ������� ������ ������� BDL �.� BDL Schist
AGA ������� ������ ������� BDL �.� BDL Laminated quartz, hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Gneissic granite-syenite
AGA ������� ������ ������� BDL �.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL ��.� BDL Quartz float
AGA ������� ������ ������� �.� ��� �.� Laminated quartz breccia float,
pyri�ferous
AGA ������� ������ ������� �.� ��� BDL Quartz float
AGA ������� ������ ������� BDL �� BDL Quartz float
AGA ������� ������ ������� BDL �� BDL Schist, shear zone
AGA ������� ������ ������� BDL �.�� BDL Quartz float along shear zone
AGA ������� ������ ������� BDL � BDL Laminated quartz
AGA ������� ������ ������� BDL �.� BDL Laminated quartz float
AGA ������� ������ ������� BDL �.�� BDL Quartz float
AGA ������� ������ ������� BDL � BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �� BDL Quartz float
AGA ������� ������ ������� BDL �.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL ��.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.� BDL Quartz float
AGA ������� ������ ������� BDL �.� BDL Quartz float
AGA ������� ������ ������� BDL �.� BDL Laminated quartz, hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Laminated quartz, hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Schist
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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AGA ������� ������ ������� BDL �.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL � BDL Hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Hema�te breccia
AGA ������� ������ ������� BDL �.� BDL Quartz float
AGA ������� ������ ������� BDL �.� BDL Quartz float
AGA ������� ������ ������� BDL � BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.� BDL Quartz float
AGA ������� ������ ������� BDL �� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.� BDL Quartz-hema�te breccia float
AGA ������� ������ ������� BDL ��.� �.� Quartz float
AGA ������� ������ ������� BDL ��.� BDL Laminated quartz vein
AGA ������� ������ ������� BDL �.� BDL Laminated quartz float
AGA ������� ������ ������� BDL ��.� �.� Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.� �.� Quartz-hema�te breccia float
AGA ������� ������ ������� BDL ��.� BDL Quartz vein (width = �.� m)
AGA ������� ������ ������� BDL ��.� BDL Schist, strongly altered
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia float
AGA ������� ������ ������� BDL ��� �.� Schist, strongly altered
AGA ������� ������ ������� BDL ��.� �.� Basement rock, strongly altered
AGA ������� ������ ������� BDL �� BDL Hema�te breccia
AGA ������� ������ ������� BDL ��.� BDL Schist, strongly hema�te altered
AGA ������� ������ ������� BDL ��.� BDL Schist, strongly hema�te altered
AGA ������� ������ ������� � �.�� �.� Quartz vein
AGA ������� ������ ������� BDL ��.� BDL Schist, hema�te altered
AGA ������� ������ ������� ��.� �.�� �� Quartz-hema�te breccia
AGA ������� ������ ������� �.� ��.� �.� Schist
AGA ������� ������ ������� BDL ��� �.� Quartz-hema�te breccia
AGA ������� ������ ������� BDL ��� �.� Quartz-hema�te breccia
AGA ������� ������ ������� BDL ��.� BDL Quartz vein, hema�te breccia
AGA ������� ������ ������� BDL �.�� �.� Schist, quartz vein, hema�te breccia
AGA ������� ������ ������� �.� �.�� �.� Quartz vein (width=�.�m)
AGA ������� ������ ������� BDL �.�� �.� Quartz breccia with schist fragments
AGA ������� ������ ������� BDL ��� �.� Schist
AGA ������� ������ ������� ��.� ��.� ��� Quartz vein
AGA ������� ������ ������� �.� �.�� ��.� Quartz breccia with schist fragments
AGA ������� ������ ������� BDL ��� �.� Schist, weakly altered
AGA ������� ������ ������� BDL ��� � Schist, hema�te altered
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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AGA ������� ������ ������� BDL ��.� �.� Schist, hema�te altered
AGA ������� ������ ������� BDL ��� �.� Schist, hema�te altered
AGA ������� ������ ������� BDL ��� BDL Quartz vein
AGA ������� ������ ������� BDL ��� �.� Schist, hema�te altered
AGA ������� ������ ������� BDL �.�� BDL Quartz vein
AGA ������� ������ ������� BDL �� BDL Schist, weakly altered
AGA ������� ������ ������� BDL �� �.� Schist, hema�te altered
AGA ������� ������ ������� BDL ��� �.� Quartz-hema�te breccia
AGA ������� ������ ������� BDL ��� �.� Schist, hema�te altered
AGA ������� ������ ������� BDL ��.� �.� Schist, hema�te altered
AGA ������� ������ ������� �.� ��� �.� Quartz vein
AGA ������� ������ ������� BDL ��� � Quartz breccia with schist fragments
AGA ������� ������ ������� BDL ��� �.� Hema�te breccia
AGA ������� ������ ������� BDL ��� �.� Quartz breccia with schist fragments
AGA ������� ������ ������� ��� ��� ��� Quartz vein
AGA ������� ������ ������� �.� ��� �.� Gneissic granite-syenite
AGA ������� ������ ������� �.� �� �.� Quartz float
AGA ������� ������ ������� BDL �� �.� Quartz-hema�te breccia float
AGA ������� ������ ������� BDL �.�� BDL Hema�te altered basement schist
AGA ������� ������ ������� ��.� ��.� ��.� Quartz float
AGA ������� ������ ������� �.� ��� �.� Quartz float
AGA ������� ������ ������� BDL ��� �.� Schist
AGA ������� ������ ������� BDL �� BDL Schist, hema�te altered
Strongly hema�te altered rock, quartz
AGA ������� ������ ������� BDL ��� �.�
vein
AGA ������� ������ ������� BDL ��.� �.� Schist
AGA ������� ������ ������� �.� �.�� ��.� Quartz vein, hema�te breccia
AGA ������� ������ ������� ��� ��� ��� Quartz-hema�te breccia
AGA ������� ������ ������� �.� �.�� �.� Schist, hema�te altered
AGA ������� ������ ������� �.� ��� �.� Quartz vein
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te rock, strongly altered
AGA ������� ������ ������� �.� ��� �.� Schist, hema�te altered
AGA ������� ������ ������� �.� �� BDL Schist, weakly hema�te altered
AGA ������� ������ ������� �.� �� BDL Schist, weakly hema�te altered
AGA ������� ������ ������� �.� ��� BDL Schist, hema�te altered
AGA ������� ������ ������� �.� �� BDL Laminated quartz vein, hema�te breccia
AGA ������� ������ ������� �.� �� �.� Schist, hema�te altered
AGA ������� ������ ������� BDL ��� �.� Schist
AGA ������� ������ ������� BDL ��.� BDL Schist
AGA ������� ������ ������� BDL ��� BDL Gneissic granite-syenite
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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AGA ������� ������ ������� BDL ��.� �.� Quartz vein
AGA ������� ������ ������� BDL �� BDL Gneissic granite-syenite
AGA ������� ������ ������� BDL ��.� BDL Schist, hema�te altered
AGA ������� ������ ������� BDL �� BDL Quartz float
AGA ������� ������ ������� BDL �� BDL Schist, weakly altered
AGA ������� ������ ������� �.� �.�� ��.� Quartz vein (width = �.� m)
AGA ������� ������ ������� ��.� �� ��� Quartz vein
AGA ������� ������ ������� �.� ��� ��.� Schist and quartz vein, hema�te altered
AGA ������� ������ ������� �.� ��.� ��� Quartz breccia with schist fragments
AGA ������� ������ ������� BDL ��� ��.� Schist, hema�te altered
AGA ������� ������ ������� �.� ��� �.� Quartz vein
AGA ������� ������ ������� �.� �.�� ��.� Quartz breccia, hema�te altered
AGA ������� ������ ������� ��.� ��� ��� Hem-altered qtz breccia
AGA ������� ������ ������� �.� ��� �.� Schist, hema�te altered
AGA ������� ������ ������� �.� �.�� �.� Quartz-hema�te breccia float
AGA ������� ������ ������� �.� ��� �.� Quartz-hema�te breccia float
AGA ������� ������ ������� �.� �.�� ��.� Quartz breccia, hema�te altered
AGA ������� ������ ������� �.� ��.� �� Quartz-hema�te breccia
AGA ������� ������ ������� BDL �� BDL Schist and gneiss, hema�te altered
AGA ������� ������ ������� BDL �� BDL Schist and gneiss, hema�te altered
AGA ������� ������ ������� BDL �� BDL Schist and gneiss, hema�te altered
AGA ������� ������ ������� BDL �� BDL Schist and gneiss, hema�te altered
Schist and gneiss, strongly hema�te
AGA ������� ������ ������� BDL �� BDL
altered
AGA ������� ������ ������� BDL �� BDL Schist and gneiss, hema�te altered
VRX BD��� ������ ������� �.� ��.� �� Laminated vein quartz; hema�te breccia
VRX BD��� ������ ������� BDL �.� BDL Vein quartz and hema�te
VRX BD��� ������ ������� BDL �.� BDL Laminated white vein quartz
VRX BD��� ������ ������� ��.� ��.� �� Laminated white vein quartz
VRX BD��� ������ ������� BDL �.� BDL Grey vein quartz
VRX BD��� ������ ������� BDL �.� BDL Red saprock, schistose
VRX BD��� ������ ������� �.� �.� BDL Rose vein quartz
VRX BD��� ������ ������� �.� �.� BDL White saprock, schistose
VRX BD��� ������ ������� BDL �.� BDL Hema�te-rich saprock
VRX BD��� ������ ������� BDL �.� BDL Laminated white vein quartz
VRX BD��� ������ ������� BDL BDL BDL Laminated white vein quartz; mica schist
VRX BD��� ������ ������� BDL BDL BDL White vein quartz
VRX BD��� ������ ������� � �.� BDL White vein quartz
VRX BD��� ������ ������� ��.� ��.� �� Laminated white and rose vein quartz
VRX BD��� ������ ������� BDL ��.� � Red jasper and hema�te vein
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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VRX BD��� ������ ������� �.� �.� BDL Grey vein quartz
VRX BD��� ������ ������� BDL �.� BDL White vein quartz
VRX BD��� ������ ������� ��� ���.� ��� Hema�te-rich quartz vein; visible gold
VRX BD��� ������ ������� ���.� ���.� ��� Hema�te-rich quartz vein
VRX BD��� ������ ������� ���.� ��.� �� Hema�te-rich quartz vein; visible gold
VRX BD��� ������ ������� ���.� ���.� ��� Hema�te-rich quartz vein; visible gold
VRX BD��� ������ ������� �.� �.� BDL White-rose vein quartz
VRX BD��� ������ ������� BDL �.� � Saproli�c gneiss, schistose
VRX BD��� ������ ������� �.� ��.� �� Vein quartz
VRX BD��� ������ ������� BDL �.� BDL Massive saprock
VRX BD��� ������ ������� BDL �.� BDL White and grey vein quartz
VRX BD��� ������ ������� �.� �.� � Goethite-rich saprock
VRX BD��� ������ ������� BDL �.� BDL Goethite-rich saprock
VRX BD��� ������ ������� �.� ��.� � Rose vein quartz
VRX BD��� ������ ������� BDL �.� BDL White vein quartz saprock
VRX BD��� ������ ������� BDL �.� BDL Saprock milky white quartz
VRX BD��� ������ ������� �.� ��.� �� Rose vein quartz; visible gold
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*Key to abbreviations: BDL = below detection limit. Sources: AngloGold Ashanti Limited (AGA) and Ventnor Resources Limited (VRX).
Table 2. Summary of Black Dragon drill holes and drill assay results.
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Hole Easting Northing Azimuth Dip From To Interval Au Ag
ID GDA94 GDA94 (°) (°) (m) (m) (m) (g/t) (g/t)
AngloGold Ashanti Limited (AGA)
BDA177 670,712 6,790,047 360 -90 N/A NSA NA
BDA178 670,857 6,789,901 360 -90 N/A NSA NA
BDA179 670,999 6,789,763 360 -90 N/A NSA NA
BDA180 671,131 6,789,633 360 -90 N/A NSA NA
BDA181 671,266 6,789,480 360 -90 N/A NSA NA
BDA182 671,439 6,789,329 360 -90 N/A NSA NA
BDA188 670,547 6,789,620 360 -90 N/A NSA NA
BDA189 670,712 6,789,465 360 -90 0.00 1.00 1.00 13.27 NA
BDA190 670,848 6,789,371 360 -90 N/A NSA NA
BDA191 670,995 6,789,198 360 -90 N/A NSA NA
BDA192 671,122 6,789,044 360 -90 N/A NSA NA
BDA203 670,566 6,789,069 360 -90 N/A NSA NA
BDA204 670,698 6,788,924 360 -90 N/A NSA NA
BDA205 670,841 6,788,777 360 -90 N/A NSA NA
BDRC002 670,851 6,789,573 313 -60 138.00 139.00 1.00 1.52 NA
BDRC003 670,922 6,789,502 313 -60 55.00 56.00 1.00 1.42 NA
BDRC004 671,011 6,789,414 313 -60 104.00 105.00 1.00 0.57 NA
BDRC005 670,675 6,789,467 313 -60 58.00 59.00 1.00 1.52 NA
BDRC006 670,710 6,789,431 313 -60 30.00 31.00 1.00 1.31 NA
BDRC008 670,816 6,789,325 313 -60 84.00 85.00 1.00 3.96 NA
BDRC009 670,622 6,789,414 313 -60 60.00 61.00 1.00 0.50 NA
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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BDRC010 670,693 6,789,343 313 -60 102.00 103.00 1.00 2.48 NA
BDRC011 670,498 6,789,361 313 -60 N/A NSA NA
BDRC012 670,569 6,789,290 313 -60 N/A NSA NA
BDRC014 670,585 6,789,455 135 -55 N/A NSA NA
BDRC015 670,651 6,789,444 270 -55 42.00 43.00 1.00 0.53 NA
Ventnor Gold Limited (VRX)
0.00 9.00 9.00 7.08 3.88
BDRC1001 670,677 6,789,446 330 -60 1.00 3.00 2.00 24.74 14.15
6.00 7.00 1.00 10.87 5.60
BDRC1002 670,682 6,789,437 330 -60 6.00 12.00 6.00 1.15 0.24
BDRC1003 670,659 6,789,483 330 -60 N/A NSA
BDRC1004 670,686 6,789,432 330 -60 31.00 44.00 13.00 0.26 0.10
BDRC1005 670,690 6,789,423 330 -60 33.00 34.00 1.00 0.51 NSA
7.00 9.00 2.00 4.47 0.70
BDRC1006 670,665 6,789,430 330 -60 8.00 9.00 1.00 8.71 1.30
46.00 48.00 2.00 5.57 NSA
7.00 10.00 3.00 3.14 1.17
BDRC1007 670,673 6,789,412 330 -60
33.00 41.00 8.00 0.51 0.19
BDRC1008 670,696 6,789,457 330 -60 5.00 7.00 2.00 2.98 0.50
34.00 36.00 2.00 0.66 0.10
BDRC1009 670,702 6,789,438 330 -60
55.00 58.00 3.00 0.59 0.07
25.00 29.00 4.00 0.58 NSA
BDRC1010 670,712 6,789,422 330 -60
40.00 42.00 2.00 0.19 0.06
BDRC1011 670,720 6,789,403 330 -60 N/A NSA
36.00 38.00 2.00 0.92 0.25
BDRC1012 670,711 6,789,463 330 -60
41.00 48.00 7.00 0.50 0.04
BDRC1013 670,720 6,789,447 330 -60 20.00 23.00 3.00 0.39 NSA
2.00 5.00 3.00 0.27 0.13
BDRC1014 670,670 6,789,439 330 -60 8.00 9.00 1.00 1.50 0.60
54.00 56.00 2.00 0.87 NSR
BDRC1015 670,676 6789,427 330 -60 6.00 11.00 5.00 2.26 1.88
BDRC1016 670,706 6,789,478 330 -60 N/A NSA
11.00 13.00 2.00 1.37 NSA
BDRC1017 670,724 6,789,482 330 -60
53.00 57.00 4.00 1.45 NSA
BDRC1018 670,737 6,789,455 330 -60 18.00 20.00 2.00 0.24 NSA
BDRC1019 670,743 6,789,493 330 -60 51.00 54.00 3.00 0.21 NSA
BDRC1020 670,757 6,789,466 330 -60 N/A NSA
BDRC1021 670,761 6,789,506 330 -60 38.00 39.00 1.00 0.73 0.10
BDRC1022 670,773 6,789,477 330 -60 N/A NSA
BDRC1023 670,755 6,789,429 330 -60 20.00 24.00 4.00 0.38 NSA
BDRC1024 670,699 6789,460 150 -60 N/A NSA
40.00 42.00 2.00 0.75 0.21
BDRC1025 670,762 6789491 060 -50
59.00 62.00 3.00 0.22 0.13
25.00 31.00 6.00 3.02 0.54
BDRC1026 670,779 6,789,455 060 -50 26.00 31.00 5.00 3.57 0.64
39.00 42.00 3.00 0.29 0.01
BDRC1027 670,756 6,789,489 240 -50 6.00 8.00 2.00 0.47 0.06
BDRC1028 670,540 6,789,389 330 -60 N/A NSA
BDRC1029 670,556 6,789,360 330 -60 N/A NSA
60.00 63.00 3.00 0.27 0.20
BDRC1030 670,567 6,789,331 330 -60
68.00 71.00 3.00 0.40 0.07
0.00 4.00 4.00 0.18 NSA
BDRC1031 670,671 6,789,445 060 -60 6.00 9.00 3.00 0.83 0.30
32.00 35.00 3.00 0.37 NSR
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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65.00 79.00 14.00 0.69 0.82
65.00 67.00 2.00 1.15 0.06
BDRC1032 670,579 6,789,337 060 -60
76.00 78.00 2.00 1.85 3.55
84.00 88.00 4.00 0.38 0.48
BDRC1033 670,546 6,789,406 060 -60 N/A NSA
BDRC1034 670,803 6,789,446 311 -60 24.00 25.00 1.00 1.21 NA?
BDRC1035 670,833 6,789,414 311 -60 N/A NSA
BDRC1036 670,846 6,789,454 309 -61 N/A NSA
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*Downhole length, true width not known. Key to abbreviations: NSA = no significant assay, NA = not assayed, N/A = not applicable. Hole BDRC1006 ends in mineralisation. Tabulated results are for intersections ≥0.5g/t Au. Lower values are quoted for intervals ≥2.00m. Source: Ventnor Resources Limited.
References
Carawine Resources Limited, 2021a. Multiple high-grade intersections confirm exciting new gold discovery at Hercules. ASX Announcement, 24 February 2021.
Carawine Resources Limited, 2021b. Outstanding results continue with latest high-grade intersections at Hercules. ASX Announcement, 03 March 2021.
Ventnor Resources Limited, 2015a. High grade rock chip assays from Black Dragon gold project. ASX Announcement, 28 April 2015.
Ventnor Resources Limited, 2015b. Potential epithermal gold system at Black Dragon. ASX Announcement, 28 May 2015.
Ventnor Resources Limited, 2017. Drilling commenced at Biranup. ASX Announcement, 26 April 2017.
WAMEX Report a79742, AngloGold Ashanti Australia Limited, Tropicana Group 1 Project, Annual Report, 2008
WAMEX Report a84617, AngloGold Ashanti Australia Limited, Tropicana Group 1 Project, Annual Report, 2009
WAMEX Report a103657, AngloGold Ashanti Australia Limited, Tropicana Project, Final Surrender Report, 2014
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
www.nickelxlimited.com
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Authorised for ASX release by Matt Gauci, Managing Director of the Company.
ENDS
CONTACT
Matt Gauci NickelX Limited [email protected] +61 8 417 417 907
David Tasker Chapter One Advisors [email protected] +61 8 433 112 936
ABOUT NICKELX LIMITED
NickelX Limited is an Australian, ASX listed, Nickel and Copper exploration company exploring for highgrade Nova-type magmatic Nickel-Copper deposits in the world class Albany Fraser Belt, located in Western Australia. The Company owns 100% interest in its 6 granted Exploration Licenses at the Biranup Project in the Albany Fraser Belt, including 4 high priority targets at Fire Dragon, Silver Dragon, Black Dragon and Red Dragon, as well as 16 further priority targets which comprise the projects.
Competent Person’s Statement
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Tony Donaghy who is a Registered Professional Geoscientist (P.Geo) with the association of Professional Geoscientists of Ontario (PGO), a Recognised Professional Organisation (RPO). Mr Donaghy is an employee of CSA Global, an ERM Company, and is contracted as Exploration Management Consultant to Nickel X Limited. Mr Donaghy has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity being 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 Donaghy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears .
Forward Looking Statements
Some statements in this announcement regarding estimates or future events are forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Statements regarding plans with respect to the Company’s mineral properties may also contain forward looking statements.
Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated results expressed or implied by such forwardlooking statements. These risks and uncertainties include but are not limited to liabilities inherent in exploration and development activities, geological, mining, processing and technical problems, the inability to obtain exploration and mine licenses, permits and other regulatory approvals required in connection with operations, competition for among other things, capital, undeveloped lands and skilled personnel; incorrect assessments of prospectivity and the value of acquisitions; the inability to identify further mineralisation at the Company’s tenements, changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development activities, operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks and various other risks. There can be no assurance that forward-looking statements will prove to be correct.
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
www.nickelxlimited.com
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APPENDIX A – JORC 2012 Table 1
Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
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Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (e.g. cut channels, All data presented herein are previous and
techniques random chips, or specific specialised industry encompass different sample techniques (drilling,
standard measurement tools appropriate to the surface grab samples) and Nickel X Limited (NKL) is
minerals under investigation, such as downhole undertaking a full validation of the nature and
gamma sondes, or handheld XRF instruments, etc.). quality of the sampling undertaken.
These examples should not be taken as limiting the NKL has, however, done sufficient verification of
broad meaning of sampling. the sampling techniques, in the Competent
Person’s opinion, to provide sufficient confidence
that sampling was performed to adequate industry
standards and is fit for the purpose of planning
exploration programs and generating targets for
investigation.
Include reference to measures taken to ensure All data presented herein are previous and NKL is
sample representivity and the appropriate undertaking a full validation of the nature and
calibration of any measurement tools or systems quality of the sampling undertaken.
used.
Aspects of the determination of mineralisation that All references to mineralisation are taken from
are Material to the Public Report. reports and documents prepared by previous
explorers and have been reviewed by NKL and
considered to be fit for purpose.
In cases where “industry standard” work has been All data presented herein are previous and NKL is
done this would be relatively simple (e.g. “reverse undertaking a full validation of the nature and
circulation drilling was used to obtain 1 m samples quality of the sampling completed.
from which 3 kg was pulverised to produce a 30 g NKL has, however, done sufficient verification of
charge for fire assay”). In other cases, more the sampling techniques, in the Competent
explanation may be required, such as where there is Person’s opinion, to provide sufficient confidence
coarse gold that has inherent sampling problems. that sampling was performed to adequate industry
Unusual commodities or mineralisation types (e.g. standards and is fit for the purpose of planning
submarine nodules) may warrant disclosure of exploration programs and generating targets for
detailed information. investigation.
Drilling Drill type (e.g. core, reverse circulation, open-hole Various drill types have been used by previous
techniques hammer, rotary air blast, auger, Bangka, sonic, explorers including air-core (AC), rotary air blast
etc.) and details (e.g. core diameter, triple or (RAB), reverse circulation (RC) and diamond (DD).
standard tube, depth of diamond tails, face- At this time, hole diameters and detailed
sampling bit or other type, whether core is oriented information has not been compiled for all drilling.
and if so, by what method, etc.).
Drill sample Method of recording and assessing core and chip NKL is undertaking validation of the data to
recovery sample recoveries and results assessed. determine whether this information has been
collected in full.
Measures taken to maximise sample recovery and
ensure representative nature of the samples. NKL’s review to date has indicated no material
issues are apparent with drill sample recovery and
Whether a relationship exists between sample
the Competent Person is satisfied that the data is
recovery and grade and whether sample bias may
fit for purpose.
have occurred due to preferential loss/gain of
fine/coarse material.
Logging Whether core and chip samples have been All holes have been geologically logged. NKL is
geologically and geotechnically logged to a level of undertaking verification of the quality and level of
detail to support appropriate Mineral Resource detail of the geological logging data.
estimation, mining studies and metallurgical
studies.
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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Criteria JORC Code explanation Commentary
Whether logging is qualitative or quantitative in NKL has done sufficient verification of the data, in
nature. Core (or costean, channel, etc.) the Competent Person’s opinion to provide
photography. sufficient confidence that the logging was
performed to adequate industry standards and is fit
The total length and percentage of the relevant
for the purpose of planning exploration programs
intersections logged.
and generating targets for investigation.
Subsampling If core, whether cut or sawn and whether quarter, Details of sampling techniques are not readily
techniques half or all core taken. available. NKL has no reason to believe that core
and sample has not been sawn and sampled according to
preparation industry standard (half core).
If non-core, whether riffled, tube sampled, rotary Various sampling methods have been employed by
split, etc and whether sampled wet or dry. previous explorers for non-core drilling, NKL is
undertaking to verify the exact nature of this
sampling.
For all sample types, the nature, quality, and NKL has done sufficient verification of the data, in
appropriateness of the sample preparation the Competent Person’s opinion, to provide
technique. sufficient confidence that the sampling was
performed to adequate industry standards and is fit
Quality control procedures adopted for all
for the purpose of planning exploration programs
subsampling stages to maximise representivity of
samples. and generating targets for investigation.
Measures taken to ensure that the sampling is
representative of the in-situ material collected,
including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality of The nature, quality and appropriateness of the NKL has done sufficient verification of the assay
assay data assaying and laboratory procedures used and data, in the Competent Person’s opinion, to
and whether the technique is considered partial or total. provide sufficient confidence that the assaying was
laboratory appropriate for the mineralisation present and is fit
tests for the purpose of planning exploration programs
and generating targets for investigation. NKL
continues to fully verify the data.
For geophysical tools, spectrometers, handheld XRF It is believed that geophysical surveys have been
instruments, etc, the parameters used in undertaken according to industry standards;
determining the analysis including instrument make however, this is yet to be validated. None of the
and model, reading times, calibrations factors previous reports that have been reviewed by NKL
applied and their derivation, etc. to date specified the use of any spectrometers or
handheld XRF tools.
Nature of quality control procedures adopted (e.g. NKL has done sufficient verification of the data, in
standards, blanks, duplicates, external laboratory the Competent Person’s opinion to provide
checks) and whether acceptable levels of accuracy sufficient confidence that the quality control
(i.e. lack of bias) and precision have been procedures were performed to adequate industry
established. standards and is fit for the purpose of planning
exploration programs and generating targets for
investigation. NKL continues to fully verify the data.
Verification of The verification of significant intersections by either Significant intersections have been taken from
sampling and independent or alternative company personnel. previous databases and are assumed correct;
assaying however, NKL is undertaking the process of fully
verifying the data.
The use of twinned holes. NKL is not aware of any twinned holes drilled by
the previous explorers. Given the early-stage
nature of the exploration prospects, NKL does
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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Criteria JORC Code explanation Commentary
currently not envisage duplicating any of the
historical drillholes.
Documentation of primary data, data entry NKL has done sufficient verification of the data, in
procedures, data verification, data storage the Competent Person’s opinion, to provide
(physical and electronic) protocols. sufficient confidence that sampling was performed
to adequate industry standards and is fit for the
purpose of planning exploration programs and
generating targets for investigation.
Discuss any adjustment to assay data. No adjustments have been made to any of the
assay data.
Location of Accuracy and quality of surveys used to locate NKL has done sufficient verification of the data, in
data points drillholes (collar and downhole surveys), trenches, the Competent Person’s opinion, to provide
mine workings and other locations used in Mineral sufficient confidence in the accuracy and quality of
Resource estimation. survey data and that it is fit for the purpose of
planning exploration programs and generating
targets for investigation. NKL continues to fully
verify the data. A Mineral Resource or Ore Reserve
is not estimated.
Specification of the grid system used. Several grid systems have been used previously,
including AGD 1966 AMG Zone 51, AGD 1984 AMG
Zone 51 and GDA 1994 MGA Zone 51. NKL uses the
grid system GDA 1994 MGA Zone 51 although is in
the process of converting to GDA 2020 MGA Zone
51.
Quality and adequacy of topographic control. The local topography in the project areas is
relatively flat and nominal RLs or RLs taken from
handheld GPS are assumed to have been used
previously. NKL continues to fully verify the data
and has not found any material issues to date.
Data spacing Data spacing for reporting of Exploration Results. Various data spacing has been used at various
and prospects by previous explorers. Examples of data
distribution spacing are provided in the tables of drill collars,
sample locations and assay results.
Whether the data spacing and distribution is Not applicable as no Mineral Resources or Ore
sufficient to establish the degree of geological and Reserves have been estimated
grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s)
and classifications applied.
Whether sample compositing has been applied. Not applicable as no Mineral Resources or Ore
Reserves have been estimated.
Orientation of Whether the orientation of sampling achieves The orientation of controlling structures has not
data in unbiased sampling of possible structures and the been fully determined and a variety of drill
relation to extent to which this is known, considering the orientations have been used previously. NKL’s
geological deposit type. review so far has indicated no material issues exist
structure to date.
If the relationship between the drilling orientation Not applicable.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
Sample The measures taken to ensure sample security. Due to the historical nature of the data, this has not
security and may not be determinable. NKL believes that
only few, if any, of the historical samples have been
preserved.
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
| Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
|---|---|---|
| Audits or reviews |
The results of any audits or reviews of sampling techniques and data. |
NKL has not performed any audits at this time. |
Section 2 Reporting of Exploration Results
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Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location and The details and status of NKL’s exploration licences
tenement and ownership including agreements or material issues and exploration licence applications are provided in
land tenure with third parties such as joint ventures, the body of the Announcement.
status partnerships, overriding royalties, native title NKL’s tenements cover unallocated crown land on
interests, historical sites, wilderness or national the western edge of the sparsely populated Great
park and environmental settings. Victoria Desert. No pastoral leases exist at the
Biranup Project. The same is true for any sensitive
historical sites, wilderness or national park and
environmental settings. The Biranup Project area
falls within a native title claim by the Nangaanya-ku
Native Title Claim Group.
The security of the tenure held at the time of NKL’s granted tenements E38/3191, E38/3294,
reporting along with any known impediments to E39/1828, E39/2000, E39/2001 and E39/2003 are
obtaining a licence to operate in the area. 100% owned by NKL. The tenements are in good
standing and NKL is unaware of any impediments
for exploration on these licences.
Exploration Acknowledgment and appraisal of exploration by Previous exploration has been completed on NKL’s
done by other other parties. projects by a variety of companies. Please refer to
parties the body of the annpuncement for details and
references to the previous work.
Geology Deposit type, geological setting and style of NKL’s Projects are located in the eastern Albany-
mineralisation. Fraser Orogen, Western Australia, a poorly
outcropping, ca. 1,200 km-long, arcuate,
Neoarchean to Mesoproterozoic fold belt that
developed along the southern and south-eastern
margins of the Archean Yilgarn Craton and upon a
Yilgarn-like Archean basement. The orogen records
a long history of extensional tectonics (basins,
magmatism) as well as thrust tectonics (long-lived
structures) and is dominated by high-grade
metamorphic (amphibolite to granulite facies)
mafic and felsic gneisses and granite and mafic-
ultramafic intrusive plutons and complexes. More
detailed information is provided in the
Independent Technical Assessment Report.
Mineralisation observed to date is considered
similar in style to magmatic nickel-copper-cobalt
systems such as Nova-Bollinger. However, a
possible hydrothermal origin of at least one of the
nickel-copper-cobalt systems cannot be ruled out
given the sparse information at hand. Orogenic and
possible intrusion-related gold systems have also
been identified. Please refer to the Independent
Technical Assessment Report for more detail.
Drill hole A summary of all information material to the Summaries of significant previous drill intersections
information understanding of the exploration results including a at NKL’s prospects are provided body of the
tabulation of the following information for all announcement.
Material drill holes:
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
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Criteria JORC Code explanation Commentary
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
dip and azimuth of the hole
downhole length and intersection depth
hole length.
If the exclusion of this information is justified on the Not applicable.
basis that the information is not Material and this
exclusion does not detract from the understanding
of the report, the Competent Person should clearly
explain why this is the case.
Data In reporting Exploration Results, weighting All assays are based on previous databases, and
aggregation averaging techniques, maximum and/or minimum upon review have been treated at face value. No
methods grade truncations (e.g. cutting of high grades) and validation or check assaying has been carried out
cut-off grades are usually Material and should be by NKL.
stated. Since these are exploration results, there has been
no top cutting.
Where aggregate intersections incorporate short High grade gold intervals are reported as included
lengths of high grade results and longer lengths of intervals. Short lengths of high-grade results use a
low grade results, the procedure used for such nominal > 1 g/t Au cut-off, 1 m minimum reporting
aggregation should be stated and some typical length and maximum length of 2 m internal waste.
examples of such aggregations should be shown in
detail.
The assumptions used for any reporting of metal Not applicable, as no metal equivalent values have
equivalent values should be clearly stated. been reported.
Relationship These relationships are particularly important in the Previous drilling has been undertaken on various
between reporting of Exploration Results. drill orientations, and, thus, does not represent
mineralisation true width intersections. Future work by NKL will
widths and involve validation and reinterpretation of previous
intersection results and the drilling of additional holes to
lengths determine the orientation of mineralisation and
thus true widths.
If the geometry of the mineralisation with respect Not applicable, as the geometry of the
to the drillhole angle is known, its nature should be mineralisation with respect to the drill angles has
reported. yet to be verified.
If it is not known and only the downhole lengths are The statement “downhole length, true width not
reported, there should be a clear statement to this known” has been added to captions and footnotes
effect (e.g. “downhole length, true width not of relevant tables and figures presented in the
known”). body of the announcement.
Diagrams Appropriate maps and sections (with scales) and Please refer to the body of the announcement.
tabulations of intersections should be included for
any significant discovery being reported These
should include, but not be limited to a plan view of
drillhole collar locations and appropriate sectional
views.
Balanced Where comprehensive reporting of all Exploration All drill results are reported in the body of the
reporting Results is not practicable, representative reporting announcement.
of both low and high grades and/or widths should
be practiced to avoid misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful and material, All data presented herein are previous and NKL is
substantive should be reported including (but not limited to): yet to complete a full validation of the nature and
geological observations; geophysical survey results; quality of the previous work undertaken within its
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NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]
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www.nickelxlimited.com
| Criteria | JORC Code explanation Commentary |
JORC Code explanation Commentary |
|---|---|---|
| exploration data |
geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. tenements. All material data encountered by NKL to date has been reported herein. |
|
| Further work | The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). A two-year exploration work program has been planned and will include additional surface geochemical sampling, geophysical surveys and DD, RC, AC or RAB drilling. |
|
| Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
Please refer to the body of the announcement. |
NickelX Limited Address: Level 3 16 Milligan St Perth WA
Phone: +61 8 9322 7600 Email: [email protected]