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TALONX RESOURCES LIMITED — Capital/Financing Update 2023
Jan 9, 2023
65972_rns_2023-01-09_8b40d908-f154-4244-a050-6c07caf635c4.pdf
Capital/Financing Update
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10 January 2023
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ASX CODE: MTB
Contribution of Gallium Credits for the Kihabe Deposit
Highlights
Out of a total of 118 holes drilled into the Kihabe Deposit, only 18 holes were assayed for Gallium. All 18 holes contained significant intersections of Gallium mineralisation and showed that:
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1,368.35m of Gallium mineralisation at an average grade of 12g/t, can be added to the Zn/Pb/Ag/V2O5 mineralised zones, which include:
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809.7m of Gallium mineralisation within or extending beyond the Zn/Pb/Ag/V2O5 mineralised zones, averaging 45m per hole for the 18 holes
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Gallium mineralisation occurs both within and stratigraphically above the Zn/Pb/Ag envelope (Refer KDD112, Figure 9)
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Test work being conducted to determine how Gallium and Germanium can be recovered on site.
Kihabe Resource
On 10 August 2022, the Company released an announcement to ASX updating the Kihabe Mineral Resource, estimated in accordance with the 2012 JORC Code.
The Mineral Resource which was only evaluated for Zn/Pb/Ag/V2O5 content, showed that it contained the following metal mineralisation:
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Zinc, 321,000 tonnes
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Lead, 154,000 tonnes
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Silver, 5.4 million ounces
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Vanadium Pentoxide, 10,000 tonnes
1
Following the release of the Mineral Resource Estimate, which did not include any credits for Gallium, Germanium or Copper, the Company completed an in-depth review of Gallium assay results in both the Oxide and Sulphide Zones at Kihabe.
Gallium Credits
The review revealed that only 18 holes drilled along the entire 2.4km length of the Kihabe Deposit had been assayed for Gallium.
Gallium results from seven of the holes (shown as Section 8 on Figures 1 and 3), which were drilled in 2017 into the oxide zone, were previously released to ASX on 25 May 2022.
The results showed that:
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330.35m of Gallium mineralisation at an average grade of 12.1g/t can be added to the Zn/Pb/Ag/V2O5 mineralised zones, which include
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83.7m of Gallium mineralisation, within or extending beyond the Zn/Pb/Ag/V2O5 mineralised zones, averaging 12m per hole
The current review of the oxide and sulphide zones of the Kihabe Deposit has revealed a further 11 holes assayed for Gallium, not previously announced to the market, (refer to Figures 1, 2 and 4 - 14). The results showed that:
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1,038m of Gallium mineralisation at an average grade of 12g/t can be added to the Zn/Pb/Ag/V2O5 mineralised zones, which include
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726m of Gallium mineralisation, within or extending beyond the Zn/Pb/Ag/V2O5 mineralised zones, averaging 66m per hole
Combined data for the 18 holes shows that:
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1,368.35m of Gallium mineralisation at an average grade of 12g/t can be added to the Zn/Pb/Ag/V2O5 mineralised zones which include
-
809.7m of Gallium mineralisation, within or extending beyond the Zn/Pb/Ag/V2O5 mineralised zones, averaging 45m per hole
Consistency of Gallium Mineralisation
A review of Kihabe drill hole sections (Figures 3 to 14) shows the consistency of gallium mineralisation. The zones of Gallium mineralisation would have to be excavated in the process of extracting Zn/Pb/Ag/V2O5 mineralisation.
Mineralogical Association Test Work conducted on Kihabe Deposit Gallium
On 3 March 2022, the Company released an announcement to ASX confirming results of the mineralogical work carried out by the University of Tasmania on Gallium and Germanium samples from the Kihabe Deposit.
2
The work identified that both Gallium and Germanium were primarily hosted within muscovite (mica). Ga is possibly hosted in Al and K mica and Ge is likely hosted in Fe mica, both not directly associated with zinc mineralisation. Mica in the form of flakes is amenable to flotation, which generally results in a high recovery as a concentrate.
Core samples from holes drilled into the Kihabe Deposit in 2017 (Refer Figure 3) have now arrived in Australia and will be subject to further test work to determine how gallium and germanium can be recovered on site.
Gallium a Metal of the Future
Gallium, a soft metallic element is currently used for semi-conductors, blue ray technology, light emitting diodes (LEDs), mobile phones and as an additive to produce low melting -point alloys.
The Fraunhofer Institute System and Innovation Research expects that by 2030, worldwide demand for Gallium will be six times higher than current production of around 720 tonnes per annum.
Gallium Nitride (GaN) energy saving chips, available at globally competitive costs in the future will allow for:
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Wireless charging of electric vehicles with energy efficiency levels of 96%, compared to current levels, at best, of 93%. The increase of 3% will achieve a reduction of CO2 emissions of around 1.7 mega-tonnes per annum by 2030. This is equivalent to annual CO2 emissions from 1 million cars with internal combustion engines.
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Low loss and smooth connection of solar energy to grid storage systems.
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Rapid expansion of cost effective fifth generation (5G) networks requiring Gallium computer chips, being more efficient at higher temperatures than traditional siliconbased chips.
Recently, an international team of scientists led by Professor Konrosh-Zadeh at the University of New South Wales School of Chemical Engineering in Australia, has developed a reactor that uses Gallium and nano-sized silver rods to break down CO2 into constituent elements.
Quote “Our liquid metal technology offers an unprecedent(ed) process for capturing and converting CO2 at an exceptionally competitive cost “said Kalantar-Zadeh. “We are very hopeful that this technology will emerge as the cornerstone of processes that will be internationally employed for mitigating the impact of greenhouse emissions”. (Metal Tech News 27/09/22).
Strategic Metal Prices
Gallium US $ 603/kg (Kitco Strategic Metals 9/01/23) Germanium US $2,240/kg (Kitco Strategic Metals 9/01/23)
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3
FIGURE 1
| I 7,822,000N 7,821,950N 7,821,900N 7,821,SS0N 7,821,S00N |
DRILL HOLE DETAILS SECTION 8ref Figure 3 KOD204 500,8 15E7,821,SSN Dip-60Deg KDD203 500,8 40E7,821,595N Dip-60Deg KDD202 500,8 62E7,821,610N Dip-60Deg KDD201 S00,8 90E 7,821,620N Dip-60Deg KDD206 500,900E7,821,630N Dip-60Deg KDD200500,925E7,821,650N Dip-60Deg KOD205500,945E7,821,66N Dip-60Deg KIHABE DEPOSIT SW AREA SHOWING HOLES ASSAYED FOR GALLIUM Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg IN RED %0 -�eo' \ --�.oo''- �sf: � \ \ 011\ '�c \•"� '�e0 � :? �eO.• � J �'�\ '00,e �< �'' .'oO -\ ��- � ��- /r ��a � .'oO '\Y ( � � Y � |
DRILL HOLE DETAILS SECTION 8ref Figure 3 KOD204 500,8 15E7,821,SSN Dip-60Deg KDD203 500,8 40E7,821,595N Dip-60Deg KDD202 500,8 62E7,821,610N Dip-60Deg KDD201 S00,8 90E 7,821,620N Dip-60Deg KDD206 500,900E7,821,630N Dip-60Deg KDD200500,925E7,821,650N Dip-60Deg KOD205500,945E7,821,66N Dip-60Deg KIHABE DEPOSIT SW AREA SHOWING HOLES ASSAYED FOR GALLIUM Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg IN RED %0 -�eo' \ --�.oo''- �sf: � \ \ 011\ '�c \•"� '�e0 � :? �eO.• � J �'�\ '00,e �< �'' .'oO -\ ��- � ��- /r ��a � .'oO '\Y ( � � Y � |
DRILL HOLE DETAILS SECTION 8ref Figure 3 KOD204 500,8 15E7,821,SSN Dip-60Deg KDD203 500,8 40E7,821,595N Dip-60Deg KDD202 500,8 62E7,821,610N Dip-60Deg KDD201 S00,8 90E 7,821,620N Dip-60Deg KDD206 500,900E7,821,630N Dip-60Deg KDD200500,925E7,821,650N Dip-60Deg KOD205500,945E7,821,66N Dip-60Deg KIHABE DEPOSIT SW AREA SHOWING HOLES ASSAYED FOR GALLIUM Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg IN RED %0 -�eo' \ --�.oo''- �sf: � \ \ 011\ '�c \•"� '�e0 � :? �eO.• � J �'�\ '00,e �< �'' .'oO -\ ��- � ��- /r ��a � .'oO '\Y ( � � Y � |
DRILL HOLE DETAILS SECTION 8ref Figure 3 KOD204 500,8 15E7,821,SSN Dip-60Deg KDD203 500,8 40E7,821,595N Dip-60Deg KDD202 500,8 62E7,821,610N Dip-60Deg KDD201 S00,8 90E 7,821,620N Dip-60Deg KDD206 500,900E7,821,630N Dip-60Deg KDD200500,925E7,821,650N Dip-60Deg KOD205500,945E7,821,66N Dip-60Deg KIHABE DEPOSIT SW AREA SHOWING HOLES ASSAYED FOR GALLIUM Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg IN RED %0 -�eo' \ --�.oo''- �sf: � \ \ 011\ '�c \•"� '�e0 � :? �eO.• � J �'�\ '00,e �< �'' .'oO -\ ��- � ��- /r ��a � .'oO '\Y ( � � Y � |
DRILL HOLE DETAILS SECTION 8ref Figure 3 KOD204 500,8 15E7,821,SSN Dip-60Deg KDD203 500,8 40E7,821,595N Dip-60Deg KDD202 500,8 62E7,821,610N Dip-60Deg KDD201 S00,8 90E 7,821,620N Dip-60Deg KDD206 500,900E7,821,630N Dip-60Deg KDD200500,925E7,821,650N Dip-60Deg KOD205500,945E7,821,66N Dip-60Deg KIHABE DEPOSIT SW AREA SHOWING HOLES ASSAYED FOR GALLIUM Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg Az 340 Deg IN RED %0 -�eo' \ --�.oo''- �sf: � \ \ 011\ '�c \•"� '�e0 � :? �eO.• � J �'�\ '00,e �< �'' .'oO -\ ��- � ��- /r ��a � .'oO '\Y ( � � Y � |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
DRILL HOLE DETAILS SECTION 9,90E ref Figure 4 50,784E 7,821,447N Dip-60 Deg Az 339 Deg 50,778E 7,821,4SSN Dip-60 DegA 339 Deg 50,773E 7,821,463N Dip-60 DegAz 339 Deg 50,764E 7,821,579N Dip-60 DegAz 339 Deg 50,761E 7,821,481N Dip-60 Deg Az 339 Deg 50,756E 7,821,492N Dip-60 DegAz 339 Deg 50,751E 7,821,494N Dip-58 DegAz 336 Deg S0,743E 7,821,SOSN Oip-60 DegAz 339 Deg 50,73SE 7,821,339N Dip-60 DegAz 339 Deg 50,700E 7,821,551N Dip-68 DegAz 159 Deg SECION 10,000E ref Figure 5 S00,871E 7,821,502N Dip-6 Deg Az339 Deg S00,860E 7,821,512N Dip-6 Deg Az 339 Deg S00,859E 7,821,517N Dip-6 Deg Az339 Deg 500,SSOE 7,821,531N Dip-6 Deg Az 339 Deg 500,836E 7,821,SSON Dip-6 Deg Az339 Deg 500,835E 7,821,554N Dip-70 Deg Az 339 Deg 500,825E 7,821,568N Dip-6 Deg Az 339 Deg SECTION 10,l00E ref Figure 6 500,941E 7,821,566N Dip-6 Deg Az 339 Deg 500,929E 7,821,586N Dip-6 Deg Az 339 Deg S00,917E 7,821,68N Dip-6 Deg Az 339 Deg 500,907E 7,821,629N Dip-65 Deg Az 339 Deg 500,905E 7,821,631N Dip-6 Deg Az340 Deg |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KRC034 | 50,784E 7,821,447N **Dip-60 Deg ** |
Az 339 Deg | ||||||||||||||
| KDDlOS KRC015 KDD121 KRC036 KDD106 KRC014 KRC035 KRC013 KDD118 |
50,778E 7,821,4SSN Dip-60 Deg 50,773E 7,821,463N Dip-60 Deg 50,764E 7,821,579N Dip-60 Deg 50,761E 7,821,481N Dip-60 Deg 50,756E 7,821,492N Dip-60 Deg 50,751E 7,821,494N Dip-58 Deg S0,743E 7,821,SOSN Oip-60 Deg 50,73SE 7,821,339N Dip-60 Deg 50,700E 7,821,551N Dip-68 Deg |
A 339 Deg Az 339 Deg Az 339 Deg Az 339 Deg Az 339 Deg Az 336 Deg Az 339 Deg Az 339 Deg Az 159 Deg |
||||||||||||||
| DRILL HOLE DETAILS SECTION 8ref Figure 3 KOD204 500,8 15E7,821,SSN Dip-60Deg Az 340 Deg |
||||||||||||||||
| KRC037 KIH003 |
S00,871E 7,821,502N S00,860E 7,821,512N |
Dip-6 Deg Dip-6 Deg |
Az339 Deg Az 339 Deg |
|||||||||||||
| KRC041 KIH00 KIHOOl KDD108 KRC038 |
S00,859E 7,821,517N 500,SSOE 7,821,531N 500,836E 7,821,SSON 500,835E 7,821,554N 500,825E 7,821,568N |
Dip-6 Deg Dip-6 Deg Dip-6 Deg Dip-70 Deg Dip-6 Deg |
Az339 Deg Az 339 Deg Az339 Deg Az 339 Deg Az 339 Deg |
|||||||||||||
| KDD203 500,8 40E7,821,595N Dip-60Deg KDD202 500,8 62E7,821,610N Dip-60Deg Az 340 Deg Az 340 Deg |
||||||||||||||||
| 7,821,750N | KDD201 S00,8 90E 7,821,620N Dip-60Deg Az 340 Deg |
|||||||||||||||
| KDD206 500,900E7,821,630N Dip-60Deg Az 340 Deg |
||||||||||||||||
| KRC017 KRC046 KRC044 KDD109 KRC016 |
||||||||||||||||
| KDD200500,925E7,821,650N Dip-60Deg Az 340 Deg |
||||||||||||||||
| KOD205500,945E7,821,66N Dip-60Deg Az 340 Deg |
500,941E | 7,821,566N | Dip-6 Deg | Az 339 Deg | ||||||||||||
| 7,821,700N | 500,929E S00,917E 500,907E 500,905E |
7,821,586N 7,821,68N 7,821,629N 7,821,631N |
Dip-6 Deg Dip-6 Deg Dip-65 Deg Dip-6 Deg |
Az 339 Deg Az 339 Deg Az 339 Deg Az340 Deg |
||||||||||||
| 7,821,GS0N 7,821,G00N 7,821,SS0N~~I~~ 7,821,S00NI 7,821,450N 7,821,400N �'' .i00 �1\ '� :5 ,�_o' ��c , \iit ' w w 0 0 0 L " " o' 0 _p 0 • _ |
,o� " , \ e<C � �' :� - �__V <- �'i\�� �\1'\� � e0< � \ '( IIIh ; -� %II \ <l\���\,�'•7\�'o" \ �� �' I� ii_A�\' �'o� '�eo� � Q �.� i '0 � i-<,. -�eo� onn• � o �• -�c \ �- \ I�. I eont• ; � ·\ '� e('%*l\ 0\1 '� . �C ,-iO'°. \ � - � >0o�oo �v� � �o �� • � -\Y(on' � '��oo- ',� . �0-1 ~~V~~ o'• \ � ci~~V~~ ���'\ � _o__ o , o\<. o-n �. \�c�os\�c V -00i1, 1- 6- w w w w 0 0 0 0 0 i 0 i 0 0 ° ° . . 0 0 0 . 0 0 0 0 0 , i i ~~L~~ i / w w 0 0 0 L q 0. f f 0 0 L i .V ~~V~~ V jO\ ,� w w w w w w 0 0 0 0 0 0 0 i 0 i 0 L f f N N m m . . . . . . . f f f . f 0 0 0 0 0* 0 _i i L i i i 4 |
KRC042 KDD126 KRC019 |
500,889E 500,884E |
7,821,657N 7,821,67N |
Dip-6 Deg Dip-78 Deg |
Az339 Deg Az 159 Deg |
||||||||||
~~V~~ |
KRC018 KRC051 KRC020 |
501,00GE 500,99SE 500,985E |
7,821,653N 7,821,670N 7,821,687N |
Dip-6 Deg Dip-6 Deg Dip-6 Deg |
Az339 Deg Az339 Deg Az 339 Deg |
|||||||||||
| KDD110 KIHOOS |
||||||||||||||||
| KDD111 | 501,178E | 7,821,760N | Dip-6 Deg |
Az339 Deg | ||||||||||||
| KRC025 KRC026 |
501,16E 501,lSOE |
7,821,772N 7,821,796N |
Dip-6 Deg Dip-6 Deg |
Az339 Deg Az 159 Deg |
||||||||||||
| KRC027 | 501,130E | 7,821,825N | Dip-6 Deg |
Az 159 Deg | ||||||||||||
| KRC028 KDD112 |
Dip-6 Deg |
Az 159 Deg | ||||||||||||||
| w 0 0 N . f 0 L |
w 0 i N . f 0 i |
|||||||||||||||
| KDD133 IKDD113 |
||||||||||||||||
w w 0 0 0 L m m . . . f 0 0 i i |
w 0 0 � . f 0 L |
w w 0 0 i 0 � i . . f f 0 0 i i |
w 0 i i . . 0 i |
w 0 0 U . f 0 i |
KIHABE DEPOSIT NE AREA
FIGURE 2
SHOWING HOLES ASSAYED FOR GALLIUM
| 7,822,700N 7,822,GS0N 7,822,SS0N 7,822,S00N 7,822,450N 7,822,400N 7,822,350N 7,822,300N 7,822,250N 7,822,200N 7,822,lS0N 7,822,l00N L 0 L U. ' 0 L |
SHOWING HOLES ASSAYED FOR GALLIUM IN RED DRILL HOLE DETAILS SECTION 11,S00E ref Figure 11 KOD114 502,085E7,822,386N Oip-90 Deg A O Deg KRC048 S02,079E7,822,386N Dip-60 Deg Az 1S9 Deg KRC049 502,062E7,822,418N Dip-60 Deg Az 159 Deg KRCOS2 S02,048E 7,822,437N Dip-60 Deg Az 159 Deg SECTION 11,600E ref Figure 12 KDD115 502,214E7,822,367N Dip-60 Deg Az339 Deg KDD143 502,204E7,822,383N Dip-60 Deg Az 339 Deg KIH010 S02,170E7,822,418N Dip-60 Deg Az 159 Deg KRC059 502,174E 7,822,425N Dip-60 Deg Az 1S9 Deg KRCOS4 502,159E 7,822,451N Dip-60 Deg Az 159 Deg KRCOS6 502,146E 7,822,475N Dip-60 Deg Az 159 Deg KRC058 502,132E7,822,490N Dip-60 Deg Az 1S9 Deg SECTION 11,S0E ref Figure 13 KDD116 S02,372E7,822,491N Dip-60 Deg Az 339 Deg KRC074 502,356E7,822,513N Dip-60 Deg Az 159 Deg KRC076 502,339E 7,822,S43N Dip-60 Deg Az 1S9 Deg KRC077 502,332E 7,822,SSGN Dip-60 Deg Az 1S9 Deg KRC078 502,318E7,822,583N Dip-60 Deg Az 159 Deg KRC079 502,304E7,822,610N Dip-60 Deg Az 159 Deg SECTION 12,000E ref Figure 14 KIH012 502,523E 7,82,610N Dip-6 Deg A 159 Deg lRC084 502,523E 7,822.619N Dip-6 Deg Az 159 Deg KDD117 502,S00E 7,Rl,667N Dip-6 Deg f 159 Deg L L L L L L L L L L L 0 0 0 0 0 0 0 0 0 0 0 0 L 0 L 0 L 0 L 0 L 0 " " 0 0 ° e 0 0 ' ' N . . . . . N . N . N' N' . ' ' ' ' ' ' N 0 0 0 0 0 0 0 0 0 0 0 u u L u u u u L u L u \ L L L L L L L 0 0 0 0 0 0 0 L 0 L 0 L 0 u N m m o o L u . N N' N N' . N N N 0 0 0 0 0 0 0 u u L u u u u 5 |
|
|---|---|---|
==> picture [56 x 10] intentionally omitted <==
----- Start of picture text -----
FIGURE 3
----- End of picture text -----
==> picture [282 x 53] intentionally omitted <==
----- Start of picture text -----
KIHABE DEPOSIT SW AREA SECTION 8
SHOWING INDIVIDUAL INTERSECTIONS FOR
Zn, Pb, Ag, (V205), Ge, Ga , Ag, (V205), Ge, Ga Ag, (V205), Ge, Ga , (V205), Ge, Ga (V205), Ge, Ga ), Ge, Ga , Ge, Ga Ge, Ga Ga
WITHIN THE OXIDE ZONE
----- End of picture text -----
==> picture [1139 x 782] intentionally omitted <==
----- Start of picture text -----
SHOWING INDIVIDUAL INTERSECTIONS FOR
I Zn, Pb, Ag, (V205), Ge, Ga , Ag, (V205), Ge, Ga Ag, (V205), Ge, Ga , (V205), Ge, Ga (V205), Ge, Ga ), Ge, Ga , Ge, Ga Ge, Ga Ga
WITHIN THE OXIDE ZONE
I
"- I
152m
I
I
SECTION I '
'-,.
ORIENTATION I
60 Deg
4.40m 2.90m-.
DFS u��
MINERALISED �
I\Qc
OXIDISED �o,·
QUARTZ WACKE rv
, w , ..,
ii: 0
0 ::c
'$;:
0o"c
.
., �
..., � w
h� :E [2 ] z [:::,9 ] -x
----... ..., . Oo ., c( 3 (.') :J w f.!) 0: c( [� ] [>a. ] Zz <Cw 00 c( I- N [u] z w_, 0 <( ::i. $ ;;; _,
DFS = DEPTH FROM SURFACE
MINERALISED OHO = DOWN HOLE DEPTH
SULPHIDIC
QUARTZ WACKE
6
----- End of picture text -----
==> picture [1189 x 850] intentionally omitted <==
----- Start of picture text -----
U'I 0 ..
C
(1)
OQ
GERMANIUM
r[c7 L 1vl -2 1uc . • ,,.. I flJ DRILL HOLE C
1,.'.
-4,. [0" ]
I [-4,.� c.,0][,,,][�]
lzinc, Lead, Silver mineralised domains included in
resource estimate, from holes NOT ASSAYED FOR GALLIUM zy �-
. · ';Q C)
. . •-= ':) [0�]
�--·· � [0][0 ]
�:" - "' �
�. [. ] .. - � � ,_, :i --� � 1.-, �� � �� � � -:;,�;. • .• -4,. [�{.,][0 ]
�iv s � ff ' C
c; -:::0
�V) r-
r-
:I:
0 r-
m V) :;:,:::::
m -
Nor ASSA YEo 'DR Ga appJy/n grade for Zn/Pb/Ag /V/inera/ised domains lnc/ud/n V> )> V> n ::c ---4 )>0:,
"�e•ghbour1ng dr;u holes Om
!:a 1:1610wcut Zn eq )>
".!:;,Jen
-C \D m\
... ""tJ\
'TI �o\
0 0 V)\
m -\
:::0\
--4\
�\
)>
r-
� I II -r-
C
�
�� , �
lrl)l)
I - Q' s: D· .i llJ
11°' ►
P m [z ] ., ..... 6. 8De
c �
-"�;,,," 'l{
� [C grade for Zn/Pb/Ag] � )> � � i!:: :c )> ll,-lS9 D
�a� � j::j� � V> ee
► E �o w
QC m� �r :c )> � 0 - )> n ;,::: m [X][o] [0 ] )> z 0 (1) w 0 0 s
0 Z V> m OQ
n 0
....
b
U1 ... .... .... ... ....
0
3 0 0 .... ... U1 0 \t) 0 ....
)> 3 3 3
VI ,- Cl) )> )> VI )> VI � TI
,- ,- ,-
7 G'5 C
:;o
m
'"'
•
� � NOT ASSAYED FOR Ga, applying a 1% low cut Zn equivalent�
. � Mineralised domains including neighbouring drill holes )>
11
� t � �.
----- End of picture text -----
==> picture [1189 x 837] intentionally omitted <==
----- Start of picture text -----
ff)
O'Q
I l [HOLE ]
�\'t' ,1.. [00� ]
!resQurc� estimate, from holes [Zinc, Lead, Silver mineralised domains Included in] NOT ASSAY [E] D FOR GALLIUM!
e M ems
�-a
4 -� • � [oo'.]
,__,. =•----•-�• -"; -.. _ _ -·==- = •· • [-] [-] [ ·] [r:::r'>:>][""][;1:•] � .�
- [�][-]
7_ "' . [ooio'o] [.... 10o][ei ]
Mineralised domains Including neighbouring drill holes
NOT ASSA YEO FOR Ga, app/ying a l % low cut Zn equivalentgrade for Zn/Pb/ Ag
p,. [i{(\)\" '?; ]
C
::::0 A
v,
m -
� [�][l][co,'o] r·
r- n
::i:: [...--][1 ] :c
)::, � )> -
:;;o :c
0 Om CJ
Vl r
z )::, ffl Zc
0 )> � m
V, 0 ""C
V, bo
)> c 0 V,
�
-< m m
C
"T1
0
'T 'inerar ised do - l c ., ,, i [&][h] H?t: n - �z :::::- "k -, 1 ❖1 '�· -�£ . [,][,][fti] · ['][x]["] ::::0 G')
ASSAYE mains. � )>
r
) � ::, [► ] [C ]["] - [for ][Znl,] - % low c lltZn dr11J ho/ es r-- C
N [Vl] m . 1 ent
eqlli1ta/
�o �
)::, [Vl ]
n -A -0 [C] ' VI s
fn
C,
m ::I: 0
n
w
w
0
0
n>
b V1 .... ...... O'Q
0 3 .... 0 0 3 � V1 0 .... ...... U) ....
V) 3 0
l> � 3
r- r- V)
l> V)
l>
r- TI
r-
8
G)C;;om/JI
��-'L@/trr ;:::.
' -
'rade D FOR n2 n�, �
ii/.Udi ..:_ ��
b/
A:�, applying !;:'Chbo1.1ring
7
ei
�9 o
Q\l
----- End of picture text -----
==> picture [1189 x 837] intentionally omitted <==
----- Start of picture text -----
�
V,
V, 0
0 0
It)
3 l> (7Q
VI f>.
,...
<.,<::>r,.
- ��
=- .::: - .... � ; 7. ��-
= =- =-z =--
�
v> -o>.
., �
. .-v.'-�
t,r-1-'' •.
C
:::0
r
r-
:::c
;::::;;
)> :j l>
:::c
l>
m
v,
o.
� ..i�<.,<::> Z"� m -< � O m "'t1
o
"T1 0 V,
i m
-I
grade for Zn/Pb/ Ag C)
)>
r-
r- -
C
�
II
z '"-� .- --�- . . � z
� -·---�
:;;I :.>. C ::o
:::0 ,- i � :x> :x> □
:::0
-; l/)
.; Nm
II _s
�o
)> l/)
-
,-
"" "'O
m -
l/)
0 m
n
0
DRILL 0
HOLE It)
...... .... •• (7Q
0 ....
0 ...... U1 ....
0 ......
1,0
3 0
3 l> VI l> 3
lzinc, Lead, Silver mineralised domains Included in ,... VI l> -n
[resource estimate, from holes NOT ASSAYED FOR GALLIUM! 9 ,... VI ,... C c5
;o m
a>
II
II
C
L -
-
- -
- - - -
II
Mineralised
NOT ASSAYED FOR Ga, domains including neighbouring drill holes
grade for Zn/Pb/ Ag applying a 1% low cut Zn equiva/e1
ei
-6' '9 1 ·�J)O .09'o?o ei
� o
, , ,
o\9.,
Mineralised
domains
- 0
NOT ASSAYED FOR Ga, applying a 1% grade for Zn/Pb/ Ag including neighbouriOg drill holes low cut Zn equivalent I l> 1 V,"
1-0 .cw, f f £:
� :il> z 0
kD01.26
.Q. m
)> :X::.NOT ASSAYED FOR Ga, applying a 1% low cut Zn
-; vi grade for Zn/Pb/ Ag equivalent;z
�o )> 0
nX
m AO
:::C
? I 1tl
1
\J'
m -
m n
I'- :::c
C � 0
0 0 -
:::0
_ !:J Mineralised domains
including neighbouring drill holes "6
Nm
w
ll
NOT ASSAYED FOR Ga, applying a 1% low cut Zn equivalent
Mineralised domains including neighbouring drill holes'
..;:,'?:> I
V, 0 OJ
n C
BARREN OOLOSTONE
----- End of picture text -----
==> picture [1189 x 837] intentionally omitted <==
----- Start of picture text -----
f->
V1
0
C
et)
O'Q
DRILL c, [O'\,'o]
��
HOLE
Zinc, Lead, Silver mineralised domains Included in
resource estimate.! from holes NOT ASSAYED FOR GALLIUM!
c, [O<, '\]
��
�= �= ==-• Mineralised domains including neighbouring drill holes
NOT ASSAYED FOR Ga, applying a 1% low cut Zn equivalent
i::=:: l grade for Zn/Pb/ Ag r
c==:
0
c, [0][1,]
��
grade for Zn/Pb/ Ag
I-"
.i:,.
0
3
w
f-> 31 f Dip-90 Deg [KDDllO ]
Azimuth O Deg
C
� VI :;:::;; ::x, -
)>
Mineralised [domains including neig][n][So][uring ] drill holes' � '
r-
NOT ASSAYED FOR [Ga, applying_2l% low cut ] Zn equivalent grade for Zn/Pb/Aff, )> r-
:c
)> :I:
:,J 0 V, :;::i::::
V') )> r-m mn [-] [:I: ]
z
0 )> --t - )>
V, 0 c:,
s V,
)> � a
m
�l -< m ... ""'O
s: C N 0
C z
V') - · 0 V)
-n 0 [-]
�o - &; 0 m [--t ]
)> [)> ] [-]
)> [V') ] Mineralised domains including neighbouring drill holes . r. ::x,
�
m "'tJ :;:::;;, NOT ASSAYED FOR Ga, applying a 1% low cut Zn equivalentgrade for Zn/Pb/ Ag Nm G) s
� [o]
:c )>
0 )> 0 r-
n n >< w r- -
m -:::-:o w
V> 0 C
m C
0
et)
s:
O'Q
.!""'
.!""' .!""'
b U1 0 .... ....0 0 3 .... U1 0 3 3 ....00 00 ,
3 )> VI r- )> VI r- 10 )> VI r- )> VI r- !\I \l <5C :;um
�
412m1.3%
oo m
co
m
z
oz m
c
nC
lo
z
____
� :
NOT ASSAYED FOR Ga, applying a 1% low cut Zn equivalent
Mineralised domains including neighbouring drill hoies---:
----- End of picture text -----
==> picture [1189 x 838] intentionally omitted <==
----- Start of picture text -----
.....
·o
UI 0 3 ..........0 � 1-l u, 0
)> 0 3 .... V, 0 C
enr )> 3 Cl)
enr s aQ
pZc [m] VI )>,- � [\'P ] ,1..()()<, �.�.
I- [�� ]
)> [;::o]
;::o [)>]
--1 !::
N v, t
. DRILL HOLE �0 V, v' � � · [o ] ,
)> n [C] i "o . > ·.,�- � l;)O -;, \ • \' • A.
'6 �
;::;::;:,
SILVER r! m -o ::r: 0 n II [p. RRl'. l'I 001.oS"I ol'l l'.] � � ",? � �� ?,, ,� �.....iillrr.. -. � I? � (>1> � o • ,1;"<' ."<' ,a.V- � .l..°\V- :...�Q (j,"Q ,,. "",v.'-'. [�o� ] OJ [�ei]
�
Zinc, Lead, Silver mtn·eralised domains Included in (l� a,3 t>- [i'"('(']
resource estimate, from holes NOT ASSAYED FOR GALLIUM!
;mac : . .--:C-
�, ·
C
- ::::c
r-
r-
�
("\
::I:
�
C 0
- r-
- ------ [-][-] ------- --------- [-] -�� [-] ---- -:r-1,<;; % -- --�� m )> V'> ;,::: n m -
rc-- ------------------ - --- -· � -� IJ" ..,. .... $. 0. V'> V'> ---4 )> :I:
..-� i I )> c:,
m
-< m [C]
Mi [n][e][r][alised d][o][mai][n][s ][in][cl][u][ding ][n][e][i][g][hbouring ][dnll holes ] Zc
C
NO [T ASSAYED FOR Ga, apply][in][g a 1% ][o][w c][u][t Z.n eq][u][ivale][n][t] � m
gr [ade f][or ][Zn/P][b][/ Ag] � "T1 0 -0
0 0 �o
�
y> -� ::::c 0 V'> o-
�
� 0 G) m --4
�yo [-] )>
r-
",? r- -
e..
C
4 s
% ? [·�]
A [j ] �
-
�-►.· [-] [1-i\'t] - -� � 0 � � p �
-
1,()� �-� ·, C ;::o
)� · "v' [1?. ] ¾ [o-] � ):, )>
,' .:,:J Q(>° o [• ] y> -�o �'"c5' [>] o � [�][--'][� ] "o� ::::0 ' -I -N�
� � � 1� o o [IJl ] � ? -� ):, � [0][0] -t,1>C'o <" s
-:, n ><�a
m -
� V,
�t" m w
0 w
0 0
y>"
v": C
g l't)
b.... � aQ
V, 0 .... ....
00 .......
3 00
3 U)
VI )> )>VI 3 "TI
,- ,- )>VI
c5
11 ,- ;;o m C
00
grade for Zn/Pb/ Ag
� '<�o
NOT ASSAYED FOR Ga, applying a 1% low cut Zn equivalent
Mineralised domains including neighbouring drill holes
\,
ei
�\,\,
�\V ,.
{(\
• .!I! L. ··--
----- End of picture text -----
12
13
==> picture [837 x 1189] intentionally omitted <==
----- Start of picture text -----
14
----- End of picture text -----
15
16
==> picture [837 x 1189] intentionally omitted <==
----- Start of picture text -----
17
----- End of picture text -----
TENEMENT HOLDING
==> picture [517 x 310] intentionally omitted <==
| Location | Project | Licence Number |
Licence Size |
Registered Holder |
Nature of Interest |
|---|---|---|---|---|---|
| Western Ngamiland, Botswana |
Kihabe/Nxuu Polymetallic Project |
PL 043/2016 |
1,000 sq km |
Mount Burgess Botswana (Pty) Ltd |
100% |
Contact: Nigel Forrester Chairman and Managing Director (08) 9355 0123 [email protected]
About Mount Burgess N.L.:
Mount Burgess N.L. (ASX: MTB) is a Perth-based company, focused on the exploration and development of its 100%-owned Kihabe-Nxuu Zn/Pb/Ag/V/Ga/Ge project in Western Ngamiland, Botswana. The Company has been listed on the Australian Securities Exchange since 1985 and has previously discovered the Red October gold deposit in Western Australia and three kimberlites in Namibia.
18
Forward Looking Statement
This report contains forward looking statements in respect of the projects being reported on by the Company. Forward looking statements are based on beliefs, opinions, assessments and estimates based on facts and information available to management and/or professional consultants at the time they are formed or made and are, in the opinion of management and/or consultants, applied as reasonably and responsibly as possible as at the time that they are applied.
Any statements in respect of Ore Reserves, Mineral Resources and zones of mineralisation may also be deemed to be forward looking statements in that they contain estimates that the Company believes have been based on reasonable assumptions with respect to the mineralisation that has been found thus far. Exploration targets are conceptual in nature and are formed from projection of the known resource dimensions along strike. The quantity and grade of an exploration target is insufficient to define a Mineral Resource. Forward looking statements are not statements of historical fact, they are based on reasonable projections and calculations, the ultimate results or outcomes of which may differ materially from those described or incorporated in the forward-looking statements. Such differences or changes in circumstances to those described or incorporated in the forward-looking statements may arise as a consequence of the variety of risks, uncertainties and other factors relative to the exploration and mining industry and the particular properties in which the Company has an interest.
Such risks, uncertainties and other factors could include but would not necessarily be limited to fluctuations in metals and minerals prices, fluctuations in rates of exchange, changes in government policy and political instability in the countries in which the Company operates.
Other important Information
Purpose of document : This document has been prepared by Mount Burgess Mining NL (MTB). It is intended only for the purpose of providing information on MTB, its project and its proposed operations. This document is neither of an investment advice, a prospectus nor a product disclosure statement. It does not represent an investment disclosure document. It does not purport to contain all the information that a prospective investor may require to make an evaluated investment decision. MTB does not purport to give financial or investment advice.
Professional advice: Recipients of this document should consider seeking appropriate professional advice in reviewing this document and should review any other information relative to MTB in the event of considering any investment decision.
Forward looking statements : This document contains forward looking statements which should be reviewed and considered as part of the overall disclosure relative to this report.
Disclaimer: Neither MTB nor any of its officers, employees or advisors make any warranty (express or implied) as to the accuracy, reliability and completeness of the information contained in this document. Nothing in this document can be relied upon as a promise, representation or warranty.
Proprietary information : This document and the information contained therein is proprietary to MTB.
Competent Person’s Statements
The information in this report that relates to drilling results at the Kihabe Deposit fairly represents information and supporting documentation approved for release by Giles Rodney Dale FRMIT who is a Fellow of the Australasian Institute of Mining & Metallurgy. Mr Dale is engaged as an independent Geological Consultant to the Company. Mr Dale has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)’. Mr Dale consents to the
19
inclusion in this report of the drilling results and the supporting information in the form and context as it appears.
The information in this report that relates to mineralogical/metallurgical test work results conducted on samples from the Kihabe Deposit fairly represents information and supporting documentation approved for release by Mr R Brougham (FAusIMM). Mr Brougham, non-executive Director of the Company, is a qualified person and has sufficient experience relevant to the process recovery under consideration and to the laboratory activity to which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)’. Mr Brougham consents to the inclusion in the report of the matters, based on the information in the form and context in which it appears.
JORC Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques |
• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• HQ and PQ diamond Core was marked and collected in sample trays, visually logged and cut in half. Samples were collected as nominal 1m intervals but based on visible geology with minimum samples of 0.3m and maximum samples of 1.3m. Half of each core was retained on site in core trays and the other half was double bagged and sent to Intertek Genalysis Randburg, South Africa where they were crushed. A portion of each intersection sample was then pulverised to p80 75um and sent to Intertek Genalysis in Perth for assaying via ICPMS/OES for Ag/Pb/Zn/V/Ge/Ga. • Individual meters of RC drill chips were bagged from the cyclone. These were then riffle split for storage in smaller bags, with selected drill chips being stored in drill chip trays. A trowel was used to select drill chip samples from sample bags to be packaged and sent to Intertek Genalysis, Randburg, South Africa where they were crushed. A portion of each intersection’s sample was then pulverised to P80 75um and sent to Intertek Genalysis in Perth for assaying via ICP/OES for Ag/Co/Cu/Pb/Zn. • The remainder of the crushed samples were then sent from Intertek Genalysis Randburg to Intertek Genalysis in Perth where they were then collected by the Company for storage. Samples from various intersections from drill holes were selected by the Company for submission for metallurgical test work. • Based on the distribution of mineralisation the core sample size is considered adequate for representative sampling. |
| Drilling techniques |
• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details(eg core diameter, triple |
• HQ and PQ diameter triple tube was generally used for diamond core drilling at Nxuu. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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 chips were collected over 1m intervals, and two-stage riffle split to produce a sample for dispatch to the assay laboratory. The remainder of the sample was bagged and kept on site for access pending assay results; with washed chip samples for each metre also collected in chip trays for logging and later reference. |
|
| Drill sample recovery |
• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
• Sample recoveries have in general been good and no unusual measures were taken to maximise sample recovery other than the use of triple tube for diamond core drilling. In the event of unacceptable core loss MTB drills twin holes. MTB believes there is no evidence of sample bias due to preferential loss/gain of fine/coarse material for holes beingreported on. |
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. |
• Holes were logged in the field by qualified geologists on MTB’s log sheet template and of sufficient detail to support Mineral Resource estimation: qualitative observations covered lithology, grain size, colour, alteration, mineralisation, structure. Quantitative logging included vein percent. SG measurements were obtained at approximately 5m intervals on DD holes. • All core is photographed wet and dry. • All drill holes are logged in full. |
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • 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. |
• HQ and PQ Core was sawn in half on site. Half of each core was retained on site in core trays and the other half was double bagged and labelled noting hole number and interval both within the bag and on the bag. Sample bags were then placed in larger bags of ~40 individual samples and the larger bag also labelled describing the contents. Field duplicates were inserted at regular intervals. • RC chips were collected over 1m intervals, and two-stage riffle split to produce a sample for dispatch to the assay laboratory. The remainder of the sample was bagged and kept on site for access pending assay results; with washed chip samples for each metre also collected in chip trays for logging and later reference. • All samples currently being reported on were assayed for Ag/Pb/Zn/V/Ge/Ga. |
| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision |
• Samples prior to 2008 were dispatched to the Ongopolo Laboratory situated in Tsumeb, Namibia. Check samples were also sent to Genalysis in Perth. • Samples since 2008, when originally assayed, were sent to Intertek Genalysis Perth, for assaying according to the following standard techniques. • Diamond core samples were analysed for: (a) Ore grade digest followed by ICPMD – OES finish for Silver, Lead, Zinc, Vanadium/Germanium/Gallium; (b) Also 4 acid digest for silver, lead, zinc followed by AAS. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| have been established. | • RC samples were analysed with Ore grade digest followed by ICP-OES for Ag/Co/Cu/Pb/Zn. • MTB quality control procedures include following standard procedures when sampling, including sampling on geological intervals, and reviews of sampling techniques in the field. • The current laboratory procedures applied to the MTB sample preparation include the use of cleaning lab equipment with compressed air between samples, quartz flushes between high grade samples, insertion of crusher duplicate QAQC samples, periodic pulverised sample particle size (QAQC) testing and insertion of laboratory pulp duplicates QAQC samples according to Intertek protocols. • Intertek inserts QA/QC samples (duplicates, blanks and standards) into the sample series at a rate of approx. 1 in • 20. These are tracked and reported on by MTB for each batch. When issues are noted, the laboratory is informed and investigation conducted defining the nature of the discrepancy and whether further check assays are required. The laboratory completes its own QA/QC procedures, and these are also tracked and reported on by MTB. Acceptable overall levels of analytical precision and accuracy are evident from analyses of the routineQAQC data. |
|
| Verification of sampling and assaying |
• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
• A selection of the original digital assay files from MTB has been checked and verified against the supplied database. • Numerous twin, and close spaced holes have been drilled. Results show close spatial and grade correlation. • All drilling logs were validated by the supervising geologist. • Adjustments to assay data included converting assays recorded in ppm to percent for Zn, Pb, Cu and V; the conversion of V to V2O5 and the conversion of negative or below detection limit values to half detection limit. |
| Location of data points |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
• All drill hole collars were surveyed using DGPS equipment in WGS84 UTM Zone 34S coordinates. • Drill holes were routinely down hole surveyed using Eastman single shot magnetic survey instruments, with the dip and azimuth monitored by the driller and site geologist to ensure the hole remained on track within the stipulated guidelines. Readings were obtained at approximately 25m intervals down hole. • Topographic control was derived from collar surveys. The Nxuu area is overlain by Kalahari Sand cover and is predominantly flat. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• Data spacing (drill holes) is variable and appropriate to the geology. Sections are spaced at 30m intervals, with hole spacings predominantly 30m on section. • The spacing is considered sufficient to establish geological and grade continuity appropriate for a Mineral Resource estimation. • Samples were composited to 1m intervals prior to estimation. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
• Mineralisation is sub-horizontal, therefore holes were drilled vertically. • The drill holes may not necessarily be perpendicular to the orientation of the intersected mineralisation. • Reported intersections are down-hole intervals and are generally representative of true widths. |
| Sample security |
• The measures taken to ensure sample security. |
• Samples were taken by vehicle on the day of collection to MTB’s permanent field camp and stored there until transported by MTB personnel to Maun from where they were transported via regular courier service to laboratories in South Africa. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data. |
• MTB’s exploration geologists continually reviewed sampling and logging methods on site throughout the drilling programs. |
Section 2 Reporting of Exploration Results
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status |
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. |
• The Kihabe-Nxuu Project is located in north- western Botswana, adjacent to the border with Namibia. The Project is made up of one granted prospecting licence PL 43/2016, which covers an area of 1000 sq km. This licence is 100% owned and operated by MTB. The title is current to 31 December 2022 at the time of release of this report, with an extension application until December 2024 lodged with the Department of Mines in September 2022. • PL 43/2016 is in an area designated as Communal Grazing Area. • The Tenement is current and in good standing. |
| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by other parties. |
• The Geological Survey of Botswana undertook a program of soil geochemical sampling in 1982. As a result of this program, Billiton was invited to undertake exploration and drilling activities in and around the project area. MTB first took ownership of the project in 2003 and has undertaken exploration activities on a continual basis since then. |
| Geology | • Deposit type, geological setting and style of mineralisation. |
• The Kihabe-Nxuu Project lies in the north- western part of Botswana at the southern margin of the Congo craton. The Gossan Anomaly is centred on an exposed gossan within the project. To the north of the project are granitoids, ironstones, |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| quartzites and mica schists of the Tsodilo Hills Group covered by extensive recent Cainozoic sediments of the Kalahari Group. Below the extensive Kalahari sediments are siliciclastic sediments and igneous rocks of the Karoo Supergroup in fault bounded blocks. • The Nxuu deposit mineralisation occurs in a flat-lying quartz wacke unit situated on the contact of a barren dolomite basement unit. The deposit is weathered, with base metal mineralisation occurring as a series of sub- horizontal units overlying the barren dolomite unit. |
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| Drill hole information |
• A summary of all information material to the under-standing of the exploration results including a tabulation of the following information for all Material drill holes: • 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 • down hole length and interception depth • hole length • If the exclusion of this information is justified on the 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. |
• Exploration results are not being reported. • All information has been included in the appendices. No drill hole information has been excluded. |
| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. |
• Exploration results are not being reported. • Not applicable as a Mineral Resource is being reported. • ZnEq=Zinc equivalent grade, which is estimated based on Kitco prices as of 21st October 2022 and calculated with the formula: • ZnEq = [(Zn% x 3,000) + (Pb% x 2,000) + (Ag g/t x (20.0/31.1035)) + (V2O5% x 16,000)] / (3,000). • MTB is of the opinion that all elements included in the metal equivalent calculation have reasonable potential to be recovered and sold. |
| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). |
• Mineralisation at Nxuu is sub-horizontal. Holes are drilled vertically. • Reported hole intersections generally represent true width. |
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
• Relevant diagrams have been included within the Mineral Resource report main body of text. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Balanced Reporting |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
• Maps showing individual hole locations are included in the report. • Exploration results are not being reported. |
| Other substantive exploration 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 and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
• Results were estimated from drill hole assay data, with geological logging used to aid interpretation of mineralised contact positions. • Geological observations are included in the report. |
| 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). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
• Follow up drilling will be undertaken to improve confidence. • Drill spacing is currently considered adequate for the current level of interrogation of the Project. |
Section 3 Estimation and Reporting of Mineral Resources
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Database integrity |
• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validation procedures used. |
• The database has been systematically audited by MTB geologists. • The database used for estimation was cross checked with original records where available. • Ashmore performed initial data audits in Surpac. Ashmore checked collar coordinates, hole depths, hole dips, assay data overlaps and duplicate records. |
| Site visits | • Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case. |
• Ashmore has not undertaken a site visit to the Relevant Assets by the CP as at the date of this report. Ashmore notes that it plans to conduct a site visit as part of the future works and upgrade of the Mineral Resource to higher categories. |
| Geological interpretation |
• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation. • The factors affecting continuity both of grade and geology. |
• The confidence in the geological interpretation is considered to be good and is based on visual confirmation within drill hole intersections. • Geochemistry and geological logging have been used to assist identification of lithology and mineralisation. • The Nxuu deposit consists of sub-horizontal units. Alternative interpretations are highly unlikely. • Infill and extensional drilling has supported and refined the model and the current interpretation is considered robust. • Observations from the host rocks;as well as |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| infill drilling, confirm the geometry of the mineralisation. • Infill drilling has confirmed geological and grade continuity. |
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| Dimensions | • The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. |
• The Nxuu Mineral Resource area extends over an northeast strike length of 730m, has a maximum width in plan view of 265m and includes the 80m vertical interval from 1,155mRL to 1,075mRL. |
| Estimation and modelling techniques |
• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. • Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables. • Description of how the geological interpretation was used to control the resource estimates. • Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available. |
• Using parameters derived from modelled variograms, Ordinary Kriging (OK) was used to estimate average block grades in three passes using Surpac software. Linear grade estimation was deemed suitable for the Nxuu Mineral Resource due to the geological control on mineralisation. Maximum extrapolation of wireframes from drilling was 30m along strike and down-dip. This was equal to the drill hole spacing in these regions of the Project. Maximum extrapolation was generally half to one drill hole spacing. • Zn (%), Pb (%), Ag (ppm), Cu (%), V2O5(%), Ga (ppm) and Ge (ppm) were all interpolated. • Reconciliation could not be conducted as no mining has occurred. • It is assumed that Zn, Pb and Ag can be recovered in a Zn concentrate and V2O5can be recovered in a V2O5concentrate. In addition, Ga and Ge may be recovered as by- products. • It is assumed that there are no deleterious elements when considering the proposed processing methodology for the Nxuu mineralisation. • The parent block dimensions used were 15m EW by 15m NS by 5m vertical with sub- cells of 3.75 by 3.75m by 1.25m. The model was rotated to align with the strike of the deposit of 045°. The parent block size dimension was selected on the results obtained from Kriging Neighbourhood Analysis that suggested this was the optimal block size for the dataset. • An orientated ‘ellipsoid’ search was used to select data and adjusted to account for the variations in lode orientations, however all other parameters were taken from the variography. Up to three passes were used for each domain. The first pass had a range of 50m, with a minimum of 8 samples. For the second pass, the range was extended to 100m, with a minimum of 4 samples. For the final pass, the range was extended to 150m, with a minimum of 2 samples. A maximum of 20 samples was used for all three passes. • No assumptions were made on selective mining units. • Zn and Pb, as well as Pb and Ag had moderatepositive correlations. Zn and Ag |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| had a moderate positive correlation. • The mineralisation was constrained by Mineral Resource outlines created in Surpac software, based on logged geology and mineralisation envelopes prepared using a nominal 0.5% combined Zn and Pb cut-off grade with a minimum down-hole length of 2m. The wireframes were applied as hard boundaries in the estimate. • After review of the project statistics, it was determined that high grade cuts were required for Ag and V2O5within some domains. • Validation of the model included detailed comparison of composite grades and block grades by strike panel and elevation. Validation plots showed good correlation between the composite grades and the block modelgrades. |
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| Moisture | • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content. |
• Tonnages and grades were estimated on a dry in situ basis. |
| Cut-off parameters |
• The basis of the adopted cut-off grade(s) or quality parameters applied. |
• A ZnEq cut-off grade of 0.5% for Nxuu was utilised for reporting purposes, assuming an open pit mining method. The Statement of Mineral Resources has been constrained by the mineralisation solids and reported above a Zn equivalent (“ZnEq”) cut-off grade of 0.5%. Zinc equivalent grades are estimated based on LME Zn/Pb prices, Kitco Silver Price for Ag, Live Vanadium Price for V2O5, Kitco Strategic Metals Prices for Ge/Ga, as at 21 October 2022. The ZnEq formula is shown below: • ZnEq = 100 x_[(Zn% x 3,000) + (Pb% x 2,000) + (Ag g/t x (20.0/31.1035)) + (V2O5% x_ 16,000)] / (3,000). |
| Mining factors or assumptions |
• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made. |
• Ashmore has assumed that the Nxuu deposit could potentially be mined using open pit techniques. No assumptions have been made for mining dilution or mining widths. It is assumed that mining dilution and ore loss will be incorporated into any Ore Reserve estimated from a future Mineral Resource with higher levels of confidence. |
| Metallurgical factors or assumptions |
• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the |
• The Nxuu mineralisation was initially determined to be a zinc and lead sulphide deposit. Metallurgical test work involved the recovery of the zinc / lead by flotation. Initial results gave low zinc recoveries (67.5%), with low sulphur in the tails. • Mineralogical evaluation of the tailings determined that the zinc was in an oxide form of baileychlore and the lead as a carbonate (cerussite). Further flotation tests were conducted, and the tailings |
27
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| basis of the metallurgical assumptions made. | subjected to leaching with sulphuric acid at 40 deg C for a zinc extraction rate of 89.5%. • Recovery of zinc concentrate by floatation and leaching of the zinc oxides (baileychlore) in the tailings resulted in a zinc extraction of 89.5% giving an overall access availability to 94% of zinc within the ore. Additional testwork is recommended. |
|
| Environmental factors or assumptions |
• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. |
• No assumptions have been made regarding environmental factors. MTB will work to mitigate environmental impacts as a result of any future mining or mineral processing. |
| Bulk density | • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. |
• A total of 513 bulk density measurements were taken on core samples collected from diamond holes drilled at the deposit using the water immersion technique. Bulk densities for the transitional mineralisation were assigned in the block model based on a density and Zn regression equation. Average densities for weathered mineralisation were applied (2.40t/m3for oxide). Average waste densities were assigned based on lithology and weathering. • It is assumed that the bulk density will have some variation within the mineralised material types due to the host rock lithology and sulphide minerals present. Therefore, a regression equation for Zn and density was used to calculate density in the Nxuu transitional material. |
| Classification | • The basis for the classification of the Mineral Resources into varying confidence categories. • Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). • Whether the result appropriately reflects the Competent Person’s view of the deposit. |
• The Mineral Resource estimate is reported here in compliance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ by the Joint Ore Reserves Committee (JORC). The Mineral Resource was classified as Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode continuity. The Indicated Mineral Resource was defined within areas of close spaced drilling of less than 30m by 30m, and where the continuity and predictability of the mineralised units was reasonable. The Inferred Mineral Resource was assigned to areas where drill hole spacing was greater than 30m by 30m and less than 60m by 60m; or where small, isolated pods of mineralisation occur outside the main mineralised zones. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • The input data is comprehensive in its coverage of the mineralisation and does not favour or misrepresent in-situ mineralisation. The definition of mineralised zones is based on high level geological understanding producing a robust model of mineralised domains. This model has been confirmed by infill drilling which supported the interpretation. Validation of the block model shows good correlation of the input data to the estimated grades. • The Mineral Resource estimate appropriately reflects the view of the Competent Person. |
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| Audits or reviews |
• The results of any audits or reviews of Mineral Resource estimates. |
• Internal audits have been completed by Ashmore which verified the technical inputs, methodology, parameters and results of the estimate. |
| Discussion of relative accuracy/ confidence |
• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available. |
• The geometry and continuity have been adequately interpreted to reflect the applied level of Indicated and Inferred Mineral Resource. The data quality is good and the drill holes have detailed logs produced by qualified geologists. A recognised laboratory has been used for all analyses. • The Mineral Resource statement relates to global estimates of tonnes and grade. • No historical mining has occurred; therefore, reconciliation could not be conducted. |
ACN: 009 067 476
8/800 Albany Hwy, East Victoria Park, Western Australia 6101 Tel: (61 8) 9355 0123 Fax: (61 8) 9355 1484 [email protected] www.mountburgess.com
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