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TIVAN LIMITED — Capital/Financing Update 2024
Nov 7, 2024
65967_rns_2024-11-07_0b099396-8f19-4450-9612-40dced07d632.pdf
Capital/Financing Update
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8 November 2024
Commencement of Drilling at the Speewah Fluorite Project
The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to advise that the Company’s first phase of drilling at the Speewah Fluorite Project in Western Australia (“Project”) has commenced, with contractor DDH1 Drilling beginning diamond drilling earlier this week.
The Speewah Fluorite Project is located 100km south of the port of Wyndham, and 110km south-west of Kununurra, in the Kimberley region of north-east Western Australia. The Project forms part of the broader Speewah Project, which covers an area of 226km[2] . In July 2024, the Company completed a Pre-Feasibility Study (“PFS”) for the Project for a mining and processing operation of fluorite ore to produce acid grade fluorspar, confirming the technical and economic robustness of the Project on the basis of the PFS assumptions (see ASX announcement of 30 July 2024).
Tivan has developed a detailed phased drill plan for the Speewah Fluorite Project, including exploration, resource extension, metallurgical testwork, geotechnical and hydrogeological drilling (see ASX announcement of 18 September 2024). Tivan commenced ground-disturbing works to facilitate the drill plan three weeks ago (see ASX announcement of 11 October 2024).
The first phase of drilling is prioritising metallurgical testwork drilling, with up to eleven diamond drill holes planned across the existing resource to provide core sampling for further testwork in support of the next stage of Project development and resource management following completion of the PFS. Metallurgical testwork will provide essential data on ore characteristics and will be used to provide ongoing assurance of ore quality, ensuring the Project’s operational efficiency and attainment of product specifications. Images of the core returned from the first drill hole along with geological descriptions and data are provided below.
The Speewah Fluorite Project hosts a JORC compliant Indicated and Inferred Resource of 37.3 million tonnes at 9.1% CaF2 (at a 2% CaF2 cut-off grade) for 3.39 million tonnes CaF2 (see ASX announcement of 22 April 2024). The Resource includes a high-grade component of 8.6 million tonnes at 22.8% CaF2 (at a 10% CaF2 cut-off grade) for 1.95 million tonnes CaF2. Refer to Annexure A for details of the Speewah Fluorite Project Mineral Resource estimate.
Comment from Tivan Executive Chairman
Mr Grant Wilson commented:
“Tivan is delighted to have commenced the drill campaign at the Project well ahead of the arrival of the wet season. With the ongoing support of DDH1 and Ngarranggarni Civil and Mining, we are making excellent progress.
The timely commencement of the drill campaign is highly supportive of our Project schedule and has been well received by Sumitomo Corporation, our Strategic Alliance partner for the Speewah Fluorite Project.”
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DDH1 diamond drill rig
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Diamond drilling in progress
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Setting up for diamond drill hole
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Diamond drilling in progress
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**Diamond Core Image 1 ***
Significant fluorite veining in sandstone with silicic alteration and brecciation
Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz, silica
Interval: 65.2m – 67.4m (drill hole SFM24017)
Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data
**Diamond Core Image 2 ***
Fluorite vein intercept displaying fluorite mineralisation of multiple colours. Sulphides present as well as brecciation of host sandstone lithology.
Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz, silica
Interval: 54.35m – 54.55m (drill hole SFM24017)
Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data
* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
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Diamond Core Image 3
Brecciated sandstone with minor fluorite veining ~2cm in width.
Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz
Interval: 68.0m – 68.27m (drill hole SFM24017)
Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data
**Diamond Core Image 4 ***
Fluorite vein intercept displaying fluorite mineralisation of multiple colours. Sulphides present as well as brecciation of host sandstone lithology. Quartz crystal growth present.
Minerals observed: fluorite, chalcopyrite, hematite, calcite, quartz
Interval: 49.10m – 49.25 (drill hole SFM24017)
Refer to Table 1 below for an estimate of the abundance of minerals observed; and Table 2 for drill collar data
* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
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| Hole ID | From (m) |
To (m) |
Width (m) |
Mineralisation | Visual **Estimate (%) *** |
|---|---|---|---|---|---|
| SFM24017 | 40.5 | 42.0 | 1.5 | Fluorite | 30 |
| 42.0 | 44.5 | 2.5 | Fluorite | 10 | |
| 44.5 | 49.2 | 4.7 | Fluorite | 5 | |
| 50.4 | 57.2 | 6.8 | Fluorite | 5 | |
| 64.0 | 70.0 | 6.0 | Fluorite | 20 |
Table 1 - Mineralised intervals for the first drill hole (SFM24017) (intervals are down hole length, true width not known)
* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
| Hole ID | Easting | Northing | Azimuth | Dip | Depth (m) | Locality |
|---|---|---|---|---|---|---|
| SFM24017 | 390,870.5 | 8,185,688.7 | 289 | -60 | 80 | Speewah Fluorite Project |
Table 2 - Drill collar data
Tivan is planning to send samples from the first phase of the drill program in batches to an assay laboratory in Perth. The timing of dispatch and expected receipt of assays depends upon progress achieved with the drill program and is subject to weather-related risks. On baseline scheduling, Tivan expects to report assay results in December and January.
This announcement has been approved by the Board of the Company.
Inquiries:
Nicholas Ong
Company Secretary: + 61 8 9486 4036 Email: [email protected]
Elena Madden
True North Strategic Communication (Darwin): + 61 8 8981 6445 Email: [email protected]
Ends
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Competent Person’s Statement
Tivan’s exploration activities, including for the Speewah Project, are being overseen by Mr Stephen Walsh (BSc). The information that relates to exploration results in this announcement is based on and fairly represents information and supporting documentation prepared and compiled by Mr Walsh, a Competent Person, who is the Chief Geologist and an employee of Tivan, and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Walsh has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Mr Walsh consents to the inclusion in this announcement of the matters based on information compiled by him in the form and context which it appears.
Speewah Fluorite Project – Production Target and Forecast Financial Information
This announcement includes information extracted from the Company’s ASX announcement entitled “Pre-Feasibility Study for Speewah Fluorite Project” dated 30 July 2024 in relation to a production target and forecast financial information disclosed in the Pre-Feasibility Study (“PFS”) for the Speewah Fluorite Project. A copy of this announcement is available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target disclosed in the announcement dated 30 July 2024 and titled “Pre-Feasibility Study for Speewah Fluorite Project” continue to apply and have not materially changed.
Speewah Fluorite Mineral Resource
The information in this announcement related to the Speewah Fluorite Mineral Resource estimate is extracted from an ASX announcement entitled “Tivan Upgrades Resource Estimate - Speewah Fluorite Project” and is dated 22 April 2024 and is available to view at www.tivan.com.au/investors/asx-announcements and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement, and, in the case of the estimate of the Mineral Resource, that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
Forward Looking Statement
This announcement contains certain “forward-looking statements” and comments about future matters. Forwardlooking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “estimate”, “target”, “outlook”, and other similar expressions and include, but are not limited to, the timing, outcome and effects of exploration, test work, future studies, project development and other work. Indications of, and guidance or outlook on, test results, future earnings, financial position, performance of the Company or global markets for relevant commodities are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this announcement speak only as of the date hereof, are preliminary views and are based on assumptions and contingencies subject to change without notice. Forward-looking statements are provided as a general guide only. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors and may involve significant elements of subjective judgement and assumptions that may cause actual results, performance and achievements to differ. Except as required by law the Company undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements in the future, regardless of whether new information, future events or results or other factors affect the information contained in this announcement.
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Annexure A - Speewah Fluorite Project Mineral Resource
The Speewah Fluorite Mineral Resource estimate set out below in Table 1 was released in an ASX Announcement entitled “Tivan Upgrades Resource Estimate - Speewah Fluorite Project” on 22 April 2024 in accordance with the JORC Code (2012). The Mineral Resource estimate was completed by SRK Consulting (Australasia) Pty Ltd.
Table 1 - Speewah Fluorite Mineral Resource 2024 (source: SRK)
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1. Differences in totals may occur due to rounding
2. The 2% cut off is based on a USD600 Fluorite (CaF2) average price from Q1 2024 and Revenue Factor of 1.5
3. The 2% cut off Mineral Resource is inclusive of the 10% High Grade resource
4. The Mineral Resource is reported within a constraining Revenue Factor 1.5 pit shell based on a USD600 Fluorite price
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Annexure B - JORC Code, 2012 Edition: Table 1 Report
| SECTION 1 SAMPLING TECHNIQUES AND DATA | SECTION 1 SAMPLING TECHNIQUES AND DATA | SECTION 1 SAMPLING TECHNIQUES AND DATA | ||
|---|---|---|---|---|
| Criteria | JORC Code explanation | Commentary | ||
| Sampling | • | Nature and quality of | • | The diamond drill core was PQ in this drilling program. |
| techniques | sampling (eg cut channels, | • | Diamond core sample intervals are quickly logged for lithology and photographed | |
| random chips, or specific | and placed into numbered trays before shipping to ALS Perth laboratory for | |||
| specialised industry standard | sampling. | |||
| measurement tools | • | Mineralisation was determined using lithological changes. | ||
| 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. | ||||
| Drilling | • | Drill type (eg core, reverse | • | Diamond drilling contractor for Tivan Limited’s drilling program is DDH1. |
| techniques | circulation, open-hole | • | The diamond drill core is PQ sized. | |
| hammer, rotary air blast, | • | All core is oriented. | ||
| auger, Bangka, sonic, etc) | • | All drilling was commissioned and managed by Tivan Limited. | ||
| and details (eg core diameter, | ||||
| triple or standard tube, depth | ||||
| of diamond tails, face- | ||||
| sampling bit or other type, | ||||
| whether core is oriented and | ||||
| if so, by what method, etc). | ||||
| Drill sample | • | Method of recording and | • | Core loss was measured for each drilling run and recorded. |
| recovery | assessing core and chip | • | Recoveries were determined to be very good. | |
| sample recoveries and results | • |
The core has not yet been sampled for analysis, no assays have been received from | ||
| assessed. | the drilling program. | |||
| • | Measures taken to maximise | |||
| sample recovery and ensure |
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| 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. | ||||
| Logging | • | Whether core and chip | • | The core was logged to a level consistent with industry standards and appropriate |
| samples have been | to support Mineral Resource estimation. | |||
| geologically and | • | Logging is both qualitative and quantitative. | ||
| geotechnically logged to a | • | 100% of the drill core sampled by Tivan Limited has been logged. | ||
| 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. | ||||
| Sub-sampling | • | If core, whether cut or sawn | • | The core has not yet been sampled for analysis; no assays have been received from |
| techniques and | and whether quarter, half or | the drilling program. | ||
| sample | all core taken. | |||
| preparation | • | 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 maximize | ||||
| 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. | ||||
| Quality of | • | The nature, quality and | • | The core has not yet been sampled for analysis; no assays have been received from |
| assay data and | appropriateness of the | the drilling program. | ||
| laboratory tests | assaying and laboratory | |||
| procedures used and whether | ||||
| the technique is considered | ||||
| partial or total. |
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| • | 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) and precision have | ||||
| been established. | ||||
| Verification of | • | The verification of significant | • | The core has not yet been sampled for analysis; no assays have been received from |
| sampling and | intersections by either | the drilling program. | ||
| assaying | 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. | ||||
| Location of | • | Accuracy and quality of | • | Drill collars have been located by handheld GPS. |
| data points | surveys used to locate drill | • | The adopted grid system is GDA 94 Zone 52. | |
| 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. | ||||
| Data spacing | • | Data spacing for reporting of | • | Data spacing is between 10 m and 80 m along strike at surface and between 20 m |
| and distribution | Exploration Results. | and 80 m at 100 m depth. Veins have also been intersected an at a depth of 400 m | ||
| • | Whether the data spacing | in approximately 1 km spaced drilling. 80 m strike spacing is sufficient to establish | ||
| and distribution is sufficient to | Inferred continuity. 40 m is typical of Indicated material. No Measured Resource has | |||
| establish the degree of | been allocated. | |||
| geological and grade | • | Data reporting in this announcement is not being utilised to establish geological or | ||
| continuity appropriate for the | grade continuity for the purposes of Mineral Resource and Ore Reserve estimation. | |||
| Mineral Resource and Ore | No data is currently applied for these estimation procedures or classifications. | |||
| Reserve estimation | ||||
| procedure(s) and | ||||
| classifications applied. | ||||
| • | Whether sample compositing | |||
| has been applied. | ||||
| Orientation of | • | Whether the orientation of | • | Holes are typically drilled oriented across the strike of the sub-vertical mineralisation |
| data in relation | sampling achieves unbiased | intersecting at dip angles between 10 and 70 degrees. | ||
| to geological | sampling of possible | • | The relationship between the drilling orientation and the orientation of key | |
| structure | structures and the extent to | mineralised structures is not considered to have introduced a sampling bias. |
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| 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. | ||||
| Sample | • | The measures taken to | • | The core samples will be sent to ALS Perth by courier where they will be cut and |
| security | ensure sample security. | sampled then assayed. | ||
| • | Core is currently stored on site within the confines of the secure camp. | |||
| Audits or | • | The results of any audits or | • | No external audits have been completed. |
| reviews | reviews of sampling | |||
| techniques and data. | ||||
| SECTION 2 REPORTING OF EXPLORATION RESULTS | ||||
| Criteria | JORC Code | Commentary | ||
| explanation | ||||
| Mineral | • | Type, reference | • | The Speewah Project comprises two Exploration Licences (E80/2863, E80/3657), |
| tenement and | name/number, location and | three Mining Leases (M80/267, M80/268, M80/269) and two Miscellaneous | ||
| land tenure | ownership including | Licences (L80/43, L80/47). The tenements are 100% owned by Speewah Mining | ||
| status | agreements or material | Pty Ltd (a wholly owned subsidiary of Tivan Limited), and are located over the | ||
| issues with third parties such | Speewah Dome, 100 km SW of Kununurra In the East Kimberley. The drilling | |||
| as joint ventures, | described in this announcement was completed on M80/269. The tenements are in | |||
| partnerships, overriding | good standing and no known impediments exist. An application for extension of the | |||
| royalties, native title interests, | term of E80/2863 is in progress. | |||
| 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 | ||||
| licence to operate in the area. | ||||
| Exploration | • | Acknowledgment and | • | The deposit has been explored by numerous parties from 1970 to the present. A |
| done by other | appraisal of exploration by | comprehensive record of this exploration is contained in the Western Australian | ||
| parties | other parties. | department of Energy, Mines, Industrial regulation and Safety – online systems | ||
| Mineral exploration reports (WAMEX) at https://www.dmp.wa.gov.au/WAMEX- | ||||
| Minerals-Exploration-1476.aspx. | ||||
| • | The most significant of these companies are: | |||
| - Great Bounder Mines / North Kalgoorlie Mines |
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| - Elmina N.L. |
||||
| - Speewah Resources |
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| - Doral Resources |
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| - NiPlats |
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| - King River Copper |
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| Geology | • | Deposit type, geological | • | The Greenvale Fault forms the eastern margin of the Kimberley Block and consists |
| setting, and style of | of a series of intersecting faults. Fluorite mineralisation is mainly hosted by north | |||
| mineralisation. | northeast and north trending faults within the Greenvale Fault, with minor | |||
| occurrences along north trending normal faults within the Speewah Dome. The | ||||
| Early Proterozoic, Valentine Siltstone and Lansdowne Arkose of the Speewah | ||||
| Group host most of the mineralisation and outcrop as linear north northeast trending | ||||
| ridges. These sediments dip 10° to 20° to the SE. The other major unit exposed in | ||||
| the core of the dome is the Hart Dolerite (1703 Ma), which was emplaced as a sill | ||||
| predominantly within the Valentine Siltstone. | ||||
| • | The predominantly white fluorite mineralisation occurs mainly within tabular steeply | |||
| dipping veins showing very good strike continuity often over several hundred metres | ||||
| in length. The veins range in thickness from less than 1 m to 15 m, often flanked by |
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| lower grade stockwork and stringer veins, forming an overall envelope up to 50 m | |||||
|---|---|---|---|---|---|
| wide. | |||||
| • | The fluorite veins have been mapped in three prospect areas known as Main Zone, | ||||
| West Zone and Central Zone over an area of approximately 160 km2. Potential also | |||||
| exists under soil covered areas and in steep topographical areas within the district. | |||||
| In the Main Zone, at least nine fluorite vein sets have been mapped over a strike | |||||
| length of 8 km. | |||||
| • | The following description is after Crossing 2004 and SRK’s observations concur with | ||||
| the various mineralisation settings described. | |||||
| • | Fluorite is associated with quartz-feldspar veining but is younger. It occurs in the | ||||
| various settings previously discussed: | |||||
| • | Large, persistent veins occupying the main northerly and northeasterly trending | ||||
| structures. | |||||
| • | Fault breccias and brecciated veins occupying the main structures. | ||||
| • | Stockworks and breccias hosted preferentially by the sandstone and to a lesser | ||||
| extent by the dolerites adjacent to the main structures. | |||||
| • | En-echelon vein sets trending northwest between structures. | ||||
| • | En-echelon vein set trending northeast (rare). | ||||
| • | Thin persistent veinlets following jointing mainly in the siltstones (rare). | ||||
| • | Thin persistent veinlets following bedding planes in the siltstones (rare). | ||||
| • | The larger veins range in thickness up to 15 metres and are up to 800 m long. They | ||||
| have similar persistence down-dip within the faults and have been intersected in | |||||
| several holes as deep as 400 m below surface, albeit it only in the order of 0.5 m | |||||
| wide at that depth. | |||||
| • | The stockworks tend to occur adjacent to the main faults and are dominantly hosted | ||||
| by the brittle sandstone unit, although reasonable stockwork veining sometimes | |||||
| occurs in the dolerites. Best fluorite intersections occur where the main northerly | |||||
| trending faults contain fluorite in the form of veins and breccias, and the adjoining | |||||
| wall rocks (usually hanging wall) contain sandstone hosted stockwork veining. The | |||||
| en-echelon vein systems usually have a lower density of veining than the stockwork | |||||
| and hence a lower fluorite grade globally. | |||||
| • | The fluorite veins are younger and crosscut the earlier quartz-feldspar veins, as | ||||
| seen in the photo above. They also often form co-axially in the centre of the quartz- | |||||
| feldspar veins, and as vugh fill within them and in the matrix of quartz-feldspar vein | |||||
| breccia. Later carbonate veins crosscut all earlier features. Carbonate and quartz | |||||
| also infill voids in the fluorite veins, and occasionally quartz veinlets cut across | |||||
| fluorite veins. The fluorite is dominantly green to whitish in colour with less common | |||||
| purple coloured fluorite. In outcrop it weathers to a grey-white colour. It is generally | |||||
| coarsely crystalline often with euhedral crystals infilling open spaces. The green- | |||||
| coloured fluorite appears to be younger than the purple-coloured variety. | |||||
| Drill hole | • | A summary of all information | |||
| Information | material to | the understanding | |||
| of the exploration results | |||||
| including a | tabulation of the | ||||
| following information for all | |||||
| Material drill holes: | |||||
o |
easting and | ||||
| northing of the drill | |||||
| hole collar | |||||
o |
elevation or RL | ||||
| (Reduced Level – | |||||
| elevation above | |||||
| sea level in | |||||
| metres) of the drill | |||||
| hole collar | |||||
o |
dip and azimuth of | ||||
| the hole |
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odown hole length |
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|---|---|---|---|---|
| and interception | ||||
| depth | ||||
ohole 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. | ||||
| Data | • | In reporting Exploration | • | No assays have been received at date of publication of this release. |
| aggregation | Results, weighting averaging | |||
| methods | techniques, maximum and/or | |||
| minimum grade truncations | ||||
| (eg 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. | ||||
| Relationship | • | These relationships are | • | No assays have been received at date of publication of this release. |
| between | particularly important in the | |||
| mineralisation | reporting of Exploration | |||
| widths and | Results. | |||
| intercept | • | If the geometry of the | ||
| lengths | 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 | ||||
| (eg ‘down hole length, true | ||||
| width not known’). | ||||
| Diagrams | • | Appropriate maps and | • | No new drilling is reported in this release. |
| 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. |
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| Balanced | • | Where comprehensive | • | No assays have been received at date of publication of this release. |
|---|---|---|---|---|
| reporting | 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. | ||||
| Other | • | Other exploration data, if | • | All relevant data is included in the body of the announcement. |
| substantive | meaningful and material, | |||
| exploration | should be reported including | |||
| data | (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. | ||||
| Further work | • | The nature and scale of | • | See body of announcement. |
| planned further work (eg 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. |
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