Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

VERITY RESOURCES LIMITED Capital/Financing Update 2015

Oct 6, 2015

66020_rns_2015-10-06_b21f81d6-8a69-4013-832b-4c9b96f054ae.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

ABN 96 122 995 073

==> picture [173 x 50] intentionally omitted <==

ASX Code: BML

TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE: 7 OCTOBER 2015

“THIS IS A PRIORITY ITEM”

DRILLING COMMENCES AT PL 59/2008 100% OWNED BY BML

PL 59/2008 (PL 59) MAIBELE NORTH EXTENSION:

  • ONE OF THREE PROSPECTS ON PL 59 CALLED “ MAIBELE NORTH EXTENSION ”, IDENTIFIED BY SQUID EM AND VTEM SURVEYS, HAS BEEN SELECTED FOR AN INITIAL THREE HOLE RC DRILL PROGRAM.

  • THE PROGRAM WILL TARGET POTENTIAL NICKEL & COPPER SULPHIDE MINERALISATION EXPECTED AT A DEPTH OF ~ 165M BASED ON THE RECENTLY COMPLETED SQUID EM SURVEY. MAIBELE NORTH EXTENSION IS ONLY 4KM TO THE EAST OF THE MAIBELE NORTH JORC RESOURCE HELD BY BML AND JV PARTNER BCL LIMITED.

Media Statement: BML’s Chairman Mr Pat Volpe said

“Drilling at PL 59 on BML’s 100% owned Licence commences today. If the drilling intersects mineralisation, this will open up the potential for a substantial increase to the already known nickel mineralisation at Maibele North. A new project focus will be born for our company.”

The Board of Botswana Metals Limited is pleased to announce that the Company will today commence a drilling program on its 100% owned PL 59/2008. The program, consisting of three drill holes, will test one of its three prospects identified on PL 59 using SQUID EM conductor targets coincident with VTEM anomalies. Details of the program are given below.

Botswana Metals Limited

REGISTERED OFFICE Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected] www.botswanametals.com.au

==> picture [173 x 50] intentionally omitted <==

==> picture [70 x 7] intentionally omitted <==

----- Start of picture text -----

ABN 96 122 995 073
----- End of picture text -----

==> picture [381 x 186] intentionally omitted <==

Figure 1: Location of the PL 59/2008 proposed drill holes at Maibele North Extension and the prospects spatial relationship to the Maibele North orebody. Background = regional VTEM image.

Proposed Drill Program

An initial program of 3 drill holes for 775 metres of RC drilling is proposed to test the conductors at Maibele North Extension. These conductors rank as the highest priority targets due to:

  • Close proximity along strike to Maibele North.

  • Multiple conductors of increasing conductivity (to over 1500s).

  • Shallow depth (~165m).

  • Multiple targets of a cumulative strike of 900m – possibly indicates a large system with potential for numerous orebodies.

Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority		 Target
X
(UTM36)
Y
(UTM36)
ELEV
(m)
INCLINATION
AZI
DEPTH
(m)
Priority
Hole 1 636747 7597588 865 60 330 275 1
Hole 2 637432 7597918 865 60 330 250 1
Hole 3 638766 7598208 865 60 335 250 1 – Very Strong
Conductor

Table 1: Details of the proposed holes for Maibele North Extension.

Botswana Metals Limited

REGISTERED OFFICE Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected] www.botswanametals.com.au

==> picture [173 x 50] intentionally omitted <==

ABN 96 122 995 073

==> picture [452 x 235] intentionally omitted <==

Figure 2: Location of the PL 59/2008 prospects in relation to Maibele North and the interpreted Maibele North mineralised trend. Background is the regional VTEM image.

==> picture [451 x 237] intentionally omitted <==

Figure 3: Shows the potential strike length and its direction through BMLs 100% owned PL 59/2008. The three VTEM anomalies show up in red at Maibele North Extension and Mashambe.

Botswana Metals Limited

REGISTERED OFFICE Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected] www.botswanametals.com.au

ABN 96 122 995 073

==> picture [173 x 50] intentionally omitted <==

The market will be kept informed as the drilling results become available.

Patrick Volpe Chairman

The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation compiled by BML staff on site and provided to Mr Steve Groves who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Groves is a consulting geologist to BML and has previously been employed as the Exploration Manager at BML. Mr Groves 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 Exploration Results, Mineral Resources and Ore Reserves’. Mr Groves consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected] www.botswanametals.com.au

==> picture [173 x 50] intentionally omitted <==

==> picture [70 x 7] intentionally omitted <==

----- Start of picture text -----

ABN 96 122 995 073
----- End of picture text -----

APPENDIX 1 – JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

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.
Sample geochemical data referenced
in this release are from surface soil
sampling programs.

Where referenced, soil samples are
taken at regular spacing from an
appropriate grid across a
prospective area

The top 5cm of material above and
below the site must be removed to
avoid contamination issues. Samples
to be taken from the B horizon at
depths of approximately 30 - 45cm.

Soil is then taken from the bottom of
the pit and a 2Kg bulk sample
(approx.) will be taken at each site.
Sample preparation will vary from
project to project. Samples may be
sieved to separate the coarse and
fine fractions for analysis

The parameters describing this
sample location are collected on the
soil sample sheet and these must be
completed as fully as possible

The Sample_ID should be confirmed
with the sample location. The
Sample_ID must be written on the
outside of the kraft geochem packet.
A sample ticket must be dropped
into the geochem envelope.

The sample ticket tag must be
completed with the Data and Time of
Sampling and the person who
sampled. It must be completed in
PEN, not in pencil.

Do not wear jewellery.

All soil samples referenced in this
release were assayed at an
independent laboratory (ALS, South
Africa) via the AQUA-REGIA ACID
DIGESTION AND ICP-AES method
before interpretation
No new drilling has been referenced
in this release. Any reference to drill
holes relates to historic holes.

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected] www.botswanametals.com.au

==> picture [173 x 50] intentionally omitted <==

ABN 96 122 995 073

CRITERIA JORC Code Explanation Commentary
Drilling
techniques
Drill type (eg core, reverse circulation ,open-
hole hammer, rotary air blast, auger,
Bangka, sonic, etc.) 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.).		 No new drilling has been referenced
in this release. Any reference to drill
holes relates to historic holes.
Historic holes have been either NQ
core, HQ core or Reverse Circulation
percussion methods
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.		 No new drilling has been referenced
in this release. Any reference to drill
holes relates to historic holes.
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.		 No new drilling has been referenced
in this release. Any reference to drill
holes relates to historic holes.
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.		 No new drilling has been referenced
in this release. Any reference to drill
holes relates to historic holes.
For soil sampling:
o
The insertion of QA/QC samples
is undertaken. Blanks, standards
or field duplicates are added
approximately every twenty
samples. Good blank material is
pool filter sand. Low grade
standards are recommended over
high grade as the assay values
are likely to be at lower levels.
o
Field duplicates must be a
portion of a larger sample
collected in the field so as to
reflect a good reproducibility (i.e.
collect sample, sieve and split
into two samples, one original
and one duplicate).

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected]

www.botswanametals.com.au

ABN 96 122 995 073

==> picture [173 x 50] intentionally omitted <==

CRITERIA JORC Code Explanation Commentary
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 (e.g. standards, blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and precision
have been established.		 Any new soil results discussed in this
release have been analysed in the
field using a handheld XRF machine.
The details of the instruments used
include:
o
Olympus Innov-X Delta Premium
portable XRF analyzer is used
with a Rhenium anode in soil and
mines mode at a tube voltage of
40kV and a tube power of 200µA.
The resolution is around 156eV
@ 40000cps. The detector area is
30mm2 SDD2. A power source of
Lithium ion batteries is used. The
element range is from P (Z15 to U
(Z92). A cycle time of 120
seconds Soil Mode was used and
beam times were 40 seconds. A
propylene3 window was used. No
calibration factors were applied.
o
Blanks and standards are
analysed at after every 5th XRF
sample.
o
Surface XRF analysis of this type
is
used to determine element
anomalism relative to a regional
background. Concentrations are
c o n s i d e r e d
approximate only
and anomalism is determined as
statistically
relative
to
the
determined regional background
levels.
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.		 The data were examined by the senior
personnel on site.
The primary data were audited and
verified and then stored in a SQL
relational database.
No data have been adjusted..
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.		 The data were recorded in
longitude/latitudeWGS84.
The terrain is largely flat.
Soil sampling points and geophysical
survey lines are located on the
ground using a handheld GPS with an
accuracy of <5m
All historic drillholes have been
surveyed using DGPS with an
accuracy of <1m.
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
estimationprocedure(s) and classifications		 Soil Samples are typically taken from
a grid established over the
prospective area.
Sample lines are spaced is at an
interval deemed appropriate to cover
the features of interest (e.g. 200m or
100m)

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected]

www.botswanametals.com.au

ABN 96 122 995 073

==> picture [173 x 50] intentionally omitted <==

CRITERIA JORC Code Explanation Commentary
applied.

Whether sample compositing has
been applied.		 Sample spacing along lines is at an
interval deemed appropriate to cover
the features of interest (e.g. 50m
spacing)
Areas of anomalous response are
often followed up with infill soil
sampling lines between the original
lines(e.g.100m or 50m spacing)
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.		 Soil sample lines are generally
orientated perpendicular to the
geological or interpreted structural or
mineral trends of interest
Sample spacing along lines is at an
interval deemed appropriate to cover
the features of interest (e.g. 25m, 50m
or 100m spacing)
Sample
security
The measures taken to ensure sample
security.		 Samples were taken and transported
by BML personnel to the BML site
office Prior to analyses the samples
are locked in the BML office
Audits or
reviews
The results of any audits or reviews of
sampling techniques and data.		 The data were examined by the
independent consultant Mr. Steve
Groves of Perth in Australia and
considered appropriate

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections)

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 licence to
operate in the area.		 The results reported in this
Announcement are located in PL
59/2008 which is a granted
Exploration Licence held by African
Metals (Pty) Ltd, a 100% owned
subsidiary of Botswana Metals
Limited.
PL 59/2008 is 100% owned by African
Metals (Pty) Ltd and is not subject to
the Joint Venture agreement with BCL
Limited.
PL 59/2008 expires on 30 September
2016 and is currently in good
standing.
Exploration
done by other
parties		 - Acknowledgment and appraisal of
exploration by other parties.		 All interpretations and conclusions in
this announcement are based on
results generated by historic
exploration work conducted by Cardia
Mining and Botswana Metals.
Botswana Metals considers all
previous exploration work to have
been undertaken to an appropriate
professional standard.

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected]

www.botswanametals.com.au

ABN 96 122 995 073

==> picture [173 x 50] intentionally omitted <==

CRITERIA JORC Code Explanation Commentary
Geology - Deposit type, geological setting and style of
mineralisation.		 The Prospecting Licence PL 59/2008
is hosted within the Magogaphate
Shear Zone
-
a major geological
structural
feature,
generally
considered to mark the boundary
between the Archaean aged (>2.5
billion year old) Zimbabwean Craton
and the Limpopo Belt or Limpopo
Mobile Zone (LMZ). . The nickel-
copper deposits of Selebi Phikwe lie
within the northern part of the
Central Zone of the Limpopo Mobile
Belt,
whilst
the
nickel
copper
deposits of Phoenix, Selkirk and
Tekwane lie in the Zimbabwean
Craton. The Central Zone of the LMZ
comprises variably deformed banded
gneisses
and
granitic
gneisses,
infolded amphibolites and ultramafic
intrusions
that
that
have
the
potential to host Ni-Cu sulphide
mineralization.
Ni-Cu-PGE
mineralization at Maibele North and
Airstrip
copper
is
spatially
associated
with
an
ultramafic
intrusion.
Drill hole
Information		 - A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
oeasting and northing of the drill hole
collar
oelevation or RL (Reduced Level –
elevation above sea level in metres) of
the drill hole collar
odip and azimuth of the hole
odown hole length 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.		 N/A

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected] www.botswanametals.com.au

==> picture [173 x 50] intentionally omitted <==

ABN 96 122 995 073

CRITERIA JORC Code Explanation Commentary
Data
aggregation
methods		 - In reporting Exploration Results, weighting
averaging 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.		 N/A
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 (eg ‘down hole
length, true width not known’).		 N/A
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.		 Plan view and/or cross section maps
of the reported exploration results are
included in this announcement.
Balanced
reporting		 - 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.		 No grades or drill intercepts are
referred to in this announcement.
Reference is made to interpreted
geophysical and/or geochemical
anomalies that have been delineated
by relative comparisons to
background responses.
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.		 Interpretations in this release have
incorporated
data,
images
and
models from airborne and ground
geophysical surveying.
In 2011, a comprehensive helicopter-
borne VTEM (Versatile Time Domain
Electromagnetic)
Survey
was
undertaken across BML’s tenements
in Botswana
The survey included the collection of
EM, magnetic and terrain data.
Flight height - 75m
Line Spacing – 150m
Data
processing
and
model
construction was undertaken offsite
by consultant geophysicists
In 2015, ground geophysical surveys
were undertaken using the SQUID EM

Botswana Metals Limited

REGISTERED OFFICE Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected]

www.botswanametals.com.au

==> picture [173 x 50] intentionally omitted <==

ABN 96 122 995 073

CRITERIA JORC Code Explanation Commentary
technology. These were fixed loop
surveys
recommended
by
the
consultant
geophysicist.
All
processing and modelling of data was
completed off site by Cas Lotter of
Spectral
Geophysics,
Gaborone,
Botswana.
The details of the survey and loops
referred to in this document are:
o
SENSOR – Jena Jesse Deep 3
component SQUID
o
RECEIVER – Emit SMARTEM24
16 Channel
o
TRANSMITTER – Monex
Geoscope tx50
o
TRANSMITTER LOOP SIZE –
800m X 500m
o
LINE SPACING – 150m
o
LINE LENGTH – 1000m
o
STATION SPACING – 50m with
25m infill
o
TRANSMITTER BASE
FREQUENCY – 1 Hz
Further work - The nature and scale of 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.		 This announcement describes the
immediate work program for
BML’s regional exploration areas.
Early stage work such as
geological mapping, soil sampling
and ground geophysics will be
undertaken with a view to
generating drill targets in
prospective areas

Botswana Metals Limited

REGISTERED OFFICE

Suite 506, Level 5, 1 Princess Street Kew Vic Australia 3101 P: +61 3 9855 1885; F: +61 3 9855 2885 Email [email protected]

www.botswanametals.com.au

More from VERITY RESOURCES LIMITED

Regulatory Filings 2026
May 24
Regulatory Filings 2026
May 17
Regulatory Filings 2026
May 11
Interim / Quarterly Report 2026
Apr 28
Investor Presentation 2026
Apr 27
Major Shareholding Notification 2026
Apr 8
Regulatory Filings 2026
Apr 7
Capital/Financing Update 2026
Mar 31
Investor Presentation 2026
Mar 25
Capital/Financing Update 2026
Mar 22
View all filings →