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VERITY RESOURCES LIMITED — Capital/Financing Update 2022
May 10, 2022
66020_rns_2022-05-10_2d594e38-145e-4c1c-87c4-ce122fedd1b1.pdf
Capital/Financing Update
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ASX Code: Si6
ASX Announcement
11 May 2022
COMMENCEMENT OF DRILLING AT MONUMENT GOLD PROJECT
Si6 Metals Limited (“ Si6 ” or the “ Company ”) is please to report that aircore (AC) drilling has commenced at its 100% owned Monument Gold Project (MGP), Western Australia, with completion expected later in May.
The drilling program is the second round of AC following on from the success of the initial phase of drilling undertaken in late 2021. The initial phase of AC drilling tested 26 out of approximately 60 intrusive targets with 18 of these confirmed as fractionated, felsic intrusives prospective for bulk tonnage gold mineralisation. A number of mineralised felsic intrusives are located along strike of the MGP and within the Laverton Tectonic Zone and include Wallaby (~7Moz), Jupiter (~1.5Moz) and Cameron Well (0.25Moz).
The current phase of drilling consists of 140 holes for an estimated 5,000m across five target areas which includes the high priority Korong and Aermotor felsic intrusive targets (see ASX release dated March 29, 2022 “AC Drilling Identifies Numerous Intrusive Gold Targets at Monument Project, Western Australia). In addition, structural targets at Triton, North Well and Celia will also be tested in the current program (Figures 1 and 2).
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Figure 1. Air core drilling at the Korong felsic intrusive target.
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Figure 2. Location of Monument Gold project showing tenement areas and drill targets.
Intrusion Targets
Drilling at Korong and Aermotor will follow-up on anomalous gold intersected in the 2021 aircore drilling program which included 4m @ 1.38g/t Au and 4m @ 0.19g/t Au at Korong and 4m @ 0.44g/t Au at Aermotor. Analysis of the end of hole multielement geochemical data from each of these targets further confirmed that they are fractionated, felsic intrusives with the Korong intrusive belonging to the sanukitoid suite of evolved intrusive rocks similar to that which also hosts De Grey Mining Limited’s (ASX:DEG) ~7Moz Hemi discovery making it a high priority target.
Drilling at the Korong intrusive target is specifically designed to test the western intrusive contact where an interpreted, regional, north-south trending fault structure traverses the contact whereas drilling at Aermotor will target the lithological boundary between black shale sediments and mafic volcanics where mineralised quartz veining was intersected in the first round of AC drilling.
Structural Targets
Several high priority structural targets will also be tested in the current drilling program to assess the large pipeline of untested structural targets currently existing in the Company database. Many of these are situated along major regional, mantle tapping structures such as the Celia fault, occur largely under cover and have not seen any prior surface exploration or drilling.
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The Triton prospect which is located south of the Korong-Perseverance Corridor comprises a northeast trending structure which offsets mafic and sedimentary rocks and occurs in a favourable structural setting to host high-grade gold mineralisation.
The North Well prospect occurs along a major northwest trending regional structure and comprises a number of northeast trending offsets with a similar orientation to the Triton Prospect and also has the potential to host high-grade gold mineralisation.
The Celia Prospect consists of a number of north-south offsets which cross-cut the regional Celia fault and occur at the contact between the Murrin Murrin Domain and the main greenstone belt which traverses the Monument Gold Project.
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Figure 3. Location of Monument Gold Project.
Monument Gold Project, Western Australia, Resource Information
A JORC-compliant (2012) Inferred Resource was calculated at Korong and Waihi by CSA Global Pty Ltd in 2021 (see Table 2) using a 0.5g/t cut-off grade. See the ASX announcement on 2 August 2021 “Mineral Resource Estimate Declared for Monument Gold Project” for further information.
| Korong Resource | Korong Resource | ||
|---|---|---|---|
| Deposit | Tonnes | Grade(g/t) | Au Ounces |
| Korong | 3,034,000 | 1.4 | 139,000 |
| Waihi | 223,000 | 2.1 | 15,000 |
| Total Resource | 3,257,000 | 1.4 | 154,000 |
Table 2 : Inferred Resource calculated by CSA Global in 2021 to JORC 2012 compliance
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Competent Persons Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on recent and historical exploration information compiled by Mr Michael Jackson, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Jackson is a consultant to Si6 Metals Limited. Mr Jackson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Jackson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Disclaimer
In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above announcement. No exploration data or results are included in this document that have not previously been released publicly. The source of all data or results have been referenced.
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Si6’s mineral properties, planned exploration program(s) and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward looking statements. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
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ASX C ODE: Si6
This announcement has been approved for release by the Executive Chairman of Si6 Metals Ltd, Mr Patrick Holywell.
For further information please contact:
Patrick Holywell Executive Chairman T: +61 (0)8 6559 1792 [email protected]
Victoria Humphries Investor Relations M: +61 (0)431 151 676 [email protected]
DIRE CTORS
Patrick Holywell Executive Chairman
Steve Groves Technical Director
Joshua Letcher
Non-Executive Director
Mauro Piccini Company Secretary
CONTACT
Suite 11, 23 Railway Subiaco WA Australia 6008
+61 (0)8 6559 1792
[email protected] si6metals.com
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