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WEEBIT NANO LTD Regulatory Filings 2014

Apr 1, 2014

66042_rns_2014-04-01_ce1f2e5d-ab10-4432-91e8-f0351686f04e.pdf

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Brazilian Iron Ore Project - Update 6

  • Highly Encouraging ground magnetic data

  • New Rock Chip Assays Received

  • Drill Planning progressing

Radar Iron Ltd (ASX: RAD) is preleased to provide investors with an update of exploration at its Uruara Iron Ore project in northern Para State, Brazil. Recent work at the project includes:

ACN 146 455 576

ASX Release

2 April 2014

Suite 7, 55 Hampden Rd Nedlands WA 6009 PO BOX 994 Subiaco WA 6904

P + 61 8 9389 9919 F + 61 8 9389 0576 E [email protected] W www.radariron.com.au

  • Ground magnetic survey. Results showed a very good correlation between magnetic signature and mapped outcrop, and suggest a high degree of continuity under cover along and across strike for the iron ore mineralisation.

  • Geological mapping and sampling. The assay results are consistent with other sampling programmes and continue to indicate the potential for high grade DSO grade mineralisation. Further outcrop has been identified and extensions into the forested areas confirmed.

The results of the magnetic survey and further assay results are considered highly significant and clearly indicate that drill testing is warranted. The widths and continuity indicated for the mineralisation increases the potential for substantial zones of mineralisation to be defined.

Contact:

Jonathan Lea Managing Director E [email protected]

Damon Sweeny Company Secretary E [email protected]

Directors:

Alan Tough - Chairman Jonathan Lea - Managing Director Ananda Kathiravelu - Non-Executive

Issued Capital:

81,340,070 Ordinary Shares 7,675,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

Identification of drilling rig options continued with the preference being for man-portable diamond core rigs which will be suitable for both the open farm land and partially forested areas. Selection of a drilling contractor is expected in April with a nominal start date for drilling in May.

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Figure 1: Project Location

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Brazil Update 6

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Figure 2: Tenement Location plan and current activity

Ground Magnetic Survey

The ground magnetic survey was completed in February/March on 100 or 200m line spacing over the existing identified zones of mineralisation.

As much of the project area is covered by a thin veneer of soil, long grass or scrub the actual width and continuity of the interpreted zones of mineralisation had not been defined. The ground magnetic survey was deemed to be a cost effective way to assist in this process and to determine the effectiveness of the method in the event later airborne surveys are considered.

The magnetic survey was limited to the areas of open farm land and regrowth Cacão plantation and did not extend to cover the areas of high grade iron mineralisation that has been identified in the forest areas on the lease.

The ground magnetic response has shown excellent correlation with mapped outcrop of high grade iron mineralisation and demonstrating that the mapped trends do indeed continue under cover along strike and are potentially significantly wider than previously estimated. This outcome is considered highly significant and increases the potential for substantial zones of mineralisation to be identified.

The Cacao Prospect in particular (Figure 5) appears to be over 1km in length with a width of several hundred metres and has potential for extension to the north.

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Brazil Update 6

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

Jacare Prospect
Limao Prospect
Cacao Prospect
----- End of picture text -----

Figure 3: Magnetic coverage and Prospect Location plan – southern part of EL 850.245

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Figure 4: Magnetic Image and Assay results – Limao and Jacare Prospects Recent Assays - pink dots

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Brazil Update 6

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Brazil Update 6

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Mapping and Rock Chip Sampling

To facilitate access for the geophysical crew through long grass and scrub, N-S survey lines were cut across the known areas of iron ore out-crop. The resulting exposure from this systematic gridding enabled greater coverage of areas that had been mapped previously. More outcrop was identified than previously located providing indications of greater continuity and potential width than previously recognised.

A total of 27 samples were submitted to the laboratory for analysis, taken from all the prospects and in various lithological units (Table 1). In the results taken from massive hematite or magnetite mineralisation (17 samples) the iron grade averages 61.4% Fe with low contaminant levels. In the both the western Limão and Jacaré trends and the Cacão prospect, mapping has significantly increased the lateral footprint of high grade outcrop from previous mapping phases.

Table 1. Rock Sample assay results (South American 1969 datum, Zone 22S)

Sample ID East North Al2O3% CaO% Fe% K2O% LOI% MgO% MnO% Na2O% P% SiO2% TiO2%
SU-0034 227101 9603298 1.79 0.05 57.86 0.01 10.05 0.10 0.10 0.10 0.06 4.80 0.03
SU-0035 227002 9603304 0.79 0.07 62.14 0.01 5.82 0.10 0.07 0.10 0.05 3.97 0.02
SU-0036 227008 9603404 0.74 0.05 64.68 0.01 2.91 0.10 0.06 0.10 0.05 3.58 0.01
SU-0037 227043 9603563 5.50 0.02 50.81 0.04 11.28 0.10 0.36 0.10 0.21 8.56 1.07
SU-0038 227017 9603658 4.71 0.04 35.11 0.03 6.03 0.10 0.80 0.10 0.08 37.91 0.30
SU-0039 227042 9603809 1.07 0.29 60.43 0.11 3.92 0.10 0.10 0.13 0.03 7.75 0.04
SU-0040 227406 9603241 2.15 0.04 50.89 0.01 9.09 0.10 0.10 0.10 0.21 14.90 0.17
SU-0041 227386 9603272 0.83 0.05 62.05 0.01 6.34 0.10 0.06 0.10 0.05 3.50 0.01
SU-0042 227392 9603327 1.93 0.21 57.28 0.03 4.99 1.00 0.35 0.10 0.20 9.11 0.08
SU-0043 227459 9602853 13.16 0.02 39.95 0.02 11.69 0.10 0.03 0.10 0.16 16.22 1.28
SU-0101 223600 9603328 1.79 0.54 57.59 0.09 2.88 0.23 0.26 0.17 0.03 11.34 0.05
SU-0102 223595 9603414 2.39 0.40 59.64 0.09 4.48 0.23 0.17 0.15 0.03 6.83 0.10
SU-0103 223410 9603170 0.42 0.39 64.86 0.02 1.70 0.26 0.04 0.12 0.02 4.38 0.01
SU-0104 224407 9603605 0.20 0.07 32.22 0.01 3.51 0.10 0.02 0.10 0.01 50.09 0.01
SU-0105 224438 9603583 0.18 0.03 49.83 0.01 6.04 0.10 0.02 0.10 0.01 22.50 0.01
SU-0106 224598 9603383 0.37 0.03 37.26 0.01 3.54 0.10 0.12 0.10 0.01 42.72 0.01
SU-0107 224203 9604617 1.23 0.05 57.47 0.01 8.11 0.10 0.19 0.10 0.06 7.79 0.05
SU-0108 226691 9603199 0.34 0.08 66.39 0.01 2.48 0.17 0.07 0.10 0.02 1.58 0.01
SU-0109 223971 9603671 1.28 0.04 52.82 0.01 5.06 0.10 0.73 0.10 0.02 16.91 0.03
SU-0112 227291 9603393 1.32 0.07 63.79 0.02 3.64 1.52 0.13 0.10 0.05 2.08 0.05
SU-0113 227304 9603486 0.68 0.03 62.06 0.01 7.50 0.10 0.11 0.10 0.06 2.63 0.01
SU-0114 227506 9603544 0.39 0.04 51.09 0.01 8.20 0.10 0.18 0.10 0.01 17.97 0.02
SU-0115 226692 9603545 1.97 0.41 59.87 0.09 5.23 0.10 0.38 0.17 0.02 6.06 0.07
SU-0116 224301 9603797 0.18 0.28 59.84 0.14 0.70 0.14 0.07 0.13 0.01 12.72 0.01
SU-0117 224623 9603265 0.50 0.37 65.56 0.03 1.16 0.37 0.09 0.10 0.02 3.61 0.01
SU-0118 224780 9603596 0.61 0.03 45.54 0.01 7.85 0.10 0.30 0.10 0.01 25.98 0.03
SU-0119 224755 9604815 0.47 0.03 62.45 0.01 7.47 0.10 0.03 0.10 0.07 2.54 0.01

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Jacare Prospect
Cacao Prospect
----- End of picture text -----

Figure 6: Assay results and interpreted mineralisation – Limao and Jacare Prospects

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Brazil Update 6

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Cacao Prospect
----- End of picture text -----

Figure 7: Assay results and interpreted mineralisation – Cacao Prospect

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Brazil Update 6

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Yours faithfully,

For and on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

COMPETENT PERSON’S STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Mr Jonathan Lea, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lea is a full-time employee of Radar Iron Ltd and 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 Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lea consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

PREVIOUS RESULTS

There is information in this announcement relating to surface sampling assays completed in two sampling programmes in 2013. These were detailed in ASX releases and available to view on the Company’s website www.radariron.com.au. The ASX releases were:

1. “Brazilian Iron Ore Project – Update 1” on 18/11/2013 and

2. “Brazilian Iron Ore Project – Update 2” on 15/01/2014

3. “Brazilian Update – Uruara Project Option Exercise” on 21/01/2014

An Exploration Target was established previously for the mineralisation on the leases following assessment in 2013. This was detailed in an ASX release and is available to view on the Company’s website www.radariron.com.au. The ASX release was:

1. “Brazilian Iron Ore Project Acquired” on 13/11/2013

The potential quantity and grade for Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource.

As specified in the previous ASX release, the Exploration Target was based on surface mapping and interpretation along with widely spaced surface sampling results. Further work as outlined will include additional mapping and sampling, magnetic surveys and drill testing to validate the Exploration Target. This work should be completed in the first half of 2014.

The tonnage was estimated by assuming mineralised corridors averaging 200m wide to a depth of 5m with a length of 10km covered by the 3 corridors of mineralisation identified to date. A bulk density of 3.5 was applied to estimate tonnage. The range of tonnage was rounded off to 20-40Mt to indicate the uncertainty in this estimate. The grade was estimated using the average of the 16 ore grade assays results from the 24 samples taken that indicate ore grades will be approximately 62%Fe. The range was applied using practical knowledge of common maximum mined grades for iron ore deposits and a likely lower economic grade for extraction. The final grade will depend ultimately on the results obtained through drill testing and the economic cut off grade applied to any resource estimation.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the data in the relevant market 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.

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Brazil Update 6

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Project Background

The Uruara Project covers about 68,000Ha of tenements with excellent exploration potential for iron ore. Initial reconnaissance mapping and rock chip sampling have indicated the presence of substantial surface occurrences of high grade hematite and magnetite mineralisation. Trenching up to 4m deep indicates the mineralisation continues at least to that depth. Rock chip assay values are commonly above 60% Fe with low levels of contaminants.

The Project lies adjacent to the Amazon River with potential for iron ore shipment from a number of accessible ports where Panamax (60,000t) size vessels can be loaded.

  • The Uruara Project is located in Para State, Brazil, approximately 600km inland and approximately 7km from the major Trans Amazonian Highway with ready access to the Amazon River at several locations.

  • The project comprises 1 exploration license of approximately 10,000Ha hectares with a binding right to acquire 6 adjacent applications of 58,000Ha.

  • The project area is covered by a combination of heavily grassed open farm land and forest with sparse outcrop – drilling approvals are routine in this area.

  • Mapping surface sampling and trenching has been undertaken to date only on one of the seven licenses. No drilling or regional aeromagnetic data exists. The trenching suggests the mineralisation continues to at least 4m below surface.

  • Outcrops of massive high grade hematite and magnetite mineralisation have been identified which when joined together can be interpreted as forming continuous mineralised corridors.

  • Three main corridors have been identified to date forming zones 150-400m in width and up to several kilometres in length. The mineralisation commences at surface, extends to at least 4m depth.

  • Local prospectors have indicated that these zones continue eastward into the forest beyond the eastern margin of the EL, however as previously cut tracks had grown over, this could not be verified. More mapping is required to track the zones under forest cover and on the other tenements.

  • The weathering profile is thin, generally less than 1m, with limonite and detrital magnetite and iron grades appear to remain high. The fresh rock shows grades from 59% to over 65% Fe.

  • The ready identification of large areas of high grade massive iron ore at surface in a virgin area is considered highly encouraging and the potential to further extend the mineralised area is considered excellent.

  • Amazon Basin geological terrain – likely recrystallised and enriched sediments.

  • Numerous surface sampling assay results suggest high grade mineralisation grading above 60% Fe with low levels of impurities.

  • Using surface sampling and mapping data an exploration target for the high grade mineralisation is 20Mt-40Mt at 58-65% Fe has been estimated. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

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Brazil Update 6

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  • Should mining be possible, the proposed production route would involve onsite crushing and screening prior to the ore being trucked to a deep water river port for direct loading to Panamax (60,000t) vessels or via barge.

  • The Trans Amazonian Highway leads to the ports of Vitoria du Xingu and Santarem. Panamax size ships (~60,000t) can navigate the Amazon River in the area and there are numerous operating Panamax ports in the region.

  • Initial trial mining approvals for approximately 300,000tpa per lease may be obtained in Brazil normally after a six month to twelve month process.

  • High grade lump ores have a market in Brazil as well as internationally and can command a premium price on the world market.

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut •Sampling is of a prelim
techniques channels, random chips, or specific
specialised industry standard
and intended to asses
geological prospective
measurement tools appropriate to the region. These data ar
minerals under investigation, such as to be used in any Res
down hole gamma sondes, or handheld estimation.
XRF instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
•Sample are whole roc
isolated outcrop, gene
in weight
Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any
•Samples were genera
being likely to be of hi
measurement tools or systems used. •Sampling was not und
Aspects of the determination of
mineralisation that are Material to the
regular grid and was n
be representative of th
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 circulation, •No drilling completed
techniques 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).
  • Commentary • Sampling is of a preliminary nature and intended to assess the geological prospectively of the region. These data are not intended to be used in any Resource estimation.

  • Sample are whole rock samples of isolated outcrop, generally up to 1kg in weight

  • Samples were generally selected as being likely to be of high grade.

  • Sampling was not undertaken on a regular grid and was not intended to be representative of the subsurface.

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Criteria
JORC Code explanation
Commentary
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 drilling completed
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.
•Rock chips geologically logged to
assess composition and origin as
possible
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.
•Whole rock samples were delivered
to the preparation facility of Acme
Labs, in Belo Horizonte, Minas
Gerias State, Brazil, Samples, were
crushed, split and pulverized to 200
mesh before being homogenized and
sub sampled to ensure sample to be
assayed was representative of the
whole sample.
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
•After preparation, samples were
delivered to the Acme Labs
laboratory in Belo Horizonte, Minas
Gerias State, Brazil, for XRF
analysis.

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Criteria JORC Code explanation Commentary
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 The verification of significant •No verification completed
of sampling
and
intersections by either independent or
alternative company personnel.
assaying 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 surveys used •Outcrop location was determined by
data points to locate drill holes (collar and down-
hole surveys), trenches, mine workings
handheld GPS and thus likely to be
accurate to +-5m.
and other locations used in Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.
Data Data spacing for reporting of •Samples are randomly irregularly
spacing and Exploration Results. spaced.
distribution 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.
Orientation Whether the orientation of sampling •Outcrop is sparse and no information
of data in achieves unbiased sampling of is yet available related to possible
relation to
geological
possible structures and the extent to
which this is known, considering the
deposit type.
structures or trends
structure 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.

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Criteria JORC Code explanation Commentary
Sample The measures taken to ensure sample •Samples were kept in the possession
security security. of company staff and delivered in
person to the laboratory
Audits or The results of any audits or reviews of •No audits undertaken as yet
reviews sampling techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

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.
•Tenement numbers are shown.
•Radar has commenced a farm-in but at
the time of this announcement, has no
title to these tenements. Tenements
rights are secured under a farm-in
agreement with a Brazilian partner
Exploration
done by
other parties
Acknowledgment and appraisal of
exploration by other parties.
•Minor rock chip sampling and
trenching as detailed in the text above
Geology
Deposit type, geological setting and
style of mineralisation.
•Probably Phanerazoic Ironstone.
Genesis is unknown.
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:
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
o down hole length and interception
depth
o hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
•No drilling completed or existing

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Criteria JORC Code explanation Commentary
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
explain why this is the case.
Data In reporting Exploration Results, •All assay values reported, point assay
aggregation
methods
weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high grades)
data only – no aggregation
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 particularly •All assay values reported, point assay
between important in the reporting of data only – no aggregation
mineralisatio Exploration Results.
n widths and If the geometry of the mineralisation
intercept
lengths
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 sections (with •Surface location plans included
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.
Balanced Where comprehensive reporting of all •Simple factual announcement of
reporting Exploration Results is not practicable,
representative reporting of both low
results. No inferences are being
drawn.
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
Other Other exploration data, if meaningful •All knowledge has between reported
substantive and material, should be reported either in this release or in previous
exploration
data
including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
ASX releases.
results; bulk samples – size and

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Brazil Update 6

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Criteria JORC Code explanation Commentary
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 planned •Work plans are being developed, first
further work (eg tests for lateral pass drilling being planned
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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