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WEST COAST SILVER LIMITED — Interim / Quarterly Report 2022
Oct 27, 2021
66045_rns_2021-10-27_2d431a0d-78b6-44db-9abc-3467bde1a62e.pdf
Interim / Quarterly Report
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ASX ANNOUNCEMENT
ABN 95 155 472 834
28 October 2021
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QUARTERLY ACTIVITIES REPORT 2021/2022
During the 1[st] Quarter (July – September 2021):
FAST FACTS
ASX Code: ERW & ERWO
- ╘ Binti Binti (Gold) – A review of the data pertaining to the shallow highgrade gold intersections identified in the previous drilling program has been completed. A follow-up program of shallow auger drilling aimed at defining prospective structures has been recommended as a precursor to follow-up drill programs.
CAPITAL STRUCTURE
Shares on issue: 39.9 Million Market cap: $11.97 Million (at $0.30) Cash: $2.93 Million (30 Sep 2021) Debt: Nil
- ╘ Fraser Range (Nickel-Copper-PGE) – The phase 4 ground EM surveying was completed during the quarter. An area of 56km[2] representing 54% of the prospective tenement area. has now been subject to MLEM surveying. Several coincident weaker EM and Ni/Cu soil anomalies have been identified and recommended for follow-up.
BOARD OF DIRECTORS
Non-Executive Chairman Jonathan Murray Executive Director Thomas Reddicliffe Non-Executive Director Greta Purich
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╘
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Errabiddy (Gold & Nickel-Copper) – Final processed results from the detailed magnetic/radiometric airborne survey comprising 14,384 line kilometres has been received. Interpretation of the dataset is continuing with results anticipated soon.
Goals for the 2[nd] Quarter (October – December 2021):
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╘
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Binti Binti (Gold) – A follow-up program of shallow auger drilling targeting prospective trends is being planned and is aimed at identifying target zones for deeper drill testing.
KEY PROJECTS
Sole Funded Binti Binti (Gold) ╘ Errabiddy (Gold & Nickel-Copper) Fraser Range (Nickel-Copper-PGE)
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Fraser Range (Nickel-Copper-PGE) – The follow-up of several weak coincident EM and Cu/Ni soil anomalies by detailed soil sampling is being planned.
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╘ Errabiddy (Gold & Nickel-Copper) – Subject to completion of the interpretation of the airborne survey data complementary geological mapping and sampling is contemplated. The follow-up would target areas for potential EM surveys aimed at identifying gold and nickel sulphide targets.
ABOUT ERRAWARRA RESOURCES (EST. 2012)
Errawarra Resources Ltd is an exploration company with a focus on gold and nickel-copper in Western Australia.
- ╘ Project Generation - The Company continues to seek out and examine further exploration opportunities in favourable jurisdictions which could complement its existing focus on gold and the green technology metals nickel and copper, with a preference for advanced projects with high value potential.
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- ╘ Corporate – Annual General Meeting to be held on 30 November 2021
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Level 12, 197 St Georges Tce Perth WA
+61 (08) 9322 3383
ASX: ERW
www.errawarra.com
ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
EXPLORATION
Errawarra Resources Ltd ( Errawarra or the Company ) holds three exploration projects, namely Binti Binti, Fraser Range and Errabiddy. The projects are prospective for gold and nickel-copper mineralisation.
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Figure 1: Project location map
Binti Binti (Gold)[1]
The Binti Binti gold project is located 70km north-east of Kalgoorlie (refer Figure 1 above). Binti Binti is considered prospective for orogenic (lode) gold mineralisation given the historic Binti Binti Goldfield and associated workings within the project tenure.
Tenement E27/603 was the focus of the 1st round of aircore drilling and targeted a structural corridor with associated anomalous gold-in soil geochemistry which was considered potentially favourable to mineralisation. Errawarra drilled 99 aircore holes for a total of 5,267 metres in late 2020 testing this low-level gold-in soil anomaly[2] . Interpretation of Errawarra’s drilling results suggested the anomaly was potentially transported from the adjacent Binti Binti gold workings (2km east), and not from an underlying bedrock source. No significant results were returned from this 1st drill program[3] .
Errawarra completed a 2nd round of aircore drilling in May 2021 which focused on the adjacent Gindalbie tenement (E27/577). This aircore program consisted of 162 holes for a total of 4,760 m and was planned to broadly test the area, with numerous target areas selected for reconnaissance / first pass drill testing[4] .
Gold grades of more than 5 g/t Au reported in two holes (see Figure 2). These holes were drilled in an area interpreted to be highly prospective due to their location beneath a shallow prospector’s pit, where previous grab sampling had returned significant gold results (227.2 and 1.2 g/t Au in two separate samples). The drill intersections were:
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╘ EBBAC219: 8 m @ 2.76 g/t Au from 26m, including 4 m @ 5.09 g/t Au;
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╘ EBBAC218: 1 m @ 6.61 g/t Au from 15m.
1 For a detailed technical description of regional and project scale geology please refer to the Independent Geological Report available for download here accompanying the Prospectus lodged with ASX.
2 Refer to ASX Announcement dated1st December 2020
3 Refer to ASX Announcement dated18th February 2021
4 Refer to ASX Announcement dated 2nd July 2021
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
EBBAC219 returned a peak assay of 8.4 g/t Au over one metre from 29 m. EBBAC218 also returned 0.13 g/t Au from 12 m down hole.
The high-grade results were encountered in what appear to be steeply dipping quartz veins, indicating that the gold intersected relates to a bedrock gold system (rather than a surface upgrading) and may persist at depth. The results highlight a zone of gold mineralisation which is open at depth and along strike.
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Figure 2: Cross Section facing west showing holes EBBAC218 and 219, which targeted the vein beneath an historic prospector’s pit.
Following a review of results from the second aircore drilling program it was observed that anomalous assay results which reported to the first sample in each hole appeared to correlate closely to bedrock mineralisation. It is intended to test this relationship by shallow auger sampling, with a view to using this inexpensive approach to assist in identifying prospective trends for drill testing. The planning of this initial program which will focus initially on the interpreted trend of the high-grade gold intersect is underway. It would be anticipated, should the results of the sampling show that this is an effective method for defining gold anomalies, that a more extensive program would follow to test a broader area of the tenure.
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
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E31/1298
E27/577
1 [st] drill program
2 [nd] drill program
E27/603
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Figure 3. Project Tenements over 100,000k (Gindalbie-3237) surface geology map (GSWA)
Fraser Range (Nickel-Copper-Cobalt)
The Fraser Range project is located approximately 110km east of Norseman, Western Australia and 30kms south-west of the operating Nova nickel-copper-cobalt mine owned by IGO Ltd. The project is considered prospective for Nova style Ni-Cu-Co magmatic sulphide mineralisation.
The Fraser Range Project is an early-stage exploration project with priority areas identified for testing based on gravity anomalies, magnetic anomalies, geochemical anomalies, and favourable geological units for hosting sulphide mineralisation. These priority areas aimed at identifying bedrock conductors that may be related to nickel-copper-cobalt sulphide mineralisation have been surveyed back-to-back and with the MLEM component of the EM surveying completed in August 2021. The ground EM surveys comprised the use of the Moving Loop Electromagnetic (MLEMSlingram) survey technique. The MLEM surveys were carried out using a base frequency of 1 Hz with the SMART Fluxgate B-field sensor. The transmitter loop size was 200x200m operating at 70 amps into the loop. The line spacing was 400m and station spacing was 100m. The TX centre to RX centre was 300m for the Slingram survey. The configuration for these surveys[2] was designed to emulate the survey parameters that detected the initial MLEM anomaly observed over the Nova-Bollinger deposit in 2012[5] (several hundred metres strike length).
An area of 56km[2] representing 54% of the prospective tenement area has now been subject to MLEM surveying on the Fraser Range Project tenements (total tenement area is 105km[2] ). No strong anomalous responses considered consistent with a massive sulphide (Nova-style) source have been observed in the EM surveys although several weak anomalous responses have been observed at early to mid-delay times, particularly over the north-east and the centre part of the phase IV survey. These weak anomalous responses are interpreted to be associated with weak AEM (HeliTEM) anomalies.
A detailed review of all of the acquired data has been completed with several weak coincident EM and Ni/Cu soil anomalies identified and recommended for follow-up. A program of detailed soil sampling is being planned to define these targets. Ground FLEM (Fixed Loop Electromagnetic) is being considered to complete some of the survey gaps in the tenement that have proved unsuitable for surveying by MLEM due to the nature of the terrain
5 Refer ASX announcement dated 20 April 2021 for detailed configuration information.
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ASX ANNOUNCEMENT
QUARTERLY ACTIVITIES REPORT
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Figure 4. Extent of Completed MLEM Surveys
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
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Figure 5. Regional magnetics showing Errawarra tenement position relative to the Nova-Bollinger nickel-copper-cobalt mine owned by IGO Ltd. Each graticule is 20km * 20km.
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Figure 6. Prospectivity Map
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
Errabiddy – Gold & Nickel-Copper
The Errabiddy project is located 200km north-west of Meekatharra, Western Australia on the north-eastern margin of the Yilgarn craton. Errabiddy is located within an area that has undergone a “pegging rush” by several companies including Chalice Mining Ltd (owners of the Julimar nickel-copper-PGE discovery). Errawarra’ s tenement package includes rock units prospective for intrusion hosted nickel-copper mineralisation and orogenic gold[3] .
The Errabiddy project is at an early stage and is considered by Errawarra to be highly prospective due to its location and the encouraging results achieved by previous explorers. A detailed airborne magnetic (gradiometer) and radiometric survey (14,384 line kilometres) was completed during the period 18th May 2021 - 17th June 2021. Flight lines were 100m apart and sensor height was 30m. The final report and data were received from Magspec Airborne Surveys on 8th July 2021. Additional processing and interpretation of the survey data is currently being undertaken by Outlier Geoscience. Subject to interpretation of the survey data, complementary geological mapping and sampling is contemplated with a view to identifying target areas for follow-up by EM surveys aimed at identifying potential nickel sulphide targets for drill testing.
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Figure 7. Errabiddy Project, regional landholders map
6 For a detailed technical description please refer to the Independent Geological Report available for download here accompanying the Prospectus lodged with ASX.
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
Project Generation
The Company continues to seek out and examine further exploration opportunities in favourable jurisdictions which could complement its existing focus on gold and the green technology metals nickel and copper, with a preference for advanced projects with high value potential.
GOVERNANCE
ASX Announcements
| Date | Announcement Title |
|---|---|
| 22/10/2021 | Date of AGM and Director Nominations |
| 24/09/2021 | Appendix 4G and Corporate Governance Statement |
| 24/09/2021 | 2021 Annual Report |
| 14/09/2021 | Response to ASX Price Query |
| 30/07/2021 | 4th Quarter Activities and Cash Flow Reports |
| 02/07/2021 | Exploration Update for Binti Binti Gold Project |
CORPORATE AND FINANCE
Issue capital
The capital structure of the Company as of 30 September 2021 was:
| Capital Structure | |
|---|---|
| Ordinaryfully paid shares | 39,893,234 |
| Listed options exercisable at $0.30 on or before 30 September 2022 | 16,772,345 |
| Unlisted options exercisable at $0.30 on or before 30 September 2022 | 2,961,072 |
| Unlisted options exercisable at $0.30 on or before 26 November 2024 | 1,800,000 |
| Unlisted options exercisable at $0.30 on or before 2 December 2024 | 1,800,000 |
Finance
The Company had $2.93 million cash on hand as of 30 September 2021.
Related Party payments for the quarter outlined in Appendix 5B at section 6.1 and 6.2 total $61,000 and include amounts paid to directors for salary, directors’ fees and statutory superannuation.
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
Use of Funds
The Company provides the following disclosures required by ASX Listing Rule 5.3.4 regarding a comparison of its actual expenditure to date since listing on 14 December 2020 against the ‘use of funds’ statement in its Prospectus dated 11 November 2020[4] .
| Funds allocated pursuant | Actual payments from | |
|---|---|---|
| to Prospectus from | commencement to | |
| Expenditure | commencement (assume 1 November 2020 for 24 months) |
30 September 2021 (1 November 2020 for 11 months) |
| Vendor payments | $235,593 | $256,946 |
| Exploration | ||
| - Fraser Range |
$1,936,000 | $653,295 |
| - Binti Binti |
$1,160,000 | $657,540 |
| - Errabiddy |
$775,000 | $247,108 |
| - Business Development |
$0 | $10,507 |
| Working capital | $1,397,407 | $733,962 |
| Cost of offer | $656,000 | $680,710 |
| TOTAL | $6,160,000 | $3,240,068 |
This ASX announcement has been authorised for release by Thomas Reddicliffe, Executive Director.
For further information, please contact: Thomas Reddicliffe Executive Director E: [email protected]
T: +61 8 9322 3383
4 The Use of Funds table is a statement of current intentions. Investors should note that the allocation of funds set out in the table may change depending on several factors including the results of exploration, outcome of development activities, regulatory developments and market and general economic conditions.
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ASX ANNOUNCEMENT QUARTERLY ACTIVITIES REPORT
TENEMENT SCHEDULE
Current[1]
| Interest | Interest |
|---|---|
| Tenement number Start End Note |
Tenement number Start End Note |
| Location: Binti Binti, Australia E27/0577 80% 80% 2 E27/0603 0% 0% 3 Location: Errabiddy, Australia E09/2346 80% 80% 2 E09/2410 100% 100% E09/2440 0% 100% E09/2457 0% 100% E09/2459 0% 100% E52/3838 100% 100% |
Location: Fraser Range, Australia |
| E63/1771 70% 70% 4 |
|
| E63/1941 70% 70% 4 |
|
Note:
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1 Errawarra Pty Ltd ( ERR ) is a wholly owned subsidiary of Errawarra Resources Ltd. ERR is the registered holder of all the tenements.
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2 ERR holds 80% of all minerals rights, title and interests.
3 ERR has the exclusive rights to earn up to an 80% interest subject to meeting the conditions set out in the agreement.
4 ERR holds 70% of all minerals rights, title and interests.
Application
| Tenement number Location: Binti Binti, Australia E31/1298 |
Tenement number |
|---|---|
| Location: Errabiddy, Australia | |
| E09/2602 |
Relinquished or Lapsed
Nil.
COMPETENT PERSONS
The information in this document that relates to exploration results at the Fraser Range and Binti Binti is based on information compiled by Adrian Black, a Competent Person who is a Member of the AIG (1364). Adrian Black is a consultant to Errawarra Resources Ltd and its subsidiary companies. Adrian Black has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been 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 (JORC Code).
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Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly cash flow report
Name of entity
ERRAWARRA RESOURCES LTD
| ABN 95 155 472 834 |
Quarter ended (“current quarter”) | Quarter ended (“current quarter”) |
|---|---|---|
| 30 September 2021 | ||
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes received/(paid) 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities Dividends received (see note 3) |
– (315) – – (46) (90) – – – – – – |
– (315) – – (46) (90) – – – – – – |
| (451) | (451) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets |
– – – – – – |
– – – – – – |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly report
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans (to) / from other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities |
– – – – – – – – |
– – – – – – – – |
| – | – | |
| 3. Cash flows from financing activities 3.1 (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equities, securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities Proceeds from issues of equity securities |
– – – – – – – – – |
– – – – – – – – – |
| – | – | |
| 4. Net increase / (decrease) in cash and cash equivalents for theperiod |
||
| 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) |
3,381 (451) – – |
3,381 (451) – – |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly report
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| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
– | – |
| 2,930 | 2,930 | |
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
2,930 – – – |
3,381 – – – |
| 2,930 | 3,381 | |
| 6. Payments to related parties of the entity and their associates |
Current quarter $A’000 |
|
| 6.1 Aggregate amount of payments to related parties and their 61 associates included in item 1 6.2 Aggregate amount of payments to related parties and their – associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments |
61 | |
| – | ||
| 6.1 Director fees and statutory superannuation. |
||
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly report
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| 7. | Financing facilities | Total facility amount | Amount drawn at | |
|---|---|---|---|---|
| Note: the term “facility’ includes all forms of financing | at quarter end | quarter end | ||
| arrangements available to the entity. Add notes as necessary for an understanding of the sources of |
$A’000 | $A’000 | ||
| finance available to the entity. | ||||
| 7.1 | Loan facilities | – | – | |
| 7.2 | Credit standby arrangements | – | – | |
| 7.3 | Other (please specify) | – | – | |
| 7.4 | Total financing facilities | – | – | |
| 7.5 | Unused financing facilities available at quarter | end | – |
7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
| 8. | Estimated cash available for future operating activities | $A'000 | |
|---|---|---|---|
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (451) | |
| 8.2 | (Payments for exploration & evaluation classified as | – | |
| investing activities) (item 2.1(d)) | |||
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (451) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 2,930 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | – | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 2,930 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) |
6 |
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item8.3, answer item8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
Answer: N/A
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly report
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- 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item8.7 is less than 2quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
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1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
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2 This statement gives a true and fair view of the matters disclosed.
Date: 28 October 2021
Authorised by: <i1 (uJv9:IL Thomas Reddicliffe, Executive Director
Notes
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This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
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If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
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Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
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If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit andRiskCommittee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
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If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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