Home » Posts tagged 'mining'

Tag Archives: mining

#POW Power Metal Resources PLC – Strategic Uranium Properties Staked – Athabasca

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: 

The uranium acquisitions by staking announced today are a further leap forward for Power Metal’s strategic uranium interests in and surrounding the prolific Athabasca Basin located in northern Saskatchewan, Canada.

The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the Company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin.

Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position. Our intentions do not stop here, with plans to further expand our uranium focused interests where suitable opportunities are identified.

Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.

HIGHLIGHTS:

All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired during the most recent Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system claim reopening on 31 January 2023. The staking acquisitions represent some of the most significant additions to the Company’s uranium portfolio. Further information on the staking process can be found in the further information section below.

The newly acquired Haresign Bay uranium Property (“Haresign Bay”) covers a total area of 3,189.2-hectares (31.89km2) located 35km south of the Athabasca Basin. Haresign Bay is surrounded by claims held by uranium focussed companies F3 Uranium Corp, Baselode Energy Corp, CanAlaska Uranium Ltd and Skyharbour Resources Ltd.

The newly acquired Kernaghan uranium Property (“Kernaghan”) covers a total area of 4,566.2-hectares (45.66km2) within the northeastern edge of the Athabasca Basin. Kernaghan is bordered on three sides by claims held by uranium focussed companies including Standard Uranium Ltd., IsoEnergy Ltd., and Purepoint Uranium Group Inc.

During the most recent claim reopening, Power Metal also staked an additional 1,982-hectare (19.82km2) claim area bordering the western extension of its Thibault Lake uranium Property (the “Extension”). Significantly, the Extension covers a historical showing which returned a trenching result of 1.09% U308 over 10.7m, greatly increasing the overall prospectively of the extended Thibault Lake uranium Property. 2

With the addition of the Kernaghan and Haresign Bay uranium properties, as well as the additional staking at Thibault Lake, the Power Metal Athabasca uranium portfolio now consists of fourteen properties, including two conditional disposals1, with a combined total area of 940km2.

FURTHER INFORMATION

Mineral Claim Staking Process

The mineral claims constituting the Haresign Bay and Kernaghan Uranium Properties as well as the Thibault Lake Extension were acquired directly through the Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking at a set time each month. Select reopening’s are often highly competitive with many parties attempting to acquire the newly available land.

The total cost of staking was CAD$5,842.34. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of CAD$146,059 per annum.

The Haresign Bay Property

Haresign Bay is located 43km south of Cameco Corporation’s Key Lake Uranium Mine which is the third largest deposit within the Athabasca Basin – with an average mineable grade of just over 2% U3O8.1 Haresign Bay is located 35km south of the Athabasca Basin, along the Key Lake trend, which is defined by a cluster of northeast-southwest trending electromagnetic conductors which extend to the northeast over the Key Lake Mine. The Key Lake trend is a defining geophysical and geological trend within the Athabasca Basin, and Haresign Bay represents a significant position held within this important uranium-rich corridor.

The Upper Roberta Lake Target (“Upper Roberta Lake” or the “Target”) is located in the southwestern part of the Haresign Bay Property and is defined by a gravity low anomaly which is coincident with elevated Radon222-in-lake water results. This Target area is further intersected by multiple electromagnetic conductors of part of the Key Lake Trend. Upper Roberta Lake represents a highly compelling target for future work.

The Kernaghan Property

Kernaghan is located within the prolific Athabasca Basin approximately 13km from the Basin’s edge. Based on nearby borehole’s drilled by Denison Mines Corp., the sandstone-basement unconformity on the Property is expected to be at around 100m depth.

The Kernaghan Property covers multiple anomalous Radon222-in-lake water results which are oriented within a northeast-southwest trending belt. This trend is coincident with a magnetic low feature. Kernaghan represents the Company’s third property which is located entirely within the Athabasca Basin.

Thibault Lake West Extension

The Extension covers an additional four Saskatchewan Mineral Deposit Index (“SMDI”) points. These SMDI points cover multiple high-grade uranium showings including a north trending zone of strong uranium mineralisation from which historic trenching returned 10.7m of 1.09% U308.2 Several other high-grade uranium showings are covered by the Extension including grab and/or channel samples which returned 4.8%, 1.75%, 0.71%, and 0.66% U308.3,4

Next Steps

The Company is preparing fact sheets which will include further information and maps for newly acquired staking. These will be released to the market once ready. Furthermore, detailed data rooms are being prepared.

URANIUM PROPERTIES – HOLDING STRUCTURE

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.

The Power Metal Canada Uranium Property Map is available to view at the following link:

https://www.powermetalresources.com/power-metal-canada-uranium-map/  

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings

 

Project

Licence ID

Area

(Hectare)

Area

(km2)

Clearwater Uranium Property

MC00015079

1,110

11.1

MC00015083

563

5.63

MC00015082

3,191

31.91

MC00015151

760

7.6

MC00015646

761

7.61

MC00015658

1,541

15.41

Tait Hill Uranium Property

MC00015078

1,576

15.76

MC00015081

968

9.68

MC00015153

1,530

15.3

MC00015152

1,886

18.86

MC00015647

725

7.25

MC00015648

1,129

11.29

MC00016158

3,242

32.42

Thibault Lake Uranium Property

MC00015077

2,206

22.06

MC00015659

2,195

21.95

AC00018709

1,982

19.82

Soaring Bay Uranium Property

MC00015080

1,255

12.55

MC00015155

3,375

33.75

MC00015874

748

7.48

MC00015875

2,529

25.29

Cook Lake Uranium Property

MC00015212

984

9.84

E-12 Uranium Property5

MC00015213

1,323

13.23

Reitenbach Uranium Property6

MC00015214

2,135

21.35

MC00015474

1,235

12.35

MC00015655

4,570

45.7

MC00015656

5,322

53.22

MC00015657

886

8.86

MC00015824

528

5.28

MC00016155

1,333

13.33

Reindeer Lake

MC00015522

3,336

33.36

Porter Lake

MC00015561

5,656

56.56

MC00015562

5,198

51.98

Old Woman Rapids

MC00015563

4,851

48.51

MC00015564

5,063

50.63

MC00015565

3,044

30.44

Durrant Lake

AC00018000

5,866

58.66

Badger Lake

MC00016253

1,671

16.71

Haresign Bay

AC00018692

3,189

31.89

Kernaghan

AC00018694

4,566

45.66

Total Licence Holding Area

93,998

939.98km2

#GRX GreenX Metals Limited – Quarterly Activities Report December 2022

HIGHLIGHTS

·      During the quarter, the hearing for the international arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded.

 Combined arbitration hearing took place in front of the Arbitral Tribunal in London under the UNCITRAL Arbitration Rules for GreenX’s claims against Poland.

 Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.

 The Company has funded the Claim proceedings under its US$12.3 million Litigation Funding Agreement (LFA).

·      In November, the Company announced highly encouraging results from an initial site visit to ARC.

 Analysis of the site visit results is underway and will be key to future work programs.

 GreenX can earn up to 80% of the ARC copper project in Greenland. ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.

·     Cash balance as at 31 December 2022 of A$2.6 million with a further A$6.1 million available under the LFA.

 

 

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 December 2022.

 

DISPUTE WITH POLISH GOVERNMENT

During the quarter, the Company reported the conclusion of the hearing for the international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London in November 2022 and lasted two weeks.

Following completion of the hearing, the Arbitral Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.

As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.

Details of the Claim

The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.

The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.

In July 2020, the Company announced it had executed the Litigation Funding Agreement (LFA) for US$12.3 million with Litigation Capital Management (LCM). The facility is currently being drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.

In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.

GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.

In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.

GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.

HIGHLY ENCOURAGING RESULTS FROM INITIAL ARC SITE VISIT

During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced the results of from the first visit to the Arctic Rift Copper Project (ARC or the Project) in Greenland.

 

The results of this work program have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.

Analysis of this new information is underway and will be key to future work programs.

A logistical base in Greenland was also secured as part of the site visit. The Company successfully established depots, and field trialed its SHERP vehicles and advanced satellite communications systems.

CORPORATE

Financial Position

As at 31 December 2022, GreenX had cash of A$2.6 million with a further A$6.1 million available to fund Claim related costs under the LFA.  

 

-ENDS-

 

Forward Looking Statements

This release may include forward-looking statements. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

Competent Persons Statement

The information in this announcement that relates to Exploration Results for ARC is extracted from the ASX announcements dated 6 October 2021, 22 January 2022 and 28 November 2022 which are available to view at www.greenxmetals.com. GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions and technical parameters underpinning the content in the relevant announcements continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.

 

 

APPENDIX 1: TENEMENT INFORMATION

 

As at 31 December 2022, the Company has an interest in the following tenements:

Location

Tenement

Percentage
Interest

Status

Tenement Type

Greenland

Arctic Rift Copper Project (Licence No. 2021-07 MEL-S)

1

Granted

Exploration Licence

Jan Karski, Poland

Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)2

100

In dispute2

Exclusive Right to apply for a mining concession

Debiensko, Poland

Debiensko 1

100

Granted2

Mining

Debiensko, Poland

Kaczyce 13

100

Granted

Mining & Exploration (includes gas rights)

Notes:

APPENDIX 2: RELATED PARTY PAYMENTS

 

During the quarter ended 31 December 2022, the Company made payments of $166,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of ($118,000) and the provision of a serviced office and company secretarial and administration services ($48,000).

 

APPENDIX 3: EXPLORATION AND MINING EXPENDITURE

 

During the quarter ended 31 December 2022, the Company made the following payments in relation to exploration activities:

 

Activity

$000

Greenland (ARC)

Project Management

163

Logistics (including transportation of equipment)

241

Site visit related costs

316

Other (field supplies, equipment, fuel, satellite imagery, etc)

119

Greenland sub-total as reported in the Appendix 5B (item 2.1(d))

839

 

 

Poland

Legal and permitting related expenditure

52

Consultants – technical and Debiensko statutory operations personnel

124

Other (VAT returned)

(69)

Poland sub-total as reported in the Appendix 5B (item 1.2(a))

107

Total

946

 

There were no mining or production activities and expenses incurred during the quarter ended 31 December 2022.

 

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

GreenX Metals Limited

ABN

 

Quarter ended (“current quarter”)

23 008 677 852

31 December 2022

 

Consolidated statement of cash flows

Current quarter
$A’000

Year to date
(6 months)
$A’000

1.

Cash flows from operating activities

1.1

Receipts from customers

1.2

Payments for

(107)*

(471)*

(a)   exploration & evaluation

(b)   development

(c)   production

(d)   staff costs

(122)

(258)

(e)   administration and corporate costs

(85)

(204)

1.3

Dividends received (see note 3)

1.4

Interest received

15

28

1.5

Interest and other costs of finance paid

1.6

Income taxes paid

1.7

Government grants and tax incentives

1.8

Other (provide details if material)

(a)    Business Development

(b)    Property rental and gas sales

(c)    Arbitration related expenses

(d)    Receipt of arbitration funding

(e)    Occupancy

 

(80)

73

(862)

420

(80)

 

(141)

96

(1,446)

1,187

(415)

1.9

Net cash from / (used in) operating activities

(828)

(1,624)

*includes legal and permitting expenditure and payments made to consultants (Debiensko technical statutory operations personnel).

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

(839)

(1,908)

(e)   investments

(f)    other non-current assets

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 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

(839)

(1,908)

3.

Cash flows from financing activities

3.1

Proceeds from issues of equity securities (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 equity 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

4.

Net increase / (decrease) in cash and cash equivalents for the period

4.1

Cash and cash equivalents at beginning of period

4,243

6,108

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(828)

(1,624)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(839)

(1,908)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

4.5

Effect of movement in exchange rates on cash held

4.6

Cash and cash equivalents at end of period

2,576

2,576

 

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

2,576

4,243

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)

2,576

4,243

 

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 associates included in item 1

(166)

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.

 

7.

Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A’000


Amount drawn at quarter end
$A’000

7.1

Loan facilities

18,036*

11,935

7.2

Credit standby arrangements

7.3

Other (please specify)

7.4

Total financing facilities

18,036*

11,935

 

7.5

Unused financing facilities available at quarter end

6,101

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.

On 30 June 2020, the Company executed a Litigation Funding Agreement (LFA) for US$12.3 million (*now worth A$18.0 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited (LCM), to pursue damages claims in relation to the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia – Poland Bilateral Investment Treaty (BIT). LCM will provide up to US$12.3million (~A$18.0 million), denominated in US$, in limited recourse financing which is repayable to LCM in the event of a successful Claim or settlement of the Dispute that results in the recovery of any monies. If there is no settlement or award, then LCM is not entitled to any repayment of the financing facility. In return for providing the financing facility, LCM shall be entitled to receive repayment of any funds drawn plus an amount equal to between two and five times the total of any funds drawn from the funding facility during the first five years, depending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth year until receipt of damages payments.

 

8.

Estimated cash available for future operating activities

$A’000

8.1

Net cash from / (used in) operating activities (item 1.9)

(828)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(839)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(1,667)

8.4

Cash and cash equivalents at quarter end (item 4.6)

2,576

8.5

Unused finance facilities available at quarter end (item 7.5)

6,101

8.6

Total available funding (item 8.4 + item 8.5)

8,677

8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

>5

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 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: Not applicable

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: Not applicable

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: Not applicable

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

#SVML Sovereign Metals Ltd – Kasiya Resource Infill Drilling Results

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (“Sovereign” or the “Company”) announced on 27 January 2023 that following movements in its share price on the Australian Securities Exchange (“ASX”) and a price query from ASX, the Company’s ordinary shares were placed in a trading halt on the ASX.  The ASX has informed Sovereign that the trading halt has been lifted and trading of the Company’s ordinary shares has resumed on the ASX.

The trading halt did not affect trading in the Company’s shares on the AIM market of the London Stock Exchange plc, where normal trade continued.

Drilling results from the Company’s targeted deep infill air-core (AC) and push tube (PT) core drilling program confirms consistency of high-grade rutile and graphite mineralisation at depth

·     AC results include:

–    31m @ 1.14% rutile & 1.9% graphite

–    27m @ 1.08% rutile & 2.1% graphite

–    29m @ 1.14% rutile & 1.7% graphite

–    24m @ 1.14% rutile & 1.8% graphite

–    21m @ 1.28% rutile & 1.9% graphite

–    25m @ 1.18% rutile & 2.0% graphite

–    25m @ 1.08% rutile & 5.2% graphite

–    26m @ 1.16% rutile & 1.5% graphite

–    26m @ 1.07% rutile & 1.4% graphite

–    24m @ 1.13% rutile & 4.0% graphite

·     Infill core PT drilling of numerous Inferred category pits and potential pit extensions is expected to add new blocks of Indicated material to the upcoming Mineral Resource Estimate (MRE) update targeted for Q1 2023

·     Kasiya’s pre-feasibility study (PFS) and Environmental and Social baseline workstreams are progressing on schedule with the targeted completion of the PFS during H1 2023

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report further results for 98 AC holes and 247 PT holes from the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit.

Sovereign’s Managing Director Dr Julian Stephens commented: “We are pleased with the consistency of the high-grade rutile results from the 2022 Kasiya infill resource drilling program. These results will all now feed into a revised resource estimate planned for Q1 2023 as part of  the Company’s forthcoming PFS”.

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingram

 

Mariela Jaho

 

Christian Dennis

 

 

KASIYA AIR CORE DRILLING

A 191-hole AC drilling program was completed at the Kasiya rutile deposit. The final batch of the remaining 98 AC holes for 2,548m are reported in this announcement.

This drilling phase targeted the early-scheduled mining pit shells in the southern and central areas of the MRE footprint. As previously reported (ASX Announcement released 26 October 2022) the drilling has revealed that rutile and graphite mineralisation is commonly pervasive throughout the saprolite zone and beyond the base of the current modelled pit shells. However, it is not expected the revised MRE incorporating these results will materially impact the mine plan to be included in the PFS.

 

KASIYA PUSH TUBE CORE DRILLING

Results for the 247-hole PT (core) drilling program are reported in this announcement. The core program objectives were to target high grade Inferred mining pits and potential areas of pit extensions to bring into the Indicated category to facilitate conversion to Ore Reserves in the upcoming PFS. Overall, results are as expected and continue to confirm laterally extensive and consistent rutile and graphite mineralisation at Kasiya.

PT results include:

–    11m @ 1.70% inc. 3m @ 2.13% rutile

–    12m @ 1.36% inc. 7m @ 1.63% rutile

–    11m @ 1.27% inc. 9m @ 1.40% rutile

–    7m @ 1.67% inc. 6m @ 1.79% rutile

–    11m @ 1.20% inc. 4m @ 1.72% rutile

–    9m @ 1.28% inc. 4m @ 1.68% rutile

–    13m @ 1.19% inc. 1m @ 2.29% rutile

–    13m @ 1.26% inc. 9m @ 1.45% rutile

–    14m @ 1.15% inc. 2m @ 2.02% rutile

–    15m @ 1.03% inc. 2m @ 2.16% rutile

–    11m @ 1.11% inc. 6m @ 1.43% rutile

–    14m @ 1.11% inc. 2m @ 1.84% rutile

On completion of the PFS resource drilling programs the rigs continued to execute additional PFS work programs including water bore exploration drilling, water monitoring holes, geotechnical drilling of the water dam wall, geotechnical mining pit hole drilling and community borehole drilling until November 2022.

Four “deep” stratigraphic geology holes were also completed to benefit the geological interpretation of the mineralisation at Kasiya. Drilling and logging revealed, as expected, Kasiya is underlain by a rutile and graphite rich paragneiss parent host rock.

These stratigraphic holes were suitable as pit geotechnical test work holes where standard penetration testing was completed and as observation water bores which will be monitored over the coming years. The Company was also able to drill new community water bores as well as refurbish several existing ones.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle 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 Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Mineral Resource Estimate is extracted from the announcement dated 5 April 2022. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.

Table 1:  Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off

 

 

Mineral Resource Category

Material Tonnes (millions)

Rutile
(%)

Rutile Tonnes (millions)

Total Contained Graphite (TGC)
(%)

TGC Tonnes (millions)

RutEq. Grade*
(%)

Indicated

662

1.05%

6.9

1.43%

9.5

1.76%

Inferred

1,113

0.99%

11.0

1.26%

14.0

1.61%

Total

1,775

1.01%

18.0

1.32%

23.4

1.67%

* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding

Qualified Person

Data disclosed in this press release have been reviewed and verified by Sovereign’s Qualified Person, Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, for the purposes of the AIM Rules for Companies.

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct.  Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

To view the announcement in full, including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/

Appendix I – DRILL RESULTS – Table 2

Rutile and graphite drilling results from Kasiya are shown below in Table 2.

Hole ID

Interval Thickness

Rutile %

TGC %

From (m) Downhole

Hole Type

KYAC0094

22.0

0.98

2.1

0.0

AC

incl

15.0

1.07

2.5

5.0

KYAC0095

10.0

0.76

2.0

0.0

AC

KYAC0096

NSR

AC

KYAC0097

20.0

0.81

1.7

0.0

AC

incl

5.0

1.53

0.6

2.0

KYAC0098

32.0

0.92

2.0

0.0

AC

incl

2.0

1.83

0.8

0.0

KYAC0099

20.0

0.94

1.3

0.0

AC

incl

6.0

1.09

0.4

0.0

KYAC0100

27.0

1.02

1.6

0.0

AC

incl

2.0

2.35

0.5

0.0

KYAC0101

20.0

0.90

1.4

0.0

AC

incl

4.0

1.63

0.5

0.0

KYAC0102

27.0

0.99

2.0

0.0

AC

incl

16.0

1.09

2.1

0.0

KYAC0103

27.0

1.08

2.1

0.0

AC TWIN

incl

16.0

1.11

2.1

0.0

KYAC0104

25.0

0.80

1.9

0.0

AC

incl

2.0

1.89

0.3

0.0

KYAC0105

25.0

0.93

1.6

0.0

AC

incl

2.0

1.85

0.3

0.0

KYAC0106

24.0

1.07

1.9

0.0

AC

incl

20.0

1.15

1.9

0.0

KYAC0107

17.0

0.93

1.7

0.0

AC

incl

2.0

1.85

0.6

0.0

KYAC0108

4.0

0.86

0.4

0.0

AC

KYAC0109

21.0

0.81

1.9

0.0

AC

incl

2.0

2.10

0.2

0.0

KYAC0110

26.0

0.82

2.1

0.0

AC

incl

4.0

1.28

0.2

0.0

KYAC0111

28.0

0.90

2.9

0.0

AC

incl

4.0

1.59

0.5

0.0

KYAC0112

24.0

1.01

1.6

0.0

AC

incl

12.0

1.27

1.6

0.0

KYAC0113

18.0

1.29

1.6

0.0

AC

KYAC0114

14.0

1.02

2.5

0.0

AC

incl

2.0

1.84

0.2

0.0

KYAC0115

31.0

1.14

1.9

0.0

AC

incl

4.0

1.67

0.4

0.0

incl

10.0

1.25

2.2

19.0

KYAC0116

24.0

0.92

1.6

0.0

AC

incl

8.0

1.08

2.2

8.0

KYAC0117

14.0

0.98

1.7

0.0

AC

incl

2.0

2.31

0.3

0.0

KYAC0118

22.0

1.13

1.8

0.0

AC

incl

9.0

1.17

2.2

10.0

KYAC0119

26.0

0.76

1.6

0.0

AC

KYAC0120

21.0

1.00

1.1

0.0

AC

incl

2.0

2.28

0.4

0.0

KYAC0121

24.0

1.09

2.1

0.0

AC

incl

3.0

1.65

0.2

0.0

KYAC0122

29.0

1.14

1.7

0.0

AC

incl

21.0

1.25

1.6

0.0

KYAC0123

29.0

1.16

1.8

0.0

AC TWIN

incl

4.0

1.72

0.5

0.0

KYAC0124

23.0

1.03

1.2

0.0

AC

incl

4.0

1.63

0.1

0.0

KYAC0125

23.0

0.95

2.0

0.0

AC

incl

6.0

1.20

2.5

4.0

KYAC0126

27.0

0.73

1.1

0.0

AC

incl

4.0

1.14

1.7

6.0

KYAC0127

17.0

0.91

1.2

0.0

AC

incl

2.0

2.18

0.2

0.0

KYAC0128

21.0

1.00

1.7

0.0

AC

incl

11.0

1.10

2.2

6.0

KYAC0129

4.0

1.14

0.2

0.0

AC

incl

2.0

1.52

0.2

0.0

KYAC0130

24.0

0.98

1.5

0.0

AC

incl

2.0

2.12

0.3

0.0

KYAC0131

34.0

0.86

1.8

0.0

AC

incl

3.0

2.06

0.3

0.0

KYAC0132

32.0

0.73

1.7

0.0

AC

incl

6.0

1.06

2.4

6.0

KYAC0133

33.0

0.81

1.9

0.0

AC

incl

2.0

1.40

0.2

0.0

KYAC0134

24.0

0.84

3.1

0.0

AC

incl

2.0

1.48

0.3

0.0

KYAC0135

2.0

2.44

0.2

0.0

AC

KYAC0136

19.0

0.90

2.4

0.0

AC

incl

2.0

1.03

0.2

0.0

KYAC0137

23.0

1.05

1.9

0.0

AC

incl

3.0

1.90

0.2

0.0

KYAC0138

15.0

1.01

1.5

0.0

AC

incl

3.0

1.32

0.2

0.0

KYAC0139

25.0

1.18

2.0

0.0

AC

incl

15.0

1.27

1.9

0.0

KYAC0140

25.0

0.93

1.6

0.0

AC

incl

5.0

1.41

1.2

0.0

KYAC0141

23.0

0.94

1.7

0.0

AC

incl

2.0

1.96

0.3

0.0

KYAC0142

23.0

1.03

2.2

0.0

AC

incl

6.0

1.51

1.0

0.0

KYAC0143

23.0

0.99

2.2

0.0

AC TWIN

incl

4.0

1.87

0.5

0.0

KYAC0144

24.0

1.14

1.8

0.0

AC

incl

14.0

1.37

1.5

0.0

KYAC0145

20.0

1.25

2.1

0.0

AC

incl

10.0

1.50

0.9

0.0

incl

18.0

1.29

2.0

0.0

KYAC0146

25.0

0.92

2.5

0.0

AC

incl

2.0

1.38

0.4

0.0

KYAC0147

20.0

0.85

1.6

0.0

AC

incl

2.0

1.37

0.4

0.0

KYAC0148

20.0

1.08

1.7

0.0

AC

incl

4.0

1.81

0.3

0.0

KYAC0149

24.0

0.97

2.3

0.0

AC

incl

4.0

1.58

0.3

0.0

KYAC0150

16.0

0.96

1.7

0.0

AC

incl

2.0

1.05

0.3

0.0

KYAC0151

22.0

0.82

2.3

0.0

AC

incl

2.0

1.14

0.4

0.0

KYAC0152

27.0

1.01

2.0

0.0

AC

incl

4.0

1.56

0.4

0.0

KYAC0153

21.0

1.28

1.9

0.0

AC

incl

17.0

1.40

1.6

0.0

KYAC0154

19.0

1.19

1.6

0.0

AC

incl

5.0

2.00

0.4

0.0

KYAC0155

24.0

1.13

4.0

0.0

AC

incl

4.0

1.71

1.4

0.0

KYAC0156

22.0

1.09

1.7

0.0

AC

incl

2.0

2.25

0.2

0.0

KYAC0157

26.0

1.07

1.4

0.0

AC

incl

4.0

1.93

0.2

0.0

KYAC0158

6.0

0.95

0.3

0.0

AC

incl

2.0

1.54

0.2

0.0

KYAC0159

21.0

1.06

1.5

0.0

AC

incl

2.0

1.53

0.2

0.0

KYAC0160

33.0

0.80

1.5

0.0

AC

incl

2.0

1.67

0.3

0.0

KYAC0161

28.0

0.86

2.5

0.0

AC

incl

2.0

2.22

0.3

0.0

KYAC0162

5.0

1.29

0.1

0.0

AC

incl

2.0

1.97

0.0

0.0

KYAC0163

5.0

1.16

0.3

0.0

AC TWIN

incl

3.0

1.42

0.3

0.0

KYAC0164

20.0

1.07

2.3

0.0

AC

incl

4.0

1.78

0.4

0.0

KYAC0165

26.0

1.16

1.5

0.0

AC

incl

6.0

1.73

0.6

0.0

incl

20.0

1.27

1.5

0.0

KYAC0166

25.0

1.14

1.6

0.0

AC

incl

5.0

1.73

0.2

0.0

KYAC0167

23.0

1.15

2.0

0.0

AC

incl

13.0

1.43

1.4

0.0

KYAC0168

21.0

1.04

1.5

0.0

AC

incl

3.0

1.83

0.2

0.0

KYAC0169

18.0

0.99

1.3

0.0

AC

incl

2.0

2.26

0.3

0.0

KYAC0170

26.0

0.67

1.1

0.0

AC

incl

2.0

1.01

2.0

14.0

KYAC0171

28.0

0.95

1.4

0.0

AC

incl

2.0

1.86

0.3

0.0

KYAC0172

17.0

0.81

1.7

0.0

AC

incl

1.0

1.46

0.3

0.0

KYAC0173

23.0

0.82

1.3

0.0

AC

KYAC0174

3.0

0.76

0.8

0.0

AC

KYAC0175

17.0

0.92

4.9

0.0

AC

incl

3.0

1.61

0.6

0.0

KYAC0176

23.0

0.99

6.4

0.0

AC

incl

11.0

1.19

6.1

0.0

KYAC0177

14.0

2.23

9.6

0.0

AC

incl

8.0

2.27

13.9

6.0

KYAC0178

20.0

1.07

3.4

0.0

AC

incl

6.0

1.43

1.7

0.0

KYAC0179

22.0

1.05

5.2

0.0

AC

incl

6.0

1.56

3.3

0.0

KYAC0180

13.0

1.06

5.4

0.0

AC

incl

5.0

1.43

3.2

0.0

KYAC0181

26.0

0.91

5.0

0.0

AC

incl

4.0

1.57

1.0

0.0

KYAC0182

11.0

0.91

2.2

0.0

AC

incl

2.0

1.56

0.7

0.0

KYAC0183

15.0

0.84

3.0

0.0

AC TWIN

incl

2.0

1.24

0.0

0.0

KYAC0184

4.0

0.83

0.2

0.0

AC

incl

2.0

1.06

0.0

0.0

KYAC0185

4.0

0.97

0.3

0.0

AC

incl

2.0

1.08

0.2

0.0

KYAC0186

27.0

1.02

3.5

0.0

AC

incl

12.0

1.20

4.6

0.0

KYAC0187

25.0

0.95

4.1

0.0

AC

incl

5.0

1.39

2.4

0.0

KYAC0188

9.0

0.90

0.4

0.0

AC

incl

4.0

1.15

0.3

0.0

KYAC0189

21.0

1.08

4.6

0.0

AC

incl

12.0

1.34

4.2

0.0

KYAC0190

16.0

1.01

3.9

0.0

AC

incl

5.0

1.47

2.1

0.0

KYAC0191

25.0

1.08

5.2

0.0

AC

incl

5.0

1.88

1.2

0.0

KYPT0222

6.0

1.33

0.3

0.0

PT

incl

2.0

2.30

0.3

0.0

KYPT0223

7.0

1.06

0.1

0.0

PT

incl

2.0

2.07

0.2

0.0

KYPT0224

6.0

1.34

0.7

0.0

PT

incl

3.0

1.75

0.4

0.0

KYPT0225

3.0

1.28

0.0

0.0

PT

KYPT0226

2.0

0.82

0.1

0.0

PT

incl

0.5

1.58

0.0

0.0

KYPT0227

4.0

1.51

0.3

0.0

PT

incl

3.0

1.77

0.3

0.0

KYPT0228

6.0

1.24

0.4

0.0

PT

incl

2.0

1.98

0.2

0.0

KYPT0229

11.0

1.02

2.4

0.0

PT

incl

2.0

1.74

0.6

0.0

KYPT0230

7.0

0.93

0.6

0.0

PT

incl

1.0

2.02

0.3

0.0

KYPT0231

8.0

0.98

0.4

0.0

PT

incl

4.0

1.39

0.2

0.0

KYPT0232

2.0

1.02

0.2

0.0

PT

KYPT0233

11.0

1.70

1.4

0.0

PT

incl

3.0

2.13

0.3

0.0

KYPT0234

9.0

1.16

0.7

0.0

PT

incl

4.0

1.74

0.2

0.0

KYPT0235

7.0

1.67

0.5

0.0

PT

incl

6.0

1.79

0.4

0.0

KYPT0236

2.0

2.16

0.2

0.0

PT

KYPT0237

1.0

1.21

0.2

0.0

PT

KYPT0238

3.0

1.49

0.8

0.0

PT

incl

2.0

1.80

0.6

0.0

KYPT0239

5.0

1.11

0.5

0.0

PT

incl

1.0

2.50

0.2

0.0

KYPT0240

1.0

1.72

0.4

0.0

PT

KYPT0241

2.0

1.30

0.1

0.0

PT

incl

1.0

1.71

0.0

0.0

KYPT0242

10.0

0.92

1.2

0.0

PT

incl

1.0

2.32

0.0

0.0

KYPT0243

0.4

1.04

3.8

0.0

PT

KYPT0244

3.0

0.63

0.0

0.0

PT

KYPT0245

4.0

1.45

0.3

0.0

PT

KYPT0246

7.0

1.19

0.3

0.0

PT

incl

2.0

2.29

0.2

0.0

KYPT0247

7.0

1.17

0.8

0.0

PT

incl

2.0

2.01

0.2

0.0

KYPT0248

2.0

1.57

0.2

0.0

PT

KYPT0249

2.0

0.95

0.0

0.0

PT

KYPT0250

3.0

1.19

0.2

0.0

PT

KYPT0251

8.0

0.79

0.7

0.0

PT

incl

1.0

1.69

0.0

0.0

KYPT0252

7.0

0.89

0.6

0.0

PT

incl

1.0

2.11

0.0

0.0

KYPT0253

2.0

1.67

1.3

0.0

PT

KYPT0254

7.0

1.11

1.1

0.0

PT

incl

2.0

1.70

0.3

0.0

KYPT0255

12.0

1.13

1.0

0.0

PT

incl

2.0

1.59

0.3

0.0

KYPT0256

12.0

1.00

0.8

0.0

PT TWIN

incl

2.0

1.68

0.3

0.0

KYPT0257

5.0

1.45

0.2

0.0

PT

incl

2.0

2.10

0.2

0.0

KYPT0258

10.0

1.02

1.2

0.0

PT

incl

3.0

1.86

0.4

0.0

KYPT0259

12.0

1.36

0.7

0.0

PT

incl

7.0

1.63

0.3

0.0

KYPT0260

5.0

0.84

0.1

0.0

PT

incl

2.0

1.19

0.1

0.0

KYPT0261

3.0

1.13

0.5

0.0

PT

incl

2.0

1.29

0.5

0.0

KYPT0262

0.2

1.02

0.0

0.0

PT

KYPT0263

3.0

1.69

0.2

0.0

PT

incl

2.0

2.08

0.3

0.0

KYPT0264

3.0

1.77

0.3

0.0

PT

incl

2.0

2.18

0.4

0.0

KYPT0265

6.0

0.74

0.7

0.0

PT

incl

1.0

1.41

0.1

0.0

KYPT0266

4.0

0.76

0.0

0.0

PT

incl

1.0

1.43

0.2

0.0

KYPT0267

NSR

PT

KYPT0268

3.0

0.95

0.2

0.0

PT

incl

1.0

1.69

0.2

0.0

KYPT0269

2.0

0.69

0.6

0.0

PT

KYPT0270

9.0

0.84

2.3

0.0

PT

incl

2.0

1.54

0.5

0.0

KYPT0271

2.0

0.61

0.2

0.0

PT

KYPT0272

2.0

1.43

0.3

0.0

PT

KYPT0273

2.0

1.41

0.3

0.0

PT

KYPT0274

3.0

1.30

0.2

0.0

PT

KYPT0275

3.0

0.99

0.2

0.0

PT

incl

1.0

1.88

0.3

0.0

KYPT0276

3.0

1.03

0.1

0.0

PT

incl

1.0

1.39

0.2

0.0

KYPT0277

4.0

0.86

0.2

0.0

PT

incl

2.0

1.15

0.2

0.0

KYPT0278

10.5

1.03

1.7

0.0

PT

incl

1.0

2.07

0.5

0.0

KYPT0279

3.0

1.03

0.2

0.0

PT

incl

1.0

1.35

0.3

0.0

KYPT0280

3.0

1.04

0.2

0.0

PT

KYPT0281

4.6

0.84

0.9

0.0

PT

KYPT0282

7.9

0.95

0.6

0.0

PT

incl

1.0

2.04

0.4

0.0

KYPT0283

3.8

1.74

0.1

0.0

PT

KYPT0284

1.0

0.91

0.2

0.0

PT

KYPT0285

3.0

2.01

0.1

0.0

PT

KYPT0286

2.0

1.18

0.2

0.0

PT

KYPT0287

6.1

0.90

1.2

0.0

PT

incl

1.0

2.26

0.0

0.0

KYPT0288

6.0

1.16

0.6

0.0

PT

incl

1.0

3.13

0.4

0.0

KYPT0289

4.0

0.66

0.3

0.0

PT

KYPT0290

2.0

0.68

0.0

0.0

PT

KYPT0291

2.0

0.77

0.0

0.0

PT

KYPT0292

4.0

0.73

0.2

0.0

PT

KYPT0293

1.0

1.45

0.0

0.0

PT

KYPT0294

2.0

0.74

0.2

0.0

PT

KYPT0295

5.0

0.92

0.2

0.0

PT

incl

1.0

1.94

0.2

0.0

KYPT0296

2.0

1.66

0.1

0.0

PT

KYPT0297

9.0

1.11

1.0

0.0

PT

incl

2.0

1.97

0.1

0.0

KYPT0298

4.0

0.75

0.0

0.0

PT

incl

1.0

1.42

0.0

0.0

KYPT0299

3.0

0.95

0.1

0.0

PT

incl

1.0

1.41

0.2

0.0

KYPT0300

4.0

0.97

0.0

0.0

PT

incl

2.0

1.21

0.0

0.0

KYPT0301

3.0

1.48

0.2

0.0

PT

incl

2.0

1.90

0.3

0.0

KYPT0302

8.0

1.13

0.4

0.0

PT

incl

3.0

1.67

0.0

0.0

KYPT0303

4.0

0.70

1.4

0.0

PT

KYPT0304

4.0

1.04

0.9

0.0

PT TWIN

incl

1.0

2.06

0.6

0.0

KYPT0305

5.9

1.11

0.0

0.0

PT

incl

3.0

1.42

0.0

0.0

KYPT0306

2.6

1.53

0.2

0.0

PT

incl

1.0

2.87

0.2

0.0

KYPT0307

10.0

0.91

3.3

0.0

PT

incl

3.0

1.39

0.5

0.0

KYPT0308

1.0

1.10

0.3

0.0

PT

KYPT0309

9.0

0.81

0.7

0.0

PT

KYPT0310

3.0

0.89

0.1

0.0

PT

incl

2.0

1.00

0.2

0.0

KYPT0311

3.0

1.62

0.2

0.0

PT

KYPT0312

3.0

1.08

0.4

0.0

PT

KYPT0313

3.0

1.26

0.2

0.0

PT

incl

2.0

1.43

0.2

0.0

KYPT0314

3.8

1.37

1.1

0.0

PT

incl

2.0

1.78

0.5

0.0

KYPT0315

3.0

0.97

0.4

0.0

PT

incl

2.0

1.16

0.4

0.0

KYPT0316

5.0

1.05

1.0

0.0

PT

incl

1.7

1.92

0.6

0.0

KYPT0317

2.0

0.77

0.4

0.0

PT

KYPT0318

4.2

1.35

0.2

0.0

PT

KYPT0319

4.1

1.05

0.2

0.0

PT

incl

2.0

1.40

0.3

0.0

KYPT0320

5.0

0.84

0.3

0.0

PT

incl

1.5

1.36

0.2

0.0

KYPT0321

11.0

0.86

1.0

0.0

PT

incl

2.4

1.58

0.2

0.0

KYPT0322

1.0

1.42

0.3

0.0

PT

KYPT0323

1.8

1.09

0.4

0.0

PT

KYPT0324

3.0

1.41

0.5

0.0

PT

incl

1.7

1.95

0.5

0.0

KYPT0325

4.1

1.02

0.1

0.0

PT

incl

2.0

1.42

0.2

0.0

KYPT0326

4.2

1.02

0.1

0.0

PT TWIN

incl

2.0

1.46

0.2

0.0

KYPT0327

3.0

1.12

0.0

0.0

PT

incl

1.0

1.99

0.0

0.0

KYPT0328

8.0

1.00

1.5

0.0

PT

incl

1.0

1.18

1.9

0.0

KYPT0329

2.0

0.65

0.4

0.0

PT

KYPT0330

7.0

1.14

0.4

0.0

PT TWIN

incl

3.0

1.82

0.3

0.0

KYPT0331

4.2

0.83

0.1

0.0

PT

incl

2.0

1.13

0.2

0.0

KYPT0332

1.0

0.63

0.2

0.0

PT

KYPT0333

8.6

0.98

1.0

0.0

PT

incl

1.4

1.51

0.3

0.0

KYPT0334

2.0

0.60

0.2

0.0

PT

KYPT0335

3.7

0.67

0.8

0.0

PT

KYPT0336

2.0

1.62

0.1

0.0

PT

KYPT0337

14.2

0.80

3.4

0.0

PT

incl

1.0

1.28

0.6

0.0

KYPT0338

5.5

1.25

0.8

0.0

PT

incl

1.0

2.38

0.4

0.0

KYPT0339

4.0

1.50

0.7

0.0

PT

incl

2.4

1.93

0.4

0.0

KYPT0340

6.0

0.98

4.0

0.0

PT

KYPT0341

14.6

1.05

1.2

0.0

PT

incl

2.9

1.53

0.4

0.0

KYPT0342

6.0

1.30

2.9

0.0

PT

incl

4.7

1.40

3.6

1.3

KYPT0343

7.0

1.11

0.9

0.0

PT

incl

1.0

2.33

0.5

0.0

KYPT0344

7.0

1.01

1.4

0.0

PT

incl

1.4

1.29

0.3

0.0

KYPT0345

3.4

0.99

0.4

0.0

PT

incl

2.0

1.32

0.5

0.0

KYPT0346

2.0

1.70

0.5

0.0

PT

KYPT0347

10.0

0.88

2.3

0.0

PT

incl

1.9

1.82

4.4

0.0

KYPT0348

6.0

1.00

0.7

0.0

PT

incl

2.0

1.55

0.2

0.0

KYPT0349

4.0

0.83

5.0

4.5

PT

KYPT0350

10.0

0.82

3.0

0.0

PT

incl

1.0

1.83

0.5

0.0

KYPT0351

3.8

1.20

0.5

0.0

PT

incl

2.0

1.49

0.5

0.0

KYPT0352

5.0

1.41

0.3

0.0

PT

KYPT0353

12.2

0.94

3.6

0.0

PT

incl

4.6

1.31

1.0

0.0

KYPT0354

13.0

0.90

1.5

0.0

PT

incl

3.7

1.15

0.2

0.0

KYPT0355

7.0

0.99

2.0

0.0

PT

incl

1.8

1.75

0.5

0.0

KYPT0356

5.0

0.83

0.2

0.0

PT

incl

2.0

1.18

0.2

0.0

KYPT0357

4.0

0.87

0.1

0.0

PT TWIN

incl

1.0

1.44

0.2

0.0

KYPT0358

13.0

1.12

2.0

0.0

PT

incl

2.5

2.06

0.2

0.0

KYPT0359

11.0

1.20

2.6

0.0

PT

incl

4.0

1.72

0.7

0.0

KYPT0360

11.0

1.27

1.7

0.0

PT

incl

9.0

1.40

1.6

0.0

KYPT0361

5.2

0.95

0.1

0.0

PT

incl

2.0

1.45

0.2

0.0

KYPT0362

5.0

1.27

0.3

0.0

PT

incl

2.0

2.06

0.2

0.0

KYPT0363

13.4

0.90

2.7

0.0

PT

incl

1.3

1.60

0.0

0.0

KYPT0364

7.0

1.26

2.5

0.0

PT

incl

3.0

1.80

1.1

0.0

KYPT0365

7.0

0.76

1.3

0.0

PT

KYPT0366

4.0

0.77

0.8

0.0

PT

KYPT0367

10.6

0.95

2.0

0.0

PT

incl

2.0

1.97

0.3

0.0

KYPT0368

8.3

0.79

0.6

0.0

PT

incl

3.0

1.19

0.2

0.0

KYPT0369

8.0

0.95

3.2

0.0

PT

incl

2.6

1.39

0.5

0.0

KYPT0370

1.5

1.84

0.1

0.0

PT

incl

1.5

1.84

0.1

0.0

KYPT0371

12.5

0.92

1.5

0.0

PT

incl

2.0

1.90

0.4

0.0

KYPT0372

15.0

0.55

4.4

0.0

PT

incl

0.7

1.18

1.5

0.0

KYPT0373

13.3

1.19

2.4

0.0

PT

incl

1.0

2.29

0.4

0.0

KYPT0374

5.4

1.17

1.6

0.0

PT

incl

1.2

2.32

0.3

0.0

KYPT0375

9.0

1.08

1.1

0.0

PT

incl

2.5

1.66

0.4

0.0

KYPT0376

7.0

1.22

0.7

0.0

PT

incl

2.9

1.79

0.2

0.0

KYPT0377

2.0

1.70

0.3

0.0

PT

KYPT0378

4.1

1.31

0.2

0.0

PT TWIN

incl

2.0

1.80

0.1

0.0

KYPT0379

9.0

1.28

1.3

0.0

PT

incl

4.0

1.68

1.7

5.0

KYPT0380

2.0

1.30

0.5

0.0

PT

KYPT0381

8.0

1.09

2.5

0.0

PT

KYPT0382

3.8

1.80

0.2

0.0

PT

incl

2.0

2.31

0.2

0.0

KYPT0383

8.0

0.91

3.5

0.0

PT

incl

1.6

1.76

0.7

0.0

KYPT0384

1.8

1.62

0.4

0.0

PT

incl

1.0

2.35

0.4

0.0

KYPT0385

3.2

0.67

0.3

0.9

PT

KYPT0386

8.3

0.85

1.1

0.0

PT

incl

1.6

1.61

0.0

0.0

KYPT0387

6.0

0.87

0.6

0.0

PT

incl

1.6

1.36

0.4

0.0

KYPT0388

14.0

1.09

1.3

0.0

PT

incl

4.0

1.57

0.1

0.0

KYPT0389

10.7

1.04

3.4

0.0

PT

incl

2.0

1.94

0.3

0.0

KYPT0390

11.5

0.97

4.4

0.0

PT

incl

2.0

2.06

0.5

0.0

KYPT0391

15.0

1.03

6.4

0.0

PT

incl

1.7

2.16

0.6

0.0

KYPT0392

8.0

1.17

2.9

0.0

PT

incl

2.4

1.70

0.5

0.0

KYPT0393

12.8

1.26

4.2

0.0

PT

incl

9.0

1.45

2.5

0.0

KYPT0394

4.0

0.98

0.2

0.0

PT

incl

2.0

1.20

0.2

0.0

KYPT0395

11.0

1.00

2.6

0.0

PT

incl

5.0

1.42

2.2

0.0

KYPT0396

5.8

0.91

0.1

0.0

PT

incl

2.7

1.35

0.0

0.0

KYPT0397

2.8

1.84

0.2

0.0

PT

KYPT0398

1.0

0.89

1.7

5.0

PT

KYPT0399

6.0

0.97

0.2

0.0

PT

incl

2.0

1.34

0.2

0.0

KYPT0400

8.0

0.62

1.9

2.0

PT

KYPT0401

3.0

0.86

0.0

0.0

PT

incl

0.9

1.57

0.2

0.0

KYPT0402

2.8

2.26

0.0

0.0

PT

KYPT0403

4.5

0.93

0.0

0.0

PT

incl

3.0

1.09

0.0

0.0

KYPT0404

4.3

0.94

0.0

0.0

PT TWIN

incl

3.0

1.09

0.0

0.0

KYPT0405

6.3

1.17

0.7

0.0

PT

incl

2.8

1.73

0.3

0.0

KYPT0406

10.0

0.78

1.4

0.0

PT

KYPT0407

11.7

1.12

2.4

0.0

PT

incl

7.0

1.35

2.0

0.0

KYPT0408

7.0

0.99

0.1

0.0

PT

incl

4.5

1.17

0.1

0.0

KYPT0409

1.0

2.74

0.3

0.0

PT

KYPT0410

6.0

0.93

0.1

0.0

PT

incl

2.0

1.22

0.1

0.0

KYPT0411

5.0

1.00

0.6

0.0

PT

incl

2.0

1.49

0.3

0.0

KYPT0412

1.0

0.94

0.4

0.0

PT

incl

1.0

1.06

2.8

9.0

KYPT0413

8.0

0.90

3.7

0.0

PT

incl

1.0

1.53

0.4

0.0

KYPT0414

3.0

0.68

0.1

0.0

PT

incl

1.0

1.01

0.2

0.0

KYPT0415

11.0

1.09

0.7

0.0

PT

incl

3.4

1.83

0.2

0.0

KYPT0416

5.0

1.08

0.2

0.0

PT

incl

2.0

1.55

0.2

0.0

KYPT0417

8.3

0.90

0.7

0.0

PT

incl

1.4

2.06

0.2

0.0

KYPT0418

13.6

1.15

2.3

0.0

PT

incl

2.0

2.02

0.3

0.0

KYPT0419

2.8

1.15

0.2

0.0

PT

incl

1.0

1.50

0.3

0.0

KYPT0420

6.0

0.98

0.0

0.0

PT

incl

3.0

1.39

0.0

0.0

KYPT0421

11.0

1.00

3.3

0.0

PT

incl

4.0

1.39

1.4

0.0

KYPT0422

6.0

1.10

0.4

0.0

PT

incl

4.7

1.23

0.3

0.0

KYPT0423

4.0

0.90

0.1

0.0

PT

incl

1.0

1.44

0.2

0.0

KYPT0424

10.8

1.11

1.5

0.0

PT

incl

6.0

1.43

0.8

0.0

KYPT0425

14.0

1.11

1.5

0.0

PT

incl

2.0

1.84

0.3

0.0

KYPT0426

2.0

0.70

0.2

0.0

PT

KYPT0427

5.5

1.05

0.0

0.0

incl

2.9

1.51

0.0

0.0

KYPT0428

3.6

1.21

0.2

0.0

PT

KYPT0429

1.7

1.35

0.2

0.0

PT

KYPT0430

3.8

1.03

0.2

0.0

PT

incl

2.0

1.45

0.2

0.0

KYPT0431

3.5

1.15

0.3

0.0

PT TWIN

incl

2.0

1.48

0.3

0.0

KYPT0432

6.0

0.76

1.1

0.0

PT

incl

0.5

2.77

0.0

0.0

KYPT0433

1.0

2.40

0.3

0.0

PT

KYPT0434

4.0

1.92

0.1

0.0

PT

incl

1.0

2.40

0.3

0.0

KYPT0435

10.0

1.06

0.7

0.0

PT

incl

4.7

1.52

0.1

0.0

KYPT0436

9.0

1.17

0.9

0.0

PT

incl

3.4

1.85

0.2

0.0

KYPT0437

2.4

0.91

0.1

2.0

PT

KYPT0438

6.0

1.26

0.7

0.0

PT

incl

4.0

1.55

0.3

0.0

KYPT0439

2.0

1.01

0.3

0.0

PT

KYPT0440

5.4

0.75

1.0

0.0

PT

KYPT0441

5.0

1.19

0.1

0.0

PT

incl

3.0

1.57

0.2

0.0

KYPT0442

10.0

0.93

2.0

0.0

PT

KYPT0443

3.7

0.93

0.2

0.0

PT

incl

2.0

1.13

0.2

0.0

KYPT0444

3.8

1.01

0.7

0.0

PT

incl

1.3

1.18

0.8

2.0

KYPT0445

2.9

1.27

1.9

0.0

PT

incl

1.9

1.66

0.8

0.0

KYPT0446

3.0

0.65

0.3

0.0

PT

KYPT0447

2.1

0.73

1.8

9.4

PT

KYPT0448

7.0

1.07

0.7

0.0

PT

incl

3.8

1.28

0.3

0.0

KYPT0449

8.0

1.13

0.5

0.0

PT

incl

3.3

1.66

0.2

0.0

KYPT0450

5.0

1.22

0.3

0.0

PT

incl

1.9

1.81

0.2

0.0

KYPT0451

9.0

1.01

0.7

0.0

PT

incl

2.2

1.63

0.3

0.0

KYPT0452

10.0

1.00

2.4

0.0

PT

incl

1.7

1.55

0.3

0.0

KYPT0453

3.0

1.02

0.3

0.0

PT

incl

1.7

1.34

0.3

0.0

KYPT0454

9.0

0.95

0.8

0.0

PT

incl

2.0

1.74

0.5

0.0

KYPT0455

4.0

1.43

0.3

0.0

PT

incl

2.0

1.88

0.3

0.0

KYPT0456

5.0

1.10

0.3

0.0

PT

incl

2.9

1.47

0.2

0.0

KYPT0457

2.4

1.11

0.2

0.0

PT

incl

1.0

1.84

0.3

0.0

KYPT0458

1.0

1.02

0.4

0.0

PT

KYPT0459

8.0

0.80

2.0

0.0

PT

incl

1.0

1.51

0.4

0.0

KYPT0460

1.5

1.59

0.2

0.0

PT

KYPT0461

1.0

1.38

0.4

0.0

PT

KYPT0462

2.0

1.17

0.4

0.0

PT

KYPT0463

2.0

1.58

0.3

0.0

PT

KYPT0464

5.0

0.78

1.1

0.0

PT

KYPT0465

1.1

1.17

0.4

0.0

PT

KYPT0466

2.0

1.75

0.3

0.0

PT

KYPT0467

NSR

PT

KYPT0468

NSR

PT

 

APPENDIX II: DRILL HOLE COLLAR DATA – TABLE 3

Hole ID

Easting

Northing

RL

Depth

 

Hole ID

Easting

Northing

RL

Depth

KYAC0094

549202

8479802

1129

23.0

KYAC0137

544001

8468400

1137

24.0

KYAC0095

549400

8479802

1128

30.0

KYAC0138

543800

8468400

1132

16.0

KYAC0096

549600

8479776

1126

34.0

KYAC0139

543597

8468400

1127

28.0

KYAC0097

549778

8479810

1123

27.0

KYAC0140

543599

8468001

1132

27.0

KYAC0098

548998

8479395

1135

33.0

KYAC0141

543800

8468000

1138

24.0

KYAC0099

549198

8479401

1133

26.0

KYAC0142

544000

8467999

1141

25.5

KYAC0100

549400

8479401

1131

29.0

KYAC0143

544000

8468000

1141

25.5

KYAC0101

549600

8479402

1128

25.0

KYAC0144

543799

8467801

1140

25.0

KYAC0102

549800

8479402

1126

28.0

KYAC0145

544001

8467801

1143

24.0

KYAC0103

549800

8479402

1126

28.0

KYAC0146

543599

8467803

1135

26.5

KYAC0104

549600

8479603

1129

27.0

KYAC0147

543600

8467601

1136

21.0

KYAC0105

549401

8479600

1131

25.8

KYAC0148

543800

8467605

1141

21.0

KYAC0106

549799

8479600

1126

25.0

KYAC0149

544000

8467600

1144

33.0

KYAC0107

549200

8479600

1132

20.0

KYAC0150

543800

8467401

1143

30.0

KYAC0108

549000

8479802

1128

22.7

KYAC0151

544001

8467401

1145

24.0

KYAC0109

548798

8479195

1138

25.0

KYAC0152

544402

8467801

1144

28.6

KYAC0110

548799

8479000

1138

27.0

KYAC0153

545000

8465600

1162

22.0

KYAC0111

548600

8478999

1141

29.0

KYAC0154

545200

8465601

1163

21.0

KYAC0112

548399

8478999

1143

25.0

KYAC0155

545201

8465799

1161

28.0

KYAC0113

548801

8478799

1138

19.8

KYAC0156

545399

8465201

1167

24.0

KYAC0114

548600

8478799

1141

14.0

KYAC0157

545200

8465202

1164

28.0

KYAC0115

548401

8478800

1143

32.0

KYAC0158

544996

8465204

1161

28.0

KYAC0116

548201

8478801

1145

24.8

KYAC0159

545201

8465000

1164

34.0

KYAC0117

549399

8478799

1124

15.0

KYAC0160

545398

8465001

1167

35.0

KYAC0118

549204

8478815

1128

22.0

KYAC0161

545400

8464801

1167

30.0

KYAC0119

549002

8478801

1134

27.0

KYAC0162

545600

8465000

1169

35.0

KYAC0120

549001

8478403

1133

22.7

KYAC0163

545600

8464999

1169

35.0

KYAC0121

548800

8478399

1136

25.8

KYAC0164

545600

8465200

1169

27.0

KYAC0122

548600

8478399

1138

30.0

KYAC0165

545400

8465600

1164

27.0

KYAC0123

548599

8478399

1138

30.0

KYAC0166

545601

8465602

1164

29.0

KYAC0124

548400

8478398

1140

24.0

KYAC0167

545400

8465800

1160

24.0

KYAC0125

549000

8478200

1131

24.0

KYAC0168

545600

8465784

1160

22.6

KYAC0126

548799

8478200

1134

28.0

KYAC0169

545800

8465601

1164

20.0

KYAC0127

548599

8478198

1136

18.0

KYAC0170

545800

8465800

1159

27.0

KYAC0128

548397

8478197

1137

22.0

KYAC0171

546000

8465800

1157

29.0

KYAC0129

548201

8478201

1139

14.0

KYAC0172

546000

8466201

1149

18.0

KYAC0130

548200

8478401

1142

25.0

KYAC0173

546002

8466001

1152

25.0

KYAC0131

544600

8468801

1136

36.0

KYAC0174

545999

8466401

1147

13.0

KYAC0132

544601

8468598

1137

35.0

KYAC0175

545998

8467403

1162

19.0

KYAC0133

544798

8468597

1132

35.0

KYAC0176

546200

8467400

1165

26.6

KYAC0134

544598

8468398

1139

29.0

KYAC0177

546400

8467399

1168

23.0

KYAC0135

544792

8468405

1135

30.0

KYAC0178

546400

8467600

1169

21.4

KYAC0136

544600

8468000

1142

32.0

KYAC0179

546200

8467601

1166

26.0

KYAC0180

545998

8467601

1162

15.5

KYPT0255

547793

8477399

1148

12.0

KYAC0181

546198

8467797

1164

27.0

KYPT0256

547793

8477400

1148

12.0

KYAC0182

546197

8467999

1162

32.0

KYPT0257

547401

8477398

1150

11.0

KYAC0183

546198

8467999

1162

32.0

KYPT0258

547000

8477000

1149

10.0

KYAC0184

546400

8468199

1161

22.8

KYPT0259

547395

8477000

1152

12.0

KYAC0185

546601

8468201

1163

32.7

KYPT0260

547800

8476999

1148

11.0

KYAC0186

546398

8468002

1165

32.0

KYPT0261

548201

8477000

1140

6.0

KYAC0187

546600

8468001

1166

27.4

KYPT0262

546604

8477001

1143

8.0

KYAC0188

546200

8468201

1159

25.8

KYPT0263

546999

8476604

1148

8.0

KYAC0189

546400

8467801

1167

22.0

KYPT0264

547399

8476604

1149

9.0

KYAC0190

546599

8467803

1169

17.4

KYPT0265

547801

8476601

1144

6.0

KYAC0191

546598

8467599

1171

26.0

KYPT0266

547387

8476200

1146

4.0

KYPT0222

549000

8479394

1135

9.0

KYPT0267

545001

8471800

1133

8.6

KYPT0223

549400

8479400

1131

7.0

KYPT0268

547000

8476199

1149

9.0

KYPT0224

549800

8479400

1126

7.0

KYPT0269

544998

8472202

1134

10.0

KYPT0225

548999

8479802

1128

3.0

KYPT0270

546605

8476211

1146

9.0

KYPT0226

549401

8479803

1128

4.0

KYPT0271

544598

8472601

1129

3.9

KYPT0227

549777

8479810

1124

6.0

KYPT0272

546197

8476198

1138

7.0

KYPT0228

548200

8479000

1145

12.0

KYPT0273

544200

8472600

1128

3.2

KYPT0229

548601

8478999

1141

11.0

KYPT0274

546199

8475798

1142

9.0

KYPT0230

549000

8479001

1135

7.0

KYPT0275

543800

8472600

1123

8.0

KYPT0231

547799

8478599

1148

11.0

KYPT0276

546196

8475402

1143

11.0

KYPT0232

547800

8479001

1149

12.9

KYPT0277

546196

8475403

1143

11.0

KYPT0233

548198

8478600

1144

11.0

KYPT0278

543803

8472997

1124

10.5

KYPT0234

548598

8478601

1140

9.0

KYPT0279

546201

8474634

1130

3.0

KYPT0235

548998

8478600

1134

7.0

KYPT0280

544200

8473002

1130

10.7

KYPT0236

549401

8478602

1125

8.0

KYPT0281

546594

8474612

1133

4.6

KYPT0237

549400

8478183

1123

3.0

KYPT0282

543400

8473001

1114

7.9

KYPT0238

549764

8479050

1121

3.0

KYPT0283

546598

8476548

1138

3.8

KYPT0239

549400

8478999

1126

5.0

KYPT0284

546201

8476465

1132

4.0

KYPT0240

550202

8479799

1118

4.0

KYPT0285

547799

8476129

1143

3.0

KYPT0241

550197

8479406

1117

7.0

KYPT0286

543051

8472996

1104

2.0

KYPT0242

548599

8479402

1138

10.0

KYPT0287

542998

8472623

1105

6.1

KYPT0243

548205

8479442

1139

6.6

KYPT0288

548202

8476199

1144

6.0

KYPT0244

547400

8478200

1144

3.6

KYPT0289

543347

8472600

1110

4.0

KYPT0245

548200

8478200

1139

4.0

KYPT0290

543000

8473400

1105

10.3

KYPT0246

548600

8478199

1136

7.0

KYPT0291

548598

8476199

1143

9.0

KYPT0247

549000

8478200

1131

7.0

KYPT0292

543000

8473800

1103

9.0

KYPT0248

547788

8478206

1139

2.0

KYPT0293

548201

8476599

1138

4.0

KYPT0249

546999

8477800

1150

9.0

KYPT0294

543407

8473756

1107

3.0

KYPT0250

547000

8477400

1150

9.0

KYPT0295

548600

8476600

1139

5.0

KYPT0251

547400

8477800

1145

8.0

KYPT0296

543800

8473800

1115

4.0

KYPT0252

547800

8477761

1143

7.0

KYPT0297

548202

8474999

1151

9.0

KYPT0253

548200

8477800

1135

3.0

KYPT0298

543799

8473402

1118

5.0

KYPT0254

548201

8477401

1141

8.0

KYPT0299

548485

8474600

1146

4.0

KYPT0300

543400

8473377

1113

4.5

KYPT0345

544200

8469800

1130

14.5

KYPT0301

548598

8475458

1144

4.0

KYPT0346

545111

8468600

1132

12.3

KYPT0302

548179

8474595

1154

8.9

KYPT0347

545400

8468600

1138

14.4

KYPT0303

547800

8473801

1158

8.9

KYPT0348

547004

8473401

1148

8.0

KYPT0304

547800

8473800

1158

9.0

KYPT0349

545802

8468598

1148

10.0

KYPT0305

542600

8471400

1107

5.9

KYPT0350

547796

8472997

1167

13.4

KYPT0306

548205

8473797

1151

3.0

KYPT0351

547714

8472654

1170

15.0

KYPT0307

547806

8474197

1157

11.0

KYPT0352

546200

8468601

1154

15.0

KYPT0308

542600

8471000

1110

5.9

KYPT0353

547401

8472600

1169

12.2

KYPT0309

548200

8474200

1152

9.0

KYPT0354

546600

8468600

1156

13.0

KYPT0310

542999

8471401

1110

8.3

KYPT0355

547400

8472202

1167

7.0

KYPT0311

547403

8473802

1152

5.0

KYPT0356

546600

8468200

1163

13.9

KYPT0312

542997

8471027

1104

5.0

KYPT0357

546602

8468200

1163

14.0

KYPT0313

547350

8473399

1158

11.0

KYPT0358

547774

8472220

1170

14.0

KYPT0314

543393

8471084

1105

3.8

KYPT0359

547800

8471801

1169

11.0

KYPT0315

543000

8470600

1111

6.3

KYPT0360

546999

8468601

1156

12.0

KYPT0316

543347

8470600

1106

5.0

KYPT0361

547401

8471803

1164

12.9

KYPT0317

548602

8475002

1142

6.3

KYPT0362

547000

8468200

1162

12.0

KYPT0318

543000

8470200

1122

11.0

KYPT0363

548210

8472992

1161

10.4

KYPT0319

547797

8473428

1162

12.0

KYPT0364

547403

8468612

1151

7.0

KYPT0320

542600

8470200

1122

8.0

KYPT0365

548199

8473400

1158

7.0

KYPT0321

547403

8474199

1154

11.0

KYPT0366

547400

8471399

1160

12.0

KYPT0322

542600

8470520

1110

2.3

KYPT0367

547400

8471002

1160

10.6

KYPT0323

547006

8474128

1141

4.4

KYPT0368

546200

8468200

1159

8.3

KYPT0324

543398

8470206

1114

3.5

KYPT0369

547400

8470601

1158

8.4

KYPT0325

543000

8469802

1128

9.1

KYPT0370

545800

8468200

1152

14.4

KYPT0326

543001

8469803

1128

9.2

KYPT0371

547801

8471000

1164

12.5

KYPT0327

547082

8473799

1142

3.0

KYPT0372

545400

8468200

1143

15.0

KYPT0328

543394

8469800

1120

8.0

KYPT0373

547804

8471403

1167

13.3

KYPT0329

548599

8479800

1131

6.6

KYPT0374

545400

8467800

1146

11.4

KYPT0330

549000

8479394

1135

8.0

KYPT0375

547800

8470599

1158

9.0

KYPT0331

543000

8469400

1130

11.1

KYPT0376

547798

8470200

1148

7.0

KYPT0332

549002

8480143

1127

5.3

KYPT0377

545799

8467800

1146

14.0

KYPT0333

543400

8469400

1122

8.6

KYPT0378

545799

8467801

1156

14.0

KYPT0334

549400

8480159

1123

5.0

KYPT0379

547414

8470212

1152

9.0

KYPT0335

549801

8480163

1120

4.7

KYPT0380

547396

8469807

1141

2.0

KYPT0336

543800

8469000

1123

2.0

KYPT0381

546980

8468992

1149

8.0

KYPT0337

547401

8472999

1167

14.2

KYPT0382

547360

8469019

1144

4.0

KYPT0338

543800

8469400

1119

14.5

KYPT0383

545800

8467400

1158

8.0

KYPT0339

543799

8469802

1118

14.5

KYPT0384

545410

8467400

1146

15.0

KYPT0340

543797

8470198

1118

20.4

KYPT0385

546599

8469002

1147

4.0

KYPT0341

543800

8470600

1119

14.6

KYPT0386

547799

8468999

1149

7.0

KYPT0342

544201

8471000

1121

17.5

KYPT0387

547794

8469400

1144

6.0

KYPT0343

543851

8471000

1116

20.5

KYPT0388

546999

8467401

1169

14.0

KYPT0344

544200

8470200

1128

14.5

KYPT0389

546197

8467796

1164

10.7

KYPT0390

547000

8467800

1167

11.5

KYPT0430

544999

8465800

1160

10.6

KYPT0391

546201

8467400

1165

15.0

KYPT0431

544999

8465799

1160

10.6

KYPT0392

546600

8467805

1169

8.0

KYPT0432

545000

8466200

1154

9.0

KYPT0393

546599

8467399

1171

12.8

KYPT0433

544998

8466601

1147

15.0

KYPT0394

547407

8467404

1169

9.6

KYPT0434

545400

8464200

1165

4.0

KYPT0395

546602

8467001

1165

12.0

KYPT0435

545800

8464199

1174

10.0

KYPT0396

546999

8466999

1167

6.5

KYPT0436

545403

8464598

1167

9.0

KYPT0397

546200

8467000

1159

15.0

KYPT0437

546199

8464601

1173

11.6

KYPT0398

544199

8484999

1112

6.0

KYPT0438

545801

8464599

1173

13.0

KYPT0399

544602

8484598

1119

6.0

KYPT0439

546199

8464201

1176

14.0

KYPT0400

544199

8484603

1119

10.0

KYPT0440

545000

8468200

1133

15.0

KYPT0401

543802

8484999

1112

9.0

KYPT0441

544199

8465800

1157

11.0

KYPT0402

546291

8466603

1151

11.6

KYPT0442

543800

8465799

1150

10.0

KYPT0403

543798

8484602

1117

10.0

KYPT0443

544552

8466601

1155

11.0

KYPT0404

543799

8484602

1117

10.0

KYPT0444

545001

8467800

1136

11.6

KYPT0405

545799

8466996

1150

15.0

KYPT0445

545000

8466991

1142

15.0

KYPT0406

543800

8484201

1122

10.9

KYPT0446

545400

8466600

1144

13.0

KYPT0407

544201

8484201

1125

11.7

KYPT0447

545800

8466600

1146

15.0

KYPT0408

543399

8484200

1119

12.0

KYPT0448

545401

8483801

1129

10.7

KYPT0409

545503

8467035

1145

15.0

KYPT0449

546202

8483795

1122

8.0

KYPT0410

543400

8484602

1114

6.0

KYPT0450

545805

8483799

1126

9.0

KYPT0411

543001

8484601

1114

10.0

KYPT0451

545805

8483800

1125

9.0

KYPT0412

544986

8467390

1139

13.7

KYPT0452

545401

8483400

1129

10.0

KYPT0413

542600

8484602

1112

10.0

KYPT0453

545801

8483400

1125

11.0

KYPT0414

542201

8484600

1107

10.0

KYPT0454

546199

8483399

1121

9.0

KYPT0415

544600

8467001

1150

11.0

KYPT0455

546600

8483400

1114

9.0

KYPT0416

542201

8484202

1110

9.5

KYPT0456

546601

8483792

1117

9.5

KYPT0417

542200

8483802

1106

8.3

KYPT0457

546601

8484201

1115

10.0

KYPT0418

544200

8467000

1151

13.6

KYPT0458

546207

8484200

1117

9.0

KYPT0419

542604

8483802

1110

8.0

KYPT0459

545800

8484200

1121

8.0

KYPT0420

543800

8467000

1146

11.0

KYPT0460

544953

8481801

1125

2.5

KYPT0421

542600

8484204

1114

11.0

KYPT0461

545400

8481800

1120

7.0

KYPT0422

543800

8466600

1149

12.0

KYPT0462

545401

8481400

1123

8.2

KYPT0423

543005

8484200

1117

11.0

KYPT0463

545400

8482201

1121

4.0

KYPT0424

544200

8466600

1155

10.8

KYPT0464

548961

8477740

1128

5.0

KYPT0425

544200

8466200

1156

14.0

KYPT0465

549307

8477767

1127

4.0

KYPT0426

544600

8466201

1158

9.0

KYPT0466

548450

8477772

1132

4.0

KYPT0427

543800

8466200

1150

5.5

KYPT0467

544650

8470996

1113

1.7

KYPT0428

544600

8465800

1161

8.7

KYPT0468

544913

8471407

1125

8.0

KYPT0429

544642

8484599

1119

1.7

 

Appendix III: JORC Code, 2012 Edition – Table 1

SECTION 1 – SAMPLING TECHNIQUES AND DATA

Criteria

 JORC Code explanation

Commentary

Sampling Techniques

Nature and quality of sampling (e.g. 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.

 

Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.

 

Push tube/core drilling is sampled routinely at 2m intervals bounded by weathering contacts by compositing dried and riffle-split half core. A consistent, 1.5kg sample is generated for both the rutile and graphite determination.

 

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

 

Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard.

 

Each sample is sun dried and homogenised. Sub-samples are carefully

riffle split to ensure representivity. The 1.5kg composite samples are then processed.

 

An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment.

 

Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.

 

 

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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information.

 

 

Logged mineralogy percentages, lithology information and TiO2% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together

Drilling Techniques

Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc).

 

A total of 98 Air-Core holes for 2,548m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

 

A total of 247 push-tube core holes, for 2,205m, were drilled at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

 

Placer has reviewed SOPs for Air-Core and Core drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.

 

 

Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

 

Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination.

Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered.

Core drilling samples are actively assessed by the driller and geologist onsite for recoveries and contamination.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

 

The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.

 

Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.

 

For push-tube drilling, core is extruded into core trays; slough is actively removed by the driller at the drilling rig and core recovery and quality is recorded by the geologist.

 

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 relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range.

 

No bias related to preferential loss or gain of different materials is observed.

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.

 

Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation.

 

All individual 1-metre intervals are geologically logged, recording relevant

data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.

 

All individual 1-metre core intervals are geologically logged, recording relevant

data to a set template using company codes.

 

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

 

All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.

 

The total length and percentage of the relevant intersection logged

 

 

100% of samples are geologically logged.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

 

 

N/A

 

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed.

 

An equivalent mass is taken from each primary sample to make up the composite.

 

The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.

 

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

 

Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists.

 

Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.

 

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

 

The sampling equipment is cleaned after each sub-sample is taken.

 

Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.

 

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.

 

Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.

 

Whether sample sizes are appropriate to the grain size of the material being sampled.

 

 

The sample size is considered appropriate for the material sampled.

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.

Rutile

The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated.

 

Final results generated are for recovered rutile i.e. the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC.

 

The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF.

 

All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi;

·      Dry sample in oven for 1 hour at 105

·      Soak in water and lightly agitate

·      Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material

·      Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105

·      Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC)

·      Pan HMC to remove retained light minerals

·      Dry HMC in oven for 30 minutes at 105

·      Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction.

 

Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination.

·      The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS.

 

Graphite

All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg.

The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA.

A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC).

 

The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon. 

An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.

 

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.

 

 

Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

 

Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting.

 

Accuracy monitoring is achieved through submission of certified reference materials (CRM’s).

ALS and Intertek both use internal CRMs and duplicates on XRF analyses.

Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20.

 

 

Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative.  Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch.

 

Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.

 

Acceptable levels of accuracy and precision are displayed in geostatistical analyses.

 

Verification of sampling & assaying

The verification of significant intersections by either independent or alternative company personnel.

 

Results are reviewed in cross-section using Micromine software and any spurious results are investigated.  The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.

 

The use of twinned holes.

Twinned holes are drilled across a geographically dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes.

 

Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.

 

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All geological logging data is collected in LogChief logging software. This data is then imported to Datashed5 and validated automatically and then manually.

 

Sovereigns’ laboratory data is captured onto paper templates or excel and transferred manually to the database. A transition to electronic laboratory data capture is under investigation.

 

 

Discuss any adjustment to assay data.

 

QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction.

 

Recovered rutile is therefore defined and reported here as: TiO2 recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e. recoverable rutile within the whole sample.

 

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.

 

A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration.

No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.

 

 

Specification of the grid system used.

WGS84 UTM Zone 36 South.

 

Quality and adequacy of topographic control.

DGPS pickups are considered to be high quality topographic control measures.

 

 

Data spacing & distribution

Data spacing for reporting of Exploration Results.

The Air-Core holes are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation.

 

The Core holes are spaced on a 400m x 400m grid which is deemed to adequately define the mineralisation.

 

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.

The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.  

 

Whether sample compositing has been applied.

Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 98 Air-Core holes and 247 Core holes.

 

 

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

 

Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

 

 

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.

 

 

There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

Sample security

The measures taken to ensure sample security

Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis.  The samples are sealed as soon as site preparation is complete.

 

A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.

 

At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt. 

 

Audits or reviews

The results of any audits or reviews of sampling techniques and data

 

Richard Stockwell (resource CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice.

 

Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

 

 

 

SECTION 2 – REPORTING OF EXPLORATION RESULTS

Criteria

Explanation

Commentary

Mineral tenement & 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 environment settings.

The Company owns 100% of the following Exploration Licences (ELs) and Retention Licence (RL) under the Mines and Minerals Act (No 8. of 2019), held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0492, EL0528, EL0545, EL0561, EL0582 and RL0012.

A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor.

No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops.

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 tenements are in good standing and no known impediments to exploration or mining exist.

Exploration done by other parties

 

Acknowledgement and appraisal of exploration by other parties.

Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite resources in Malawi. No other parties are involved in exploration.

Geology

Deposit type, geological setting and style of mineralisation

The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by eluvial processes.

Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m).

The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation.

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: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length

All collar and composite data are provided in the body and appendices of this report.

 

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

No information has been excluded.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated.

All results reported are of a length-weighted average of in-situ grades. The results reported in the body of the report are on a nominal lower cut-off of 0.5% Rutile and exclude bottom of hole samples where saprock has been geologically logged.

 

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.

No data aggregation was required.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

No metal equivalent values are used in this report.

Relationship between mineralisation widths & intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045°.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred in alluvial channels. These areas are adequately defined by the drilling pattern and topographical control.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’.

Downhole widths approximate true widths limited to the sample intervals applied. Graphite results are approximate true width as defined by the sample interval and typically increase with depth.

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 the drill collar locations and appropriate sectional views.

Refer to figures in the body of the full announcement at http://sovereignmetals.com.au/announcements/.

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.

All results are included in this report.

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.

Rutile has been determined, by QEMSCAN, to be the major TiO2-bearing mineral at and around several rutile prospects within Sovereign’s ground package. The Company continues to examine areas within the large tenement package for rutile and graphite by-product mineralisation.

Further work

The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling).

No further exploration is planned at this stage.  

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Refer to diagrams in the body of this report.

 

 

#SVML Sovereign Metals Ltd – ASX Trading Halt Update

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (“Sovereign” or the “Company”) announced on 27 January 2023 that following movements in its share price on the Australian Securities Exchange (“ASX”)and a price query from ASX, the Company’s ordinary shares were placed in a trading halt on the ASX.  The ASX has informed Sovereign that the trading halt has been lifted and trading of the Company’s ordinary shares has resumed on the ASX.

The trading halt did not affect trading in the Company’s shares on the AIM market of the London Stock Exchange plc, where normal trade continued.

In response to the ASX price query dated 27 January 2023 regarding an increase in the Company’s share price and in the volume of trading securities, the Company noted that it is not aware of any information that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company, however it does note that:

(a)      On 26 January 2023, Mkango Resources Limited (AIM/TSX-V: MKA) (“Mkango”) announced the receipt of Environmental Social Health Impact Assessment (“ESHIA”) approval from the Malawi Environmental Protection Authority (“MEPA”) for their Songwe Hill Rare Earths Project.  The approval of the ESHIA is a significant milestone in the Mining Development Agreement (“MDA”) approvals process as it is fundamental requirement for obtaining a mining licence in Malawi.

 

(b)      On 7 December 2022, the Company announced that the Company is to demerge its standalone Graphite Projects (being the Nanzeka, Malingunde, Duwi and Mabuwa Projects) into a wholly owned subsidiary, NGX Limited (“Demerger”). The Company expects to publish a Notice of Meeting for the Demerger in the coming weeks.

(c)        In September 2022, the Company completed a 6,865 metre, 438-hole air-core and push-tube infill mineral resource drilling program at Kasiya Rutile Project (“Kasiya”). The infill drilling results from this program are consistent with previous announced drilling results (refer to announcements dated 08/09/2022 and 26/10/2022) and are confirmatory of these previous infill results released to the market. An updated Kasiya Mineral Resource Estimate is targeted for completion in Q1 2023.

The final infill drill hole was completed on 16/09/2022. The final batch of infill drill hole samples was sent to Australian laboratories on 9/11/2022. The final batch of assay results was received by the Company on 8/12/2022 but as stated above the results from the program are consistent with previous announced drilling results.

In any event, the Company has released the infill assay results following a request from ASX (see announcement entitled ‘Kasiya Resource Infill Drilling Results’ dated 30 January 2023).

The Company has strict procedures to maintain confidentiality of assay results with two directors and two senior management employees only having access to drill results prior to announcement drafting and circulation to the board for final approval.

The Company expects that its shares will trade as normal on ASX from opening of trade on 31 January 2023. Trading will continue as normal on the AIM market.

 

ENQUIRIES

Dylan Browne
Company Secretary

+61(8) 9322 6322

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingram

 

Mariela Jaho

 

Christian Dennis

 

#SVML Sovereign Metals Ltd – ASX Trading Halt

Sovereign Metals Limited advises that the Company announced a voluntary trading halt to the Company’s securities on the Australian Securities Exchange (“ASX”), pending an announcement regarding a response to an ASX price query.

The Company requested that the trading halt remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 31 January 2023.

The Company also notes the recent share price rise in the trading of its securities on AIM, and observes that on 26 January 2023, Mkango Resources Limited (AIM/TSX-V: MKA) (“Mkango”) announced the receipt of Environmental Social Health Impact Assessment (“ESHIA”) approval from the Malawi Environmental Protection Authority (“MEPA”) for their Songwe Hill Rare Earths Project. The approval of the ESHIA is a significant milestone in the Mining Development Agreement (“MDA”) approvals process as it is a fundamental requirement for obtaining a mining licence, and while not directly associated with Sovereign’s Kasiya Rutile Project (“Kasiya”) in Malawi, could be perceived as an encouraging regulatory sign.

The Company also notes that it intends to release infill drilling results at Kasiya shortly, which would be incorporated into the next iteration of Kasiya’s Mineral Resource Estimate, and the impending release of the Notice of Meeting for the demerger of its standalone graphite projects (see RNS dated 7 December 2022).

 

ENQUIRIES

Dylan Browne
Company Secretary

+61(8) 9322 6322

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingram

 

Mariela Jaho

 

Christian Dennis

 

 

 

#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.

EXPLORATION PROGRAMME KEY OBJECTIVES

–      To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.

–      Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.

 Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.

 Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:  

The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.

Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.

So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.

Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”

EXPLORATION PROGRAMME OVERVIEW

Exploration Work

Rationale and Targeted Outcome

TRENCHING

A circa 500 metre mechanised trenching programme (underway).

Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure.

Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.

This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip.

If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign.

By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions.

SOIL GEOCHEMISTRY

High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below).

Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.

Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly.

Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing.

This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved.

This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes.

By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint.

GEOPHYSICS

A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).

The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.

Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling.

REVERSE CIRCULATION (“RC”) DRILLING(1)

~15 RC drillholes are planned to an average planned  depth of ~100m for ~1,500m in total.

This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure.

The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface.

The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling.

DIAMOND CORE DRILLING(2)

~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.

The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022.

Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.

The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project.

KEY:

(1)  RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.

(2)  Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.

FURTHER INFORMATION

Figure 1 – Tati Project Overview Plan Map:

 

 

Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#FCM First Class Metals PLC – Gold & Molybdenum Trend Identified on North Hemlo

Map Description automatically generatedFirst Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam Project land holding is pleased to provide an update on activities in respect to the North Hemlo property.

Marc J Sale, Chief Executive Officer of First Class Metals commented:

I am delighted to report on what has been a highly successful first field season for FCM across the North Hemlo property. The newly defined extension of the Dead Otter Lake occurrence into a trend of over 3km is a significant event. This trend with several gold assays over 1g/t and the incredible +19 g/t. Furthermore the associated molybdenum as a key pathfinder is very positive, given the Mo associated at Hemlo, only 20km to the south on a similar structural trend.

Alongside our own work on the property which has been majority focussed on the south, Palladium One have achieved some outstanding successes with high grade nickel sulphides from several drill intercepts on the West Pickle Lake JV. We are preparing for the 2023 season with the encouragement to develop an exploration programme to further this highly prospective project”.

 

HIGHLIGHTS:

Identification of the Dead Otter Lake gold & molybdenum trend

·      Identification of a +3km long gold (Au) and molybdenum (Mo) anomalous trend to the southeast of the historic Dead Otter Lake occurrence. Grab samples recorded up to 19.6g/t Au along the trend.

 

Sampling of the Dead Otter Lake trend (“DOLT”) has extended anomalous Au/Mo  mineralisation for +3km to the SE from the historic showing (3.7 g/t Au, 0.59% Mo). The mineralised structure closely mimics the granite contact. The 19.6 g/t Au sample, (see Photo 1), in the extreme SE of the trend could be where one of potentially two subparallel arcuate trends intersects the DOLT, see Figure 1

 

The Dead Otter Lake area is situated 20.5km North of the iconic Barrick Hemlo 23m Oz Au producing mine.

 

A hand holding a tree stump Description automatically generated with medium confidence

Photo 1 Sample from the DOLT trend which has reported a double-digit g/t gold assay.

 

Map Description automatically generated

Figure 1 the ‘DOLT’ with potential for subparallel / intersecting trends

 

Drilling at the West Pickle Lake JV

·      Drilling at West Pickle Lake by Palladium One has demonstrated that the high-grade nickel-copper sulphide occurrence hold’s potential to be extended both east towards their RJ showing as well as west onto or close to the 100% owned FCM North Hemlo property.  This area will also be a focus for reconnaissance in the upcoming field season and is currently being explored via collection of lake sediment samples and grab samples. See Table 1.

 

Drill Hole ID

Intersection (% Ni Eq.)

TK22-059

5.27% over 2.4m from 185.3m

TK22-060

3.94% over 2.4m from 186.6m

TK22-070

12.76% over 2.3m from 165.4m

TK22-073

7.2% Ni & 2.0% Cu over 2.6m of massive sulphides from 137.5m

Table 1 Highlights of the to date significant drilling intercept results, from West Pickle Lake

Photo 2 Massive nickel-copper sulphides in drill core from West Pickle Lake, drill hole TK22-059

 

Diagram Description automatically generated

Figure 2 West Pickle Lake area showing the potential for extension to the east and west on to the FCM property.

 

High-Definition Magnetic Survey

·      High-definition magnetic survey (HDMS) has shown that there are additional linear anomalies which require further exploration throughout the property, especially where intersected by north-south and north west structures. The survey highlighted the structure hosting the DOLT, as well as other potentially interesting features such as the extension of the Dotted Lake mineralised zone. The intersections of the N-S and NW-SE structures in the central north area are veritable exploration targets as are the structures paralleling the DOLT in the south.

 

 

 

Map Description automatically generated

Figure 3 hi resolution magnetic survey across the entire block, highlighting potential exploration targets.

 

Winter Exploration Activities

·      In January 52 Lake sediment samples and 8 rock samples have been collected to date as part of the Winter exploration programme on North Hemlo currently focussed in the north central sector but which will continue to the south as well as on other properties thereafter. During the exploration season of 2022 there were significant anomalous samples reported from Olga Lake on the Dotted Lake / Fairservice trend, proving the viability of this exploration method in the Hemlo area.

 

First Class Metals is extremely excited about the DOLT ‘discovery’ an enthusiasm shared by Bruce MacLachlan, head of Emerald Geological Services1 (FCM geological lead) who commented that to the best of his understanding “this is one of the highest grab sample results ever recorded on the Hemlo north limb.”

Further work including reconnaissance and detailed sampling is required in order to define the trend as well as the potential and role that the ‘subparallel’ trends play in the mineralisation.

Exploration on the remainder of the claim area is ongoing and this field season will see a focus not only on the DOLT but also the area around the anomalous lake sediment samples reported and anticipated. This area is exciting as it is on strike from not only interesting magnetic features evidenced by the (HDMS) but also the interpreted extension of the Fairservice showing to the SW.

 

 

Future work in 2023 will focus on

 

•     Dead Otter Lake trend and potential subparallel structures highlighted in soil samples.

 

•     West Pickle Lake extension on to 100% owned FCM area of North Hemlo.

 

•     Extension of the Dotted Lake / Fairservice structure.

 

•     Other areas with potentially mineralised structures identified by the high-definition magnetic survey.

 

•     Completion of the exploration Permit process

 

 

Background:

 

Historic exploration and to an extent contemporary data was limited and sporadic across the property, however, the pre field season deep review of the historic data did reveal that some encouraging ‘showings’, exist on the property or on structures interpreted to continue to the property, including Dotted Lake, Dead Otter Lake as well as the West Pickle Lake on Pezim II.  The historic ‘showings’ identified on North Hemlo as well as the vectors from successful of exploration on neighbouring properties highlighted the potential for discovery of both gold and base metals and were what drove the exploration effort in the 2022 field season. The most important historical showing is the gold / molybdenum showing at Dead Otter Lake.

 

The Flagship North Hemlo property historically comprised of three claim areas:

 

Pezim I & II, and Wabikoba, which weren’t contiguous, but the additional of the Hemlo north block, acquired from Power Metals Plc. brought North Hemlo together as one cohesive block. The property now extends across 427 claims covering ~90km². The North Hemlo block is located in the north limb of the Hemlo greenstone belt, the comprising volcano-sedimentary rocks occur in an antiformal pattern, mimicking the ‘southern limb’ hosting the Barrick Hemlo gold mine.

 

Three parallel mineralised trends, potentially occupying shears, have been identified north of the Barrick Hemlo gold trend, interpreted as lying within proximity to magnetic anomalies. This is a similar signature to the Hemlo mine which is defined as ‘shear hosted’.

 

The North Hemlo (and Esa) properties are situated in an extremely prospective geological setting, as three of these inferred shears pass through the claim blocks, See figure 4.

 

 

Figure 4 the simplified regional structure of the Hemlo areas highlighting the subparallel trends in the north Hemlo Limb

 

For further information, please contact:

 

First Class Metals PLC

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

#BRES Blencowe Resources PLC – Appointment of Leading Engineering Firm to DFS

Highlights

·    Blencowe continues to progress the Orom-Cross project with appointment of a notable engineering firm to manage the Definitive Feasibility Study (“DFS”).

·    Appointment of CPC Engineering (“CPC”) of Perth to lead and develop the DFS for Orom-Cross.

·    CPC have extensive experience in African graphite projects and Blencowe will leverage this knowledge to refine the delivery of the Orom-Cross DFS.

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has engaged leading engineering firm CPC Engineering to lead, deliver and sign off on the DFS for the Orom-Cross Graphite Project.

CPC has extensive experience in other leading graphite projects in East Africa, having completed the DFS for the Maniry Graphite Project (Black Earth Minerals, ASX: BEM) in Madagascar, as well as both the Mahenge (Black Rock Mining Ltd, ASX: BKT) and Chilalo Graphite (Evolution Energy Minerals, ASX: EV1) Projects in Tanzania and the scoping study for the Ancuabe Graphite Project (Triton Minerals, ASX: TON) in Mozambique. CPC also completed the detailed engineering, procurement, construction support and commissioning services for the Syrah Resources (ASX: SYR) Balama Graphite Project in Mozambique.

Blencowe is pleased to have partnered with a firm with extensive experience in both graphite and flotation circuits. CPC will work with the Company and various other Ugandan service providers in the delivery of the DFS for Orom-Cross Graphite in 2023.

The CPC works will include:

·    Optimisation of the process plant design, incorporating results of the various testwork programs from SGS, IMO and the pilot plant works (Jilin/China) along with CPC’s expertise in design and construction of graphite process plants.

·    Provide updated and optimised CAPEX and OPEX for project cost and schedule certainty;

·    Provide updated project costs and schedule for the Project non-processing Infrastructure.

·    Sign off on full DFS once completed to provide the third party approval from a recognised leading technical firm as required to ensure project funding support.

Cameron Pearce, Executive Chairman commented;

We are pleased to add another high-quality partner to the Orom-Cross Project.  CPC has a very impressive track record within the graphite market and we are now able to leverage off their skills, experience and relationships to ensure we deliver a first class DFS.

 

He continued “The graphite market continues to shift in our favour and we expect the supply-demand imbalance to widen further, as demand for graphite accelerates, given its material role within lithium-ion batteries. Orom-Cross has continued to exceed our expectations and we remain focused on delivering a world class project. CPC are recognised as one of the top tier engineering firms within the graphite sector and their sign off on the DFS will not only help optimise the Project, but also provide the credibility required for project funding and market support.” 

 

For further information please contact:

 

 

Blencowe Resources Plc

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

Jonathan.evans@tavira.group

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

About CPC Engineering

CPC Engineering is a privately owned, Perth-based engineering company with 50 years’ experience providing reliable and practical engineering solutions to the resources industry, both nationally and internationally. CPC employs over 350 personnel and specialises in engineering design, construction and maintenance.

CPC Project Design is located at CPC Engineering head office in West Perth and is a multidiscipline engineering design, procurement, construction and project management team which has developed a reputation for delivering practical and cost-effective services to the resource industry.

CPC has extensive resource engineering experience with clients that include Syrah Resources, BlackEarth Minerals, Black Rock Mining, Albemarle, First Quantum, AngloGold Ashanti, Tronox Limited OceanaGold, Newmont, Barrick Gold and Sandfire Resources.

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.

A 21-year Mining Licence for the Project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe completed a successful Pre-Feasibility Study in 2022.  The Company has now moved into the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

#TM1 Technology Minerals PLC – Exploration Update on the Leinster Project

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce results from detailed lithogeochemical sampling has yielded high-grade spodumene pegmatite samples in float ranging up to 3.75% lithium oxide (“Li2O”) at Prospecting Licence Area (“PLA 1597”) in County Carlow, Republic of Ireland.

Highlights:

·   Assay results are reported for the first stage of detailed lithogeochemical sampling at the Knockeen and Carriglead target areas on the Company’s Leinster Lithium Project.

·    A total of 56 rock samples are reported, all of which were analysed at ALS Laboratories in Ireland.

·    Two prospects are reported at:

Knockeen: Out of a total of 56 samples, 41 samples graded above 1% Li2O, of which 20 graded above 2% Li2O and of which two graded above 3% Li2O (Sample AES 63003 – 3.63% Li2O and Sample AES 63033 – 3.75% Li2O)

Carriglead: Out of a total of 10 samples, six samples graded above 1% Li2O of which one sample analysed above 2% Li2O (sample AES63504 – 2.09% Li2O).

·   The programme of intensive prospecting has consolidated the extent of the spodumene pegmatite boulder train at surface as well as significantly enhancing the resolution of the dispersion zone

·    The known extent of the boulder train is now over 1km in length from NE to SW and 0.5km from NW to SE and is still open in all directions at Knockeen and Carriglead

·     The ongoing work is helping to refine specific areas for targeted drilling.

 

The licence, which was awarded to Technology Minerals’ wholly owned subsidiary LRH Resources Limited (“LRH”) on 22 March 2022, forms part of the Company’s Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.



 

Field Exploration Programme Update

 

The current phase of detailed exploration work is centred on an area where a forty-year-old historical company report described a trench excavated at Knockeen Townlands on PLA 1597 (Figure 1) which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene-bearing pegmatite at surface.

 

The current exploration programme carried out under LRH Resources management by Aurum Exploration Services Limited included an initial reconnaissance in July 2022 totalling six samples followed by a more detailed prospecting and lithogeochemical survey on two areas at Knockeen and Carriglead Townlands in December 2022 and totalling 56 samples (Figure 1 & Table 1).

Prospect

Programme

No

Carriglead

Recon Sampling July 2022

2

Knockeen

Recon Sampling July 2022

4

Prospect

Programme

No

Carriglead

Follow Up Sampling Dec 2022

10

Knockeen

Follow Up Sampling Dec 2022

56

Prospect

Programme

No

Carriglead

Total

12

Knockeen

Total

60

Table 1: Showing number of samples collected (July 2022 & December 2022)

Preliminary Reconnaissance July 2022

Two areas at Knockeen and Carriglead Townlands were targeted with an initial reconnaissance visit in July 2022. Six samples were collected during a site visit and included four at Knockeen and two at Carriglead. Analytical results confirmed the presence of the historically reported spodumene pegmatite boulder train and returned very significant grades of Li2O in all samples. These results have been reported previously but are reproduced here for continuity (Table 2).

Sample_ID

Programme

Li_ppm

Li2O_%

Prospect

210724CL05

Recon Sampling July 2022

13,700

2.95

Knockeen

210724CL03

Recon Sampling July 2022

11,200

2.41

Knockeen

210724CL04

Recon Sampling July 2022

11,000

2.37

Knockeen

210724CL02

Recon Sampling July 2022

3,240

0.70

Knockeen

AES61138

Recon Sampling July 2022

7,470

1.61

Carriglead

AES61137

Recon Sampling July 2022

3,550

0.76

Carriglead

Table 2: Results from reconnaissance prospecting (July 2022)

* Li2O % = Li ppm % (x 2.153)

 

Follow Up Detailed Prospecting and Lithogeochemistry

In December 2022, an extensive prospecting and lithogeochemistry survey was completed covering the two areas identified during the reconnaissance programme. A total of 56 samples were collected at Knockeen and 10 at Carriglead. The results were highly encouraging with coherent boulder trains of spodumene-bearing lithium pegmatites mapped out across the prospects. The highlight sample results are shown in Table 3 and the full results are appended in Appendix 1 to this release in Tables 4 and 5 with associated maps showing the locations in Figure 2 (Knockeen) and Figure 3 (Carriglead) below.

Map Description automatically generated

Figure 1: Location of the Knockeen and Carriglead target areas PL 1597 showing sample locations



 

 

Sample_ID

Programme

Li_ppm

Li2O%

AES63003

Follow Up Sampling Dec 2022

17,410

3.75

AES63033

Follow Up Sampling Dec 2022

16,860

3.63

AES63519

Follow Up Sampling Dec 2022

13,160

2.83

AES63015

Follow Up Sampling Dec 2022

13,050

2.81

AES63029

Follow Up Sampling Dec 2022

12,920

2.78

AES63042

Follow Up Sampling Dec 2022

12,580

2.71

AES63014

Follow Up Sampling Dec 2022

12,200

2.63

AES63021

Follow Up Sampling Dec 2022

12,040

2.59

AES63018

Follow Up Sampling Dec 2022

11,980

2.58

AES63011

Follow Up Sampling Dec 2022

11,820

2.54

Table 3: Highlight results from the prospecting programme (December 2022)

* Li2O % = Li ppm % (x 2.153)

The current results focussed on the two areas and considerably enhanced the area of boulder trains and significantly shows the high-grade nature and size of the boulders in the material being sampled.

Map Description automatically generated

Figure 2: Location of samples and assay results from the Knockeen target area

Map Description automatically generated

Figure 3: Location of samples and assay results from the Carriglead target area

 

A picture containing rock Description automatically generated

Photo 1: Spodumene pegmatite samples from Knockeen and Carriglead

 

Alex Stanbury, CEO of Technology Minerals, said: “These latest assay results from the Leinster Project in Ireland are highly encouraging and build on previous reconnaissance work which displayed significant grades of Li2O in all samples. The results announced today continue to demonstrate the high-grade nature and size of the boulders in the material being sampled as well as expanding the known extent of the spodumene pegmatite boulder train at Knockeen and Carriglead. Today’s results and ongoing work will help us to determine specific areas for targeted drilling as we progress with the exploration campaign.”

 

Competent Person

 

All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.

 

 

Enquiries

Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 4582 3500

Global Battery Metals Ltd.

Michael Murphy BA, MBA, MSc., ICD, President & CEO

+1 604-649-2350

Oberon Investments Limited

Nick Lovering, Adam Pollock

+44 (0)20 3179 0535

Arden Partners Plc

Louisa Waddell, Tim Dainton

+44 207 614 5900

Gracechurch Group

Harry Chathli, Alexis Gore, William Dobinson

+44 20 4582 3500

 

 

Technology Minerals Plc 

 

Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk  



Appendix 1: Analytical Results

Sample_ID

Programme

Li _ppm

Li2O%

Prospect

AES63003

Follow Up Sampling Dec 2022

17,410

3.75

Knockeen

AES63033

Follow Up Sampling Dec 2022

16,860

3.63

Knockeen

AES63519

Follow Up Sampling Dec 2022

13,160

2.83

Knockeen

AES63015

Follow Up Sampling Dec 2022

13,050

2.81

Knockeen

AES63029

Follow Up Sampling Dec 2022

12,920

2.78

Knockeen

AES63042

Follow Up Sampling Dec 2022

12,580

2.71

Knockeen

AES63014

Follow Up Sampling Dec 2022

12,200

2.63

Knockeen

AES63021

Follow Up Sampling Dec 2022

12,040

2.59

Knockeen

AES63018

Follow Up Sampling Dec 2022

11,980

2.58

Knockeen

AES63011

Follow Up Sampling Dec 2022

11,820

2.54

Knockeen

AES63023

Follow Up Sampling Dec 2022

11,620

2.50

Knockeen

AES63028

Follow Up Sampling Dec 2022

11,580

2.49

Knockeen

AES63041

Follow Up Sampling Dec 2022

11,570

2.49

Knockeen

AES63037

Follow Up Sampling Dec 2022

11,510

2.48

Knockeen

AES63016

Follow Up Sampling Dec 2022

11,460

2.47

Knockeen

AES63044

Follow Up Sampling Dec 2022

11,340

2.44

Knockeen

AES63012

Follow Up Sampling Dec 2022

11,180

2.41

Knockeen

AES63008

Follow Up Sampling Dec 2022

9,920

2.14

Knockeen

AES63048

Follow Up Sampling Dec 2022

9,520

2.05

Knockeen

AES63043

Follow Up Sampling Dec 2022

9,360

2.02

Knockeen

AES63027

Follow Up Sampling Dec 2022

8,820

1.90

Knockeen

AES63046

Follow Up Sampling Dec 2022

8,790

1.89

Knockeen

AES63516

Follow Up Sampling Dec 2022

8,370

1.80

Knockeen

AES63036

Follow Up Sampling Dec 2022

8,300

1.79

Knockeen

AES63007

Follow Up Sampling Dec 2022

8,090

1.74

Knockeen

AES63026

Follow Up Sampling Dec 2022

8,030

1.73

Knockeen

AES63010

Follow Up Sampling Dec 2022

7,890

1.70

Knockeen

AES63517

Follow Up Sampling Dec 2022

7,910

1.70

Knockeen

AES63512

Follow Up Sampling Dec 2022

7,840

1.69

Knockeen

AES63017

Follow Up Sampling Dec 2022

7,550

1.63

Knockeen

AES63520

Follow Up Sampling Dec 2022

7,370

1.59

Knockeen

AES63049

Follow Up Sampling Dec 2022

7,100

1.53

Knockeen

AES63515

Follow Up Sampling Dec 2022

7,040

1.52

Knockeen

AES63024

Follow Up Sampling Dec 2022

6,190

1.33

Knockeen

AES63031

Follow Up Sampling Dec 2022

6,140

1.32

Knockeen

AES63013

Follow Up Sampling Dec 2022

5,720

1.23

Knockeen

AES63019

Follow Up Sampling Dec 2022

5,420

1.17

Knockeen

AES63030

Follow Up Sampling Dec 2022

5,300

1.14

Knockeen

AES63034

Follow Up Sampling Dec 2022

4,960

1.07

Knockeen

AES63039

Follow Up Sampling Dec 2022

4,790

1.03

Knockeen

AES63022

Follow Up Sampling Dec 2022

4,710

1.01

Knockeen

AES63514

Follow Up Sampling Dec 2022

4,300

0.93

Knockeen

AES63045

Follow Up Sampling Dec 2022

4,290

0.92

Knockeen

AES63025

Follow Up Sampling Dec 2022

3,940

0.85

Knockeen

AES63032

Follow Up Sampling Dec 2022

3,550

0.76

Knockeen

AES63035

Follow Up Sampling Dec 2022

2,680

0.58

Knockeen

AES63009

Follow Up Sampling Dec 2022

1,920

0.41

Knockeen

AES63047

Follow Up Sampling Dec 2022

1,480

0.32

Knockeen

AES63038

Follow Up Sampling Dec 2022

450

0.10

Knockeen

AES63001

Follow Up Sampling Dec 2022

120

0.03

Knockeen

AES63002

Follow Up Sampling Dec 2022

120

0.03

Knockeen

AES63004

Follow Up Sampling Dec 2022

120

0.03

Knockeen

AES63005

Follow Up Sampling Dec 2022

130

0.03

Knockeen

AES63513

Follow Up Sampling Dec 2022

100

0.02

Knockeen

AES63518

Follow Up Sampling Dec 2022

80

0.02

Knockeen

AES63006

Follow Up Sampling Dec 2022

60

0.01

Knockeen

Table 4: Results from follow up prospecting at Knockeen (December 2022)

* Li2O % = Li ppm % (x 2.153)

 

Sample_ID

Programme

Li_ppm

Li2O%

Prospect

AES63504

Follow Up Sampling Dec 2022

9,720

2.09

Carriglead

AES63503

Follow Up Sampling Dec 2022

8,890

1.91

Carriglead

AES63509

Follow Up Sampling Dec 2022

7,870

1.69

Carriglead

AES63501

Follow Up Sampling Dec 2022

7,460

1.61

Carriglead

AES63507

Follow Up Sampling Dec 2022

5,620

1.21

Carriglead

AES63505

Follow Up Sampling Dec 2022

5,120

1.10

Carriglead

AES63508

Follow Up Sampling Dec 2022

3,280

0.71

Carriglead

AES63511

Follow Up Sampling Dec 2022

500

0.11

Carriglead

AES63506

Follow Up Sampling Dec 2022

330

0.07

Carriglead

AES63502

Follow Up Sampling Dec 2022

290

0.06

Carriglead

Table 5: Results from follow up prospecting at Carriglead (December 2022)

* Li2O % = Li ppm % (x 2.153)

#POW Power Metal Resources PLC – £900,000 Equity Financing

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces it has completed a placing and subscription to raise £900,000 before expenses (the “Financing”).

HIGHLIGHTS

§ Power Metal has raised £900,000 before expenses for the advancement of priority exploration projects and for general working capital purposes with the Financing undertaken at the closing market bid price of 1.4 pence on 13 January 2023 (see below for detailed Financing terms).

§ The fundraising will be applied to a comprehensive exploration programme at the Tati gold project and will allow Power Metal to accelerate preparations for exploration at the Company’s strategic uranium portfolio in the Athabasca Basin region of Saskatchewan, Canada.

§ At Tati the Company’s exploration plans include soil geochemistry, geophysics, mechanised trenching, reverse circulation (RC) and diamond drilling.  This work will examine near surface gold mineralisation across a far larger proportion of the 8km gold-in-soil anomaly which extends through the centre of the Tati licence footprint and, through planned drilling, test for gold mineralisation at depth.

§ Power Metal is seeking to undertake exploration programmes at a number of its Athabasca uranium properties during the upcoming spring and summer, following snowmelt. The work programmes will be designed to follow up on high-grade uranium rock sample results achieved by the Company during the 2022 campaigns, as well as inaugural work programmes at other properties in the portfolio which have not been worked by Power Metal to date.

§ Diamond drilling has recommenced at the Molopo Farms Complex project in Botswana after the Christmas break and specifically at drillhole DDH2-3A into target area T2-3A. In addition, at the Company’s Victoria Goldfields joint venture a diamond drill programme is underway targeting extensions of the former high-grade working Berringa gold mine.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: 

Power Metal continues to drive its exploration portfolio, with drilling underway currently and with additional programmes now to be launched in the near term at the Tati gold project in Botswana and expedited exploration at the Athabasca Uranium portfolio in Saskatchewan, Canada.

With multiple exploration work streams underway Power Metal expects to release further updates to the market over the coming weeks and months as operational activities advance.

In parallel Power Metal continues to work on the various corporate initiatives targeting the generation of material value for the Company and its shareholders.

The recent strong move higher in the price of gold from under US$1,650 at the start of November 2022, to US$1,920 at the close on Friday is an important event, with gold acting as a key indicator for the strength of our sector. I believe the future is bright for the junior resource sector and the proactive junior resource explorers within it.

Power Metal has, through relentless teamwork over recent years, built and advanced our global exploration portfolio and we believe that work has positioned the Company uniquely well for the near, medium and long term.

FINANCING FURTHER INFORMATION

§ The Company has raised £900,000 before expenses through the issue of 64,285,714 new ordinary shares of 0.1p each in the Company (the “Financing Shares”) at an issue price of 1.4p per share, the closing market bid price on 13 January 2023.

 

§ Each Financing Share has an attaching warrant to subscribe for one new ordinary share of 0.1p each in the Company (“Ordinary Share”) at an exercise price of 2.0p per share with a 24-month term from 30 January 2023 (“Financing Warrant”) creating 64,285,714 Financing Warrants.

 

§ Should the Power Metal share price exceed a volume weighted average share price of 6p for five trading days Power Metal may issue a written notice to Financing Warrant holders providing ten trading days to exercise Financing Warrants and twenty trading days to make payment of exercise monies, or the Financing Warrants may be cancelled.

 

§ The Financing was undertaken by the Company’s joint broker First Equity Limited.  Power Metal has issued First Equity Limited with 6,428,571 warrants to subscribe for new Ordinary Shares on the same terms as the Financing Warrants.

 

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 64,285,714 Financing Shares to be admitted to trading on AIM which is expected to occur on or around 30 January 2023 (“Admission”). The Financing Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,727,574,806 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.