REG - Arc Minerals Limited - Assay Results Extends Copper Mineralisation
04/02/2025 08:45
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RNS Number : 8293V Arc Minerals Limited 04 February 2025
4 February 2025, 08:45 UTC
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
will be in the public domain.
Arc Minerals Ltd
('Arc' or the 'Company')
Assay Results Extends Copper Mineralisation
Arc Minerals (LSE: ARCM), an exploration company forging partnerships to
discover and develop Tier 1 copper deposits, is pleased to provide an update
on exploration activities at its Joint Venture with a subsidiary of Anglo
American in Zambia.
Highlights
· Diamond Drill Hole KCDD002 - 40.60m @ 0.61% Cu from 22.25m
o Incl. 7.70m @ 1.72% Cu from 26.75m, or
o 12.75m @ 1.20% Cu from 22.25m
· Mineralisation confirmed 1.5km from Cheyeza East Oxide Occurrence
· Both Oxide and Sulphide Mineralisation Intersected
· Six holes completed for a total of 4,016m drilled at four targets
· Deepest hole drilled down to 977.40m
· Sulphide Mineralisation confirmed at Nkwazhi
Nick von Schirnding, Executive Chairman of Arc Minerals, commented:
"I am delighted to report that the first assay results of the Anglo JV confirm
additional near-surface copper mineralisation at the Cheyeza target. The newly
drilled mineralisation is similar to historic assays in terms of both grade
and thickness and is over 1.5 km away from Cheyeza. Work is now underway to
identify further potential drilling targets at Cheyeza to test the extents of
sulphide mineralisation."
Commentary
Following an extensive geological mapping and rock chip and soil sampling
program over the Anglo JV license areas (Fig 1.), a diamond drilling campaign
commenced in August 2024 with six drill holes completed for 4016 m. Assay
results have now been received for three of the six holes.
Figure 1. Anglo JV License Area
Near surface mineralisation observed at a new target approximately one and a
half kilometres east of the existing oxide occurrence at Cheyeza (November
7(th) 2024 announcement, Figure 2.) has been verified by diamond drilling.
Assay data from hole KCDD002 includes 40.60m at 0.61% Cu from 22.25m down the
hole, including 12.75m @ 1.20% Cu from 22.25m and 7.70m @ 1.72% Cu from
26.75m.
The KCDD002 assay results demonstrate the potential to add to the known
extents of the oxide occurrences at Cheyeza, where similar high grade zones
have been intersected and reported in the past. Historic hole CHDDE004
intersected 18m @ 2.35% Cu from 30.60m with a higher grade zone of 7.60m @
4.15% Cu from 39m, and hole CHDDE060 intersected 39m @ 1.47% Cu with a higher
grade zone of 10m @ 2.25% Cu from 41m.
Importantly and unlike the previously reported oxide occurrence which is
characterised as being a remobilised copper oxide occurrence, the oxide
mineralisation intersected in hole KCDD002 may be the result of weathering of
sulphide mineralisation at source, which is supported by the presence of
sulphide mineralisation below the oxide zone.
Figure 2. Anglo JV Drillhole at Cheyeza East in relation to the Oxide
Occurrence
Assay results have also been received for the two holes drilled at the new
target Nkwazhi, where low grade sulphide mineralisation was confirmed in the
first hole.
Details and a summary of the results received can be viewed in the Table 1.
Report in Appendix A.
Qualified Persons
Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for
Arc Minerals and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined under the
JORC Code (2012). Mr Carellas consents to the inclusion in this announcement
of the technical matters based on his information in the form and context in
which it appears.
The Directors of Arc are solely and entirely responsible for the content of
this announcement. Neither Anglo American nor any other person, accepts
responsibility for the adequacy or accuracy of this news release.
For further information contact:
Arc Minerals info@arcminerals.com
Ltd
Nick von Schirnding (Executive Chairman)
Zeus (Nominated Adviser & Joint Broker) Tel: +44 (0) 20 3829 5000
Katy Mitchell/Harry Ansell
Shard Capital Partners LLP (Joint Broker) Tel: +44 (0) 20 7186 9952
Damon Heath
For more information, visit www.arcminerals.com (http://www.arcminerals.com/)
.
Forward-looking Statements
This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices. There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.
Background on the Anglo American Joint Venture
Arc Minerals has entered into a Joint Venture Agreement with Anglo American on
its Zambian Copper Project (ZPC) comprising a number of licenses covering
circa 870km(2) in the North Western Province, in the Domes region of the
Zambian Copperbelt near world-class mines such as First Quantum Minerals'
Sentinel and Kansanshi copper mines and Barrick's Lumwana mine.
The license areas are located approximately 900 km from Lusaka, in Mwinilunga,
North Western Province, and is well within the trending arm of the major
geological structure known as the Lufilian Arc (Copperbelt), on the western
flank of the Kabompo Dome.
The Copperbelt is home to all the major copper mines in Zambia and these
licenses represent one of the last dome-related areas in Zambia yet to be
explored in any detail.
Under the agreement, Anglo American can an earn-in on the ZCP by making a
number of project expenditures and assume operator ship of the project. The
details of the agreement are set out below:
· Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico
Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration
expenditures (total $38.5M) within three years and 180 days of the signing of
the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP.
· Phase 2 - Anglo may elect to increase its interest in the ZCP to 60%
by investing a further $20M (total $58.5M) within two years of the completion
of Phase 1.
· Phase 3 - Anglo may elect to increase its interest in the ZCP to 70%
by investing a further $30M (total $88.5M) within two years of the completion
of Phase 2.
**ENDS**
Appendix A
JORC Code, 2012 Edition - Table 1 Report
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 Exploration work involved Diamond Drilling ('DD'). Drilling conditions are
specific specialised industry standard measurement tools appropriate to the well understood, and double tube core recovery was used as ground is competent
minerals under investigation, such as down hole gamma sondes, or handheld XRF enough for better core recoveries.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. Half core samples (split core) were taken over the zones of interest, which
were confirmed visually as well as by pXRF, in intervals varying 0.50m - 1m
· Include reference to measures taken to ensure sample representivity from the drill core. Samples were taken consistently from the same side of the
and the appropriate calibration of any measurement tools or systems used. core cutting line. Where there was no orientation line, the sampled side was
based consistence in structural orientation with those with orientation
· Aspects of the determination of mineralisation that are Material to line.
the Public Report.
DD Core samples were processed using Industry standard practices of drying,
· In cases where 'industry standard' work has been done this would be crushing, splitting and pulverization at the ALS Laboratory in Ndola, Zambia.
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire Split core samples received by ALS are dried, weighed, finely crushed to 70%
assay'). In other cases more explanation may be required, such as where there -2mm, following which a 250g split is pulverised to better than 85% passing 75
is coarse gold that has inherent sampling problems. Unusual commodities or microns.
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. A total of 1,258 samples were analysed with ALS's CCP-PKG01 analysing Major
Elements using ME-ICP06, C and S using ME-IR08, Trace elements ME-MS81,
Volatile trace elements ME-MS42 and Base Metals using ME-4ACD81 which is four
acid digestion followed by ICP-AES measurement)
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Holes were collared commonly with PQ size until competent rock or around 200 m
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or where the size reduced to HQ and then reduced further to NQ at 600m.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). DD drilling using a double tube core barrel extended the hole with HQ from the
PQ diameter coring further into the Grand Conglomerate Formation and down
through the Lower Roan Group, where holes exceeded 500 and 600 m NQ was used
until end of hole.
Core was routinely surveyed using an AXIS Mining Technology core survey tool
called Champ Gyro and Reflex Arc tool was used for orientation of the core at
every 3m or every run.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Core recoveries were measured after each drill run and any losses recorded on
results assessed. a standard log sheet. Core recoveries were generally greater than 95%, with an
overall recovery of 98%for the 2024 programme. Samples were taken consistently
· Measures taken to maximise sample recovery and ensure representative from the same side of the core cutting line to avoid any bias. During the core
nature of the samples. cutting process, geologists frequently checked on procedures to ensure the
core cutter splits the core correctly in half.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of Core samples were selected on 1 m lengths from logged core of interest. In
fine/coarse material. homogeneous parts without any economic interest samples were collected on the
2 m intervals for Lith geochemistry
Sample recovery was generally very good and as such it is not expected that
any bias exists.
Logging · Whether core and chip samples have been geologically and There were no RC chip samples but only drill cores which were analysed with a
geotechnically logged to a level of detail to support appropriate Mineral pXRF and logged from the core trays.
Resource estimation, mining studies and metallurgical studies.
Diamond drill core was geologically and geotechnically logged by a suitably
· Whether logging is qualitative or quantitative in nature. Core (or qualified geologist using predefined lithological, mineralogical and physical
costean, channel, etc) photography. (alteration, weathering, colour etc.) logging codes. Logged intervals are
based on both qualitative identifications of geological characteristics and
· The total length and percentage of the relevant intersections logged. semi-quantitative estimates of mineral abundance.
The detail of information captured would be sufficient to support appropriate
Mineral Resource Estimation as the geologists on site followed industry best
practice and standard operating procedures for diamond drill core processes.
All core is photographed as wet and dry and stored as digital records before
sampling, and stored in Imago software.
Logging intervals are based on geological boundaries and or assigned nominal
length of one or one and half metres. The geological log incorporates
geotechnical parameters, lithology, weathering, alteration, veining and
geophysical magnetic susceptibility.
Electronic geological logs are directly entered into acQuire on site-based
laptop computers
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Selected intervals of core were cut in half with a core cutting saw, with one
taken. half selected for further analysis and the other half place back in the core
box at the exact same location that it was taken except for duplicate samples
· If non-core, whether riffled, tube sampled, rotary split, etc and that which were further split into quarter and sampled.
whether sampled wet or dry.
Split line is always checked that it is consistent with respect to orientation
· For all sample types, the nature, quality and appropriateness of the marks.
sample preparation technique.
Samples undergo sample preparation (Drying, crushing, splitting and
· Quality control procedures adopted for all sub-sampling stages to pulverizing) carried out as per ALS Laboratories protocols.
maximise representivity of samples.
QAQC procedures include the insertion of blanks, a selection of standards,
· Measures taken to ensure that the sampling is representative of the field duplicates along with the insertion of the laboratory's standards and
in situ material collected, including for instance results for field blanks. All QAQC samples (duplicate, standard and blanks) are within every 20
duplicate/second-half sampling. samples.
· Whether sample sizes are appropriate to the grain size of the Sampling is deemed appropriate for the type of equipment used.
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and All DD drill samples were analysed with ALS's CCP-PKG01 analysing
laboratory procedures used and whether the technique is considered partial or
total. · Major Elements using ME-ICP06, C and S using ME-IR08,
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · Trace elements using ME-MS81 (Lithium borate fusion followed by
the parameters used in determining the analysis including instrument make and acid dissolution and ICP-AES measurement),
model, reading times, calibrations factors applied and their derivation, etc.
· Volatile trace elements ME-MS42 (Aqua regia digestion followed by
· Nature of quality control procedures adopted (eg standards, blanks, ICP-MS measurement) and base Metals and Ag using ME-4ACD81 (four acid
duplicates, external laboratory checks) and whether acceptable levels of digestion followed by ICP-AES measurement)
accuracy (ie lack of bias) and precision have been established.
These analytical techniques are considered appropriate for assaying.
During sampling Duplicates, Blanks and CRM's were inserted for QAQC protocols.
These were inserted on 1:20 samples. The Laboratories have also standard QAQC
protocols they employ when processing and analysing the samples.
Verification of sampling and assaying · The verification of significant intersections by either independent There are strong visual indications for the presence of minerals in the
or alternative company personnel. samples and the general geology in the area has been thoroughly studied to
give indications of formations that host mineralization. Mineralisation
· The use of twinned holes. was verified with pXRF on and visual logs on site to validate the observed
mineralisation.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols. To date no twinning of holes has been done
· Discuss any adjustment to assay data. All assay data is stored in acQuire database and on Laptops in an as is
received basis with no adjustment made to the returned data.
Data storage is in an acQuire database which is managed through a Cloud
Storage environment.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Core was routinely surveyed using an AXIS Mining Technology core survey tool
and down-hole surveys), trenches, mine workings and other locations used in called Champ Gyro and Reflex Arc tool was used for orientation of the core at
Mineral Resource estimation. every 3m or every run
· Specification of the grid system used. Down hole surveys were done every 20m down and up hole at the same depths for
precision considerations.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Drilling was conducted as scout drilling with few areas on profile lines
spaced roughly 600 m apart. Exploration on this license is still in the early
· Whether the data spacing and distribution is sufficient to establish stages with the drill hole spacing along the profile line still quite broad as
the degree of geological and grade continuity appropriate for the Mineral can be expected at this stage of exploration, and not yet at a density
Resource and Ore Reserve estimation procedure(s) and classifications applied. sufficient for Mineral Resource Estimation.
· Whether sample compositing has been applied. No compositing of samples is being applied currently.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of This was the first phase exploration drilling programme, with broad spaced
possible structures and the extent to which this is known, considering the drilling and hole orientation aimed at intersecting the bedding of the host
deposit type. stratigraphy as perpendicular as practically possible. This is considered
appropriate for the geological setting and for the known mineralisation styles
· If the relationship between the drilling orientation and the in the Central African Copperbelt.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. Existence, and orientation, of preferentially mineralised structures is not
yet fully understood. Structures that are more or less parallel to the bedding
planes may be potential conduits for mineralisation.
No significant bias is expected, but mineralised intervals are reported as
down hole intersection rather than true widths for now.
Sample security · The measures taken to ensure sample security. Appointed persons are the only ones allowed to access samples, and permission
is obtained for anyone wanting to review samples. The sample load is still
small for a tighter security currently.
Drill core is stored in a locked facility.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. An inhouse Regional Geochemist has reviewed the sampling techniques and
geochemical data with suggested improvements on the sampling density and
reviewing the QAQC protocols being implemented.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including The 19906-HQ-LEL exploration license is one of four licenses that make up its
agreements or material issues with third parties such as joint ventures, Zambian Copper Project (ZPC) that have entered into a Joint Venture Agreement
partnerships, overriding royalties, native title interests, historical sites, with Anglo American, initially covering circa 870km(2) ha in the North
wilderness or national park and environmental settings. Western Province, in the Domes region of the Zambian Copperbelt near
world-class mines such as First Quantum Minerals' Sentinel and Kansanshi
· The security of the tenure held at the time of reporting along with copper mines and Barrick's Lumwana mine.
any known impediments to obtaining a licence to operate in the area.
Under the agreement, Anglo American can an earn-in on the ZCP by making a
number of project expenditures and assume operator ship of the project. The
details of the agreement are set out below:
· Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico
Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration
expenditures (total $38.5M) within three years and 180 days of the signing of
the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP.
· Phase 2 - Anglo may elect to increase its interest in the ZCP to
60% by investing a further $20M (total $58.5M) within two years of the
completion of Phase 1.
· Phase 3 - Anglo may elect to increase its interest in the ZCP to
70% by investing a further $30M (total $88.5M) within two years of the
completion of Phase 2.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. The earliest discovery recorded in the area is that of McKenna's prospect
(Kalaba, M.O 564a) in 1913 (Guernsey 1952).
Between 1927 and 1940, Rhodesia Congo Border Concession carried out geological
and prospecting works, leading to the production of unpublished reports by
Brock (1940) and 1 inch to 2 miles' geological maps, smaller areas were mapped
in details, between 1958 and 1960 by Roan Selection Trust ('RST') on a 1: 5000
scale and some of the results are given by McGregor (1960).
Geomin started mapping and geochemical sampling in 1970 along with AGIP, an
Italian energy firm operated a concession in the area with a focus of
exploring for Uranium.
Thereafter two subsidiaries of Anglo American Corp. operated in the area for
the majority of the history of the exploration in the area. The other two
operators were a joint venture company operated by Equinox and jointly owned
by both Equinox and Anglo American Corp. and Anglo American Corp. itself. The
JV dissolved in 1998, and the prospect was returned to Anglo's Zambian
operating company ZamAnglo.
Geology · Deposit type, geological setting and style of mineralization.. The Tenement Area falls in an area called the Dome's region wrapped around to
the north by the Lufilian arc which is the Pan African Orogeny hosting
millions of tonnes of strata bound sediment Co-Cu deposits and other
commodities such as Ni, Au, U, Ag and a number of REE.
The licence area occurs within the North-Western trending arm of the Lufilian
Ford Belt. It overlies the Palaeo-Proterozoic basement and Neo-Proterozoic
Katanga sequence hosting millions of valuable commodities.
The core of the Kabompo dome is formed by basement complex gneisses and
Migmatites. The basement is overlain unconformably by Katangan rocks, with a
prominent ridge forming quartzites-schist sequence, the Wunshungwi formation
at the base. This is overlain by biotite schist, psammites and marbles of the
Wamikumbi and Luigishi formations that are in turn overlain by a sequence of
low-grade meta-arenites, meta-argillite, impure calcareous rocks and Mixtites
of the west Lunga formation.
Drill hole Information · A summary of all information material to the understanding of the Hole Id Easting Northing Depth (m) Grid License
exploration results including a tabulation of the following information for KCDD002 281185 8663374 413.77 UTM35S 19906-HQ-LEL
all Material drill holes: KNDD001 273062 8656795 626.64 UTM35S 28700-HQ-LEL
KNDD002 273314 8656334 476.54 UTM35S 28700-HQ-LEL
o easting and northing of the drill hole collar KKDD001 261675 8649342 746.45 UTM35S 19906-HQ-LEL
KMDD001 273436 8646616 775.49 UTM35S 19906-HQ-LEL
o elevation or RL (Reduced Level - elevation above sea level in metres) of the KMDD002 270804 8645043 977.4 UTM35S 23005-HQ-LEL
drill hole collar
o dip and azimuth of the hole
Downhole Mineralised Lengths
Hole ID From (m) To (m) Interval (m) TCu (%) State
o down hole length and interception depth KCDD002 22.25 62.85 40.60 0.61 Oxide
includes from 22.25 12.75 1.20 Oxide
o hole length. includes from 26.75 7.75 1.72
Includes from 41.50 3.70 0.86
· If the exclusion of this information is justified on the basis that 66.50 68.00 1.50 0.47 Sulphide
the information is not Material and this exclusion does not detract from the KNDD001 570.58 577.60 7.02 0.20 Sulphide
understanding of the report, the Competent Person should clearly explain why KNDD002 No Mineralisation Intersected
this is the case. KKDD001 Assay Results are still to be received
KMDD001 Assay Results are still to be received
KMDD002 Assay Results are still to be received
Data aggregation methods on methods · In reporting Exploration Results, weighting averaging techniques, Results > 0.2% Cu average and with downhole lengths averaged and length
maximum and/or minimum grade truncations (eg cutting of high grades) and weighted to determine the percent of Copper for the downhole length reported.
cut-off grades are usually Material and should be stated.
Aggregation of short lengths of high grade and longer lengths of low grade has
· Where aggregate intercepts incorporate short lengths of high grade been summarised in the table above.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations The value of 0.61% includes 2.5m @0% to simulate core loss due to cavities
should be shown in detail. within the reported interval.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.grade truncations (grades) and cut-off grades are
usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of Drill intercepts are reported as downhole length. As much as is practical,
Exploration Results. holes are and will be designed to intersect veins or mineralized horizons at
around 60 degrees to the mineralized unit. This will allow a better conversion
· If the geometry of the mineralisation with respect to the drill hole to true width of the horizon.
angle is known, its nature should be reported.
All measurements state that downhole lengths have been used, as the true width
· If it is not known and only the down hole lengths are reported, there has not been suitably established by the current drilling and down hole
should be a clear statement to this effect (eg 'down hole length, true width survey.
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of Refer to figures and tables in the body of the release.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not Refer to the drill hole information tabulated above
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be None.
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.
Further work · The nature and scale of planned further work (eg tests for lateral Based upon these announced results, further drilling will be planned as the
extensions or depth extensions or large-scale step-out drilling). first phase drill programme appears has intersected economic grades of copper.
Further detail is in the accompanying announcement.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, All the data is being assessed following which planning will be put in place
provided this information is not commercially sensitive. for a second phase drill programme.
Downhole Mineralised Lengths
Hole ID From (m) To (m) Interval (m) TCu (%) State
KCDD002 22.25 62.85 40.60 0.61 Oxide
includes from 22.25 12.75 1.20 Oxide
includes from 26.75 7.75 1.72
Includes from 41.50 3.70 0.86
66.50 68.00 1.50 0.47 Sulphide
KNDD001 570.58 577.60 7.02 0.20 Sulphide
KNDD002 No Mineralisation Intersected
KKDD001 Assay Results are still to be received
KMDD001 Assay Results are still to be received
KMDD002 Assay Results are still to be received
Data aggregation methods on methods
· In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.grade truncations (grades) and cut-off grades are
usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Results > 0.2% Cu average and with downhole lengths averaged and length
weighted to determine the percent of Copper for the downhole length reported.
Aggregation of short lengths of high grade and longer lengths of low grade has
been summarised in the table above.
The value of 0.61% includes 2.5m @0% to simulate core loss due to cavities
within the reported interval.
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Drill intercepts are reported as downhole length. As much as is practical,
holes are and will be designed to intersect veins or mineralized horizons at
around 60 degrees to the mineralized unit. This will allow a better conversion
to true width of the horizon.
All measurements state that downhole lengths have been used, as the true width
has not been suitably established by the current drilling and down hole
survey.
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Refer to figures and tables in the body of the release.
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.
Refer to the drill hole information tabulated above
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.
None.
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Based upon these announced results, further drilling will be planned as the
first phase drill programme appears has intersected economic grades of copper.
Further detail is in the accompanying announcement.
All the data is being assessed following which planning will be put in place
for a second phase drill programme.
Section 3 Estimation and Reporting of Mineral Resources
Not Applicable
Section 4 Estimation and Reporting of Ore Reserves
Not Applicable
Appendix B - Glossary of Technical Terms
"anomaly or anomalous" something in mineral exploration that geologists interpret as deviating from
what is standard, normal, or expected.
"assay" The laboratory test conducted to determine the proportion of a mineral within
a rock or other material. For copper, usually reported as percentage which is
equivalent to percentage of the mineral (i.e. copper) per tonne of rock.
"azimuth" the "compass direction" refers to a geographic bearing or azimuth as measured
by a magnetic compass, in true or magnetic north.
"bornite" Bornite, also known as peacock ore, is a copper sulphide mineral with the
formula Cu(5)FeS(4).
"breccia" Breccia is a rock classification, comprises millimetre to metre-scale rock
fragments cemented together in a matrix, there are many sub-classifications of
breccias.
"chalcocite" Chalcocite is a copper sulphide mineral with the formula Cu(2)S and is an
important copper ore mineral. It is opaque and dark-grey to black with a
metallic lustre.
"chalcopyrite" Chalcopyrite is a copper sulphide mineral with formula CuFeS(2). It has a
brassy to golden yellow colour.
"chargeability" Chargeability is a physical property related to conductivity. Chargeability is
used to characterise the formation and strength of the induced polarisation
within a rock, under the influence of an electric field, suggesting sulphide
mineralisation at depth.
"covellite" Covellite is a copper sulphide mineral with the formula CuS. This indigo blue
mineral is ubiquitous in some copper ores.
"diamond drilling" A drilling method in which penetration is achieved through abrasive cutting by
rotation of a diamond encrusted drill bit. This drilling method enables
collection of tubes of intact rock (core) and when successful gives the best
possible quality samples for description, sampling and analysis of an ore body
or mineralised structure.
"dip" A line directed down the steepest axis of a planar structure including a
planar ore body or zone of mineralisation. The dip has a measurable direction
and inclination from horizontal.
"geochemical" Refers to geological information using measurements derived from chemical
analysis
"geophysical" Refers to geological information using unit measurements derived from the use
of magnetic and electrical readings
"geophysical techniques" include the exploration of an area by exploiting differences in physical
properties of different rock types. Geophysical methods include seismic,
magnetic, gravity, induced polarisation and other techniques; geophysical
surveys can be undertaken from the ground or from the air
"gossan" is an iron-bearing weathered product that usually overlies a sulphide deposit
"grab sample" are samples of rock material collected from a small area, often just a few
pieces or even a single piece of rock "grabbed" from a face, dump or outcrop
or roughly 2-5kg. These are common types of rock samples collected when
conducting mineral exploration. The sample usually consists of material that
is taken to be representative of a specific type of rock or mineralisation.
"grade" The proportion of a mineral within a rock or other material. For copper
mineralisation this is usually reported as % of copper per tonne of rock.
"g/t" grams per tonne; equivalent to parts per million ('ppm')
"hematite" Hematite is the mineral form of iron(III) oxide (Fe(2)O(3)), one of several
iron oxides. Magnetite alteration is also typically associate with porphyry
copper systems, at or close to the central core.
"Indicated Resource" An "Indicated Mineral Resource" is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape and physical characteristics, can
be estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters, to support mine planning and
evaluation of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological and
grade continuity to be reasonably assumed.
"Inferred Resource" An "Inferred Mineral Resource" is that part of a Mineral Resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited information
and sampling gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes.
"Induced Polarisation Geophysics" Induced polarisation (IP) is a geophysical survey used to identify the
electrical chargeability of subsurface materials, such as sulphides. The
survey involves an electric current that is transmitted into the subsurface
through two electrodes, and voltage is monitored through two other electrodes.
"intercept" Refers to a sample or sequence of samples taken across the entire width or an
ore body or mineralised zone. The intercept is described by the entire
thickness and the average grade of mineralisation.
"JORC Code" The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves ('the JORC Code') is a professional code of practice that
sets minimum standards for Public Reporting of minerals Exploration Results,
Mineral Resources and Ore Reserves.
"K" The element potassium, abundance on surface can be inferred from radiometric
surveys
"Magnetics" Rocks are made up of different minerals and the magnetic properties of a rock
depends on the amount and type of iron rich minerals it contains. Earth's
magnetic field interacts with these iron rich minerals to generate variations
in the magnetic field. Measuring and mapping these variations allows
remotely mapping of the distribution and patterns of magnetic rocks and, as a
result, map the subsurface geology
"magnetite" Magnetite is main iron ore mineral, with chemical formula Fe(3)O(4). Magnetite
is ferromagnetic, and it is attracted to a magnet and can be magnetized to
become a permanent magnet itself.
"massive" In a geological sense, refers to a zone of mineralisation that is dominated by
sulphide minerals. The sulphide-mineral-rich material can occur in
centimetre-scale, metre-scale or in tens of metres wide veins, lenses or
sheet-like bodies containing sphalerite, galena, and / or chalcopyrite etc.
"Measured Resource" A "Measured Mineral Resource" is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape, and physical characteristics are
so well established that they can be estimated with confidence sufficient to
allow the appropriate application of technical and economic parameters, to
support production planning and evaluation of the economic viability of the
deposit. The estimate is based on detailed and reliable exploration, sampling
and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced
closely enough to confirm both geological and grade continuity.
"Mineral Resource" A "Mineral Resource" is a concentration or occurrence of diamonds, natural
solid inorganic material, or natural solid fossilised organic material
including base and precious metals, coal, and industrial minerals in or on the
Earth's crust in such form and quantity and of such a grade or quality that it
has reasonable prospects for economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral Resource are
known, estimated or interpreted from specific geological evidence and
knowledge.
"mineralisation" In geology, mineralisation is the deposition of economically important metals
(copper, gold, lead, zin etc) that in some cases can be in sufficient quantity
to form mineral ore bodies.
"open pit mining" A method of extracting minerals from the earth by excavating downwards from
the surface such that the ore is extracted in the open air (as opposed to
underground mining).
"outcrop" A section of a rock formation or mineral vein that appears at the surface of
the earth. Geologists take direct observations and samples from outcrops,
used in geologic analysis and creating geologic maps. In situ (in place)
measurements are critical for proper analysis of the geology and
mineralisation of the area under investigation.
"polymict" A geology term, often applied to breccias or conglomerates, which identifies
the composition as consisting of fragments of several different rock types.
"Preliminary Economic Assessment" NI 43-101 defines a PEA as "a study, other than a pre-feasibility study or
feasibility study, which includes an economic analysis of the potential
viability of mineral resources".
"Pyrrhotite" Pyrrhotite is an iron sulphide (https://en.wikipedia.org/wiki/Iron_sulfide)
mineral (https://en.wikipedia.org/wiki/Mineral) with the formula Fe(1-x)S
(x = 0 to 0.2). It is a nonstoichiometric
(https://en.wikipedia.org/wiki/Nonstoichiometric_compound) variant of FeS,
the mineral known as troilite (https://en.wikipedia.org/wiki/Troilite) .
Pyrrhotite is also called magnetic pyrite
(https://en.wikipedia.org/wiki/Pyrite)
"Radiometrics" The radiometric, or gamma-ray spectrometric method is a geophysical process
used to estimate concentrations of the radioelements potassium, uranium and
thorium by measuring the gamma-rays which the radioactive isotopes of these
elements emit during radioactive decay
"sediments" Sedimentary rocks formed by the accumulation of sediments. There are three
types, Clastic, Chemical and Organic sedimentary rocks.
"sphalerite" Sphalerite is a zinc sulphide in crystalline form but almost always contains
variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown
or black colour.
"supergene" Supergene ore processes occur near surface, and form deposits of secondary
minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc.
"surface rock chip samples" Rock chip samples approximately 2kg in size that are typically collected from
surface outcrops exposed along rivers and mountain ridgelines.
"syncline" a trough of stratified rock in which the beds dip toward each other from
either side.
"Th" The element thorium, abundance on surface can be inferred from radiometric
surveys
"U" The element uranium, abundance on surface can be inferred from radiometric
surveys
"veins" A vein is a sheet-like or anastomosing fracture that has been infilled with
mineral ore (chalcopyrite, covellite etc) or mineral gangue (quartz, calcite
etc) material, within a rock. Veins form when minerals carried by an aqueous
solution within the rock mass are deposited through precipitation and infill
or coat the fracture faces.
"volcanics" Volcanic rock such as andesite or basalt that is formed from magma erupted
from a volcano, or hot clastic material that erupts from a volcano and is
deposited as volcaniclastic or pyroclastics.
"XRF" Instrument to determine the chemistry of a sample by measuring the fluorescent
(or secondary) X-ray emitted from a sample when it is excited by a primary
X-ray source
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