REG - Cobra Resources PLC - Exceptional REE Results Defined at Boland
20/06/2023 07:00
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RNS Number : 2142D Cobra Resources PLC 20 June 2023
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20 June 2023
Cobra Resources plc
("Cobra" or the "Company")
Exceptional REE Results Defined at Boland with Characteristics of Ionic
Mineralisation
Further High-Grade Intersections Support REE Resource Growth
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, announces additional Rare Earth Element ("REE")
results from Aircore ("AC") drilling, which demonstrate further REE resource
growth and a highly desirable style of mineralisation.
Key Points
· Combined 48m intersection at the Boland prospect of over 2,000 ppm
Total Rare Earth Oxides ("TREO")
· Characteristics of REE mineralisation demonstrate properties
supportive of ionic mineralisation (subject to desorption and simple leach
testing)
o Mineralisation occurs within Eocene aged playa clays that are low in
phosphate and zircon and are therefore not expected to contain primary mineral
REE phases
o Mineralisation has been defined within palaeo-channel sediments, a
geological environment that could enable low impact, low cost insitu leach
mining
o Mineralised clays are bound stratigraphically by un-mineralised, permeable
sands, indicating that REEs have been transported
o Mineralisation occurs on the eastern margin of the palaeo-channel where
playa clays are in contact with, or close proximity to, saprolite
o Grade peaks are associated with variances in acidity/alkalinity that occur
between sand and clay units which are a principal catalyst for clay adsorption
o REE intersections are associated with reduced (smectitic) clays (with high
adsorption capacities) and are the principal host of other Australian ionic
REE projects
o Ratios of heavy REEs vary significantly between saprolite and channel
intersections, supporting transportation and enrichment processes that are
characteristics of ionic REE deposits
o Insitu leach mining is an established technique among South Australia's
uranium producers which is low in environmental impact and requires lower
capital and operating costs than load and haul, hard rock mining
o Ionic REE mineralisation would complement insitu leaching owing to its
fast rate of desorption and its ability to be integrated into current land use
· Drilling has tested only 1.5 km of a prospective >30 km zone of
palaeo-channel where clays are likely to make contact with saprolite on
channel boundaries - highly scalable
· Selected samples have been sent to Australia's Nuclear Science and
Technology Organisation ("ANSTO") for desorption and simple leach testing
Rupert Verco, CEO of Cobra, commented:
"It is truly exciting to have identified palaeo-channel-hosted REEs in our
first targeted programme, with these results re-affirming the Company's
approach to advancing rare earth targets that have unique economic advantages.
While not yet definitive, the Boland results are significant due to the style
of mineralisation being amenable to low impact, low-cost extraction with
significant growth potential due to the scalability of palaeo-channel systems
on our tenements. This places Cobra in the minority of Australian REE
companies able to show unique REE occurrences with significant economic
enablers.
The Board believes that, between the unique dual gold and REE resource and the
confirmation of palaeo-channel hosted REEs, the Wudinna Project is positioned
with highly competitive economic advantages that make it a market standout.
I would like to congratulate our technical team and partners for their work
which has driven our understanding of REE mobility and the key drivers for
economic REE mineralisation which has led to defining the Boland discovery."
Boland Highlights
Signature intersections:
· CBAC0164: 3m at 942 ppm TREO (22% Magnet Rare Earth Oxides ("MREO"))
from 15m, and 3m at 1,333 ppm TREO (13% MREO) from 30m and 42m at 2,189 ppm
TREO (25% MREO) from 36m
· CBAC0163: 3m at 559 ppm TREO (24% MREO) from 18m, and 3m at 618 ppm
TREO (22% MREO) from 21m and 12m at 1,191 ppm TREO (27% MREO) from 36m
· CBAC0168: 12m at 948 ppm TREO (19% MREO) from 42m
· CBAC0176: 3m at 429 ppm TREO (23% MREO) from 27m, and 3m at 661 ppm
TREO (19% MREO) from 48m and 3m at 1,984 ppm TREO (22% MREO) from 54m
Further resource extension highlights include:
· CBAC0130: 10m at 2,349 ppm TREO (23% MREO) from 21m, including 3m at
5,382 ppm TREO (23% MREO)
· CBAC0179: 18m at 2,854 ppm TREO (24% MREO) from 36m, including 6m at
5,066 ppm TREO (25% MREO) from 39m
· CBAC0133: 15m at 1,040 ppm TREO (22% MREO) from 24m, including 6m at
1,206 ppm TREO (22% MREO) from 27m
· CBRC0081: 15m at 1,557 ppm TREO (17% MREO) from 33m
· CBAC0128: 23m at 847 ppm TREO (23% MREO) from 12m, including 3m at
1,701 ppm TREO (24% MREO) from 12m
· CBAC0125: 29m at 630 ppm TREO (22% MREO) from 12m
· CBAC0180: 9m at 1,107 ppm TREO (22% MREO) from 39m
· Drilling has defined significant extensions to the existing 20.9 Mt
REE JORC resource in areas that complement defined gold mineralisation
· High-grade mineralisation remains open to the north of the Clarke
prospect and to the southwest of Baggy Green
REE Strategy
The economic viability of clay hosted REEs is more dependent upon low mining
and processing costs, a consequence of mineralogy rather than grade. On this
basis, the Company has focused on:
1. REE resource expansion aimed at growing its complementary dual gold
and REE resources, where the spatial proximity of REE mineralisation to gold
enables cost efficient, value add potential
2. Targeting low cost, easily extractable ionic clay hosted
mineralisation by defining and targeting conditions that promote ionic
mineralisation. The Boland prospect was defined on the basis of chemical and
geological conditions that promote the mobility and adsorption of ionic REEs.
AC drilling has validated this concept
Whilst the Exploration Target at the Thompson prospect and high-grade
intersections at the Anderson prospect demonstrate regionally scalable REE
mineralisation potential that will be tested in the foreseeable future, the
Company has prioritised the drilling of the Boland prospect based on its
potential to host easily leachable ionic REE mineralisation, thereby
accelerating the commercial pathway of the project.
Next Steps
The Company will now focus on advancing work scopes in alignment with its
strategic advancement of expanding dual gold and rare earth resources:
Metallurgy
· Select samples submitted to ANSTO for desorption and simple leach
testing to confirm ionic mineralisation and leachability of mineralisation
from the Boland prospect
· Select samples from the Baggy Green and Thompson prospects submitted
for simple leach testing to inform expansion strategies at both targets
· Optimisation studies focusing on beneficiation and recovery
optimisation from resource extension samples
Resource Updates
· Update the 211,000 Oz 2019 Gold MRE to incorporate over 10,000m of
resource expansion drilling as well as over 700m of defined mineralised gold
strike at the Clarke prospect
· Update the 20.9 Mt at 658 ppm TREO REE MRE which overlies gold
mineralisation to incorporate results from 2023 expansion drilling
Further drilling will be planned on the results of the above.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Shard Capital Partners LLP (Joint Broker)
+44 (0)20 7186 9952
Erik Woolgar
Damon Heath
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons
Charlie Neish
Kendall Hill
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna Project in
South Australia's Gawler Craton, a tier one mining and exploration
jurisdiction which hosts several world-class mines. Cobra's Wudinna tenements,
totalling 3,261 km(2), contain extensive orogenic gold mineralisation and are
characterised by potentially open-pitable, high-grade gold intersections, with
ready access to infrastructure. Cobra has 22 orogenic gold targets outside of
the current 211,000 Oz gold JORC Mineral Resource Estimate. In 2021, Cobra
discovered rare earth mineralisation proximal to and above the gold
mineralisation which has been demonstrated to be regionally scalable. In 2023,
Cobra published a maiden rare earth JORC Mineral Resource Estimate of 20.9 Mt
at 658 ppm Total Rare Earth Oxides enabling a strategic baseline to advance an
economically beneficial combination of gold and rare earth resources.
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Competent Persons Statement
Information and data presented within this announcement has been compiled by
Mr Robert Blythman, a Member of the Australian Institute of Geoscientists
("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has
sufficient experience, which is relevant to the style of mineralisation,
deposit type and to the activity which he is undertaking to qualify as a
Competent Person defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 10 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.
Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy ("FAusIMM"). Mr
Verco an employee of Cobra Resources Plc has more than 16 years relevant
industry experience, which is relevant to the style of mineralisation, deposit
type and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves (the "JORC" Code).
This includes 11 years of Mining, Resource Estimation and Exploration
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· "Wudinna Project Update - Aircore Drilling Yields Exceptional Gold
and Rare Earth Results at Clarke" dated 16 August 2022
· "Wudinna Project Update - Additional High-Grade Rare Earths Defined
Across Regional Targets" dated 12 September 2022
· "Wudinna Project Update - Exceptional Rare Earth Scale Potential at
Thompson Prospect Increases REE Footprint from 4 km(2) to 22.5 km(2)" dated
26 September 2022
· "Wudinna Project Update - Maiden Rare Earth Resource Estimate -
Unique and Unconstrained" dated 9 January 2023
· "Wudinna Project Update - RC Drilling Results - Expanding Gold and
Rare Earth Occurrence
at Clarke Prospect Position Cobra for Dual Resource Expansion" dated 17
January 2023
· "Wudinna Project Update - Stage 3 Earn-In to Obtain 75% of the
Wudinna Project Achieved" dated 24 April 2023
· "Wudinna Project Update - Initial RC Drilling Results Underpin Gold
Resource Growth Potential" dated 9 May 2023
· "Drilling Defines REE Resource Extension Potential" dated 12 June
2023
Definitions
REO - Rare Earth Oxides
TREO - Total Rare Earth Oxides plus yttrium
MREO - Magnet Rare Earth Oxide (Nd(2)O(3) + Pr(6)O(11) + Dy(2)O(3) +
Tb(2)O(3))
HREE - Heavy Rare Earth Elements
MRE - Mineral Resource Estimate
Further Information Regarding the Boland Results
Since the prospectivity of REEs at the Wudinna Project was identified in late
2021, the Company has taken a technical approach in understanding the
enrichment, mobility, and mineralogy of REE occurrences within clay saprolite
and tertiary and quaternary aged clays across the 3,261 km(2) land tenure of
the Wudinna Project.
Owing to the depletion of saprolite-hosted REEs at the 104,000 Oz Barns Gold
Resource, the Company believed that the highly acidic conditions (pH<2)
contribute to the re-mobilisation of REEs away from the Barns gold resource
and the sulphide rich Hiltaba granites. The Boland prospect is considered to
host the right conditions to promote ionic adsorption of mobilised REEs and
therefore act as a 'trap' for fluid mobile REEs.
Drilling results demonstrate:
· Mineralisation is most prominent along the eastern margin of the
tested area, where channel clays are in direct contact with granitic saprolite
· HREEs are depleted within saprolite zones and enriched in assemblage
within the palaeo-channel sediments
· REE enrichment in playa smectite clays at discrete changes in sample
acidity/alkalinity
· Light Rare Earth ("LREO") enrichment in saprolite that is in direct
contact with palaeo-channel sediments
A total of 17 holes for 775m was drilled at the Boland prospect. Owing to the
aquifers contained within the palaeo-channel sands, where excessive sand
intervals were intersected, 10 holes were abandoned before achieving targeted
depths due to challenges maintaining hole integrity due to the abundance of
ground water.
Figure 1: Overview of AC drilling results at the Boland prospect
Two distinct playa clay bands are present within interbedded channel sands
that are variable in oxidation state. Mobility of REEs from the saprolite to
the playa clays is demonstrated by the variability of HREEs within the
downhole profile.
Significant intersections include:
· CBAC0164: 3m at 942 ppm TREO (22% MREO) from 15m (playa clay), and 3m
at 1,333 ppm TREO (13% MREO) from 30m (playa clay) and 42m at 2,189 ppm TREO
(25% MREO) from 36m (saprolite clay)
· CBAC0163: 3m at 559 ppm TREO (24% MREO) from 18m (playa clay), and 3m
at 618 ppm TREO (22% MREO) from 21m (playa clay) and 12m at 1,191 ppm TREO
(27% MREO) from 36m (saprolite clay)
· CBAC0168: 12m at 948ppm TREO (19% MREO) from 42m (saprolite clay)
· CBAC0176: 3m at 516 ppm TREO (23% MREO) from 27m (playa clay) and 3m
at 661 ppm TREO (19% MREO) from 48m (contact saprolite clay) and 1,984 ppm
TREO (22% MREO) from 54m (saprolite clay)
· CBAC0175: 3m at 429 ppm TREO (23% MREO) from 27m (playa clay)
· CBAC0172: 3m at 685 ppm TREO (20% MREO) from 54m (saprolite clay)
· CBAC0177: 3m at 545 ppm TREO (26% MREO) from 42m (saprolite clay) to
EOH
· CBAC0162: 6m at 437 ppm TREO (24% MREO) from 42m (playa clay)
· CBAC0160: 3m at 390 ppm TREO (22% MREO) from 15m (playa clay)
Figure 2: Cross section demonstrating significant intersections in relation to
geology
Figure 3: 3m composite samples from CBAC00164 normalised to chondrite REE
abundance, demonstrating the HREE enrichment in the sample 18-21m (941 ppm
TREO) in comparison to the 30-33m (1,133 ppm TREO) and the samples from deeper
than 36m (>2000 ppm TREO)
Fluid and clay acidity/alkalinity is an important environmental control on the
adsorption process of REE to clay particles. Discrete variances in
alkalinity/acidity occur across lithologies and suggest a relationship between
pH and REE grade distribution. Unlike Kaolin clays that require a lower
(acidic) pH to optimise adsorption potential, Smectite clays require a higher
(alkaline) pH to promote adsorption. The observed pH variances in association
with reduced clays are a positive indication for clay adsorption.
Figure 4: Downhole plot of REO grade distribution and associated sample pH for
drillhole CBAC00164
Samples of variable chemical and lithological conditions have been selected
from the Boland prospect for desorption and simple leach testing to confirm
their potential for insitu leach recovery.
Further Information Regarding the Clarke and Baggy Green Resource Extension
Results
Resource expansion drilling demonstrates the growth potential of the existing
20.9 Mt REE MRE. Areas of expansion drilling at Baggy Green west and Clarke
(north and south) were designed to complement future optimisation of both gold
and REE mineralisation.
The existing MRE estimate is based upon a defined mineralisation footprint of
~4km(2). These results expand the defined mineralisation footprint to ~6km(2).
( )
Results demonstrate broad, and high-grade zones of REE mineralisation as
demonstrated by the following intersections:
· CBAC0130: 10m at 2,349 ppm TREO from 21m where the MREO equates to
23%, including 3m at 5,382 ppm TREO from 21m where the MREO equates to 23%
· CBAC0179: 18m at 2,854 ppm TREO from 36m where the MREO equates to
24%, including: 6m at 5,066 ppm TREO from 39m where the MREO equates to 25%
· CBAC0131: 6m at 459 ppm TREO from 24m where the MREO equates to 23%
· CBAC0133: 15m at 1,040 ppm TREO from 24m where the MREO equates to
22%, including 6m at 1,206 ppm TREO from 27m where the MREO equates to 22%
· CBAC0118: 15m at 769 ppm TREO from 24m where the MREO equates to 21%,
including 3m at 1,298 ppm TREO from 30m where the MREO equates to 22%
· CBAC0119: 12m at 785 ppm TREO from 30m where the MREO equates to 24%,
including 3m at 1,230 ppm TREO from 30m where the MREO equates to 25%
· CBAC0120: 12m at 743 ppm TREO from 18m where the MREO equates to 32%,
including 3m at 1,139 ppm TREO from 24m where the MREO equates to 33%
· CBAC0121: 6m at 420 ppm TREO from 27m where the MREO equates to 21%
· CBAC0122: 6m at 644 ppm TREO from 30m where the MREO equates to 22%
· CBAC0123: 25m at 527 ppm TREO from 33m where the MREO equates to 22%
· CBAC0124: 6m at 663 ppm TREO from 12m where the MREO equates to 22%
and 3m at 562 ppm TREO from 27m where the MREO equates to 25%
· CBAC0125: 29m at 630 ppm TREO from 12m where the MREO equates to 22%
· CBAC0126: 9m at 569 ppm TREO from 12m where the MREO equates to 20%
· CBAC0127: 12m at 513 ppm TREO from 24m where the MREO equates to 20%
· CBAC0128: 23m at 847 ppm TREO from 12m where the MREO equates to 23%,
including: 3m at 1,701 ppm TREO from 12m where the MREO equates to 24%
· CBAC0129: 3m at 885 ppm TREO from 15m where the MREO equates to 24%
· CBAC0184: 18m at 632 ppm TREO from 24m where the MREO equates to 20%
· CBAC0186: 9m at 487 ppm TREO from 27m where the MREO equates to 23%
· CBRC0081: 15m at 1,557 ppm TREO from 33m where the MREO equates to
17%
· CBAC0180: 9m at 1,107 ppm TREO from 39m where the MREO equates to 22%
Additional samples from resource expansion drilling have been selected to
advance metallurgical optimisation studies that will focus on beneficiation,
increased extraction through varying lixiviants and salt spiking with the aim
of designing a REE extraction flowsheet that can complement gold mining.
Figure 5: Overview of resource extension targeted AC drilling results at the
Clarke and Baggy Green prospects
Table 1: New significant intersections from 2023 AC drilling
Prospect BHID From (m) To (m) Int (m) TREO ppm MREO ppm Nd(2)O(3) ppm Pr(6)O(11) ppm Dy(2)O(3) ppm Tb(2)O(3) ppm
Clarke South CBAC0118 24 39 15 769 161 112 32 15 2.6
including 30 33 3 1,298 280 191 53 30 5.3
CBAC0119 30 42 12 785 185 133 38 12 2.1
including 30 33 3 1,230 309 225 68 13 2.6
CBAC0120 18 30 12 743 237 174 47 14 2.5
including 24 27 3 1,139 381 286 73 19 3.5
CBAC0121 27 33 6 420 87 61 17 7 1.2
Baggy Green East CBAC0122 30 36 6 644 142 99 28 12 2.1
CBAC0123 33 58 25 527 116 82 23 9 1.7
CBAC0124 12 18 6 663 147 103 30 11 2.1
and 27 30 3 562 140 101 27 10 1.9
CBAC0125 12 41 29 630 137 95 27 13 2.2
CBAC0126 12 21 9 569 117 79 22 14 2.3
CBAC0127 24 36 12 513 103 70 25 6 1.2
CBAC0128 12 35 23 847 198 138 44 13 2.5
including 12 15 3 1,701 405 283 93 24 4.9
CBAC0129 15 18 3 885 214 145 46 20 3.7
Baggy Green West CBAC0130 21 31 10 2,349 543 377 118 40 7.7
including 21 24 3 5,382 1215 843 262 92 17.6
CBAC0131 24 30 6 459 107 74 25 7 1.3
CBAC0133 24 39 15 1,040 225 150 53 18 3.3
including 27 33 6 1,206 263 176 64 20 3.6
Boland CBAC0160 15 18 3 390 87 61 18 7 1.2
CBAC0162 42 48 6 437 103 74 23 5 1.0
CBAC0163 15 18 3 550 123 87 26 8 1.5
and 21 24 3 618 138 96 28 12 2.1
and 36 48 12 1,191 292 214 69 8 1.6
CBAC0164 18 21 3 942 222 159 43 17 3.1
and 30 33 3 1,333 179 121 54 3 0.7
and 36 78 42 2,189 587 442 128 14 3.2
CBAC0168 42 54 12 948 182 133 41 7 1.5
CBAC0172 54 57 3 685 140 98 32 8 1.6
CBAC0175 27 30 3 429 100 70 20 9 1.6
CBAC0176 27 30 3 516 117 83 22 10 1.7
and 48 51 3 661 123 87 24 11 2.0
and 54 57 3 1,984 444 328 99 15 2.9
CBAC0177 42 45 3 545 141 98 29 12 2.2
Grace CBAC0178 9 11 2 1,666 408 300 88 17 3.4
CBAC0179 36 54 18 2,854 696 486 124 73 12.6
including 39 45 6 5,066 1264 879 227 134 23.8
CBAC0180 39 48 9 1,107 239 173 52 12 2.0
CBAC0181 30 33 3 780 197 140 48 8 1.5
CBAC0184 24 42 18 632 124 86 25 12 1.8
CBAC0186 27 36 9 487 113 78 20 13 2.3
Clarke CBRC0079 16 20 4 697 171 123 33 12 2.3
CBRC0081 33 48 15 1,557 259 178 43 33 5.3
Location and Land Tenure
The Wudinna Project is located on the northern Eyre Peninsula, within South
Australia, a tier 1 mining jurisdiction. The defined dual Gold and REE MRE
occurs within EL6131 (Corrobinnie) and lies within the Pinkawillinie
Conservation Park (dual proclamation land). Gold Resources extend across
EL5953 (Minnipa) and EL6131. The tenements are held by Peninsula Resources, a
subsidiary of Andromeda Metals. In April 2023, the Company announced its 75%
earn-in had been recognised by Andromeda Metals under the terms of the Wudinna
Heads of Agreement.
Figure 6: Locality plan
Geology and Nature of the REE Mineralisation
The gold and REE deposits at the Wudinna Project are considered to be related
to the structurally controlled basement weathering of epidote-pyrite
alteration related to the 1590 Ma Hiltaba/GRV tectonothermal event of the
Gawler Craton. Gold and REE mineralisation have a spatial association with
mafic intrusions/granodiorite alteration and are associated with metasomatic
alteration of host rocks. Epidote alteration associated with gold
mineralisation is REE enriched and believed to be the primary source.
The REE mineralisation is regionally extensive in weathered (saprolite and
saprock) zones developed on basement rocks. The nature of controlling
structures that act as conduits for gold mineralisation are also thought to
act as catalysts for the secondary processes that promote weathering and
subsequent mobilisation of REEs to the saprolite and saprock.
The following simplified model is proposed for clay hosted REEs and the Clarke
and Baggy Green prospects:
· Gold and sulphide mineralisation is directly associated with Hiltaba
Suite volcanics (~1590-1575 Ma)
· WNW redial shears under NS compression (craton emplacement) act as
dilatational conduits through Kimbian and Sleaford age granitoids
· Hiltaba suite mafics are enriched in light REEs
· Gold and sulphide mineralisation forms along sheeted granitoid "dome"
joints, bound within shear zones
· Sericite and epidote alteration halos form peripheral to gold
mineralisation
· Epidote alteration is enriched in REEs providing an enriched source
· Supergene enrichment of gold occurs at the base of oxidation, where
the weathering of primary sulphides generates acidic conditions
· Primary REE phases are weathered to secondary REE phases through
prolonged weathering
· Acidic conditions generated by the weathering of sulphides
re-mobilises REEs
· At acid/alkalinity changes (pH 6-7) a greater component of REE is
absorbed to clay particles
· Colloidal phase REEs are thought to result from ongoing chemical and
environmental changes.
· Strongly reduced sediments (playa clays) deposited in the Eocene (a
period of tropical climate conditions) form interbeds and aquitards within
palaeo-channels
· Fluid mobile REEs migrating into palaeo-drainage systems are adsorbed
to playa clays at discrete changes in fluid chemistry (acidic to alkaline)
Figure 7: Proposed geological model for gold and REE mineralisation at the
Clarke and Baggy Green prospects
Table 2: Drillhole survey details
HOLE ID EASTING NORTHING ELEVATION DIP AZI EOH
CBAC0092 541930 6366022 129.6 -90 0 26
CBAC0093 541880 6366122 130.1 -90 0 42
CBAC0094 541805 6366123 129.7 -90 0 57
CBAC0095 541932 6366124 129.9 -90 0 57
CBAC0096 541935 6366222 127.4 -90 0 48
CBAC0097 541884 6366223 127.7 -90 0 54
CBAC0098 541881 6366022 132.3 -90 0 58
CBAC0099 541804 6366022 131.5 -90 0 52
CBAC0100 541729 6366022 130.3 -90 0 71
CBAC0101 541729 6365922 131.2 -90 0 60
CBAC0102 545831 6365699 112.1 -90 0 20.4
CBAC0103 546041 6365847 109.6 -90 0 47
CBAC0104 545749 6365358 112.7 -90 0 22
CBAC0105 545954 6365495 111.4 -90 0 34
CBAC0106 546174 6365653 110.6 -90 0 45
CBAC0107 546092 6365310 111 -90 0 41
CBAC0108 546301 6365444 110.9 -90 0 39
CBAC0109 545980 6364922 113.6 -90 0 37
CBAC0110 546144 6365037 113 -90 0 42
CBAC0111 546308 6365152 111.2 -90 0 39
CBAC0112 546471 6365266 110.7 -90 0 38
CBAC0113 548079 6364675 115.5 -90 0 39
CBAC0114 547879 6364675 118.5 -90 0 39
CBAC0115 547479 6364675 115.7 -90 0 41
CBAC0116 547679 6364675 115.4 -90 0 41
CBAC0117 547527 6364491 120.1 -90 0 43
CBAC0118 547676 6364511 135.9 -90 0 45
CBAC0119 547879 6364475 114.9 -90 0 46
CBAC0120 547479 6364275 121.2 -90 0 47
CBAC0121 547679 6364275 115.3 -90 0 35
CBAC0122 547679 6362475 129.5 -90 0 52
CBAC0123 547939 6362479 125.9 -90 0 58
CBAC0124 547941 6362680 125 -90 0 32
CBAC0125 547679 6362675 126.7 -90 0 41
CBAC0126 547942 6362875 135.7 -90 0 41
CBAC0127 547679 6362875 125.5 -90 0 36
CBAC0128 547937 6363071 119.9 -90 0 35
CBAC0129 548174 6363079 118.2 -90 0 25
CBAC0130 545775 6362677 136.4 -90 0 31
CBAC0131 545996 6362674 135.5 -90 0 40
CBAC0132 545993 6362864 122.2 -90 0 18
CBAC0133 546247 6363521 118.6 -90 0 57
CBAC0134 546238 6363072 134.7 -90 0 41
CBAC0135 546004 6363058 135.7 -90 0 24
CBAC0136 548120 6364896 114.4 -90 0 25
CBAC0137 548336 6364915 113.1 -90 0 31
CBAC0138 549327 6364906 117.1 -90 0 36
CBAC0139 549319 6364687 117.4 -90 0 37
CBAC0140 548888 6364962 115.3 -90 0 19
CBAC0141 549319 6364025 118.5 -90 0 32
CBAC0142 549314 6363738 115.6 -90 0 36
CBAC0143 549308 6363379 115.1 -90 0 30
CBAC0144 549317 6365195 115.6 -90 0 49
CBAC0145 549322 6365550 116.2 -90 0 39
CBAC0146 549324 6365828 120.3 -90 0 30
CBAC0147 548611 6364942 115.2 -90 0 40
CBAC0148 549314 6364409 116.4 -90 0 30
CBAC0149 540383 6364320 120.3 -90 0 69
CBAC0150 537409 6364599 100.4 -90 0 15
CBAC0151 537945 6364815 102.5 -90 0 12
CBAC0152 537628 6365027 111.9 -90 0 30
CBAC0153 537896 6365443 110 -90 0 50
CBAC0154 538849 6364807 120.2 -90 0 27
CBAC0155 539747 6364744 118.6 -90 0 33
CBAC0156 539112 6365169 118 -90 0 66
CBAC0157 538477 6365593 117.7 -90 0 24
CBAC0158 538362 6366150 121.3 -90 0 51
CBAC0159 538997 6365726 122.4 -90 0 60
CBAC0160 533729 6366526 107.3 -90 0 30
CBAC0161 534053 6366365 108 -90 0 30
CBAC0162 534406 6366177 108 -90 0 51
CBAC0163 534583 6365541 109 -90 0 48
CBAC0164 534165 6365770 110.2 -90 0 78
CBAC0165 533790 6366000 110.5 -90 0 18
CBAC0166 533478 6366174 110.4 -90 0 33
CBAC0167 533103 6366386 111.2 -90 0 36
CBAC0168 532828 6366535 113 -90 0 54
CBAC0169 532434 6366761 115.6 -90 0 36
CBAC0170 532121 6366842 117.7 -90 0 45
CBAC0171 533097 6366836 109 -90 0 33
CBAC0172 532224 6366338 117.9 -90 0 57
CBAC0173 532754 6365648 117.2 -90 0 27
CBAC0174 533051 6365444 116.6 -90 0 43
CBAC0175 533403 6365313 115.4 -90 0 51
CBAC0176 533713 6365181 114.4 -90 0 57
CBAC0177 534012 6365018 113.4 -90 0 48
CBAC0178 549785 6364401 123.6 -90 0 11
CBAC0179 549811 6364828 124.6 -90 0 54
CBAC0180 549801 6365261 125.4 -90 0 78
CBAC0181 550205 6364323 127.1 -90 0 73
CBAC0182 550242 6364768 128.6 -90 0 41
CBAC0183 550618 6364728 132.1 -90 0 34
CBAC0184 550614 6365125 133.4 -90 0 51
CBAC0185 550598 6364265 130.7 -90 0 63
CBAC0186 550221 6365183 129.6 -90 0 57
CBRC0079 546735 6365441 111.3 -65 240 132
Appendix 1: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Pre 2021
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic RC and RAB drilling methods have been employed at Clarke
instruments, etc). These examples should not be taken as limiting the broad and Baggy Green Prospects since 2000.
meaning of sampling.
· Pulp samples from pre-Cobra Resources' drilling were collected
· Include reference to measures taken to ensure sample representivity with intervals of 1-6 m. Samples were riffle split if dry or sub
and the appropriate calibration of any measurement tools or systems used. split using a trowel if wet.
· Aspects of the determination of mineralisation that are Material to · Pulp samples were obtained from Challenger geological services
the Public Report. using a combination of logging and geochemical selection criteria. Samples
pulled from storage were re-pulverised at the laboratory prior to further
· In cases where 'industry standard' work has been done this would be analysis.
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 2021 - 2022
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · Sampling during Cobra Resources 2022 aircore ("AC") drilling
mineralisation types (eg submarine nodules) may warrant disclosure of detailed programme at all Prospects were obtained through AC drilling methods.
information.
· 2 m samples were collected in 20l buckets via a rig mounted
cyclone. An aluminum scoop was used to collect a 2-4 kg sub sample from each
bucket. Samples were taken from the point of collar, but only samples from the
commencement of saprolite were selected for analysis.
· Samples submitted to the Genalysis Intertek Laboratories,
Adelaide and pulverised to produce the 25g fire assay charge and 4 acid digest
sample.
· A summary of previous RC drilling at the Wudinna Project is
outlined in the Cobra Resources' RNS number 7923A from 7 February 2022.
2023
RC
· Samples were collected via a Metzke cone splitter mounted to the
cyclone. 1m samples were managed through chute and butterfly valve to produce
a 2-4 kg sample. Samples were taken from the point of collar, but only samples
from the commencement of saprolite were selected for analysis.
· Samples submitted to Bureau Veritas Laboratories, Adelaide, and
pulverised to produce the 50 g fire assay charge and 4 acid digest sample.
AC
· A combination of 2m and 3 m samples were collected in green bags
via a rig mounted cyclone. An PVC spear was used to collect a 2-4 kg sub
sample from each green bag. Samples were taken from the point of collar.
· Samples submitted to Bureau Veritas Laboratories, Adelaide, and
pulverised to produce the 50 g fire assay charge and 4 acid digest sample.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Pre 2021
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Drill methods include AC, RH and RAB in unconsolidated regolith
whether core is oriented and if so, by what method, etc). and aircore hammer in hard rock. Some shallow RC holes have been drilled in
place of AC and RAB, a single diamond drillhole has been incorporated in the
estimate.
2021- 2022
· Drilling completed by McLeod Drilling Pty Ltd using 75.7 mm NQ
air core drilling techniques from an ALMET Aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
· Slimline RC drilling was completed by Wuzdrill pty limited and
Indicator drilling services Pty Ltd using a 400D and Mantis C60R drill rigs
using a 4" hammer and 78mm drill rods.
2023
· Drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
reverse circulation drilling techniques from a Schramm T685WS rig with an
auxiliary compressor.
· Drilling completed by McLeod Drilling Pty Ltd using 75.7 mm NQ
air core drilling techniques from an ALMET Aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Sample recovery was generally good.All samples were recorded for
results assessed. sample type, quality and contamination potential and entered within a sample
log.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · In general, sample recoveries were good with 10 kg for each 1 m
interval being recovered from AC drilling.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · No relationships between sample recovery and grade have been
fine/coarse material. identified.
· RC drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
reverse circulation drilling techniques from a Schramm T685WS rig with an
auxiliary compressor
· Sample recovery for RC was generally good. All samples were
recorded for sample type, quality and contamination potential and entered
within a sample log.
· In general, RC sample recoveries were good with 35-50 kg for each
1 m interval being recovered.
· No relationships between sample recovery and grade have been
identified.
Logging · Whether core and chip samples have been geologically and · All drill samples were logged by an experienced geologist at the
geotechnically logged to a level of detail to support appropriate Mineral time of drilling. Lithology, colour, weathering and moisture were documented.
Resource estimation, mining studies and metallurgical studies.
· Logging is generally qualitative in nature.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · All drill metres have been geologically logged on sample
intervals (1-3 m).
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Pre-2021
taken.
· Samples from AC, RAB and "bedrock" RC holes have been collected
· If non-core, whether riffled, tube sampled, rotary split, etc and initially as 6 m composites followed by 1 m re-splits. Many of the 1 m
whether sampled wet or dry. re-splits have been collected by riffle splitting.
· For all sample types, the nature, quality and appropriateness of the · RC samples have been collected by riffle splitting if dry, or by
sample preparation technique. trowel if wet
· Quality control procedures adopted for all sub-sampling stages to · Pulverised samples have been routinely checked for size after
maximise representivity of samples. pulverising
· Measures taken to ensure that the sampling is representative of the · Pulp samples were re- pulverised after storage to re-homogenise
in situ material collected, including for instance results for field samples prior to analysis.
duplicate/second-half sampling.
2021-onward
· Whether sample sizes are appropriate to the grain size of the
material being sampled. · The use of an aluminum scoop or PVC spear to collect the required
2-4 kg of sub-sample from each AC sample length controlled the sample volume
submitted to the laboratory.
· Additional sub-sampling was performed through the preparation and
processing of samples according to the lab internal protocols.
· Duplicate AC samples were collected from the green bags using an
aluminium scoop or PVC spear at a 1 in 25 sample frequency.
· Sample sizes were appropriate for the material being sampled.
· Assessment of duplicate results indicated this sub-sample method
provided good repeatability for rare earth elements.
· RC drill samples were sub-sampled using a cyclone rig mounted
splitter with recoveries monitored using a field spring scale.
· Manual re-splitting of RC samples through a riffle splitter was
undertaken where sample sizes exceeded 4 kg.
· RC field duplicate samples were taken nominally every 1 in 25
samples. These samples showed good repeatability for REE.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were submitted to Bureau Veritas Laboratories, Adelaide
laboratory procedures used and whether the technique is considered partial or for preparation and analysis.
total.
· Multi element geochemistry were digested by four acid ICP-MS and
· For geophysical tools, spectrometers, handheld XRF instruments, etc, analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc,
the parameters used in determining the analysis including instrument make and Sm, Tb, Th, Tm, U, Y and Yb.
model, reading times, calibrations factors applied and their derivation, etc.
· Field gold blanks and rare earth standards were submitted at a
· Nature of quality control procedures adopted (eg standards, blanks, frequency of 1 in 25 samples.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Field duplicate samples were submitted at a frequency of 1 in 25
samples
· Reported assays are to acceptable levels of accuracy and
precision.
· Internal laboratory blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
Verification of sampling and assaying · The verification of significant intersections by either independent · Sampling data was recorded in field books, checked upon
or alternative company personnel. digitising and transferred to database.
· The use of twinned holes. · Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily during the
· Documentation of primary data, data entry procedures, data drill programme.
verification, data storage (physical and electronic) protocols.
· Compositing of assays was undertaken and reviewed by Cobra
· Discuss any adjustment to assay data. Resources staff.
· Original copies of laboratory assay data are retained digitally
on the Cobra Resources server for future reference.
· Samples have been spatially verified through the use of Datamine
and Leapfrog geological software for pre 2021 and post 2021 samples and
assays.
· Twinned drillholes from pre 2021 and post 2021 drill programmes
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Significant intercepts have been prepared by Mr Rupert Verco and
reviewed by Mr Robert Blythman.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Pre 2021
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. · Collar locations were pegged using DGPS to an accuracy of +/-0.5
m.
· Specification of the grid system used.
· Downhole surveys have been completed for deeper RC and diamond
· Quality and adequacy of topographic control. drillholes
· Collars have been picked up in a variety of coordinate systems
but have all been converted to MGA 94 Zone 53. Collars have been spatially
verified in the field.
· Collar elevations were historically projected to a geophysical
survey DTM. This survey has been adjusted to AHD using a Leica CS20 GNSS base
and rover survey with a 0.05 cm accuracy. Collar points have been re-projected
to the AHD adjusted topographical surface.
2021-onward
· Collar locations were initially surveyed using a mobile phone
utilising the Avenza Map app. Collar points recorded with a GPS horizontal
accuracy within 5 m.
· RC Collar locations were picked up using a Leica CS20 base and
Rover with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC holes. All holes were
set up vertically and are assumed vertical.
· RC holes have been down hole surveyed using a Reflex TN-14 true
north seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of
data. Poor quality surveys were downgraded in the database to be excluded from
export.
· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· The quality and accuracy of the topographic control is considered
sufficient for the Mineral Resource estimation and classification applied.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 50-80 m apart.
Drillholes generally 50-60 m apart on these transects but up to 70 m apart.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Additional scouting holes were drilled opportunistically on
Resource and Ore Reserve estimation procedure(s) and classifications applied. existing tracks at spacings 25-150 m from previous drillholes.
· Whether sample compositing has been applied. · Regional scouting holes are drilled at variable spacings designed
to test structural concepts
· Data spacing is considered adequate for a saprolite hosted rare
earth Mineral Resource estimation.
· No sample compositing has been applied
· Drillhole spacing does not introduce any sample bias.
· The data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for interpretation of
the REE mineralised horizon and the classification applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · RC drillholes have been drilled between -60 and -75 degrees at
possible structures and the extent to which this is known, considering the orientations interpreted to appropriately intersect gold mineralisation
deposit type.
· Gold results are not presented as true width but are not considered
· If the relationship between the drilling orientation and the to present any down-dip bias.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Pre 2021
· Company staff collected or supervised the collection of all
laboratory samples. Samples were transported by a local freight contractor
· No suspicion of historic samples being tampered with at any stage.
· Pulp samples were collected from Challenger Geological Services and
submitted to Intertek Genalysis by Cobra Resources' employees.
2021-onward
· Transport of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of 5 samples at the drill rig and transported in larger bulka bags by
batch while being transported.
· There is no suspicion of tampering of samples.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No laboratory audit or review has been undertaken.
· Genalysis Intertek and BV Laboratories Adelaide are NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
Appendix 2: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · RC drilling occurred on EL 6131, currently owned 100% by Peninsula
agreements or material issues with third parties such as joint ventures, Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over
future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and
· The security of the tenure held at the time of reporting along with EL6489.
any known impediments to obtaining a licence to operate in the area.
· Baggy Green, Clarke, Laker and the IOCG targets are located within
Pinkawillinnie Conservation Park. Native Title Agreement has been negotiated
with the NT Claimant and has been registered with the SA Government.
· Aboriginal heritage surveys have been completed over the Baggy Green
Prospect area, with no sites located in the immediate vicinity.
· A Native Title Agreement is in place with the relevant Native Title
party.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · On-ground exploration completed prior to Andromeda Metals' work was
limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
· Other than the flying of regional airborne geophysics and coarse
spaced ground gravity, there has been no recorded exploration in the vicinity
of the Baggy Green deposit prior to Andromeda Metals' work.
Geology · Deposit type, geological setting and style of mineralisation. · The gold and REE deposits are considered to be related to the
structurally controlled basement weathering of epidote- pyrite alteration
related to the 1590 Ma Hiltaba/GRV tectonothermal event.
· Mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated with metasomatic
alteration of host rocks. Epidote alteration associated with gold
mineralisation is REE enriched and believed to be the primary source.
· Rare earth minerals occur within the saprolite horizon. XRD analysis
by the CSIRO identifies kaolin and montmorillonite as the primary clay phases.
· SEM analysis identified REE bearing mineral phases in hard rock:
· Zircon, titanite, apatite, andradite and epidote.
· SEM analyses identifies the following secondary mineral phases in
saprock:
· Monazite, bastanite, allanite and rutile.
· Elevated phosphates at the base of saprock do not correlate to rare
earth grade peaks.
· Upper saprolite zones do not contain identifiable REE mineral phases,
supporting that the REEs are adsorbed to clay particles.
· Acidity testing by Cobra Resources supports that REDOX chemistry may
act as a catalyst for Ionic and Colloidal adsorption.
· REE mineral phase change with varying saprolite acidity and REE
abundances support that a component of REE bursary is adsorbed to clays.
· Palaeo drainage has been interpreted from historic drilling and
re-interpretation of EM data that has generated a top of basement model.
· The conditions within the interpreted Palaeo system are considered
supportive of ionic REE mineralisation.
Drillhole Information · A summary of all information material to the understanding of the · Exploration results are not being reported as part of the Mineral
exploration results including a tabulation of the following information for Resource area.
all Material drill holes:
· easting and northing 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
· hole length.
· 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.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Reported summary intercepts are weighted averages based on length.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · No maximum/ minimum grade cuts have been applied.
· Where aggregate intercepts incorporate short lengths of high grade · No metal equivalent values have been calculated.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Gold results are reported to a 0.3 g/t cut-off with a maximum of 2m
should be shown in detail. internal dilution with a minimum grade of 0.1 g/t Au.
· The assumptions used for any reporting of metal equivalent values · Rare earth element analyses were originally reported in elemental
should be clearly stated. form and have been converted to relevant oxide concentrations in line with
industry standards. Conversion factors tabulated below:
Element Oxide Factor
Cerium CeO(2) 1.2284
Dysprosium Dy(2)O(3) 1.1477
Erbium Er(2)O(3) 1.1435
Europium Eu(2)O(3) 1.1579
Gadolinium Gd(2)O(3) 1.1526
Holmium Ho(2)O(3) 1.1455
Lanthanum La(2)O(3) 1.1728
Lutetium Lu(2)O(3) 1.1371
Neodymium Nd(2)O(3) 1.1664
Praseodymium Pr(6)O(11) 1.2082
Scandium Sc(2)O(3) 1.5338
Samarium Sm(2)O(3) 1.1596
Terbium Tb(4)O(7) 1.1762
Thulium Tm(2)O(3) 1.1421
Yttrium Y(2)O(3) 1.2699
Ytterbium Yb(2)O(3) 1.1387
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3) + Sm(2)O(3) +
Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) +
Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3)
+ Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· %Pr = Pr(6)O(11)/TREO
· %Dy = Dy(2)O(3)/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Preliminary results support unbiased testing of mineralised
Exploration Results. structures.
· If the geometry of the mineralisation with respect to the drill hole · Previous holes have been drilled in several orientations due to the
angle is known, its nature should be reported. unknown nature of mineralisation.
· If it is not known and only the down hole lengths are reported, there · Most intercepts are vertical and reflect true width intercepts.
should be a clear statement to this effect (eg 'down hole length, true width
not known'). · Exploration results are not being reported for the Mineral Resource
area.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included in the announcement.
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 · Exploration results are not being reported for the Mineral Resources
locations and appropriate sectional views. area.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Not applicable - Mineral Resource and Exploration Target are defined.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration · Exploration results are not being reported for the Mineral Resource
Results. area.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Refer to previous announcements listed in RNS for reporting of REE
reported including (but not limited to): geological observations; geophysical results, metallurgical testing and detailed gold intersections.
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 · Infill and extensional drilling aimed at growing the Mineral Resource
extensions or depth extensions or large-scale step-out drilling). and converting Inferred Resources to Indicated Resources is planned.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3) + Sm(2)O(3) +
Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) +
Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3)
+ Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· %Pr = Pr(6)O(11)/TREO
· %Dy = Dy(2)O(3)/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
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').
· Preliminary results support unbiased testing of mineralised
structures.
· Previous holes have been drilled in several orientations due to the
unknown nature of mineralisation.
· Most intercepts are vertical and reflect true width intercepts.
· Exploration results are not being reported for the Mineral Resource
area.
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.
· Relevant diagrams have been included in the announcement.
· Exploration results are not being reported for the Mineral Resources
area.
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.
· Not applicable - Mineral Resource and Exploration Target are defined.
· Exploration results are not being reported for the Mineral Resource
area.
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.
· Refer to previous announcements listed in RNS for reporting of REE
results, metallurgical testing and detailed gold intersections.
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.
· Infill and extensional drilling aimed at growing the Mineral Resource
and converting Inferred Resources to Indicated Resources is planned.
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