REG - Cobra Resources PLC - Wudinna Project Update
14/12/2021 07:00
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RNS Number : 5127V Cobra Resources PLC 14 December 2021
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14 December 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Initial Gold and Rare Earth Results
Significant zone of gold mineralisation defined at Clarke
REE mineralisation confirmed above gold mineralisation
Cobra, a gold exploration company focused on the Wudinna Gold Project in South
Australia, announces initial gold results from the first five holes from the
Company's recent 14 hole phase of Reverse Circulation ("RC") drilling on the
Clarke prospect.
The Company has intersected a broad zone of mineralisation, confirming the
orientation of mineralisation and demonstrating the potential for a
significant gold mineral system at Clarke. Furthermore, re-analysis of
previous samples defines a broad zone of elevated Rare Earth Elements ("REE")
overlaying the intersected gold.
Highlights:
· CBRC0043 intersects 96m at 0.55 g/t gold from 30m including 20m at
1.5 g/t gold from 88m
· CBRC0042 intersects 19m at 0.79 g/t gold from 83m including 5m at
2.62 g/t gold from 95m
· Gold mineralisation is associated with diorite granitic alteration -
the broad halo of mineralisation confirms the potential for a significant gold
mineral system at Clarke
· Re-analysis of the saprolite horizon at Clarke within CBRC009 (which
was drilled in 2020 and intersected 31m at 3.06 g/t gold from 69m) to test for
Rare Earth Elements, defines:
o 20m at 550.5 ppm Total Rare Earth Oxides ("TREO") from 30m including:
- 8m at 874.8 ppm TREO from 31m
· The presence of elevated REEs within the saprolite zone, proximal to
gold mineralisation, presents a complementary value-add opportunity to
considerably increase the Company's mineral resources and improve development
economics
· REEs are elevated in valuable 'magnet' elements'* and equate to 26%
of the TREO within the reported intercept
· Results are pending for an additional nine holes totalling 1,372m
from which mineral assemblages and alteration is consistent with the geology
observed within holes CBRC0042 - 43. Both gold and REE results are expected
over the next eight weeks
*Magnet rare earths are: Praseodymium, Neodymium, Terbium and Dysprosium
Rupert Verco, CEO of Cobra, commented:
"These encouraging preliminary results from Clarke confirm the potential for
mineralisation. The broad halo of mineralisation demonstrates a potentially
significant gold bearing system containing high-grade zones at relatively
shallow depths. The Clarke prospect continues to deliver and has the potential
to add to the Company's existing 211,000 Oz Mineral Resource Estimate.
The presence of elevated Rare Earth Elements overlaying gold is quite
literally icing on the cake and demonstrates a significant opportunity to
complement the project's gold assets. Whilst we have work to do to determine
the metallurgical properties of mineralisation, the confirmed spatial
proximity to our gold assets has the potential to positively influence future
project economics.
The remaining holes were designed to test the 1.1km Clarke gold anomaly, and
geological observations are encouraging for further positive results. We look
forward to providing further updates as results are received.
Our next steps in H1 2022 will be to quantify the gold resource potential at
Clarke, define the extent and minerology of rare earth mineralisation across
our existing gold resources, and continue with our next phase of exploration
drilling to develop known gold and IOCG targets."
In addition to this release, a version of this report with supplementary
information and images can be found at
http://www.rns-pdf.londonstockexchange.com/rns/5127V_1-2021-12-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5127V_1-2021-12-13.pdf) .
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
Peterhouse Capital Limited (Joint Broker) +44 (0)20 7469 0932
Duncan Vasey
Lucy Williams
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,
CEO of the Company.
About Cobra
Cobra's Wudinna Gold Project is located in the Gawler Craton which is home to
some of the largest IOCG discoveries in Australia including Olympic Dam, as
well as Prominent Hill and Carrapateena. Cobra's Wudinna tenements contain
extensive orogenic gold mineralisation and are characterised by potentially
open-pitable, high-grade gold intersections, with ready access to nearby
infrastructure. In total Cobra has over 22 orogenic gold prospects, with
grades of between 16 g/t up to 37.4 g/t gold outside of the current 211,000 oz
JORC Mineral Resource Estimate, as well as one copper-gold prospect, and five
IOCG targets.
Wudinna Project Description
The Eyre Peninsula Gold Joint Venture comprises a 1,928 km(2) land holding in
the Gawler Craton. The Wudinna Gold Project within the Joint Venture tenement
holding comprises a cluster of gold prospects which includes the Barns, White
Tank and Baggy Green deposits.
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 15 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 10 years of Mining, Resource Estimation and Exploration relevant
to the style of mineralisation.
Further information on the Clarke Drilling Programme
Interpretation of Results
Cobra's first phase of drilling (reverse circulation) was designed to test
extensions to previously intersected gold mineralisation at the Clarke
prospect, which is situated approximately 1.8km north of the 94K oz Mineral
Resource Estimate of Baggy Green Deposit. A total of 14 holes were drilled
totalling 2,144m testing northern and southern extensions. The results
presented within this announcement represent 36% of the expected results.
Multi-element and lanthanide analyses are outstanding for all drilled holes
and gold results are outstanding for a further nine holes. The preliminary
results confirm that:
· Scissored holes drilled directly north of drill hole CBRC0009
(intersecting 31m at 3.06 g/t) confirm a NW strike
· Mineralisation is associated with diorite intrusive alteration
proximal to a major NW trending fault
· Higher grade staked lodes exist within a greater alteration halo
· Mineralisation is open to the north where additional drill holes have
intersected zones of similar alteration
· A total of 150m of strike has been defined through the reported
holes; a total of ~550m of strike will have been tested through the completion
of this programme
· The southern fence of holes will test mineralisation continuity some
200m south of previously intersected mineralisation and follows up the 0.76
g/t Au identified within the pathfinder drilling programme
These results from Clarke define a significant zone of mineralisation and
continue to support the potential for resource expansion through the ongoing
definition drilling at Clarke. The broad widths of mineralisation and
relatively shallow intersection depths justify further drilling.
Appendix
Table 1. Tabled significant intercepts(1)
Hole ID From To Interval Au (g/t) Including
CBRC0042 83 102 19 0.79 Including 5m at 2.65 g/t Au 83-87m
CBRC0043 30 126 96 0.55 Including 8m at 0.61 g/t Au 32-40m
Including 20m at 1.5 g/t Au 88-108m
Including 10m at 0.92 g/t Au 114-124m
CBRC0044 109 118 9 0.23
CBRC0009(2) 69 100 31 3.06 Including 15m at 5.25 g/t Au 83-98m
(1) Reported as downhole widths (2)Drilled in 2020: Re-analysed
for IAC hosted Rare Earths
Rare Earth Results
In follow-up to the elevated REE results identified within the recent
pathfinder drilling programme, retained sample pulps from CBRC0009 were
analysed for the 18 lanthanide elements. Results demonstrate elevated rare
earths within the kaolinised portion of the weathered saprolite horizon. In
response to these encouraging results Cobra will analyse all holes from the
2021 programme for lanthanides within the saprolite horizons.
The rare earths are considered to occur as Ion Absorbed Clay ("IAC")
mineralisation. Further testing including XRD spectroscopy and HyLogger
spectral analysis are underway to confirm REE mineralogy.
The zone of potential IAC Rare Earth mineralisation is considered significant
with all holes from this programme intersecting similar saprolite profiles.
Kaolinised clays are present at existing gold resources at Baggy Green, Barns
and White Tank. Pending results from XRD spectroscopy, samples from previous
drilling will be re-analysed to further evaluate the scale and potential for a
Rare Earth resource to complement existing gold mineral resource estimates.
Table 2. Significant downhole occurrences of Rare Earth Oxide results in
CBRC0009.
BHID From To Intercept TREO (ppm) Praseodymium Neodymium Terbium Dysprosium
Pr6O11 Nd2O3 Tb4O7 Dy
2O
3
ppm % TREO ppm % TREO ppm % TREO ppm % TREO
CBRC0009 30 50 20 550 28 5.0% 101 18.3% 2 0.4% 13 2.3%
Inc 31 39 8 874.8 48.3 5.5% 175.6 20.1% 3.7 0.4% 20.6 2.4%
Max 1m Int 37 38 1 1408.7 92.9 6.6% 341.2 24.2% 7.2 0.5% 39.4 2.8%
Table 3. Drill hole Collar details for all drill holes whose intercepts have
been reported within this announcement
Hole ID Easting Northing RL Depth Dip Azimuth Assays Received/ Reported
Au Multi Element Lanthanide
CBRC009 547,047 6,364,928 105.9 123 -80 180 Y Y Y
CBRC0042 546,945 6,364,933 105.6 162 -65 60 Y X X
CBRC0043 547,065 6,364,940 105.6 126 -70 240 Y X X
CBRC0044 547,107 6,364,965 104.9 190 -70 240 Y X X
CBRC0045 547,151 6,364,992 104.7 138 -70 240 Y X X
CBRC0046 546,903 6,364,963 104.8 156 -70 240 Y X X
CBRC0047 546,993 6,365,014 106.2 138 -70 240 X X X
CBRC0048 547,025 6,365,037 106.1 144 -70 240 X X X
CBRC0049 547,080 6,365,065 104.3 144 -70 240 X X X
CBRC0050 546,942 6,365,104 104.1 156 -70 240 X X X
CBRC0051 546,985 6,365,128 104.3 156 -70 240 X X X
CBRC0052 547,028 6,365,152 105.2 160 -70 240 X X X
CBRC0053 546,906 6,364,667 107.1 150 -65 240 X X X
CBRC0054 547,356 6,364,707 109.6 162 -70 240 X X X
CBRC0055 547,311 6,364,682 108.4 162 -65 240 X X X
Y - Received, X - Assays outstanding
Table 4. Drill hole assays through reported mineralised intercepts
Hole ID From m To m Au (g/t) Hole ID From m To m Au (g/t)
CBRC0042 83 84 0.115 CBRC0043 72 73 0.057
CBRC0042 84 85 0.081 CBRC0043 73 74 0.035
CBRC0042 85 86 0.359 CBRC0043 74 75 0.113
CBRC0042 86 87 0.175 CBRC0043 75 76 0.368
CBRC0042 87 88 0.203 CBRC0043 76 77 0.275
CBRC0042 88 89 0.09 CBRC0043 77 78 0.009
CBRC0042 89 90 0.039 CBRC0043 78 79 0.283
CBRC0042 90 91 0.061 CBRC0043 79 80 0.02
CBRC0042 91 92 0.105 CBRC0043 80 81 0.044
CBRC0042 92 93 0.057 CBRC0043 81 82 0.006
CBRC0042 93 94 0.023 CBRC0043 82 83 0.023
CBRC0042 94 95 0.007 CBRC0043 83 84 0.006
CBRC0042 95 96 0.687 CBRC0043 84 85 0.365
CBRC0042 96 97 4.058 CBRC0043 85 86 0.058
CBRC0042 97 98 5.722 CBRC0043 86 87 0.039
CBRC0042 98 99 1.963 CBRC0043 87 88 0.163
CBRC0042 99 100 0.811 CBRC0043 88 89 0.68
CBRC0042 100 101 0.34 CBRC0043 89 90 0.613
CBRC0042 101 102 0.197 CBRC0043 90 91 0.06
CBRC0043 30 31 0.309 CBRC0043 91 92 0.07
CBRC0043 31 32 0.388 CBRC0043 92 93 0.211
CBRC0043 32 33 0.621 CBRC0043 93 94 1.22
CBRC0043 33 34 1.533 CBRC0043 94 95 1.375
CBRC0043 34 35 0.262 CBRC0043 95 96 0.509
CBRC0043 35 36 0.513 CBRC0043 96 97 0.267
CBRC0043 36 37 0.487 CBRC0043 97 98 6.972
CBRC0043 37 38 0.424 CBRC0043 98 99 2.231
CBRC0043 38 39 0.312 CBRC0043 99 100 1.511
CBRC0043 39 40 0.752 CBRC0043 100 101 1.762
CBRC0043 40 41 0.334 CBRC0043 101 102 1.167
CBRC0043 41 42 0.136 CBRC0043 102 103 1.106
CBRC0043 42 43 0.32 CBRC0043 103 104 3.253
CBRC0043 43 44 0.102 CBRC0043 104 105 2.145
CBRC0043 44 45 0.116 CBRC0043 105 106 1.56
CBRC0043 45 46 0.056 CBRC0043 106 107 2.661
CBRC0043 46 47 0.072 CBRC0043 107 108 0.64
CBRC0043 47 48 0.272 CBRC0043 108 109 0.069
CBRC0043 48 49 0.042 CBRC0043 109 110 0.043
CBRC0043 49 50 0.044 CBRC0043 110 111 0.07
CBRC0043 50 51 0.167 CBRC0043 111 112 0.028
CBRC0043 51 52 0.191 CBRC0043 112 113 0.115
CBRC0043 52 53 0.053 CBRC0043 113 114 0.058
CBRC0043 53 54 0.091 CBRC0043 114 115 1.318
CBRC0043 54 55 0.104 CBRC0043 115 116 0.153
CBRC0043 55 56 0.095 CBRC0043 116 117 0.519
CBRC0043 56 57 0.375 CBRC0043 117 118 3.33
CBRC0043 57 58 0.923 CBRC0043 118 119 0.427
CBRC0043 58 59 0.054 CBRC0043 119 120 0.838
CBRC0043 59 60 0.018 CBRC0043 120 121 0.307
CBRC0043 60 61 0.07 CBRC0043 121 122 0.125
CBRC0043 61 62 0.117 CBRC0043 122 123 1.756
CBRC0043 62 63 0.431 CBRC0043 123 124 0.416
CBRC0043 63 64 0.523 CBRC0044 109 110 0.453
CBRC0043 64 65 0.014 CBRC0044 110 111 0.025
CBRC0043 65 66 0.009 CBRC0044 111 112 0.131
CBRC0043 66 67 0.291 CBRC0044 112 113 0.034
CBRC0043 67 68 0.017 CBRC0044 113 114 0.559
CBRC0043 68 69 0.01 CBRC0044 114 115 0.3
CBRC0043 69 70 0.032 CBRC0044 115 116 0.218
CBRC0043 70 71 0.229 CBRC0044 116 117 0.264
CBRC0043 71 72 0.045 CBRC0044 117 118 0.064
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Sampling during Cobra Resources' 2021 RC drilling programme at
specific specialised industry standard measurement tools appropriate to the the Clarke prospect was obtained through reverse circulation (RC) drilling
minerals under investigation, such as downhole gamma sondes, or handheld XRF methods.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. · Historic RC and RAB drilling methods have been employed at Clarke
and Baggy Green prospects since 2000. Rotary air-core drilling occurred
· Include reference to measures taken to ensure sample representivity earlier in 2021 and was used to aid in the programme design but have not been
and the appropriate calibration of any measurement tools or systems used. used for grade estimations or defining results that are reported in this
announcement.
· Aspects of the determination of mineralisation that are Material to
the Public Report. · Samples were collected via a Metzke cone splitter mounted to the
cyclone. One metre samples were managed through chute and butterfly valve to
· In cases where 'industry standard' work has been done this would be produce a 2-4 kg sample. Samples were taken from the point of collar, but only
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from the commencement of saprolite were selected for analysis.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases, more explanation may be required, such as where there · Samples submitted to the Genalysis Intertek Laboratories,
is coarse gold that has inherent sampling problems. Unusual commodities or Adelaide and pulverised to produce the 50 g fire assay charge.
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or reverse circulation drilling techniques from a Schramm T685WS rig with an
standard tube, depth of diamond tails, face-sampling bit or other type, auxiliary compressor.
whether core is oriented and if so, by what method, etc).
· 2020 RC Drilling was undertaken by Hagstrom Drilling using an
Austrex AC/RC rig using a 140 mm bit.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Sample recovery was generally good with water being intersected
results assessed. in 10% of the drilled holes. All samples were recorded for 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 35-50 kg for each
one metre interval being recovered.
· 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.
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.
· All drilled metres were logged.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · Logging is generally qualitative in nature.
· The total length and percentage of the relevant intersections logged. · All RC drill metres have been geologically logged (2,144 m in
total).
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Sample recovery from hole CBRC0042 was considered excessive. All
taken. samples were split using a secondary riffle splitter to obtain a 50% sample
reduction to produce a more manageable sample. Once chute and valve settings
· If non-core, whether riffled, tube sampled, rotary split, etc and were adjusted to provide suitable sample returns, no further sub-sampling was
whether sampled wet or dry. required.
· For all sample types, the nature, quality and appropriateness of the · Additional sub-sampling was performed through the preparation and
sample preparation technique. processing of samples according to the laboratory's internal protocols.
· Quality control procedures adopted for all sub-sampling stages to · Duplicate samples were collected from the second chute on the
maximise representivity of samples. cyclone splitter at a 1 in 20 sample frequency.
· Measures taken to ensure that the sampling is representative of the · Sample sizes were appropriate for the material being sampled.
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were submitted to Genalysis Intertek Laboratories,
laboratory procedures used and whether the technique is considered partial or Adelaide for preparation and analysis.
total.
· Gold quantity was analysed using 50 g fire assay techniques
· For geophysical tools, spectrometers, handheld XRF instruments, etc, (FA50/OE04) that utilises a 50 g lead collection fire assay with ICP-OES
the parameters used in determining the analysis including instrument make and finish to deliver reportable precision to 0.005 ppm.
model, reading times, calibrations factors applied and their derivation, etc.
· Multi-element geochemistry were digested by four acid ICP-MS and
· Nature of quality control procedures adopted (eg standards, blanks, analysed for Ag, As, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Li, Mg, Mn, Mo, Ni,
duplicates, external laboratory checks) and whether acceptable levels of Pb, Pd, Pt, Sb, Se, S, Sn, Sr, Te, U, V, W, Y and Zn.
accuracy (ie lack of bias) and precision have been established.
· Saprolite zones of all holes drilled in 2021 were identified and
highlighted to analyse for lanthanide elements.
· 40 additional pulp samples were identified from CBRC0009 (drilled
in 2020) to analyse for additional lanthanide elements by 4-acid ICP-MS and
analysed for Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.
· Field blanks and standards were submitted at a frequency of 1 in
20 samples.
· Field duplicate samples were submitted at a frequency of 1 in 20
samples
· Reported assays are to acceptable levels of accuracy and
precision.
· Samples from the 2020 RC programme analysed by ALS, Adelaide
using AU-GA22 50g charge. Muti-elements (48) for all samples we analysed using
ME-MS61, a 4-acid digest method with an ICP-MS finish.
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. · Compositing of assays was undertaken and reviewed by Cobra staff.
· Documentation of primary data, data entry procedures, data · Original copies of lab assay data are retained digitally on the
verification, data storage (physical and electronic) protocols. Cobra server for future reference.
· Discuss any adjustment to assay data. · Physical copies of field sampling books and field geological logs
are retained by Cobra 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 · Collar locations were surveyed using Leica CS20 GNSS base and
and downhole surveys), trenches, mine workings and other locations used in rover with 0.05 cm instrument precision.
Mineral Resource estimation.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· Specification of the grid system used.
· Downhole surveys were undertaken by Bullion Drilling using a
· Quality and adequacy of topographic control. Reflex TN14 Gyro compass and were taken at 10 m intervals at the completion of
the hole.
· Downhole survey azimuths have been converted from true north to
geodetic datum GDA 94 zone 53.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Hole CBRC0042 was drilled 75 m north of CBRC0009 and was drilled
to the northeast.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Transect CBRC0043 was collared 25 m north and 50 m east of
Resource and Ore Reserve estimation procedure(s) and classifications applied. CBRC0009 and drilled to the southwest. All other holes were drilled to the
southeast on northwest transects at a spacing of 50 m by 100 m.
· Whether sample compositing has been applied.
· Hole dips varied between 60 and 70 degrees.
· No sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · The programme was designed to test alternate interpretations on
possible structures and the extent to which this is known, considering the structural orientation.
deposit type.
· Holes CBRC0042 and CBRC0043 were scissored to test the orientation of
· If the relationship between the drilling orientation and the mineralisation. The results support a northwest strike and an apparent
orientation of key mineralised structures is considered to have introduced a northeast dip. Further results are required to confirm the continuity and
sampling bias, this should be assessed and reported if material. validity of the current interpretation.
· Drilling results are not presented as true width but are not
considered to present any down-dip bias.
Sample security · The measures taken to ensure sample security. · Transportation of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of five samples and transported in larger bulka bags by batch while
being transported.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No audit or review has been undertaken.
· Genalysis Intertek Laboratories Adelaide are a NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
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 · This drilling programme has been carried out on EL 6131,
agreements or material issues with third parties such as joint ventures, currently owned 100% by Peninsula Resources limited, a wholly owned subsidiary
partnerships, overriding royalties, native title interests, historical sites, of Andromeda Metals Limited.
wilderness or national park and environmental settings.
· Newcrest Mining Limited retains a 1.5% NSR royalty over future
· The security of the tenure held at the time of reporting along with mineral production from both licences.
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 project 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 deposits are considered to be either lode gold or intrusion
type mineralisation related to the 1590 Ma Hiltaba/GRV tectonothermal event.
· Gold mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated with metasomatic
alteration of host rocks.
· Rare earth minerals occur within the kaolinised saprolite
horizon. Preliminary work supports IAC (Ion Adsorbed Clay) mineralisation.
Further work is planned to define mineralogy and nature of mineral occurrence.
· A summary of all information material to the understanding of the · The report includes a tabulation of drill hole collar information
exploration results including a tabulation of the following information for and associated interval grades to allow an understanding of the results
all material drill holes: reported herein.
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not material and this 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
maximum and/or minimum grade truncations (eg cutting of high grades) and length.
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
results and longer lengths of low-grade results, the procedure used for such · No metal equivalent values have been calculated.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · Rare earth element (REE) analysis was originally reported in
elemental form and has been converted to relevant oxide concentrations in line
· The assumptions used for any reporting of metal equivalent values with industry standards. Conversion factors tabulated below:
should be clearly stated.
Element Oxide Factor
Cerium CeO2 1.2284
Dysprosium Dy2O3 1.1477
Erbium Er2O3 1.1435
Europium Eu2O3 1.1579
Gadolinium Gd2O3 1.1526
Holmium Ho2O3 1.1455
Lanthanum La2O3 1.1728
Lutetium Lu2O3 1.1371
Neodymium Nd2O3 1.1664
Praseodymium Pr2O3 1.1703
Scandium Sc2O3 1.5338
Samarium Sm2O3 1.1596
Terbium Tb2O3 1.151
Thulium Tm2O3 1.1421
Yttrium Y2O3 1.2699
Ytterbium Yb2O3 1.1387
· The reporting of REE oxides is done so in accordance with
industry standards with the following calculations applied:
o TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 +
Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
o CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3
o LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
o HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 +
Yb2O3 + Lu2O3 + Y2O3
o NdPr = Nd2O3 + Pr6O11
o TREO-Ce = TREO - CeO2
o % Nd = Nd2O3/ TREO
o %Pr = Pr6O11/TREO
o %Dy = Dy2O3/TREO
o %HREO = HREO/TREO
o %LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · This drilling programme is designed to confirm the orientation
Exploration Results. and continuity of mineralisation. Preliminary results support unbiased testing
of mineralised structures.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. · Previous holes drilled have been drilled in several orientations
due to the unknown nature of mineralisation.
· If it is not known and only the downhole lengths are reported, there
should be a clear statement to this effect (eg 'downhole length, true width · The work completed to date is not considered robust to adequately
not known'). define mineralisation geometry.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Plan and section maps are referenced that demonstrate results of
intercepts should be included for any significant discovery being reported. interest.
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 · Referenced Plans detail the extent of drilling and the locations
practicable, representative reporting of both low and high grades and/or of both high and low grades. Comprehensive results are reported.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Significant intercepts of reported previous drilling is tabulated
reported including (but not limited to): geological observations; geophysical (CBRC0009).
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 · Further RC drilling is planned to test for both lateral and depth
extensions or depth extensions or large-scale step-out drilling). extensions. The complete results from this programme will form the foundation
for a maiden resource estimation at Clarke.
· 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:
o TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 +
Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
o CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3
o LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
o HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 +
Yb2O3 + Lu2O3 + Y2O3
o NdPr = Nd2O3 + Pr6O11
o TREO-Ce = TREO - CeO2
o % Nd = Nd2O3/ TREO
o %Pr = Pr6O11/TREO
o %Dy = Dy2O3/TREO
o %HREO = HREO/TREO
o %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 downhole lengths are reported, there
should be a clear statement to this effect (eg 'downhole length, true width
not known').
· This drilling programme is designed to confirm the orientation
and continuity of mineralisation. Preliminary results support unbiased testing
of mineralised structures.
· Previous holes drilled have been drilled in several orientations
due to the unknown nature of mineralisation.
· The work completed to date is not considered robust to adequately
define mineralisation geometry.
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.
· Plan and section maps are referenced that demonstrate results of
interest.
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.
· Referenced Plans detail the extent of drilling and the locations
of both high and low grades. Comprehensive results are reported.
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.
· Significant intercepts of reported previous drilling is tabulated
(CBRC0009).
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.
· Further RC drilling is planned to test for both lateral and depth
extensions. The complete results from this programme will form the foundation
for a maiden resource estimation at Clarke.
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