REG - Cobra Resources PLC - Wudinna Project Update
31/08/2022 07:01
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RNS Number : 6586X Cobra Resources PLC 31 August 2022
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31 August 2022
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Further Aircore Drilling Results Demonstrate Regional Scalability of Rare
Earths
Cobra, a gold, IOCG, and rare earth exploration company focused on the Wudinna
Project in South Australia, announces a further tranche of assays from 23
holes that were drilled as part of an extensive 91-hole, 4,000m aircore
drilling programme in June 2022. The results of this programme provide the
outline of an emerging and scalable rare earth mineral province.
· Exceptional high-grade clay hosted rare earths above and proximal to
gold mineralisation. 30 out of 34 aircore holes drilled at the Clarke prospect
yield a length weighted average intersection, where:
o Total Rare Earth Oxide ("TREO+Y") grade is 865 ppm TREO, and TREO-Ce
averages 555 ppm
o High-value, magnet rare earths ("MREO")(1) average 210 ppm and constitute
24.3% of the basket assemblage
o The maximum 2m downhole high-value intercept at Clarke is 8,163 ppm TREO,
where the TREO-Ce grade is 5,936 ppm and the MREO grade is 2,194 ppm or 27.1%
of the TREO
o The average scandium oxide grade is 30 ppm, demonstrating further value
add potential
(Note 1)MREO = Nd(2)O(3) + Pr(6)O(11) + Dy(2)O(3) + Tb(2)O(3)
· Significant thickness of intersections across an unconstrained
mineralisation footprint: this tranche of results yields the following average
intersections:
o At Clarke, the reported 30 out of 34 aircore drillholes yield a length
weighted average intersection of 14.4m at 865 ppm TREO, where the MREO equates
to 24.3% of the TREO
o A fence of three holes drilled 1.5 km east of defined rare earth
mineralisation at Clarke yielded a length weighted average intersection of
12.7m at 746 ppm TREO, where the MREO constitutes 24.1% of the TREO basket
assemblage
o Nine holes drilled across the IOCG targets yield a length weighted average
intersection of 13.8m at 650 ppm TREO, where the MREO equates to 23.2% of the
TREO
o Two holes at Boycott yield a length weighted average intersection of 9m at
755 ppm TREO, where the MREO equates to 23% of the TREO
· Modest strip ratios/depth/unlithified overburden: regionally, the
average depth to rare earth ("REE") mineralisation is 24.8m and as shallow as
6m, which demonstrates potentially desirable strip ratios below 2:1, where
overburden is characterised by unlithified sands, silts and clays across all
areas tested to date
· Low levels of deleterious elements: intersections yield average
occurrences of uranium and thorium of 6.8 ppm and 25.4 ppm respectively
· Low levels of acid consuming compounds: preliminary metallurgical
testwork demonstrates low to moderate acid consumption and calcrete nodules
are generally partial and occur above saprolite
· Signature REE intersections include:
o 18m at 814 ppm TREO from 14m, including 2m at 1,226 ppm TREO from 28m
CBAC0033
o 23m at 911 ppm TREO from 18m, including 9m at 1,391 ppm TREO from 32m
CBAC0043
o 8m at 1,421 ppm TREO from 24m, including 2m at 3,880 ppm TREO from 24m
CBAC0037
o 8m at 880 ppm TREO from 20m, including 4m at 1,317 ppm TREO from 24m
CBAC0032
o 14m at 834 ppm TREO from 16m, including 2m at 2,484 ppm TREO from 18m
CBAC0040
o 19m at 642 ppm TREO from 10m, including 4m at 1,090 ppm TREO from 10m
CBAC0048
· Gold and rare earth assays have now been received from 52 drillholes
(the first 29 being announced on 16 August 2022) - results from a further 39
drillholes remain outstanding from several regional gold and rare earth
prospects, including Thompson, Barns and Anderson. These results are
anticipated to be received in the first half of September
· A further 750 assays from 76 drillholes are anticipated from
prospective rare earth targets at Thompson and Anderson. These results are
also expected to be received in the first half of September
Rupert Verco, CEO of Cobra, commented:
"These results further validate our belief that the Wudinna Project is a
potentially significant, high-value rare earth jurisdiction. We expect further
results to support the scalability of high-grade and thick intersections of
REEs, with the aim of estimating a substantial rare earth resource, whilst the
technical dataset that we are producing indicates the potential for further
exploration success in both quantity and style of rare earth mineralisation.
The project is well positioned in terms of infrastructure, land use and
accessibility to capitalise on further exploration success. We believe that
the multi-commodity approach that we are taking towards growing a unique
mineral inventory at the Wudinna Project is providing our shareholders with
exposure to an exceptional growth opportunity."
Further discussion and analysis of results follows in the appendix below.
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 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. Recent drilling has discovered Rare Earth Mineralisation
proximal to and above gold mineralisation. The grades, style of mineralogy and
intercept widths are highly desirable. In addition, Cobra has over 22 orogenic
gold prospects, with grades of 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 1,832 km(2) land holding,
that forms part of the Company's 3,262 km(2) landholding 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.
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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 10 years of Mining, Resource Estimation and Exploration relevant
to the style of mineralisation.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
"Wudinna Project Update - Initial Gold and Rare Earth Results", dated 14
December 2021
"Wudinna Project Update - Re-Analysis Defines Large Rare Earth Mineralisation
Footprint Above Baggy Green and Clarke Gold Mineralisation", dated 4 May 2022
"Wudinna Project Update - Northern Drillholes at Clarke Intersect Additional
Gold Mineralisation, Additional Rare Earth Intersections Directly Above Gold
Zones", dated 7 February 2022
"Wudinna Project Update - Stage 4 Re-Analysis Demonstrates Large Scalability
of Rare Earth Mineralisation, Preliminary Metallurgical Testing Provides
Encouraging Recovery Potential", dated 20 June 2022
APPENDIX
Discussion
The growing strategic, environmental, and economic importance of rare earth
metals - particularly the magnet rare earth metals - last year prompted the
Company to submit pulps from drilling at its Wudinna Project for REE analysis.
Significant intersections of TREO assays in excess of 500 ppm were recognised
within the kaolinised clays of the saprolite across all 14 RC drillholes.
Prior to commencing the 2022 field programme, a comprehensive re-analysis
programme defined extensive REE mineralisation over a 4 km(2) footprint,
where:
· Elevated REE mineralisation occurs within the weathered saprolite
zone, above and proximal to gold mineralisation across the Clarke and Baggy
Green prospects
· X-Ray Diffraction analysis performed by the Commonwealth Scientific
and Industrial Research Organisation supports that a component of REE bursary
is adsorbed to the primary clay particles, being kaolin and montmorillonite,
in similar fashion to the highly desirable Ion Adsorbed Clay ("IAC") hosted
deposits of southern China
· Preliminary metallurgical test work focusing on extraction techniques
adopted to ionic phase mineralisation using H(2)SO(4) as a lixiviant, and
performed by Australia's Nuclear Science and Technology Organisation, yielded
recoveries of up to 34% Total Rare Earth Element ("TREE") from samples across
two holes at Clarke
· The footprint is unconstrained in all directions
· The potential for REE crustal elution style mineralisation has been
demonstrated at several regional targets across the 1,832 km(2) land tenure
The 2022 aircore programme was designed with dual gold and rare earth
discovery objectives and several locations were drilled with the sole
objective of exploring for rare earth minerals. The results of this work
provide the outline of an emerging rare earth mineral province.
Nature of mineralisation
· Rare earth mineralisation is regionally extensive in weathered
(saprolite) zones developed on basement rocks
· Rare earth element content, mineralisation thickness, magnet rare
earth abundance, and the relationship between REEs and gold occurrences varies
across the area investigated
· 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
· Further work is designed to identify the lithotypes and structural
features which underlie the mineralisation of greatest economic interest
· Post drilling interpretation, follow-up geophysical and geochemical
characterisation will assist in the recognition of further prospective
locations
Recovery characteristics of mineralisation
· Preliminary metallurgical testwork has provided positive indications
that REE bursary is bound to clay particles. The identification of a technique
or techniques to optimally recover rare earth metals from the saprolite
mineralisation requires further testing
· pH testing of drill samples demonstrates variable conditions across
prospects, saprolite horizons, and types of clays that are associated with
high REE adsorption capacity
· The nature of the bonds which adsorb the REEs within enclosing clay
appear dependent upon the local chemical environment:
o Where local pH is greater than optimal (moderately alkaline), colloidal
bonding is more abundant and a positive cerium anomaly is generally present
o Where local pH is in an optimal range ionic bonding appears favoured, the
valuable MREO mineral suite is enhanced (pH 5-6.5), and REE baskets generate
negative cerium anomalies
o Where local pH is lower than optimal (acidic), REEs appear to have
remained mobile and enhanced grades are not retained within the saprolite
zone
Results from IOCG targets
Whilst none of the aircore drilling achieved depths to sufficiently test the
gravity and magnetic anomalies of IOCG targets 1-3, the preliminary
geochemistry results received to date reveal:
· Elevated chromium, nickel and magnesium, supporting that the
geophysical responses are related to Gawler Range mafic intrusions
· Both sodic and potassic alteration minerals have been identified in
rock chips - this alteration is associated with alterations that result from
hydrothermal gold mineralisation at Baggy Green, Barns and Clarke
· Geochemical signatures do not reflect IOCG mineralisation within the
Gawler Craton, rather imply prospectivity for both Porphyry and Skarn style
mineralisation
· Further analysis will be performed before determining whether these
targets will be tested within the September Reverse Circulation ("RC") drill
campaign
Further work
Analysis of results: results are outstanding for a further 39 holes from the
aircore drilling programme, and pulps from a further 76 historically drilled
holes at the Thompson and Anderson prospects are being assayed for REEs. All
outstanding results are expected over the coming month.
Geophysical processing: Loupe TEM data is currently being processed from the
Clarke prospect, where results are hoping to demonstrate a cost effective and
efficient approach to determining the prospectivity of the saprolite
conditions for both gold and rare earth mineralisation. A secondary
Controlled-source Audio-frequency Magneto-tellurics survey is planned for
later in the year to better understand the deeper structural controls on both
gold and REE mineralisation.
Drilling and assay: the selection of drill locations for the September planned
RC programme is being assisted by the results of the aircore drilling and
Loupe TEM survey. The primary objective of the upcoming RC drilling is to
further define both additional gold and rare earth mineralisation. At the
appropriate time, these results will be incorporated into an updated gold
mineral resource and a maiden rare earth resource.
Mineral speciation and recovery testwork: both components will be iterative
processes. As both the extent and nature of mineralisation is better defined,
processes and techniques will be studied to understand how to most efficiently
and cost effectively recover the most valuable rare earth minerals from
different clay bonding associations.
Figure 1: significant intersections and collar locations from the additional
eight holes at Clarke
Figure 2: reported rare earth significant intersections and collar locations
from holes reported at IOCG geophysical targets 1-3
Table 1: significant rare earth oxide intersections, reported as downhole and
true width
Location BHID DH From (m) DH To (m) DH Int (m) TREO + Y (ppm) Neodymium Praseodymium Terbium Dysprosium MREO% Scandium
Nd2O3 Pr6O11 Tb4O7 Dy2O3 Sc2O3
ppm % TREO ppm % TREO ppm % TREO ppm % TREO ppm
Clarke CBAC0030 20 50 30 423 68 16.3% 19 4.5% 1.4 0.3% 8 1.8% 23% 25
Clarke CBAC0031 20 42 22 518 91 17.6% 25 4.8% 1.9 0.4% 10 2.0% 25% 23
Clarke CBAC0032 20 28 8 880 158 18.0% 43 4.9% 3.1 0.3% 17 1.9% 25% 23
Clarke inc 24 28 4 1,317 241 18.3% 64 4.9% 4.9 0.4% 26 2.0% 26% 31
Clarke CBAC0033 14 32 18 814 148 18.2% 41 5.0% 2.9 0.4% 15 1.9% 25% 20
Clarke CBAC0034 24 40 16 581 98 16.9% 25 4.4% 2.2 0.4% 12 2.1% 24% 15
Clarke - Regional CBAC0035 16 28 12 549 87 15.8% 24 4.5% 1.6 0.3% 9 1.6% 22% 28
Clarke - Regional CBAC0036 14 32 18 577 87 15.1% 23 3.9% 2.6 0.5% 17 2.9% 22% 30
Clarke - Regional inc 24 26 2 1,036 166 16.0% 41 3.9% 4.7 0.5% 28 2.7% 23% 45
Clarke - Regional CBAC0037 24 32 8 1,421 277 19.5% 76 5.3% 4.6 0.3% 23 1.6% 27% 33
Clarke - Regional inc 24 26 2 3,880 840 21.7% 225 5.8% 14.3 0.4% 70 1.8% 30% 62
Boycott CBAC0038 10 14 4 481 91 19.0% 23 4.8% 0.9 0.2% 4 0.8% 25% 17
Boycott CBAC0040 16 30 14 834 130 15.6% 35 4.3% 2.2 0.3% 11 1.3% 21% 49
Boycott inc 18 20 2 2,484 387 15.6% 108 4.4% 6.2 0.3% 29 1.1% 21% 141
IOCG 1-3 CBAC0042 6 14 8 782 92 11.8% 26 3.3% 1.0 0.1% 5 0.6% 16% 20
IOCG 1-3 CBAC0043 18 41 23 911 174 19.0% 43 4.7% 4.3 0.5% 23 2.5% 27% 35
IOCG 1-3 inc 32 41 9 1,391 250 18.0% 60 4.3% 7.0 0.5% 38 2.7% 26% 41
IOCG 1-3 CBAC0044 20 28 8 741 139 18.8% 38 5.1% 1.9 0.3% 9 1.2% 25% 57
IOCG 1-3 CBAC0045 32 50 18 555 90 16.3% 25 4.4% 2.0 0.4% 11 2.0% 23% 17
IOCG 1-3 CBAC0046 50 52 2 826 156 18.9% 42 5.0% 2.2 0.3% 10 1.3% 25% 45
IOCG 1-3 CBAC0048 10 29 19 642 108 16.8% 29 4.6% 1.4 0.2% 7 1.1% 23% 19
IOCG 1-3 inc 10 14 4 1,252 235 18.8% 63 5.0% 2.5 0.2% 12 0.9% 25% 16
IOCG 1-3 CBAC0049 20 28 8 746 89 11.9% 25 3.3% 1.4 0.2% 7 1.0% 16% 38
IOCG 1-3 and 40 44 4 1,090 198 18.1% 51 4.7% 3.8 0.3% 19 1.7% 25% 38
IOCG 1-3 CBAC0050 28 72 44 467 79 16.9% 21 4.6% 1.3 0.3% 7 1.5% 23% 17
IOCG 1-3 CBAC0052 20 24 4 482 72 15.0% 23 4.7% 1.0 0.2% 5 1.0% 21% 35
Figure 3: drillhole collar locations detailing drilling results received and
results outstanding
JORC Code, 2012 Edition - Table 1 report template
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 2022 aircore ("AC") drilling
specific specialised industry standard measurement tools appropriate to the programme at the Clarke prospect was obtained through AC drilling methods.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · Historic RC and RAB drilling methods have been employed at Clarke
meaning of sampling. and Baggy Green prospects since 2000. Rotary air-core and Reverse Circulation
("RC") drilling occurred in 2021 and were used to aid in the programme design
· Include reference to measures taken to ensure sample representivity but have not been used for grade estimations or defining results that are
and the appropriate calibration of any measurement tools or systems used. reported in this announcement.
· Aspects of the determination of mineralisation that are Material to · 2m samples were collected in 20l buckets via a rig mounted
the Public Report. cyclone. An aluminum scoop was used to collect a 2-4kg sub sample from meach
bucket. Samples were taken from the point of collar, but only samples from the
· In cases where 'industry standard' work has been done this would be commencement of saprolite were selected for 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 · Samples submitted to the Genalysis Intertek Laboratories,
assay'). In other cases more explanation may be required, such as where there Adelaide and pulverised to produce the 25g fire assay charge and 4 acid digest
is coarse gold that has inherent sampling problems. Unusual commodities or sample.
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · A summary of previous drilling at the Clarke Prospect is outlined
in the Cobra Resources RNS number 7923A from 7 February 2022
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or core drilling techniques from an ALMET Aircore rig mounted on a Toyota
standard tube, depth of diamond tails, face-sampling bit or other type, Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
whether core is oriented and if so, by what method, etc).
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 less than 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 20-25kg for each 2m
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 AC drill metres has been geologically logged on two metre
intervals (1,269m in total).
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · The use of an aluminum scoop to collect the required 2-4kg of
taken. sub-sample from each 2m sample length controlled the sample volume submitted
to the lab.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · Additional sub-sampling was performed through the preparation and
processing of samples according to the laboratories internal protocols.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · Duplicate samples were collected from the sample buckets using an
aluminium scoop at a 1 in 50 sample frequency.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Sample sizes were appropriate for the material being sampled.
· Measures taken to ensure that the sampling is representative of the · Assessment of duplicate results indicated this sub - sample
in situ material collected, including for instance results for field method provided good repeatability for rare earths and lower repeatability for
duplicate/second-half sampling. gold.
· 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 25g fire assay techniques
· For geophysical tools, spectrometers, handheld XRF instruments, etc, (FA25/OE04) that utilises a 25g lead collection fire assay with ICP-OES finish
the parameters used in determining the analysis including instrument make and 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, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Na, Nd, Pr, Sc, Sm, Tb,
duplicates, external laboratory checks) and whether acceptable levels of Th, Tm, U, Y and Yb.
accuracy (ie lack of bias) and precision have been established.
· Field blanks and standards were submitted at a frequency of 1 in
50 samples.
· Field duplicate samples were submitted at a frequency of 1 in 50
samples
· Reported assays are to acceptable levels of accuracy and
precision.
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 Staff.
· Discuss any adjustment to assay data.
· Original copies of lab assay data are retained digitally on the
Cobra server for future reference.
· Physical copies of field sampling books 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 Google Pixel 6 mobile phone
and down-hole surveys), trenches, mine workings and other locations used in utilising the Avenza Map app. Collar points recorded with a horizontal
Mineral Resource estimation. accuracy within 5m.
· Specification of the grid system used. · Locations are recorded in geodetic datum GDA 94 zone 53.
· Quality and adequacy of topographic control. · no downhole surveying was undertaken. All holes were set up
vertically and are assumed vertical.
· Collar elevations have been projected to the Australian Height
Datum surface.
· The survey methods applied are considered adequate as an
indicator of mineralisation. More accurate survey methods would be required
for use in a gold mineral resource estimation, in particular elevation.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 50 to 80m apart.
Drillholes generally 50 - 60m apart on these transects but up to 70m 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 25-150m from previous drillholes.
· Whether sample compositing has been applied. · All holes were vertical.
· Data spacing is considered adequate for a saprolite hosted rare
earth Mineral Resource estimation. Further drilling at a closer spacing would
be required for use in a gold Mineral Resource estimation.
· 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 increase confidence of the NW striking
possible structures and the extent to which this is known, considering the interpretation of gold mineralisation and test the extents of saprolite hosted
deposit type. rare earth mineralisation. Vertical drillholes provide are not considered to
present any down dip bias for gold based on the indicative nature of the
· If the relationship between the drilling orientation and the drilling results.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. · Vertical drillholes allow for an unbiased testing of the horizontal
saprolite hosted rare earth mineralisation.
· 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. · 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.
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 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 program has been carried out on EL 6131, currently
agreements or material issues with third parties such as joint ventures, owned 100% by Peninsula Resources limited, a wholly owned subsidiary of
partnerships, overriding royalties, native title interests, historical sites, Andromeda Metals Limited.
wilderness or national park and environmental settings.
· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty
· The security of the tenure held at the time of reporting along with over future mineral production from both licences.
any known impediments to obtaining a licence to operate in the area.
· Baggy Green, Clarke, Laker & 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 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 Ion Adsorbed Clay ("IAC") 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 drillhole 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 · Sections have not been provided as the nature vertical drilling
does not enable accurate interpretation of mineralised gold lodes.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar · Sections will be produced upon the completion of planned RC
drilling.
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 analyses were originally reported in elemental
form and have been converted to relevant oxide concentrations in line with
· The assumptions used for any reporting of metal equivalent values 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 mineralied 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 down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole 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 maps are referenced that demonstrate results of interest.
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 · 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 gold intersects of previous drilling is not tabulated
reported including (but not limited to): geological observations; geophysical or referenced on plans
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · Refer to previous announcements listed in rns for previous REE
and rock characteristics; potential deleterious or contaminating substances. results and metallurgical testing and detailed gold intersections.
Further work · The nature and scale of planned further work (eg tests for lateral · Further slimline RC drilling is planned to test for both lateral
extensions or depth extensions or large-scale step-out drilling). and depth 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 down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· This drilling programme is designed to confirm the orientation
and continuity of mineralisation. Preliminary results support unbiased testing
of mineralied 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 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 gold intersects of previous drilling is not tabulated
or referenced on plans
· Refer to previous announcements listed in rns for previous REE
results and 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.
· Further slimline 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.
Appendices
Appendices 2: collar locations of reported and outstanding drill results
Hole ID Hole type Easting Northing Depth (m) Dip Assays Received/ Reported
Au REE Multi-Element
CBAC001 AC 546,763 6,364,519 17 -90 Y Y N
CBAC002 AC 546,729 6,364,615 13 -90 Y Y N
CBAC003 AC 546,848 6,364,656 15 -90 Y Y N
CBAC004 AC 546,948 6,364,681 21 -90 Y Y N
CBAC005 AC 546,824 6,364,730 22 -90 Y Y N
CBAC006 AC 547,033 6,365,380 40 -90 Y Y N
CBAC007 AC 546,887 6,365,294 69 -90 Y Y N
CBAC008 AC 546,833 6,365,265 73 -90 Y Y N
CBAC009 AC 546,787 6,365,239 52 -90 Y Y N
CBAC010 AC 546,744 6,365,213 42 -90 Y Y N
CBAC011 AC 546,779 6,365,151 40 -90 Y Y N
CBAC012 AC 546,945 6,365,239 40 -90 Y Y N
CBAC013 AC 546,885 6,365,206 59 -90 Y Y N
CBAC014 AC 546,832 6,365,179 61 -90 Y Y N
CBAC015 AC 546,955 6,365,177 34 -90 Y Y N
CBAC016 AC 546,904 6,365,149 58 -90 Y Y N
CBAC017 AC 546,860 6,365,129 60 -90 Y Y N
CBAC018 AC 546,814 6,365,105 48 -90 Y Y N
CBAC019 AC 546,798 6,365,066 54 -90 Y Y N
CBAC020 AC 546,936 6,365,061 54 -90 Y Y N
CBAC021 AC 546,885 6,365,085 55 -90 Y Y N
CBAC022 AC 546,825 6,365,022 54 -90 Y Y N
CBAC023 AC 546,860 6,364,978 54 -90 Y Y N
CBAC024 AC 547,114 6,364,887 48 -90 Y Y N
CBAC025 AC 547,182 6,364,880 48 -90 Y Y N
CBAC026 AC 547,206 6,364,822 42 -90 Y Y N
CBAC027 AC 547,152 6,364,826 48 -90 Y Y N
CBAC028 AC 547,101 6,364,840 51 -90 Y Y N
CBAC029 AC 547,050 6,364,830 40 -90 Y Y N
CBAC030 AC 547,062 6,364,887 50 -90 Y Y N
CBAC031 AC 547,013 6,364,864 48 -90 Y Y N
CBAC032 AC 547,298 6,364,763 30 -90 Y Y N
CBAC033 AC 547,202 6,364,772 39 -90 Y Y N
CBAC034 AC 547,100 6,364,779 48 -90 Y Y N
CBAC035 AC 545,075 6,365,851 28 -90 Y Y N
CBAC036 AC 545,063 6,365,252 36 -90 Y Y N
CBAC037 AC 545,038 6,364,195 34 -90 Y Y N
CBAC038 AC 574,706 6,358,835 16 -90 Y Y N
CBAC039 AC 573,256 6,358,867 25 -90 Y Y N
CBAC040 AC 571,639 6,359,007 60 -90 Y Y N
CBAC041 AC 570,239 6,359,082 52 -90 Y Y N
CBAC042 AC 568,574 6,359,446 34 -90 Y Y N
CBAC043 AC 568,794 6,359,447 41 -90 Y Y N
CBAC044 AC 569,050 6,359,447 40 -90 Y Y N
CBAC045 AC 568,367 6,358,977 55 -90 Y Y N
CBAC046 AC 568,328 6,362,265 52 -90 Y Y N
CBAC047 AC 568,826 6,362,054 18 -90 Y Y N
CBAC048 AC 567,034 6,355,421 29 -90 Y Y N
CBAC049 AC 566,908 6,355,739 44 -90 Y Y N
CBAC050 AC 566,542 6,356,670 72 -90 Y Y N
CBAC051 AC 566,010 6,357,916 27 -90 Y Y N
CBAC052 AC 568,621 6,362,052 39 -90 Y Y N
CBAC053 AC 556,208 6,361,649 45 -90 N N N
CBAC054 AC 556,171 6,362,895 44 -90 N N N
CBAC055 AC 556,131 6,363,573 54 -90 N N N
CBAC056 AC 556,152 6,364,782 50 -90 N N N
CBAC057 AC 556,142 6,365,279 47 -90 N N N
CBAC058 AC 543,292 6,366,697 53 -90 N N N
CBAC059 AC 538,454 6,364,865 42 -90 N N N
CBAC060 AC 539,850 6,364,300 26 -90 N N N
CBAC061 AC 540,349 6,367,726 32 -90 N N N
CBAC062 AC 541,086 6,367,426 30 -90 N N N
CBAC063 AC 541,980 6,366,878 28 -90 N N N
CBAC064 AC 542,632 6,366,572 32 -90 N N N
CBAC065 AC 542,963 6,366,472 59 -90 N N N
CBAC066 AC 543,238 6,366,355 26 -90 N N N
CBAC068 AC 541,143 6,364,814 39 -90 N N N
CBAC069 AC 542,085 6,364,556 45 -90 N N N
CBAC070 AC 542,287 6,365,560 30 -90 N N N
CBAC071 AC 541,059 6,365,951 26 -90 N N N
CBAC072 AC 540,703 6,366,144 24 -90 N N N
CBAC073 AC 554,802 6,358,484 30 -90 N N N
CBAC074 AC 555,219 6,355,578 23 -90 N N N
CBAC075 AC 555,045 6,355,594 42 -90 N N N
CBAC076 AC 552,649 6,358,365 44 -90 N N N
CBAC077 AC 550,518 6,358,359 44 -90 N N N
CBAC078 AC 551,286 6,358,365 57 -90 N N N
CBAC079 AC 577,109 6,342,265 41 -90 N N N
CBAC080 AC 576,000 6,342,283 47 -90 N N N
CBAC081 AC 576,500 6,342,270 47 -90 N N N
CBAC082 AC 575,500 6,342,250 28 -90 N N N
CBAC083 AC 575,000 6,342,280 37 -90 N N N
CBAC084 AC 574,500 6,342,240 37 -90 N N N
CBAC085 AC 574,000 6,342,280 45 -90 N N N
CBAC086 AC 573,500 6,342,240 42 -90 N N N
CBAC087 AC 572,805 6,342,277 56 -90 N N N
CBAC088 AC 574,493 6,370,510 36 -90 N N N
CBAC089 AC 569,196 6,369,994 30 -90 N N N
CBAC090 AC 568,942 6,369,157 40 -90 N N N
CBAC091 AC 567,276 6,368,844 30 -90 N N N
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