REG - Cobra Resources PLC - Yarranna Southeast Re-Assay Results
26/06/2024 07:00
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RNS Number : 8295T Cobra Resources PLC 26 June 2024
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26 June 2024
Cobra Resources plc
("Cobra" or the "Company")
Yarranna Southeast Re-Assay Results:
High-grade uranium mineralisation
&
Validation of rare earth exploration strategy over scalable area
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, an exploration company prioritising a strategy to lower the cost of critical
rare earth production at its Boland Project in South Australia, is pleased to
announce further re-assay results from the Yarranna Southeast prospect.
Yarranna Southeast is located on the Pureba exploration licence at the
Company's Western Eyre Peninsula Project. Re-assaying of 25 holes and 674
samples validates historical reports of uranium mineralisation and has enabled
Cobra to refine and interpret mineralised roll-fronts, defining priority drill
targets for high-grade uranium mineralisation and ionic rare earths ("REEs").
In addition to REEs, the Company's extensive 4,773 km(2) Gawler Craton
landholding hosts shallow gold resources and several sandstone hosted uranium
occurrences. These re-assay results are an important step in the Company's
pathway to refining scalable ionic REE targets while simultaneously advancing
non-core assets.
Highlights
· Re-assays confirm economic uranium with significant upside: IR1435
intersects 3m at 476 ppm U(3)O(8) from 72m, including 1m at 789 ppm U(3)O(8)
from 72m
o Re-assay of IR1435 is a 40% increase in grade compared to the historical
reported grade of 3m at 340 ppm U(3)O(8)
· High-grade target zone identified: historical drilling occurred at
~500m x 500m spacing. Oxidation and reduction mapping of historical drilling
samples indicate that high-grade roll-front mineralisation is likely to exist
between, and south of, existing drilling. All previously reported
intersections are interpreted as mineralised "tails" that remain behind more
fertile REDOX conditions
· Enriched system with high-grade mineralisation: IsoEnergy's (TSX-V:
ISO) adjacent Yarranna Uranium Project extends onto Cobra's Pureba licence and
includes four defined uranium occurrences, being Yarranna North, Central,
South, and Southeast, where roll-fronts contain broad zones of mineralisation
and high-grade intersections up to 3,550 ppm U(3)O(8)
· Confirmation of REE mineralisation: REE mineralisation confirmed
within the Padinga formation, the geological unit that hosts ionic REE
mineralisation at the Boland Project, where the Company is advancing recovery
via in situ recovery ("ISR") mining
· Validation of ionic REE strategy: REE intersections only occur in
front of roll-front oxidation, confirming the Company's thesis that
palaeochannel hosted REEs with higher grades are present within reduced
palaeosediments down stream of roll-front uranium mineralisation
· Significant scale potential: the Pureba licence covers over 700km(2)
of the Narlaby Palaeochannel, representing significant scale to support
mineralisation already defined at Boland
· Magnet and heavy rare earth enrichment: intersections where Magnet
Rare Earth Oxides ("MREO") are up to 31% of the Total Rare Earth Oxide
("TREO") and Heavy Rare Earth Oxides ("HREO") up to 27%
· Increased footprint at the Katatta target: high-grade intersections
within palaeochannel sediments outside the current channel interpretation,
including 2m at 2,295 ppm TREO where Pr(6)O(11)+ Nd(2)O(3) totals 413 ppm and
Tb(2)O(3)+ Dy(2)O(3) totals 31 ppm
Rupert Verco, CEO of Cobra, commented:
"These results re-affirm that Cobra has a province scale ionic rare earth
system that is different to other projects, owing to its potential to be mined
through a materially lower cost process - in situ recovery. Our technical team
developed this alternative model and is now validating our exploration
strategy to grow a scalable resource with a commercial point of difference.
Not only is roll-front uranium mineralisation a signpost to high-grade REEs,
but it also has the potential to economically complement a future ISR mining
operation. South Australia is home to Australia's only operating ISR uranium
mines and current favourable market dynamics for nuclear energy have
reinvigorated interest in identifying and advancing uranium assets amenable to
ISR.
We recognise our exceptional opportunity to be the leaders in low-cost heavy
and magnet rare earth production and are therefore assessing several options
to advance uranium exploration across our highly prospective land tenure. By
utilising all data at our disposal, we have cost effectively refined a
high-value uranium target and identified priority areas for scalable REE
mineralisation."
Rare Earth Intersections
Signature REE re-assay intersections that occur immediately south (in-front)
of defined REDOX controlled uranium mineralisation at Yarranna Southeast:
· IR 1274 intersects 2m at 788 ppm TREO, where Nd2O3 + Pr6O11 totals
187 ppm and Tb2O3 + Dy2O3 totals 22 ppm from 44m
· IR 1187 intersects 4m at 783 ppm TREO, where Nd2O3 + Pr6O11 totals
207 ppm and Tb2O3 + Dy2O3 totals 22 ppm from 60m
· IR 1175 intersects 8m at 789 ppm TREO, where Nd2O3 + Pr6O11 totals
232 ppm and Tb2O3 + Dy2O3 totals 14 ppm from 64m, and 4m at 800 ppm TREO,
where Nd2O3 + Pr6O11 totals 224 ppm and Tb2O3 + Dy2O3 totals 17 ppm from 74m
· IR 1173 intersected 4m at 602 ppm TREO, where Nd2O3 + Pr6O11 totals
115 ppm and Tb2O3 + Dy2O3 totals 8 ppm from 82m
Signature REE intersections from the Yaninnie Palaeochannel include:
· 2m at 2,295 ppm TREO, where Pr6O11+ Nd2O3 totals 413 ppm and Tb2O3+
Dy2O3 totals 31 ppm
Uranium Intersections
Re-assaying has produced the following significant uranium intersections at
Yarranna Southeast:
· IR1435 intersects 3m at 476 ppm U(3)O(8) from 72m including 1m at 789
ppm U(3)O(8) from 72m
· IR1436 intersects 1m at 90 ppm U(3)O(8) from 66m
· IR1175 intersects 2m at 55 ppm U(3)O(8) from 56m
· IR1415 intersects 3m at 54 ppm U(3)O(8) from 92m, and 2m at 49 ppm
U(3)O(8) from 96m, and 1m at 43 ppm U(3)O(8) from 100m
· IR1419 intersects 3m at 43 ppm U(3)O(8) from 93m
Key information concerning reported uranium intersections:
· All reported intersections are interpreted as limbs or tails, and not
roll-fronts
· Priority targeting for high-grade roll-front mineralisation is
interpreted to occur between, and south of, drillholes IR1435 - IR1436 (see
figures 1, 2 and 3 in appendices)
· Not all historical intersections could be re-assayed as samples were
not stored owing to radioactivity levels and had been disposed prior
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
Global Investment Strategy (Joint Broker) +44 (0)20 7048 9437
James Sheehan james.sheehan@gisukltd.com
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Kendall Hill
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· Wudinna Project Update: "REE Exploration to include Uranium", dated
12 February 2024
· Wudinna Project Update: "Re-Assay Results Confirm High Grades Over
Exceptional Scale at Boland", dated 26 April 2024
· Wudinna Project Update: "Historical Drillhole Re-Assay Results",
dated 27 February 2024
Competent Persons Statement
Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 16 years' industry experience which is
relevant to the style of mineralisation, deposit type, and 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 of JORC. This includes 11 years of Mining, Resource
Estimation and Exploration.
About Cobra
In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland Project in South
Australia's Gawler Craton is Australia's only ionic rare earth project
amenable for in situ recovery (ISR) mining - a low cost, low disturbance
method. Cobra is focused on de-risking the investment value of the discovery
by proving ISR as the preferred mining method which would eliminate challenges
associated with processing clays and provide Cobra with the opportunity to
define a low-cost pathway to production.
Cobra's Wudinna Project tenements also contain extensive orogenic gold
mineralisation, including a 279,000 Oz gold JORC Mineral Resource Estimate,
characterised by potentially open-pitable, high-grade gold intersections.
Regional map showing Cobra's tenements in the heart of the Gawler Craton
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Interpretation of Results
Appendix 1: Context to dual uranium and rare earth strategy
REEs and uranium are sourced from similar minerals such as zircon, monazite,
and xenotime within the enriched Hiltaba Suite granites of the Gawler Craton.
Natural weathering and supergene leaching mobilises both uranium and REEs
within acidic (and enriched) groundwaters that migrate through the Narlaby
system. Whilst the chemistry for the secondary deposition for REDOX and ionic
adsorption differ, the geological mechanisms that promote the oxidation for
REDOX roll-fronts are likely to produce chemical boundaries that promote
physisorption (the adsorption of REEs to clays). This warrants that the
exploration approach targets oxidation sources that promote the leaching,
transportation and deposition of both REEs and uranium.
Figure 1: Yarranna Southeast significant uranium and rare earth re-assay
results
REDOX Chemistry and Targeting Uranium Mineralisation
· Cobra's large landholding covers extensive palaeochannel systems.
These contain multiple uranium targets that complement the Company's ISR REE
strategy. Key uranium prospects and historical signature intersections
include:
o Yarranna Southeast - IR1435: 3m at 476 ppm U(3)O(8) from 72m, including 1m
at 789 ppm U(3)O(8) from 72m
o Kattata - AC06KA019: 3m at 141 ppm from 43m, including 1m at 271 ppm
U(3)O(8) from 45m
o Yarranna Far North - NW007: 1m at 200 ppm U(3)O(8) from 64m (tenement
under application)
o Corrobinnie - CBM0007: 6m at 221 ppm U(3)O(8) from 28m, including 2m at
338 ppm U(3)O(8) from 30m
o Pinkawillinie - KO11S-1149: 1m at 613 ppm U(3)O(8) from 48m
o Ulysses - ULY-1107: 1m at 330 ppm U(3)O(8) from 39m
Historical drilling by Carpentaria Exploration defined roll-front hosted
uranium at Yarranna Southeast during the 1980s. Key observations from
re-assaying and the interpretation of historical work include:
· Historical groundwater samples yield high acidities (pH2.7) with high
dissolved uranium grades (up to 12,300 ug/L)(1) indicating an active and
fertile environment for roll-front hosted uranium mineralisation
· Uranium mineralisation occurs at a migrating REDOX front between
acidic, oxidising fluids and reduced sediments. All uranium mineralisation
reported at Yarranna Southeast is interpreted to be remnant "tail"
mineralisation, where mineralisation remains at reduced boundaries between
oxidised sands and reduced clays
· Broad spaced drilling has enabled the interpretation of oxidised and
reduced zones, enabling the interpretation of a likely higher-grade roll-front
position (figures 2-3)
Figure 2: Cross section highlighting intersections and their interpreted
proximity to a roll-front
1 Open file envelopes No. 3715 & 4010, Carpentaria Exploration Co Pty Ltd,
1981 & 1984
Table 1: Significant uranium intersections
Hole ID From (m) To (m) Int (m) U3O8 Th
IR 1435 72 75 3 476 9
including 72 73 1 789 9
IR 1175 56 58 2 55 13
IR 1436 66 67 1 90 23
IR 1419 93 96 3 43 15
IR 1415 92 93 1 54 23
and 96 98 2 49 10
and 100 101 1 43 2
Figure 3: Photo of downhole samples from IR1435-1437. Oxidation zone below
mineralisation evident in IR1435 (82 - 91m) whilst the same channel sand in
IR1436 is strongly reduced
Appendix 2: Cobra's REE strategy
· Cobra's extensive South Australian land tenure extends to 4,773km(2)
and covers large portions of three palaeochannel systems: the Narlaby, Yaninee
and Corrobinne Palaeochannels
· Scalable ionic REE mineralisation has been identified at the
Company's Boland Project, where high recoveries have been demonstrated
· Ionic clay hosted rare earths present as a low capital, low operating
cost source of heavy and magnet rare earth metals
· Processing of clay ores induces several operating challenges,
including productivity loss, material handling, dewatering, reagent use and
reclamation
· Ionic rare earth mineralisation at Boland exists in permeable geology
in an environment that permits ISR, thus bypassing the challenges associated
with processing of clay ores
· ISR is the preferred method of recovery used in the uranium industry,
where(1):
o Global ISR production accounted for ~60% of mined uranium in 2022
o Capital expenditure for ISR is 10-15% of conventional mines
o Operating costs of ISR is generally 30-40% lower than traditional mines
o Environmental impact and rehabilitation cost is significantly lower than
traditional mines
· South Australia is home to Australia's only three operating ISR
uranium mines and has a regulatory framework that supports ISR mining
· Bench-scale leach studies under ISR conditions are currently underway
at ANSTO, a first for ionic REE projects outside of China
· Cobra has installed a wellfield to rapidly advance the project
towards an infield pilot study
· Cobra aims to demonstrate that the cost of production at Boland can
be materially reduced via ISR, providing operating resilience to volatile rare
earth markets which has stalled the commencement of many rare earth projects
· Re-assaying of historical uranium focused drilling is being used to
refine the potential scale of rare earth mineralisation. These results confirm
the presence of rare earth mineralisation over a strike of 1km at Boland,
where mineralisation is open in most directions. Follow-up drilling will aim
to infill these results to support a maiden Mineral Resource Estimate ("MRE")
at the Boland Project
· Further re-assay results presented in this release confirm the
province scale potential of ionic REEs within the Narlaby Palaeochannel and
increase the footprint of mineralisation on the Yaninee Palaeochannel
Appendix 3: REE re-assay results
Yarranna Southeast Prospect
Oxidising fluids at Yarranna Southeast are highly acidic, with historical
water samples yielding acidities as low as pH 2.7. These acidic fluids are
expected to desorb REEs from organic sediments and transport them beyond REDOX
roll-fronts. This natural process of mobilisation is the process Cobra aims to
emulate through ISR. The re-assay results indicate:
· REEs are present within reduced sediments in front of oxidising
fluids
· REEs are no longer present in oxidised sediments behind roll-front
mineralisation. The likely desorption and re-mobilisation are expected to
result in REE enriched fluids and elevated grades in sediments downstream of
oxidising fronts
· Future drilling programmes will be designed to test reduced sediments
"downstream" of oxidised zones
Further Results from Yaninee Palaeochannel
On 27 February 2024, the Company reported re-assay results from historical
drilling at the Katatta Prospect located on the Yaninee Palaeochannel, ~30km
southwest of the Boland Project. These results confirmed REE mineralisation in
the Yaninee Palaeochannel.
· Assays from a further two holes located outside the interpreted
paleochannel demonstrate a significant extension to the Yaninee footprint and
confirm the presence of high-grade REEs within the Padinga formation
· A further batch of holes are being re-assayed considering initial
results within Yaninee Palaeochannel sediments
Table 2: REE intersections from Yarranna Southeast and the Yaninee
Palaeochannel
Hole ID From (m) To (m) Int (m) TREO Pr6O11 Nd2O3 Tb2O3 Dy2O3 MREO% HREO% U3O8 Th
IR 1274 44 46 2 788 39 148 3 19 26% 20% 2 6
IR 1187 60 64 4 783 46 161 4 18 29% 20% 4 8
IR 1175 40 42 2 666 8 35 3 14 9% 17% 4 21
IR 1175 64 72 8 789 51 181 2 12 31% 19% 9 17
IR 1175 74 78 4 800 48 176 3 14 30% 19% 10 18
IR 1174 64 66 2 412 32 101 1 5 34% 11% 5 17
IR 1173 82 86 4 602 26 88 1 7 20% 10% 11 24
IR 297* 32 34 2 2,295 97 316 5 26 19% 11% 5 83
IR 1437 91 92 1 573 19 56 1 5 14% 8% 9 20
*Drillhole from EL6806 - located on EL6806
Figure 4: REE intersections expanding the footprint for mineralisation within
the Yaninee Palaeochannel
MREO = Pr(6)O(11)+ Nd(2)O(3)+ Tb(2)O(3)+ Dy(2)O(3)
HREO = Sm(2)O(3)+ Eu(2)O(3)+ Gd(2)O(3)+ Tb(2)O(3)+
Dy(2)O(3)+Ho(2)O(3)+Er(2)O(3)+Tm(2)O(3)+Tm(2)O(3)+Yb(2)O(3)+Lu(2)O(3)+Y(2)O(3)
Appendix 4: 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 · Rotary mud and aircore drilling were used to obtain 1m sample
specific specialised industry standard measurement tools appropriate to the intervals.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · A number of core holes were drilled to validate aircore results and
meaning of sampling. estimate gamma radiation disequilibrium.
· Include reference to measures taken to ensure sample representivity · Carpentaria Exploration Company Pty Ltd conducted drilling between
and the appropriate calibration of any measurement tools or systems used. 1979 - 1984.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· In cases where 'industry standard' work has been done this would be
relatively simple (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
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · All drillholes were drilled at 90 degrees (vertical) due to the
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or flat-lying nature of mineralisation.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · NQ diameter (76mm) drill holes were used to obtain 1m down-hole
samples.
· Drillholes were wireline logged using undisclosed gamma tools.
· Core samples from twinned aircore holes were used to determine
sample representation and disequilibrium between gamma measured radiation and
actual Uranium quantities.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Reports imply that samples obtained by aircore drilling were
results assessed. considered superior owing to circulation problems encountered with rotary mud
drilling.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · 1m sample composites are considered to provide reasonable
representation of the style of mineralisation.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and · Drillhole samples were logged by a onsite geologist and
geotechnically logged to a level of detail to support appropriate Mineral correlated to downhole geophysical logs that demonstrate correlation between
Resource estimation, mining studies and metallurgical studies. lithology units and gamma peaks.
· Whether logging is qualitative or quantitative in nature. Core (or · Oxidation state and the presence of reductants were logged
costean, channel, etc) photography.
· Sample loss was recorded
· The total length and percentage of the relevant intersections logged.
· Pulps have been reviewed and correlated to logging.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Limited information concerning subsampling techniques is
taken. available.
· If non-core, whether riffled, tube sampled, rotary split, etc and · Twinned core holes, measured disequilibrium factors and duplicate
whether sampled wet or dry. sampling imply quality control.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· 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 · Original historic select samples were sent to COMLABS for XRF and
laboratory procedures used and whether the technique is considered partial or AAS analysis. Sample suites were variable across submissions.
total.
· Historic results are considered semiquantitative, further
· For geophysical tools, spectrometers, handheld XRF instruments, etc, re-assays would increase the confidence of historic sample results.
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · Chip reassays were analysed via a 4 acid digest. This method is
considered a near total digest. Rare earth minerals have potential for
· Nature of quality control procedures adopted (eg standards, blanks, incomplete digestion. These minerals are not considered as potential sources
duplicates, external laboratory checks) and whether acceptable levels of of extractable mineralization in this deposit type.
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent · Significant intercepts have been reviewed by Mr Rupert Verco and
or alternative company personnel. reviewed by Mr Robert Blythman (the competent persons)
· The use of twinned holes. · Pulp samples retained within the Tonsely core library have been
secured and are being re-analysed to confirm results.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. · Collar locations have been sourced from the SARIG publicly
available dataset.
· Specification of the grid system used.
· Drill collars were surveyed on local grids established using
· Quality and adequacy of topographic control. ensign GPS. Coordinates have been transposed to AMG94 Zone 53.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Samples were selected to provide representative regional indicators
of geology and mineralization without a fixed spacing
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · No sample compositing has been applied
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· The data spacing and distribution is sufficient to establish the
· Whether sample compositing has been applied. degree of geological and grade continuity appropriate for the interpretation
of roll-front, sandstone hosted Uranium mineralisation.
· Interpretation of historic results supports the flat lying
continuous mineralisation.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drillholes were vertical and drilled perpendicular to the
possible structures and the extent to which this is known, considering the mineralization.
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · The security procedures are unknown
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No independent audits have been undertaken.
· The CSIRO re-analysed mineralized intersections, actively too water
samples and validated the factors of disequilibrium being used to estimate
Uranium grade.
· Proceeding tenement holders confirmed Uranium grades.
· Cobra currently re-analysing results to confirm Uranium grades.
Appendix 5
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · EL6967 & 6968 are 100% held by Lady Alice Mines Pty Ltd, a Cobra
agreements or material issues with third parties such as joint ventures, Resources Plc company.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Native title agreements need to be gained before land access by the
department of Environment and Water can be granted.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Carpentaria: 1979-1984 explored for Sandstone hosted Uranium.
· Mount Isa Mines: 1984-1988 explored for Sandstone hosted Uranium
· BHP: 1989-1992 explored for heavy mineral sands (HMS) and base metal
· Peko Exploration: 1991-1992
· Diamond Ventures explored for diamonds in Kimberlites during the
1990s
· Iluka: 2005-2016 explored for HMS and Uranium
· Minatour Exploration: 2000-2004 explored for Sandstone hosted Uranium
and IOCG mineralisation
· Toro Energy Limited: 2004-2008 explored for sandstone hosted Uranium
Geology · Deposit type, geological setting and style of mineralisation. · Basement Geology is dominated by Archean Sleaford and Proterozoic
Hiltaba Suite Granites.
· Granite plutons are enriched in uranium bearing minerals with
background U being ~10-20 times background.
· The Narlaby Palaeochanel and Eucla Basins overlie basement rocks
Interbedded channel sands sourced from local bedrock and Eocene age clays are
interbedded within the Palaeochannel and basin.
· Highly enrich groundwaters within the Palaeochannel suggest the
mobilization from both channel fill and regional basement for Uranium and REE.
· Uranium mineralisation is hosted in Roll-front style mineralisation
when fluids are oxidizing reduced channel sediments
· REE's are adsorbed to the contacts of reduced clay interbeds.
Drillhole Information · A summary of all information material to the understanding of the · Plans demonstrate the location of drillholes.
exploration results including a tabulation of the following information for
all Material drill holes: · Coordinates can be publicly accesses through the South Australian
SARIG portal.
o easting and northing of the drill hole collar
· No relevant material has been excluded from this release.
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 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 · eU3O8 grades have been calculated using a disequilibrium factor of
results and longer lengths of low grade results, the procedure used for such 1.8
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Holes are drilled vertically. Reported intersections reflect true
Exploration Results. width.
· 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').
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
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · All drillhole locations have been shown on plans
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misIeading reporting of Exploration ·
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Reported results reflect publicly available information.
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral · Re-analysis of historical drill samples is underway. Samples shall be
extensions or depth extensions or large-scale step-out drilling). analysed for REE and Uranium to confirm historical results.
· Diagrams clearly highlighting the areas of possible extensions, · Previous TEM surveys are being re-interpreted to improve
including the main geological interpretations and future drilling areas, Palaeochannel interpretation and to identify potential pathways of fluid
provided this information is not commercially sensitive. oxidation.
· Ground water sampling planned.
· Digitization of downhole wireline logs to re-interpret mineralized
roll-fronts.
Appendix 6 Collar Coordinates
Drillhole Drillhole No Operator Drilling Method Depth (m) Dip Easting Northing Drill Date
IR 1065 133543 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 132 -90 454846 6450257 28/04/1981
IR 1066 133544 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 102 -90 455622 6449885 29/04/1981
IR 1067 133545 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 84 -90 456249 6449153 30/04/1981
IR 1067A 133546 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 90 -90 456278 6449111 5/05/1981
IR 1068 133547 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 50 -90 456779 6448573 2/05/1981
IR 1069 133548 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 78 -90 457663 6448169 2/05/1981
IR 1415 133793 Carpentaria Exploration Co Pty Ltd. Reverse Circulation - Air 131 -90 455029 6448463 20/01/1982
IR 1419 133797 Carpentaria Exploration Co Pty Ltd. Reverse Circulation - Air 119 -90 454929 6448498 24/01/1982
IR 1435 133813 Carpentaria Exploration Co Pty Ltd. Reverse Circulation - Air 101 -90 454939 6446732 11/02/1982
IR 1436 133814 Carpentaria Exploration Co Pty Ltd. Reverse Circulation - Air 96 -90 455389 6446523 11/02/1982
IR 1437 133815 Carpentaria Exploration Co Pty Ltd. Reverse Circulation - Air 92 -90 455834 6446299 11/02/1982
IR 1438 133816 Carpentaria Exploration Co Pty Ltd. Reverse Circulation - Air 77 -90 456289 6446097 12/02/1982
IR 296 134640 Carpentaria Exploration Co Pty Ltd. Rotary - Air 42 -90 505830 6353123 10/04/1980
IR 297 134663 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 36 -90 503304 6345903 10/04/1980
IR 51 132200 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 54 -90 475029 6431423 3/05/1979
IR 67 132216 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 126 -90 460054 6443748 10/05/1979
IR 68 132217 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 120 -90 456949 6443973 11/05/1979
IR1172 380163 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 122 -90 455635 6447087 6/05/1983
IR1173 380164 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 86 -90 456536 6446830 7/05/1983
IR1174 380165 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 68 -90 457232 6446540 8/05/1983
IR1175 380166 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 82 -90 458146 6446289 9/05/1983
IR1176 380167 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 47 -90 459029 6446102 10/05/1983
IR1187 380178 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 184 -90 454581 6448483 21/05/1983
IR1264 380254 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 122 -90 455235 6447281 5/08/1983
IR1274 380265 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 122 -90 455053 6448306 16/08/1983
IR1276 380267 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 116 -90 456147 6449281 18/08/1983
IR1277 380268 Carpentaria Exploration Co Pty Ltd. Rotary - Mud 146 -90 455649 6449714 19/08/1983
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