REG - Kavango Resources - Results from Resource Drilling at Bill’s Luck
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RNS Number : 8032Q Kavango Resources PLC 29 January 2026
PRESS RELEASE
29(th) January 2026
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Results from Resource Drilling at Bill's Luck Gold Mine
RC drilling completes the programme and paves the way to establish a maiden
Mineral Resource Estimate
Kavango Resources plc (LSE:KAV, VFEX:KAV.VX), the Southern Africa focused
metals exploration and gold production company, is pleased to announce the
full results from its reverse circulation ("RC") resource drilling programme
at Bill's Luck Gold Mine ("Bill's Luck" or the "Mine") at the Hillside Project
("Hillside"), Zimbabwe. This follows the publication of diamond drilling
results from the same programme (26
(https://www.londonstockexchange.com/news-article/KAV/successful-diamond-drilling-at-bill-s-luck/17429132)
(th
(https://www.londonstockexchange.com/news-article/KAV/successful-diamond-drilling-at-bill-s-luck/17429132)
) January 2026
(https://www.londonstockexchange.com/news-article/KAV/successful-diamond-drilling-at-bill-s-luck/17429132)
).
This programme was designed to establish a maiden Mineral Resource Estimate
("MRE") that will support and inform future mine planning and scheduling while
also unlocking the full value of what is increasingly believed to be a
significant mineralised system at Bill's Luck.
The programme comprised an initial wide-spaced diamond drill programme
followed by infill diamond drilling and a separate RC drill programme along
strike to the northwest and southeast. A total of 7,714 metres ("m") were
drilled, comprising 3,556m of RC drilling and 4,158m diamond drilling.
As previously announced
(https://www.londonstockexchange.com/news-article/KAV/successful-diamond-drilling-at-bill-s-luck/17429132)
, the drill programme has intersected the currently mined "Main Reef", as
expected, but has also confirmed the presence of an additional "reef"
structure adjacent to and parallel with the "Main Reef" that is also
mineralised. The drilling also tested and intersected further "reefs" in both
the hanging wall and footwall. Results of the diamond and RC drilling
programmes will now be used to inform a maiden Mineral Resource Estimate at
Bill's Luck.
Gold assay results from the surface RC programme include the following
highlights:
· Hole BLRC023:
· 28.80 grammes per tonne ("g/t") over 1.00m from 65.00m
· 28.53g/t over 3.00m from 82.00m (including 25.41g/t over 1.00m and
55.16g/t over 1.00m)
· Hole BLRC033:
· 7.94g/t over 1.00m from 43.00m
· 4.00g/t over 11.00m from 75.00m (including 31.34g/t over 1.00m and
2.98g/t over 1.00m)
· 1.22g/t over 9.00m from 90.00m (including 5.88g/t over 1.00m)
· Hole BLRC016:
· 3.89g/t over 4.00m from 79.00m (including 13.94g/t over 1.00m)
· 37.82g/t over 1.00m from 93.00m
· Hole BLRC028:
· 2.11g/t over 5.00m from 79.00m (including 4.72g/t over 1.00m and
3.27g/t over 1.00m)
· Hole BLRC032:
· 1.64g/t over 5.00m from 97.00m (including 6.47g/t over 1.00m)
· Hole BLRC043:
· 3.30g/t over 12.00m from 114.00m
· Hole BLRC037
· 3.77g/t over 3.00m from 72.00m
· Hole BLRC038:
· 7.13g/t over 3.00m from 64.00m
· Hole BLRC031:
· 0.92g/t over 6.00m from 127.00m (including 2.59g/t over 1.00m and
1.21g/t over 1.00m)
· The gold fire assay grades, including the gravimetric repeat assays
and the distribution between intersections of the same reefs in adjacent
holes, have been interpreted as reflecting a nugget effect.
· Full assay results can be found in JORC Section 2 at the bottom of
this announcement.
* All intersection lengths are measured downhole. Geological modelling of the
Bill's Luck Mine is currently underway, and once complete, true width
intersections will be announced
Peter Wynter Bee, Interim Chief Executive Officer of Kavango, commented:
"The full resource drilling programme at Bill's Luck is now complete. As
previously reported, it has exceeded our expectations, showing the mineralised
system continues at depth and along strike, beyond the extent of current
development and confirming the presence of multiple mineralised reefs. We look
forward to defining a maiden Mineral Resource Estimate at Bill's Luck in the
near future, which will provide a robust technical foundation for ongoing mine
planning and will inform the planned ramp-up of ore output to feed our 50
tonnes per day pilot Carbon-In-Pulp (CIP) processing plant, which is nearing
commissioning. This represents an important step in advancing Bill's Luck
towards consistent and scalable gold production."
Bill's Luck Mine
Introduction
Bill's Luck Mine is situated within the Hillside Gold Project. Originally
mined between 1916 and 1950, the Bill's Luck Mine produced around 17,000
ounces ("oz") of gold ("Au") at an average grade of 7.7 g/t. Since then, only
limited community informal mining activity and small-scale retreatment have
taken place. At present, Kavango is focusing on development at Bills Luck
ahead of the commissioning of its 50 tonne-per-day ("tpd") pilot
carbon-in-pulp ("CIP") plant.
Gold mineralisation at Bill's Luck is structurally and hydrothermally
controlled, predominantly occurring within and along the margins of these
shear zones. Alteration is characterised by quartz-sericite-chlorite
assemblages with disseminated sulphides, often vein-controlled and associated
with syntectonic quartz-sulphide veins.
Zones of higher vein density and alteration coincide with areas of stronger
deformation, with quartz boudinage, pressure shadows, and mylonitic veins
serving as key mineral traps. Late stage mineralised veins also crosscut the
earlier mylonitic fabric, indicating prolonged and possibly multi-phase
mineralisation.
The structural complexity, combined with the presence of high-strain domains,
linking shear structures, and favourable vein-hosting environments, makes the
Bill's Luck area a high-potential target for structurally-controlled gold
exploration within a dextral transpressional regime.
A collar table and a list of intersections are inserted in the accompanying
JORC table. A few RC holes, for reasons of access and logistics remain to be
drilled and although shown on the plan for completeness will not have assays.
Figure 1: A plan and oblique view of the historic surface workings and
interpreted trace of veins with underground workings, borehole traces and gold
grades is shown above. Scale bar for assay grades is 5g/t Au.
Kavango's Operations in Zimbabwe
Kavango is exploring for gold deposits in Zimbabwe that have the potential to
be developed into commercial scale production quickly through modern
mechanised mining and processing. The Company is targeting both open-pit and
underground opportunities.
Kavango has two further priority targets at Hillside: Nightshift and Steenbok.
At Nightshift, Kavango declared a Maiden Resource Estimate of 19,000oz Au in
October 2025, which has the potential for a selective open-pit mining
operation, followed by underground mechanised mining. Meanwhile, at Steenbok,
Kavango is considering a high-grade mechanised underground mining opportunity.
Further information in respect of the Company and its business interests is
provided on the Company's website at www.kavangoresources.com
(http://www.kavangoresources.com/) and on X at @KavangoRes.
Correction to RNS dated 26 January 2026: Performance Laboratories
Accreditation
The Company notes that its RNS dated 26(th) January erroneously stated that
Performance Laboratories, based in Harare, was not internationally accredited.
Performance Laboratories is an ISO/IEC 17025:2017 accredited commercial
testing laboratories, maintained through Southern Africa Development Community
Accreditation Services (SADCAS).
This clarification does not affect the assay results or conclusions previously
reported.
For further information, please contact:
Kavango
Resources plc
Peter Wynter Bee
+44 (0) 797 381 8125
Shard Capital (Broker)
Damon Heath
+44 204 530 6926
BlytheRay (Financial PR)
Tim Blythe/Megan Ray/Said Izagaren
kavango@blytheray.com (mailto:kavango@blytheray.com)
Tel: +44 207 138 3204
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology
and exploration have been compiled by Mr David Catterall, a Competent Person
and a member of a Recognised Professional Organisations (ROPO). David
Catterall has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC 2012). David is the principal geologist at
Tulia Blueclay Limited and a consultant to Kavango Resources. David Catterall
is a member of the South African Council for Natural Scientific Professions, a
recognised professional organisation.
Kavango Resources plc Sampling Techniques and Data for Hillside Project Diamond Drilling. Zimbabwe
Last updated: 28 January 2026
(Criteria in this section apply to all succeeding sections)
JORC Code. 2012 Edition - Table 1 report
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 (e.g. cut channels. random chips. or specific · The information in this release relates to the technical details from
specialised industry standard measurement tools appropriate to the minerals the Company's RC programme, part of the resource drilling at Hillside Project
under investigation. such as down hole gamma sondes. or handheld XRF which lies within the Filabusi Greenstone Belt, Matabeleland, Zimbabwe.
instruments. etc). These examples should not be taken as limiting the broad
meaning of sampling. · Reverse Circulation drilling was carried out, with representative
samples split on site after individual 1m samples were collected from the
cyclone.
· Two samples were taken using a riffle splitter from the original 1m
sample.
· Chip samples were submitted for a 25g fire assay with AAS finish. to
Performance Laboratories (Pvt) Ltd., at Harare, Zimbabwe.
· All samples >5g/t are repeated using a gravimetric finish.
· Selected samples will be sent to a check lab, ALS laboratories,
Johannesburg, for referee fire assay comparison.
· Kavango routinely takes pXRF readings along the core using an Olympus
Vanta on Geochem 3 beam mode for 60 seconds.
Include reference to measures taken to ensure sample representivity and the · All Kavango's drill samples were geologically logged by suitably
appropriate calibration of any measurement tools or systems used qualified geologists on site.
· Sample representativity was ensured where possible by drilling
perpendicular to structures of interest, and by the sample preparation
technique in the laboratory.
· The entire borehole was sampled based on geological logging, with the
ideal sampling interval being representative of lithology for diamond core.
· Individual samples are weighed at the field camp.
· Upon arrival at Performance lab, the samples are dried at +/- 105
degrees Celsius for 8 to 12 hours.
· The entire sample is crushed to 100% passing 4.75mm. The crushers
have inline rotary splitters that split off 500g of sample that is pulverised.
· The 500g split is pulverised in a Rocklabs pot and puck pulveriser
with 85% passing minus 75μm.
· A standard 25g aliquot is used for Fire Assay.
· Following industry best practice. a series of certified reference
materials (CRM's), duplicates and blanks were included for QAQC as outlined
further below.
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 (e.g. '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 (e.g. submarine nodules) may warrant disclosure of detailed information.
Drilling techniques Drill type (e.g. core. reverse circulation. open-hole hammer. rotary air · The surface RC drill holes were drilled using an RC drill rig operated
blast. auger. Bangka. sonic. etc) and details (e.g. core diameter. triple or by Spartan Drilling Limited.
standard tube. depth of diamond tails. face-sampling bit or other type.
whether core is oriented and if so. by what method. etc). · Spartan routinely uses 8.5", 6" and 4.5" down the hole hammers for RC
drilling.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results · Sample recovery was monitored closely throughout from all the RC
assessed. drilling programmes.
· Recovery in rock was estimated at >95%.
· Any voids were noted.
Measures taken to maximise sample recovery and ensure representative nature of · Samples prepared for assay are taken consistently from the same side of
the samples. the core cutting line to avoid bias.
· Geologists frequently check the core cutting procedures to ensure the
core cutter splits the core correctly in half.
· Chip samples were weighed to assess recovery against a theoretical
average recovery for a 1m sample in these lithologies with given SG.
· RC chip samples were collected every 1m.
Whether a relationship exists between sample recovery and grade and whether · RC drilling sample recoveries were generally very good and as such it
sample bias may have occurred due to preferential loss/gain of fine/coarse is not expected that any such bias exists.
material.
Logging Whether core and chip samples have been geologically and geotechnically logged · Kavango's RC drill chips are logged by a team of qualified geologists
to a level of detail to support appropriate Mineral Resource estimation. using predefined lithological, mineralogical, physical characteristic (colour,
mining studies and metallurgical studies. weathering etc) and logging codes.
· RC drill chip sample bags were marked up on site and logging was
completed at the rig to ensure recoveries were adequately recorded.
· Lithological, alteration and mineralisation are logged at camp.
· The drill chips are securely stored at the base camp.
· The geologists on site follow industry best practice and standard
operating procedure for logging
· The chip trays are photographed to preserve a record.
· pXRF and magnetic susceptibility data are routinely captured from RC
drill chips, every 0.5m to 1m.
· Density measurements for drill chips were also calculated.
· The QA/QC compilation of all logging results are stored and
backed up on a data cloud.
Whether logging is qualitative or quantitative in nature. Core (or costean. · All logging is conducted in accordance with Kavango's SOP and
channel. etc) photography. standard published logging charts and classification for grain size,
abundance, colour and lithologies to maintain a qualitative and
semi-quantitative standard based on visual estimation.
· Magnetic susceptibility readings are also taken every metre using
a ZH Instruments SM-20/SM-30 reader.
· All RC drill chips have a portion retained in chip trays for
follow-up work and to maintain a representative sample.
The total length and percentage of the relevant intersections logged. · 100% of all recovered intervals are geologically logged.
Sub-sampling techniques and sample preparation If core. whether cut or sawn and whether quarter. half or all cores taken. · RC chip are weighed at site as they come off the cyclone and
every effort is made to ensure each metre sample is representative of the
length drilled, with proportional volume and weight recorded.
· Samples are split on site using a commercial riffle splitter.
· One sample is split down to 1kg for analysis the other is
retained for future reference.
For all sample types. the nature. quality and appropriateness of the sample · Field sample handling and preparation is suitable for all
preparation techniques drilling methods utilised.
· RC samples are weighed at site as they come off the cyclone and
every effort is made to ensure each metre sample is representative of the
length drilled, with proportional volume and weight recorded.
· The laboratory sample preparation technique is considered
appropriate and suitable for the core samples and as well as for the expected
grades.
Quality control procedures adopted for all sub-sampling stages to maximise · Kavango's standard field QAQC procedures for drilling samples
representivity of samples. include the field insertion of blanks, an appropriate selection of standards,
field duplicates, replicates, and selection of requested laboratory pulp and
coarse crush duplicates.
· These are being inserted at a rate of 2.5- 5% each to ensure an
appropriate rate of QAQC.
Measures taken to ensure that the sampling is representative of the in-situ · Sampling is deemed appropriate for the type of survey and
material collected. including for instance results for field equipment used.
duplicate/second-half sampling.
· Laboratory duplicates are produced from the crushed and milled
chips.
· RC samples are split to provide representative duplicate samples
using a commercial riffle splitter.
Whether sample sizes are appropriate to the grain size of the material being · On occasions gold from this project may be coarse, therefore, some
sampled. nugget effect is expected. This is minimised by using the largest diameter of
core possible with the available equipment, and by utilising halved rather
than quartered core for assay.
Quality of assay data and laboratory tests The nature. quality and appropriateness of the assaying and laboratory · A company audit was made of the assay laboratory in this case
procedures used and whether the technique is considered partial or total. Performance Laboratories before it was engaged.
· The digest and fire assay technique provide a total analysis method.
· Between 5% and 20% of submitted samples consisted of additional blank,
duplicate (lab duplicate from splitting the pulp), and standard samples.
· Round robin and accreditation results for the laboratory were reviewed
and considered acceptable.
· The company's QAQC samples, including standards, are considered to
confirm acceptable bias and precision with no contamination issues identified.
For geophysical tools. spectrometers. handheld XRF instruments. etc. the · Kavango use ZH Instruments SM20 and SM30 magnetic susceptibility meters for
parameters used in determining the analysis including instrument make and measuring magnetic susceptibilities and readings are randomly repeated to
model. reading times. calibrations factors applied and their derivation. etc. ensure reproducibility and consistency of the data.
· An Olympus Vanta C-series pXRF instrument is used in 3-beam geochemical
mode with reading times of 60 seconds in total. Measurements are taken on
clean dry core.
· For the pXRF results no user factor was applied as per Kavango's SOP. The
units are calibrated daily with their respective calibration disks.
· In the case of multiple pXRFs the data will be collated and user factors
calculated to ascertain their effectiveness.
Nature of quality control procedures adopted (e.g. standards. blanks. · All QAQC samples were reviewed for precision and accuracy. Results were
duplicates. external laboratory checks) and whether acceptable levels of deemed repeatable and representative:
accuracy (i.e. lack of bias) and precision have been established.
· For pXRF appropriate certified reference materials are inserted on a ratio
of 1:25 samples.
· Repeat readings are taken every 25 samples. and blank samples are inserted
every 25 samples.
· QAQC samples are reviewed for consistency.
· pXRF CRM values show a slight positive bias. including for Cu.
· At low levels (<10ppm) silver values in particular are scattered.
· When laboratory assay results are received blank, standard, and duplicate
values are reviewed to monitor lab performance.
· Select low, moderate and high-grade assay samples are selected, re-labelled
and re-submitted to Performance to assess repeatability.
· Select low, moderate and high-grade assay samples will also be sent for
check analysis at an internationally accredited laboratory.
· Performance Lab insert their own CRM's, duplicates and blanks and
follow their own SOP for quality control.
· Performance Laboratories are internationally accredited to ISO
7025:2017.
· A series of samples, including one entire hole from twinned pair have
been sent to Performance in Zimbabwe and ALS Laboratories in South Africa,
with acceptable results
Verification of sampling and assaying The verification of significant intersections by either independent or · All RC drill chips are logged and verified by peer review.
alternative company personnel.
· The Company's internal CP reviewed sampling and has visited site and
the laboratory to verify protocols.
· Assay data was received as assay certificates and cross checked
by an independent CP against sample submission data to ensure a correct match.
The use of twinned holes. · N/A
Documentation of primary data. data entry procedures. data verification. data · All data is electronically stored with peer review of data
storage (physical and electronic) protocols. processing and modelling.
· Data entry procedures standardised in SOP data checking and
verification routine.
· Data storage is on a cloud storage facility with access controls
and automatic backups.
Discuss any adjustment to assay data. · No adjustments were made to assay data.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and · Kavango's surface drill collar coordinates are captured by using
down-hole surveys). trenches. mine workings and other locations used in handheld Garmin GPS and verified by a second handheld Garmin GPS.
Mineral Resource estimation.
· Drill holes are routinely re-surveyed with differential DGPS at
regular intervals to ensure sub-metre accuracy as and when sufficient holes
warrant.
· Downhole surveys of drill holes were done using an AXIS Champ Mag
tool or the Champ Gyro (for DTH).
Specification of the grid system used. · The grid system used is UTM 35S Arc 1950. All reported coordinates
are referenced to this grid.
Quality and adequacy of topographic control. · Topographic control is based on satellite survey data collected at
30m resolution. Quality is considered acceptable.
Data spacing and distribution Data spacing for reporting of Exploration Results. · Data spacing and distribution of all survey types is deemed
appropriate for the type of survey and equipment used.
Whether the data spacing. and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource · The drilling programs are designed to target the multiple interpreted
and Ore Reserve estimation procedure(s) and classifications applied. parallel auriferous veins at the Bills Luck Mine on the Prospect Claims.
Whether sample compositing has been applied. · No composite samples have been done
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible · Drill spacing is currently variable but is considered appropriate for
structures and the extent to which this is known. considering the deposit this stage of exploration.
type.
· Hole orientation is designed to intersect the target structures as
perpendicular as is practical.
· This is considered appropriate for the geological setting and for the
known mineralisation styles.
If the relationship between the drilling orientation and the orientation of · Existence, and orientation of preferentially mineralised structures
key mineralised structures is considered to have introduced a sampling bias. is not yet fully understood but current available data indicates
this should be assessed and reported if material. mineralisation occurs within steep. sub-vertical structures, with the
possibility of plunging "ore-shoots".
· The drillholes are inclined towards the target, which is understood
to dip towards the drillhole at a steep angle (actual geometry to be confirmed
by a second hole on section in the future).
· The relatively short sample length (typically 1 m) allows for
relatively accurate localisation of mineralisation.
· No significant sampling bias is therefore expected.
Sample security The measures taken to ensure sample security. · RC chips are stored in a secure facility at the field office.
· Sample bags are logged, tagged, double bagged and sealed in plastic
bags stored at the field office.
· Samples are stored in a locked company compound at site and in a
locked container in Bulawayo. They are shipped onwards to the analytical
facility by a reliable commercial courier.
· Sample security includes a chain-of-custody procedure that consists
of filling out sample submittal forms that are sent to the laboratory with
sample shipments to make certain that all samples are received by the
laboratory.
· Prepared samples are transported to the analytical laboratory in
sealed bags that are accompanied by appropriate paperwork. including the
original sample preparation request numbers and chain-of-custody forms.
Audits or reviews The results of any audits or reviews of sampling techniques and data. · The CP has visited both site and the laboratory utilised and considered
practices and SOPs at both as acceptable.
· The CP reviewed all data and spot-checked significant values versus
certificates.
JORC 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 agreements or · The Hillside Project consists of 44 gold claims.
material issues with third parties such as joint ventures. partnerships.
overriding royalties. native title interests. historical sites. wilderness or · Kavango entered into an option agreement with the vendors, dated 25
national park and environmental settings. July 2023.
The security of the tenure held at the time of reporting along with any known · This was exercised on 23 April 2024 with respect to Hillside and
impediments to obtaining a licence to operate in the area. Leopard South.
· Transfer of the Claims is presently underway.
· More details are provided here
https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9nq44r
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9nq44r)
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. · The project contains a historic high-grade mine Bills Luck, which has
a history of intermittent gold production from 1916 to 1950, yielding 17,000
oz at an average grade of 7.7g/t. After 1950, the mine saw only small-scale
sand retreatment and surface workings.
· It is currently being mined by informal miners, milling the ore at
Bill's Luck stamp mill.
Geology Deposit type. geological setting and style of mineralisation. · Bills Luck lies near the southern contact of the Filabusi gold belt
and the Bulawayan Basement Schists. Younger intrusive granites bound it to the
north.
· Gold mineralisation appears to be associated with multiple sub
parallel quartz veins that occur in fine grained massive, sheared granite.
· The general azimuth of the auriferous veins is 110(o) TN (dipping
steeply to the NNE)
· Bills Luck, which has a history of intermittent gold production from
1916 to 1950, yielding 17,000 oz at an average grade of 7.7g/t. After 1950,
the mine saw only small-scale sand retreatment and surface workings.
Drill hole Information A summary of all information material to the understanding of the exploration · Summary table of all completed Kavango drill holes that form the focus
results including a tabulation of the following information for all Material of the current programme is presented below.
drill holes:
· The holes were surveyed and sited using a handheld GPS
easting and northing of the drill hole collar
· Upon completion of drilling a DGPS survey was completed by professional
elevation or RL (Reduced Level - elevation above sea level in metres) of the surveyors.
drill hole collar
· Position format: UTM UPS; Map datum Arc 1950 Zone 35S.
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that the
information is not Material, and this exclusion does not detract from the
understanding of the report. the Competent Person should clearly explain why
this is the case.
Bills Luck RC Drilling Hole Collars
Hole ID East North RL Dip Azimuth EOH (m)
BLRC016 728642.0 7733791.2 1050.5 -70 237 150
BLRC017 728641.7 7733791.0 1050.5 -65 237 150
BLRC018 728641.1 7733790.6 1050.6 -55 237 150
BLRC019 728674.8 7733773.1 1048.7 -70 213 150
BLRC020 728674.6 7733772.7 1048.7 -65 213 150
BLRC021 728674.2 7733772.1 1048.7 -55 213 150
BLRC022 728711.6 7733740.7 1046.7 -70 213 150
BLRC023 728713.0 7733745.0 1050.0 -65 213 85
BLRC028 728436.5 7733938.3 1053.2 -70 213 150
BLRC029 728436.3 7733938.0 1053.2 -65 213 150
BLRC030 728436.0 7733937.4 1053.2 -55 213 150
BLRC031 728395.5 7733967.1 1052.5 -70 213 150
BLRC032 728395.5 7733967.1 1052.5 -65 213 150
BLRC033 728395.1 7733966.4 1052.5 -55 213 150
BLRC034 728656.2 7733780.8 1049.9 -70 213 150
BLRC035 728656.2 7733780.6 1049.9 -65 213 150
BLRC036 728655.9 7733780.0 1049.9 -55 213 150
BLRC037 728697.3 7733766.7 1047.5 -70 213 150
BLRC038 728697.2 7733766.4 1047.6 -65 213 150
BLRC043 728416.0 7733952.6 1052.8 -70 213 150
BLRC044 728415.8 7733952.3 1052.8 -65 213 150
BLRC045 728415.4 7733951.7 1052.8 -55 213 150
BLRC040 728446.8 7733929.5 1053.0 -70 213 150
BLRC041 728446.7 7733929.3 1053.0 -65 213 150
BLRC042 728446.3 7733928.8 1053.1 -55 213 150
Bills Luck Assay results using 0.4g/t cut-off and 2m dilution
Hole ID From (m) To (m) Interval Au g/t Comment
BLRC016 79.0 83.0 4.0 3.89 Includes 1m at 13.94g/t
BLRC016 93.0 94.0 1.0 37.82
BLRC017 31.0 32.0 1.0 0.50
BLRC017 74.0 75.0 1.0 3.81
BLRC018 15.0 16.0 1.0 3.87
BLRC018 31.0 32.0 1.0 0.65
BLRC018 59.0 60.0 1.0 0.94
BLRC018 75.0 76.0 1.0 0.75
BLRC019 0.0 1.0 1.0 0.67
BLRC019 96.0 97.0 1.0 0.41
BLRC019 114.0 115.0 1.0 0.95
BLRC020 84.0 85.0 1.0 2.44
BLRC020 87.0 88.0 1.0 0.66
BLRC020 90.0 93.0 3.0 1.08 Includes 1m at 2.25g/t
BLRC021 0.0 1.0 1.0 1.20
BLRC021 66.0 67.0 1.0 0.68
BLRC022 40.0 41.0 1.0 4.29
BLRC022 56.0 57.0 1.0 0.41
BLRC022 70.0 71.0 1.0 0.55
BLRC022 101.0 104.0 3.0 2.01 Includes 1m at 4.01g/t
BLRC023 65.0 66.0 1.0 28.80
BLRC023 82.0 85.0 3.0 28.53 Includes 1m at 25.41g/t and 1m at 55.16g/t
BLRC034 0.0 3.0 3.0 0.54
BLRC034 48.0 49.0 1.0 0.51
BLRC034 83.0 87.0 4.0 0.98 Includes 1m at 2.39g/t
BLRC031 10.0 11.0 1.0 0.44
BLRC031 87.0 88.0 1.0 0.66
BLRC031 98.0 99.0 1.0 1.00
BLRC031 127.0 133.0 6.0 0.92 Includes 1m at 2.59g/t and 1m at 1.21g/t
BLRC031 137.0 138.0 1.0 0.55
BLRC031 148.0 149.0 1.0 0.55
BLRC028 29.0 32.0 3.0 0.64
BLRC028 38.0 40.0 2.0 1.12 Includes 1m at 1.68g/t
BLRC028 79.0 84.0 5.0 2.11 Includes 1m at 4.72g/t and 1m at 3.27g/t
BLRC028 106.0 107.0 1.0 2.12
BLRC028 134.0 135.0 1.0 0.62
BLRC028 147.0 148.0 1.0 1.31
BLRC029 42.0 43.0 1.0 0.40
BLRC029 87.0 88.0 1.0 1.24
BLRC029 102.0 105.0 3.0 0.55
BLRC032 56.0 57.0 1.0 0.42
BLRC032 81.0 82.0 1.0 0.68
BLRC032 86.0 87.0 1.0 0.95
BLRC032 97.0 102.0 5.0 1.64 Includes 1m at 6.47g/t
BLRC033 6.0 7.0 1.0 0.44
BLRC033 23.0 24.0 1.0 0.67
BLRC033 32.0 33.0 1.0 1.03
BLRC033 36.0 38.0 2.0 0.91
BLRC033 43.0 44.0 1.0 7.94
BLRC033 51.0 52.0 1.0 0.30
BLRC033 63.0 64.0 1.0 2.57
BLRC033 70.0 71.0 1.0 0.77
BLRC033 75.0 86.0 11.0 4.00 Includes 1m at 31.34g/t and 1m at 2.98g/t
BLRC033 90.0 99.0 9.0 1.22 Includes 1m at 5.88g/t
BLRC033 109.0 110.0 1.0 1.03
BLRC033 136.0 137.0 1.0 0.85
BLRC033 141.0 142.0 1.0 1.94
BLRC030 57.0 58.0 1.0 1.04
BLRC030 59.0 64.0 5.0 1.05
BLRC030 74.0 75.0 1.0 0.60
BLRC030 89.0 90.0 1.0 0.58
BLRC030 148.0 149.0 1.0 0.43
BLRC043 8.0 9.0 1.0 0.44
BLRC043 42.0 45.0 3.0 0.74
BLRC043 46.0 47.0 1.0 10.75
BLRC043 76.0 78.0 2.0 1.19
BLRC043 107.0 111.0 4.0 0.52
BLRC043 114.0 126.0 12.0 3.30
BLRC044 70.0 71.0 1.0 0.80
BLRC044 80.0 81.0 1.0 0.64
BLRC044 92.0 93.0 1.0 1.94
BLRC045 61.0 62.0 1.0 0.42
BLRC045 64.0 66.0 2.0 0.72
BLRC045 69.0 71.0 2.0 0.43
BLRC045 74.0 76.0 2.0 2.33
BLRC045 93.0 94.0 1.0 1.96
BLRC037 72.0 75.0 3.0 3.77
BLRC037 139.0 140.0 1.0 3.31
BLRC038 64.0 67.0 3.0 7.13
BLRC038 82.0 83.0 1.0 0.70
BLRC038 125.0 126.0 1.0 1.70
BLRC040 38.0 40.0 2.0 0.56
BLRC040 76.0 77.0 1.0 0.60
BLRC040 105.0 107.0 2.0 0.89
BLRC040 120.0 121.0 1.0 0.55
BLRC041 34.0 35.0 1.0 1.27
BLRC041 70.0 71.0 1.0 0.55
BLRC041 93.0 94.0 1.0 0.44
BLRC042 12.0 13.0 1.0 0.47
BLRC042 33.0 34.0 1.0 0.55
BLRC042 54.0 61.0 7.0 0.77
BLRC042 88.0 89.0 1.0 0.87
BLRC042 107.0 108.0 1.0 1.45
Data aggregation methods In reporting Exploration Results. weighting averaging techniques. maximum · All RC drilling results for Bills Luck are included above.
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated. · Some of the designed holes have not yet been drilled for reasons of access
and logistics. These may be drilled and reported in future RNS
Where aggregate intercepts incorporate short lengths of high-grade results and
longer lengths of low-grade results. the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration · Down hole intersection widths are used throughout.
Results.
· Most of the drill intersections are into steep to vertically dipping
If the geometry of the mineralisation with respect to the drill hole angle is units. True thickness is presently unknown and will be determined based on
known. its nature should be reported. modelling for the MRE.
If it is not known and only the down hole lengths are reported. there should · All measurements state that downhole lengths have been used as the true
be a clear statement to this effect (eg 'down hole length. true width not width cannot yet be established by the current drilling.
known').
· Due to the structural control on the mineralisation and the
anastomosing nature of the shears, together with an inferred plunge more
drilling is required to provide accurate measurements for true thickness
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts · Appropriate maps (plan and oblique section) included within the text
should be included for any significant discovery being reported These should of the RNS, tabulated collar and assay results are presented above in this
include. but not be limited to a plan view of drill hole collar locations and table.
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable. · All completed holes are logged, sampled and dispatch as soon as
representative reporting of both low and high grades and/or widths should be possible.
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data. if meaningful and material. should be reported · Geophysical work has been done previously, comprising Gradient Array IP
including (but not limited to): geological observations; geophysical survey and Stacked Schlumberger Sections
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density. groundwater. geotechnical · A regional structural mapping programme has been completed and included
and rock characteristics; potential deleterious or contaminating substances. detailed structural analysis of portions of specific holes.
· Further structural work is scheduled
Bills Luck Assay results using 0.4g/t cut-off and 2m dilution
Hole ID From (m) To (m) Interval Au g/t Comment
BLRC016 79.0 83.0 4.0 3.89 Includes 1m at 13.94g/t
BLRC016 93.0 94.0 1.0 37.82
BLRC017 31.0 32.0 1.0 0.50
BLRC017 74.0 75.0 1.0 3.81
BLRC018 15.0 16.0 1.0 3.87
BLRC018 31.0 32.0 1.0 0.65
BLRC018 59.0 60.0 1.0 0.94
BLRC018 75.0 76.0 1.0 0.75
BLRC019 0.0 1.0 1.0 0.67
BLRC019 96.0 97.0 1.0 0.41
BLRC019 114.0 115.0 1.0 0.95
BLRC020 84.0 85.0 1.0 2.44
BLRC020 87.0 88.0 1.0 0.66
BLRC020 90.0 93.0 3.0 1.08 Includes 1m at 2.25g/t
BLRC021 0.0 1.0 1.0 1.20
BLRC021 66.0 67.0 1.0 0.68
BLRC022 40.0 41.0 1.0 4.29
BLRC022 56.0 57.0 1.0 0.41
BLRC022 70.0 71.0 1.0 0.55
BLRC022 101.0 104.0 3.0 2.01 Includes 1m at 4.01g/t
BLRC023 65.0 66.0 1.0 28.80
BLRC023 82.0 85.0 3.0 28.53 Includes 1m at 25.41g/t and 1m at 55.16g/t
BLRC034 0.0 3.0 3.0 0.54
BLRC034 48.0 49.0 1.0 0.51
BLRC034 83.0 87.0 4.0 0.98 Includes 1m at 2.39g/t
BLRC031 10.0 11.0 1.0 0.44
BLRC031 87.0 88.0 1.0 0.66
BLRC031 98.0 99.0 1.0 1.00
BLRC031 127.0 133.0 6.0 0.92 Includes 1m at 2.59g/t and 1m at 1.21g/t
BLRC031 137.0 138.0 1.0 0.55
BLRC031 148.0 149.0 1.0 0.55
BLRC028 29.0 32.0 3.0 0.64
BLRC028 38.0 40.0 2.0 1.12 Includes 1m at 1.68g/t
BLRC028 79.0 84.0 5.0 2.11 Includes 1m at 4.72g/t and 1m at 3.27g/t
BLRC028 106.0 107.0 1.0 2.12
BLRC028 134.0 135.0 1.0 0.62
BLRC028 147.0 148.0 1.0 1.31
BLRC029 42.0 43.0 1.0 0.40
BLRC029 87.0 88.0 1.0 1.24
BLRC029 102.0 105.0 3.0 0.55
BLRC032 56.0 57.0 1.0 0.42
BLRC032 81.0 82.0 1.0 0.68
BLRC032 86.0 87.0 1.0 0.95
BLRC032 97.0 102.0 5.0 1.64 Includes 1m at 6.47g/t
BLRC033 6.0 7.0 1.0 0.44
BLRC033 23.0 24.0 1.0 0.67
BLRC033 32.0 33.0 1.0 1.03
BLRC033 36.0 38.0 2.0 0.91
BLRC033 43.0 44.0 1.0 7.94
BLRC033 51.0 52.0 1.0 0.30
BLRC033 63.0 64.0 1.0 2.57
BLRC033 70.0 71.0 1.0 0.77
BLRC033 75.0 86.0 11.0 4.00 Includes 1m at 31.34g/t and 1m at 2.98g/t
BLRC033 90.0 99.0 9.0 1.22 Includes 1m at 5.88g/t
BLRC033 109.0 110.0 1.0 1.03
BLRC033 136.0 137.0 1.0 0.85
BLRC033 141.0 142.0 1.0 1.94
BLRC030 57.0 58.0 1.0 1.04
BLRC030 59.0 64.0 5.0 1.05
BLRC030 74.0 75.0 1.0 0.60
BLRC030 89.0 90.0 1.0 0.58
BLRC030 148.0 149.0 1.0 0.43
BLRC043 8.0 9.0 1.0 0.44
BLRC043 42.0 45.0 3.0 0.74
BLRC043 46.0 47.0 1.0 10.75
BLRC043 76.0 78.0 2.0 1.19
BLRC043 107.0 111.0 4.0 0.52
BLRC043 114.0 126.0 12.0 3.30
BLRC044 70.0 71.0 1.0 0.80
BLRC044 80.0 81.0 1.0 0.64
BLRC044 92.0 93.0 1.0 1.94
BLRC045 61.0 62.0 1.0 0.42
BLRC045 64.0 66.0 2.0 0.72
BLRC045 69.0 71.0 2.0 0.43
BLRC045 74.0 76.0 2.0 2.33
BLRC045 93.0 94.0 1.0 1.96
BLRC037 72.0 75.0 3.0 3.77
BLRC037 139.0 140.0 1.0 3.31
BLRC038 64.0 67.0 3.0 7.13
BLRC038 82.0 83.0 1.0 0.70
BLRC038 125.0 126.0 1.0 1.70
BLRC040 38.0 40.0 2.0 0.56
BLRC040 76.0 77.0 1.0 0.60
BLRC040 105.0 107.0 2.0 0.89
BLRC040 120.0 121.0 1.0 0.55
BLRC041 34.0 35.0 1.0 1.27
BLRC041 70.0 71.0 1.0 0.55
BLRC041 93.0 94.0 1.0 0.44
BLRC042 12.0 13.0 1.0 0.47
BLRC042 33.0 34.0 1.0 0.55
BLRC042 54.0 61.0 7.0 0.77
BLRC042 88.0 89.0 1.0 0.87
BLRC042 107.0 108.0 1.0 1.45
Data aggregation methods
In reporting Exploration Results. weighting averaging techniques. maximum
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and
longer lengths of low-grade results. the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
· All RC drilling results for Bills Luck are included above.
· Some of the designed holes have not yet been drilled for reasons of access
and logistics. These may be drilled and reported in future RNS
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').
· Down hole intersection widths are used throughout.
· Most of the drill intersections are into steep to vertically dipping
units. True thickness is presently unknown and will be determined based on
modelling for the MRE.
· All measurements state that downhole lengths have been used as the true
width cannot yet be established by the current drilling.
· Due to the structural control on the mineralisation and the
anastomosing nature of the shears, together with an inferred plunge more
drilling is required to provide accurate measurements for true thickness
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.
· Appropriate maps (plan and oblique section) included within the text
of the RNS, tabulated collar and assay results are presented above in this
table.
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.
· All completed holes are logged, sampled and dispatch as soon as
possible.
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.
· Geophysical work has been done previously, comprising Gradient Array IP
and Stacked Schlumberger Sections
· A regional structural mapping programme has been completed and included
detailed structural analysis of portions of specific holes.
· Further structural work is scheduled
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