REG - Resolute Mining Ltd - Higher Grade mineralisation intersected
16/06/2022 07:01
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RNS Number : 1089P Resolute Mining Limited 16 June 2022
16 June 2022
Resolute Mining Limited
(Resolute or the Company)
Higher Grade mineralisation intersected below Syama North Minerals Resource
Highlights
• Significant gold intersections recorded with higher-grade results
below the 2021 published Syama North 1 million ounce Mineral Resource:
QVRC511 - 16m @ 4.74g/t from 107m
QVRC512 - 15m @ 4.35g/t from 99m
QVRC515 - 7m @ 6.56g/t from 161m
QVRC522 - 6m @ 13.79g/t from 119m
QVRC533 - 27m @ 6.62g/t from 45m
QVRC534 - 19m @ 4.32g/t from 138m
QVRD505 - 10m @ 7.14g/t from 131m
QVRD506 - 8m @ 6.56g/t from 180m
QVRD517 - 6m @ 11.83g/t from 155m
QVRD518 - 14m @ 3.74g/t from 109m
QVRD519 - 23m @ 2.21g/t from 138m
QVRD527 - 26m @ 7.8g/t from 180m
• These results may significantly contribute to an upgrade of the
existing estimated 1 million ounces in Sulphide Mineral Resources
• These results represent some of the best gold intersections
recorded from the Syama North area
• Drilling results have outlined the potential for new open pit
sulphide deposit - work is continuing
• Updated Mineral Resource Estimate planned for Q3 2022
Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to
announce the latest results from the 2022 exploration drilling at Syama North
outlining the potential for a new open pit operation close to the Syama
Complex.
Syama North Exploration Program
The exploration drilling program at Syama North, initiated during 2021,
recorded significant oxide and sulphide gold mineralisation intersections in
and around the originally mined out oxide pits of A21 and Beta/BA-01 located
within 4-8 km of the main Syama mining and processing complex. The results of
this program were reported in the ASX announcement of 25 August 2021, and in
the annual Ore Reserves and Mineral Resources Estimate released to ASX on 4
March 2022.
The total Mineral Resources estimate of 20 Mt at 2.14g/t Au for 1.4 million
ounces at 31 December 2021 was published as per Table 1:
Syama North Satellite Deposits Mineral Resource (>1g/t)
Oxidation Tonnes Grade Ounces
Oxide 2,467,403 2.16 171,247
Transitional 1,452,180 2.24 104,558
Sub-Total 3,919,583 2.19 275,805
Primary (sulphide) 16,381,700 2.13 1,122,515
Total 20,301,283 2.14 1,398,321
Table 1: Syama North Mineral Resources at 31 December 2021 (1g/t cut off)
The main target for the 2021 exploration program at Syama North was expanding
the oxide resources, following on from the successes of 2020, however a
substantial sulphide mineral resource, at greater than 1 million ounces, was
outlined by the program as seen from Table 1. As the sulphide mineralisation
remains open at depth and appears to be contiguous along the 2.5 km strike
length, this has created the potential for further open pit, and eventually
underground, mining for sulphide ores in this area. Based on the 2021
exploration results open pit operations resumed at Syama North in late 2021
extracting additional oxide resources from both Beta and A21 after the
previous phase of oxide mining in this area concluded in 2018.
The Syama North sulphide resources have not been included in recently
published (ASX/LSE announcement of 04 March 2022) LOM plan updates. The 2022
drilling program was undertaken with the intention of upgrading and
expanding these resources to capitalise upon the recent significant process
improvements and successful refurbishment of the Sulphide Plant achieved over
Q1 2022.
Drilling Program 2022
Diamond and RC drilling recommenced in early 2022 at both the A21 and Beta
pits. The drilling program targeted the down-dip extensions of the identified
zones and was successful with the majority of the holes intersecting sulphide
mineralisation.
Results from holes drilled to date have been returned with significant
intersections seen in numerous holes confirming the extension of the
mineralised zones along the entire strike length of the original A21 pit.
The best results received to date are shown below, with a table of the
intersections attached as Appendix I.
QVRC511 - 16m @ 4.74g/t from 107m
QVRC512 - 15m @ 4.35g/t from 99m
QVRC515 - 7m @ 6.56g/t from 161m
QVRC522 - 6m @ 13.79g/t from 119m
QVRC533 - 27m @ 6.62g/t from 45m
QVRC534 - 19m @ 4.32g/t from 138m
QVRD505 - 10m @ 7.14g/t from 131m
QVRD506 - 8m @ 6.56g/t from 180m
QVRD517 - 6m @ 11.83g/t from 155m
QVRD518 - 14m @ 3.74g/t from 109m
QVRD519 - 23m @ 2.21g/t from 138m
QVRD527 - 26m @ 7.8g/t from 180m
These results represent some of the best gold intersections ever recorded from
the Syama North area.
With the new-found confidence in sulphide mining and processing over the last
twelve months this has re-invigorated the exploration department to explore
for new oxide and sulphide resources.
A new low-level, high definition heliborne aeromagnetic survey will shortly be
conducted to improve on the historical wide-spaced aeromagnetic coverage. This
survey is planned to cover the whole 85 km length of the Greenstone Belt held
under license in an effort to delineate more sulphide resources which are the
long-term future of the mining operation.
The results confirm the continuity of mineralisation beneath the existing open
pits and demonstrate the presence of higher-grade zones of mineralisation,
which may support future underground mining of Sulphides from the northern
portion of the Syama belt, close to the Syama mining and processing complex,
in addition to the 1.3 Moz high grade (>4g/t Au) Tabakoroni resource which
recently returned a 766 koz of Ore Reserve (see ASX/LSE announcement 17
February 2022).
The drilling program is ongoing and expected to continue throughout 2022 with
the initial aim of evaluating the potential of an open pit operation to
exploit the Sulphide Mineral Resources to compliment, and add 'flexibility'
to, the underground sulphide mining operation.
An updated Mineral Resource Estimate will be carried out during Q3 of 2022,
which may significantly upgrade the present 1 Moz in the current sulphide
estimate.
Terry Holohan, Resolute CEO, said today, "I am very pleased with the progress
over the last twelve months within both the exploration and operations teams.
They have fully grasped the 'back to basics' approach we needed to adopt
across all disciplines in order to continually improve the operation per se
and thereby give us the opportunity to systematically improve the bottom line
of the Syama project for many years to come."
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant
to the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via a Regulatory Information Service (RIS), this inside
information is now considered to be in the public domain.
Authorised by Terry Holohan, Managing Director & CEO
For further information, contact:
Resolute Public Relations
Terry Holohan, Chief Executive Officer Jos Simson, Tavistock
James Virgo, GM Finance and Investor Relations resolute@tavistock.co.uk (mailto:resolute@tavistock.co.uk)
contact@rml.com.au (mailto:contact@rml.com.au) +44 207 920 3150
+61 8 9261 6100
Oliver Lamb, Tavistock
Media resolute@tavistock.co.uk
Cameron Morse, FTI Consulting +44 778 855 4035
cameron.morse@fticonsulting.com (mailto:cameron.morse@fticonsulting.com)
+61 433 886 871 Corporate Broker
Matthew Armitt, Berenberg
+44 20 3207 7800
Competent Persons Statement
The information in this report that relates to the Exploration Results is
based on information compiled by Mr Bruce Mowat, a member of The Australian
Institute of Geoscientists. Mr Bruce Mowat has more than 5 years' experience
relevant to the styles of mineralisation and type of deposit under
consideration 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 of Exploration Results, Mineral Resources and Ore Reserves" (the
JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining
Limited Group and holds equity securities in the Company. He has consented to
the inclusion of the matters in this report based on his information in the
form and context in which it appears. This information was prepared and
disclosed under the JORC Code 2012 except where otherwise noted.
The information presented in this announcement relating to Mineral Resources
and Ore Reserves is extracted from annual Ore Reserves and Mineral Resources
Estimate released to ASX on 4 March 2022. Resolute confirms that it is not
aware of any new information or data that materially affects the information
included in the releases and all material assumptions and technical parameters
underpinning the estimates in the aforementioned release continue to apply and
have not materially changed.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including
statements regarding our intent, belief or current expectations with respect
to Resolute's business and operations, market conditions, results of
operations and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate", "predict",
"believe", "plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance on, future
earnings, anticipated production, life of mine and financial position and
performance are also forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause Resolute's actual results, performance and achievements or
industry results to differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are not limited
to) changes in commodity prices, foreign exchange fluctuations and general
economic conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development, including the risks
of obtaining necessary licences and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute's good faith assumptions as
to the financial, market, regulatory and other relevant environments that will
exist and affect Resolute's business and operations in the future. Resolute
does not give any assurance that the assumptions will prove to be correct.
There may be other factors that could cause actual results or events not to be
as anticipated, and many events are beyond the reasonable control of Resolute.
Readers are cautioned not to place undue reliance on forward-looking
statements, particularly in the current economic climate with the significant
volatility, uncertainty and disruption caused by the COVID-19 pandemic.
Forward-looking statements in this document speak only at the date of issue.
Except as required by applicable laws or regulations, Resolute does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in assumptions on which
any such statement is based. Except for statutory liability which cannot be
excluded, each of Resolute, its officers, employees and advisors expressly
disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability
whatsoever (including in negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in forward-looking
statements or any error or omission.
Appendix 1: Recent Drilling Results
Syama North
Hole_ID North (WGS) East (WGS) RL Dip Azi EOH From To Width Au
(m) (WGS) (m) (m) (m) (m) (g/t)
QVRC494 1201576 822549 384 -62 94 252 110 116 6 3.55
QVRC507 1202501 823052 343 -55 90 143 102 108 6 5.26
QVRC511 1202400 822992 345 -56 90 183 107 123 16 4.74
QVRC512 1200699 822414 393 -89 89 151 99 114 15 4.35
QVRC515 1201454 822487 371 -55 89 217 124 139 15 2.86
and 161 168 7 6.56
QVRC522 1200849 822437 384 -61 87 163 119 125 6 13.79
and 145 157 12 2.88
QVRC533 1200650 822444 394 -90 276 157 45 72 27 6.62
QVRC534 1201255 822411 374 -58 87 196 138 157 19 4.32
and 162 171 9 3.26
QVRC535 1200747 822433 388 -89 182 138 106 122 16 2.69
QVRD504 1201648 822516 383 -56 76 278.1 133 145 12 2.64
QVRD505 1201549 822534 379 -55 89 272.1 131 141 10 7.14
QVRD506 1201750 822546 379 -55 90 302.1 180 188 8 6.56
QVRD517 1201002 822404 380 -64 85 181.6 155 161 6 11.83
QVRD518 1200800 822421 387 -57 85 212.6 109 123 14 3.74
QVRD519 1201950 822635 356 -66 86 252.5 138 161 23 2.21
and 171 182 11 3.61
and 228 240 12 2.31
QVRD526 1202202 822851 349 -57 88 200.6 161 171 10 2.47
QVRD527 1201898 822646 359 -61 88 257.7 180 206 26 7.8
ALRC123 1197658 822092 367 -53 110 54 15 25 10 3.12
SERC165 1198030 821650 346 -56 87 120 53 59 6 4.32
and 101 104 3 7.49
SERC167 1198055 821575 345 -55 111 120 41 44 3 17.33
and 57 60 3 6.92
and 93 98 5 4.48
SERC170 1198113 821630 347 -55 119 120 87 95 8 2.91
SERC172 1198026 821596 345 -55 108 100 56 61 5 8.31
SERC173 1198012 821551 350 -54 109 156 96 103 7 6.68
SERC174 1197985 821560 350 -56 109 160 48 51 3 7.74
and 144 151 7 4.63
SERC202 1198135 821571 351 -55 110 204 75 80 5 5.66
SERC204 1198099 821519 345 -56 107 153 118 125 7 5.88
SERC208 1197901 821512 367 -55 110 162 57 66 9 4.66
SERC217 1197868 821528 365 -56 110 127 39 50 11 2.38
SERC221 1197617 821543 346 -55 109 109 50 61 11 2.06
Notes to Accompany Table:
• Grid coordinates are WGS84 Zone 29 North
• RC intervals are sampled every 1m by dry riffle splitting or
scoop to provide a 1-3kg sample
• Cut-off grade for reporting of intercepts is >1g/t Au with a
maximum of 3m consecutive internal dilution included within the intercept;
only intercepts >=2m and >20 gram x metres are reported
• Samples are analysed for gold by 30g fire assay fusion with AAS
instrument finish; over-range results are reanalysed by 30g fire assay fusion
with gravimetric finish
Table 1 - Section 1: Syama North Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or The samples were collected from reverse circulation (RC) and diamond drill
specific specialised industry standard measurement tools appropriate to the holes.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad RC samples were collected on 1m intervals by riffle split (dry) or by scoop
meaning of sampling. (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing,
splitting and pulverising to provide a 30g charge for analysis. . Following
· Include reference to measures taken to ensure sample representivity splitting adjacent to the bottom-of-hole orientation line, the right-hand side
and the appropriate calibration of any measurement tools or systems used. of the core is sampled in 1m intervals
· Aspects of the determination of mineralisation that are Material to Sampling and sample preparation protocols are industry standard and are deemed
the Public Report. appropriate by the Competent Person.
· 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 Drill types used include reverse circulation with face sampling bit and core
air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple drilling using PQ and HQ sized bits. A digital core orientation system is used
or standard tube, depth of diamond tails, face-sampling bit or other type, to define the bottom of the hole which is transferred to the drilled core..
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 Appropriate measures are taken to maximise sample recovery and ensure the
results assessed. representative nature of the samples.
· Measures taken to maximise sample recovery and ensure representative No apparent relationship is noted between sample recovery and grade.
nature of the samples.
· 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 Drill holes were geologically logged by geologists for colour, grainsize,
geotechnically logged to a level of detail to support appropriate Mineral lithology, minerals, alteration and weathering on geologically-domained
Resource estimation, mining studies and metallurgical studies. intervals.
· Whether logging is qualitative or quantitative in nature. Core (or Holes were logged in their entirety (100%) and this logging was considered
costean, channel, etc.) photography. reliable and appropriate.
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Reverse circulation samples were collected on 1m intervals by riffle split
taken. (dry) or by scoop (wet) to obtain a 1-3kg sample. Core samples were sawn using
a diamond saw blade with half of the core sent for analysis.
· If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. Sample preparation includes oven drying, crushing to 10mm, splitting and
pulverising to 85% passing -75µm. These preparation techniques are deemed to
· For all sample types, the nature, quality and appropriateness of the be appropriate to the material being sampled.
sample preparation technique.
Reverse circulation and core field duplicates were collected by the company at
· Quality control procedures adopted for all sub-sampling stages to a rate of 1:20 samples.
maximise representivity of samples.
Sampling, sample preparation and quality control protocols are of industry
· Measures taken to ensure that the sampling is representative of the standard and all attempts were made to ensure an unbiased representative
in-situ material collected, including for instance results for field sample was collected. The methods applied in this process were deemed
duplicate/second-half sampling. appropriate by the Competent Person.
· 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 All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
laboratory procedures used and whether the technique is considered partial or fusion with AAS instrument finish (method code Au-AA25). Over-range results
total. were re-analysed and reported by 30g fire assay fusion with gravimetric finish
(method code Au-GRA21). The analytical method was appropriate for the style of
· For geophysical tools, spectrometers, handheld XRF instruments, etc., mineralisation.
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. No geophysical tools were used to determine elemental concentrations.
· Nature of quality control procedures adopted (e.g. standards, blanks, Quality control (QC) procedures included the use of certified standards
duplicates, external laboratory checks) and whether acceptable levels of (1:40), non-certified sand blanks (1:40) and reverse circulation/core field
accuracy (i.e. lack of bias) and precision have been established. duplicates (1:20).
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats, grind size results and sample weights were also captured
into the digital database.
Analysis of the QC sample assay results indicates that an acceptable level of
accuracy and precision has been achieved.
Verification of sampling and assaying · The verification of significant intersections by either independent Verification of significant intersections have been completed by company
or alternative company personnel. personnel and the Competent Person.
· The use of twinned holes. No drill holes within the resource area were twinned.
· Documentation of primary data, data entry procedures, data Drill holes were logged into digital templates with lookup codes, validated
verification, data storage (physical and electronic) protocols. and then compiled into a relational SQL 2012 database using DataShed data
management software. The database has verification protocols which are used to
· Discuss any adjustment to assay data. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
and down-hole surveys), trenches, mine workings and other locations used in RTK DGPS with an expected accuracy of 0.05m; elevations were height above
Mineral Resource estimation. EGM96 geoid.
· Specification of the grid system used. Down hole surveys were collected at 10m intervals using a Reflex EZ-Gyro north
seeking instrument.
· Quality and adequacy of topographic control.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Tabakoroni drill holes were translated to local mine grid coordinates using 1
point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV aerial survey.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
· Whether the data-spacing and distribution is sufficient to establish under the 2012 JORC Code.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. The appropriateness of the drill spacing was reviewed by the geological
technical team, both on site and head office. This was also reviewed by the
· Whether sample compositing has been applied. Competent Person.
Samples were collected on 1m intervals; no sample compositing is applied
during sampling.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Holes were drilled predominantly perpendicular to mineralised domains where
possible structures and the extent to which this is known, considering the possible.
deposit type.
No orientation-based sampling bias has been identified in the data.
· 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. Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMIFI personnel.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. External audits of procedures indicate protocols are within industry
standards.
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Drilling at Syama was conducted within the Malian Exploitation Concession
agreements or material issues with third parties such as joint ventures, Permit PE 93/003 which covers an area of 200.6 Km2.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. Resolute Mining Limited has an 80% interest in the Syama project and the
Exploitation Permit PE 93/003, on which it is based, through its Malian
· The security of the tenure held at the time of reporting along with subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government
any known impediments to obtaining a licence to operate in the area. holds a free carried 20% interest in SOMISY.
Tabakoroni drilling was completed within the Finkolo-Tabakoroni Exploitation
Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation
Permit PE 13/19, through its Malian subsidiary, Société des Mines de Finkolo
SA (SOMIFI). The Malian Government holds a free carried 10% interest in SOMIFI
and a free carried 5% interest is held privately.
The Permits are held in good standing. Malian mining law provides that all
Mineral Resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. The Syama deposit was originally discovered by a regional geochemical survey
undertaken by the Direction National de Géologie et des Mines (DNGM) with
assistance from the United Nations Development Program (UNDP) in 1985. There
had also been a long history of artisanal activities on the hill where an
outcropping chert horizon originally marked the present day position of the
open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes
across Syama prospects. Randgold Resources Ltd during 1996-2000 sampled pits,
trenches, auger, RAB, RC and diamond drill holes across Syama prospects.
Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling.
Geology · Deposit type, geological setting and style of mineralisation. The Syama Project is found on the northern margin of the Achaean-Proterozoic
Leo Shield which forms the southern half of the West African Craton. The
project area straddles the boundary between the Kadiana-Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes
and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced from the
Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault
Zone and Birimian volcano-sedimentary units of the Syama Formation. The major
commodity being sought is gold.
The Tabakoroni deposit is hosted in upright tightly folded greenstone rocks of
the Syama Formation, comprising interbedded basalt and sediment units, and an
overlying complex sequence of deep marine and turbiditic sediments. The
sequence overlying the basalts contains interbedded carbonaceous units (silts
and shales) that are preferentially deformed, and which form the Tabakoroni
Main Shear Zone (TMSZ) that lies along the approximate contact of the
greenstone-sediment sequence. Gold mineralisation occurs within the TMSZ
associated with quartz vein stockworks and stylolitic quartz reefs.
· A summary of all information material to the understanding of the All information, including easting, northing, elevation, dip, azimuth,
exploration results including a tabulation of the following information for coordinate system, drill hole length, intercept length and depth are measured
Drill hole Information all Material drill holes: and recorded in UTM Zone 29 WGS84.
o easting and northing of the drill hole collar The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate
system.
o dip and azimuth of the hole
Spectrum Survey & Mapping from Australia established survey control at
o down hole length and interception depth Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
(WGS84) and 'above geoid' RL for the origin of the survey control points.
o whole length.
Accuracy of the survey measurements is considered to meet acceptable industry
· If the exclusion of this information is justified on the basis that standards.
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why Drill hole information has been tabulated for this release in the intercepts
this is the case. table of the accompanying text.
For completeness the following information about the drill holes is provided:
· Easting, Northing and RL of the drill hole collars are measured
and recorded in UTM Zone 29 (WGS84)
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal
· Down hole length is the distance down the inclination of the hole
and is measured as the distance from the horizontal to end of hole
· Intercept depth is the distance from the start of the hole down
the inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Exploration results reported in this announcement are tabulated using the
maximum and/or minimum grade truncations (e.g. cutting of high grades) and following parameters:
cut-off grades are usually Material and should be stated.
· Grid coordinates are WGS84 Zone 29 North
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such · Cut-off grade for reporting of intercepts is >=1g/t Au
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · No top cut of individual assays prior to length weighted
compositing of the reported intercept has been applied
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. · Maximum 3m consecutive internal dilution included within the
intercept
Metal equivalent values are not used in reporting.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of The Syama mineralisation is steeply dipping at approximately 60 degrees from
Exploration Results. the horizontal.
· If the geometry of the mineralisation with respect to the drill hole The majority of the Tabakoroni mineralisation is vertical. There is one
angle is known, its nature should be reported. domain which dips at 45o to the west.
· If it is not known and only the down hole lengths are reported, there The majority of the drill holes are planned at a general inclination of ‑60
should be a clear statement to this effect (e.g. 'down hole length, true width degrees east and as close to perpendicular to the ore zone as possible.
not known').
At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
Diagrams · Appropriate maps and sections (with scales) and tabulations of Relevant maps, diagrams and tabulations are included in the body of text.
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 Exploration results and infill drilling results are being reported in this
practicable, representative reporting of both low and high grades and/or announcement and tabulated in the body of the text.
widths should be practiced, to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be No geophysical and geochemical data or any additional exploration information
reported including (but not limited to): geological observations; geophysical has been reported in this release, as they are not deemed relevant to the
survey results; geochemical survey results; bulk samples - size and method of release.
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 (e.g. tests for lateral Further drilling is planned.
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.
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