REG - Thor Energy PLC - Alford East: High-grade Rare Earth Discovery
26/04/2023 07:00
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RNS Number : 4223X Thor Energy PLC 26 April 2023
26 April 2023
Thor Energy Plc
("Thor" or the "Company")
High-grade Rare Earth Discovery within IOCG Copper Project
Alford East Copper-Gold Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR,
OTCQB: THORF) are pleased to announce new Rare Earth Element (REE) drill
results from a review of the previously announced 2021 Copper and Gold
drilling at the Alford East Project, South Australia (SA).
Highlights:
§ Significant REE drill intercepts (>500ppm TREO1) include:
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from
6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.22% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m
including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17% ) TREO and 0.26% Cu from
30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from
91.4m
o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and
0.1% Cu from 81m,
including 1.7m @ 3139ppm (0.31%) TRE0 from 84.3m
o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from
42.8m,
including 1.4m @ 2274ppm (0.23%) TREO from 35m
o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m
including 1.0m @ 2213ppm (0.22%) TREO from 19m
§ A REE review has revealed that eight out of nine of the 2021 diamond drill
holes intersected wide zones of highly enriched REE's in kaolin altered,
copper rich oxide zones of IOCG style mineralisation.
§ Mineralisation is open over a ~5km trend as none of the remaining
historical drilling at Alford East, to the best of the companies knowledge,
has ever been assayed for REE's.
§ A full geochemical review of the historic drilling is now underway to
access the lateral extent of the REE potential within the Alford Copper Belt,
to generate drill targets and to fully assess the economic potential of this
discovery.
§ The kaolin association may represent an ionic style of REE mineralisation,
a highly valuable REE deposit class, often characterised by favourable
low-cost metallurgical recovery compared with many other types of REE
deposits.
§ Magnetic component (MREO) content of TREO up to 34%, see Table A.
§ Alford East is strategically located approximately 150km northwest of
Adelaide.
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"I am absolutely delighted to report these thick zones of shallow, high-grade
REE intercepts, found to be associated with oxide copper-gold mineralisation
at the Alford East Project.
"This batch of results compares very favourably in terms of depth, thickness
and grade to its peer group in the fledgling Australian REE sector.
"Importantly, this discovery has significant potential to be a large deposit
based on the ~5km lateral extent of the north-south trending, structurally
controlled troughs hosting IOCG mineralisation. It is promising that aside
from the nine 2021 diamond drill holes reported today, none of the other
historic drilling at Alford East is known to have ever been assayed for REE
content.
"Priority drill programme design is underway in conjunction with detailed
geochemical reviews of the historic drilling, along with further studies on
the nature of the REE mineralisation encountered to date."
Figure 1: Alford East Location Map showing the lateral extent of the Alford
Copper Belt.
Rare Earth Element Drill Results
A review of the Alford East Project geochemical data, in particular, the drilling results from Thor's 2021 maiden drilling program (ASX/AIM: 22 February 2022), highlighted shallow high-grade REE results associated with the oxide copper-gold mineralisation (Figure 2- 5, Table A).
These wide zones of enriched REE occur in kaolin altered, oxide zones of
IOCG-style mineralisation (Figure 3-5).
Three drill hole cross-sections (Figure 3 - 5) illustrate the REE
mineralisation with the copper intercepts within the Mineral Resource Estimate
(MRE) AE-5 area (Figure 2), where Thor in 2021 drilled 9 HQ diamond drillholes
whilst targeting oxide copper mineralisation. The proximity to the key
structure on the eastern side of the sections suggests the REE mineralisation
is structurally controlled and associated with significant metasomatic
alteration and deep weathering or kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE mineralisation, a
highly valuable REE deposit class, often characterised by favourable low-cost
metallurgical recovery compared with many other types of REE deposits.
This zone of oxide mineralisation lies in the Alford Copper Belt, which in
this area, is a structurally controlled, north-south corridor consisting of
deeply kaolinised and oxidised troughs within unweathered metamorphic units,
on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA. A recently
completed Ambient Noise Tomography (ANT) survey over the adjacent Alford West
project successfully delineated the boundaries of the structures in that area
(ASX/AIM: 17 April 2023) (Figure 1).
Next Steps:
Continue to review the geochemical REE data, with selected samples submitted
to the Bureau Veritas laboratory for analysis, for a supplementary REE
package; along with mineralogy and preliminary metallurgical work to determine
the potential ionic nature of the REE.
Figure 2: Alford East Inferred Minerals Resource Domains (left) and 2021
Drill Collar Map (right)
Figure 3: Cross Section 6256360mN showing REE (TREO) intercepts with copper
mineralisation.
Note - Historic holes "unassayed" have not known to have been assayed yet for
REE's
Figure 4: Cross Section 6256440mN showing REE (TREO) intercepts with copper
mineralisation.
Figure 5: Cross Section 6256600mN showing REE (TREO) intercepts with copper
mineralisation.
Table A: Significant REE Drill results - TREO =Total Rare Earth Oxides
(>500ppm)
Drillhole From (m) To (m) Interval (m) TREO % TREO ppm MREO ppm MREO % Cu %
21AEDD001 17.4 25 7.6 0.06 624 156 25 0.09
and 55 58.7 3.7 0.07 675 139 20 0.05
and 91.4 108.2 16.8 0.17 1721 248 14 0.48
Including 106 107 1 0.52 5184 729 14
21AEDD002 30.4 42 11.6 0.17 1699 583 34 0.26
Including 34.0 40.1 6.1 0.20 2262 742 33 0.28
and 50.2 53.3 3.1 0.12 1167 259 22 0.16
and 65.5 75.3 8.8 0.07 749 146 19 0.33
21AEDD003 19.3 42.3 22.6 0.05 504 92 18 0.14
including 28.6 33.4 4.8 0.11 1068 239 22
21AEDD004 10.1 11.7 1.6 0.24 2412 680 28 0.23
and 28 36.4 8.4 0.08 835 183 22 0.65
including 35 36.4 1.4 0.23 2274 482 21
and 42.8 55.9 13.1 0.13 1366 273 20 0.45
including 44 45.4 1.4 0.19 1906 414 22 0.74
21AEDD005 6.3 43 36.7 0.16 1568 399 25 1.19
Including 10 21.8 11.8 0.21 2095 512 24 1.22
and 47 58 11 0.21 2088 467 22 0.8
Including 47 59 2 0.50 5042 915 18 1.64
21AEDD006 18 47 29 0.10 959 222 23 0.07
Including 25.2 26.5 1.3 0.25 2484 175 7 0.06
and 52 60.6 8.6 0.07 691 107 15 0.09
and 81 87.1 6.1 0.11 1171 280 24 0.09
including 84.3 86 1.7 0.31 3139 755 24 0.18
21AEDD007 13 28 15 0.1 961 272 28 0.12
including 19 20 1 0.22 2213 700 32
and 33 40 7 0.1 1009 178 18 0.1
21AEDD008 7.8 10.6 2.8 0.08 864 198 23 0.15
21AEDD009 NS
§ NS- Not significant
§ TREO = (Total Rare Earth Oxides) = (La(2)O(3) + CeO(2) + Pr(6)O(11) +
Nd(2)O(3) +Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) +
Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3))
§ MREO = (Magnetic Rare Earth Oxides) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3
Table B: Drill Collar Locations
Hole ID EOH Depth East North RL Dip Azimuth
21AED001 156.17 763,727.91 6,256,359.35 48.69 -90(0) 360(0)
21AED002 98.85 763,908.67 6,256,599.18 48.35 -70(0) 90(0)
21AED003 93.20 763,680.15 6,256,359.62 48.39 -90(0) 360(0)
21AED004 71.95 763,849.71 6,256,442.33 46.84 -90(0) 360(0)
21AED005 96.47 763,799.52 6,256,358.84 47.91 -70(0) 90(0)
21AED006 135.4 763,988.83 6,256,682.88 44.71 -90(0) 360(0)
21AED007 115.2 763,883.93 6,256,600.85 48.09 -90(0) 360(0)
21AED008 77.8 763,739.04 6,256,274.50 47.67 -70(0) 90(0)
21AED009 32.63 763,812.14 6,256,205.90 46.10 -90(0) 360(0)
Alford East Project Background
The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (Figure 1) (ASX/AIM: 20 November 2020).
The Alford East Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford Copper Belt is a semi-coherent zone of copper-gold oxide mineralisation, within a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within metamorphic units on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA.
Thor completed an inferred Mineral Resource Estimate (MRE) by utilising
historic drill hole information. Table C - (ASX/AIM: 27 January 2021):
§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
§ 71, 500oz of contained gold
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/)
Table C: Alford East Mineral Resource Estimate as of 22 January 2021- Figure 2
((ASX/AIM: 27 January 2021).
Domain Tonnes (Mt) Cu % Au g/t Contained Cu (t) Contained Au (oz)
AE_1 24.6 0.12 0.021 30,000 16,000
AE_2 6.8 0.13 0.004 9,000 1,000
AE_3 34.9 0.09 0.022 33,000 25,000
AE_4 8.0 0.11 0.016 8,000 4,000
AE_5 11.0 0.22 0.030 24,000 11,000
AE-8 (NP) 31.3 0.19 0.008 61,000 8,000
AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000
AE-6 (LW_W) 1.3 0.13 0.011 2,000 500
Total 125.6 0.14 0.018 177,000 71,500
Note: MRE reported on oxide material only, at a cut-off grade of 0.05% copper
which is consistent with the assumed In-Situ Recovery technique.
The Board of Thor Energy Plc has approved this announcement and authorised its
release.
For further information, please contact:
Thor Energy Plc
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 207 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Bessie Elliot Tel: +44 (0) 20 3004 9512
Competent Person's Report
The information in this report that relates to exploration results is based on
information compiled by Nicole Galloway Warland, who holds a BSc Applied
geology (HONS) and who is a Member of The Australian Institute of
Geoscientists. Ms Galloway Warland is an employee of Thor Energy PLC. She has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the
report of the matters based on her information in the form and context in
which it appears.
Updates on the Company's activities are regularly posted on Thor's website
https://thorenergyplc.com (https://thorenergyplc.com) which includes a
facility to register to receive these updates by email, and on the Company's
twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are crucial in the
shift to a 'green' energy economy. Thor has a number of highly prospective
projects that give shareholders exposure to uranium, nickel, copper, lithium
and gold. Our projects are located in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell,
Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA
with historical high-grade uranium and vanadium drilling and production
results.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80% interest in oxide
copper deposits considered amenable to extraction via In Situ Recovery
techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource
Estimate¹. Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up to a 75%
interest in the mineral rights and claims over the resource on the portion of
the historic Kapunda copper mine and the Alford West copper project, both
situated in South Australia, and both considered amenable to recovery by way
of ISR.²³
Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020. Thor executed a A$8m Farm-in and Funding Agreement with
Investigator Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of
tungsten, copper, and vanadium, including Inferred resource estimates for the
Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵
Thor's interest in the Bonya tenement EL29701 is planned to be divested as
part of the Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)
³
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)
1 JORC Code, 2012 Edition - Table 1 report template
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Diamond drilling program with half core sampled for Au fire assay FA001 and
specific specialised industry standard measurement tools appropriate to the Aqua Regia 48 element suite AR001. Samples submitted to Bureau Veritas (BV),
minerals under investigation, such as down hole gamma sondes, or handheld XRF SA. Standard blank and duplicate inserted every 30 samples
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. pXRF readings taken very 0.5m down the hole.
· Include reference to measures taken to ensure sample representivity Vanta C Series 800427 XRF -40sec reading time.
and the appropriate calibration of any measurement tools or systems used.
Instrument calibrated externally annually and with QA/QC at start prior to
· Aspects of the determination of mineralisation that are Material to sampling and calibration disc every 30 readings
the Public Report.
All co-ordinates are in UTM grid (GDA94 Z53) and drill hole collars have been
· In cases where 'industry standard' work has been done this would be surveyed by DGPS to an accuracy of 0.1m. Down holes surveys using Truman with
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m readings every 6m.
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 Diamond samples were collected at geologically defined intervals (minimum
is coarse gold that has inherent sampling problems. Unusual commodities or sample length 0.1m, maximum sample length 1.5m) for all drill holes in the
mineralisation types (eg submarine nodules) may warrant disclosure of detailed current program Samples are cut using an automated diamond saw and half core
information. is submitted for analysis at Bureau Veritas, SA. The sample size is deemed
appropriate for the grain size of the material being sampled.
Mineralisation is determined by descriptive geological logs for diamond hole
as well as the incorporation of assay results and pXRF readings
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary Diamond drilling - GMP drilling Pty Ltd. B&D Multi 35 Rig
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, 0-6m open hammer - transported cover sequence.
whether core is oriented and if so, by what method, etc).
HQ standard tube diamond drilling
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Core recovery assessed and measured relative to drill rod measurements into
results assessed. laptop computer.
· Measures taken to maximise sample recovery and ensure representative HQ single tube drilling through weathered zone to maximise sample recovery.
nature of the samples. The sample recovery and condition is recorded every meter. Generally, core
recovery is 98-100%, but occasionally drops to 70% in friable clays zones due
· Whether a relationship exists between sample recovery and grade and to compaction and/or broken ground. No relationship is known to exist between
whether sample bias may have occurred due to preferential loss/gain of sample recovery and grade
fine/coarse material.
Logging · Whether core and chip samples have been geologically and All core is qualitative geologically logged (lithology, structure, alteration,
geotechnically logged to a level of detail to support appropriate Mineral veining, mineralization weathering, colour and other features of the core).
Resource estimation, mining studies and metallurgical studies.
Core photography completed prior to core cutting and after
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. Core (and intersections) logged based on geological, lithological and
structural boundaries.
· The total length and percentage of the relevant intersections logged.
All drill samples are measured for magnetic susceptibility at 1m intervals,
and XRF readings taken every 0.5m.
Criteria JORC Code explanation Commentary
Sub- sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Half core samples submitted for laboratory analysis.
taken.
Diamond core was given up to two weeks to dry out, prior to cutting and sample
· If non-core, whether riffled, tube sampled, rotary split, etc and prep.
whether sampled wet or dry.
Sampling is carried out using standard protocols and QAQC procedures as per
For all sample types, the nature, quality and appropriateness of the sample industry practice.
preparation technique.
Field QAQC procedures involved the use of certified standards, blanks and
· Quality control procedures adopted for all sub-sampling stages to duplicate sample submitted every 25 samples. These are routinely checked
maximise representivity of samples. against originals.
· Measures taken to ensure that the sampling is representative of the Handheld pXRF readings reported.
in situ material collected, including for instance results for field
duplicate/second-half sampling. pXRF readings taken on whole (HQ) core at 0.5m intervals prior to cutting.
· Whether sample sizes are appropriate to the grain size of the Vanta Series C 40 second reading time.
material being sampled.
Instrument calibrated at start, QAQC with 2 standards and 1 blank every 30
readings. External instrument calibration completed annually.
Readings taken every 0.5m down hole
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and Diamond core sampled through potential copper and gold zones.
laboratory procedures used and whether the technique is considered partial or
total. Samples submitted to Bureau Veritas for 50g fire assay and Aqua Regia
multi-element analysis.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and Internal certified laboratory QAQC is undertaken including check samples,
model, reading times, calibrations factors applied and their derivation, etc. blanks and internal standards
· Nature of quality control procedures adopted (eg standards, blanks, Handheld pXRF readings reported.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. Vanta Series C 40 second reading time.
Instrument calibrated at start, QAQC with 2 standards and 1 blank every 30
readings. External instrument calibration completed annually.
Readings taken every 0.5m down hole
Verification of sampling and assaying · The verification of significant intersections by either independent All drilling data is collected in a series of templates in excel including
or alternative company personnel. geological logging, sample information, collar and survey information,
· The use of twinned holes. All data is digitally recorded in the company's electronic database.
· Documentation of primary data, data entry procedures, data No adjustments have been made to the assay data.
verification, data storage (physical and electronic) protocols.
All significant intersections have been verified by an alternative company
· Discuss any adjustment to assay data. geologist.
There are no twinned drillholes
Rare earth element analyses were originally reported in elemental form but
have been converted to relevant oxide concentrations as in the industry
standard.
TREO = La(2)O(3) + CeO(2) + Pr(6)O11 + Nd(2)O(3) +Sm(2)O(3) + Eu(2)O(3) +
Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) +
Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Collars picked up using DGPS - MGA94 zone 53 (GDA) used. Down hole survey
and down-hole surveys), trenches, mine workings and other locations used in readings taken every 6m with Boart Longyear Truman multi shot camera
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Drillhole data spacing is considered appropriate to allow confident
interpretation of exploration results.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral pXRF readings taken every 0.5m down the hole. No sample compositing has been
Resource and Ore Reserve estimation procedure(s) and classifications applied. applied
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Drill holes were oriented vertical (090 degrees) or 070 towards 090degrees
possible structures and the extent to which this is known, considering the which is perpendicular to strike of the geological trough. Orientational bias
deposit type. is not applicable this stage with half core samples taken across full
mineralised zone and pXRF sampling every 0.5m downhole
· 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 trucked from Alford to Adelaide, to Challenger Geological
Services for cutting and prep, prior to submission to Bureau Veritas, Adelaide
for analysis.
Audits or reviews • The results of any audits or reviews of sampling techniques and No formal audits have been undertaken
data.
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 Alford East project:
agreements or material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests, historical sites, § The JV area covers portions EL6255 and E6529 which are 100% owned by
wilderness or national park and environmental settings. Spencer Metals Ltd.
· The security of the tenure held at the time of reporting along with · PML 268 lies within E6529
any known impediments to obtaining a licence to operate in the area.
· There are no non-government royalties, historical sites or environmental
issues.
· Underlying land title is Freehold land which extinguishes native title.
· All tenure in good standing.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. The general area of this report has been explored in the past by various
companies including Jododex, Uranez, North Broken Hill, MIM, Hillgrove
Resources, Argonaut Resources and Sandfire Resources. Activities include AC,
RC, & Diamond drilling, and significant geophysical surveying. The
Company has reviewed past exploration data generated by these companies.
Geology • Deposit type, geological setting and style of mineralisation. Primary deposits in the region are considered to be of Iron Oxide Copper Gold
(IOCG) affinity, related to the 1590Ma Hiltaba/GRV event. Cu-Au-Mo-Pb
mineralisation is structurally controlled and associated with significant
metasomatic alteration and deep weathering or kaolinisation of host rocks.
Locally, the low-grade copper/gold oxide mineralisation that forms the basis
for this Exploration results announcement, is hosted within variably weathered
and sheared metasedimentary basement lithologies.
Drill hole Information · A summary of all information material to the understanding of the Drillhole information is included in report, with Table B summarising
exploration results including a tabulation of the following information for drillhole collar information.
all Material drill holes:
Plan and sections showing drillhole locations is included in report
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Weighted averaging technique is used for reporting exploration assay results,
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. No metal equivalents are reported.
· 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
Criteria JORC Code explanation Commentary
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of The REE are associated with the copper oxide mineralization within intense
Exploration Results. clay alteration. The alteration is interpreted to be similar to that found in
the adjacent Alford West area.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. The drilling intersections quoted are downhole intercept lengths with an
unknown orientation to dip and plunge of the target mineralisation
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams • Appropriate maps and sections (with scales) and tabulations of Appropriate maps and sections included in document.
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 results have been reported
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data • Other exploration data, if meaningful and material, should be All data have been reported
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 Additional work will be carried to define the known extent of the REE from
extensions or depth extensions or large-scale step- out drilling). historic drilling.
· Diagrams clearly highlighting the areas of possible extensions, Refer to diagram in document for geological interpretation and potential
including the main geological interpretations and future drilling areas, extensions.
provided this information is not commercially sensitive.
1 TREO = (Total Rare Earth Oxides) = (La(2)O(3) + CeO(2) + Pr(6)O(11) +
Nd(2)O(3) +Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) +
Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3))
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