REG - Thor Energy PLC - Copper Recoveries Advance ISR Assessment
11/12/2023 07:15
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RNS Number : 3128W Thor Energy PLC 11 December 2023
11 December 2023
Thor Energy PLC
("Thor" or the "Company")
Copper Recoveries Advance In-Situ Recovery Assessment
Alford East Copper-REE Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR,
OTCQB: THORF) are pleased to announce positive metallurgical copper recovery
results, advancing Thor's In-Situ recovery ("ISR") assessment of the Alford
East Copper-REE Project, South Australia.
Highlights:
§ Copper recoveries of up to 72.2% using a benign environmentally friendly
glycine lixiviant - GlyLeach™. This is an excellent result for ISR-style
copper recovery.
§ Four mini-column leach tests ("MCLT's") were conducted to give an accurate
determination of the leaching performance and the recovery of copper from
drill core samples from 21AEDD005, Alford East (Figure 1) with actual copper
recovered shown in Photo 1.
§ Alford East's saline groundwater was used in column testing to replicate
potential ISR conditions and provide a more accurate leaching performance. The
groundwater had no significant impact on recoveries.
Photo 1: Week 3 - Pregnant Liquor Solution ("PLS") containers and
copper-loaded Ion Exchange Resin
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"The successful completion of the hydrometallurgical mini-column tests;
returning favourable copper recoveries of up to 72.2% are above the standard
range of 60-70% for an ISR operation. These results are highly encouraging, as
Thor advances the ISR assessment of the Alford East Copper-REE-Gold Project.
"As part of Thor's commitment to sustainable exploration activities, we are
pleased to be using Glyleach (TM) as a lixiviant during the ISR process.
Compared to the conventional sulphuric acid that is often used, Glyleach (TM)
is an economical and environmentally friendly alternative, helping Thor to
develop a low-cost, low-environmental footprint ISR copper operation.
"Thor continues to work with Fleet Space Technologies to merge the Ambient
Noise Tomography ("ANT") 3D model with Thor's 3D geological model. The
resultant 3D model highlights low-velocity drill targets, which potentially
represent higher grade copper-REE-Gold targets, associated with deep
structurally controlled troughs. As part of a future drilling program, Thor
will be including additional water bores for pump testing, and push/pull test
work as it continues to advance ISR assessment at Alford East towards
in-ground lixiviant trials (Site Environmental Lixiviant Trials). These are
currently underway at EnviroCopper's Kapunda Project, in which Thor holds 30%
equity. We look forward to updating the market with further developments."
Photo 2: Mini Columns setup
Figure 1: Alford East Location Map showing the lateral extent of the Alford
Copper Belt (left), and the Alford East Mineral Resource Domains showing the
area for initial ANT Surveys (right)
Next Steps:
1. Modelling of ANT results incorporating Thor's 3D model and using
artificial intelligence to extrapolate controlling structures along the Alford
Copper Belt - in progress
2. Target generation from the final 3D Model
3. Drill preparations and drilling
4. REE samples to be submitted to ANSTO for recovery potential from
kaolin clays
5. Pump testing and preparations for push/pull connectivity testing,
followed by Site Environmental Lixiviant Trial
Mini Column Leach Testing (MCLT's)
Thor engaged Draslovka to undertake a program of work to evaluate Draslovka's
GlyLeach(TM) process, focusing on copper extraction from a 7.3m intersection
selected from drillhole 21AED005 (Figure 1). This sample was selected as
representative of copper oxide mineralisation within Mineral Resource Estimate
Domain Area 5 (MRE 5) from Thor's 2021 drill program (ASX/AIM: 26 April
2023):.
GlyLeach(TM) is an environmentally benign, hydrometallurgical process that can
leach copper, nickel, cobalt and zinc from oxide, mixed oxide and supergene
ores, and even primary sulphide ores. In the right conditions, it can also
leach gold.
Glycine is the simplest amino acid and is available in bulk quantities. Its
unique properties can offer substantial advantages over conventional
lixiviants:
§ Environment/safety: Glycine is non-toxic to humans as well as wildlife
§ Selectivity: Glycine will solubilise copper, nickel, cobalt, and zinc,
while iron, manganese, silicates, and carbonates remain in the solid phase
§ Alkalinity: Leach conditions are at high pH, allowing simple and
inexpensive materials for construction
§ Mild conditions: Leaching is typically at ambient temperature, with no
heating cost or pressure vessels
§ Low consumption: Glycine is non-volatile (unlike cyanide, ammonia, and
hydrochloric acid) and stable under process conditions
§ Recycle: Glycine is not chemically consumed in the overall process. It is
easily recovered and recycled, and process losses can be minimised by good
design
The metallurgical test work included a copper sequential analysis, diagnostic
Leach Tests (DLTs) (ASX/AIM: 22 February 2022) and Mini Column Leach Tests
(MCLT's) on the sample provided (Table 1). This testwork determines which
copper species can be leached by different solutions. For instance, sulphuric
acid (used in copper leaching projects) will easily leach most of the green
and blue copper species; however, it will take time to leach native copper,
chalcocite, and covellite. Copper sulphide species will eventually be taken
into solution by sulphuric acid, but the time frame is considered too long for
ISR-type operations.
Based on the copper sequential analysis by Australian Laboratory Services
(Table 2), Drasloka anticipated the GlyLeach(TM) process is likely to leach
all the cyanide soluble copper, a portion (20-80%) of the acid soluble copper
and minor amount (<10%) of silicate locked copper, depending on the
mineralogy where 22% to 67% would be expected to be leach from the supplied
sample (Table 2).
Figure 2: Draslovka Testwork Flow-wheel
Table 1: Head Grade - Gold (fire assay) and Copper (4 acid digest)- 21AED005
20-27.3m
Table 2: Copper Sequential Analysis
Mini Column Leach Tests were undertaken by Drasloka, designed to give a
preliminary indication of extractions for typical heap or ISR conditions at
Alford East. Small acrylic columns (ID: 45mm) were used to allow visual
observation of the sample charge as the leach solution percolates. Each column
is around 1m high and held 1.3kg per column of agglomerated sample percolated
at 10 L/m(2)/hr in close circuit, where the PLS was sampled and then put
through resin before returning to feed tank.
Four MCLT's were carried out with conditions given below:
§ Test 1: Agglomerated with 10.0 kg/t of Normal Portland Cement ("NPC") and
leached with GlyLeachTM using 36.78 g/L of glycine in total, column was
started with Gly:Cu molar ratio of 2:1
§ Test 2: Agglomerated with 10.0 kg/t of NPC and leached with GlyLeachTM
using 55.15 g/L of glycine in total, column was started with Gly:Cu molar
ratio of 3:1
§ Test 3: Agglomerated with 10.0 kg/t of NPC and leached with GlyLeachTM
using 55.15 g/L of glycine in total, column was started with Gly:Cu molar
ratio of 3:1, column was also heated to 40°C using heating strips
§ Test 4: Agglomerated with 10.0 kg/t of NPC and leached with GlyLeachTM
using 55.15 g/L of glycine in total, column was started with Gly:Cu molar
ratio of 3:1 and converted to GlyCatTM after two weeks by adding 1.92 g/L of
cyanide
Overall, the highest copper extraction was observed in column 2 at 72.2%
copper recovery (Figure 3). Column 1 achieved 69.3%, column 3 achieved 71.7%
and column 4 achieved 66.8% based on the residue analysis.
Referring to Figure 3, the best gold recovery was achieved in column 4 at
25.0%, column 1 achieved 21.5%, column 2 achieved 20.5%, and column 3 achieved
22.7% gold extraction based on residue analysis. Given the extraction had
plateaued after 42 days, an additional 15% more glycine was added into the
feed solution of each test to see if this would increase copper recovery, but
the results indicated no further change. Column 3, which was heated, showed no
benefit over column 2 as it performed under ambient temperature. It was found
that adding cyanide (Test 4) improved the gold extraction by approximately 5%.
The test work demonstrates GlyLeach(TM) ability to recover copper with
excellent recoveries, up to 72.2%. The temperature had negligible impact and
whilst the addition of cyanide improved the gold extraction, it was considered
a marginal improvement. Under these leach conditions, it was determined that a
copper extraction of 72.2% is achievable. It is recommended that a larger
sample is tested to validate what extraction can be achieved at a coarser
crush or in-situ recovery environment. With further optimisation, recoveries
ranging from 70 - 75% might be attainable.
Figure 3: THOM-02 Metal Extraction - Mini Columns Summary (A-1-Residual (R)
/Assayed Head(AH))
GlyLeach(TM) ability to recover copper with good recoveries, up to 72.2%,
supersedes the accepted range of 60-70% for ISR operations (Figure 4). Based
on CAPEX and OPEX costs, recovering metal in an ISR operation in comparison to
conventional mining (open cut or underground operation) enables lower metal
recoveries whilst maintaining equal or similar profit margins.
Figure 4: Comparison of ISR and Conventional Mining after Chris du Plessis,
AMIRA presentation 2014
Alford East Project Background
The Alford East Copper-Ree 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 2) (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 2), 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.
REE results were reported from the 2021 diamond drilling program, with
significant drill intercepts (>500ppm TREO(( 1 (#_ftn1) ))) including
(ASX/AIM: 26 April 2023):
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu
from 6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.2% 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
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 / Isaac Hooper
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 X
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.
At Alford East in South Australia, Thor holds 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 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.
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 E6529 which are 100% owned by Spencer Metals
wilderness or national park and environmental settings. 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. Plan and sections showing
exploration results including a tabulation of the following information for drillhole locations is included in report
all Material drill holes:
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 gold & REE's are associated with copper oxide mineralization within
Exploration Results. intense 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. Drilling, hydrogeological and metallurgical studies to
continue.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, Refer to diagram in document for geological interpretation and potential
provided this information is not commercially sensitive. extensions.
1 (#_ftnref1) 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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