Phoenix Copper Ltd.

Oberflächennahe, hochgradige Zink-Gold-Silber-Mineralisierung bei Mount Bonnie

Oberflächennahe, hochgradige Zink-Gold-Silber-Mineralisierung bei Mount Bonnie

 

Highlights:

 

      Die ersten drei bei Mount Bonnie gebohrten Bohrlöcher liefern hochgradige Analyseergebnisse:

 

o          17 m mit 5,4 % Zn, 1,62 g/t Au, 61 g/t Ag, 0,3 % Cu und 0,5 % Pb aus 37 m in Loch MBRC013

 

o          8 m mit 12,3 % Zn, 2,41 g/t Au, 321 g/t Ag, 0,5 % Cu und 2,5 % Pb aus 89 m in Loch MBRC014

 

o          12 m mit 8,4 % Zn, 2,57 g/t Au, 228 g/t Ag, 0,7 % Cu und 2,0 % Pb aus 48 m in Loch MBRC015

 

      Die bisher ermittelte Mineralisierung befindet sich nahe der Oberfläche und ist in allen Richtungen offen – EM-Messungen am Boden bestätigen eine noch nicht erkundete nördliche Ausdehnung der bekannten Mineralisierung

 

      Insgesamt wurden zwölf Bohrungen bei Mount Bonnie niedergebracht, die noch ausstehenden Ergebnisse werden vor Ende Juni erwartet

 

 

Phoenix Copper Limited (ASX: PNX) freut sich mitzuteilen, dass die Analyseergebnisse aus den ersten drei von zwölf Bohrlöchern, die im Projekt Mount Bonnie im RC-Verfahren niedergebracht wurden, nunmehr vorliegen. Die Ergebnisse sind großartig und liegen über den Erwartungen des Unternehmens, die auf der Auswertung historischer Daten basieren.

 

Das Projekt Mount Bonnie befindet sich auf dem Gelände genehmigter Bergbaukonzessionen, die zum Projekt Hayes Creek in der Region Pine Creek im australischen Northern Territory gehören, und ist zu 100 % im Besitz von Phoenix Copper.

 

Oberflächennahe, hochgradige Zink-, Gold- und Silbersulfidmineralisierung

 

Das Ende Mai fertiggestellte Bohrprogramm umfasste zwölf RC-Löcher mit 1.114 Bohrmeter und hatte die Entdeckung von neuen Mineralisierungsstandorten sowie Erweiterungen der bestehenden Massivsulfidmineralisierung bei Mount Bonnie zum Ziel (Abbildung 1 und Tabelle 1).

 

Die Löcher MBRC013, MBRC014 und MBRC015 wurden direkt neben und unterhalb der historischen Tagebaustätte (wo nach Entdeckung von Sulfiden der frühere Bergbaubetrieb stillgelegt wurde) gebohrt und sollten eine große Informationslücke zwischen der Basis des Tagebaubetriebs und den am nächsten gelegenen Bohrlöchern schließen. Alle drei Löcher konnten eine oberflächennahe, hochgradige Massivsulfidmineralisierung durchteufen (Tabelle 2).

 

Der beste Abschnitt, der bisher im Bereich der Lagerstätte durchteuft wurde, stammte aus Loch MBRC014. Dieser Abschnitt umfasste 8 m mit einem Erzgehalt von 12,3 % Zn, 2,41 g/t Au, 321 g/t Ag, 0,5 % Cu und 2,5 % Pb und war in einem breiteren Abschnitt von 89 m enthalten. Vereinzelt wurden Erzgehalte von bis zu 16,1 % Zn, 611 g/t Ag und 4,66 % Pb ermittelt, die sich in einem 1 m-Abschnitt innerhalb eines 90 m breiten Bereichs befanden. Es konnte somit bestätigt werden, dass die Lagerstätte hochwertig ist und hohe Erzgehalte aufweist. Zudem ist die Mineralisierung in Loch MBRC014 mächtiger und hat einen höheren Erzgehalt als ein historisches Bohrloch im näheren Umfeld; auch ist die Massivsulfidlinse in der Tiefe offen und bietet damit bedeutendes Potenzial für eine weitere Mineralisierung (Abbildung 2).

 

Tabelle 1: Einzelheiten zu den Bohrlöchern bei Mount Bonnie

 

Tabelle 2: Wichtige Durchschneidungen bei Mount Bonnie

 

 

Diese Analyseergebnisse aus den ersten drei bei Mount Bonnie gebohrten Löchern sind sehr vielversprechend, da sich die durchteufte Mineralisierung jenseits der Abgrenzung, die im Rahmen früherer Bohrungen definiert wurde, befindet. Der Gesamterzgehalt und die Art der Mineralisierung, die typischerweise als Massivsulfidmineralisierung mit bedeutenden Sphalerit-, Bleiglanz- und Pyrrhotinanteilen eingebettet in eine mächtigere Einheit aus versprengten Sulfiden auftritt, ist der Mineralisierung der Ressourcen bei Iron Blow sehr ähnlich (Tabelle 3); letztere liegt in weniger als 3 km Entfernung in nordwestlicher Richtung (Abbildung 3). Dieses erste Bohrprogramm bei Mount Bonnie wird daher zu einer Steigerung des Wertes und der Prospektivität des Projekt Hayes Creek als Ganzes beitragen.

 

Noch ausstehende Ergebnisse

 

Die Analyseergebnisse aus neun der zwölf während des Programms gebohrten Löcher (Abbildung 1) stehen noch aus. In diesen Löchern wurde untersucht, ob eine Erweiterung nördlich des bestehenden Tagebaubetriebs und entsprechendes Gold-Silberoxidpotenzial entlang des Streichens der Abbaustätte selbst vorhanden sind. Was diese übrigen Löcher betrifft, wurde in vier eine Massivsulfidmineralisierung durchteuft, vier endeten in der Oxidalterierungszone und eines erreichte seine Zieltiefe aufgrund von übermässigem Wassereintritt nicht. Die Ergebnisse zu diesen Löchern sollten vor Ende Juni vorliegen und bilden einen wesentlichen Bestandteil der ersten Ressourcenschätzung für Mount Bonnie, die im weiteren Jahresverlauf erstellt werden soll.

 

Abbildung 1:  Mount Bonnie - nur Analyseergebnisse für Zink und Gold sind angeführt (siehe Tabelle 2). Gelbe Löcher wurden von Phoenix Copper gebohrt, schwarze Löcher sind frühere Bohrungen. Rote „Wireframes“ stellen Konduktivkörper dar, die blau-gestrichelte Linie weist auf die Lage des Querschnitts hin, der in Abbildung 2 unten dargestellt ist.

 

Geophysikalische Daten an der Oberfläche und innerhalb des Lochs

 

Vor kurzem wurden im Rahmen einer Modellierung „Fixed Loop“-Messungen sowie elektromagnetische Messungen im Loch durchgeführt, mit denen man in der Lage ist, das Grundgestein der Massivsulfidmineralisierung zu lokalisieren. Die Ergebnisse lassen mit großer Wahrscheinlichkeit darauf schließen, dass sich die Mineralisierung weiter nördlich fortsetzt als bisher vermutet (Abbildung 1). Anhand der Modelle lassen sich zwei Zonen mit Massivsulfiden ausmachen, von denen eine (obere, oberflächennahe Leitschicht) mit der bekannten Mineralisierung korreliert, während die andere (untere, tiefere Leitschicht) möglicherweise eine neue und noch unerkundete Mineralisierung darstellt. Dieses Konzept wurde noch nicht durch Bohrungen untersucht (auch nicht im Rahmen des Programms im Mai 2015) und bietet daher weitere Chancen für die Ausdehnung der mineralisierten Bereiche. Das Unternehmen will diese Arbeiten im weiteren Jahresverlauf in Angriff nehmen.

 

Phoenix Copper ist der Überzeugung, dass enormes Potenzial für eine Erweiterung der Ressourcen im Projekt Hayes Creek sowie für die Entdeckung neuer VMS-Lagerstätten besteht. Die Zielstratigraphie lässt sich an der Oberfläche auf einer Länge von mindestens 10 km verfolgen; zahlreiche weitere Bereiche, die sich auf dem Projektgelände Burnside befinden, sollen noch genauer erkundet werden. Es wird demnächst ein regionales Explorationsprogramm eingeleitet, mit dem eine Kartierung und Probenahme des prospektiven Horizonts durchgeführt und neue Bereiche mit potentiellen VMS- und Goldlagerstätten verifiziert werden sollen.

 

Abbildung 2:  NW-SO-Querschnitt durch Loch MBRC014, der auf eine mögliche, leicht gegen Nordwesten abfallende Massivsulfidlinse hinweist

 

Über das Projekt Hayes Creek

Die Lagerstätten Iron Blow und Mount Bonnie sind Teil des von Phoenix Copper betriebenen Projekts Hayes Creek, das sich in der Region Pine Creek im australischen Northern Territory, 180 km südlich von Darwin, befindet (Abbildung 4). Die Lagerstätten befinden sich auf dem Gelände genehmigter Bergbaukonzessionen und unweit bestehender Infrastruktureinrichtungen (Bahnnetz, Straßen, Starkstromleitungen, Wasserversorgung).

 

Für die Lagerstätte Iron Blow wurde von Phoenix Copper Ende 2014 eine neue Mineralressourcenschätzung erstellt, in der Mineralressourcen der abgeleiteten Kategorie gemäß JORC (2012)-Richtlinien ausgewiesen wurden (Tabelle 3). Diese Ressourcen umfassen rund 200.000 Unzen Gold, 10,7 Millionen Unzen Silber und 125.000 Tonnen Zink mit potentiell abbaubaren Erzgehalten (siehe ASX-Meldung vom 3. November 2014).

 

Im Laufe des Jahres 2015 will das Unternehmen im Projekt Hayes Creek ein Ressourcenvolumen definieren, das für die Durchführung einer Rahmenstudie ausreicht. Diese Studie, die Mitte April 2016 vorliegen soll, wird als Nachweis der potentiellen Machbarkeit des Projekts dienen.

 

Tabelle 3: Schätzung der abgeleiteten Mineralressourcen bei Iron Blow - Stand: 8. Oktober 2014*

 

* Einzelheiten siehe ASX-Meldung vom 3. November 2014 mit dem Titel „High Grade Mineral Resource Estimate for Iron Blow Deposit“ Hinweis: Seit dem Erstbericht wurden keine wesentlichen Änderungen an der Mineralressourcenschätzung vorgenommen. Die Ergebnisse, der von Phoenix Copper seit Oktober 2014 durchgeführten Bohrungen sind nicht in der Schätzung enthalten.

 

 

Abbildung 3:  Iron Blow und Mount Bonnie auf dem Projektgelände Hayes Creek

 

Abbildung 4:  Projekt Hayes Creek und Explorationsprojekte Burnside, Moline und Chessman

 

 

Stellungnahme des Sachverständigen

Die in diesem Bericht enthaltenen Informationen, die sich auf Explorationsergebnisse beziehen, basieren auf Datenmaterial, das von Andrew Bennett, einem Sachverständigen und Mitglied des Australasian Institute of Mining and Metallurgy (AusIMM), zusammengestellt wurde. Herr Bennett hat ausreichende Erfahrungen, wie sie für die Art der hier dargestellten Mineralisierung bzw. Lagerstätten und auch für die von ihm durchgeführten Tätigkeiten wesentlich sind. Er verfügt somit über die entsprechenden Qualifikationen, die ihn zum Sachverständigen gemäß den einschlägigen australischen Richtlinien der Berichterstattung („Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves“, Ausgabe 2012) befähigen. Herr Bennett stimmt zu, dass die auf den einschlägigen Informationen basierenden Angaben in einer der Form und dem Zusammenhang entsprechenden Weise in diesen Bericht aufgenommen werden.

 

James Fox                                         

Managing Director & CEO

Telefon: [phone]

E-Mail: [e-mail]

                                         

Peter Taylor

Investor Relations

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E-Mail: [e-mail]

Website: www.phoenixcopper.com.au

 

Phoenix Copper Limited

ABN 67 127 446 271

Level 1, 135 Fullarton Road

Rose Park, SA 5067

Australien

Telefon: [phone]

Fax: [phone]

[e-mail]

www.phoenixcopper.com.au

 

Für die Richtigkeit der Übersetzung wird keine Haftung übernommen! Bitte englische Originalmeldung beachten!

 

Sie finden den englische Originalmeldung inkl. JORC Code unter folgendem Link:

 

http://www.asx.com.au/asxpdf/20150603/pdf/42yz91lk08k1z3.pdf

 

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

 

Criteria	JORC Code explanation	Commentary
Sampling techniques	       Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.        Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.        Aspects of the determination of mineralisation that are Material to the Public Report.        In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	       All samples are reverse circulation (RC) chips        All samples were split using riffle splitter mounted to the bottom of the cyclone to obtain a representative sample for analysis        Sample intervals were 1m        Sample weights were typically 2-3kg        Magnetic susceptibility measurements were taken using a Fugro GSM-2 instrument        Field portable XRF measurements taken for 32 elements (Ca, Ti, V, Cr, Mn, Fe, Co, Ni, Cu, Zn, As, Rb, Sr, Zr, Mo, Ag, Cd, Sn, Sb, W, Hg, Pb, Bi, Th, U, P, S, Cl, K, Se, Y and Au) using an Olympus-InnovX “DELTA Premium DP4000C” with a Ta/Au anode.  The instrument conducts a self-calibration prior to each use and is also checked against standard reference samples        Mineralised intercepts have been verified using the field portable XRF instrument which gives a qualitative measure of the relevant elemental abundances
Drilling techniques	       Drill type (eg core, reverse circulation, open-hole hammer, rotary 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, whether core is oriented and if so, by what method, etc).	       All drilling was RC drilling from surface with 4.5” rods with a face sampling hammer. Drilling was carried out by May Drilling of Humpty Doo, Northern Territory using a truck mounted EDM2000 drilling rig        A Reflex Easy Track single-shot survey tool was used by May Drilling at regular intervals (approximately every 30m downhole) as instructed by Phoenix Copper’s on-site geologist to monitor the downhole position
Drill sample recovery	       Method of recording and assessing core and chip sample recoveries and results assessed.        Measures taken to maximise sample recovery and ensure representative 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.	       Sample recovery was estimated visually by inspecting the size of the sample collected, and recorded in the geological log at 1m intervals        No relationship has yet been established between sample recovery and grade.    When samples became wet, there was unavoidable loss of fines (typically 5-10% of the sample weight).    This has the possibility of introducing a sample bias in deeper parts of some holes.   Geological logs include the wet or dry nature of the sample
Logging	       Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.        Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.        The total length and percentage of the relevant intersections logged.	       All RC chips have been geologically logged by the onsite geologist at 1m intervals and chip trays have been retained and photographed        Log fields include lithology, colour, grainsize, texture, veining, sulphide mineralisation, alteration, strength, recovery and sample moisture        Logs have been aided by the use of magnetic susceptibility and portable XRF measurements on each metre sample
Sub-sampling techniques and sample preparation	       If core, whether cut or sawn and whether quarter, half or all core taken.        If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.        For all sample types, the nature, quality and appropriateness of the sample preparation technique.        Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.        Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.        Whether sample sizes are appropriate to the grain size of the material being sampled.	       Riffle splitting at the drill rig provides a 1/8 fraction of the total drilled portion for assay        All samples were riffle split.    The splitter was blown with compressor air and cleaned at the end of each rod (6m) to reduce sample contamination        All mineralised intercepts and their surrounding ~10m are submitted for assay.  Intervals submitted for assay are based on visual and portable XRF readings        Duplicate field samples were taken each 25th sample by using a second portable riffle splitter to check representivity of samples        Individual samples are placed in individual sample bags and clearly identified prior to submission to the laboratory for assay        The sample sizes are appropriate for the grain size of the material being sampled
Quality of assay data and laboratory tests	       The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.        For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.        Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	       Samples were submitted to Northern Australian Laboratories (NAL) in Pine Creek, Northern Territory        After crushing and pulverizing to – 100 microns, each sample is roll mixed on a rubber mat after pulverizing, a barren flush is pulverized between each sample, the samples are subjected to a four acid digest (considered a total digest for the elements of interest) and read using ICP-MS and OES for a suite of elements (lab methods G400 and G340 for ore grade samples).  A sub-sample of the pulverized sample is also submitted for conventional fire assay for gold (FA50)        Phoenix Copper submitted certified reference materials every 25th sample and also submitted blank quartz material to check laboratory analytical and sample preparation quality        NAL have internal QAQC procedures, including certified reference materials, duplicates and blanks, results of which are reviewed by NAL prior to reporting to Phoenix Copper        Visual assessment of the standards, blanks and duplicates shows that a high degree of confidence can be placed in the accuracy and precision of the assay data
Verification of sampling and assaying	       The verification of significant intersections by either independent or alternative company personnel.        The use of twinned holes.        Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.        Discuss any adjustment to assay data.	       The results in this report have no directly comparable diamond core to determine if sample bias is a possibility in RC drilling.    When all results are received, a statistical comparison between RC samples and diamond core will be undertaken        External laboratory assays are routinely carried out prior to resource estimation        All logging has been carried out using standardised logging codes to professional standards.  All geological, geotechnical and sampling information has been entered into a digital database which has been validated for sample overlaps and missing data        All hard copies of information are stored in a secure compound at site. Digital copies are held on site and at Phoenix Copper’s Adelaide office on a backed-up server        No adjustments to assays have been made.   Where gold assay data has been repeated by the lab, the average value has been reported
Location of data points	       Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.        Specification of the grid system used.        Quality and adequacy of topographic control.	       Downhole surveys have been collected by a Reflex single shot camera at intervals of 30m.   Where magnetic ground was encountered, alternative depths were surveyed        The drill collars were located using a Garmin GPS Map 60 hand-held GPS unit and verified using a second unit.  The drill hole locations are considered accurate to within 7 m and this is sufficient for the nature of the drilling.  All coordinates are quoted using the GDA94 datum and projected to MGA zone 52        Topography has been accurately measured using a drone survey over the area in 2014
Data spacing and distribution	       Data spacing for reporting of Exploration Results.        Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.        Whether sample compositing has been applied.	       The drill spacing is irregular, due to the irregular topography and historical mining activities; however the overall drill spacing within the mineralised zone is approximately 15 x 40m, which will be sufficient to establish the grade continuity.   A few scout holes occur at irregular spacings to the north of known mineralisation, but there is no drilling at all to the south of known mineralisation        Consistent 1 metre downhole intervals are sampled, which is appropriate for RC drilling and for the thickness of the known mineralisation        No sample compositing has been carried out
Orientation of data in relation to geological structure	       Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.        If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	       The drill holes are oriented to intersect mineralisation close to perpendicular to the interpreted orientation of the main zone of mineralisation.    Some holes were drilled vertically where space was limited.   The mineralisation may be folded in some areas, which could result in the possibility of drill holes being not optimally orientated        Any biasing effect is yet to be determined
Sample security	       The measures taken to ensure sample security.	       Logging and sampling has been carried out by Phoenix Copper personnel on site and samples submitted to the laboratory by the same people        No third parties have been allowed access to the samples
Audits or reviews	       The results of any audits or reviews of sampling techniques and data.	       No audits have been carried out at this point        A visual comparison of the assay results with the field portable XRF shows an acceptable correlation between the two

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	       Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.        The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	         The Mount Bonnie deposit is located within MLNs1033, 1039, 342 and 405          The deposit and drilling is situated within Pastoral Lease No. 903, Douglas, held by Tovehead Pty Ltd          The Mineral Leases are in good standing and no known impediments exist          A ‘Sale and Purchase Agreement and Heads of Agreement for Farm In and Joint Venture Agreement’ (Agreement) between Phoenix Copper Ltd and Crocodile Gold Australia Pty Ltd was signed on 15 August 2014, the Agreement includes the 100% acquisition of the mineral leases containing Iron Blow and Mount Bonnie. Crocodile Gold retains a 2% royalty on any silver and gold production from those deposits
Exploration done by other parties	       Acknowledgment and appraisal of exploration by other parties.	       Previous exploration at Iron Blow and Mount Bonnie has consisted of oxide mining, geological mapping, surface geochemical sampling and diamond drilling        Crocodile Gold carried out some drilling at both deposits in 2011, which has been inspected and verified by Phoenix Copper        Extensive exploration on the broader tenement package by previous explorers has focused on gold exploration.  Numerous base metal prospects have been identified in surface geochemical sampling by these explorers that have not been adequately followed up due to the lower gold values        Crocodile Gold completed an airborne EM (VTEM) survey over parts of the tenement package.  Numerous conductive rocks prospective for base metals have been identified by Phoenix Copper for further ground truthing and follow-up work
Geology	       Deposit type, geological setting and style of mineralisation.	       Iron Blow and Mount Bonnie are stratabound base metal, silver and gold massive sulphide deposits.  They are located within the Mount Bonnie Formation of the South Alligator Group, within the Pine Creek Orogen of the Northern Territory.  Both deposits appear to be located at similar stratigraphic positions on opposite limbs of the roughly north-south trending Margaret Syncline        Mineralisation is hosted within carbonaceous siltstones and mudstones within the lower portion of the Mount Bonnie Formation.  It appears to have formed early in the basin development and has associated footwall alteration consisting of variable proportions of chlorite, amphibole, calcite, silica, and talc with associated vein and disseminated sulphides. The mineralisation appears to be consistent with a volcanic hosted massive sulphide deposit (VHMS) characteristics, or could possibly be related to carbonate replacement style.  Further work is required to determine the exact association.        The massive sulphide mineralisation is dominantly massive pyrrhotite with zones of coarse-grained, high-grade sphalerite, arsenopyrite, chalcopyrite, with lesser galena.  Significant silver and gold grades are also present in previous drillholes within the massive sulphide and within adjacent quartz-veined and brecciated sediments containing significant disseminated and stringer sulphides, which is possibly the vent zone typical of VHMS deposits        Mineralisation at both Iron Blow and Mount Bonnie is structurally complex and appears to be deformed by the regional deformation events.  Structural mapping and logging is continuing to determine the precise nature, timing, and geometry of the mineralized bodies
Drill hole Information	       A summary of all information material to the understanding of the exploration results including a tabulation of the following information for 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.	       Refer to table and diagram in main announcement for drill summary details
Data aggregation methods	       In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.        Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.        The assumptions used for any reporting of metal equivalent values should be clearly stated.	       All samples are of equal length, so no weighted averages are applied        No high cut-off grades have been applied        Reported intersections are reported as significant if they occur at a minimum of 0.7 g/t Au, calculated on an equivalence basis.  This is consistent with the minimum cut-off grade reported for the Iron Blow resource (JORC 2012) reported 3 November 2014.  Mineralised intersections were observed to be coherent and have sharp grade boundaries, but may include narrow intervals of sub-ore grade mineralisation which would be considered as internal dilution if mined by open pit methods        Higher grade mineralised zones have been reported if coherent downhole intervals >= 6g/t Au (equivalent) is encountered        Metal equivalent grades assumptions are calculated using the following formula: AuEq g/t = [(Au grade g/t x (Au price oz/31.1034768) x Au recovery) + (Ag g/t x (Ag price oz/31.1034768) x Ag recovery) + (Cu grade % x (Cu price per t/100) x Cu recovery) + (Pb grade % x (Pb price per t/100) x Pb recovery) + (Zn grade % x (Zn price per t/100) x Zn recovery)] / (Au price per oz/31.1034768). ZnEq % = [(Au grade g/t x (Au price oz/31.1034768) x Au recovery) + (Ag g/t x (Ag price oz/31.1034768) x Ag recovery) + (Cu grade % x (Cu price per t/100) x Cu recovery) + (Pb grade % x (Pb price per t/100) x Pb recovery) + (Zn grade % x (Zn price per t/100) x Zn recovery)] / (Zn price per t/100)        Metal prices & recoveries used are consistent with the Iron Blow resource (JORC 2012), reported 3 November 2014. Metal prices: Cu US$7,000t, Pb US2.250/t, Zn US$2,350/t, Ag US$20/oz, Au US$1,300/oz. Recoveries: Cu 70%, Pb 70%, Zn 70%, Ag 90%, Au 90%
Relationship between mineralisation widths and intercept lengths	       These relationships are particularly important in the reporting of Exploration Results.        If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.        If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	       The mineralised intersections quoted in this report are very close to true widths – to be confirmed by wireframing and structural analysis        The geometry of the mineralisation is approximately 45deg NW at Mt Bonnie and most of the drill holes have been drilled towards the SE perpendicular to the mineralisation
Diagrams	       Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	       Refer to main announcement
Balanced reporting	       Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	       All matters of importance have been included
Other substantive exploration data	       Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	       All relevant information has been included
Further work	       The nature and scale of planned further work (e.g. tests for lateral 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.	       Further work will be assessed on receipt of all assay results from the current drill program.   Further drilling will likely be required to find the extent of mineralisation        Detailed geological interpretations will be done following modelling of the drilling and incorporated with historical data and mapping results

 

 

 

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