REG - Cobra Resources PLC - ISR Bench Scale Study Update
18/06/2024 07:00
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RNS Number : 7664S Cobra Resources PLC 18 June 2024
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18 June 2024
Cobra Resources plc
("Cobra" or the "Company")
ISR Bench Scale Study Update
Exceptional head grades revealed
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, an exploration company advancing a strategy to lower the cost of critical
rare earth production at its Boland project in South Australia, is pleased to
announce that ongoing in situ recovery ("ISR") bench scale testing of a core
sample from Boland has revealed an exceptionally high head grade, enriched in
high value magnet and heavy rare earth metals. A second sample is being
prepared for further bench scale ISR studies.
Metallurgical testing by the Australian Nuclear Science and Technology
Organisation ("ANSTO") aimed at demonstrating the suitability for ISR mining -
a low cost, low-disturbance method - is nearing completion, with full results
expected by the end of June 2024. The test is designed to emulate the ISR
process at laboratory scale. The permeable geology that hosts ionic rare earth
mineralisation at the Boland project is globally unique and is enabling this
process to be tested in a first for controlled aquifer ISR mining of rare
earth metals.
Highlights
· Sample head grade: 0.5m at 4,506 ppm Total Rare Earth Oxide ("TREO"),
from 26.7m where high value magnet rare earths Nd2O3 + Pr6O11 total 892 ppm
and Dy2O3 + Tb2O3 total 131 ppm, including 0.2m from 26.7m yields 7,476 ppm
TREO, where Nd2O3 + Pr6O11 total 1,515 ppm and Dy2O3 + Tb2O3 total 225 ppm.
These grades:
o exceed the reported grades observed in zone three reported from three
other wellfield holes (averaging: 0.6m at 1,538 ppm TREO, where Nd(2)O(3) +
Pr(6)O(11) totals 305 ppm and Dy(2)O(3) + Tb(2)O(3) totals 52 ppm from
~26.6m); and
o are favourable in comparison to highly valued South American ionic rare
earth projects owing to the high heavy rare earth (HREO) content, equating to
~28% of the TREO.
· Validation of grade concentration: This exceptional grade further
validates the Company's thesis that ionic mineralisation is concentrated
within confined zones of permeable geology - a favourable ore body geometry
for ISR recovery
· Scalable potential: Re-assay has confirmed rare earth mineralisation
across an extensive 139km(2)
· Metallurgical progress: Favourable permeability rates of 0.12 pore
volumes per day are being achieved at low pressures. This rate of permeability
is comparable to ISR production rates achieved at operating ISR uranium mines.
Testing, analysis and results are expected by the end of June 2024
Rupert Verco, CEO of Cobra, commented:
"Ionic rare earth projects are desirable for their low extraction cost which
is a function of simple metallurgy. Should we be successful in bypassing the
challenges associated with handling and processing clays through ISR, we can
confidently deliver a compelling, low-cost, environmentally credentialed
source of heavy and magnet rare earths.
The head grade of the sample under recovery testing is significant - enriched
in heavy and magnet rare earths and present within permeable geology. If we
can emulate initial recoveries achieved at pH3 (AMSUL Wash) under ISR
conditions, and from a sample with such significant grade, this will be
globally significant.
ISR brings the rare earths into solution directly from within the orebody,
without mining, haulage and traditional processing, materially lowering the
costs associated with production. The recovery trials being performed at ANSTO
are groundbreaking, and we look forward to bringing the full results to the
market in the coming weeks."
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Global Investment Strategy (Joint Broker) +44 (0)20 7048 9437
James Sheehan james.sheehan@gisukltd.com
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Kendall Hill
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· Wudinna Project Update: "Re-Assay Results Confirm High Grades Over
Exceptional Scale at Boland", dated 26 April 2024
· Wudinna Project Update: "Drilling results from Boland Prospect",
dated 25 March 2024
· Wudinna Project Update: "Historical Drillhole Re-Assay Results",
dated 27 February 2024
· Wudinna Project Update: "Ionic Rare Earth Mineralisation at Boland
Prospect", dated 11 September 2023
· Wudinna Project Update: "Exceptional REE Results Defined at Boland",
dated 20 June 2023
Competent Persons Statement
Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 16 years' industry experience which is
relevant to the style of mineralisation, deposit type, and activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition
of the Australasian Code for Reporting Exploration Results, Mineral Resources
and Ore Reserves of JORC. This includes 11 years of Mining, Resource
Estimation and Exploration.
About Cobra
In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland ionic rare earth
discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is
Australia's only rare earth project amenable for in situ recovery (ISR) mining
- a low cost, low disturbance method. Cobra is focused on de-risking the
investment value of the discovery by proving ISR as the preferred mining
method which would eliminate challenges associated with processing clays and
provide Cobra with the opportunity to define a low-cost pathway to production.
Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation,
including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by
potentially open-pitable, high-grade gold intersections.
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Appendix 1: Head Assay Results of CBSC003 26.7m - 27.2m
Depth from (m) Depth to (m) Pr(6)O(11) Nd(2)O(3) Tb(2)O(3) Dy(2)O(3) MREO HREO HREO % TREO
26.7 26.8 317 1,277 35 207 24% 2,286 29% 7,764
26.8 26.9 290 1,144 30 177 23% 1,990 28% 7,187
26.9 27 206 710 18 105 21% 1,129 23% 4,869
27 27.1 84 328 9 56 22% 610 28% 2,144
27.1 27.2 53 211 6 36 22% 401 29% 1,371
26.7 27.2 183 708 19 112 23% 1,239 28% 4,506
MREO = Pr(6)O(11)+ Nd(2)O(3)+ Tb(2)O(3)+ Dy(2)O(3)
HREO = Sm(2)O(3)+ Eu(2)O(3)+ Gd(2)O(3)+ Tb(2)O(3)+
Dy(2)O(3)+Ho(2)O(3)+Er(2)O(3)+Tm(2)O(3)+Tm(2)O(3)+Yb(2)O(3)+Lu(2)O(3)+Y(2)O(3)
Context to results
· In February 2024, Cobra drilled 5 sonic core holes and installed
screened and cased wells to advance ISR mining of ionic rare earths
· On the 25(th) of March, the company announced the assay results of 3
of the five holes drilled, revealing three consistent zones of mineralisation
· Core from two holes were preserved and transported to ANSTO for
metallurgical testing. Samples have been kept air-tight and refrigerated to
prevent changes in oxidation and therefore, sampling and assaying can only
occur directly before the commencement of metallurgical testing
· Zone three represents the deepest and highest-grade zone of
mineralisation. The wellfield has been designed and installed to pilot test
ISR from zone three
· Further core from CBSC0003 and CBSC0002 is being prepared for further
metallurgical testwork to support flow sheet optimisation
· Drilling results have been reported via a 4-acid digest method, which
is a partial digest that represents the ionic/ leachable portion of REE
mineralisation. Samples prepared for and subject to metallurgical testing have
been assayed via lithium borate fusion; a complete digest of REE bearing
minerals. Results from Boland are 10-15% higher when reported via lithium
borate fusion.
· All recoveries to date have been reported against head grades
calculated via lithium borate fusion assays and are therefore a reflection of
the recoverable quantity of the total rare earth oxide grade.
Figure 1: Aerial photograph of the Boland wellfield with significant
intersections
*Partially assayed
(#)Stored for metallurgical testing, pending assay
Appendix 2: Cobra's Boland Rare Earth Discovery
· Ionic clay hosted rare earths present as a low capital, low operating
cost source of heavy and magnet rare earth metals
· Processing of clay ores induces several operating challenges,
including productivity loss, material handling, dewatering, reagent use and
reclamation
· Ionic rare earth mineralisation at Boland exists in permeable geology
in an environment that permits ISR, thus bypassing the challenges associated
with processing of clay ores
· ISR is the preferred method of recovery used in the uranium industry,
where(1):
o Global ISR production accounted for ~60% of mined uranium in 2022
o Capital expenditure for ISR is 1-15% of conventional mines
o Operating costs of ISR is generally 30-40% lower than traditional mines
o Environmental impact and rehabilitation cost is significantly lower than
traditional mines
· South Australia is home to Australia's only three operating ISR
uranium mines and has a regulatory framework that supports ISR mining
· Bench-scale leach studies under ISR conditions are currently underway
at ANSTO, a first for ionic REE projects outside of China
· Cobra has installed a wellfield to rapidly advance the project
towards an infield pilot study
· Cobra aims to demonstrate that the cost of production at Boland can
be materially reduced via ISR, providing operating resilience to volatile rare
earth markets which has stalled the commencement of many rare earth projects
· Re-assaying of historic uranium focused drilling is being used to
confirm the scale of rare earth mineralisation. These results confirm the
presence of rare earth mineralisation over a strike of 12 km, where
mineralisation is open in most directions. Follow-up drilling will aim to
infill these results to support a maiden Mineral Resource Estimate ("MRE") at
Boland
Appendix 3: Update on Benchscale ISR Tests
· A column leach test is currently underway at the Australian Nuclear
Scientific Technology Organisation ("ANSTO") where the progressive recovery of
rare earths under ISR conditions is being evaluated. Initial test parameters
include:
o 50cm column of zone 3 Boland core
o 0.5M ammonium sulphate (NH(4))(2)SO(4) as lixiviant
o pH3 maintained by H(2)SO(4)
o Temperature maintained at 27°C - to reflect aquifer temperature
o Column pressurised at 6-9 bar to reflect aquifer under injection
o Current injection rate is achieving 1 pore volume over six days
· Results are expected to be received by the end of June 2024
· Further tests are being prepared to validate repeatability and
increase the quantity of pregnant liquor
· The pregnant liquor solution from these tests shall be used to define
and optimise a processing pathway to produce a mixed rare earth carbonate
("MREC")
Figure 2: A photograph of the bench-scale ISR column leach test underway at
ANSTO, testing the progressive recovery of rare earths under ISR
conditions
Appendix 4: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or 2023
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF RC
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. · Samples were collected via a Metzke cone splitter mounted to the
cyclone. 1m samples were managed through chute and butterfly valve to produce
· Include reference to measures taken to ensure sample representivity a 2-4 kg sample. Samples were taken from the point of collar, but only samples
and the appropriate calibration of any measurement tools or systems used. from the commencement of saprolite were selected for analysis.
· Aspects of the determination of mineralisation that are Material to · Samples submitted to Bureau Veritas Laboratories, Adelaide, and
the Public Report. pulverised to produce the 50 g fire assay charge and 4 acid digest sample.
· 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 AC
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · A combination of 2m and 3 m samples were collected in green bags
mineralisation types (eg submarine nodules) may warrant disclosure of detailed via a rig mounted cyclone. An PVC spear was used to collect a 2-4 kg sub
information. sample from each green bag. Samples were taken from the point of collar.
· Samples submitted to Bureau Veritas Laboratories, Adelaide, and
pulverised to produce the 50 g fire assay charge and 4 acid digest sample.
2024
SONIC
· Core was scanned by a SciAps X555 pXRF to determine sample
intervals. Intervals through mineralized zones were taken at 10cm. Through
waste, sample intervals were lengthened to 50cm. Core was halved by knife
cutting. XRF scan locations were taken on an inner surface of the core to
ensure readings were taken on fresh sample faces.
· Samples were submitted to Bureau Veritas for 4 acid digest ICP
analysis.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary 2023
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, · Drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
whether core is oriented and if so, by what method, etc). reverse circulation drilling techniques from a Schramm T685WS rig with an
auxiliary compressor.
· Drilling completed by McLeod Drilling Pty Ltd using 75.7 mm NQ
air core drilling techniques from an ALMET Aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
2024
· Sonic Core drilling completed Star Drilling using 4" core with a
SDR12 drill rig. Holes were reamed to 6" or 8" to enable casing and screens to
be installed
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Aircore & RC
results assessed.
· Sample recovery was generally good. All samples were recorded for
· Measures taken to maximise sample recovery and ensure representative sample type, quality and contamination potential and entered within a sample
nature of the samples. log.
· Whether a relationship exists between sample recovery and grade and · In general, sample recoveries were good with 10 kg for each 1 m
whether sample bias may have occurred due to preferential loss/gain of interval being recovered from AC drilling.
fine/coarse material.
· No relationships between sample recovery and grade have been
identified.
· RC drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
reverse circulation drilling techniques from a Schramm T685WS rig with an
auxiliary compressor
· Sample recovery for RC was generally good. All samples were
recorded for sample type, quality and contamination potential and entered
within a sample log.
· In general, RC sample recoveries were good with 35-50 kg for each
1 m interval being recovered.
· No relationships between sample recovery and grade have been
identified.
Sonic Core
· Sample recovery is considered excellent.
Logging · Whether core and chip samples have been geologically and Aircore & RC
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 · All drill samples were logged by an experienced geologist at the
costean, channel, etc) photography. time of drilling. Lithology, colour, weathering and moisture were documented.
· The total length and percentage of the relevant intersections logged. · Logging is generally qualitative in nature.
· All drill metres have been geologically logged on sample
intervals (1-3 m).
Sonic Core
· Logging was carried out in detail, determining lithology and
clay/ sand content. Logging intervals were lithology based with variable
interval lengths.
· All core drilled has been lithologically logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core 2021-onward
taken.
· The use of an aluminum scoop or PVC spear to collect the required
· If non-core, whether riffled, tube sampled, rotary split, etc and 2-4 kg of sub-sample from each AC sample length controlled the sample volume
whether sampled wet or dry. submitted to the laboratory.
· For all sample types, the nature, quality and appropriateness of the · Additional sub-sampling was performed through the preparation and
sample preparation technique. processing of samples according to the lab internal protocols.
· Quality control procedures adopted for all sub-sampling stages to · Duplicate AC samples were collected from the green bags using an
maximise representivity of samples. aluminium scoop or PVC spear at a 1 in 25 sample frequency.
· Measures taken to ensure that the sampling is representative of the · Sample sizes were appropriate for the material being sampled.
in situ material collected, including for instance results for field
duplicate/second-half sampling. · Assessment of duplicate results indicated this sub-sample method
provided good repeatability for rare earth elements.
· Whether sample sizes are appropriate to the grain size of the
material being sampled. · RC drill samples were sub-sampled using a cyclone rig mounted
splitter with recoveries monitored using a field spring scale.
· Manual re-splitting of RC samples through a riffle splitter was
undertaken where sample sizes exceeded 4 kg.
· RC field duplicate samples were taken nominally every 1 in 25
samples. These samples showed good repeatability for REE.
Sonic Drilling
· Field duplicate samples were taken nominally every 1 in 25
samples where the sampled interval was quartered.
· Blanks and Standards were submitted every 25 samples
· Half core samples were taken where lab geochemistry sample were
taken.
· In holes where column leach test samples have been submitted,
full core samples have been submitted over the test areas.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were submitted to Bureau Veritas Laboratories, Adelaide
laboratory procedures used and whether the technique is considered partial or for preparation and analysis.
total.
· Multi element geochemistry were digested by four acid ICP-MS and
· For geophysical tools, spectrometers, handheld XRF instruments, etc, analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc,
the parameters used in determining the analysis including instrument make and Sm, Tb, Th, Tm, U, Y and Yb.
model, reading times, calibrations factors applied and their derivation, etc.
· For the sonic samples Ag was removed from the analytical suite
· Nature of quality control procedures adopted (eg standards, blanks, and V was included
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Field gold blanks and rare earth standards were submitted at a
frequency of 1 in 25 samples.
· Field duplicate samples were submitted at a frequency of 1 in 25
samples
· Reported assays are to acceptable levels of accuracy and
precision.
· Internal laboratory blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
· Samples retained for metallurgical analysis were immediately
vacuum packed and refrigerated.
· These samples were refrigerated throughout transport.
Verification of sampling and assaying · The verification of significant intersections by either independent · Sampling data was recorded in field books, checked upon
or alternative company personnel. digitising and transferred to database.
· The use of twinned holes. · Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily during the
· Documentation of primary data, data entry procedures, data drill programme.
verification, data storage (physical and electronic) protocols.
· Compositing of assays was undertaken and reviewed by Cobra
· Discuss any adjustment to assay data. Resources staff.
· Original copies of laboratory assay data are retained digitally
on the Cobra Resources server for future reference.
· Samples have been spatially verified through the use of Datamine
and Leapfrog geological software for pre 2021 and post 2021 samples and
assays.
· Twinned drillholes from pre 2021 and post 2021 drill programmes
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Elevated pXRF grades were checked and re-tested where anomalous.
pXRF grades are semi quantitative.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Pre 2021
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. · Collar locations were pegged using DGPS to an accuracy of +/-0.5
m.
· Specification of the grid system used.
· Downhole surveys have been completed for deeper RC and diamond
· Quality and adequacy of topographic control. drillholes
· Collars have been picked up in a variety of coordinate systems
but have all been converted to MGA 94 Zone 53. Collars have been spatially
verified in the field.
· Collar elevations were historically projected to a geophysical
survey DTM. This survey has been adjusted to AHD using a Leica CS20 GNSS base
and rover survey with a 0.05 cm accuracy. Collar points have been re-projected
to the AHD adjusted topographical surface.
2021-onward
· Collar locations were initially surveyed using a mobile phone
utilising the Avenza Map app. Collar points recorded with a GPS horizontal
accuracy within 5 m.
· RC Collar locations were picked up using a Leica CS20 base and
Rover with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC holes. All holes were
set up vertically and are assumed vertical.
· RC holes have been down hole surveyed using a Reflex TN-14 true
north seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of
data. Poor quality surveys were downgraded in the database to be excluded from
export.
· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· Cased collars of sonic drilling shall be surveyed before a
mineral resource estimate
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 50-80 m apart.
Drillholes generally 50-60 m apart on these transects but up to 70 m apart.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Additional scouting holes were drilled opportunistically on
Resource and Ore Reserve estimation procedure(s) and classifications applied. existing tracks at spacings 25-150 m from previous drillholes.
· Whether sample compositing has been applied. · Regional scouting holes are drilled at variable spacings designed
to test structural concepts
· Data spacing is considered adequate for a saprolite hosted rare
earth Mineral Resource estimation.
· No sample compositing has been applied
· Sonic core holes were drilled at ~20m spacings in a wellfield
configuration based on assumed permeability potential of the intersected
geology.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · RC drillholes have been drilled between -60 and -75 degrees at
possible structures and the extent to which this is known, considering the orientations interpreted to appropriately intersect gold mineralisation
deposit type.
· Aircore and Sonic drill holes are vertical.
· 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. Pre 2021
· Company staff collected or supervised the collection of all
laboratory samples. Samples were transported by a local freight contractor
· No suspicion of historic samples being tampered with at any stage.
· Pulp samples were collected from Challenger Geological Services and
submitted to Intertek Genalysis by Cobra Resources' employees.
2021-onward
· Transport of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of 5 samples at the drill rig and transported in larger bulka bags by
batch while being transported.
· There is no suspicion of tampering of samples.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No laboratory audit or review has been undertaken.
· Genalysis Intertek and BV Laboratories Adelaide are NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
Appendix 5: 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 · RC drilling occurred on EL 6131, currently owned 100% by Peninsula
agreements or material issues with third parties such as joint ventures, Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over
future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and
· The security of the tenure held at the time of reporting along with EL6489.
any known impediments to obtaining a licence to operate in the area.
· Baggy Green, Clarke, Laker and the IOCG targets are located within
Pinkawillinnie Conservation Park. Native Title Agreement has been negotiated
with the NT Claimant and has been registered with the SA Government.
· Aboriginal heritage surveys have been completed over the Baggy Green
Prospect area, with no sites located in the immediate vicinity.
· A Native Title Agreement is in place with the relevant Native Title
party.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · On-ground exploration completed prior to Andromeda Metals' work was
limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
· Other than the flying of regional airborne geophysics and coarse
spaced ground gravity, there has been no recorded exploration in the vicinity
of the Baggy Green deposit prior to Andromeda Metals' work.
· Paleochannel uranium exploration was undertaken by various parties in
the 1980s and the 2010s around the Boland Prospect. Drilling was primarily
rotary mud with downhole geophysical logging the primary interpretation
method.
Geology · Deposit type, geological setting and style of mineralisation. · The gold and REE deposits are considered to be related to the
structurally controlled basement weathering of epidote- pyrite alteration
related to the 1590 Ma Hiltaba/GRV tectonothermal event.
· Mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated with metasomatic
alteration of host rocks. Epidote alteration associated with gold
mineralisation is REE enriched and believed to be the primary source.
· Rare earth minerals occur within the saprolite horizon. XRD analysis
by the CSIRO identifies kaolin and montmorillonite as the primary clay phases.
· SEM analysis identified REE bearing mineral phases in hard rock:
· Zircon, titanite, apatite, andradite and epidote.
· SEM analyses identifies the following secondary mineral phases in
saprock:
· Monazite, bastanite, allanite and rutile.
· Elevated phosphates at the base of saprock do not correlate to rare
earth grade peaks.
· Upper saprolite zones do not contain identifiable REE mineral phases,
supporting that the REEs are adsorbed to clay particles.
· Acidity testing by Cobra Resources supports that pH chemistry may act
as a catalyst for Ionic and Colloidal adsorption.
· REE mineral phase change with varying saprolite acidity and REE
abundances support that a component of REE bursary is adsorbed to clays.
· Palaeo drainage has been interpreted from historic drilling and
re-interpretation of EM data that has generated a top of basement model.
· Ionic REE mineralisation is confirmed through metallurgical
desorption testing where high recoveries are achieved at benign acidities
(pH4-3) at ambient temperature.
· Ionic REE mineralisation occurs in reduced clay intervals that
contact both saprolite and permeable sand units. Mineralisation contains
variable sand quantities that is expected
Drillhole Information · A summary of all information material to the understanding of the · Exploration results are not being reported as part of the Mineral
exploration results including a tabulation of the following information for Resource area.
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, · Reported summary intercepts are weighted averages based on length.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · No maximum/ minimum grade cuts have been applied.
· Where aggregate intercepts incorporate short lengths of high grade · No metal equivalent values have been calculated.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Gold results are reported to a 0.3 g/t cut-off with a maximum of 2m
should be shown in detail. internal dilution with a minimum grade of 0.1 g/t Au.
· The assumptions used for any reporting of metal equivalent values · Rare earth element analyses were originally reported in elemental
should be clearly stated. form and have been converted to relevant oxide concentrations in line with
industry standards. Conversion factors tabulated below:
Element Oxide Factor
Cerium CeO(2) 1.2284
Dysprosium Dy(2)O(3) 1.1477
Erbium Er(2)O(3) 1.1435
Europium Eu(2)O(3) 1.1579
Gadolinium Gd(2)O(3) 1.1526
Holmium Ho(2)O(3) 1.1455
Lanthanum La(2)O(3) 1.1728
Lutetium Lu(2)O(3) 1.1371
Neodymium Nd(2)O(3) 1.1664
Praseodymium Pr(6)O(11) 1.2082
Scandium Sc(2)O(3) 1.5338
Samarium Sm(2)O(3) 1.1596
Terbium Tb(4)O(7) 1.1762
Thulium Tm(2)O(3) 1.1421
Yttrium Y(2)O(3) 1.2699
Ytterbium Yb(2)O(3) 1.1387
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = 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)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = 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)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· %Pr = Pr(6)O(11)/TREO
· %Dy = Dy(2)O(3)/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
· XRF results are used as an indication of potential grade only.
Due to detection limits only a combined content of Ce, La, Nd, Pr & Y has
been used. XRF grades have not been converted to oxide.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · All reported intercepts at Boland are vertical and reflect true width
Exploration Results. intercepts.
· If the geometry of the mineralisation with respect to the drill hole · Exploration results are not being reported for the Mineral Resource
angle is known, its nature should be reported. area.
· 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 · Relevant diagrams have been included in the announcement.
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 · Exploration results are not being reported for the Mineral Resources
locations and appropriate sectional views. area.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Not applicable - Mineral Resource and Exploration Target are defined.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration · Exploration results are not being reported for the Mineral Resource
Results. area.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Refer to previous announcements listed in RNS for reporting of REE
reported including (but not limited to): geological observations; geophysical results and metallurgical testing
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 · The metallurgical testing reported in this announcement represents
extensions or depth extensions or large-scale step-out drilling). the first phase of bench scale studies to test the extraction of ionic REEs
via ISR processes.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, · Hydrology, permeability and mineralogy studies are being performed on
provided this information is not commercially sensitive. core samples.
· Installed wells are being used to capture hydrology base line data to
support a future infield pilot study.
· Trace line tests shall be performed to emulate bench scale pore
volumes.
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = 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)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = 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)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· %Pr = Pr(6)O(11)/TREO
· %Dy = Dy(2)O(3)/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
· XRF results are used as an indication of potential grade only.
Due to detection limits only a combined content of Ce, La, Nd, Pr & Y has
been used. XRF grades have not been converted to oxide.
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· All reported intercepts at Boland are vertical and reflect true width
intercepts.
· Exploration results are not being reported for the Mineral Resource
area.
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.
· Relevant diagrams have been included in the announcement.
· Exploration results are not being reported for the Mineral Resources
area.
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.
· Not applicable - Mineral Resource and Exploration Target are defined.
· Exploration results are not being reported for the Mineral Resource
area.
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.
· Refer to previous announcements listed in RNS for reporting of REE
results and metallurgical testing
Further work
· The nature and scale of planned further work (eg 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.
· The metallurgical testing reported in this announcement represents
the first phase of bench scale studies to test the extraction of ionic REEs
via ISR processes.
· Hydrology, permeability and mineralogy studies are being performed on
core samples.
· Installed wells are being used to capture hydrology base line data to
support a future infield pilot study.
· Trace line tests shall be performed to emulate bench scale pore
volumes.
Appendix 6: Drillhole coordinates
Prospect Hole number Grid Northing Easting Elevation
Boland CBSC0001 GDA94 / MGA zone 53 6365543 534567 102.9
Boland CBSC0002 GDA94 / MGA zone 53 6365510 534580 104.1
Boland CBSC0003 GDA94 / MGA zone 53 6365521 534554 102.7
Boland CBSC0004 GDA94 / MGA zone 53 6365537 534590 105
Boland CBSC0005 GDA94 / MGA zone 53 6365528 534573 103.2
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