REG - Sovereign Metals Ltd - Outstanding Battery Anode Material Produced
04/09/2024 07:00
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RNS Number : 7932C Sovereign Metals Limited 04 September 2024
NEWS RELEASE I 4 SEPTEMBER 2024
OUTSTANDING BATTERY ANODE MATERIAL PRODUCED FROM KASIYA GRAPHITE
· Kasiya graphite concentrate confirmed to be an excellent feedstock
for natural graphite anode materials suitable for battery production
· Kasiya natural graphite presents a unique, low-cost opportunity
to develop lithium-ion battery supply chains outside of China
· Very high quality Coated Spherical Purified Graphite (CSPG) anode
material produced from Kasiya graphite concentrate has performance
characteristics comparable to the highest quality natural graphite battery
material produced by dominant Chinese anode manufacturers
o Electrochemical testing achieved very high first cycle efficiencies of
94.2% to 95.8% supporting long battery life
o Excellent initial discharge capacities greater than 360mAh/g as required
for highest quality natural graphite anode materials.
o Very low specific surface areas (known as BET) of ≤2.0m(2)/g
minimising the loss of lithium in the first battery charging cycle
o Excellent tap densities of 1.11 to 1.18g/cm(3) meaning higher electrical
storage
· Outstanding anode material results are attributed to the unique
geological setting of the highly weathered Kasiya orebody compared to fresh
rock hosted graphite deposits, including:
o high purity of the natural flake,
o near perfect crystallinity, and
o very low levels of sulphur and other impurities.
· Further optimisation testwork to commence using additional
concentrate being generated at pilot-scale facility in South Africa
· Results will form the basis for ongoing and future discussions
with potential offtakers
Managing Director Frank Eagar commented: "These results confirm that Kasiya
graphite concentrate will be an excellent anode material feedstock to the
battery industry. Not only is the weathered, saprolite-hosted graphite easy to
purify to very high-grades, the anode material produced meets the highest
industry specifications. Along with the very low BET specific surface area
and high tap densities (both resulting in excellent first cycle efficiencies
and initial battery discharge capacities), Kasiya has the potential to become
a dominant source of graphite supply ex-China. Combining these excellent
results with one of the largest graphite resources globally, industry low
operating costs and lowest global warming potential, Kasiya is presenting
significant advantages over its graphite peers. We look forward to further
testwork and market updates as we continue to develop Kasiya as a supplier of
premium quality, cost competitive natural graphite concentrate."
Classification 2.2: This announcement includes Inside Information
ENQUIRIES
Frank Eagar (South Africa/Malawi) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director
+61(8) 9322 6322
+44 207 478 3900
+61(8) 9322 6322
Nominated Adviser on AIM and Joint Broker
SP Angel Corporate Finance LLP +44 20 3470 0470
Ewan Leggat
Charlie Bouverat
Joint Brokers
Stifel +44 20 7710 7600
Varun Talwar
Ashton Clanfield
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Buchanan + 44 20 7466 5000
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (the Company or
Sovereign) is very pleased to announce an update on the downstream testwork
conducted at leading independent consultancy ProGraphite GmbH (ProGraphite) in
Germany.
The test work program demonstrated that CSPG produced from Kasiya natural
flake graphite has performance characteristics comparable to the leading
Chinese natural graphite anode materials manufacturers such as BTR New
Material Group (BTR).
Electrochemical testing of the CSPG samples at a leading German institute
achieved first cycle efficiencies (FCE) of 94.2% to 95.8%, with results above
95% a key specification for highest quality natural graphite anode materials
under the Chinese standard.
Following spheronisation and purification testwork(1) which produced spherical
graphite with very high purities of 99.99%, the purified spherical graphite
(PSG) samples were pitch coated and carbonised to produce CSPG.
The coating process produced CSPG with very low BET specific surface area of
2.0m(2)/g and lower and high tap densities of 1.11-1.18g/cm(3) (Table 1).
A low specific surface area is required for anode materials to minimise the
loss of lithium in forming a secondary protective coating on the anode
material known as the Solid Electrolyte Interphase (SEI). The pitch coating
process also assists in increasing the density of the anode material as
measured by the tap density - a higher density assists in storing more
electrical energy in the lithium-ion battery.
Table 1: CSPG Results
CSPG Sample
Sample Units 1 2 3
D10 µm 11.05 11.08 14.86
D50 µm 17.46 17.27 23.71
D90 µm 26.75 27.5 36.72
Tap Density g/cm(3) 1.11 1.12 1.18
BET m(2)/g 1.6 2.0 1.4
Electrochemical testing of the CSPG samples at a leading German institute
achieved FCE of 94.2% to 95.8%, with results above 95% a key specification for
highest quality natural graphite anode materials under the Chinese standard. A
very high FCE minimises lithium losses in the initial formation cycles of a
lithium-ion battery, supporting battery life. Kasiya CSPG also met the
criteria for an initial discharge capacity of more than 360mAh/g (ampere-hours
per gram) for highest quality anode materials, with initial capacities of
362-366mAh/g. These results will be used to fast-track discussions with
potential offtakers.
Table 2: Electrochemical Results - China CSPG Standard
CSPG Sample China Standard GB/T-24533-2019
1 2 3 Grade I Grade II Grade III
First Cycle Efficiency % 95.8 94.2 95.8 ≥95 ≥93 ≥91
Initial Capacity mAh/g 362 364 366 ≥360 ≥360 ≥345
Furthermore, the testwork demonstrated that CSPG produced from Kasiya natural
flake graphite has initial performance characteristics comparable to the
leading Chinese natural graphite anode materials manufacturers such as BTR.
BTR has a 20-year track record in the production of lithium-ion battery anode
materials, is a dominant player in the market and has recently concluded anode
material offtake agreements with global automotive companies including Ford.
BTR's highest specification CSPG materials, that have low swelling, long cycle
life, good processability and outstanding electrochemical performance include
their GSN17 and LSG17 products (with D50 of 17.0+/- 1.5μm).
Table 3: Electrochemical Results - BTR CSPG products
CSPG Sample BTR(3)
1 2 GSN 17 LSG 17
First Cycle Efficiency % 95.8 94.2 ≥95 ≥94
Initial Capacity mAh/g 362 364 ≥360 ≥355
D50 μm 17.5 17.3 17.0+/- 1.5 17.0+/- 1.5
In December 2023, China imposed trade restrictions on graphite that required
producers to apply to the government for permits to export high-grade graphite
materials and related products. Given China's dominance of natural graphite
and graphite derived products such as CSPG, global EV production and Net Zero
ambitions could be negatively impacted given the lack of anode industry
development ex-China. In May 2024, the US government imposed a new 25% tariff
on natural graphite from China, as part of a broader initiative that included
an increase of tariffs on EVs and lithium-ion batteries.
High performance CSPG materials manufactured from Kasiya natural graphite
present an opportunity for development of ex-China supply chains for battery
anode materials. Sovereign believes that the outstanding electrochemical
results for Kasiya CSPG are as a result of the unique geological setting of
the Kasiya orebody. The near perfect crystallinity i.e. fully ordered graphite
resulting from the very high metamorphic grade of the underlying host rock
(paragneiss metamorphosed to granulite facies) and the high purity of the
natural flake being assisted by the highly weathered nature of the ore.(2)
This is as opposed to fresh rock hosted graphite deposits which generally have
much higher impurity levels including sulphur, which negatively impacts
electrochemical performance. The very low sulphur profile of Kasiya graphite
is due to the fact that the primary sulphide minerals have been altered to
sulphates by the intense weathering. The sulphates are water soluble and are
leached from the ore during weathering.
Further optimisation testwork for anode materials is planned, using additional
graphite concentrate currently being generated at pilot-scale in South
Africa. This material will also be used to provide offtaker evaluation
samples.
A program for assessing Kasiya concentrate for traditional refractories and
foundry applications has also been developed. The coarse component of the
pilot plant concentrate will be used for this testwork program.
(1) Refer to ASX Announcement "Downstream Testwork Demonstrates High Quality
Graphite" dated 15 May 2024
2 Refer to ASX Announcement "Kasiya Graphite Shows Excellent Suitability For
Use In Lithium Ion Batteries" dated 8 June 2023
(3) BTR anode material specs taken from this webpage:
https://www.btrchina.com/en/NegativeProducts/info.aspx?itemid=1069
Competent Person Statement
The information in this report that relates to Lithium-Ion Battery Testwork is
based on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc.,
who is a Member of the Australasian Institute of Mining and Metallurgy
(MAusIMM). Dr Ghag is engaged as a consultant by Sovereign Metals Limited. Dr
Ghag has sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking, to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Dr Ghag consents to the inclusion in the
report of the matters based on his information in the form and context in
which it appears.
The information in this report that relates to Exploration Results (table 1)
is based on information compiled by Mr Samuel Moyle, a Competent Person who is
a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr
Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of
ordinary shares and unlisted performance rights in Sovereign Metals Limited.
Mr Moyle has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken, 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'. Mr Moyle consents to the inclusion in the
report of the matters based on his information in the form and context in
which it appears.
Forward Looking Statement
This release may include forward-looking statements, which may be identified
by words such as "expects", "anticipates", "believes", "projects", "plans",
and similar expressions. These forward-looking statements are based on
Sovereign's expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Sovereign, which could cause actual
results to differ materially from such statements. There can be no assurance
that forward-looking statements will prove to be correct. Sovereign makes no
undertaking to subsequently update or revise the forward-looking statements
made in this release, to reflect the circumstances or events after the date of
that release.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Appendix 1: 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 Metallurgical Composite Sample:
specialised industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld XRF The sample was a composite of 24 Hand Auger (HA) and Push Tube (PT) holes
instruments, etc). These examples should not be taken as limiting the broad drilled in 2022 in the Kingfisher pit.
meaning of sampling.
All drilling samples within the pit shell were added to the composite
resulting in a sample of 2,498kg.
Specifically, the composite sample consisted of selected rutile mineralised
zones from holes, NSHA0009, 0010, 0056, 0060, 0061, 0074, 0119, 0311, 0343,
0344, 0345, 0350 and NSPT 0011, 0013, 0014, 0015, 0017, 0020, 0021, 0023,
0024, 0025, 0026, 0027.
The following workflow was used to generate a pre-concentrate graphite feed at
AML:
· Wet screen at 2mm to remove oversize
· Two stage cyclone separation at a cut size of 45µm to remove
-45µm material
· Pass +45µm -2mm (sand) fraction through Up Current Classifier
(UCC)
· Pass UCC O/F through cyclone at cut point of 45µm
· Pass UCC O/F cyclone U/F (fine) over MG12 Mineral Technologies
Spiral
· Pass UCC U/F (coarse) over MG12 Mineral Technologies Spiral
· Spiral cons are combined for further processing.
Fine and coarse gravity tailing samples contain approximately 75%-80% of the
graphite present in the feed sample. The majority of the graphite lost is
contained in the -45µm fines.
Include reference to measures taken to ensure sample representivity and the Placer Consulting (Placer) Resource Geologists have reviewed Standard
appropriate calibration of any measurement tools or systems used. Operating Procedures (SOPs) for the collection of HA and PT drill samples and
found them to be fit for purpose.
Drilling and sampling activities are supervised by a suitably qualified
Company geologist who is present at all times. All bulk 1-metre drill samples
are geologically logged by the geologist at the drill site.
The primary metallurgical composite sample is considered representative for
this style of mineralisation.
Aspects of the determination of mineralisation that are Material to the Public HA drilling was used to obtain 1-metre samples. The bulk metallurgical sample
Report. In cases where 'industry standard' work has been done this would be was a composite of selected samples from routine resource drilling.
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire Existing rutile and graphite exploration results were used to determine the
assay'). In other cases more explanation may be required, such as where there 1-metre intervals suitable to contribute to the two bulk sample composites.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling Techniques Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air Hand-auger drilling is completed with 75mm diameter enclosed spiral bits with
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or 1-metrelong steel rods. Each 1m of drill sample is collected into separate
standard tube, depth of diamond tails, face‐sampling bit or other type, sample bags and set aside. The auger bits and flights are cleaned between
whether core is oriented and if so, by what method, etc). each metre of sampling to avoid contamination.
Placer has reviewed SOPs for hand-auger drilling and found them to be fit for
purpose and support the resource classifications as applied to the MRE.
Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results The configuration of drilling and nature of materials encountered results in
assessed. negligible sample loss or contamination.
Samples are assessed visually for recoveries. Overall, recovery is good.
Drilling is ceased when recoveries become poor generally once the water table
has been encountered.
Auger drilling samples are actively assessed by the geologist onsite for
recoveries and contamination.
Measures taken to maximise sample recovery and ensure representative nature of The Company's trained geologists supervise auger drilling on a 1 team 1
the samples. geologist basis and are responsible for monitoring all aspects of the drilling
and sampling process.
Whether a relationship exists between sample recovery and grade and whether No bias related to preferential loss or gain of different materials has
sample bias may have occurred due to preferential loss/gain of fine/coarse occurred.
material.
Logging Whether core and chip samples have been geologically and geotechnically logged All individual 1-metre auger intervals are geologically logged, recording
to a level of detail to support appropriate Mineral Resource estimation mining relevant
studies and metallurgical studies.
data to a set template using company codes.
Whether logging is qualitative or quantitative in nature. Core (or costean, All logging includes lithological features and estimates of basic mineralogy.
channel, etc.) photography. Logging is generally qualitative.
The total length and percentage of the relevant intersection logged 100% of samples are geologically logged.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Not applicable - no core drilling conducted.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether Primary individual 1-metre samples from all HA and PT holes drilled are sun
sampled wet or dry. dried, homogenised and riffle split.
For all sample types, the nature, quality and appropriateness of the sample Metallurgical Composite Sample:
preparation technique.
1-metre intervals selected for the 2,498kg metallurgical sample were divided
into weathering units.
MOTT and PSAP material were combined and homogenised in preparation for
dispatch to Australian laboratory Intertek for TGC assay.
Per Australian import quarantine requirements the contributing SOIL/FERP
material from within 2m of surface was kept separate to undergo quarantine
heat treatment at Intertek Laboratory on arrival into Australia.
The two sub samples (SOIL/FERP and MOTT/PSAP) were then dispatched from
Intertek to AML Laboratory (AML). AML sub-sampled and assayed the individual
lithologies prior to combining and homogenising the sample in preparation for
test-work.
Quality control procedures adopted for all sub-sampling stages to maximise The sample preparation techniques and QA/QC protocols are considered
representivity of samples. appropriate for the nature of this test-work.
Measures taken to ensure that the sampling is representative of the in situ The sampling best represents the material 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 The sample size is considered appropriate for the nature of the test-work.
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Metallurgical Composite Sample:
procedures used and whether the technique is considered partial or total.
The following workflow was used to generate a graphite product;
o Coarse and fine rougher graphite flotation
o Polishing grind of coarse and fine rougher graphite concentrate
o Cleaner flotation of coarse and fine graphite
o Cleaner concentrate sizing at 180µm
o Regrind of separate +180µm/-180µm fractions
o Three stage recleaner flotation of +180µm/-180µm fractions
For geophysical tools, spectrometers, handheld XRF instruments, etc., the Acceptable levels of accuracy and precision have been established. No handheld
parameters used in determining the analysis including instrument make and methods are used for quantitative determination.
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, Acceptable levels of accuracy and precision have been established in the
duplicate, external laboratory checks) and whether acceptable levels of preparation of the bulk sample composites.
accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling & assaying The verification of significant intersections by either independent or No drilling intersections are being reported.
alternative company personnel.
The use of twinned holes. No twin holes completed in this program.
Documentation of primary data, data entry procedures, data verification, data All data was collected initially on paper logging sheets and codified to the
storage (physical and electronic) protocols. Company's templates. This data was hand entered to spreadsheets and validated
by Company geologists.
Discuss any adjustment to assay data. No adjustment to assay data has been made.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at
down-hole surveys), trenches, mine workings and other locations used in a registered reference marker ensures equipment remains in calibration.
Mineral Resource estimation.
No downhole surveying is completed. Given the vertical nature and shallow
depths of the holes, drill hole deviation is not considered to significantly
affect the downhole location of samples.
Specification of the grid system used. WGS84 UTM Zone 36 South.
Quality and adequacy of topographic control. DGPS pickups are considered to be high quality topographic control measures.
Data spacing & distribution Data spacing for reporting of Exploration Results. Metallurgical Composite Sample: The hand-auger holes contributing to this
metallurgical were selected from pit area Kingfisher and broadly represent
early years of mining as contemplated in the PFS (Approximately the first
three years).
It is deemed that these holes should be broadly representative of the
mineralisation style in the general area.
Whether the data spacing and distribution is sufficient to establish the Not applicable, no Mineral Resource or Ore Reserve estimations are covered by
degree of geological and grade continuity appropriate for the Mineral Resource new data in this report.
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. Metallurgical Composite Sample:
The sample was composited as described under Sampling Techniques in this
Table.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible No bias attributable to orientation of sampling has been identified.
structures and the extent to which this is known considering the deposit type
If the relationship between the drilling orientation and the orientation of All holes were drilled vertically as the nature of the mineralisation is
key mineralised structures is considered to have introduced a sampling bias, horizontal. No bias attributable to orientation of drilling has been
this should be assessed and reported if material. identified.
Sample security The measures taken to ensure sample security Samples are stored in secure storage from the time of drilling, through
gathering, compositing and analysis. The samples are sealed as soon as site
preparation is complete.
A reputable international transport company with shipment tracking enables a
chain of custody to be maintained while the samples move from Malawi to
Australia or Malawi to Johannesburg. Samples are again securely stored once
they arrive and are processed at Australian laboratories. A reputable domestic
courier company manages the movement of samples within Perth, Australia.
At each point of the sample workflow the samples are inspected by a company
representative to monitor sample condition. Each laboratory confirms the
integrity of the samples upon receipt.
Audits or reviews The results of any audits or reviews of sampling techniques and data It is considered by the Company that industry best practice methods have been
employed at all stages of the exploration.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in
May 2022. A high standard of operation, procedure and personnel was observed
and reported.
SECTION 2 - REPORTING OF EXPLORATION RESULTS
Criteria Explanation Commentary
Mineral tenement & land tenure status Type, reference name/number, location and ownership including agreements or The Company owns 100% of the following Exploration Licences (ELs) under the
material issues with third parties such as joint ventures, partnerships, Mines and Minerals Act 2019 (Malawi), held in the Company's wholly-owned,
overriding royalties, native title interests, historical sites, wilderness or Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528, EL0545,
national park and environment settings. EL0561, EL0657 and EL0710.
A 5% royalty is payable to the government upon mining and a 2% of net profit
royalty is payable to the original project vendor.
No significant native vegetation or reserves exist in the area. The region is
intensively cultivated for agricultural crops.
The security of the tenure held at the time of reporting along with any known The tenements are in good standing and no known impediments to exploration or
impediments to obtaining a licence to operate in the area. mining exist.
Exploration done by other parties Acknowledgement and appraisal of exploration by other parties. Sovereign Metals Ltd is a first-mover in the discovery and definition of
residual rutile and graphite deposits in Malawi.
Geology Deposit type, geological setting and style of mineralisation The rutile deposit type is considered a residual placer formed by the intense
weathering of rutile-rich basement paragneisses and variable enrichment by
eluvial processes.
Rutile occurs in a mostly topographically flat area west of Malawi's capital,
known as the Lilongwe Plain, where a deep tropical weathering profile is
preserved. A typical profile from top to base is generally soil ("SOIL" 0-1m)
ferruginous pedolith ("FERP", 1-4m), mottled zone ("MOTT", 4-7m), pallid
saprolite ("PSAP", 7-9m), saprolite ("SAPL", 9-25m), saprock ("SAPR", 25-35m)
and fresh rock ("FRESH" >35m).
The low-grade graphite mineralisation occurs as multiple bands of graphite
gneisses, hosted within a broader Proterozoic paragneiss package. In the
Kasiya areas specifically, the preserved weathering profile hosts significant
vertical thicknesses from near surface of graphite mineralisation.
Drill hole information A summary of all information material to the understanding of the exploration All intercepts relating to the Kasiya Deposit have been included in public
results including a tabulation of the following information for all Material releases during each phase of exploration and in this report. Releases
drill holes: easting and northings of the drill hole collar; elevation or RL included all collar and composite data and these can be viewed on the Company
(Reduced Level-elevation above sea level in metres of the drill hole collar); website.
dip and azimuth of the hole; down hole length and interception depth; and hole
length There are no further drill hole results that are considered material to the
understanding of the exploration results. Identification of the broad zone of
mineralisation is made via multiple intersections of drill holes and to list
them all would not give the reader any further clarification of the
distribution of mineralisation throughout the deposit.
If the exclusion of this information is justified on the basis that the No information has been excluded.
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, maximum No data aggregation was required.
and/or minimum grade truncations (e.g. 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 No data aggregation was required.
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 Not applicable
clearly stated.
Relationship between mineralisation widths & intercept lengths These relationships are particularly important in the reporting of Exploration The mineralisation has been released by weathering of the underlying, layered
Results. gneissic bedrock that broadly trends NE-SW at Kasiya North and N-S at Kasiya
South. It lies in a laterally extensive superficial blanket with high-grade
zones reflecting the broad bedrock strike orientation of ~045° in the North
of Kasiya and 360° in the South of Kasiya.
No drilling intercepts are being reported.
If the geometry of the mineralisation with respect to the drill hole angle is The mineralisation is laterally extensive where the entire weathering profile
known, its nature should be reported. is preserved and not significantly eroded. Minor removal of the mineralised
profile has occurred where alluvial channels cut the surface of the deposit.
These areas are adequately defined by the drilling pattern and topographical
control for the resource estimate.
If it is not known and only the down hole lengths are reported, there should No drilling intercepts are being reported.
be a clear statement to this effect (e.g. 'down hole length, true width not
known'.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Refer to figures in previous releases. These are accessible on the Company's
should be included for any significant discovery being reported. These should webpage.
include, but not be limited to a plan view of the drill collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, All results are included in this report and in previous releases. These are
representative reporting of both low and high-grades and/or widths should be accessible on the Company's webpage.
practiced to avoid misleading reporting of exploration results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported Limited lateritic duricrust has been variably developed at Kasiya, as is
including (but not limited to: geological observations; geophysical survey customary in tropical highland areas subjected to seasonal wet/dry cycles.
results; geochemical survey results; bulk samples - size and method of Lithological logs record drilling refusal in just under 2% of the HA/PT drill
treatment; metallurgical test results; bulk density, groundwater, geotechnical database. No drilling refusal was recorded above the saprock interface by AC
and rock characteristics; potential deleterious or contaminating substances. drilling.
Sample quality (representivity) is established by geostatistical analysis of
comparable sample intervals.
Further work The nature and scale of planned further work (e.g. test for lateral extensions The Company is currently in a project optimisation phase with various work
or depth extensions or large-scale step-out drilling). programs underway.
Diagrams clearly highlighting the areas of possible extensions, including the Refer to diagrams in previous releases. These are accessible on the Company's
main geological interpretations and future drilling areas, provided this webpage.
information is not commercially sensitive.
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