REG - Sylvania Platinum - Exploration Update for Northern Limb Projects
20/08/2024 08:30
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RNS Number : 0806B Sylvania Platinum Limited 20 August 2024
20 August 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Exploration Update for Northern Limb Projects
Sylvania (AIM:SLP), the platinum group metals ("PGM") producer and developer
with assets in South Africa, is pleased to announce the results of the
successful Scoping Study completed on the Volspruit Project, as well as the
declaration of an Exploration Target at the Hacra Project and an update on the
Aurora Project.
The Competent Person's Report ("CPR") presents the Volspruit Scoping Study, an
update on the October 2022 Scoping Study, following on from the updated
Mineral Resource Estimate ("MRE") statement released in February 2024. The
contributions from rhodium ("Rh") content and additional tonnages from the
South body are included in the updated JORC Compliant (2012) CPR.
The full Scoping Study/CPR and the related appendices are available on the
Company's website.
Highlights (100% attributable basis)
Volspruit
o A Scoping Study for the North body was completed in 2022 and the MRE was
updated in 2024 to include resources from the South body, as well as estimates
for both Rh and ruthenium ("Ru") which had previously not been assayed for;
o 28.24 million tonnes ("Mt") (gross in-situ) (2022: 15.4 Mt) at 4E (4E
includes platinum ("Pt"), palladium ("Pd"), Rh and gold ("Au")) of 2.36
grammes per tonnes ("g/t") (2022: 2.27 g/t 3E);
o Production rate of 1.8 Mt per annum ("Mtpa") from the North and South
pits;
o A pre-tax net present value ("NPV") of ZAR1.2 billion / $69.0 million
(2022: ZAR 464 million / $27.3 million at 12.5% discount rate) at a 12%
discount rate;
o Pre-tax Internal rate of return ("IRR") 17% (2022: 17.9%);
o Payback period of six years (2022: 4.25 years);
o Life of mine ("LOM") 14 years (2022: 8.7 years); and
o Peak funding requirement ZAR4.3 billion / $238.3 million (2022: ZAR 2.5
billion / $147.4 million).
Hacra
o Exploration Target of 20 Mt to 22.5 Mt at an estimated 4E grade of between
2.18 g/t and 3.32 g/t;
o The tonnage and grade ranges in this Exploration Target are conceptual in
nature as there has been insufficient exploration to estimate a Mineral
Resource;
o Copper ("Cu") grade of 0.12% to 0.16%; and
o Nickel ("Ni") between 0.08% and 0.10%.
Aurora
o Following the initial October 2022 MRE for the La Pucella target area,
which represents approximately 12% of the potential total strike length of the
Aurora Project, reinterpretation of historic information has been completed;
o This enables the definition of a future work programme aimed at increasing
knowledge over the project's entire strike length with the aim of increasing
the resources for the total Aurora Project; and
o The need for future drilling programmes will be assessed based on the
outcomes of both the geophysical survey as well as the processing test work.
Jaco Prinsloo, CEO of Sylvania, commented:
"While we have slowed down some of our exploration studies during the past
year, to align spend with the current PGM price environment, I am pleased with
the steady progress we have made to improve the understanding of our
respective exploration assets and to further optimise future potential.
"I am encouraged by the results of the updated Scoping Study on our Volspruit
Project. This now benefits from the inclusion of the South ore body and
additional rhodium contributions that were excluded from previous studies.
The updated Scoping Study resulted in a significant increase in project
pre-tax NPV to $69.0 million for a 14-year LOM, compared to $27.3 million NPV
and nine-year LOM for October 2022 study, while the IRR is slightly lower at
17%. Although the additional South body tonnes and rhodium revenue contributed
to higher project revenue, the peak capital and all-in operating costs have
increased, largely impacted by an improved understanding and updated costs for
the processing plant and related infrastructure.
"The defining of an Exploration Target on the Hacra project provides
sufficient information for the Company to now evaluate various disposal
options and we don't anticipate incurring any significant further exploration
or study costs on this particular project, where the mineralisation occurs at
depth, compared to shallow occurrences at Volspruit and Aurora.
"At Aurora, where we have already declared attractive results and an MRE on a
portion of the strike length in 2022, further studies continue with the aim of
declaring an updated MRE and Scoping Study to be commissioned for the total
Aurora Project area.
"The results from the recently completed and ongoing studies continue to
improve our understanding of the occurrence and value of resources at our
respective exploration assets and provide guidance on where future efforts
need to be focussed to optimise future value for the Company and all of its
stakeholders."
Further Information
The Company's Northern Limb Minerals Assets comprise various PGM-Ni-Cu
exploration projects located within the Northern Limb of the Bushveld Igneous
Complex ("Bushveld Complex") in South Africa. Sylvania holds approved Mining
Rights for all assets within its exploration portfolio.
Updated Volspruit Scoping Study
The Volspruit Project is located on the southern end of the Northern Limb of
the Bushveld Complex, approximately 16km south of the town of Mokopane. The
area is well located in terms of infrastructure and services with a national
highway running to the west of the project area.
A Scoping Study for the North body was completed by Earthlab Technical
Division ("Earthlab") in 2022 which highlighted the economic potential of the
project at the time. The JORC Compliant (2012) MRE was updated in 2024 by
Earthlab to include resources from the South body as well as estimates for
both Rh and Ru which had previously not been assayed for. The report was
signed off by the competent person ("CP") Mr Gideon du Plessis. This MRE is
shown in Table 1 while a comparison with the 2022 MRE statement is shown in
Table 2.
Table 1a. Mineral Resource Statement for the Volspruit Project (100% Gross in-situ) (30 January 2024, Earthlab).
Classification Deposit Mt PGM Grades PGM Content Base metal Grades Base metal Content
4E (g/t) 4E koz Cu Ni Cu Ni
(%) (%) (t) (t)
Indicated North 16.4 2.52 1,335 0.067 0.18 9,956 27,897
Total Indicated 16.4 2.52 1,335 0.067 0.18 9,956 27,897
Inferred North 1.2 2.45 96 0.071 0.18 866 2,138
South 10.6 2.11 719 0.063 0.20 6,728 21,307
Total Inferred 11.8 2.15 815 0.070 0.20 7,594 23,445
Total Resource 28.2 2.36 2,150 0.068 0.19 17,550 51,342
Table 1b. Mineral Resource Statement for the Volspruit
Project (74% attributable to Sylvania), 30 January 2024
Classification Deposit Mt PGM Grades PGM Content Base metal Grades Base metal Content
4E (g/t) 4E koz Cu Ni Cu Ni
(%) (%) (t) (t)
Indicated North 12.1 2.52 988 0.067 0.18 7,367 20,644
Total Indicated 12.1 2.52 988 0.067 0.18 7,367 20,644
Inferred North 0.9 2.45 71 0.071 0.18 641 1,582
South 7.8 2.11 532 0.063 0.20 4,979 15,767
Total Inferred 8.7 2.15 603 0.070 0.20 5,620 17,349
Total Resource 20.9 2.36 1,591 0.068 0.19 12,987 37,993
Notes:
· A Troy ounce = 31.1034768 metric grammes.
· Mineral Resources are reported with rounding to reflect the
accuracy of the estimates. Totals may not sum correctly as a result of the
rounding.
· Mineral Resources are not Mineral Reserves and are not guaranteed
to be converted.
· For Volspruit North, only the portion of the Mineral Resource
within the flood barrier is reported. The metal content reported for Cu and Ni
is only that which is situated within the Volspruit Mining Right, since the
adjacent Mining Right on Zoetveld 294 KR RE (also held by Sylvania) does not
include Cu and Ni. The tonnage within this portion is 1.0Mt.
· Mineral Resources are discounted by a geological loss factor of
10%.
· Mineral Resources are reported with consideration of Reasonable
Prospects for Eventual Economic Extraction ("RPEEE"). At Volspruit North, this
was based on the strip ratio of the 2022 pit shell designed by Earthlab during
a previous study. At Volspruit South, this is based on a rudimentary pit shell
with ~50° pit slopes, for which Earthlab determined the strip ratio was
appropriate. No cut-off grades are applied to the mineralisation within the
pit shells.
Table 2. Mineral Resource comparison between 2022 and 2024 Earthlab estimates (100% attributable basis)
Parameter Earthlab 2022 (North, 3E) Earthlab 2024 (North and South, 4E) % Difference
Total tonnes with 10% geological loss 15.42 Mt 28.24 Mt +83%
3E grade (g/t) 2.27 2.23 -2%
4E grade (g/t) 2.36
Au (g/t) 0.05 0.05 0%
Pd (g/t) 1.20 1.09 -9%
Pt (g/t) 1.02 1.09 +7%
Rh (g/t) 0.14
Cu grade (%) 0.062 0.068 +10%
Ni grade (%) 0.18 0.19 +5%
3E metal content (koz) 1,125 2,023 +80%
4E metal content (koz) 2,150
Cu metal content (t) 9,207 17,550 +91%
Ni metal content (t) 26,271 51,342 +95%
SRK Consulting (South Africa) ("SRK") was commissioned by Sylvania in late
2023 to complete a Scoping Study of the Volspruit Project to assess the
economic upside resulting from the updated MRE statement including the
additional South body resources and previously unreported PGMs. The CPR
covering the Scoping Study was completed in accordance with the JORC Code
(2012) and signed off by the CPs Mr Marcin Wertz and Mr Andrew McDonald in
August 2024.
A mining schedule was produced from pit shells generated during SRK's
optimisation exercise. A production rate of 150,000 tonnes per month (1.8
Mtpa) was used, resulting in a 14-year LOM for the approximately 25 Mt of ore
contained within the North and South bodies. The average strip ratio over the
life of the operation is 6.3. The average 4E grade over the LOM is 2.22 g/t,
with 0.19% Ni and 0.06% Cu also present.
65% of the ore is located within the North pit, with the remainder in the
South. Approximately 67% of the ore is from the Indicated Mineral Resource
while the remainder falls into the Inferred Mineral Resource category, and 9%
classed as oxide and transitional ore.
Metallurgical test work was completed by DRA at Mintek on ore from both the
North and South bodies. 4E recoveries of 71.6% at a grade of 74 g/t 4E were
achieved from the fresh ore, while lower recoveries were obtained for the
oxide and transitional ores resulting in a blending strategy being utilised in
the production schedule. A standard MF2 type (mill-float-mill-float) circuit
was used in the test work.
The business case is based on a contractor miner being responsible for the
mining operations with Sylvania managing the processing plant, and concentrate
being sold to a third-party off-taker.
The pre-tax NPV of the project at a discount rate of 12% is ZAR1.2 billion
with an IRR of 17%. Peak funding required is ZAR4.3 billion with a payback
period of 6 years. Further details of the investment returns are provided in
Table 3.
Table 3. Investment Returns of Volspruit Project (SRK, July 2024).
Investment Returns Total/Average
Pre-tax NPV ZAR1.2 billion / $69.0 million
Pre-tax IRR (real) 17%
Discount rate (real) 12%
Payback period 6 years
Peak Funding requirement ZAR4.3 billion / $238.3 million
Life of mine 14 years
Operating margin 38.7%
EBITDA per annum (as average operating profit after payback) ZAR889 million / $49.4 million
AISC average for LOM (ZAR per 4E oz payable) ZAR28,488
AISC average for LOM (ZAR per Pt Equivalent oz payable) ZAR21,060
Basket Price ($ per 4E oz payable) (based on 2029 Long Term prices and prill $1,691
splits in payable metal)
The Company cannot confirm at present whether the associated metals on the
Zoetveld mining right transferred from Grasvally Chrome Mine to Volspruit
Mining Company include Cu and Ni. These have been excluded from the economic
evaluation and reflect in the reported pre-tax NPV of ZAR1.2 billion.
If the Cu and Ni rights can be included, the pre-tax NPV would increase to
ZAR1.5 billion ($82.5 million).
The Scoping Study identified areas in which improvements could potentially be
made to further improve the economics of the project. These options are
currently being explored by the Company and decisions on continuing with a
Pre-Feasibility Study ("PFS") will be made based on the outcomes of this work.
Far Northern Limb Projects
Hacra Update
A JORC Compliant (2012) Technical Report was completed by independent
consultants, Earthlab, on the Harriets Wish North Underground Target ("Hacra")
in February 2024. The CP, Mr Gideon du Plessis, declared an Exploration Target
over the project and recommended that further drilling and geophysical surveys
be completed to allow for RPEEE testing to be undertaken on the economic
viability of the project in line with JORC (2012) standards. The tonnage and
grade ranges in this Exploration Target are conceptual in nature as there has
been insufficient exploration to estimate a Mineral Resource. It is uncertain
if further exploration will result in the estimation of a Mineral Resource.
The Exploration Target declared is based on the reinterpretation of historic
geophysical and drill hole information, drill holes drilled by Sylvania in
2021, and stratigraphy as defined by Platinum Group Metal's Joint Venture
("PTM") Waterberg Project immediately to the north of Hacra (Figure 1).
Information available in the public domain coupled with academic research has
led to the Harriets Wish Succession ("HWS") and the Troctolite Sequence ("TS")
mineralised zones being reinterpreted as the T- and F-zones as observed on the
Waterberg Project. However, the decision was taken to leave the original
nomenclature in place until sufficient drill hole data exists to confidently
rename the mineralised zones at Hacra.
Figure 1. Location plan of Hacra in relation to Northern Limb projects and Mines (Earthlab 2024).
Geological modelling was completed utilising a database comprising 14 historic
and 11 new drill holes and deflections. Seven data points from the Waterberg
Project were included to add confidence to the re-interpretation of the
information. Six of the drill holes contained information related to the HWS,
while five had intersected the TS (Table 4). Structure was interpreted from
all available information.
Table 4. Summary of drill holes available for wireframe modelling and resource estimation (Earthlab 2024).
Company Campaign Drill hole ID HWS intersected TS Intersected Notes
Hacra IGS 2012 HW023 No No Stopped short due to hole caving, assuming a fault zone
HW024 No Yes Beyond the HWS extent
HW024W1 No Yes Beyond the HWS extent
HW025 No Yes Beyond the HWS extent
HW025W1 No Yes Beyond the HWS extent
HW026 No No Beyond the Rustenburg Layered Suite ("RLS") extent
HW027 No No Beyond the RLS extent
HW028 No No Beyond the RLS extent
HW029 Yes No Stopped before it could potentially intersect TS at a very deep level
HW029W1 Yes No Stopped before it could potentially intersect TS at a very deep level
HW029W2 Yes No Stopped before it could potentially intersect TS at a very deep level
HW030 No No Presumably, fault displacement caused Main Zone to be at a much deeper level.
Only Upper Zone intersected below the Waterberg Group
HW031 No No Presumably, fault displacement caused Main Zone to be at a much deeper level.
Only Upper Zone intersected below the Waterberg Group
HW032 Yes No Stopped before it could potentially intersect TS at a very deep level
Earthlab 2021 HW201 Yes Yes Stopped before reaching TS footwall due to hole caving. Meaningful
mineralisation could potentially exist just below the current drill hole
bottom
HW202_D0 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS
HW202_D1 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS
HW202_D2 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS
HW203_D0 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS
HW203_D1 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS
HW204_D0 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS. HWS at a higher elevation due to suspected faulting.
Significantly lower grades could be due to the nearby fault plane
HW204_D1 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS. HWS at a higher elevation due to suspected faulting.
Significantly lower grades could be due to the nearby fault plane
HW204_D2 Yes No The drill hole was only planned for HWS interception, and not aimed at going
as deep as the TS. HWS at a higher elevation due to suspected faulting.
Significantly lower grades could be due to the nearby fault plane
HW205 No Yes Beyond the HWS extent
HW206 No Yes Beyond the HWS extent. Stopped before reaching the TS footwall due to hole
caving. Proper mineralisation could exist just below the current drill hole
bottom
PTM na WB003 Yes No Only PTM's T-Zone intercept depths. No assay data
WB004
WB005
WB008
WB009
PTM na WB005 No Yes Only PTM's F-Zone intercept depths. No assay data
WB009
A 1 g/t 4E cut-off was applied at a sample level with an allowance for a 2m
waste interval in defining the mineralised zone. Wireframe models of the
mineralised zones were developed, and volumes calculated. Ratios for each
mineralised intersection were calculated to determine the ratio of the volume
above the cut-off grade relative to the total model's volume (Figure 2).
Polygonal methods were then utilised to estimate grades in the wireframes. The
top end of the grade ranges was calculated using samples above the 1 g/t 4E
sample cut-off, while the global geometric mean was used as an estimate of the
lower grade range.
Figure 2. Plan highlighting drill holes utilised in wireframe modelling for the two mineralised zones at Hacra. Interpreted structure is shown on the plan (Earthlab 2024).
The declared Exploration Target is given below in Table 5.
Table 5. Hacra Exploration Target at 100% attributable basis (Earthlab, February 2024)
Unit Tonnage at 20% Tonnage at 10% Grade Ranges
geoloss (Mt) geoloss (Mt)
4E (g/t) Pt Pd Rh Au Cu Ni
(g/t)
(g/t)
(g/t)
(%)
(g/t) (%)
Harriets Wish Succession (HWS) 10.56 11.88 2.62 - 4.32 0.90 - 1.27 1.32 - 2.34 ~0.01 0.39 - 0.70 0.21 - 0.28 0.08 - 0.11
Troctolite Sequence (TS) 9.48 10.67 1.68 - 2.29 0.62 - 0.79 0.98 - 1.37 ~0.03 0.05 - 0.10 0.03 - 0.05 0.09 - 0.10
Combined 20.04 22.55 2.18 - 3.32 0.77 - 1.03 1.16 - 1.86 ~0.02 0.23 - 0.40 0.12 - 0.16 0.08 - 0.10
Based on the recommendations by the CP, further exploration work that includes
a magnetic survey and further drilling would be required to gain improved
confidence in the re-interpretation of the mineralised zones and to determine
if there is sufficient tonnage and grade if the Company wish to declare a
maiden resource in future.
Aurora Update
The October 2022 MRE for the Aurora Project contained approximately 16.3 Mt of
Mineral Resources in the Measured and Indicated categories at a grade of 2.63
g/t 3E but was only for the La Pucella Target area that represents just 12% of
the combined Aurora Project area.
Subsequent studies were aimed at compiling and reassessing data to compile a
geological model to guide a decision on whether to implement further drilling
campaigns to assess gaps in the current database that could allow for an
updated MRE and Scoping Study to be commissioned for Aurora if results
warrant.
Geophysical surveys have been planned for the entire strike length of the
project which will provide valuable information on the downdip extent of the
mineralisation as well as aid with the overall structural interpretation of
the area.
Metallurgical process test work is planned for samples from previous drilling
campaigns to assess the processing characteristics of the mineralised zone.
The need for future drilling programmes will be assessed based on the outcomes
of both the geophysical survey as well as the processing test work.
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO Lewanne Carminati CFO +27 11 673 1171
Nominated Adviser and Broker
Panmure Liberum Limited +44 (0) 20 3100 2000
Scott Mathieson / John More / Joshua Borlant
Communications
BlytheRay +44 (0) 20 7138 3205
Tim Blythe / Megan Ray sylvania@BlytheRay.com (mailto:sylvania@BlytheRay.com)
CORPORATE INFORMATION
Registered and postal address: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal address: PO Box 976
Florida Hills, 1716
South Africa
Sylvania Website: www.sylvaniaplatinum.com
(http://www.sylvaniaplatinum.com/)
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group metals (PGM)
(platinum, palladium and rhodium) with operations located in South Africa. The
Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM
processing plants focusing on the retreatment of PGM-rich chrome tailings
materials from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry. Additionally,
the Thaba JV comprises chrome beneficiation and PGM processing plants, which
will treat a combination of run of mine (ROM) and historical chrome tailings
from the JV partner, adding a full margin chromite concentrate revenue stream.
The Group also holds mining rights for PGM projects in the Northern Limb of
the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Article 7 of Regulation (EU)
no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019.
For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Company by
Jaco Prinsloo.
In accordance with the AIM Rules - Note for Mining and Oil & Gas
Companies, the information contained in this announcement regarding Mineral
Resource Estimates has been reviewed and signed off by Mr. Deon du Plessis, a
qualified professional Geologist (Pr.Sci.Nat. - 400050/05) and Fellow with the
Geological Society of South Africa (FGSSA - 963338), who has over 21 years'
relevant experience within the mining sector.
In accordance with the AIM Rules - Note for Mining and Oil & Gas
Companies, the information contained in this announcement regarding the
Volspruit Project (under the 2024 CPR) has been reviewed and signed off by Mr.
Marcin L Wertz, a qualified professional Engineer registered with the
Engineering Council of South Africa (Reg No. 1995/012890/07) and Fellow of the
Southern African Institute for Mining and Metallurgy, having more than five
years of experience that is relevant to the style of mineralisation and the
type of deposit described in the Report.
In accordance with the AIM Rules - Note for Mining and Oil & Gas
Companies, the information contained in this announcement regarding the
Volspruit Project (under the 2024 CPR) has been reviewed and signed off by Mr.
Andrew J McDonald, a registered Chartered Engineer with the Engineering
Council of the United Kingdom (Registration No. 334987) and Fellow of the
Southern African Institute for Mining and Metallurgy and a Member of the
Institution of Materials, Minerals and Mining in the UK, having more than five
years of experience that is relevant to the style of mineralisation and the
type of deposit described in the Report.
ANNEXURE
GLOSSARY OF TERMS - Results of Optimisation Studies for Northern Limb Mineral
Assets The following definitions apply throughout the announcement:
Mineral Resource Estimate - The process of subjecting known geological
evidence and knowledge required for the estimation of Mineral Resources, and
must include sampling data of a type, and at spacings, appropriate to the
geological, chemical, physical, and mineralogical complexity of the mineral
occurrence, for all classifications of Inferred, Indicated and Measured
Mineral Resources. A Mineral Resource cannot be estimated in the absence of
sampling information. Any adjustment made to the data for the purpose of
making the Mineral Resource estimate, for example by cutting or factoring
grades, should be clearly stated and described in the Public Report.
MRE
3E PGMs 3E ounces include the precious metal elements platinum, palladium and gold
4E PGMs 4E ounces include the precious metal elements platinum, palladium, rhodium
and gold
A statement or estimate of the exploration potential of a mineral deposit in a
defined geological setting where the statement or estimate, quoted as a range
Exploration Target of tonnes and a range of grade (or quality), relates to mineralisation for
which there has been insufficient exploration to estimate a Mineral Resource.
A comprehensive technical and economic study of the selected development
option for a mineral project that includes appropriately detailed assessments
of applicable Modifying Factors together with any other relevant operational
factors and detailed financial analysis that are necessary to demonstrate at
the time of reporting that extraction is reasonably justified (economically
mineable). The results of the study may reasonably serve as the basis for a
final decision by a proponent or financial institution to proceed with, or
finance, the development of the project. The confidence level of the study
will be higher than that of a Pre-Feasibility Study.
Feasibility Study
A geological loss is an area or volume with no reef or ore developed due to
disruption by a geological feature. Geological loss is expressed as a
percentage by which a Mineral Resource is discounted and is based on the
geological condition of an orebody. There are two types termed "Known" and
"Unknown" losses. Mineral Resources are discounted by the total geological
losses. A Known geological loss is known/expected before mining takes place,
and is often indicated by remote sensing, or is the extension of a feature,
which has been exposed by current mining activities. These types of geological
features are in general occurrences of a linear type of features (examples
include faults, dykes, shear zones, and other localised features). Unknown
geological losses are generally associated with those features which have not
been determined by various
geophysical techniques.
Geoloss
An 'Indicated Mineral Resource' is that part of a Mineral Resource for which
quantity, grade (or quality), densities, shape and physical characteristics
are estimated with sufficient confidence to allow the application of Modifying
Factors in sufficient detail to support mine planning and evaluation of the
economic viability of the deposit. Geological evidence is derived from
adequately detailed and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes, and is sufficient to assume geological and
grade (or quality) continuity between points of observation where data and
samples are gathered. An Indicated Mineral Resource has a lower level of
confidence than that applying to a Measured Mineral Resource and may only be
converted to a Probable Ore Reserve.
Indicated
An 'Inferred Mineral Resource' is that part of a Mineral Resource for which
quantity and grade (or quality) are estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient to imply
but not verify geological and grade (or quality) continuity. It is based on
exploration, sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes. An Inferred Mineral Resource has a lower level of confidence than that
applying to an Indicated Mineral Resource and must not be converted to an Ore
Reserve. It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
Inferred
Joint Ore Reserves Committee - The Australian Code for Reporting of
Exploration Results, Mineral
Resources and Ore Reserves ('the JORC Code') is a professional code of
JORC practice that sets minimum standards for Public Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
A 'Measured Mineral Resource' is that part of a Mineral Resource for which
quantity, grade (or quality), densities, shape, and physical characteristics
are estimated with confidence sufficient to allow the application of Modifying
Factors to support detailed mine planning and final evaluation of the economic
viability of the deposit. Geological evidence is derived from detailed and
reliable exploration, sampling and testing gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes, and is sufficient to confirm geological and grade (or quality)
continuity between points of observation where data and samples are gathered.
A Measured Mineral Resource has a higher level of confidence than that
applying to either an Indicated Mineral Resource or an Inferred Mineral
Resource. It may be converted to a Proven Ore Reserve or under certain
circumstances to a Probable Ore Reserve.
Measured
PGM-Ni-Cu Platinum Group Elements, Nickel and Copper
Defined as classes or categories as per the JORC Code (2012) in decreasing
confidence levels as Measured, Indicated and Inferred.
Resource Classification
An order of magnitude technical and economic study of the potential viability
of Mineral Resources. It includes appropriate assessments of realistically
assumed Modifying Factors together with any other relevant operational factors
that are necessary to demonstrate at the time of reporting that progress to a
Pre-Feasibility Study can be reasonably justified.
Scoping Study
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