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REG - Thor Energy PLC - Mineralisation at Edna Mae Prospect

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RNS Number : 4904T  Thor Energy PLC  24 June 2024

24 June 2024

Thor Energy PLC

 

("Thor" or the "Company)

 

 Sampling returns up to 5,424ppm (0.54 %) U(3)O(8), 1.6 % V(2)O(5) and 2.74 %
Cu.

Edna Mae Prospect- Wedding Bell and Radium Mountain Projects, USA

 

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide an exploration update on the regional surface sampling
program on the Company's 100% owned Wedding Bell and Radium Mountain Projects,
located in the uranium-vanadium mining district of the Uravan Mineral Belt,
southwest Colorado, USA (Figure 1 and Figure 3).

Highlights:

§ Rock Chip sampling at Edna Mae Prospect returned up to 5,424 ppm (0.54 %) U(3)O(8), 1.6 % V(2)O(5) and 2.74 % Cu.
§ Following on from Thor's 2023 Airborne Radiometric survey, a regional reconnaissance surface sampling program consisting of mapping and rock sampling is progressing across the Wedding Bell Project, assessing all first-order anomalies for future drill testing (Figure 1 and Figure 2). Previously reported rock samples returned up to 1.25% U(3)O(8) at Rim Rock (WR-016) and 3.87 % V(2)O(5) at Jack Knife (WR-20) (Figure 1) (
ASX/AIM: 20 July 2020 (https://wcsecure.weblink.com.au/LSE_news/2020/07/21/Thormining_14759196.pdf)
).
§ Edna Mae rock sample assay results include:
 Sample No.  U(3)O(8) ppm  U(3)O(8) %   V(2)O(5) %   Cu %  Ag g/t  Sample Type
 WBNG001     598           0.06        1.60          2.74  100     Dump
 WBNG002     5424          0.54        1.38          0.31  6.4     Dump
 WBNG003     2235          0.22        0.69          0.52  21.3    Adit wall

§ The Edna Mae prospect lies in the southern portion of Thor's mining claims (Figure 2), with the copper and uranium-vanadium mineralisation within altered, bitumen spotted Jurassic sandstones of the Salt Wash Member of the Morrison Formation (Photo 1 & 2). Mineralisation sits in the lower first Rim of the Salt Wash Sandstone at a similar stratigraphic position to Section 23 and Groundhog prospects.

§ Edna Mae lies on the edge of Paradox Copper Belt, which includes the
producing Lisbon Valley Copper Mine. The sediment-hosted copper mineralisation
is believed to be a later, younger event to the uranium mineralisation.

§ Preparations are underway for 2024 drilling programs (infill and extension)
at Rim Rock and Groundhog mine areas, with reconnaissance surface geochemical
sampling continuing throughout the Wedding Bell Project.

 

 

 

 

 

 

 

 

 

 

 

 

Nicole Galloway Warland, Managing Director of Thor Energy, commented:

"The presence of high-grade copper with the uranium-vanadium assay results at
the Edna Mae Prospect is very promising. The Edna Mae Prospect sits on the
edge of the Paradox Copper Belt, which hosts the producing Lisbon Valley
Copper Mine.

"We are continuing our regional reconnaissance surface sampling program with
exciting high-grade results and building additional drill targets to our
priority Rim Rock and Groundhog prospects.

"2024 drilling preparations are in progress, with the intention of maiden
drilling at Vanadium King Project, and we look forward to updating the market
in due course."

 

 

Figure 1: Surface Rock Sampling Results including Edna Mae, across the Wedding
Bell ad Radium Mountain Projects, Colorado

 

RECONNAISSANCE SURFACE SAMPLING:

Reconnaissance mapping and surface rock sampling across the Wedding Bell
Project are continuing to systematically assess and prioritising historic
workings and geophysical anomalies, identified by Thor's 2023 Radiometric
Survey (ASX/AIM: 27 July 2023
(https://www.londonstockexchange.com/news-article/THR/uranium-targets-identified/16058031)
) for future drill testing (Figures 1 and 2).

Previously reported rock samples returned up to 1.25% U(3)O(8) at Rim Rock
(WR-016) and 3.87 % V(2)O(5) at Jack Knife (WR-20) (Figure 1) (ASX/AIM: 20
July 2020). Refer to Table A for rock chip sample results to date. Of the
ten-plus areas that have been assessed, only two areas have been drill-tested
by Thor to date (Rim Rock and Groundhog).

Edna Mae Prospect

Edna Mae was identified as a geophysical anomaly in 2023, and is located in
the southern portion of the Wedding Bell mining claims approximately 1km east
of Section 23 and along strike of Groundhog (Figure 1 and Figure 2).

Recent Rock Chip sampling at Edna Mae Prospect returned up to 5,425ppm (0.54 %) U(3)O(8), 1.6 % V(2)O(5), 2.74 % Cu and 100g/t Ag. Although elevated copper values have been noted and used as pathfinder elements in drilling at Groundhog, Rim Rock and Section 23, this is the first high-grade copper value reported.
The copper and uranium-vanadium mineralisation is within altered, bitumen spotted Jurassic sandstones of the Salt Wash Member of the Morrison Formation (Photo 1 & 2). Mineralisation sits in the lower first Rim of the Salt Wash Sandstone at a similar stratigraphic position to Section 23 prospect.

Edna Mae lies on the edge of Paradox Copper Belt, which includes the producing
Lisbon Valley Copper Mine, Utah. The sediment-hosted copper mineralisation is
believed to be a later, younger event to the uranium mineralisation (Figure
3). Further work is needed to understand the copper distribution, and its
relationship and distribution relative to the uranium-vanadium mineralisation.
 

 

 
Edna Mae rock sample assay results include:
 Sample No.  U(3)O(8) ppm  U(3)O(8) %   V(2)O(5) %   Cu %  Ag g/t  Sample Type
 WBNG001     598           0.06        1.60          2.74  100     Dump
 WBNG002     5424          0.54        1.38          0.31  6.4     Dump
 WBNG003     2235          0.22        0.69          0.52  21.3    Adit wall

 

Next Steps and Upcoming News Flow:

§ Continuing our reconnaissance mapping and surface sampling program across
tenure, to build and prioritise future drill targets. There remain several
unsampled radiometric anomalies to assess (Figure 3).

§ Detailed mineralisation and geological interpretations combining the 2022
and 2023 drilling results.

§ 2024 reverse circulation and diamond resource drilling (infill and
extension) at Rim Rock and Groundhog mine areas.

§ Maiden drilling at Vanadium King, Utah.

 

 

 

Figure 2: Radiometric image (U2/Th ratio) draped over Digital Elevation Model
(DEM) showing uranium anomalies in red, green and light blue with Rock Chip
samples collected to date

 

Table A: Rock Sample Assay Results for Wedding Bell Project

 

 Prospect      Sample No.  Easting  Northing  U(3)O(8) ppm  U(3)O(8) %  V(2)O(5) %  Cu %  Ag g/t  Sample Type
 Edna Mae      WBNG001     689628   4222808   598           0.06        1.60        2.74  100     Dump
 Edna Mae      WBNG002     689628   4222807   5424          0.54        1.38        0.31  6.4     Dump
 Edna Mae      WBNG003     689706   4222727   2235          0.22        0.69        0.52  21.3    Adit wall
 Ground Hog    WR-001      687927   4223836   5188          0.52        1.82        NA    NA      Outcrop
 Ground Hog    WR-002      688030   4223849   943           0.09        1.11        NA    NA      Outcrop
 Rim Rock      WR-003      687660   4225839   8844          0.88        1.87        NA    NA      Adit wall
 Rim Rock      WR-004      687660   4225839   10023         1           1.30        NA    NA      Grab
 Wedding Bell  WR-005      687333   4224766   4363          0.44        0.38        NA    NA      Grab
 Wedding Bell  WR-006      687202   4224797   2358          0.24        0.67        NA    NA      Grab
 Big Bull      WR-007      692453   4226633   1179          0.12        0.74        NA    NA      Outcrop
 Big Bull      WR-008      692468   4226632   472           0.05        0.35        NA    NA      Outcrop
 Lark Mine     WR-009      691031   4226911   2358          0.24        0.25        NA    NA      Dump
 Lark Mine     WR-010      690763   4226921   11674         1.17        1.89        NA    NA      Dump
 Lark Mine     WR-011      690468   4226608   3891          0.39        1.23        NA    NA      Dump
 Diana Mine    WR-012      690142   4225830   11084         1.11        2.32        NA    NA      Dump
 Babe Ruth     WR-013      689730   4225628   118           0.01        1.04        NA    NA      Outcrop
 Babe Ruth     WR-014      689732   4225603   3420          0.34        2.62        NA    NA      Dump
 unnamed       WR-015      688347   4225808   9080          0.91        0.61        NA    NA      Grab
 Rim Rock      WR-016      687627   4225392   12500         1.25        0.97        NA    NA      Dump
 Rim Rock      WR-017      687660   4225839   1415          0.14        2.12        NA    NA      Adit wall
 Rim Rock      WR-018      687731   4225668   472           0.05        2.39        NA    NA      Outcrop
 Jack Knife    WR-019      687108   4224016   236           0.02        1.20        NA    NA      Pit Wall
 Jack Knife    WR-020      687081   4223998   6839          0.68        3.87        NA    NA      Pit Wall
 Groundhog     WR-021      687921   4223833   943           0.09        0.51        NA    NA      Outcrop

 

Note

Coordinates are in WGS 84 Zone 12

NA - Not Analysed for Copper or Silver

 

 

 

Figure 3: Uranium and Vanadium Project Location Map within the Uravan Mineral
Belt

 

The Board of Thor Energy Plc has approved this announcement and authorised its
release.

For further information, please contact:

 Thor Energy PLC
 Nicole Galloway Warland, Managing Director               Tel: +61 (8) 7324 1935

 Ray Ridge, CFO / Company Secretary                       Tel: +61 (8) 7324 1935
 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 207 220 1666
 Antonio Bossi / Darshan Patel / Isaac Hooper
 SI Capital Limited (Joint Broker)                        Tel: +44 (0) 1483 413 500
 Nick Emerson
 Yellow Jersey (Financial PR)                             thor@yellowjerseypr.com
 Dom Barretto / Shivantha Thambirajah / Bessie Elliot     Tel: +44 (0) 20 3004 9512

About Thor Energy Plc

The Company is predominantly focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has several highly
prospective projects that give shareholders exposure to uranium, vanadium,
copper, tungsten, lithium, nickel and gold, located in the favourable mining
jurisdictions of Australia and the USA.

Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell,
Radium Mountain and Vanadium King) in the Uravan Belt region of Colorado and
Utah, with historical high-grade uranium and vanadium drilling and production
results.

At Alford East in South Australia, Thor has earnt an 80% interest in oxide
copper deposits considered amenable to extraction via In-Situ Recovery
techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource
Estimate¹.

Thor also holds a 26.3% interest in a private Australian copper development
company EnviroCopper Limited (ECL), which Kapunda copper mine and the Alford
West copper project, both situated in South Australia, and both considered
amenable to recovery by way of ISR.²³ Alligator Energy recently invested
A$0.9M for a 7.8% interest in ECL with the rights to gain a 50.1% interest by
investing a further A$10.1m over four years.

Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020. Thor executed a A$8m Farm-in and Funding Agreement with
Investigator Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(5)

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia.

For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at https://thorenergyplc.com/
(https://thorenergyplc.com/) .

 

Notes

(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/

(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)

³
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)

(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/

(5)https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)

The Company notes that for the relevant market announcements noted above, that
it is not aware of any new information or data that materially affects this
information and that all material assumptions and technical parameters
underpinning any estimates continue to apply and have not materially changed.

APPENDIX 1: The following tables are provided to ensure compliance with JORC
Code (2012) requirements for exploration results for the Wedding Bell and
Radium Mountain Projects in Colorado, USA

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 specific     ·   Samples comprised a combination of rock chips from in-situ exposures
                                                          specialised industry standard measurement tools appropriate to the minerals      and grab samples from historic mullock dumps.
                                                          under investigation, such as down hole gamma sondes, or handheld XRF

                                                          instruments, etc). These examples should not be taken as limiting the broad      ·   The samples are not considered representative but rather indicative.
                                                          meaning of sampling.

                                                                                ·   Samples weighed between 1 and 2kg
                                                          · Include reference to measures taken to ensure sample representivity and the

                                                          appropriate calibration of any measurement tools or systems used.                ·   Mineralisation is characterised by the presence of carnotite,

                                                                                tyuyamunite and malachite allowing sampling to be guided by visual mineral
                                                          · Aspects of the determination of mineralisation that are Material to the        identification in addition to handheld spectrometer readings
                                                          Public Report.

                                                                                ·   Edna Mae samples were sent to ALS USA for analysis -4 acid multi
                                                          · In cases where 'industry standard' work has been done this would be            element ICP-MS +Uranium (ME-MS61U).
                                                          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         ·   All other samples sent to Hazen in Denver for Uranium and  vanadium
                                                          assay'). In other cases more explanation may be required, such as where there    analysis only.
                                                          is coarse gold that has inherent sampling problems. Unusual commodities or
                                                          mineralisation types (eg submarine nodules) may warrant disclosure of detailed
                                                          information.
 Drilling techniques                                      ·    Drill type (eg core, reverse circulation, open-hole hammer, rotary          No drilling reported
                                                          air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
                                                          standard tube, depth of diamond tails, face-sampling bit or other type,
                                                          whether core is oriented and if so, by what method, etc).
 Drill sample recovery                                    ·    Method of recording and assessing core and chip sample recoveries and       No drilling reported
                                                          results assessed.

                                                          ·    Measures taken to maximise sample recovery and ensure representative
                                                          nature of the samples.

                                                          ·    Whether a relationship exists between sample recovery and grade and
                                                          whether sample bias may have occurred due to preferential loss/gain of
                                                          fine/coarse material.
 Logging                                                  ·    Whether core and chip samples have been geologically and                    Samples were qualitatively logged.
                                                          geotechnically logged to a level of detail to support appropriate Mineral
                                                          Resource estimation, mining studies and metallurgical studies.

                                                          ·    Whether logging is qualitative or quantitative in nature. Core (or
                                                          costean, channel, etc) photography.

                                                          ·    The total length and percentage of the relevant intersections logged.
 Sub- sampling techniques and sample preparation          ·    If core, whether cut or sawn and whether quarter, half or all core          Samples comprised a combination of rock chips from in-situ exposures and grab

                                                        taken.                                                                           samples from historic mullock dumps.

                                                        ·    If non-core, whether riffled, tube sampled, rotary split, etc and           There was no screening or splitting and no QAQC.
                                                          whether sampled wet or dry.

                                                                                The samples are considered adequate to provide indication of presence of
                                                          ·    For all sample types, the nature, quality and appropriateness of the        mineralisation rather than to quantify it.

                                                        sample preparation technique.

                                                        ·    Quality control procedures adopted for all sub-sampling stages to

                                                          maximise representivity of samples.

                                                          ·    Measures taken to ensure that the sampling is representative of the

                                                        in situ material collected, including for instance results for field
                                                          duplicate/second-half sampling.

                                                          ·    Whether sample sizes are appropriate to the grain size of the
                                                          material being sampled.
 Quality of assay data and laboratory tests               ·    The nature, quality and appropriateness of the assaying and                 · Edna Mae samples were sent to ALS Laboratory in Reno, USA for 48 element
                                                          laboratory procedures used and whether the technique is considered partial or    four acid digest ICP-MS (ME-MS61U).
                                                          total.

                                                                                · All other samples were sent to Hazen, Denver for initial four acid digest
                                                          · For geophysical tools, spectrometers, handheld XRF instruments, etc, the       with ICP-AES determination for uranium and vanadium only. The laboratory
                                                          parameters used in determining the analysis including instrument make and        technique is considered total.
                                                          model, reading times, calibrations factors applied and their derivation, etc.

                                                                                · Internal laboratory control procedures involved duplicate assaying and
                                                          · Nature of quality control procedures adopted (eg standards, blanks,            internal laboratory standards.
                                                          duplicates, external laboratory checks) and whether acceptable levels of

                                                          accuracy (ie lack of bias) and precision have been established.
 Verification of sampling and assaying                    · The verification of significant intersections by either independent or         · Sample results are consistent with field observations.
                                                          alternative company personnel.

                                                                                · No drillholes reported.
                                                          · The use of twinned holes.

                                                                                · Primary data was recorded using field note books and GPS digital memory.
                                                          · Documentation of primary data, data entry procedures, data verification,

                                                          data storage (physical and electronic) protocols.                                · All data is digitally recorded in the company's electronic database.

                                                          · Discuss any adjustment to assay data.
 Location of data points                                  · Accuracy and quality of surveys used to locate drill holes (collar and         · Sample locations were determined by a handheld Garmin 64 GPS with an
                                                          down-hole surveys), trenches, mine workings and other locations used in          accuracy of +/-3m.
                                                          Mineral Resource estimation.

                                                                                · Grid system is WGS84 UTM zone 12.
                                                          · Specification of the grid system used.

                                                                                · Topographic control using the GPS is suitable for early- stage exploration.
                                                          · Quality and adequacy of topographic control.
 Data spacing and distribution                            · Data spacing for reporting of Exploration Results.                             · Data spacing for preliminary exploration work is deemed sufficient on a

                                                                                first-pass basis to assess areas of potential. Such areas of potential may be
                                                          · Whether the data spacing and distribution is sufficient to establish the       further assessed by more detailed work.
                                                          degree of geological and grade continuity appropriate for the Mineral Resource

                                                          and Ore Reserve estimation procedure(s) and classifications applied.             · This data will not be used for Mineral Resource Estimation.

                                                          · Whether sample compositing has been applied.                                   · There has been no sample compositing.
 Orientation of data in relation to geological structure  · Whether the orientation of sampling achieves unbiased sampling of possible     Orientational bias is not applicable as no drilling reported.
                                                          structures and the extent to which this is known, considering the deposit

                                                          type.

                                                          · If the relationship between the drilling orientation and the orientation of
                                                          key mineralised structures is considered to have introduced a sampling bias,
                                                          this should be assessed and reported if material.
 Sample security                                          ·    The measures taken to ensure sample security.                               · Samples remained in the custody of the supervising geologist from
                                                                                                                                           collection through to delivery to the assay laboratory.

                                                                                                                                           · Samples are kept in a secure facility.

 Audits or reviews                                        ·    The results of any audits or reviews of sampling techniques and data.       None undertaken. Thor's sampling procedure conforms to industry standard
                                                                                                                                           practice and each assay program is reviewed internally for any discrepancies.

 

1.1Section 2: Reporting of Exploration Results

 

 Criteria                                                          JORC Code explanation                                                            Commentary
 Mineral tenement and land tenure status                           · Type, reference name/number, location and ownership including agreements or    Mineral rights are held by the U.S. Government, who transfers those rights to
                                                                   material issues with third parties such as joint ventures, partnerships,         holders of valid mining claims located on open ground through the General
                                                                   overriding royalties, native title interests, historical sites, wilderness or    Mining Law of 1872, as amended by other Federal, State and County regulations.
                                                                   national park and environmental settings.                                         Claim holders, with a few exceptions that don't apply to this project, must

                                                                                make annual payments to the government to maintain their rights. Holder of
                                                                   · The security of the tenure held at the time of reporting along with any        valid claims can transfer their rights to others. Surface ownership is also by
                                                                   known impediments to obtaining a licence to operate in the area.                 the U.S. and managed by the Bureau of Land Management.

                                                                                                                                                    Thor's property position consists of 199 unpatented mining claims (approx.
                                                                                                                                                    1,663Ha), registered under US Vanadium Pty Ltd and subsidiaries Standard
                                                                                                                                                    Minerals LLC.

                                                                                                                                                    If Thor meets its' contractual obligations and keeps the claims in good
                                                                                                                                                    standing with the US, then the security of tenure is good.

 Exploration done by other parties                                 Acknowledgment and appraisal of exploration by other parties.                    There are no systems of consistent data archiving for mineral exploration or
                                                                                                                                                    exploitation done under the Mining Law on Federal or on other lands within the
                                                                                                                                                    State of Colorado. Furthermore, with some exceptions, there was not, nor is
                                                                                                                                                    not, a requirement that explorers provide copies of their data to governmental
                                                                                                                                                    agencies. That data was retained by private entities. It now exists in a
                                                                                                                                                    piecemeal manner, with the data having been discarded, abandoned or available
                                                                                                                                                    by vendors that managed to acquire and store some of it over the years.

                                                                                                                                                    Thor's properties have bountiful surface evidence of historic drill
                                                                                                                                                    exploration, and in some cases, mining exploitation, which appears to be
                                                                                                                                                    mostly from the 1950's through the early 1970's. There are several mines
                                                                                                                                                    located in the western portion of the property.  Unpublished reports list
                                                                                                                                                    these mines as producing, in aggregate, over 700,000 lbs (318,181 kg) of
                                                                                                                                                    uranium. To the author's knowledge, very little of the historic drilling or
                                                                                                                                                    mining data is available to Thor, and certainly not enough to help guide an
                                                                                                                                                    exploration program. Anecdotal evidence suggests that some of the work on the
                                                                                                                                                    property was done by Union Carbide (now defunct), the largest company that
                                                                                                                                                    worked in the Uravan Mineral Belt.
 Geology                                                           ·    Deposit type, geological setting and style of mineralisation.               According to the USGS Bulletin 1693 (Cox, D.P., and Singer, D. A., eds.,
                                                                                                                                                    1986), the Deposit Model for the project is Sandstone Uranium - Tabular
                                                                                                                                                    subtype.
 Drill hole Information                                            ·    A summary of all information material to the understanding of the           Sampling data is report in Table 1 and location maps provided in report.
                                                                   exploration results including a tabulation of the following information for
                                                                   all Material drill holes:

                                                                   o  easting and northing of the drill hole collar

                                                                   o   elevation or RL (Reduced Level - elevation above sea level in metres) of
                                                                   the drill hole collar

                                                                   o   dip and azimuth of the hole

                                                                   o   down hole length and interception depth

                                                                   o   hole length.

                                                                   ·                 If the exclusion of this information is
                                                                   justified on the basis that the information is not Material and this exclusion
                                                                   does not detract from the understanding of the report, the Competent Person
                                                                   should clearly explain why this is the case.
 Data aggregation methods                                          · In reporting Exploration Results, weighting averaging techniques, maximum       None used
                                                                   and/or minimum grade truncations (eg cutting of high grades) and cut-off
                                                                   grades are usually Material and should be stated.

                                                                   · Where aggregate intercepts incorporate short lengths of high-grade results
                                                                   and longer lengths of low-grade results, the procedure used for such
                                                                   aggregation should be stated and some typical examples of such aggregations
                                                                   should be shown in detail.

                                                                   · assumptions used for any reporting of metal equivalent

                                                                   · The values should be clearly stated.
 Relationship between mineralisation widths and intercept lengths  · These relationships are particularly important in the reporting of             All results are rock chip samples
                                                                   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').
 Diagrams                                                          ·    Appropriate maps and sections (with scales) and tabulations of              Appropriate maps and tables are included in the report.
                                                                   intercepts should be included for any significant discovery being reported
                                                                   These should include, but not be limited to a plan view of drill hole collar
                                                                   locations and appropriate sectional views.
 Balanced reporting                                                · Where comprehensive reporting of all Exploration Results is not                All available results have been reported
                                                                   practicable, representative reporting of both low and high grades and/or
                                                                   widths should be practiced to avoid misleading reporting of Exploration
                                                                   Results.
 Other substantive exploration data                                · Other exploration data, if meaningful and material, should be reported         No meaningful or material information has been omitted from this release.
                                                                   including (but not limited to): geological observations; geophysical survey
                                                                   results; geochemical survey results; bulk samples - size and method of
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical
                                                                   and rock characteristics; potential deleterious or contaminating substances.
 Further work                                                      · The nature and scale of planned further work (eg tests for lateral             · The rock chip sampling suggests that several areas of potentially economic
                                                                   extensions or depth extensions or large-scale step- out drilling).               mineralization could be investigated in greater detail.

                                                                   · Diagrams clearly highlighting the areas of possible extensions, including      · A couple of these areas have had historic mining in the vicinity. Maps of
                                                                   the main geological interpretations and future drilling areas, provided this     where they mined are scarce, so any delineation work needs to be cognisant of
                                                                   information is not commercially sensitive.                                       that mining.

 

 

 

 

 

 

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