Toliara assays reveal further high-grade minera...

AIM and Media Release 

21 January 2020

BASE RESOURCES LIMITED
Toliara Project drill assays reveal significant additional high-grade mineralisation

HIGHLIGHTS

• 29,753m aircore drilling program from 770 holes completed over 2018 and 2019.
• Assay results received to date show material heavy mineral intercepts, particularly in the lower sand unit to the west of the current Ranobe Ore Reserves.
• Preliminary mineralogical assessment of two high grade lower sand unit intercepts show:
  • Ilmenite, rutile and zircon make up approximately 50% of the HM and are in similar proportions to those reported in the existing Ranobe Ore Reserves estimate, with the remaining HM showing elevated levels of garnet.
  • An increased proportion of higher value chloride ilmenite contained within the ilmenite.
  • Ilmenite, rutile and zircon minerals appear to be of saleable quality.
• A further drilling program targeting the recently discovered high grade lower sand unit zones will be planned once the results of all existing drilling have been assessed.

All figures (graphics) referenced in this announcement have been omitted.  Appendix 1 containing Tables 1, 2 and 3, which are referenced in this announcement and together contain details about all currently available assay results from the 2018-2019 drill program, has also been omitted from this announcement.  A full PDF version of this announcement, including all figures (graphics) and Appendix 1 (containing Tables 1, 2 and 3), is available from the Company’s website:  www.baseresources.com.au.

Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) is pleased to release initial assay results from recent drilling on the Ranobe mineral sands deposit in Madagascar. 

The Toliara Project is based on the Ranobe deposit, located 45km north of Toliara in south-west Madagascar on a 125.4 km² mining lease (Permis d’Exploitation 37242) (Refer to Figure 2 in the full PDF version of this announcement available from the Company’s website).  The deposit comprises a single continuous body of mineralisation approximately 20km long, 1.5km to 5.5km wide and 3m to 100m in thickness and situated immediately west of a prominent north-south escarpment with mineralisation (including ilmenite, rutile and zircon) extending from the surface.  The Ranobe deposit is host to the Ranobe Mineral Resources estimate (1.3 billion tonne @ 5.1% HM and 6.4% slimes) and the Ranobe Ore Reserves estimate (586 million tonne @ 6.5% HM and 3.9% slimes).

Over the course of 2018 and 2019, the Company completed 29,753m of drilling from 770 holes to test the extent of mineralisation to the west of the existing Ranobe Mineral Resources and at depth.  While assaying is still ongoing, with only 67% of samples completed to date, results received show some material heavy mineral (HM) intercepts, particularly in the lower sand unit (LSU) to the west of the current Ranobe Ore Reserves.

Notable drill holes from the extensional drilling to the west of the current Ranobe Ore Reserves (all from surface) include:

• Hole R2076 – 81m @ 15.7% HM and 8.5% slimes, including LSU of 67.5m @ 18.3% HM and 9.3% slimes.
• Hole R2074 – 87m @ 13.9% HM and 5.1% slimes, including LSU of 69m @ 16.4% HM and 5.4% slimes.
• Hole R2084 – 71.5m @12.2% HM and 5.4% slimes, including LSU of 41.5m @ 17.6% HM and 6.7% slimes.
• Hole R1507A – 72m @11.6% HM and 8.2% slimes, including LSU of 43.5m @ 16.5% HM and 7.1% slimes.
• Hole R2022 – 87m @ 9.1% HM and 5.8% slimes, including LSU of 52.5m @ 13.8% HM and 7.3% slimes.

Refer to Tables 1 - 3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website for a list of all currently available assay results from the 2018-19 drill program.

There are currently three recognised mineralised units at the Ranobe deposit: the upper sand unit (USU), which is the only unit within the current Ranobe Ore Reserves, the intermediate clay sand unit (ICSU) and the LSU, as illustrated in Figure 1 in the full PDF version of this announcement available from the Company’s website.  Prior to Base Resources’ drilling, there were a limited number of intercepts of the ICSU and LSU and expanding the knowledge of these units was a key objective of the current drilling program. 

The 2018-19 drilling program focused on the following areas:

• Western boundary extensional drilling (162 holes) to investigate the extent to which mineralisation continues to the west of the existing Ranobe Mineral Resources and at depth.Due to access limitations, drilling was limited to the northern half of the mining lease.Drill hole spacing in this area was predominantly 200m, and line spacings of 400m, 800m and 1,600m were used. 7,051 samples were collected, of which 87% have been assayed to date.
• Resource upgrade infill drilling (238 holes) within and around the inferred Ranobe Mineral Resources at the southern end of the deposit, aimed at improving confidence levels to measured or indicated and thereby allowing this area to be considered for inclusion in a future Ranobe Ore Reserves estimate update.  In addition, the drilling investigated the lower mineralised units.  Drill hole spacing in this area was predominantly 100m and line spacing is now infilled to 400m (from 1,600m).  Of the 5,507 samples collected, 30% have been assayed to date.
• Mine planning infill drilling (370 holes) to provide greater definition within the existing Ranobe Ore Reserves for the first three years of mining and to also understand the extent of mineralisation in the lower units.Within the area of the first three years of mining the hole spacing is now 50m-100m and line spacing 100m.Of the 7,477 samples collected, 50% have been assayed to date.

The drill program commenced in 2018 and is ongoing, subject to drill rig availability, access and detailed assessment of all drill holes completed to date.  Due to the significant scale of the drill program and associated bulk processing logistics, the majority of samples reported in this announcement were collated and exported from Madagascar in mid- 2019.  As noted above, 67% of samples have been assayed to date – with all currently available assays reported in Tables 1-3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website.  Assaying of the samples will continue in 2020 and a further announcement will be made once the remaining results are available. 

Exploration consisted of reverse circulation aircore holes drilled vertically with a 1.5m sampling interval and represent true width because the deposits zones are flat lying.  The distribution of the drill holes is shown in Figures 3 and 4 in the full PDF version of this announcement available from the Company’s website as either coloured circles (where assays are complete), blue crosses (where assays are not complete) or orange crosses where there were no LSU assays or intercepts.  The western boundary extensional drilling, which contains most of the significant intersects, covers an area 11km long and is up to 3km wide.  The analysis of samples reported has been performed by Bureau Veritas in South Africa, who utilise a conventional mineral sand analytical procedure conforming to AS4350.2-1999 which reports percentages of heavy minerals, slimes (SL) and oversize (OS).  No data aggregation was performed across drill holes, but the data presented in Tables 1-3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website are length weighted averages for each mineralised zone in each drill hole drilled by Base Resources. 

Bulk mineralogical assays are yet to be performed but a preliminary mineralogical assessment of two high grade LSU intercepts separated into three magnetic fractions using SEM by Process Mineralogy in Canada are positive.  The magnetic fractions were also assayed by XRF.  These assessments indicate ilmenite, rutile and zircon make up approximately 50% of the HM and are in similar proportions to those reported in the existing Ranobe Ore Reserves estimate, with the remaining HM showing elevated levels of garnet within the LSU compared to the USU (approximately 30-35% of HM compared to 1-5%).  Additionally, there is some indication of increased levels of the higher value chloride ilmenite within the ilmenite.  There was no indication of elevated deleterious oxides within the product minerals that might preclude or hinder their sale.  The separability of the garnet and the opportunity to realise value from it will be assessed as part of any future feasibility studies.

Further work planned for 2020 includes:

• Results - completion of the outstanding assays for holes already drilled.
• Exploration - full assessment of all drilling results when available to guide a further drilling program, including targeting the recently discovered high grade LSU zones.
• Mineral Resources upgrade - progression of mineralogical estimates to allow an updated Mineral Resources estimate, focused on improving the confidence level of existing Mineral Resources from Inferred to Indicated in the area of the southern infill drilling.

Competent Person’s Statement

The information in this announcement that relates to Ranobe exploration results is based on, and fairly represents, information and supporting documentation prepared by Mr. Scott Carruthers.  Mr. Carruthers is a member of the Australasian Institute of Mining and Metallurgy.  Mr. Carruthers is employed by Base Resources, he holds equity securities in Base Resources, and is entitled to participate in Base Resources’ long-term incentive plan and receive equity securities under that plan.  Details about that plan are included in the Company’s 2019 Annual Report.  Mr. Carruthers has sufficient experience that 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 JORC Code and as a Qualified Person for the purposes of the AIM Rules for Companies.  Mr. Carruthers has reviewed this announcement and consents to the inclusion in this announcement of the Ranobe exploration results and the supporting information in the form and context in which the relevant information appears.

For further information regarding the Ranobe Mineral Resources estimate refer to Appendix 3 below and Base Resources’ market announcement on 23 January 2019 “Updated Ranobe Deposit Mineral Resources (corrected)” available at https://www.baseresources.com.au/investor-centre/asx-releases/.  For further information regarding the Ranobe Ore Reserves estimate refer to Appendix 3 below and Base Resources’ market announcement on 6 December 2019 “Maiden Ranobe Ore Reserves Estimate” available at https://www.baseresources.com.au/investor-centre/asx-releases/.  Base Resources confirms that it is not aware of any new information or data that materially affects the information included in the 23 January 2019 and the 6 December 2019 market announcements and all material assumptions and technical parameters underpinning the estimates in those market announcements continue to apply and have not materially changed.

Appendix 1

As mentioned above, Appendix 1 containing Tables 1, 2 and 3, which together contain details about all currently available assay results from the 2018-2019 drill program, has been omitted from this announcement and is available from the Company’s website:  www.baseresources.com.au.

Appendix 2

JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

Criteria	Explanation	Comment
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	All holes were drilled vertically. All holes were sampled over a consistent 1.5m interval.  0.4% of samples have a different interval, usually because of drill rig refusal. All holes were drilled using a reverse circulation Wallis Drill setup to collect the complete sample with a basic cyclone separation by means of a swivel outlet feeding a 20 litre bucket. Sample splitting using a 15mm riffle splitter was carried out for the 2018-19 drilling program.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	All holes were drilled vertically. All drilling was undertaken using an air pressured reverse circulation Wallis Mantis drill. Core diameter is NQ (76mm external diameter), with 3m rod lengths fitted with a face discharge drill bit.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Wallis Mantis drill rig uses face discharge bits, at low air pressures (105 - 140kPa) and low rotation speeds (45-65RPM) to maximize recovery. There is no correlation between recovery and grade resulting in no sample bias.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	All samples were visually checked and logged on site by rig geologist and logged for lithotype, grain size, sorting, colour, competence, moisture content. A small subsample was taken for each drill interval and manually panned for estimation of HM and clay content.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	The material was split using a 15mm single tier riffle to produce a sample for submission of approximately 500 g in a calico sample bag. The calico sample bags were sundried before being shipped. For one sample in every 33, an additional one 500g calico bagged sample were taken for checking purposes. This is referred to as the B sample, the primary sample being designated as the A sample. The A samples were sent to Bureau Veritas, South Africa in 2018 and 2019. Separation of concentrates was by heavy liquid (tetrabromoethane (TBE) at density 2.95g/cc). All samples were: Dried, weighed Sample riffle split to produce 500g A sample Sample screened +1mm weighted Sample screened -63µm weighed TBE for heavy media separation TBE Floats weighed TBE Sinks weighed
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Analytical procedure conforms to AS4350.2-1999; Australian Standards Heavy mineral sand concentrates - Physical testing using TBE. Quality control procedures: Regular checks of analyses Against estimates from field logging Submission of B samples to a second laboratory Submission of randomly inserted control samples at a rate on about 1 in 50 Duplicate sample analyses Extra samples taken irregularly in high grade areas
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Assay data was compared with geology logs of panned HM grades for out of range assay produced by site geologist. 2018-19 drilling, logging and sampling undertaken by Base Resources company geologists. Validation of the 2018 drilling was undertaken independently by IHC Robbins.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	2018 drill hole collars were surveyed using DGPS. 2019 drill collars were surveyed primarily by DGPS, although 72 holes are awaiting DGSP survey and have hand held GPS coordinates. Topographic data was derived from ground controlled LIDAR survey undertaken by Southern Surveys. All drill holes are vertical; down hole surveys were deemed unnecessary. Grid system used throughout the program UTM Grid, Zone 38S, WG84.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Four basic drill patterns used: 100mE spacing along line with 200mN between lines with 50m hole offset 100mE spacing along line with 400mN between lines 200mE spacing along line with 800mN between lines 200mE spacing along line with 1600mN between lines Variography demonstrates that drill spacing of 100mE x 200mN sufficient to classify as Measured Resource; 100mE x 400mN sufficient to classify as Indicated Resource. No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	All drill holes were drilled vertically.  The deposit is relatively flat lying. Drill line were drilled north - south, east - west within 12 degrees of the deposit anisotropy. No bias to drill grid sampling has been introduced.
Sample security	The measures taken to ensure sample security.	All samples were placed in calico bags and grouped in rice bags by drill hole for transport to Base Resources’ storage yard. The samples bags were labelled by both marker and aluminium tags for drill hole number and sample depth. The samples were delivered to the laboratory sealed with cable ties inside a sealed 20 litre bucket and with a shipment form.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Audits and reviews or the sampling data and techniques have been carried out by: IHC Robbins 2018 Base Resources internal audits for 2018-19 All review and audits considered the sampling and analysis to be of good quality and suitable for resource estimation.

Section 2 Reporting of Exploration Results

Criteria	Explanation	Comment
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Ranobe deposit is 100% owned by Base Resources’ subsidiary, Base Toliara SARL which is 100% owned by Base Resources and is located wholly within Mining Lease PDE (Permis D’Exploitation) 37242 (Refer to Figure 2 in the full PDF version of this announcement available from the Company’s website). October 2017 saw Mining Lease PDE 37242 merge with both Mining Lease 39130 and Exploration Lease 3315 to form one complete footprint of the previous three leases.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	1999 - 2002 Deposit first discovered and explored by Madagascar Resources NL: 121 RC aircore holes for 3,074m 2003 - 2009 Ticor/Kumba Resources (Exxaro) joint venture: 688 RC aircore holes for 15,559m Pre-Feasibility Study completed 2012 World Titanium Resources: 363 RC aircore holes for 8,087m
Geology	Deposit type, geological setting and style of mineralisation.	Project comprises a Heavy Mineral Sand deposit and is located on the southwest coast of Madagascar within the Mesozoic Morondava Basin along a 30km wide coastal plain juxtaposed to an Eocene limestone scarp. The coastal plain which is floored by faulted limestone is overlain by a succession of progressively shallowing sequence of beach and lagoon type unconsolidated clastic and subaerial dunes which successively overstep and on-lap onto the basement limestone scarp in the east. The deposit is hosted within a stabilised mega dune system which is arrested along the basement scarp slope and extends for approximately 20km north northwest south southeast.  The entire dune unit is mineralised by an assemblage of ilmenite, zircon, rutile and monazite concentrated within the unit by aeolian winnowing. The unit generally thickens westwards away from the scarp slope from 3m to over 100m. The deposit anisotropy parallels the scarp slope, with higher USU HM grades concentrated along the mega- dune crest line.  High LSU HM grades are found at about 20m RL about 3km to the west of the USU high grades.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth 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.	Madagascar Resources NL drilled: 121 RC aircore holes for 3,074m Ticor/Kumba Resources (Exxaro) drilled: 688 RC aircore holes for 15,559m World Titanium Resources has drilled: 363 RC aircore holes for 8,087m Base Resources has drilled: 770 RC aircore holes for 29,753m All holes were drilled vertically. Aircore holes averaged 29m depth for the project. 2018-19 drilling had an average depth of 39m as the program looked to also target lower mineralised zones. See drill hole location plan in Figures 3 and 4 in the full PDF version of this announcement available from the Company’s website. Dip and azimuth are -90 and 360 respectively for all drill holes, and therefore are not reported in Tables 1-3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website. No 2018-19 drillholes have been excluded from Tables 1- 3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website.  The historical holes are not shown in the tables because the principal subject of this report is the high-grade heavy mineralisation discovered in the LSU which is not present in the historical holes (which were heavily focussed on the USU in the eastern part of the mining lease), and therefore their exclusion does not detract from the understanding.  The historical holes do, however, appear on the cross sections.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum 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 longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	No aggregation of short length samples was used as samples were consistently sampled at 1m - 3m intervals.  The reported drill intercepts are length weighted.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	The deposit is flat lying and intersected by vertical holes, and therefore the reported interval widths are true widths. The 1.5% HM cut-off zone averages 39m thick and ranges in thickness from 6m to 102m.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Plan of Mineral Resources - see Figures 3 and 4 in the full PDF version of this announcement available from the Company’s website. Cross sections are shown in Figure 5 in the full PDF version of this announcement available from the Company’s website.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All 2018-19 drill holes that have been assayed are reported in Tables 1-3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website.  Where assays have not yet been completed, no information is reported.  Cross sections at 800m spacing (where this is possible) are reported.  Closer spaced sections are not reported either because assays are not yet available, the drill lines are within the Ore Reserves boundary and will not materially affect the Ore Reserves or Mineral Resources estimates or do not add to the understanding of the LSU mineralisation, which is the thrust of this report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All assay intercepts, grouped by geological zone, are reported in Tables 1-3 in Appendix 1 of the full PDF version of this announcement available from the Company’s website.  No other available exploration data is considered material to the understanding of the mineralisation reported.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Future work, if each stage proves positive, will include: Finishing the assays for drill holes already completed. Selection and assaying of mineralogical samples. Additional drilling and assaying to support an inferred category Mineral Resources estimate for the whole of the LSU mineralisation. Drilling and assaying beyond that over a subset of the LSU mineralisation thought most likely to support economic extraction to support an indicated category Mineral Resources estimate. Mineral Resources estimation. Concept and preliminary feasibility studies into the mining of the LSU in conjunction with the overlying units and in the context of mining already planned in the USU (which is described in the ASX announcement dated 12/12/2019 – DFS reinforces Toliara Project as a world class development). Ore Reserves estimation. Detailed feasibility study.

Appendix 3

Ranobe Mineral Resources and Ore Reserves Estimates

Table 4: The 2019 Ranobe Mineral Resources estimate at a 1.5% HM cut-off.

	Ranobe Mineral Resources as at 23 January 2019
Category	Material (Mt)	In Situ HM (Mt)	HM (%)	SL (%)	OS (%)	HM Assemblage
						ILM (%)	RUT* (%)	ZIR (%)
Measured	419	28	6.6	4	0	75	2.0	5.9
Indicated	375	18	4.9	8	1	72	2.1	5.7
Inferred	499	20	3.9	7	1	70	2.1	5.4
Total	1,293	66	5.1	6	0	72	2.0	5.7

Table subject to rounding differences.

*RUT reported in the table is rutile + leucoxene mineral species.

All Ranobe Ore Reserves are contained within the Ranobe Mineral Resources.

Table 5: The 2019 Ranobe Ore Reserves estimate.

	Ranobe Ore Reserves as at 6 December 2019
Category	Tonnes (Mt)	HM (Mt)	HM (%)	SL (%)	OS (%)	HM Assemblage (% of HM)
						ILM (%)	RUT (%)	LEUC** (%)	ZIR (%)
Proved	347	24	7.0	3.8	0.1	75	1.0	1.0	5.9
Probable	239	14	5.8	4.2	0.2	73	1.3	0.8	5.7
Total	586	38	6.5	3.9	0.1	74	1.1	0.9	5.9

Table subject to rounding differences.

** Recovered Leucoxene will be split between Rutile and Chloride Ilmenite products depending on product specification requirements.

Base Resources is the operator of the Toliara Project and has a net attributable interest of 100% in the Ranobe Ore Reserves estimate.

Glossary

A5 4350.2-1999	A standard for the determination of heavy mineral content in samples of heavy mineral sand concentrates.
Collar	Location of a drill hole.
Competent Person	The JORC Code requires that a Competent Person must be a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a ‘Recognised Professional Organisation’. A Competent Person must have a minimum of five years’ experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking.
DGPS	Differential global positioning system.
Easting	A figure representing eastward distance on a map.
HHGPS	Handheld global positioning system.
HM	Heavy mineral.
ICSU	Intermediate clay sand unit.
Indicated Mineral Resource	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.
Inferred Mineral Resource	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.
JORC Code	The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.
LSU	Lower sand unit.
Measured Mineral Resource	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.
Mineral Resources	Mineral Resources are a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.  Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Northing	A figure representing northward distance on a map.
Ore Reserves	Ore Reserves are the economically mineable part of Measured and/or Indicated Mineral Resources.
OS	Oversize
Probable Ore Reserves	The economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve.
Proved Ore Reserves	The economically mineable part of a Measured Mineral Resource. A Proved Ore Reserve implies a high degree of confidence in the Modifying Factors.
RL Lidar	A, ground-based, laser remote-sensing instrument that provides height measurements.
SEM	A Scanning Electron Microscope is a type of electron microscope that produces images of a sample or minerals by scanning the surface with a focused beam of electrons.
SL	Slime or clay.
USU	Upper sand unit.
Variography	A geostatistical method that investigates the spatial variability and dependence of grade within a deposit.  This may also include a directional analysis.
XRF	A spectroscopic method used to determine the chemical composition of a material through analysis of secondary X-ray emissions, generated by excitation of a sample with primary X-rays that are characteristic of a particular element.

ENDS.

For further information contact:

James Fuller, Manager Communications and Investor Relations	UK Media Relations
Base Resources	Tavistock Communications
Tel: [phone]	Jos Simson and Barnaby Hayward
Mobile: [phone]	Tel: [phone]
Email: [e-mail]

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available at www.baseresources.com.au

PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: [e-mail]
Phone: [phone]
Fax: [phone]

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: [phone]

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: [phone]

JOINT BROKER
Numis Securities Limited
John Prior / James Black / Paul Gillam
Phone: [phone]