Boland Re-Assay Results

Cobra Resources PLC

30 May 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

30 May 2024

Cobra Resources plc

("Cobra" or the "Company")

Boland Re-Assay Results

Further demonstrating scale of ionic mineralisation amenable to ISR

Cobra (LSE: COBR), an exploration company advancing a strategy to lower the cost of critical rare earth production at its Wudinna Project in South Australia, is pleased to announce re-assay results from a further 195 samples (17 drillholes) which continue to support ionic rare earth mineralisation continuity and scalability at the Boland discovery.

Metallurgical testing aimed at demonstrating the suitability for in situ recovery ("ISR") mining - a low cost, low-disturbance method - is advancing with full results expected in June 2024. The opportunity for Cobra is to demonstrate Boland as the world's only ionic clay rare earth project amenable to controlled ISR in a region which already utilises the ISR extraction method at a number of operating mines. The Company aims to achieve this through benchscale studies currently underway, followed by an infield pilot study.

Boland Re-Assay Results Highlights

·    Scale - results extend the defined rare earth mineralisation footprint to over 33 km², with mineralisation being open in multiple directions along the palaeochannel, supporting the Company's interpretation that lithologies hosting ionic mineralisation extend up to 139 km² of the Narlaby system at the Boland prospect alone. Re-assay results have refined targeting for upcoming resource focused drilling

·    High grade intersections - 10 holes recorded 2m downhole composites exceeding 1,000 ppm Total Rare Earth Oxide ("TREO"), where composites yield heavy rare earth ("HREO") enrichment up to 40% of the TREO

·    ISR - the unique geology at Boland enables ISR as a preferred mining method. ISR is demonstrated by the uranium industry to be the lowest cost form of mining with the lowest associated environmental risk. Bench-scale tests are currently underway at ANSTO and, if initial AMSUL wash recoveries can be emulated under ISR conditions, Boland will be demonstrated as globally unique, being the only ionic clay project amenable to controlled ISR

·    Further results pending - a further 674 samples from 25 drillholes have been taken across the Yarranna SE Uranium prospect, where a >4km uranium bearing rollfront has been defined by previous explorers. Samples are being analysed for REEs and uranium and will inform native title and approval requirements for follow-up drilling

Rupert Verco, CEO of Cobra, commented:

"Boland is shaping up to be a company-making project (See Appendix 1). Whilst scale and ionic metallurgy are important, it is the amenability of Boland's geology to ISR that has the ability to make it unique and commercially competitive. The uranium industry has already demonstrated that ISR mining can be effectively deployed in South Australian palaeochannel systems, where capital, operational and environmental costs are materially reduced compared to hard rock mines.

Through re-assaying (See Appendix 2), we have cost effectively defined scale and de-risked planned resource focused drilling where we can target demonstrated mineralisation and execute follow-up drilling to deliver a maiden resource at Boland.

We are well positioned to capitalise on our first-in-market advantage. Results from our initial bench-scale ISR trials are expected in June (See Appendix 3), where subsequent tests will inform an infield pilot test, and we have already installed the wellfield infrastructure which we aim to implement in 2025. Through this strategy, we aim to demonstrate that via ISR, the cost of extraction is materially lower and profitable at current rare earth market prices."

Further information on Cobra's Boland rare earth discovery, re-assay results, and benchscale ISR tests follows in the appendices below.

Enquiries:

Cobra Resources plc Rupert Verco (Australia) Dan Maling (UK)	via Vigo Consulting [phone]
SI Capital Limited (Joint Broker) Nick Emerson Sam Lomanto	[phone]
Global Investment Strategy (Joint Broker) James Sheehan	[phone] [e-mail]
Vigo Consulting (Financial Public Relations) Ben Simons Kendall Hill	[phone] [e-mail]

The person who arranged for the release of this announcement was Rupert Verco, Managing Director of the Company.

Information in this announcement relates to exploration results that have been reported in the following announcements:

·    Wudinna Project Update: "Re-Assay Results Confirm High Grades Over Exceptional Scale at Boland", dated 26 April 2024

·    Wudinna Project Update: "Drilling results from Boland Prospect", dated 25 March 2024

·    Wudinna Project Update: "Historical Drillhole Re-Assay Results", dated 27 February 2024

·    Wudinna Project Update: "Ionic Rare Earth Mineralisation at Boland Prospect", dated 11 September 2023

·    Wudinna Project Update: "Exceptional REE Results Defined at Boland", dated 20 June 2023

Competent Persons Statement

Information in this announcement has been assessed by Mr Rupert Verco, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an employee of Cobra and has more than 16 years' industry experience which is relevant to the style of mineralisation, deposit type, and activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves of JORC. This includes 11 years of Mining, Resource Estimation and Exploration.

About Cobra

In 2023, Cobra discovered a rare earth deposit with the potential to re-define the cost of rare earth production. The highly scalable Boland ionic rare earth discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is Australia's only rare earth project amenable for in situ recovery (ISR) mining - a low cost, low disturbance method. Cobra is focused on de-risking the investment value of the discovery by proving ISR as the preferred mining method which would eliminate challenges associated with processing clays and provide Cobra with the opportunity to define a low-cost pathway to production.

Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation, including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by potentially open-pitable, high-grade gold intersections. 

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/cobraresourcesplc  

X (Twitter): https://twitter.com/Cobra_Resources  

Subscribe to our news alert service: https://cobraplc.com/news/

Appendix 1: Cobra's Boland Rare Earth Discovery

·    Ionic clay hosted rare earths present as a low capital, low operating cost source of heavy and magnet rare earth metals

·    Processing of clay ores induces several operating challenges, including productivity loss, material handling, dewatering, reagent use and reclamation

·    Ionic rare earth mineralisation at Boland exists in permeable geology in an environment that permits ISR, thus bypassing the challenges associated with processing of clay ores

·    ISR is the preferred method of recovery used in the uranium industry, where¹:

o  Global ISR production accounted for ~60% of mined uranium in 2022

o  Capital expenditure for ISR is 1-15% of conventional mines

o  Operating costs of ISR is generally 30-40% lower than traditional mines

o  Environmental impact and rehabilitation cost is significantly lower than traditional mines

·    South Australia is home to Australia's only three operating ISR uranium mines and has a regulatory framework that supports ISR mining

·    Bench-scale leach studies under ISR conditions are currently underway at ANSTO, a first for ionic REE projects outside of China

·    Cobra has installed a wellfield to rapidly advance the project towards an infield pilot study

·    Cobra aims to demonstrate that the cost of production at Boland can be materially reduced via ISR, providing operating resilience to volatile rare earth markets which has stalled the commencement of many rare earth projects

·    Re-assaying of historic uranium focused drilling is being used to confirm the scale of rare earth mineralisation. These results confirm the presence of rare earth mineralisation over a strike of 12 km, where mineralisation is open in most directions. Follow-up drilling will aim to infill these results to support a maiden Mineral Resource Estimate ("MRE") at Boland

Appendix 2: Boland Re-Assay Results - Further Significant Intersections

·    Based on metallurgical recoveries, light magnet rare earths Nd + Pr represent 48% of recoverable value, whilst heavy rare earths represent almost 50% of recoverable value, with heavy magnet rare earths Dy + Tb contributing a significant portion of heavy rare earth value  

·    IR 123 intersected 10m at 1,501 ppm Total Rare Earth Oxide ("TREO"), where Nd2O3 + Pr6O11 (Nd+Pr) totals 206 ppm and Dy2O3 + Tb2O3 (Dy + Tb) totals 6 ppm from 20m

·    IR 234 intersected 2m at 778 ppm TREO, where Nd + Pr totals 167 ppm and Dy + Tb totals 16 ppm from 26m and 4m at 1,407 ppm TREO, where Nd + Pr totals 302 ppm and Dy + Tb totals 13 ppm from 48m

·    IR 235 intersected 2m at 515 ppm TREO, where Nd + Pr totals 95 ppm and Dy + Tb totals 7 ppm from 22m and 8m at 1,279 ppm TREO, where Nd + Pr totals 318 ppm and Dy + Tb totals 13 ppm from 56m

·    IR 236 intersected 6m at 968 ppm TREO, where Nd + Pr totals 208 ppm and Dy + Tb totals 32 ppm from 2m

·    IR 239 intersected 4m at 945 ppm TREO, where Nd + Pr totals 190 ppm and Dy + Tb totals 22 ppm from 20m

·    IR 245 intersected 6m at 820 ppm TREO, where Nd + Pr totals 171 ppm and Dy + Tb totals 15 ppm from 10m

·    IR 244 intersected 8m at 566 ppm TREO, where Nd + Pr totals 110 ppm and Dy + Tb totals 16 ppm from 8m, including 2m at 1,084 ppm TREO, where Nd + Pr totals 222 ppm and Dy + Tb totals 34 ppm from 8m

·    IR 243 intersected 4m at 509 ppm TREO, where Nd + Pr totals 95 ppm and Dy + Tb totals 11 ppm from 8m and 2m at 1,030 ppm TREO, where Nd + Pr totals 211 ppm and Dy + Tb totals 17 ppm from 14m

·    IR 242 intersected 4m at 793 ppm TREO, where Nd + Pr totals 158 ppm and Dy + Tb totals 16 ppm from 10m, and 2m at 1221 ppm TREO, where Nd + Pr totals 262 ppm and Dy + Tb totals 18 ppm from 16m, and 6m at 582 ppm TREO, where Nd + Pr totals 121 ppm and Dy + Tb totals 5 ppm from 28m

¹ United States Nuclear Regulatory Commisions www.nrc.gov TradeTech - the nuclear review (October 2016)

Figure 1: Plan detailing the extent of re-analysis results, previous Cobra drilling, pending assays and the modelled extent of the geological stratigraphy that hosts 'Zone 3' mineralisation identified in Boland wellfield drilling

 

Table 1: Significant Intersections

Hole ID	From (m)	To (m)	Int (m)	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	MREO %	HREO%
IR 245	10.0	16.0	6.0	820	38	133	2	12	23%	14%
IR 244	8.0	16.0	8	566	23	87	2	14	22%	25%
Incl.	8.0	10.0	2.0	1,084	45	177	5	29	24%	27%
IR 243	8.0	12.0	4.0	509	21	74	2	9	21%	20%
and	14.0	16.0	2	1,030	47	164	3	14	22%	13%
IR 242	10.0	14.0	4	793	34	124	3	13	22%	17%
and	16.0	18.0	2	1,221	58	204	3	15	23%	12%
and	28.0	34.0	6	582	28	93	1	4	22%	8%
IR 241	6.0	8.0	2	563	28	103	2	11	25%	18%
IR 239	20.0	24.0	4	945	41	149	3	19	22%	24%
IR 236	2.0	8.0	6	968	42	166	5	27	25%	28%
IR 235	22.0	24.0	2	515	23	72	1	6	20%	12%
and	56.0	64.0	8	1,279	70	248	2	11	26%	8%
IR 234	26.0	28.0	2	778	36	131	3	13	23%	14%
and	48.0	52.0	4	1,407	68	234	2	11	22%	7%
IR 133	28.0	30.0	2	764	44	153	4	20	29%	16%
IR 123	8.0	12.0	4	598	24	87	2	13	21%	25%
and	20.0	30.0	10	1,501	47	159	1	5	14%	3%
Incl.	20.0	22.0	2	4,395	137	460	3	11	14%	2%

Appendix 3: Update on Benchscale ISR Tests

·    A column leach test is currently underway at the Australian Nuclear Scientific Technology Organisation ("ANSTO") where the progressive recovery of rare earths under ISR conditions is being evaluated. Initial test parameters include:

o  25cm column of zone 3 Boland core

o  0.5M ammonium sulphate (NH₄)₂SO₄ as lixiviant

o  pH3 maintained by H₂SO₄

o  Temperature maintained at 27°C

o  Column pressurised at 6-9 bar to reflect aquifer under injection    

o  Current injection rate is achieving 1 pore volume over six days     

o  Test is scheduled to be completed by 5 June 2024

·    Results are expected to be received in June 2024

·    Subsequent to results, a second larger test shall be conducted to test repeatability at a larger scale

·    The pregnant liquor solution from these tests shall be used to define and optimise a processing pathway to produce a mixed rare earth carbonate ("MREC")

Figure 2: A photograph of the bench-scale ISR column leach test underway at ANSTO, testing the progressive recovery of rare earths under ISR conditions        

Appendix 4: JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	·    Nature and quality of sampling (eg cut channels, random chips, or 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 (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 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 (eg submarine nodules) may warrant disclosure of detailed information.	·    Rotary mud and aircore drilling were used to obtain 1m - 2m sample intervals. ·    A number of core holes were drilled to validate aircore results and estimate gamma radiation disequilibrium. ·    Carpentaria Exploration Company Pty Ltd conducted drilling between 1979 - 1984.
Drilling techniques	·    Drill type (eg core, reverse circulation, open-hole hammer, rotary 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).	·      All drillholes were drilled at 90 degrees (vertical) due to the flat-lying nature of mineralisation. ·      NQ diameter (76mm) drill holes were used to obtain 1m down-hole samples. ·      Drillholes were wireline logged using undisclosed gamma tools. ·      Core samples from twinned aircore holes were used to determine sample representation and disequilibrium between gamma measured radiation and actual Uranium quantities.
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.	·      Reports imply that samples obtained by aircore drilling were considered superior owing to circulation problems encountered with rotary mud drilling. ·      1m sample composites are considered to provide reasonable representation of the style of mineralisation.  ·      2m samples are indicative of the lateral distribution of rare earth grade and the approximate stratigraphic location of the rare earth grade.
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.	·      Drillhole samples were logged by a onsite geologist and correlated to downhole geophysical logs that demonstrate correlation between lithology units and gamma peaks. ·      Oxidation state and the presence of reductants were logged ·      Sample loss was recorded ·      Pulps have been reviewed and correlated to logging.
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.	·      Limited information concerning subsampling techniques is available. ·      Twinned core holes, measured disequilibrium factors and duplicate sampling imply quality control.
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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	·      Original historic select samples were sent to COMLABS for XRF and AAS analysis. Sample suites were variable across submissions. ·      Historic results are considered semiquantitative, further re-assays would increase the confidence of historic sample results. ·      Chip reassays were analysed via a 4 acid digest. This method is considered a near total digest. Rare earth minerals have potential for incomplete digestion. These minerals are not considered as potential sources of extractable mineralization in this deposit type.
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.	·      Significant intercepts have been reviewed by Mr Rupert Verco and reviewed by Mr Robert Blythman (the competent persons) ·      Historic cuttings samples retained within the Tonsely core library have been secured and are being re-analysed to confirm results.
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.	·      Collar locations have been sourced from the SARIG publicly available dataset. ·      Drill collars were surveyed on local grids established using ensign GPS. Coordinates have been transposed to MGA94 Zone 53.
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.	·     Samples were selected to provide representative regional indicators of geology and mineralization without a fixed spacing ·     No sample compositing has been applied ·     The data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the interpretation of roll-front, sandstone hosted Uranium mineralisation. ·     Interpretation of historic results supports the flat lying continuous mineralisation.
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.	·     Drillholes were vertical and drilled perpendicular to the mineralization.
Sample security	·    The measures taken to ensure sample security.	·    The security procedures are unknown
Audits or reviews	·    The results of any audits or reviews of sampling techniques and data.	·    No independent audits have been undertaken. ·    The CSIRO re-analysed mineralized intersections, actively too water samples and validated the factors of disequilibrium being used to estimate Uranium grade. ·    Proceeding tenement holders confirmed Uranium grades. ·    Cobra currently re-analysing results to confirm Uranium grades.

Appendix 5: Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	·    Type, reference name/number, location and ownership including 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.	·    EL6967 & 6968 are 100% held by Lady Alice Mines Pty Ltd, a Cobra Resources Plc company.  ·    Native title agreements need to be gained before land access by the department of Environment and Water can be granted.
Exploration done by other parties	·    Acknowledgment and appraisal of exploration by other parties.	·    Carpentaria: 1979-1984 explored for Sandstone hosted Uranium. ·    Mount Isa Mines: 1984-1988 explored for Sandstone hosted Uranium ·    BHP: 1989-1992 explored for heavy mineral sands (HMS) and base metal ·    Peko Exploration: 1991-1992 ·    Diamond Ventures explored for diamonds in Kimberlites during the 1990s ·    Iluka: 2005-2016 explored for HMS and Uranium ·    Minatour Exploration: 2000-2004 explored for Sandstone hosted Uranium and IOCG mineralisation ·    Toro Energy Limited: 2004-2008 explored for sandstone hosted Uranium
Geology	·    Deposit type, geological setting and style of mineralisation.	·    Basement Geology is dominated by Archean Sleaford and Proterozoic Hiltaba Suite Granites. ·    Granite plutons are enriched in uranium bearing minerals with background U being ~10-20 times background. ·    The Narlaby Palaeochanel and Eucla Basins overlie basement rocks Interbedded channel sands sourced from local bedrock and Eocene age clays are interbedded within the Palaeochannel and basin. ·    Highly enrich groundwaters within the Palaeochannel suggest the mobilization from both channel fill and regional basement for Uranium and REE. ·    Uranium mineralisation is hosted in Roll-front style mineralisation when fluids are oxidizing reduced channel sediments ·    REE's are adsorbed to the contacts of reduced clay interbeds.
Drillhole 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: 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.	·    Plans demonstrate the location of drillholes. ·    Coordinates can be publicly accesses through the South Australian SARIG portal. ·    No relevant material has been excluded from this release.
Data aggregation methods	·    In reporting Exploration Results, weighting averaging techniques, maximum 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. ·    The assumptions used for any reporting of metal equivalent values should be clearly stated.	·    Reported summary intercepts are weighted averages based on length. ·    No maximum/ minimum grade cuts have been applied. ·    eU3O8 grades have been calculated using a disequilibrium factor of 1.8
Relationship between mineralisation widths and intercept lengths	·    These relationships are particularly important in the reporting of Exploration Results. ·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ·    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	·    Holes are drilled vertically. Reported intersections reflect true width.
Diagrams	·    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	·    Relevant diagrams have been included in the announcement.
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 misIeading reporting of Exploration Results.	·    All drillhole locations have been shown on plans
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.	·    Reported results reflect publicly available information.
Further work	·    The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). ·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	·    Re-analysis of historical drill samples is underway. Samples shall be analysed for REE and Uranium to confirm historical results. ·    Previous TEM surveys are being re-interpreted to improve Palaeochannel interpretation and to identify potential pathways of fluid oxidation. ·    Ground water sampling planned. ·    Digitization of downhole wireline logs to re-interpret mineralized roll-fronts.

Prospect	Hole number	Grid	Northing	Easting
Boland	IR 246	GDA94 / MGA zone 53	6360973	533829
Boland	IR 245	GDA94 / MGA zone 53	6360773	533029
Boland	IR 244	GDA94 / MGA zone 53	6360873	531829
Boland	IR 243	GDA94 / MGA zone 53	6361173	532229
Boland	IR 242	GDA94 / MGA zone 53	6361473	532829
Boland	IR 241	GDA94 / MGA zone 53	6362373	533329
Boland	IR 239	GDA94 / MGA zone 53	6362273	534329
Boland	IR 238	GDA94 / MGA zone 53	6362373	534930
Boland	IR 236	GDA94 / MGA zone 53	6361373	536130
Boland	IR 235	GDA94 / MGA zone 53	6365273	534229
Boland	IR 234	GDA94 / MGA zone 53	6365573	533629
Boland	IR 232	GDA94 / MGA zone 53	6365773	532729
Boland	IR 135	GDA94 / MGA zone 53	6364173	535230
Boland	IR 134	GDA94 / MGA zone 53	6361323	536630
Boland	IR 133	GDA94 / MGA zone 53	6362573	535505
Boland	IR 123	GDA94 / MGA zone 53	6361573	535604
Boland	IR 122	GDA94 / MGA zone 53	6363173	535054

 

END