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Thor Mining PLC (THR)

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Tuesday 31 August, 2021

Thor Mining PLC

Alford East Drilling Results

RNS Number : 1127K
Thor Mining PLC
31 August 2021
 

31 August 2021

THOR MINING PLC

HIGH GRADE COPPER DRILLING RESULTS

Alford East Copper-Gold ISR Project, South Australia

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are very pleased to advise of further significant copper and gold intercepts from the recently completed initial diamond drilling program at the Alford East Copper-Gold Project, SA.

Project highlights:

§ An exceptional high grade copper intercept over a wide interval:

  21AED005  72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including

  18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m

§ As announced last week, other significant copper-gold intercepts include:

21AED001   32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and

  5m @ 0.5% Cu and 1.02g/t Au from 102m (previously reported THR: AIM  Announcement 25 August 2021)

21AED002   59.9m @ 0.31% Cu from 21.9m (previously reported THR: AIM Announcement 25 August 2021)

§ Significant pXRF copper readings (to be confirmed by laboratory assays) including:

21AED004   50m @ 0.45% Cu from 6m (pXRF) (Previously reported THR: AIM Announcement 25 August 2021)

§ Remaining assays expected over the coming weeks.

 

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

"The newly discovered broad zone of high copper and gold grades from near surface in 21AED005, combined with the significant intercepts in 21AED001 and 21AED002 takes this oxide mineralised system to a new level, reporting values well above the Mineral Resource Estimate grades.

 

The confirmed uplift in copper and gold grades along the controlling NNE structure continues to excite and exceed the directors of Thor expectations. We look forward to testing this structure in areas open along strike, to the north and south.

Pump testing scheduled for start of September will further advance the In-Situ Recovery (ISR) 'proof of concept' hydrometallurgical assessment.

Exciting times ahead as we await final assay results from this drilling campaign and commence the ISR for copper and gold baseline studies."

A copy of the Tenement and Prospect Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg

 

Project Background

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (ASX: THR Announcement 23 November 2020).

The Alford East Project covers the northern extension the Alford Copper Belt, located on the Yorke Peninsula, SA.  The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralization, within a structurally controlled, north-south corridor consisting of deeply kaolinized and oxidized troughs within metamorphic units on the edge of the Tickera Granite, Gawler Craton, SA.

Utilising historic drillhole information, Thor completed an inferred Mineral Resource Estimate (MRE) (ASX: THR Announcement 27 January 2021):

§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper

§ 71, 500oz of contained gold

 

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

Based on the nature on the oxide mineralisation, the deposit is considered amenable to In Situ Recovery (ISR) techniques.

For further information on ISR please refer to Thor website via this link for an informative video:

https://www.youtube.com/watch?v=eG_1ZGD0WIw

 

Table A: Alford East Mineral Resource Estimate, with AR-5 extending towards AE-8 domains (previously Netherleigh Park) the focus of the current drilling program highlighted.

Domain

Tonnes ( Mt)

Cu %

Au g/t

Contained Cu (t)

Contained Au (oz)

 

24.6

0.12

0.021

30,000

16,000

 

6.8

0.13

0.004

9,000

1,000

 

34.9

0.09

0.022

33,000

25,000

 

8.0

0.11

0.016

8,000

4,000

 

11.0

0.22

0.030

24,000

11,000

 

85.3

0.12

0.021

104,000

57,000

 

31.3

0.19

0.008

61,000

8,000

 

7.7

0.14

0.025

10,000

6,000

 

1.3

0.13

0.011

2,000

500

40.3

0.18

0.011

73,000

14,500

Total

125.6

0.14

0.018

177,000

71,500

Note: MRE reported on Oxide material only, at a cut-off grade of 0.05% Copper which is consistent with the assumed In Situ Recovery technique .

A plan view showing the Alford East Project's eight mineralised domains , may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/mre_ae_5-drilling.jpg

 

Alford East Diamond Drilling Program Update

Nine diamond drillholes totalling 878m are now complete, with assays received for three drillholes - 21AED001, 21AED002, and now 21AED005.  This initial program for Thor, focussed only on the northern portion of the Alford East copper-gold deposit around the AE-5 mineralised domains (Figure 2 and 3), with drilling targeting areas open at depth and along strike.  AE-5 domain is one of eight mineralised domains.

Drillhole assay results are reported in Table B and C (Appendices), with significant copper and gold intercepts, including (21AED001 and 21AED002 previously reported THR: AIM Announcement 25 August 2021):

§ 21AED001 :  108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m, including

25.3m @ 0.11% Cu from 6.2m

32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and

5m @ 0.5% Cu and 1.02g/t Au from 102m

 

§ 21AED002 :   59.9m @ 0.31% Cu from 21.9m

§ 21AED005   72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including

    18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m

 

Note for In Situ Recovery Thor is targeting broad copper-gold oxide intervals above the MRE cut-off grade of 0.05% copper. 

 

An Alford East AE-5 Drillhole location plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/ae-5-location-plan.jpg

 

Preliminary portable X-ray fluorescent (pXRF) copper results (gold not measured by pXRF), in comparison to assay results as reported for 21AED001, 21AED002 and 21AED005 (ASX: AIM Announcement 25 August 2021), to date, have under reported the copper values (Table D).  This positive correlation bides well with the drillholes awaiting assay results, and the continued use of pXRF readings for future drill targeting.

As previously announced, preliminary significant pXRF copper readings for all drillholes include:

21AED001  33m @0.4% Cu from 81.5

21AED002  55.5m @ 0.28% Cu from 28m

21AED003   26m @ 0.1% Cu from 15m

21AED004   50m @ 0.45% Cu from 6m

21AED005   73m @ 0.74% Cu from 6.3m

21AED006  16.5m @ 0.06% Cu from 44.5m

21AED007   29m @ 0.12% Cu from 20.5m

21AED008   5m @ 0.09% Cu from 36.5

21AED009   NSI - No Significant Intersection above 500ppm Copper

Important notice: The pXRF copper readings are indicative only with samples being submitted to laboratory for analytical analysis including gold assay. The Directors believe that with adequate sample preparation the pXRF analyser will yield high-quality analytical data. However, there can be no guarantee that this method provides accurate results similar to those from the laboratory analysis.

 

Table D: Assay verses pXRF Comparison (pXRF readings and intervals as per THR: AIM Announcement 29 June 2021)

HOLE ID

Interval

Depth From

Copper Assays

(Geological intervals) (weighted average)

Copper pXRF

(0.5m readings average)

21AED001

106.5m

8m

0.17%

0.14%

21AED001

33m

81.5m

0.40%

0.40%

21AED002

55m

28m

0.38%

0.28%

21AED005

73

6.3

1.0%

0.74%

 

For ISR purposes, drilling was limited to the deeply weathered lithological profile, testing the extent of the oxide zone and the depth boundary of the Top of Fresh Rock (TOFR).  The copper-gold oxide mineralisation is hosted within deeply kaolinised (clay) and metasomatic altered units on the contact between the Olympic Domain Wallaroo Group metasediments and the Hiltaba Suite Tickera Granite, Gawler Craton). Copper oxide mineralogy is dominated by malachite and chalcocite.

Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A' 6,256,360mN), were drilled through the central portion of AE-5 MRE Domain, designed to validate the geological model and test areas, open at depth.  The high-grade copper and gold intercepts in both 21AED001 and 21AED005, significantly above the MRE cut-off, opens the mineralisation up at depth, with 21AED005 highlighting the significant grade uplift along the controlling north-south structure. Copper (predominately malachite) and gold mineralisation in 21AED005 is hosted within residual friable clays.

A Cross section showing 21AED001, 21AED003 and 21AED005 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/xs-6256360mn..jpg

 

Photo Plates for 21AED005 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/21aed005_core-photo.jpg

 

Assay results from 21AED001, 21AED002 and 21AED005 confirm significant copper and gold grade uplift along the north-south trending controlling structure, validating the new geological model and structural controls on mineralisation. Validation and confidence in the geological model is critically important for future drill targeting, as well as resource modelling.

The continuation of copper mineralisation up to 100m north beyond the MRE AE-5 domain envelope, (21AED002, 21AED006 and 21AED007), confirms mineralisation remains opens along strike and the potential for MRE AE-5 to be structural link to AE-8 domain.

Remaining drill core is currently being prepared for sample submission to the laboratory, with all assay results anticipated in approximately 4 weeks.

Pump testing for initial hydrogeological baseline work forming part of the 'proof of concept' for ISR, including water characteristics, porosity, and permeability testing is scheduled for start of September. Preliminary hydrometallurgical studies by Mining and Process Solutions (MPS) on potential lixiviants for copper and gold recovery will commence once ground water samples are received. This work is all co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000.

 

 

 

- Ends  -

For further information on the Company, please visit  www.thormining.com  or contact the following: 

Thor Mining PLC

 

Nicole Galloway Warland, Managing Director

Mick Billing, Executive Chairman

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

 


WH Ireland Limited (Nominated Adviser and Joint Broker)

Tel: +44 (0) 207 220 1666

Jessica Cave / Darshan Patel

Jasper Berry (Corporate Broking)


 


SI Capital Limited (Joint Broker)

Tel: +44 (0) 1483 413 500

Nick Emerson


 


Yellow Jersey (Financial PR)

[email protected]

Sarah Hollins / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

 

 

 

Competent Persons Report

The information in this report that relates to Exploration Results and the Estimation and Reporting of the Alford East Mineral Resource Estimation is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Forward Looking Statements

This document may contain certain forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Thor Mining PLC current expectations, estimates and projections about the industry in which Thor operates, and beliefs and assumptions regarding Thor's future performance. When used in this document, words such as "anticipate", "could", "plan", "estimate", "expects", "seeks", "intends", "may", "potential", "should", and similar expressions are forward-looking statements. Although Thor believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Thor and no assurance can be given that actual results will be consistent with these forward-looking statements

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining .

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the first half of 2021.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹. 

Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia and both considered amenable to recovery by way of ISR.²

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵

Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.⁶

Notes

1   www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf  

2 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf    

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

 4 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf  

5 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf  

  www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf  

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf  



 

Table B: Drill Collar Locations

Hole ID

EOH Depth

East

North

RL

Dip

Azimuth

21AED001

156.17

763,727.91

6,256,359.35

48.69

-900

3600

21AED002

98.85

763,908.67

6,256,599.18

48.35

-700

900

21AED003

93.20

763,680.15

6,256,359.62

48.39

-900

3600

21AED004

71.95

763,849.71

6,256,442.33

46.84

-900

3600

21AED005

96.47

763,799.52

6,256,358.84

47.91

-700

900

21AED006

135.4

763,988.83

6,256,682.88

44.71

-900

3600

21AED007

115.2

763,883.93

6,256,600.85

48.09

-900

3600

21AED008

77.8

763,739.04

6,256,274.50

47.67

-700

900

21AED009

32.63

763,812.14

6,256,205.90

46.10

-900

3600

 

Table C: Summary of Drillhole Assays

Hole ID

Drill Type

Sample type

Depth From (m)

Interval (m)

Cu %

Au g/t

Comments

21AED001

Diam -HQ

Geological

6.2

108.2

0.17

0.1

Full oxide profile - with zones of internal dilution



including

6.2

25.3

0.11

NSI

Upper Zone (above 0.05% Cu)



including

81.5

32.9

0.4

0.31

Lower Zone (above 0.05% Cu)

21AED002

Diam -HQ

Geological

21.9

59.85

0.31

NSI

Full oxide profile (above 0.05% Cu)

21AED003

Diam -HQ






Awaiting Assays

21AED004

Diam -HQ






Awaiting Assays

21AED005

Diam -HQ

Geological

6.3

72.7

1.0

0.19

Full oxide Profile (above 0.05% Cu)



Including

15.8

18.2

2.0

0.34

Upper Zone (above 0.05% Cu)

21AED006

Diam -HQ






Awaiting Assays

21AED007

Diam -HQ






Awaiting Assays

21AED008

Diam -HQ






Awaiting Assays

21AED009

Diam -HQ






Awaiting Assays

Notes to Table B and C

1.  An accurate dip and strike and the controls on mineralisation are only interpreted and the true width of mineralisation is unknown at this time.

2.  In Diamond (Diam drilling), individual samples were collected at geological intervals with no individual sample smaller than 0.1m and none larger than 1.5m.

3.  All samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.01ppm detection limit) and Aqua Regia Multi-Element with ICP-MS finish (1ppm Cu detection limit) by Bureau Veritas, Adelaide South Australia.

4.  Intersections are generally calculated over >1m intervals >0.05% Cu (500ppm) using weight averaging technique. Some internal dilution is included in 21AED001 full oxide profile <10m below 0.05% Cu for geological ISR modelling continuity.

5.  g/t (grams per tonne), ppm (parts per million), NSI = no significant intercept above 0.01ppm Au

6.  Drill type; Diam = Diamond, HQ = Diamond Core diameter

7.  Coordinates are in GDA94, MGA Z53 using DGPS position

JORC Code, 2012 Edition - Table 1 report template

1.1  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 examplesshould not be taken as limiting the broad meaning ofsampling.

· Include reference to measures taken to ensuresample representivity and the appropriate calibration of any measurement tools or systemsused.

· Aspects of the determination of mineralisation thatare Material to the PublicReport.

· 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 (egsubmarine nodules) may warrant disclosure of detailedinformation.

Diamond drilling program with half core sampled for Au fire assay FA001 and Aqua Regia 48 element suite AR001.  Samples submitted to Bureau Veritas (BV), SA. Standard blank and duplicate inserted every 30 samples

pXRF readings taken very 0.5m down the hole.

Vanta C Series 800427 XRF -40sec reading time.

Instrument calibrated externally annually and with QA/QC at start prior to sampling and calibration disc every 30 readings

All co-ordinates are in UTM grid (GDA94 Z53) and drill hole collars have been surveyed by DGPS to an accuracy of 0.1m. Down holes surveys using Truman with readings every 6m.

Diamond samples were collected at geologically defined intervals (minimum sample length 0.1m, maximum sample length 1.5m) for all drill holes in the current program Samples are cut using an automated diamond saw and half core is submitted for analysis at Bureau Veritas, SA. The sample size is deemed appropriate for the grain size of the material being sampled.

Mineralisation is determined by descriptive geological logs for diamond hole as well as the incorporation of assay results and pXRF readings

Drilling techniques

· Drill type (eg core, reverse circulation, open-holehammer, 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).

Diamond drilling - GMP drilling Pty Ltd. B&D Multi 35 Rig

0-6m open hammer - transported cover sequence.

HQ standard tube diamond drilling

Drill sample recovery

· Method of recording and assessing core and chipsample recoveries and resultsassessed.

· Measures taken to maximise sample recovery andensure representative nature of thesamples.

· Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarsematerial.

Core recovery assessed and measured relative to drill rod measurements into laptop computer.

HQ single tube drilling through weathered zone to maximise sample recovery.  The sample recovery and condition is recorded every meter.  Generally, core recovery is 98-100%, but occasionally drops to 70% in friable clays zones due to compaction and/or broken ground. No relationship is known to exist between samplerecovery and grade

Criteria

JORC Code explanation

Commentary

Sub- sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half orall coretaken.

· If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet ordry.

For all sample types, the nature, qualityand appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity ofsamples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, includingfor instance results for field duplicate/second-halfsampling.

· Whether sample sizes are appropriate to the grain sizeof the material beingsampled.

Half core samples submitted for laboratory analysis.

Diamond core was given up to two weeks to dry out, prior to cutting and sample prep.

Sampling is carried out using standard protocols and QAQC procedures as per industry practice.

Field QAQC procedures involved the use of certified standards, blanks and duplicate sample submitted every 25 samples. These are routinely checked against originals.

Handheld pXRF readings reported.

pXRF readings taken on whole (HQ) core at 0.5m intervals prior to cutting.

Vanta Series C 40 second reading time.

Instrument calibrated at start, QAQC with 2 standards and 1 blank every 30 readings. External instrument calibration completed annually.

Readings taken every 0.5m down hole

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether thetechnique is considered partial ortotal.

· 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 (egstandards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have beenestablished.

Diamond core sampled through potential copper and gold zones.

Samples submitted to Bureau Veritas for 50g fire assay and Aqua Regia multi-element analysis.

Internal certified laboratory QAQC is undertaken including check samples, blanks and internal standards

Handheld pXRF readings reported.

Vanta Series C 40 second reading time.

Instrument calibrated at start, QAQC with 2 standards and 1 blank every 30 readings. External instrument calibration completed annually.

Readings taken every 0.5m down hole

Verification of sampling and assaying

· The verification of significant intersections byeither independent or alternative companypersonnel.

· The use of twinnedholes.

· Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assaydata.

All drilling data is collected in a series of templates in excel including geological logging, sample information, collar and survey information,

All data is digitally recorded in the company's electronic database.

No adjustments have been made to the assay data.

All significant intersections have been verified by an alternative company geologist.

There are no twinned drillholes

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 Resourceestimation.

· Specification of the grid systemused.

· Quality and adequacy of topographiccontrol.

Collars picked up using DGPS - MGA94 zone 53 (GDA) used. 

Down hole survey readings taken every 6m with Boart Longyear Truman multi shot camera

Data spacing and distribution

· Data spacing for reporting of ExplorationResults.

· Whether the data spacing and distribution is sufficientto establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classificationsapplied.

· Whether sample compositing has beenapplied.

Drillhole data spacing is considered appropriate to allow confident interpretation of exploration results.

pXRF readings taken every 0.5m down the hole. 

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 whichthis is known, considering the deposittype.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should beassessed and reported ifmaterial.

Drill holes were oriented vertical (090 degrees) or 070 towards 090degrees which is perpendicular to strike of the geological trough.

Orientational bias is not applicable this stage with half core samples taken across full mineralised zone and pXRF sampling every 0.5m downhole

Sample security

· The measures taken to ensure samplesecurity.

Samples were trucked from Alford to Adelaide, to Challenger Geological Services for cutting and prep, prior to submission to Bureau Veritas, Adelaide for analysis.

Audits or reviews

· The results of any audits or reviews of samplingtechniques and data.

No formal audits have been undertaken

 

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 ornational park and environmentalsettings.

· The security of the tenure held at the time of reportingalong with any known impediments to obtaining a licence to operate in thearea.

Alford East project:

§ The JV area covers portions EL6255 and E6529 which are 100% owned by Spencer Metals Ltd.

· PML 268 lies within E6529

· There are no non-government royalties, historical sites or environmental issues.

· Underlying land title is Freehold land which extinguishes nativetitle.

All tenure in goodstanding.

Exploration done by other parties

· Acknowledgment and appraisal of exploration byother parties.

The general area of this report has been explored in the past by various companies including Jododex, Uranez, North Broken Hill, MIM, Hillgrove Resources, Argonaut Resources and Sandfire Resources. Activities include AC, RC, & Diamond drilling, and significant geophysical surveying.  The Company has reviewed past exploration data generatedby these companies.

Geology

· Deposit type, geological setting and style ofmineralisation.

Primary deposits in the region are considered to be of Iron Oxide Copper Gold (IOCG) affinity, related to the 1590Ma Hiltaba/GRV event. Cu-Au-Mo-Pb mineralisation is structurally controlled and associated with significantmetasomatic alteration and deep weathering or kaolinisation of host rocks.

Locally, the low-grade copper/gold oxide mineralisation that forms the basis for this Exploration results announcement, is hosted within variably weathered and sheared metasedimentary basement lithologies.

Drill hole Information

· A summary of all information material to theunderstanding of the exploration results including a tabulation of the following information for all Material drillholes:

easting and northing of the drill holecollar

elevation or RL (Reduced Level - elevation abovesea level in metres) of the drill holecollar

dip and azimuth of thehole

down hole length and interceptiondepth

holelength.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusiondoes not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Drillhole information is included in report, with Table B summarising drillhole collar information.

Plan and sections showing drillhole locations is included in report

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum gradetruncations (eg cutting of high grades) and cut-off grades are usually Material and should bestated.

· 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 shouldbe shown indetail.

· The assumptions used for any reporting of metalequivalent

values should be clearly stated

Weighted averaging technique is used for reporting exploration assay results, with pXRF Intersections are calculated by simple averaging of 0.5m assays.

No metal equivalents are reported.

 

 

 

 

Criteria

JORC Code explanation

Commentary

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important inthe reporting of ExplorationResults.

· If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should bereported.

· 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 notknown').

The copper oxide mineralization is associated with intense clay alteration. The alteration is interpreted to be similar to that found in the adjacent Alford West area.

The drilling intersections quoted are downhole intercept lengths with an unknown orientation to dip and plunge of the target mineralisation

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 collarlocations and appropriate sectionalviews.

Appropriate maps and sections included in document.

Balanced reporting

· Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

All results have been reported

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 contaminatingsubstances.

All data have been reported

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- outdrilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geologicalinterpretations and future drilling areas, provided this information is not commerciallysensitive.

Awaiting additional laboratory assays.

Drilling to continue along sections and areas open to the north and south.

Refer to diagram in document for geological interpretation and potential extensions.

 

 

 

 

 

 

 

 

 

 

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