MANTLE MINERALS LIMITED ASX Announcement 29 January 2016
Quarterly Activities Report ñ Period Ended 31 December 2015
Caeneus Minerals Ltd
ACN 082 593 235
Australian Securities Exchange Code: CAD
Ordinary shares
1,930,580,894
Unlisted Options
19,500,000 (exercise price of $0.005; expiry date of 31 Dec 2016)
306,150,001 (exercise price of $0.03; expiry date of 27 Feb 2017)
550,457,309 (exercise price of $0.003; expiry date of 31 Dec 2020)
Board of Directors Mr Steven Elliott Mr Keith Bowker Mr Michael Nottas
Acquisition of Pardoo Nickel Project
On 28 October 2015, Caeneus Minerals Ltd (ìCaeneusî or ìthe Companyî) entered into a Memorandum of Understanding to acquire 100% of the issued shares of private company Port Exploration Pty Ltd (ìPort Explorationî) (ìAcquisitionî). Port Exploration has a joint venture agreement with Segue Resources Limited to acquire the prospective Pardoo Nickel Project in Western Australia.
On 17 December 2015, Caeneus completed the Acquisition following shareholder approval at the Companyís Annual General Meeting held on 27 November 2015 (ì2015 AGMî). The Company issued 750,000,000 fully paid ordinary shares at a deemed issue price of $0.001 each with a 1 for 2 free attaching unlisted options exercisable at $0.003 on or before 31 December 2020 as consideration payable to the Port Exploration vendors.
Capital Raisings
During the quarter ended 31 December 2015, the Company raised a total of $701,829 via two (2) placements to Sophisticated Investors. The first placement raised $101,829 via the issue of 50,914,618 fully paid ordinary shares at $0.002 each together with a 1 for 2 free attaching unlisted options exercisable at $0.003 on or before 31 December 2020. The second placement (as approved by shareholders at the 2015 AGM) raised $600,000 via the issue of 300,000,000 fully paid ordinary shares at $0.002 each with a 1 for 2 free attaching unlisted options exercisable at $0.003 on or before 31 December 2020.
Poseidon Nickel Limited
Following the termination of the binding agreement with Poseidon Nickel Limited (ASX: POS) in relation to the Companyís acquisition of contractual rights to mine the Silver Swan underground nickel mine, the Company issued 100,000,000 fully paid ordinary shares at a deemed issue price of $0.003 to Poseidon Nickel Limited under a Deed of Release for Settlement Consideration to the value of $300,000.
Conversion of Convertible Notes
On 1 December 2015, the Company issued 75,000,000 fully paid ordinary shares at $0.002 each on conversion of the Convertible Notes, as approved by shareholders at the 2015 AGM.
Corporate
Subsequent to the quarter ended 31 December 2015, Mr Steven Elliott was appointed as Managing Director of the Company following the resignation of Mr Antony Sage. The Board thanked Mr Sage for his significant contribution to the Company since December 2010.
Exploration
Pardoo Nickel Project
Port Exploration has a joint venture agreement (ìAgreementî) with Segue Resources Limited (ASX: SEG) which includes the Pardoo Nickel Project (ìProjectî). Port Exploration can acquire a 51% interest in the Project by spending $250,000 on exploration within 12 months of signing the Agreement (ìStage 1 Interestî). Port Exploration can acquire an additional 29% interest in the Project by spending a further $250,000 on exploration by no later than 12 months after earning the Stage 1 Interest (ìStage 2 Interestî). Upon Port Exploration earning the Stage 2 Interest SEG has the right for a period of 18 months to sell its 20% joint venture interest to Port Exploration for shares in the Company.
The Pardoo Nickel Project is located in the Northern Pilbara, 100km east of the regional centre of Port Hedland. The Project is prospective for magmatic nickel-copper sulphides. A current inferred resource of 44.7mt @ 0.3% Ni & 0.13% Cu exists at the sedimentary hosted Highway Deposit.
The Highway Deposit was discovered by CRA in the early 1990ís and subsequently expanded upon (and marginally upgraded) through activities undertaken by Mithril and SEG during a period from 2007 through to 2010. Mineralisation at the Highway Deposit is present as disseminations and semi massive sulphides within the Goldsworthy Greenstone Belt. The mineralisation has been interpreted as being hydrothermally re-mobilised from a primary magmatic source. Previous operators have described the Highway mineralisation (and that at Supply Well) as an unusual style of disseminated and semi-massive nickel-copper sulphide mineralisation that appears stratabound and discordant within meta-sediments, cherts and possible ultramafic rocks.
The exploration strategy proposed by the Company is predicated on the theory that the source of nickel and copper mineralisation in the immediate region is derived from a large scale mafic-ultramafic intrusive complex located immediately north of the Highway Ni-Cu deposit.
The Pardoo Nickel Project provides an excellent opportunity to build on the significant body of historical work. Geographically, it is well positioned being 15 km from the coast and approximately 100km east of Port Hedland along the Great Northern Highway and is in close proximity to power, rail and port facilities.
On 23 November 2015, a detailed low level aeromagnetic survey was conducted over the SW corner of the Pardoo Nickel Project area covering the newly applied for exploration license E45/4585. This tenement covers approximately 9km strike of the Pardoo Fault that hosts the Highway Ni-Cu Deposit. The survey was flown at 35m flight height with 50m line spacing and collected magnetic, radiometric and elevation data. The survey identified several complex linear magnetic anomalies adjacent to the interpreted Pardoo Fault at the interpreted base of the large mafic-ultramafic intrusion (Figure 1).
Figure 1 Aeromagnetic image highlighting the Pardoo Fault/Shear along with the two high priority targets within E45/4585 and the location of GWRC0041.
Further exploration activities on the Pardoo Nickel Project are likely to include detailed ground based gravity and moving loop EM surveys followed by well targeted RC and diamond drilling programs.
The information on the above aeromagnetic survey was first reported by the Company in a market release dated 23 November 2015. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement.
The Company confirms that the form and context in which the Competent Personís findings are presented have not been materially modified from the original market announcement.
COMPETENT PERSON STATEMENT
The above information pertaining to the aeromagnetic survey results is based on information compiled by Mr Dean Goodwin who is a Member of the Australian Institute of Geoscientists. Mr Goodwin is a consultant to the Company. Mr Goodwin has sufficient experience which is relevant to the style and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Minerals Resources and ore Reserves. Mr Goodwin consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Mt Davis Project
During the quarter ended 31 December 2015, the Company relinquished eight (8) tenements forming the Mt Davis Project located near Leonora in Western Australia. The relinquishment of these tenements is part of the Companyís ongoing strategy of rationalising less prospective non-core assets to help reduce costs and accelerate further exploration and realisation of the Companyís core assets such as the Supernova Project and the newly acquired Pardoo Nickel Project.
For and on behalf of the Board
Keith Bowker
Director/Company Secretary
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly reportRule 5.5
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
CAENEUS MINERALS LTD
ABN Quarter ended (ìcurrent quarterî)
42 082 593 235
31 December 2015
Cash flows related to operating activities
Net Operating Cash Flows | Current quarter $Aí000 | Year to date (6 months) $Aí000 | |
- (32) - - (334) - - - - - | - (48) - - (468) - - - - - | ||
(366) | (516) | ||
1.8 1.9 1.10 1.11 1.12 1.13 | Cash flows related to investing activities Payment for purchases of:
Loans repaid by other entities Other (provide details if material) Net investing cash flows Total operating and investing cash flows (carried forward) | - | - |
- | - | ||
- | - | ||
- | - | ||
- | - | ||
- | - | ||
(25) | (25) | ||
- | - | ||
- | - | ||
(25) | (25) | ||
(391) | (541) | ||
Caeneus Minerals Ltd. issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 February 2016 06:21:56 UTC
Original Document: http://www.gtp.com.au/matrixmetals/inewsfiles/2015-12-31-ASX_Announcement-31_December_Quarterly_Report_and_App_5B.pdf
