RENAISSANCE MINERALS LIMITED ASX Announcement & Media Release
Wednesday, 25 February 2015
Fast Facts
ASX Code: RNS
Shares on issue: 398.8 million
Market Cap: ~$23 million
Cash: $4.3 million (31 Dec 2014)
Board & Management
Alan Campbell, Non-Exec Chairman
Dave Kelly, Non-Exec Director
Justin Tremain, Managing Director Craig Barker, Exploration Manager Brett Dunnachie, CFO & Co. Sec. Vireak Nouch, Country Manager
Company Highlights
Targeting multi-million ounce gold systems in an emerging Intrusive Related Gold province in Cambodia
First mover advantage in a new frontier
Okvau Deposit (100% owned): Indicated and Inferred Mineral Resource Estimate of 15.6Mt @
2.4g/t Au for 1.2 Million ounces
(refer Table One)
Mineralisation is from surface, amenable to open pit mining and remains 'open'
Multiple high priority, untested targets
Registered Office
78 Churchill Avenue
SUBIACO WA 6008
T: +61 8 9286 6300
F: +61 8 9286 6333
W: www.renaissanceminerals.com.au
E: admin@renaissanceminerals.com.au
Exploration Update - Additional Soil Anomalies Supported with
Trenching Including 19m @ 4.1g/t Gold
Recent geochemical soil sampling program and geological mapping has confirmed and identified zones of anomalous gold in soilsO'S vay Prospect: Infill soil sampling at the O'Svay Prospect within the O'Chhung licence confirms a coherent, untested 1,000m long gold in soils anomaly
Zeus Prospect: Geological interpretation and verification of historical surface geochemistry at Area 6 reveals a 400m gold in soils anomaly at the Zeus Prospect supported by high grade trenching results including (refer Table Three):- 19m @ 4.1g/t gold
- 12m @ 5.0g/t gold
- 10m @ 2.7g/t gold
- 5m @ 7.5g/t gold
- 6m @ 5.0g/t gold
Rhyolite Ridge Prospect:Preparation underway for first pass RC drill testing of the Rhyolite Ridge Prospect at Area 6 where rock chips have retuned up to 11g/t gold along a 1,500m gold in soils anomaly
Each target has sufficient scale to potentially host a significant gold deposit when compared to the dimensions of the 1.2Moz Okvau Deposit (refer Table One) Results from drilling recently undertaken at the Prek Te Prospect adjacent to the Okvau Deposit included (refer Table Two):- 6m @ 2.4g/t gold from 90m
- 9m @ 1.4g/t gold from 101m
Renaissance Minerals Limited (ASX: RNS) ("Renaissance" or the "Company") announces further positive results from its ongoing exploration program at the Company's 100% owned Okvau Gold Project in Cambodia. The Company has been undertaking a large geochemical soil sampling program comprising of over
10,000 samples within the Okvau and adjoining O'Chhung exploration licenses. The sampling program is targeting areas of anomalous gold as defined by earlier ultra-fine BLEG stream sampling.
Over the past few months geochemical soil sampling has been completed at Area
6 in the west of the Okvau licence area and the 'O'Svay Prospect' located in the northern part of the O'Chhung licence area. The sampling program, being a combination of extension sampling and infill sampling, has identified and refined multiple target areas that require follow up testing.
Renaissance's Managing Director, Justin Tremain commented:
"The results continue to demonstrate the presence of extensive amounts of gold mineralisation within the Okvau and O'Chhung licence areas. All target areas are located within close proximity to the Okvau Deposit and any new gold discovery will have a material positive impact on the potential development economics of Okvau."Page 1 of 10
Figure One| Prospect Location Zeus Prospect | Area 6
Soil sampling and trenching have defined the Zeus Prospect as another drill ready target within the Okvau licence area. The Zeus Prospect is characterized by high grade trench results associated northeast trending and southeast dipping quartz veins with sulphides within +50ppb gold in soils anomalies on the margin of the underlying intrusive at Area 6.
Results from trenching undertaken at the Zeus Prospect include (refer Table Three for complete results):
Page 2 of 10
Rhyolite Ridge Prospect | Area 6
The Rhyolite Ridge gold in soils anomaly trending over 1,500 metres is coincident with bismuth, arsenic and tellurium metal assemblages, consistent with typical intrusive related gold deposits around the world. Artisanal pit mapping and airborne magnetics suggests northwest-striking, southwest-dipping faults are key controls on the location of gold mineralisation in the area.
Figure Three below shows the extent of anomalous gold in soils geochemistry at Rhyolite Ridge, and the location of anomalous rock chip samples which have returned up to 11g/t gold. The average tenor of over 200 rock chip samples taken at the prospect area is 1.5g/t gold.
Drilling at Rhyolite Ridge and the Zeus Prospect is planned for April 2015.
Page 3 of 10
O'Svay Prospect | O'Chhung
Infill soil sampling has been undertaken at the O'Svay Prospect, in the northern portion of the O'Chhung licence and has defined a +20ppb gold in soils anomaly of 1,000 metres x 500 metres trending in a northeast direction with internal high-grade soils (+50ppb) trending in a northeast and northwest orientation. The soil anomaly is overlaying a diorite intrusive defined by outcrop mapping and airborne magnetics.
Trenching over the high-grade zones of the gold in soils anomalies is planned in March 2015 to define drill targets.
Results have been received for drilling undertaken at the Prek Te Prospect, located immediately adjacent to the Okvau Deposit, and some limited drilling at the Area 1 Prospect located approximately 3 kilometres to the north.
Five (5) drill holes for 860 metres were completed on the Prek Te Prospect where previous mapping had defined 900 metres of strike to the Prek Te Fault which returned multiple high grade rock chip and channel samples including 14.9g/t, 10.9g/t and 6.8g/t (refer ASX announcement dated 23 June 2014). The drilling undertaken at Prek Te returned 6m @ 2.4g/t gold from 90m and
9m @ 1.4g/t gold from 101m (refer Table Two for complete results).
Drilling undertaken at the Area 1 Prospect comprised three (3) holes for 370 metres to test trenching results which included 17 metres @ 2.9g/t gold (refer ASX announcement dated 23 June 2014). No significant results were returned from the drilling.
Exploration work including ongoing soil sampling, trenching, mapping and data interpretation continues and the Company is preparing to undertake a first pass RC drilling program at the Rhyolite Ridge Prospect during April 2015.
In addition to exploration activities at Okvau, the Company has commenced pre-feasibility study work on the potential development of the Okvau Deposit with consultants engaged for environmental and social studies, hydrology studies, ongoing metallurgical optimisation test work, TSF and processing plant designs.
The Okvau Deposit is located outside the Core Zone of the Phnom Prich Wildlife Sanctuary but within the outer boundaries of that sanctuary. Accordingly, the Company recognizes the need to undertake a rigorous Environmental and Social Impact Assessment (ESIA) before any mining activities can commence. Under the guidance of the Company's environmental consultants (Earth Systems), flora, fauna and aquatic field surveys were conducted during February 2015. No significant species were recorded.
The Company's consulting hydrologist and geotechnical engineers recently undertook site visits to Okvau. A number of diamond drill holes were completed at Okvau during February 2015 to provide geotechnical data for pit design.
Page 4 of 10
Cambodian Gold Project | Background
The 100% owned Okvau and adjoining O'Chhung Exploration Licences cover approximately 400km2 of the total project area and are located in the eastern plains of Cambodia in the Mondulkiri Province approximately 265km north east of the capital Phnom Penh. The topography is undulating with low relief 80m to 200m above sea level. There are isolated scattered hills rising to around
400m. The area is sparsely populated with some artisanal mining activity. Existing dirt roads and tracks provide for sufficient access for the exploration.
In March 2013, Renaissance announced an independent JORC- compliant indicated and inferred resource estimate at the Okvau Deposit of 15.6Mt @ 2.4g/t gold for 1.2Moz (Refer Table One). The Okvau Deposit is from surface and remains 'open' with potential for further resource growth. The current Okvau resource has a strike extent of 500m and covers approximately 250m of width of the mineralised vein system. The current resource estimate is underpinned by approximately 28,000m of diamond drill core.
The Okvau Deposit and other gold occurrences within the Okvau and O'Chhung exploration licences are directly associated with diorite and granodiorite intrusions and are best classed as 'Intrusive Related Gold' systems.
Within the Okvau and O'Chhung licences are a number of high priority exploration prospects based upon anomalous geochemistry, geology and geophysics which remain untested with drilling. These targets are all located within close proximity to the Okvau Deposit.
Cambodia is a constitutional monarchy with a constitution providing for a multi-party democracy. The population of Cambodia is approximately 14 million. The Royal Government of Cambodia, formed on the basis of elections internationally recognised as free and fair, was established in 1993. Elections are held every 5 years with the last election held in July 2013. Cambodia has a relatively open trading regime and joined the World Trade Organisation in 2004. The government's adherence to the global market, freedom from exchange controls and unrestricted capital movement makes Cambodia one of the most business friendly countries in the region.
The Cambodian Government has implemented a strategy to create an appropriate investment environment to attract foreign companies, particularly in the mining industry. Cambodia has a modern and transparent mining code and the government is supportive of foreign investment particularly in mining and exploration to help realise the value of its potential mineral value.
Detailed information on all aspects of Renaissance Minerals projects can be found on the Company's website:
For further information please contact
Renaissance Minerals Limited
Justin Tremain, Managing Director
The information in this report that relates to Exploration Results is based on information compiled by Mr Craig Barker, a full time employee of the company and who is a Member of The Australasian Institute of Geoscientists. Mr Craig Barker has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he 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'. Mr Craig Barker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Page 5 of 10
Table One | Okvau Deposit Resource Estimate
Notes
1 The Inferred resources are reported at a 0g/t gold cut-off as volumes are already restricted by a 2.0 g/t gold threshold
2 Tonnes are rounded to nearest 0.1 Mt, grade to 0.01 g/t, and contained gold to 10,000 oz. Totals may appear different from the sum of their components because of rounding
The Mineral Resource estimate for the Okvau Gold project was prepared by Robin Simpson of SRK Consulting (Australasia) Ltd. Mr Simpson is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to t he activity with which he was involved to qualify as a Competent Person as defined by the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Simpson consents to the inclusion of the matters based on his information in the form and context in which it appears.
Table Two | Drilling Results - Prek Te and Area 1 Prospects
Hole Name | Easting | Northing | RL | Azi | Dip | End Depth | From | To | Intersection Interval | Gold |
(m) | (m) | (m) | (m) | (g/t) | ||||||
DD14OKV251 | 694608 | 1397625 | 130 | 340 | -50 | 228 | 90 | 96 | 6 | 2.37 |
101 | 110 | 9 | 1.39 | |||||||
DD14OKV252 | 694518 | 1397598 | 130 | 340 | -50 | 155 | 129 | 130 | 1 | 1.76 |
DD14OKV253 | 694422 | 1397558 | 130 | 340 | -50 | 82 | NSR | |||
DD14PKT001 | 694633 | 1397576 | 130 | 340 | -50 | 210 | NSR | |||
DD14PKT002 | 694705 | 1397656 | 130 | 340 | -50 | 183 | NSR | |||
DD14PSL001 | 694629 | 1399484 | 156 | 60 | -50 | 184 | NSR | |||
RC14PSL002 | 694664 | 1399499 | 158 | 60 | -50 | 96 | NSR | |||
RC14PSL003 | 694708 | 1399533 | 161 | 60 | -50 | 93 | NSR |
Table Three | Zeus Prospect - Trenching Results
Gold (g/t)6.25
7.76
4.12
2.76
3.91
5.00
7.51
4.96
1.96
2.31
0.89
1.54
2.72
Page 6 of 10
Appendix One | JORC Code, 2012 Edition | 'Table 1' Report
Section 1 Sampling Techniques and Data(Criteria in this section apply to all succeeding sections).
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. | Reverse circulation drilling is used to collect 1m samples from all zones of interest; these are riffle split at the drill rig to produce a 3-5kg sub-sample. Diamond drilling is used to recover a continuous core sample of bedrock. Standard 1m length half-core samples were submitted for assay. Trench samples (approx. 3kg) are standard channel samples collected from the side wall of a trench - used to define drill target. Soil samples (approx. 100g) are collected from shallow (±20-30cm deep) pits, to avoid any surface contamination - used to define areas of interest and/or drill targets. Sample preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh) and assays are conducted at the ALS Vientiane assay laboratory Half core samples (nominal weight 2.1kg to 4.5kg, depending on core diameter) are dried and crushed to -2mm, with a 50% split crushed to -75µm. A 25g subsample (scoop) is then assayed by Fire Assay with an AAS finish Standards, duplicates and blanks are inserted in sample batches to test laboratory performance |
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). | A truck-mounted Boart Longyear LF70 M/P drill rig is used to drill 4" RC holes and diamond core holes (HQ size collar, then NQ to EOH), the latter with a standard core tube. All diamond core is routinely oriented by means of a REFLEX ACT orientation tool, following a standard operating procedure. |
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. | All RC 1m samples and sub-samples (pre- and post-split) are weighed at the rig, to check that there is adequate sample material for assay. Any wet or damp samples are noted and that information is recorded in the database -samples are usually dry. Diamond core recovery is routinely monitored by comparing recovered core vs drill run lengths. Recovery is consistently high |
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 RC chips and diamond core is routinely logged (qualitatively) by a geologist, to record details of regolith (oxidation), lithology, mineralization and/or veining, and alteration. In addition, the magnetic susceptibility of all samples is routinely measured. All logging and sampling data are captured into a database, with appropriate validation and security features. A geotechnical log is produced for all diamond core Standard field data are similarly recorded (qualitatively) routinely by a geologist for all trench samples and soil sampling sites. |
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. | Most RC samples are dry and there is no likelihood of compromised results due to moisture. Diamond drill core is sawn in half; one half is preserved as a geological record, the other is sent for assay. All types of samples are prepared for assay at the NATA accredited ALS Cambodia sample prep facility in Phnom Penh; and that facility was audited, at the request of Renaissance, by SRK in February 2013. Samples are dried for a minimum of 12 hours at 100˚C; crushed with a Boyd Crusher, to -2mm, with a rotary splitter attached, to deliver a 1.0-1.2kg split; which in turn is pulverized to -75µm by an Essa LM2 or LM5 Ring Mill. A standard >90% pass rate is achieved (with particle size analysis performed on every fifteenth sample as a check). Soil samples do not require crushing, but they are milled when necessary. At least three field duplicate samples are collected at an RC drill rig to monitor sampling precision; while coarse crush duplicates of diamond core are generated at the sample prep stage (because of the need to preserve drill core). Field duplicates of trench and soil samples are also collected routinely (approx. 1 every 20 samples). |
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. | All samples are sent to the NATA accredited ALS Laboratory in Vientiane, Laos, for fire assay (Au-AA25: 30g ore grade method, total extraction by fusion, with an AA finish); and |
Page 7 of 10
Criteria | JORC Code explanation | Commentary |
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. | most samples are also sent to the similarly accredited ALS Lab in Brisbane, Australia, for multi-element ICP analysis, after partial extraction by aqua regia digest (ME-ICP41: ICP-AES for As, Fe, Mn & Zn; and ME-MS42: ICP-MS for Ag, Bi, Cu, Hg, Mo, Pb, Sb, Te & W). All magnetic susceptibility measurements of drill samples are made with a Terraplus KT-10 magnetic susceptibility meter. Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available CRMs and blanks into all batches - usually 1 of each for every 20 field samples. Some blanks used are home-made from barren basalt or quarry granite. QAQC data are routinely checked before any associated assay results are reviewed for interpretation, and any problems are investigated before results are released to the market - no issues were raised with the results reported here. Results reported here have not yet been subject to any checks by an umpire laboratory as yet - routine umpire checks are submitted every quarter and always prior to an update of a Mineral Resource estimate. | |
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. | The calculations of all significant intercepts (for drill holes) are routinely checked by senior management. All field data associated with drilling and sampling, and all associated assay and analytical results, are archived in a relational database, with industry-standard verification protocols and security measures in place. |
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. | Drill hole collar locations are first surveyed with a hand-held GPS instrument (which generates relatively inaccurate RL values), but the locations of all holes used in Mineral Resource estimates are verified or amended by proper survey using a differential GPS (with excellent accuracy in all dimensions). All locations are surveyed to the WGS84 UTM grid. Collar coordinates are routinely converted to a local grid (local N is approx. equivalent to UTM 045˚), with an appropriate transformation about a common point - to simplify the interpretation of drill cross sections. Down-hole surveys are routinely undertaken at 25-30m intervals for all types of drilling, using a single-shot REFLEX survey tool (operated by the driller and checked by the supervising geologist). |
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. | No samples within a "zone of interest" are ever composited. Current drill spacing on exploration targets is inadequate to establish geological and grade continuity required for the estimate of resources |
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 are designed to intersect target structures with a "close-to-orthogonal" intercept. In general, veining in the Okvau District is complex and the geometry of some intercepts may be less than ideal - but sampling bias is considered to be minimal and there is no problem in terms of resource estimation. . |
Sample security | The measures taken to ensure sample security. | The chain of custody for all samples from the project site to the ALS Sample Prep facility in Phnom Penh is managed by Renaissance personnel. RC drill samples are transported from the drill site to the Okvau field camp, where core is logged and all samples are batched up for shipment to Phnom Penh. Grab rock samples, and all soil samples, are collected by Renaissance personnel and they deliver the samples to the ALS Sample Prep facility. Sample submission forms are sent to the ALS Sample Prep facility in paper form (with the samples themselves) and also as an electronic copy. Delivered samples are reconciled with the batch submission form prior to the commencement of any sample preparation. ALS is responsible for shipping sample pulps from Phnom Penh to the analytical laboratories in Vientiane and Brisbane, and all samples are tracked via their Global Enterprise Management System. |
Page 8 of 10
Criteria | JORC Code explanation | Commentary |
Audits or reviews | The results of any audits or reviews of sampling techniques and data. | All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported. Comprehensive QAQC audits have been conducted on this project by Duncan Hackman (August 2009, February 2010 & November 2011), SRK (February 2013) and Nola Hackman (January 2014). Most of these were timed to precede the preparation of Mineral Resource estimates for the Okvau Deposit, the latest of which was prepared by SRK (April 2013). |
(Criteria listed in the preceding section also apply to this section).
Criteria | 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. | The Okvau Project is comprised of two tenements: the Okvau Exploration Licence (No. 424 MIME MR EL) and the O Chhung Exploration Licence (No. 423 MIME MR EL), both of which are held (100%) in the name of Renaissance Minerals (Cambodia) Ltd, a wholly owned Cambodian subsidiary of Renaissance Minerals Ltd. The core of the Phnom Prich Wilderness Sanctuary is located immediately north of the Okvau EL tenement boundary. The tenure is considered to be completely secure. The government of Cambodia (via the Ministry of Mines and Energy) is very supportive of the Project and has given assurances that mining will be allowed to proceed at Okvau. |
Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | Renaissance Minerals (Cambodia) Ltd was formerly named OZ Minerals (Cambodia) Ltd, a 100% owned subsidiary of OZ Minerals Ltd. OZ Minerals was formed in 2009 by the merger of Oxiana Ltd (who initiated the Okvau Project) and Zinifex. Oxiana and OZ Minerals completed the following work at Okvau between 2006 and 2011: a resource drill-out of the Okvau deposit; PLUS a regional geological interpretation of Landsat imagery; stream sediment geochemistry, with some soil sampling follow-up; airborne magnetic and radiometric surveys over both ELs, and various ground geophysical surveys (including gradient array IP); geological mapping and trenching; and the initial drill testing of various exploration targets. |
Geology | Deposit type, geological setting and style of mineralisation. | The Okvau deposit is interpreted as an "intrusion-related gold system". It is hosted mostly in diorite and, to a lesser extent, in surrounding hornfels (metamorphosed, fine-grained clastic sediments). Gold mineralization is hosted within a complex array of sulphide veins, which strike northeast to east-west, and dip at shallow to moderately steep angles, to the south and southeast. The host diorite at Okvau is one of numerous similar Cretaceous-aged intrusions in eastern Cambodia, which are believed to be related to an ancient subduction zone that was located to the east, off the coast of current Vietnam. |
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. | A summary of all exploration results and details are shown in Tables Two and Three. Only intercepts with a minimum width of 3 metres at a 0.5g/t gold cut-off and intercepts with a width of less than 3 metres at 1.0g/t gold cut-off are considered significant and reported in Tables Two and Three. |
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. | All gold values over 0.5g/t gold with a minimum width of 3 metres and gold values over 1.0g/t gold with a width of less than 3 metres from drilling and trenching are reported (Tables Two and Three). Significant drill intercepts are reported at a 0.5g/t Au cut- off grade, with a maximum internal dilution of 4m (in a single zone of waste). A weighted average grade is |
Page 9 of 10
Criteria | Explanation | Commentary |
The assumptions used for any reporting of metal equivalent values should be clearly stated. | calculated as the sum of the products of sample length and grade for each sample in the relevant interval, divided by the total length of the interval. No high grade top cuts have been applied. All results reported are gold only. | |
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'). | Drill intercepts are all close to true widths (estimated to be >85% of the sampled length). |
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. | Appropriate maps are included in the body of this release, including a grid of soil sampling and plan view of the trenching. |
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 significant drilling and trenching results being intersections with a minimum width of 3 metres at a cut-off of 0.5g/t gold and intercepts with a width of less than 3 metres at 1.0g/t gold cut-off are reported in Tables Two and Three. Soil geochemical anomalies are depicted on the attached maps with sample points colored by gold levels (with an anomaly-background threshold = 10-20ppb Au). |
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. | Refer ASX announcement dated 15 April 2014 for metallurgical results. A desktop geotechnical review has been undertaken and incorporated into the Scoping Study, refer ASX announcement dated October 2014. |
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. | Further RC and diamond drilling will be undertaken to test new targets, as potential is recognized. |
Page 10 of 10
|
distributed by
|
