LGM Company Presentation - NWR Explorers Conference
Released
Released
Announcement PDF
FOCUSED ON GOLD
AND COPPER IN THE
LACHLAN FOLD BELT
COMPANY PRESENTATION SEP 2022
ASX: LGM
DISCLAIMER
This presentation may contain certain statements and projections provided by or on behalf of Legacy Minerals Holdings Limited (ASX: LGM, Legacy Minerals, or the Company) with respect to the anticipated future undertakings. These
forward-looking statements reflect various assumptions by or on behalf of Legacy Minerals.
Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Legacy Minerals which could cause actual
results or trends to differ materially, including but not limited to price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory
developments, economic and financial markets conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such
statements and projections will be realised. Legacy Minerals makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.
Additionally, Legacy Minerals makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Legacy Minerals or by any of
their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or
derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Legacy Minerals
undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.
Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Legacy Minerals.
This presentation contains exploration results and historic exploration results as originally reported the Company’s Prospectus dated 28 July 2021 and released 9 September and subsequent ASX market announcements. The Company confirms
that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market
announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market
announcements.
The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Thomas Wall, a Competent Person who is a Member of the Australian
Institute of Geoscientists. Mr Wall is the Technical Director is a full-time employee of Legacy Minerals Limited and a shareholder, who has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken 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 Wall consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
The release of these presentation materials has been authorised by the Board.
Date of Release: 10 November 2021
HARDEN GOLD MINE PROSPECT
HN0013 at 194-195m
ASX: LGM 15DEC21 Visible Gold Intercepted & Re-assays Upgrade Gold Results
2
WHY LEGACY MINERALS?
PRIME POSITION WITH THE RIGHT
EXPOSURE
IMMEDIATE Au-Cu DISCOVERY
EXPOSURE
•
Bauloora – NSW’s largest
underexplored Au/Ag epithermal
•
Cobar – in the center of the prolific
mining district
•
Rockley – emerging porphyry district
•
High grade and shallow Au, Ag, and Cu
exploration targets
•
Value creation through low-cost discovery
and definition of additional targets
•
A balanced portfolio of transition metals and
gold
VALUE LEVERAGED TO EXPLORATION
SUCCESS
•
100% ownership of six significant projects
•
Discovery opportunities provides platform for
growth
•
Strong news flow over coming months
•
Well funded with $2.8M in cash (Q2) and $4.5M
Earth AI Exploration Alliance1
1 ASX LGM 2 May 2022: $4.5M Alliance with Artificial Intelligence Explorer Earth AI Signed
3
WHY NEW SOUTH WALES?
LEGACY MINERALS’ TENEMENTS
World renowned mining district
• Home to Australia’s largest gold mine
Low sovereign risk, mining infrastructure,
local skilled workforce
Year round exploration access
Home to significant metal endowment:
• 107.6 Moz and 20.2 Mt of Cu1
1 Overview of exploration in NSW | Mining, Exploration and Geoscience publication
4
ASX:LGM
CORPORATE SNAPSHOT
DIRECTORS
CAPITAL STRUCTURE1
ISSUED CAPITAL
$0.16
Shares on Issues
75.2M
Options on Issue ($0.3)
4.9M
Market Capitalisation
$12.0M
Cash (at Jun-31)
$2.8M
Debt
Nil
Top 20
Share Price $AUD
29% 39%
32%
IPO Shareholders
Board and Management
Other Shareholders
61.3%
0.25
2500000
0.2
2000000
0.15
1500000
0.1
1000000
0.05
500000
0
Volume
ASX Share Price
Dr David Carland
Non-Executive
Chairman
Investment banker with over 40 experience. Has held
senior positions at UBS, Bankers Trust, CRA (now Rio Tinto).
David was recently the Non-Executive Chair of Rex Minerals
(RXM).
Douglas Menzies
Non-Executive
Director
Geologist with 28 years of widespread experience in the
porphyry gold‐copper districts of PNG and Australia,
epithermal gold‐silver projects in Australia, Indonesia, Fiji,
Laos, Chile. Doug has held positions at Rio Tinto,
Wafi‐Golpu, and is a director at Godolphin Resources (GRL)
Matthew Wall
Non-Executive
Director
Commercial specialist with over 35 years of experience in
metals and mining across sales, marketing, logistics,
trading, and risk management. Matt has held senior
management roles with Rio Tinto, EDF Trading and Wood
Mackenzie and is a director with Allegiance Coal (AHQ)
MANAGEMENT
Christopher Byrne
CEO & Managing
Director
0
Volume
Price
Thomas Wall
Exploration Manager
& Executive Director
Electrical Engineer with diverse experience in the mining
sector with Anglo American across maintenance,
operations, and capital works. Proven record of delivering
large and complex mining and infrastructure projects in
greenfield and brownfield environments
Geologist with wide ranging exploration industry
experience with senior roles at Peak Gold Mines and New
South Resources. Demonstrated exploration and mining
success across a variety of commodities and deposit styles
1 As of 9 September 2022
5
The largest
underexplored
low sulphidation
epithermal in NSW
Bauloora
Au-Ag
ASX: LGM
REGIONAL SETTING
NSW - home to several large low-sulphidation systems
•
Cowal, Evolution Mining, ~15Moz1
• ‘Gold Zone’ defined by 7.5 x 2km of >0.1g/t Au
•
Bowdens, Silver Mines 275Moz Ag Eq
•
One of the worlds largest undeveloped silver deposits
•
Mineral Hill, Kingston Resources
•
Bauloora (100% Legacy Minerals)
• ‘Gold Zone’ defined by ~5.5km by 3.5km of >0.5g/t Au
in rock chip sampling
High level colloform-crustiform
banding with locally complex
collapse/shingle breccia at the
Quarry Prospect, Bauloora
Project
7
ROCK TEXTURES
High level colloform-crustiform banding with locally
complex collapse/shingle breccia at the Quarry Prospect
Lattice and bladed quartz after
carbonate at the Mee Mar
Prospect
Sample 2965: 16.25g/t Au, 162g/t Ag,
114ppm Sb matrix supported silicified
chaotic breccia with vuggy opaline quartz
infill and suspected hypogene hematite
Sample 3926: 1.56g/t Au, 464g/t Ag,
116ppm Sb colloform-crustiform
chalcedony-quartz-carbonate vein
Sample 3927: 4.43g/t Au, 17.4g/t Ag,
90.7ppm Sb colloform-crustiform
chalcedony-quartz-carbonate-adularia vein
Sample 2951: 17.75g/t Au, 8.3g/t
Ag, 28.1ppm Sb, quartz-hematite
matrix supported breccia
8
PRIMED FOR A MAJOR DISCOVERY
District scale – 330km2 license area
•
42km2 zone of hydrothermal alteration
•
24km2 low sulphidation vein field
•
11km2 gold zone
Bauloora Gold Zone
Untested potential
•
Previously unrecognised opportunity
•
1 drill hole every 75ha, average depth 88m
High-Grades
•
High-grade gold, silver and base
metals (lead-zinc)
System Preservation
•
High level in the system and sinter
presence
9
SCALE COMPARISON
•
The Bauloora vein field is of similar scale to typical
multi-million oz vein fields found globally
•
The Company is actively stepping out and mapping
the system and it is currently open in all directions
Vein Fields
10
BAULOORA EPITHERMAL SYSTEM
Interpreted depositional setting for rock sock samples.
11
HIGH GRADE DRILL RESULTS
Mt Felstead Prospect
•
9m at 8.4g/t Au Eq. from 145m inc. 2m at 24.1g/t Au Eq. from 148m (
•
3m at 7.1g/t Au Eq. from 149m
Mee Mar Prospect
•
3m at 5.8g/t Au Eq. from 69m (HB1)
•
5m at 1.8g/t Au Eq. from 70m (HB4)
Breccia Sinter Prospect
•
6m at 0.95g/t Au from 6m incl. 2m at 1.95g/t Au
Representing the tip of the iceberg?
•
Potential to represent top of a larger system
•
These systems are known for vertical zonation and world-class low
sulphidation systems develop at depth
Multiple undrilled targets across the district
•
Drilling areas constitute less than 1% of the anomalous gold zone
Bauloora gold reported equivalents are based on assumptions: AuEq(g/t)= Ag(g/t)+49*Zn(%)+32*Pb(%) and ZnEq(%)= Zn(%)+0.021*Ag(g/t)+0.648*Pb(%)
calculated from 31 August 2022 spot prices of US$1,710/oz gold, US$18.88/oz silver, US$3,540/t zinc, US$7,719/t copper, US$1,949/t lead and metallurgical
recoveries of 88.3% gold, 96.9% silver, 97.4%, zinc, 94.6% copper, and 95.5% lead which is 3rd stage rougher concentration stage average recoveries in test
work commissioned by LGM and reported in the ASX announcement dated 4 July 2022 titled “Exceptional Gold-Silver-Lead-Zinc Recoveries at Bauloora”. It
is LGM’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
12
ASX:LGM
MT FELSTEAD PROSPECT
High Grades Intercepted in Maiden Drill Campaign1
•
9m at 8.4g/t Au Eq. from 145m inc. 2m at 24.1g/t Au Eq. from 148m
•
3m at 7.1g/t Au Eq. from 149m
Excellent Metallurgical Recoveries2
•
Up to 99.6% Ag, 93.6% Au, 99.1% Cu, 98.9% Pb and
99.2% Zn (rougher con 3)
Shallow orebody with bonanza grades
•
Face-samples up to 89g/t Au Eq.
•
Mineralised from surface
Qtz-carb-gal-cpy vn in dac, DDB1
Open in all directions
•
Strike open to the north, south, and down dip
•
Not yet tested below 150m depth
•
Mt Felstead only covers a fraction of the Bauloora
Gold Zone - less than 2%
Qtz-carb-gal-cpy vn in dac, DDB1
1. ASX LGM 16 Jun 2022: High-Grade Silver, Gold Drill Results, Met-Testing Underway
2. ASX LGM 4 July 2022: Exceptional Gold-Silver-Lead-Zinc Recoveries at Bauloora
13
MEE MAR PROSPECT – >2km Strike Length
Bonanza Grades at Surface
•
Rock chips up 39.1g/t Au, 467g/t
Ag, 1,810ppm Sb, 39ppm Hg
Significant Scale
•
Qtz-Cal-Adularia and breccia Au
bearing veins that strikes for >2km
•
Significant untested potential
Best Surface Gold Results Undrilled
•
Limited historical drilling 12 years
(4 RC holes) to only 120m EOH
High Level in the System
•
Significant antimony in rock chips
indicate a preserved low
sulphidation gold system
•
Lattice and bladed carbonate;
chalcedonic quartz observed
14
Positioned in the Heart
of the Cobar Basin
Cobar
Au-Cu (Zn-Pb)
ASX: LGM
PRIMED FOR DISCOVERY
• World class jurisdiction seeing continued exploration success
• Less than 10km from Metals Acquisition Corp’s CSA Mine
(recently purchased from Glencore for $1.1B USD)
• Underpins the value growth of the company
• Proximity to infrastructure and skilled mining workforce
Undrilled targets
• Only 4 RC holes across northern tenement
• Undrilled geophysical anomalies – including IP, and magnetic targets
• Several Late Time AEM conductors - potential bedrock anomalies
Regionally significant gold-lag anomaly
• Gold in lag up to 1.5g/t Au & 0.43g/t Au1 (Yarrawonga)
• Most major Cobar discoveries have associated lag anomalies
Active Work Programs
• Large scale soil program
• Ground Magnetics
1 NSW Government, 10 May 2022 Geophysical surveys to locate critical minerals across NSW
16
Prime position in
Australia’s premier
Cu-Au porphyry district
Rockley
Cu-Cu
ASX: LGM
ROCKLEY-GULGONG – An emerging porphyry district
ASX:LGM
Rockley - porphyry potential
•
Classic porphyry magnetic signature - central magnetic high surrounded
by a doughnut shaped magnetic low, on NW-SE fault, coincident with a
discrete potassic high and widespread Au-Cu anomalism at surface
•
Prospective Phase 4 Ordovician Macquarie arc volcanics
Ongoing success in the district
•
Alkane (ASX: ALK) Boda discovery (2019)1
•
Magmatic (ASX: MAG) Corvette discovery (2022)2
Cadia-Ridgeway
50Moz Au
55km
Rockley – Gov. Cu-Au prospectivity recognition
•
LGM’s tenement assessed to be the most prospective area for
porphyry related Cu-Au (Geological Survey of NSW and Kenex)
Nearby porphyry success
•
Known to host porphyries - Bushranger (LON:XTR) inferred Mineral
Resource 71Mt at 0.44% Cu3 (potential to b)e a 1bt Project4)
•
Drilling intercepts the porphyry from 11m with recent intercepts
920m @ 0.3% Cu from 110m inc. 156m @ 0.48% Cu3
1 ASX: ALK Discovery of Significant Porphyry Gold-Copper Mineralisation at Boda
Prospect within Northern Molong Porphyry Project (NSW
2 ASX: MAG Assays Confirm High Grade Mineralisation at the Corvette
Racecourse
71Mt at 0.44% Cu
10km
3 Xtract Shareholder presentation October 2021 https://www.youtube.com/watch?v=iWwCu3DnatU
4 Xtract Resources plc 19 March 2021 First Drill Assay Results from the Bushranger Copper-Gold Project
18
Fontenoy
Cu-Au-Ni-PGE
At the exploration
forefront with Artificial
Intelligence Alliance
Mulholland
Sn-Ni-Cu-Co
ASX: LGM
Strategic Alliance to Explore Battery Metals1
Why Artificial Intelligence
Who are Earth AI and what is artificial intelligence?
•
Demand vs supply – discovery rates are falling
•
AI will be a disrupters of traditional exploration models
Commodity Focus – Fontenoy and Mulholland
27
29
50
79
Ni
Cu
Sn
58.693
63.546
118.711
ASX:LGM
PGE
•
Utilise artificial intelligence and machine learning to target, test,
and verify discoveries
•
Targeting materials critical for the electric vehicle and renewable
energy revolutions
Au
196.697
Key Alliance Terms
•
Up to $4.5M to be spent by Earth AI over 2 years
•
Unlike a ‘classic JV’ – purely success based
•
•
Royalty only earnt on a significant drilling
discovery made
•
Up to 3% depending on co-funding option
LGM retain 100% ownership
1 ASX LGM 2 May 2022: $4.5M Alliance with Artificial Intelligence Explorer Earth AI Signed
20
ASX:LGM
Alliance Projects: Cu-Ni-Sn-Au Focused
Fontenoy
•
Large Volcanic hosted massive
sulphide copper and gold
system
•
Untested PGE potential
•
Multiple wide Au and Cu drill
intercepts from surface
Mulholland
Fontenoy
28km
Mulholland
•
Emerging tin-copper and
nickel district
•
Known skarns and untested
anomalies
Multiple opportunities for
discoveries
8km
21
ASX:LGM
PLANNED EXPLORATION PROGRAM
Q1
Bauloora - RC
Drill Campaign
Q3
Harden - RC
Drill Campaign
Q4
Harden – follow up DD
Drill Campaign
DRILLING
Q3-Q4 2022
Fontenoy Mulholland
Earth AI data reviews,
geological mapping, drilling
2021
TARGETING
Q4
Bauloora - Diamond
Drill Campaign
Q1-Q3
Bauloora - RC
Drill Campaigns
2023
2022
Q3
Cobar Aerial Mag.
and Rad.
Q4 to Q1
Bauloora –
Induced
Polarisation
Q3
Harden –
Dipole-Dipole
Q2
Rockley –
Aerial Mag/Rad
Complete
Upcoming Results Q3-Q4
Q1-Q2
Cobar –
Mag and Geochem
Q2-Q3
Bauloora
Geochem
ASX Progress Results (Till June)
Anticipated Date
Cobar Soils and Magnetics
Late August
Bauloora Soils
Late August
Earth AI Exploration Update
Oct
Drill Campaign Commenced
(Bauloora)
Nov
In progress
22
INVESTMENT PROPOSITION
District scale gold discovery
opportunity – Bauloora
CONTACT
ASX:LGM
Value leveraged to exploration
success
Depth of projects in a Tier 1
District
Focused on delivering
shareholder value
Exploration forefront with
Artificial Intelligence
Chris Byrne
CEO and Managing Director
chris.byrne@legacyminerals.com.au
+61 (0) 499 527 547
Victoria Humphries
Media & Investor Relations
victoria@nwrcommunications.com.au
+61 (0) 431 151 676
ASX: LGM
APPENDIX I - PROJECTS
COBAR
ROCKLEY
HARDEN
COBAR – Prime Position
A
Structural complexity –
Mineralisation pathways
Geochemically
anomalous
Great land access,
surrounded by mills and
infrastructure
Geophysically anomalous
B
1 ASX: LGM 9 SEP Prospectus dated 28 July 2021
25
ROCKLEY – Cu-Au porphyry model
ASX:LGM
Bushranger Cu-Au Porphyry Related Analogue
•
Discrete magnetic low in area of interest
•
Coincident district potassic anomaly
•
Coincident geochemical signatures
Preservation Evidence
Quartz after platy calcite (Rockley Quartz Prospect)
•
Interpreted epithermal origin indicates potential
preservation of porphyry mineralisation at depth1.
Schematic interpretative model for the project modified after Holliday and Cooke 2007;
Cooke et al. 2014
1 Exploration Alliance, JUL 2013 Understanding Low Sulphidation (LS) Epithermal Deposits
26
ROCKLEY – Growing Au-Cu story
ASX:LGM
Overlooked and untested
•
District proven to host significant porphyry
mineralisation
•
Limited geochemistry sampling and geophysical
surveys across the tenement
•
Scarcity of drilling across the tenement
•
•
Only 22 RAB historical holes in south of the
porphyry area of interest
No holes deeper than 15m depth
Rock sample of a porphyry-style D vein
(using classification by Gustafson and Hunt,
1975) which reported 0.30g/t Au, 5.7g/t Ag,
0.54% Cu, 89ppm Pb, 2,160ppm Zn
All the right ingredients
•
Right rocks in the right district
•
Macquarie Arc Ordovician host rocks
•
Historic high grade gold and copper mines grading
up 21% Cu
•
Wide spread Au and Cu anomalism
•
4km by 2km of rock chips grading 0.1% Cu
Quartz vein with azurite staining (Quartz Hill
Prospect) 0.25g/t Au, 69.3g/t Ag, 201ppm As,
0.24%ppm Cu, 1710ppm Sb and
27
HARDEN – District Control
•
District has produced ~460,000 oz of gold1 with the two largest historical hard
rock mines held within LGM’s tenements
•
These two mines produced ~75,000 oz Au at 28.6g/t Au1
High-grade drill intercepts1, 2
•
5m at 7.06g/t Au from 110m incl. 2m at 17.17g/t Au (RC21HN005)
•
3.6m at 21.7g/t Au from 116m incl. 2m at 37.9g/t Au (MR05)
•
3m at 10.8g/t Au from 20m incl. 1m at 19.2g/t Au (HP27/8)
•
4m at 4.12g/t Au from 79m incl. 3m at 6.41g/t Au (RC21HN006)
•
6m at 3.65g/t Au from 128m incl. 3m at 6.41g/t Au (RC21HN011)
Significant project scale
•
Multiple known mineralised faults with significant potential to define more
Early Rudimentary Mining = Grade Left Behind
•
•
Interpreted cut-off grade between 12-15g/t Au1
Mining operations ceased in 1913 due to dewatering challenges - hydro electric
project that would have helped dewater the mine not delivered until 1928
1 ASX: LGM 9 SEP Prospectus dated 28 July 2021 2 ASX: LGM DEC2021 Quarterly Activities Report
28
APPENDIX II – JORC TABLES
Section 1 Sampling Techniques and Data
Criteria
JORC Code Explanation
Nature and quality of sampling (e.g., cut channels,
random chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure
sample representivity and the appropriate
calibration of any measurement tools or
systems used.
Commentary
RC Sampling: RC drilling and sampling was undertaken by Durock Drilling Pty Ltd. All samples from the RC drilling are taken as 1m samples for laboratory assay. Samples are collected
using cone or riffle splitter. Samples were mostly dry and sample loss was minimal. Geological logging of RC chips is completed at site with representative chips being stored in drill
chip trays. Magnetic susceptibility was recorded from the green bulk bag for each meter by a KT-10 mag sus meter.
RC Sampling: Samples are taken on a one metre basis and collected using uniquely numbered calico bags. The remaining material for that metre is collected and stored in a green
plastic bag marked with that specific metre interval. The cyclone is cleaned with compressed air after each plastic and calico sample bag is removed. If wet sample or clays are
encountered then the cyclone is opened and cleaned manually and with the aid of a compressed air gun. A blank sample is inserted at the beginning of each hole, and a duplicate
sample is taken every 50th sample. A certified sample standard is also added according to geology, but at no more than 1:50 samples.
Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays. Downhole surveys of dip and azimuth are conducted using a single shot
camera every 30m, and using a downhole Gyro when required, to detect deviations of the hole from the planned dip and azimuth.The drill‐hole collar locations are recorded using a
hand‐held GPS, which has an accuracy of +/‐ 5m. All drill‐hole collars may be surveyed to a greater degree of accuracy using a certified surveyor at a later date.
An Olympus Vanta pXRF is used to systematically analyse the RC sample onsite. One reading is taken per metre with field calibration of the pXRF instrument using standards
periodically performed (usually daily).
Sampling
Techniques
Intervals undergoing metallurgical tests had the bulk green plastic bags for each metre submitted to ALS Orange for later transport to Perth for metallurgical tests to be conducted.
Drilling
techniques
Drill sample
recovery
Aspects of the determination of mineralisation
that are Material to the Public Report.
In cases where ‘industry standard’ work has
been done this would be relatively simple (e.g.
‘reverse circulation drilling was used to obtain 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 (e.g., submarine nodules)
may warrant disclosure of detailed information.
Drill type (e.g., core, reverse circulation, open‐hole
hammer, rotary air blast, auger, Bangka, sonic,
etc) and details (e.g., core diametre, triple or
standard tube, depth of diamond tails, facesampling
bit or other type, whether core is
oriented and if so, by what method, etc).
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.
The handheld pXRF results are only used for preliminary assessment of element compositions, prior to the receipt of assay results from the certified laboratory.
Mineralisation in the holes were geologically logged and the magnetic susceptibility was recorded from the calico bag for each meter by a KT-10 mag sus meter.
Reverse circulation was used to obtain 1m samples from which 1-5kg was pulverised to produce a 50gr charge for fire assay by ALS Orange Laboratory and four acid ICP analysis, MEMS61 by ALS Brisbane or other ALS lab.
RC Sampling: The RC drilling uses a 140 mm diameter face hammer tool. High-capacity air compressors on the drill rig are used to ensure a continuously sealed and high‐pressure
system during drilling to maximise the recovery of the drill cuttings, and to ensure chips remain dry to the maximum extent possible.
RC Sampling: RC samples are visually checked for recovery, moisture and contamination. Geological logging is completed at site with representative RC chips stored in chip trays.
Sample weights were recorded on site using digital scales for each calico sample.
RC Sampling: Samples are collected using cone or riffle splitter. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays. Sample
sizes were monitored and the splitter was regularly agitated to reduce the potential for sample contamination
To date, no sample recovery issues have yet been identified that would impact on potential sample bias in the competent fresh rocks that host the mineralised sulphide intervals.
Logging
Sub‐sampling
techniques and
sample
preparation
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.
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 subsampling stages to maximise
representivity of
samples.
Measures taken to ensure that the sampling is
representative of the in-situ material collected,
including for instance results for field
duplicate/second‐half sampling.
Whether sample sizes are appropriate to the
grain size of the material being sampled.
The nature, quality and appropriateness of the
assaying and laboratory procedures used and
whether the technique is considered partial or
total.
Geological logging is carried out on all drill hole chips with lithology, alteration, mineralisation, structure and veining recorded where possible to levels of detail appropriate
for that which is reported on.
Logging of RC samples records lithology, mineralogy, mineralisation, structures, weathering, colour and other noticeable features. This is generally qualitative except for % of
sulphides and vein mineral content. Chip trays are photographed in wet form.
All drill holes are geologically logged in full and lithogeochemical information is collected by the field XRF unit. The data relating to the elements analysed is used to determine
further information regarding the rock composition.
Not Applicable. RC drilling.
RC samples are collected using a cone or riffle splitter. Geological logging of RC chips is completed at site with representative chips being stored in drill chip trays.
RC Sampling: Sample preparation for RC chips follows a standard protocol. If a sample is wet or damp it is recorded. Most samples were dry.
Sample preparation will comprise of an industry standard
of drying, jaw crushing and pulverising to -75 microns (85% passing). Samples are dried, crushed and pulverized to produce a homogenous representative sub‐sample for
analysis.
Bulk green plastic bags for each metre were submitted to ALS Orange for later transport to Perth for metallurgical tests to be conducted.
Quality control procedures include submission of Certified Reference Materials (standards) and duplicates with each sample batch. QAQC results are routinely reviewed to
identify and resolve any issues.
RC Sampling: Field QC procedures maximise representivity of RC samples and involve the use of certified reference material as assay standards, along with blanks, duplicates
and barren washes.
RC sampling: Duplicate RC samples are captured using two separate sampling apertures on the splitter approximately every 50m. ALS also conduct internal checks every 20m.
Where possible a Vanta VMW pXRF is also used as a first pass test and these results are compared with lab results.
The sample sizes average 3kg and are considered to be appropriate to correctly represent mineralisation and associated geology based on: the style of mineralisation, the
thickness and consistency of the intersections and the sampling methodology.
Samples were stored in a secure location and transported to the ALS laboratory in Orange, NSW. Reverse circulation was used to obtain 1m samples (~20kg) from which 1-5kg
was pulverised to produce a 50gr charge for fire assay by ALS Orange Laboratory and four acid ICP analysis, ME-MS61 by ALS Brisbane or other ALS lab.
Sample preparation comprised of pulverised (PUL-23) and where appropriate drying (DRY-21), weigh and crushing (CRU-31).
The assay methods used were ME-MS61 and Au-AA26 (refer to ALS Fee Schedule 2022). ME-MS61 is a four-acid digestion with ICP-AES finish. Au-AA25 (50g) is a fire assay
method. The assay methods employed are considered appropriate for near total digestion.
Quality of
assay data and
laboratory
tests
A blank sample is inserted at the beginning of each hole, and a duplicate sample is taken every 50th sample. A certified sample standard is also added according to geology, but
at no more than 1:50 samples.
For geophysical tools, spectrometres, handheld
XRF instruments, etc, the parametres used in
determining the analysis including instrument
m
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