TIDMCLA
RNS Number : 3615Q
Celsius Resources Limited
17 October 2023
ASX/AIM RELEASE
17 OCTOBER 2023
Shallow Copper Results from Sagay
HIGHLIGHTS
-- CLA has completed a program of 12 shallow diamond drill holes
to test the extents of oxide copper mineralisation from Nabiga-a
Hill at the Sagay Copper-Gold Project.
-- Highlights from the drilling program include:
o 69.3m @ 0.56% copper from 10.7m down hole from SGY-040,
including
-- 23.3m @ 1.19% copper from 15m down hole.
o 47.0m @ 0.85% copper from 33m down hole from SGY-045,
including
-- 35m @ 1.01% copper from 35m down hole.
o 50.3m @ 0.68% copper from 31.7m down hole from SGY-049,
including
-- 30m @ 0.87% copper from 52m down hole.
Celsius Resources Limited (" CLA " or " Celsius ") (ASX, AIM:
CLA) is pleased to announce that its Philippine subsidiary, Tambuli
Mining Company, Inc. (" TMCI or the " Company "), has concluded the
drilling program with positive drilling results for its Sagay
Copper-Gold Project (" Sagay " or the " Project ") in the island of
Negros.
Drilling focused on the shallow high-grade copper, or the
Secondary Supergene Chalcocite Enrichment zone, to supplement the
data gaps and increase confidence in the Mineral Resource[1](1) of
this shallow high-grade zone.
Celsius Managing Director, Peter Hume, said:
"The results from the recent drilling confirm the location of
copper mineralisation starting from less than 10m beneath the
surface. This shallow and relatively flat oxidised zone has
potential for a new development to support the phased growth of
Sagay.
A proposed phased approach for Sagay could deliver project
self-reliance towards our goal of ultimately developing the much
larger porphyry Cu-Au mineralisation which exists underneath this
shallow copper mineralisation and Nabiga-a Hill.
This potential mining opportunity is approximately one year
behind the Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB") in
approvals and has the potential for a rapid start up."
Drilling Results
Twelve diamond drill holes were completed for a total of 824.70
meterage drilled. Results returned from the shallow drilling
program identified significant copper mineralisation from 8 out of
the 12 drill holes completed (see Table 1).
The higher-grade intervals, appear to be closely linked to
breccia bodies and an intrusive medium grained porphyritic diorite
rock which have a vertical orientation extending up into the
shallow oxidised copper mineralisation zone (see Figures 1 and
2).
Table 1. Significant intersections from all drill holes
completed in the 2023 shallow diamond drilling program. All
intercepts are constrained to a lower grade cut-off of 0.2% copper
within logged oxide or transition rocks containing the copper
mineral chalcocite. Higher grade intercepts are defined using a
0.5% copper lower cut-off.
SGY-039 542850 1195400 111 -60 135 60.00 11.10 31.00 19.90 0.31 0.01
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-040 542734 1195322 141 -60 135 80.00 10.70 80.00 69.30 0.56 0.03
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
Incl. 13.00 36.3 23.50 1.21 0.06
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-041 542846 1195310 126 -60 135 14.20 2.00 14.20 12.20 0.32 0.02
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-043 542825 1195250 113 -60 135 80.00 5.60 45.00 39.40 0.52 0.05
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-044 542662 1195367 163 -60 135 80.00 11.60 64.00 52.40 0.47 0.02
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-045 542683 1195244 144 -60 135 80.00 33.00 80.00 47.00 0.85 0.01
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
Incl. 35.00 70.00 35.00 1.01 0.01
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-049 542665 1195303 140 -60 135 90.50 31.70 82.00 50.30 0.66 0.06
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
Incl. 50.00 80.50 30.50 0.86 0.09
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
SGY-050 542775 1195200 119 -60 135 80.00 17.70 80.00 62.30 0.48 0.03
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
Incl. 17.70 30.00 12.30 1.09 0.03
======= ======== ==== ==== ==== ====== ====== ====== ====== ===== =====
Technical, Social and Environmental Studies
Metallurgical test works are ongoing which is intended to
provide a process flow for the extraction of copper/copper mineral
concentrate by gravity separation. Results of the analysis will be
further refined in the mine plan, and financial and technical
studies, which are critical components of the Project's viability
and are in the final stages of development.
Environmental and social studies have been completed that would
serve as baseline data for the Environmental Impact Statement for
the Project which is underway. In parallel, technical,
environmental, and social plans and programs are also ongoing
leading to the application of the Declaration of Mining Project
Feasibility within the term of the exploration permit leading to a
Mining Permit application during 2024.
Figure 1: Plan view of recent and historical drilling at
Nabiga-a Hill.
Figure 2 : Cross section of recent drill holes SGY-040, SGY-040
and SGY-043 relative to the interpreted geology and significant
assay results. (see Figure 1 for relative location).
SAGAY COPPER-GOLD PROJECT
The Sagay Copper-Gold Project ("Sagay" or "the Project") is in
the northeastern part of Negros Island, within the City of Sagay in
the Province of Negros Occidental, Philippines (Figure 3). Negros
Island is part of the central group of Islands in the Philippines
commonly referred to as "the Visayas".
A Maiden Mineral Resource for Nabiga-a Hill was declared for the
project on 7 November 2022 comprising 302 million tonnes @ 0.41%
copper and 0.11g/t gold for 1.2 million tonnes of contained copper
and 1 million ounces of contained gold, of which 15 million tonnes
@ 0.45% copper and 0.11g/t gold is classified as Indicated and 287
million tonnes @ 0.41% copper and 0.11g/t gold is classified as
Inferred.
Figure 3. Location of the Sagay Project in the island of Negros,
Philippines.
Listing Rule 5.19 and 5.23 Disclosure
The information is this announcement with respect to the MRE for
the Sagay Project was first announced by the Company to ASX on 7
November 2022. The Company confirms that it is not aware of any new
information or data that materially affects the information
included in the announcement dated 7 November 2022 and that all
material assumptions and technical parameters underpinning the MRE
continue to apply and have not materially changed.
Forward Looking Statements
Some of the statements appearing in this announcement may be in
the nature of forward-looking statements. You should be aware that
such statements are only predictions and are subject to inherent
risks and uncertainties. Those risks and uncertainties include
factors and risks specific to the industries in which the Company
operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and
conditions in the financial markets, among other things. Actual
events or results may differ materially from the events or results
expressed or implied in any forward-looking statement.
No forward-looking statement is a guarantee or representation as
to future performance or any other future matters, which will be
influenced by a number of factors and subject to various
uncertainties and contingencies, many of which will be outside the
Company's control.
The Company does not undertake any obligation to update publicly
or release any revisions to these forward-looking statements to
reflect events or circumstances after today's date or to reflect
the occurrence of unanticipated events. No representation or
warranty, express or implied, is made as to the fairness, accuracy,
completeness or correctness of the information, opinions or
conclusions contained in this announcement. To the maximum extent
permitted by law, none of the Company's Directors, employees,
advisors, or agents, nor any other person, accepts any liability
for any loss arising from the use of the information contained in
this announcement. You are cautioned not to place undue reliance on
any forward-looking statement. The forward-looking statements in
this announcement reflect views held only as at the date of this
announcement.
Competent Persons Statement
Information in this report relating to the reporting of Mineral
Resource Estimates and Exploration Results is based on information
compiled, reviewed and assessed by Mr. Steven Olsen, who is a
Member of the Australasian Institute of Mining and Metallurgy and
the Australian Institute of Geoscientists. Mr. Olsen is a
consultant to Celsius Resources Limited and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking 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. Olsen consents to
the inclusion of the data in the form and context in which it
appears.
This announcement has been authorised by the Board of Directors
of Celsius Resources Limited.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
Celsius Resources Contact Information
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
(Managing Director) E: info@celsiusresources.com.au
W: www.celsiusresources.com
Multiplier Media
(Australia Media Contact) M: +61 402 075 707
Jon Cuthbert E: jon.cuthbert@multiplier.com.au
Tavistock Communications
(UK Media and Investor Relations) +44 (0) 207 628 3396
Charles Vivian M: 0044 7977297903
E: charles.vivian@tavistock.co.uk
Tara Vivian-Neal M: 0044 7394408654
E: tara.vivian-neal@tavistock.co.uk
Beaumont Cornish Limited P: +44 (0) 207 628 3396
(Nominated Adviser) E: corpfin@b-cornish.com.uk
Roland Cornish/Felicity Geidt/Andrew
Price
SPAngel Corporate Finance P: +44 20 3470 0470
LLP E: contact@spangel.co.uk
(Broker)
John Meyer/Ewan Leggat/Harry
Davies-Ball
Appendix 1: The following tables are provided to ensure
compliance with the JORC Code (2012) requirements for the reporting
of Exploration Results for the Sagay Project.
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 (e.g. cut channels, * Samples were collected from diamond core drilled from
random chips, or specific specialised industry the surface. All drill core was generally sampled on
standard measurement tools appropriate to the 2-meter intervals. In cases where geological and
minerals under investigation, such as down whole mineralogical characteristics change, sample length
gamma sondes, or handheld XRF instruments, etc). was not less than 1 meter.
These examples should not be taken as limiting the
broad meaning of sampling.
* Core samples cut into half using diamond core saw
following the cutting lines marked by the Geologist.
* Include reference to measures taken to ensure sample Split cores returned to its respective core tray.
representivity and the appropriate calibration of any
measurement tools or systems used.
* Samples were shipped by company vehicle to Intertek
Testing Services which is an external laboratory
* Aspects of the determination of mineralisation that located in Manila, Philippines.
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 * Crushed samples were fire assayed for gold (Au) using
was used to obtain 1 m samples from which 3 kg was a 30-gram charge, with a detection limit of 0.005
pulverised to produce a 30 g charge for fire assay'). ppm. Gold values greater than 50 ppm were determined
In other cases, more explanation may be required, by gravimetric fire assay.
such as where there is coarse gold that has inherent
sampling problems. Unusual commodities or
mineralisation types (e.g., submarine nodules) may * Copper (Cu) values were assayed using four-acid
warrant disclosure of detailed information. digestion. Elements determined by ICP-OES/MS with AAS
finish with final reporting for a total of 36
elements.
============================================================== ===============================================================
Drilling
techniques * Drill type (e.g., core, reverse circulation, * Diamond drilling was used to capture the samples
open-hole hammer, rotary air blast, auger, Bangka, which are the subject of this release.
sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is * The core drilling utilised a triple-tube core barrel
oriented and if so, by what method, etc). from collar to end-of-hole to ensure optimum core
recovery.
============================================================== ===============================================================
Drill
sample * Method of recording and assessing core and chip * Core recovery has been recorded for every interval as
recovery sample recoveries and results assessed. part of the routine geomechanical logging.
* Measures taken to maximise sample recovery and ensure * Recovered core lengths on average were measured to be
representative nature of the samples. approx. 97% for the drill holes with form part of the
MRE, indicating a high recovery and minimal lost
core.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse * All drilling activities were supervised by company
material. Geologists. Trained Core house technician were
responsible for the core recovery determination.
============================================================== ===============================================================
Logging
* Whether core and chip samples have been geologically * Geologists were tasked to oversee the daily quick log
and geotechnically logged to a level of detail to report down to sampling. Daily quick log form was
support appropriate Mineral Resource estimation, completed to identify the geological details such as
mining studies and metallurgical studies. lithology, alteration and mineralisation with
corresponding percentage estimate of Cu minerals and
Cu grade, using an established geological code.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* Detailed logging proceeds describing geological
characteristics present in the core, i.e. lithology,
* The total length and percentage of the relevant alteration, mineralogy, structures, etc.
intersections logged.
* Core photography was undertaken after completing the
geomechanical logging.
============================================================== ===============================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Samples were routinely taken over a 2m interval, and
and sample half or all core taken. cut in half, with half of the drill core sent for
preparation analysis and half of the drill core retained for
future reference.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* Samples were cut on site using a hand core saw.
Samples were then selected and bagged on site prior
* For all sample types, the nature, quality and to delivery to the laboratory (Intertek) in Manila
appropriateness of the sample preparation technique. for sample preparation.
* Quality control procedures adopted for all * The sample size is considered appropriate for type of
sub-sampling stages to maximise representivity of material being samples.
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.
============================================================== ===============================================================
Quality
of assay * The nature, quality and appropriateness of the * Samples were fire assayed for gold (Au) using a
data and assaying and laboratory procedures used and whether 30-gram charge, with a detection limit of 0.005 ppm.
laboratory the technique is considered partial or total. Gold values greater than 50 ppm were determined by
tests gravimetric fire assay. Copper (Cu) values were
assayed using four acid digestion. Elements
* For geophysical tools, spectrometers, handheld XRF determined by AAS finish.
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their * The procedures for the submission of samples to the
derivation, etc. laboratory also include the regular insertion of
QA/QC samples in every transmittal form or batch,
which was typically delivered to the laboratory in
* Nature of quality control procedures adopted (e.g. batches of 50 numbered samples. For each batch of 50
standards, blanks, duplicates, external laboratory samples a total of 43 came from core samples and an
checks) and whether acceptable levels of accuracy additional 7 samples were included for QA/QC checks,
(i.e. lack of bias) and precision have been which were as follows:
established.
o Four referenced standards
o One referenced Blank
o One coarse (unrecognisable)
blank
o One field duplicate taken
from the quartered core
* After sample preparation, all samples were sent for
final analysis to Intertek at their laboratory in
Manila. Intertek is an internationally recognised and
ISO/IEC 17025:2005 & ISO/IEC 17020:2004 certified
independent laboratory.
============================================================== ===============================================================
Verification
of sampling * The verification of significant intersections by * Analytical procedures provided by an internationally
and assaying either independent or alternative company personnel. certified laboratory is considered in line with
industry standard for the type of deposit and
mineralisation identified at the Property.
* The use of twinned holes.
* Apart from the verification of the procedures and
* Documentation of primary data, data entry procedures, results as described above, no further verification
data verification, data storage (physical and of the sampling and assaying have been undertaken.
electronic) protocols.
* None of the diamond drill holes in this report are
* Discuss any adjustment to assay data. twinned.
============================================================== ===============================================================
Criteria JORC Code explanation Commentary
Location
of data * Accuracy and quality of surveys used to locate drill * All data reference points and maps for the Sagay
points holes (collar and down-hole surveys), trenches, mine database, including drill hole collar co-ordinates
workings and other locations used in Mineral Resource are recorded in WGS 84/UTM Zone 51N.
estimation.
* Compass measurements taken by Geologists were used to
* Specification of the grid system used. establish the dip and azimuth of the collar hole as
part of their initial collar surveys. Drill collar
locations were positioned using a handheld Garmin GPS
* Quality and adequacy of topographic control. unit, set to UTM WGS 84 Zone 51N coordinate reference
system, with an accuracy expected to be within 2
metres. Downhole surveys were also completed using a
Keeper Gyro at 50m intervals.
* Collar surveys were then logged into the master MS
Excel spreadsheet as part of the database.
============================================================== ================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * The drilling which is the subject of this release was
distribution designed to test shallow oxide copper mineralisation
at between 50m and 100m spacing.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * The drilling completed at was drilled towards the
and Ore Reserve estimation procedure(s) and south-east at 60 degrees. This angle and direction
classifications applied. was chosen to drill perpendicular to the dominant
geological trend at Nabiga-a, which is close to
vertical towards the north-east, in addition to the
* Whether sample compositing has been applied. horizontal orientation of the oxide copper
mineralisation close to the surface.
--
============================================================== ================================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * The drill hole orientations at Nabiga-a Hill are
in relation sampling of possible structures and the extent to largely towards the south-west or towards the
to which this is known, considering the deposit type. south-east. These orientations were chosen to cut
geological roughly perpendicular to the interpreted dominant
structure structural trend and possible trend of the
* If the relationship between the drilling orientation mineralised intrusive rocks which are trending
and the orientation of key mineralised structures is towards the north-east, and some evidence of a trend
considered to have introduced a sampling bias, this to the north-west.
should be assessed and reported if material.
* The dominant trend of the intrusive rocks which are
interpreted to be related to the copper-gold
mineralisation has an overall strike of 40 to 60
degrees and a near to vertical dip. The drill holes
which are dipping approximately 60 degrees towards
the south-east appear to be at a good angle to
effectively test the copper-gold mineralisation in
this trend. The holes which have been drilled towards
the south-east are optimal for some cross cutting
north-west trending structures, but at a poor angle
to test the dominant copper-gold mineralisation which
is sub parallel to these drill holes.
============================================================== ================================================================
Sample
security * The measures taken to ensure sample security. * The following standard procedures were documented to
have been followed in relation to sample security for
all Nabiga-a Hill diamond drilling:
o Sample bags are arranged in sequence
according to its sample number. These
are then weighed and jotted down to
a sample dispatch note which details
the sample numbers, sample type and
laboratory processing required. Geologists
ensures that the transmittal form
is correct for encoding and submission.
The bags of samples are sent to Makati
office by company vehicle. No unsupervised
third parties were given access prior
to the chain of custody procedure.
o Upon receipt of samples, these were
arranged in sequence to review the
numbers, and a sample received report
was sent to the Geologists. Samples
are individually weighed again for
verification.
o Samples were then delivered to Intertek
Testing Services along with two copies
of the sample dispatch form. One copy
for the laboratory to accept custody
of the sample, and the signed/received
copy return to database custodian
given access prior to the chain of
custody procedure.
============================================================== ================================================================
Audits
or reviews * The results of any audits or reviews of sampling * No other specific audit or review was conducted other
techniques and data. than the validation checks by the author documented
earlier regarding the sample preparation, analysis or
security for the information for the Sagay drill hole
database.
============================================================== ================================================================
SECTION 2:
Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * The Nabiga-a Copper-Gold project is at the
and land including agreements or material issues with third north-eastern part of Negros Island within the Cities
tenure parties such as joint ventures, partnerships, of Sagay and Escalante Negros Occidental.
status overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * The underlying title is in the name of the
Philippines registered corporation Tambuli Mining
Company Inc. ("TMCI") is currently 100% owned by a
* The security of the tenure held at the time of private Delaware Company who in turn is owned by
reporting along with any known impediments to Celsius Resources Limited ("CLA").
obtaining a licence to operate in the area.
* TMCI was first granted a single Exploration Permit
-- denominated as EP-000003VI on 6 May 2008 under Phelps
Dodge Exploration Corporation - Philippine Branch
(PDEC), which was later acquired by Freeport-McMoRan
Exploration Corporation - Philippine Branch (FMEC) in
2007. The permit area covers a total of 4,594.23
hectares, where the Nabiga-a Hill Deposit is
situated.
* On August 11, 2021, TMCI, now a subsidiary of CLA,
was granted a fourth exploration permit renewal
(extension) which is valid until February 10, 2024.
The current two-year renewal period allowed the
resumption of ore definition drilling activities
aimed to define the deep ore zone (two drill holes),
its shallow/near surface extensions (three drill
holes), and test possible near surface chalcocite ore
zones (three drill holes).
============================================================= ==============================================================
Exploration
done by * Acknowledgment and appraisal of exploration by other * Exploration work and drilling was completed by TMCI
other parties. which was a subsidiary of Freeport-McMoRan
parties Exploration Corporation-Philippine Branch from year
2008 to 2016.
* The exploration activities were generally completed
over two stages. From 2008 up to 2009, the work was
focussed on project assessment which included surface
sampling and mapping, in addition to a number of
ground geophysical surveys, most particularly a
ground magnetic survey and a series of 2D Induced
Polarisation surveys.
* From 2012 through to 2016 the exploration activities
were focused on diamond drilling to test the targets
identified from the work completed over 2008 and
2009. The drilling activities were predominately at
the Nabiga-a Hill Project with all drilling results
reported in this release.
============================================================= ==============================================================
Criteria JORC Code explanation Commentary
Geology
* Deposit type, geological setting and style of * The geological setting for the Nabiga-a copper-gold
mineralisation. mineralisation is typical of a porphyry copper + gold
+ moly deposit as commonly defined in many academic
papers (Hedenquist and Lowernstern, 1994; Sillitoe,
R. H., 2010. Corbett and Leach, 1997). The
mineralisation and associated alteration exist
predominantly within a series of large intrusive
bodies that have intruded the host country rocks.
* The Nabiga-a Hill project host rocks are part of the
Negros Occidental Island, which is situated in
western Visayas, Central Philippines. The eastern
part of the island comprises a NNE trending volcanic
arc related to the eastward subduction beneath the
Negros Trench in the southwest off-shore of Negros
Island.
* The major rocks identified are a series of intrusions
which exist within an older host rock setting of
basalt rocks that are overlain by felsic tuffs and
metamorphosed sedimentary rocks. These rocks are in
turn overlain by Quaternary pyroclastic rocks that
consist of tuff and tuff breccias. Intrusions include
diorite and andesite porphyry. Post-mineral Pliocene
to Pleistocene andesitic to dacitic volcanics cover
the northern part of the area.
* Three distinct diorite intrusives were identified,
following the local nomenclature in the Project,
these are (from oldest to youngest) the: (1)
Equigranular Diorite (MEQ), (2) Medium-grained
Porphyritic Diorite (MPOC), and the (3) Fine-grained
Equigranular Diorite (FEQ). These intrusive rocks
have distinct textures and visible cross cutting
relationships.
* Widespread strong silica clay and outer chlorite
alteration is notable in the deposit. This 8km by 4km
alteration zone is indicative of a large magmatic
hydrothermal system. the surface alteration is
approximately 1.7km by 1.7km, which tends to extend
southwest along possible controlling structures.
* The following are the established ore types in the
deposit:
o Ore Type 1 - Early porphyry to late
porphyry mineralisation
o Ore Type 2 - Mixed zone of late
porphyry mineralisation and epithermal
mineralisation.
o Ore Type 3 - possible mixed zone
of supergene enrichment and high sulfidation
to intermediate sulfidation epithermal
mineralisation. Divided into OT3A
and OT3B based on the associated mineral
assemblages.
============================================================== =======================================================================
Drill hole
Information * A summary of all information material to the * See Table 1 for all details pertaining to drill holes
understanding of the exploration results including a which are the subject of this release.
tabulation of the following information for all
Material drill holes:
* In summary, the drill hole in the database for the
Property which relate specifically to the Nabiga-a
* easting and northing of the drill hole collar area consists of 45 diamond core drilled holes with
an accumulative meterage of 25,782.1m after the
inclusion of the drill holes which are the subject of
* elevation or RL (Reduced Level - elevation above sea this release.
level in metres) of the drill hole collar
* No drill hole information has been excluded.
* 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.
============================================================== =======================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * Significant intersections are reported in Table 1 and
methods techniques, maximum and/or minimum grade truncations are aggregated relative to broad mineralised interval
(e.g. cutting of high grades) and cut-off grades are which corresponds with a definable and continuous
usually Material and should be stated. zone of copper-gold mineralisation, nominally above a
grade of 0.2% copper. The intervals have been
reported as weighted average totals. Internal to the
* Where aggregate intercepts incorporate short lengths broader mineralisation that has been reported, there
of high-grade results and longer lengths of low-grade are some internal higher-grade copper-gold assay
results, the procedure used for such aggregation results reported (nominally above 0.5% copper) which
should be stated and some typical examples of such are interpreted to exist as a continuous domain of
aggregations should be shown in detail. higher-grade copper-gold mineralisation. These
sections have also been reported as weighted average
totals.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
* Only individual weighted average assay results have
been reported and no metal equivalent values have
been reported.
============================================================== =======================================================================
Relationship
between * These relationships are particularly important in the * The dominant trend of the intrusive rocks which are
mineralisation reporting of Exploration Results. interpreted to be related to the copper-gold
widths and mineralisation has an overall strike of 40 to 60
intercept degrees and a near to vertical dip.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported. * The drilling completed at was directed towards the
south-east and at a 60-degree dip from horizontal.
This angle and direction was chosen to drill
* If it is not known and only the down hole lengths are perpendicular to the dominant geological trend at
reported, there should be a clear statement to this Nabigaa, which is close to vertical towards the
effect (eg 'down hole length, true width not known'). north-east, in addition to the horizontal orientation
of the oxide copper mineralisation close to the
surface.
* True widths of the reported copper mineralisation is
interpreted to be over 90% of the down hole length
based on the interpretation of a horizontally
dispersed oxide copper mineralisation.
============================================================== =======================================================================
Diagrams
* Appropriate maps and sections (with scales) and * See Figures 1 to 2 for a representative plan and
tabulations of intercepts should be included for any cross section of the Geology and its relationship to
significant discovery being reported These should the copper-gold mineralisation at Nabiga-a.
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
============================================================== =======================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * All data for the project has been collected,
Results is not practicable, representative reporting validated and reported and is considered to be a fair
of both low and high grades and/or widths should be representation of the MRE from the Sagay Project
practiced to avoid misleading reporting of which is the subject of this release.
Exploration Results.
============================================================== =======================================================================
Other
substantive * Other exploration data, if meaningful and material, * Historical exploration since the date of the original
exploration should be reported including (but not limited to): grant of EXP000003VI in 2008 was undertaken under the
data geological observations; geophysical survey results; ownership and management of TMCI.
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock * On June 2008, first stage of geological work was
characteristics; potential deleterious or established by geological mapping, gridlines
contaminating substances. preparations, soil and rock sampling, as well as
geophysical surveys that consisted of induced
polarization, resistivity and ground magnetic. These
activities were completed by 20th of December on the
same year.
* This was followed up a period of diamond drilling
from 2012 through to 2016 for a total of 31 diamond
drill holes, 28 of which were drilled at Nabiga-a.
============================================================== =======================================================================
Further
work * The nature and scale of planned further work (eg * The information reported in this release pertain
tests for lateral extensions or depth extensions or specifically to an area of shallow oxide and
large-scale step-out drilling). transitional copper mineralisation which starts from
5 to 10m beneath the surface.
* Diagrams clearly highlighting the areas of possible * For this location and style of mineralisation the
extensions, including the main geological next steps would include:
interpretations and future drilling areas, provided
this information is not commercially sensitive.
* Metallurgical testing to understand the ability to
recover this style of copper mineralisaiton.
* A Mineral Resource update specific to this location
to understand the possible quantity of oxide copper
mineralisation available for further studies.
* Potential scoping study assessment to test for a low
CapEx start up option which may be suitable for the
Sagay Property and for the corporate objectives of
the Company.
============================================================== =======================================================================
[1] Refer to ASX announcement dated 7/11/2022 for the maiden
Mineral Resource estimate (MRE) for the Sagay Project
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END
DRLFIFVRIVLDLIV
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