TIDMEUZ
RNS Number : 3867X
Europa Metals Ltd
28 August 2020
28 August 2020
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Phase III Metallurgical Testing and Ore Sorting Results for
Toral Pb, Zn & Ag Project, Spain
Europa Metals, the European focused lead-zinc and silver
developer, is pleased to announce in respect of its wholly owned
Toral project ("Toral" or the "Toral Project"), located in northern
Spain, the results of the Phase III, independent, metallurgical
testwork conducted by Wardell Armstrong International ("WAI"), and
the findings of a successful ore sorting analysis programme carried
out by WAI and TOMRA GmbH ("TOMRA"), overseen by Bara Consulting
("Bara").
Following completion of this latest programme, Europa Metals'
team is now working with Bara which has been tasked to complete an
independent study to update the preliminary economics for the Toral
Project. Its economic study will incorporate the significant
amounts of new data obtained from the work conducted on Toral since
completion of the 2018 Scoping Study.
Highlights :
-- The Phase III metallurgical testwork, conducted by WAI,
tested the grade and recoveries from three distinct sample types,
namely:
o TOD-025H, a high-grade sample; TOD-025L, a low-grade sample;
and TOD-024, a weathered sample obtained from the Company's last
drilling campaign.
-- Recovery and grade results are believed by Europa Metal's
Board to be significantly above average versus concentrates
available in the current market, with the lead concentrate grade
(combined to a cleaner+scavenger product), considered by the Board,
to rank amongst the highest concentrate grades globally;
-- Ore sorting analysis has demonstrated the potential for
implementing an X-Ray Transmission ("XRT") process at Toral based
on the findings of Bara's independent report with the samples being
processed by WAI and TOMRA, a leading provider of ore sorting
technology;
-- Excellent grade and recovery results from metallurgical sample TOD-025H, comprising:
o 83.9% Pb recovery to a 79.2% Pb concentrate;
o 87.7% Ag recovery to 512ppm Ag within Pb concentrate; and
o 87.7% Zn recovery to a 60.0% Zn concentrate.
-- Ore sorting results from sample TOD-025L utilising XRT achieved:
o 98% Pb, 94% Zn and 82% Ag recoveries;
o 45%-50% waste rejected; and
o c.3-4 times increase in head grade.
-- Post ore sorting flotation results on sample TOD-025L
concentrates were:
o 89.4% and 81.5% Pb/Ag recoveries to a lead-silver concentrate
grading 53.8% Pb and 640 g/t Ag respectively; and
o 84.7% Zn recoveries to a 52.4% Zn concentrate grade.
-- Ore sorting results for lower grade sample from TOD-024, an
area previously not considered in the 2018 Scoping Study, utilising
XRT achieved:
o 98% Pb, 97% Zn and 92% Ag recoveries;
o 45% - 50% waste rejection; and
o 2 times increase in head grade.
-- Post ore sorting flotation results on sample TOD-024 concentrates:
o analysis indicates that this ore type may be beneficiated
through sorting plus flotation of the sorted products; and
o 73% Pb, 84% Zn and 81% Ag recoveries to 16.0% Pb, 18.6% Zn and
165 g/t Ag concentrate grade were achieved
-- Phase III metallurgical results and ore sorting analysis to
be utilised, alongside all key work conducted since the 2018
Scoping Study, to update the Toral Project's estimated economics
through an independent study being conducted by Bara.
Commenting today, Laurence Read, CEO of Europa Metals, said
:
"Today's Phase III metallurgical results, conducted by Wardell
Armstrong International, and ore sorting analysis from TOMRA/Bara
demonstrate excellent lead, zinc and silver recovery and grades for
the Toral Project in addition to identifying certain economic
benefits that could result from the implementation of ore sorting
during potential future mining activities. While Europa Metals is
extremely pleased with the results from the TOD-025, high-grade,
sample, it is of particular note that ore sorting could well bring
new areas of the deposit's overall resource into the mineable area
having previously been discounted due to the low-grade nature of
the ore.
"We are now progressing work with Bara to determine the impact
of the recent metallurgical studies, ore sorting, updated resource
estimate and other work conducted since the 2018 Scoping Study, on
the prospective economics for the Toral Project. Europa Metals
looks forward to updating the market on revised economic parameters
for Toral and on the Pre-Feasibility Study workstreams underway in
due course. "
Myles Campion, Executive Chairman of Europa Metals, further
commented :
"This latest set of metallurgical results indicate the potential
to exploit further the resource at Toral. In addition, by
investigating the use of XRT in our process route, we expect
increased optionality in terms of mining rates and throughput
flexibility . Combining the ore sorting results with the very
impressive lead concentrate grades achieved from the TOD-025
sample, we firmly believe that Europa Metals is continuing to
demonstrate that Toral can provide a high-grade concentrate, whilst
allowing for a flexible mining approach.
"Today's results will now be combined with our previous
metallurgical testwork to inform an updated set of economic
parameters and provide a roadmap into our next phase of work. "
Objectives of the Phase III metallurgical testwork and ore
sorting analysis
WAI conducted tests on metallurgical samples, representing the
expected ore types from Toral, to develop a flowsheet for the
potential economical feasible beneficiation of Toral ores to
produce marketable concentrates, as well as establishing basic
processing data for input into engineering studies. Such work
builds on the positive results from WAI's two previous
metallurgical programmes, with the design based on its previous
recommendations. Work has also been undertaken with Bara regarding
an analysis of the potential for ore sorting at the Toral Project,
in order to refine a potential future production process for the
discrete treatment of different areas of the resource with
increased metal recovery.
Three samples were submitted to WAI for testing, representing
different ore types likely to be encountered within Toral during
potential future production, with all of the ore sorting samples
firstly subjected to an ore sorting process followed by flotation
testing. The representative samples were as follows:
1. High-grade intersection from drill hole TOD-025 (TOD-025H),
which was subjected to flotation tests.
2. Low-grade fresh sample from drill hole TOD-025 (TOD-025L) for
determining the use of XRT ore sorting technology.
3. Weathered, low-grade, sample from drill hole TOD-024, also subjected to XRT analysis.
Summary of ore sorting
Ore sorting has been identified as having the potential to
unlock value in the shallower, lower grade zones previously not
considered to be economically mineable in the 2018 Scoping Study.
Testing was therefore undertaken to investigate the potential of
pre-concentrate material from the Toral deposit by means of
sensor-based sorting. If successful, pre-concentration of the ore
could provide a number of potential benefits for the project
including:
-- Reducing the size of the requisite process plant (crushing,
grinding and dewatering circuits) whilst maintaining the same
overall throughput;
-- Enabling ore that may otherwise be sub-economic based on grade to be processed; and
-- Allowing higher mining rates without necessarily having to
increase the size of the processing plant.
Overall, the sorting results for both the TOD-024 and TOD-025L
samples are considered to be excellent, with between 45% - 50% of
the mass rejected at, for the TOD-024 sample, 98% Pb recovery, 97%
Zn recovery and 92% Ag recovery, and at, for the TOD-025L sample,
98% Pb recovery, 94% Zn recovery and 82% Ag recovery.
The increasing head assay is also pleasing with the TOD-024
sample increasing from 1.04% Pb and 1.01% Zn in the feed to 2.34%
Pb and 2.15% Zn and an approximate doubling of the grade in the
sorter product. In the TOD-025L sample the increase in grade was
more pronounced with uplifts in the Pb grade from 1.13% Pb to 4.03%
and Zn grade from 0.62% Zn in the feed to 2.06% Zn in the sorter
product.
Ore sorting process
Ore sorting by means of XRT is an established process for
sorting Pb/Zn ores by way of rejecting waste dilution from ores at
low cost prior to more conventional processing by flotation.
Sensor-based sorting was selected for this investigation as it
offers a number of benefits over alternative pre-concentration
methods, such as Dense Media Separation (DMS), including the
ability to change the sorting criteria depending on the feed
material and target specific metals/minerals of interest along with
the added flexibility of not having to be continuously
operated.
Toral ore sorting analysis
Based on the minerals of interest in the feed
(galena/sphalerite) and the predominant host mineralisation
(calcite/dolomite), sorting by means of XRT sensing was selected
for investigation as part of the study as it allows detection of
the minerals of interest both on the surface and within the
particle being sorted.
Two low grade samples were taken and submitted for analysis to
WAI for sorting testwork alongside TOMRA, a leading provider of ore
sorting technology based in Germany and overseen by Bara . The
objective of the work was to identify the potential economic
benefits of processing low-grade and weathered material through
beneficiation circuits during the future mine life of Toral
alongside the central, high-grade core of the project. The samples
analysed were TOD-025L and TOD-024.
The results, presented in Table 1 below, show lead and zinc
stage recoveries in excess of 94.5% for the TOD-024 sample and in
excess of 89.2% for the TOD-025L sample.
Overall, taking into account the metal contained within the
-10.0mm "fines" fraction, the data shows that in excess of 94% of
the overall lead and zinc in the feed could be recovered through
the ore sorting process whilst rejecting a minimum of 40% of the
original mass.
Table 1: Summary of ore sorting results from the TOD-024 and
TOD-025L samples:
TOD-024 (Sort+Float) Sorter Test Results
------------------------------------------------------------------------------------------------------------
Size Fraction Product Mass Assay Sorter Recovery Overall Recovery
(mm) (%) (%)
-------------- ---------------- --------------- ---------------- ------------------ -------------------
(kg) (%) Pb (%) Zn (%) Pb Zn Pb Zn
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
-25.0+10.0 Stage 1 Product 5.21 22.76 2.34 2.15 96.43 94.52 51.08 48.23
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
Stage 2 Product 2.16 9.41 0.08 0.07 1.40 1.33 0.74 0.68
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
Stage 2 Waste 9.06 39.54 0.03 0.05 2.17 4.15 1.15 2.12
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
-10.0 Fines 6.48 28.29 1.73 1.75 - - 47.03 48.98
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
Feed - 22.90 100.00 1.04 1.01 - - 100.00 100.00
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
TOD-025 (Sort+Float) Sorter Test Results
------------------------------------------------------------------------------------------------------------
Size Fraction Product Mass Assay Sorter Recovery Overall Recovery
(mm) (%) (%)
-------------- ---------------- --------------- ---------------- ------------------ -------------------
(kg) (%) Pb (%) Zn (%) Pb Zn Pb Zn
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
-25.0+10.0 Stage 1 Product 3.91 14.24 4.03 2.06 96.08 89.22 50.81 46.97
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
Stage 2 Product 2.73 9.96 0.13 0.18 2.24 5.52 1.19 2.90
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
Stage 2 Waste 8.59 31.31 0.03 0.06 1.68 5.27 0.89 2.77
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
-10.0 Fines 12.20 44.49 1.20 0.66 - - 47.11 47.36
-------------- ---------------- ------ ------- ------- ------- -------- -------- --------- --------
Feed - 27.42 100.00 1.13 0.62 - - 100.00 100.00
============== ================ ====== ======= ======= ======= ======== ======== ========= ========
TOD-025L sample
Products from ore sorting testwork on the TOD-025L sample were
subjected to open circuit flotation testing comprising rougher and
cleaner flotation tests resulting in an c.3-4 times uplift in the
head assay. Test conditions were optimised in terms of residence
time and reagent dosages. Results of the testing are summarised in
Table 2 below.
Results for the benchmark cleaner flotation test (FCT1)
conducted using optimal residence and reagent dosing conditions for
lead, demonstrated lead and silver recoveries of 89.4% and 81.5% to
a lead-silver concentrate grading 53.8% Pb and 640 g/t Ag
respectively. Results of the zinc cleaner flotation test (Cl 2)
demonstrated zinc recoveries of 84.7% to a concentrate grading
52.4% Zn.
Table 2: Sample TOD-025L sorting and flotation results
TOD-025 (Sort+Float) Flotation Test Results
Test Conc Stage Mass Assay Recovery (%)
(%)
------ ------ ------- ----- --------------------------- ----------------------
Pb (%) Zn (%) Ag (ppm) Pb Zn Ag
------ ------ ------- ----- ------- ------- --------- ------ ------ ------
FT1 Pb Ro 3.2 50.98 1.86 616 90.25 5.41 78.36
------ ------ ------- ----- ------- ------- --------- ------ ------ ------
Zn Ro 5.3 2.97 19.11 93.8 8.75 92.46 19.86
------ -------------- ----- ------- ------- --------- ------ ------ ------
FCT1 Pb Ro 2.9 53.80 2.17 640 89.43 5.93 81.54
------ ------ ------- ----- ------- ------- --------- ------ ------ ------
Cl
1 0.7 60.46 3.02 1,975 23.08 1.90 57.80
--------------------- ----- ------- ------- --------- ------ ------ ------
Zn Ro 4.8 3.40 20.12 77.3 9.41 91.60 16.41
------ -------------- ----- ------- ------- --------- ------ ------ ------
Cl
1 2.0 7.19 47.38 153 8.28 89.71 13.58
--------------------- ----- ------- ------- --------- ------ ------ ------
FCT2 Pb Ro 3.1 46.54 2.00 647 88.03 5.96 80.58
====== ------ ------- ----- ------- ------- --------- ------ ------ ------
Cl
1 1.7 71.34 1.62 1,078 71.66 2.56 71.30
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
2 1.1 71.10 1.48 1,207 47.91 1.51 51.39
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
3 0.2 54.97 3.14 2,727 8.26 0.74 26.98
--------------------- ----- ------- ------- --------- ------ ------ ------
Zn Ro 14.8 3.71 20.05 91.8 10.74 91.49 17.47
====== -------------- ----- ------- ------- --------- ------ ------ ------
Cl
1 2.1 7.61 44.41 176 9.80 90.24 14.98
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
2 1.7 7.75 52.36 165 7.94 84.68 11.13
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
3 1.3 6.94 55.49 134 5.57 70.32 7.08
===================== ===== ======= ======= ========= ====== ====== ======
TOD-024 sample
Overall, recoveries of 73% Pb, 84% Zn and 81% Ag to a combined
concentrate grading 16.0% Pb, 18.6% Zn and 165 g/t Ag were
demonstrated. The complex mineralogy and complex mineral
associations observed, presently suggests that an optimal route for
this ore type would target a bulk polymetallic concentrate
marketable either to ISF smelters in the region or alternatively to
operators of either PoX or Albion process circuits.
The TOD-024 low-grade weathered sample was subjected to a total
of three rougher flotation tests to investigate flotation
performance. While this shallower, weathered ore type was not
considered in the 2018 Scoping Study, the sorting testwork
undertaken suggests that this ore type may indeed be amenable to
beneficiation by sorting plus flotation of the sorted products.
Results for the flotation of the sorted products from the TOD-024
sample are presented in Table 3.
Further work on this option is required, including metallurgical
optimisation for recovery of non-sulphide zinc species, lead-zinc
separation, as well as work on treatment charges and payabilities
obtainable for a potential bulk polymetallic concentrate.
Table 3: Sample TOD-024 sorting and flotation results
TOD-024 (Sort+Float) Flotation Test Results
Test Conc Mass Assay Recovery (%)
(%)
------ ------ ----- --------------------------- ----------------------
Pb (%) Zn (%) Ag (ppm) Pb Zn Ag
------ ------ ----- ------- ------- --------- ------ ------ ------
FT1 Pb 5.2 23.72 27.62 246 59.92 69.29 66.96
------ ------ ----- ------- ------- --------- ------ ------ ------
Zn 4.2 6.43 7.32 64.83 13.33 15.06 14.45
------------- ----- ------- ------- --------- ------ ------ ------
FT2 Pb 4.5 24.69 26.64 242 58.09 61.08 63.37
------ ------ ----- ------- ------- --------- ------ ------ ------
Zn 4.5 5.25 9.58 56.01 12.59 22.40 14.94
------------- ----- ------- ------- --------- ------ ------ ------
FT3 Pb 4.3 28.43 25.39 290 57.84 52.21 65.57
====== ------ ----- ------- ------- --------- ------ ------ ------
Zn 5.2 5.25 13.08 53.16 12.79 32.20 14.39
============= ===== ======= ======= ========= ====== ====== ======
TOD-025H sample
Following a single stage of cleaning, the final recovery of lead
to a combined cleaner+scavenger product was 83.9% at a grade of
79.2% Pb whilst zinc recovery was 87.7% to a grade of 60.0% Zn.
These results represented a significant improvement in both the
grade and recovery of both metals when compared with previous
testing.
In overview, whilst test data in terms of concentrate grade and
recovery to concentrate can be attributed in part to high feed
grades in the test sample, the test still demonstrates the
potential for excellent recovery of lead, silver and zinc to a
concentrate assaying lead and zinc values significantly above those
typically found in the market for these ore types.
The high-grade fresh TOD-025H sample was subjected to a
programme comprising open circuit rougher and cleaner flotation
tests, the results of which are set out in Table 4:
Table 4: Results from sample TOD-025H
TOD-025 (Sort+Float) Flotation Test Results
Test Conc Stage Mass Assay Recovery (%)
(%)
------ ------ ------- ----- --------------------------- ----------------------
Pb (%) Zn (%) Ag (ppm) Pb Zn Ag
------ ------ ------- ----- ------- ------- --------- ------ ------ ------
FT1 Pb Ro 3.2 50.98 1.86 616 90.25 5.41 78.36
------ ------ ------- ----- ------- ------- --------- ------ ------ ------
Zn Ro 5.3 2.97 19.11 93.8 8.75 92.46 19.86
------ -------------- ----- ------- ------- --------- ------ ------ ------
FCT1 Pb Ro 2.9 53.80 2.17 640 89.43 5.93 81.54
------ ------ ------- ----- ------- ------- --------- ------ ------ ------
Cl
1 0.7 60.46 3.02 1,975 23.08 1.90 57.80
--------------------- ----- ------- ------- --------- ------ ------ ------
Zn Ro 4.8 3.40 20.12 77.3 9.41 91.60 16.41
------ -------------- ----- ------- ------- --------- ------ ------ ------
Cl
1 2.0 7.19 47.38 153 8.28 89.71 13.58
--------------------- ----- ------- ------- --------- ------ ------ ------
FCT2 Pb Ro 3.1 46.54 2.00 647 88.03 5.96 80.58
====== ------ ------- ----- ------- ------- --------- ------ ------ ------
Cl
1 1.7 71.34 1.62 1,078 71.66 2.56 71.30
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
2 1.1 71.10 1.48 1,207 47.91 1.51 51.39
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
3 0.2 54.97 3.14 2,727 8.26 0.74 26.98
--------------------- ----- ------- ------- --------- ------ ------ ------
Zn Ro 14.8 3.71 20.05 91.8 10.74 91.49 17.47
====== -------------- ----- ------- ------- --------- ------ ------ ------
Cl
1 2.1 7.61 44.41 176 9.80 90.24 14.98
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
2 1.7 7.75 52.36 165 7.94 84.68 11.13
--------------------- ----- ------- ------- --------- ------ ------ ------
Cl
3 1.3 6.94 55.49 134 5.57 70.32 7.08
===================== ===== ======= ======= ========= ====== ====== ======
The flowsheet tested considers crushing, followed by sorting of
low-grade ores using XRT, grinding of ores to between 106um and
150um, and flotation in 2 rougher and 3 cleaner stages in closed
circuit to separate lead-silver and zinc concentrates. A schematic
of the basic flowsheet is shown in Figure 1, which can be viewed
via the link below:
http://www.rns-pdf.londonstockexchange.com/rns/3867X_1-2020-8-27.pdf
Figure 1: Basic Toral Flowsheet showing comminution, ore
sorting, flotation, concentrate handling and dry stack tailings
Further work
Further to the highly encouraging results from the latest
metallurgical testwork and ore sorting, Bara, having been
commissioned by Europa Metals, has now commenced its work in
respect of updating the economic parameters for the Toral Project,
via an independent study. The Company is also progressing certain
Pre-Feasibility Study workstreams and looks forward to providing
further updates in due course.
For further information on the Company, please visit
www.europametals.com or contact:
Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary
(Australia)
T: +61 417 978 955
Laurence Read, CEO (UK)
T: +44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Limited (Broker)
Andy Thacker
T: +44 (0)20 3657 0050
Sasfin Capital Proprietary Limited (a member of the Sasfin
group)
Sharon Owens
T (direct): +27 11 809 7762
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Notes to Editors
Appendix : Further information on the Toral project
The latest Mineral Resource Estimate (August 2020) for the Toral
deposit reported in accordance with JORC (2012) at a 4% cut-off was
as follows:
-- An Indicated resource of approximately 3.8Mt @ 8.3% Zn
Equivalent (including Pb credits), 4.7% Zn, 3.9% Pb and 30g/t Ag,
including:
o 180,000 tonnes of zinc, 150,000 tonnes of lead and 3.7 million
ounces of silver.
-- An Inferred resource of approximately 14Mt @ 6.5% Zn
Equivalent (including Pb credits), 4% Zn, 2.7% Pb and 23 g/t Ag,
including:
o 540,000 tonnes of zinc, 360,000 tonnes of lead and 10 million
ounces of silver.
-- A total resource of approximately 17Mt @ 6.9% Zn Equivalent
(including Pb credits), 4.1% Zn, 2.9% Pb and 24 g/t Ag,
including:
o 720,000 tonnes of zinc, 510,000 tonnes of lead and 14 million
ounces of silver.
Table 1 : Summary of Indicated and Inferred mineral resources
for the Toral property reported at a 4.0% Zn equivalent cut-off
grade (including Pb and Ag credits) and estimated grade and
tonnages at the various cut-off grades. Figures are rounded to
reflect the accuracy of the estimate and, as such, totals may not
cast.
Cut-Off Tonnes Density Zn_Eq Zn Eq Zn % Pb % Ag g/t Contained Contained Ag Troy Oz
Zn Eq (Millions) (Pb)% (PbAg)% Zn Tonnes Pb Tonnes (Millions)
(PbAg)% (000s) (000s)
Indicated
6 2.8 2.9 9.5 10 5.3 4.5 34 150 130 3.1
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 3.3 2.9 8.9 9.5 5 4.2 32 170 140 3.4
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 3.8 2.9 8.3 8.9 4.7 3.9 30 180 150 3.7
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
3 4.1 2.9 7.9 8.5 4.4 3.7 29 180 150 3.8
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Inferred
6 8 2.9 7.8 8.3 4.7 3.4 28 370 270 7.2
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 10 2.9 7.2 7.7 4.4 3 26 450 310 8.6
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 14 2.9 6.5 6.9 4 2.7 23 540 360 10
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
3 17 2.9 5.9 6.3 3.7 2.4 20 610 400 11
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Total
6 11 2.9 8.2 8.8 4.8 3.7 30 520 390 10
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
5 14 2.9 7.6 8.1 4.5 3.3 27 620 450 12
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
4 17 2.9 6.9 7.3 4.1 2.9 24 720 510 14
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
3 21 2.9 6.3 6.7 3.8 2.7 22 790 560 15
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Transitional Oxide Material
4 3 2.9 5.2 5.7 2.6 2.9 27 75 83 2.5
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
Unweathered Fresh Rock
4 14 2.9 7.2 7.7 4.5 3 24 650 430 11
----------- -------- ----------- ---------- ----- ----- ------- ---------- ---------- -----------
*Zn Eq % is the calculated Zn equivalent incorporating lead
credits; (Zn Eq (Pb)% = Zn + Pb*0.926). Zn Eq (PbAg)% is the
calculated Zn equivalent incorporating silver credits as well as
lead; (Zn Eq (PbAg)% = Zn + Pb*0.926 + Ag*0.019). Zn equivalent
calculations were based on 3-year trailing average price statistics
obtained from the London Metal Exchange and London Bullion Market
Association giving an average Zn price of US$2,680/t, Pb price of
US$2,100/t and Ag price of US$16.2/oz.
Notes for Table 1 in this appendix:
1. No mineral reserve calculations have been undertaken. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
2. Numbers are rounded to reflect the fact that an Estimate of
Resources is being reported as stipulated by JORC 2012. Rounding of
numbers may result in differences in calculated totals and
averages. All tonnes are metric tonnes.
3. Zn equivalent calculations were based on 3 year trailing
average price statistics obtained from the London Metal Exchange
and London Bullion Market Association giving an average Zn price of
US$2,680/t, Pb price of US$2,100/t and Ag price of US$16.2/Oz.
Recovery and selling factors were incorporated into the calculation
of Zn Eq values. It is the Company's opinion that all the elements
included in the metal equivalents calculation (zinc, lead and
silver) have a reasonable potential to be recovered and sold.
4. Zn Eq (PbAg)% is the calculated Zn equivalent incorporating
silver credits as well as lead and is the parameter used to define
the cut-off grade used for reporting resources (Zn Eq (PbAg)% = Zn
+ Pb*0.926 + Ag*0.019).
5. Zn Eq is the calculated Zn equivalent using lead credits and
does not include silver credits (Zn Eq = Zn + Pb*0.926).
6. The Mineral Resource Estimate set out above for the zinc,
lead and silver mineralisation in the Toral project area is based
on a 3D geologic model and wireframe restricted block model that
integrated the exploration work on the Toral project up to 21
January 2020. The block model used uniform cell size of 25x10x25m
to best suit the orientation of the mineralisation and sample
spacing. The block model was rotated by 20deg in plan view to best
match the trend of mineralisation. Sub cells were applied to better
fit the wireframe solid models and preserve accurate volume as much
as possible. Cells were interpolated at the parent block scale
using an Ordinary Kriging.
7. Following statistical analysis and assessment of the updated
assay composite database top cuts of 125g/t Ag were applied to the
data. No top cuts were applied for Zn or Pb.
8. The Indicated and Inferred mineral resource category for the
Toral zinc-lead-silver project set out in Table 1 (at cut-off
grades >4% Zn Equivalent) comply with the resource definitions
as described in the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. The JORC Code, 2012
Edition. Prepared by: The Joint Ore Reserves Committee of The
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia
(JORC).
9. The tonnes and grades reported at a cut-off grade of 3% Zn
equivalent are below the economic cut-off grade of 4% and as such
should not be considered mineral resources, they are shown here for
comparison purposes only.
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