TIDMSGZ
RNS Number : 1254L
Scotgold Resources Ltd
04 May 2010
Scotgold Resources Limited
March 2010 Quarterly Report
Company Overview
Scotgold Resources Limited ("Scotgold" or the "Company") is a gold exploration
and development company with projects in the Grampian region of Central
Scotland. The Company's assets include the Cononish gold and silver deposit and
exploration licences covering 3,200km² of central Scotland. Scotgold is quoted
on both the ASX and AIM.
Highlights:
· EXPLORATION TARGET DEFINED AT BEINN UDLAIDH
· Exploration target of between 0.57Mt to 5.7Mt between 1- 2g/t Au defined
at Beinn Udlaidh
· Wide intersections of highly anomalous gold values recorded in recent
drilling - best interval of 6.99 g/t gold and 40.24 g/t silver
· High gold grades in rock chips continue with 8.9 g/t gold and 5.1 g/t
silver in breccia pipe and 16.7 g/t gold and >200 g/t silver in quartz breccia
vein
· CONONISH INFILL / EASTERN EXTENSION DRILLING RESULTS
· 9.84 g/t Au, 41.6 g/t Ag over 2.05 m (infill hole 09-01)
· 7.84 g/t Au, 12.2 g/t Ag over 3.60 m (hole EA 02 in eastern extension
zone)
· RESOURCE INCREASE FOR CONONISH
· The total inventory now stands at 163,000 ounces of gold and 596,000
ounces of silver
· PLANNING APPLICATION SUBMITTED FOR CONONISH GOLD AND SILVER PROJECT
· SUCCESSFUL AIM ADMISSION
· Scotgold's ordinary shares admitted to the AIM market of the London Stock
Exchange on 24 February 2010, following a placing to raise GBP704,000 (AU$1.2M)
BEINN UDLAIDH
AQ drilling results
Following identification of significant breccia-hosted gold-silver
mineralisation at the Company's Beinn Udlaidh prospect, located five kilometres
north northwest of its 100% owned high grade Cononish Gold and Silver Project,
Scotgold undertook a drilling programme during the last quarter of 2009 to test
a number of the identified breccia pipes.
The Company drilled seven short AQ holes into six of the nineteen breccia pipes
identified to date. Assay results are shown in Table 1, and drill statistics are
shown in Appendix A.
The initial 'discovery hole' BEBULB1 into pipe BU1 is also included in Table 1
for reference.
+----------+----------+----------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
| | | Pipe BU | Pipe BU | Pipe BU | Pipe BU | Pipe | Pipe | Pipe BU | Pipe BU |
| | | 01 | 20 | 15 | 05 | BU 16 | BU11 | 11 | 01 |
+---------------------+----------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| | | BUAQ10 | BUAQ11 | BUAQ15 | BU AQ | BU AQ | BU AQ | BU AQ | Ben UL B |
| | | | | | 05 | 13 | 11-2 | 11-1 | |
+---------------------+----------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| | | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag |
| | | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t | g/t |
+---------------------+----------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
| Whole intersection |0.21 |1.31 |0.28 | 1.30 |0.12 |0.34 |0.13 |0.22 |0.09 | 3.47 |0.07 |0.08 | 0.02 |0.05 | 1.45 | 8.91 |
+--------------------------------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
| Over | | 17 | 16 | 16.5 | 16 | 16 | 15.5 | 15.5 | 12 |
| (m) | | | | | | | | | |
+----------+---------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| Selected | |0.26 |1.59 |0.52 | 2.60 |0.20 |0.64 |0.21 |0.45 |0.20 |10.49 |0.28 |0.32 | 0.07 |0.25 | 1.45 | 8.91 |
| | | | | | | | | | | | | | | | | | |
+----------+---------------------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
| Over | | 14 | 8 | 7.5 | 8 | 5 | 3 | 3 | 12 |
| (m) | | | | | | | | | |
+----------+---------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| Best | |1.50 |8.38 |6.99 |40.24 |0.55 |1.24 |1.03 |<0.5 |1.28 |49.75 |1.06 |1.90 | 0.15 |0.50 |12.31 |78.66 |
+----------+---------------------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
| Over | | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| (m) | | | | | | | | | |
+----------+---------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| | | | | | | | | | | | | | | | | | |
+----------+---------------------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
| Samples | | 34 | 32 | 33 | 32 | 32 | 31 | 31 | 24 |
+----------+---------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| No samples > 0.1 g/t Au | 23 | 5 | 11 | 13 | 5 | 4 | 2 | 20 |
+--------------------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| %age anomalous (+0.1g/t Au) | 68% | 16% | 33% | 41% | 16% | 13% | 6% | 83% |
+--------------------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| No samples > 1.0 g/t Au | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 7 |
+--------------------------------+-------------+--------------+-------------+-------------+--------------+-------------+---------------+---------------+
| Comment | | Last 3m | | | | | | | Hole | | |Predominantly | 'Discovery |
| | | in | | | | | | | collared | | | lamprophyre | Hole' |
| | |lamprophyre | | | | | | | in | | | | |
| | | | | | | | | | psammite | | | | |
+----------+---------------------+-------------+------+-------+------+------+------+------+--------------+------+------+---------------+---------------+
| | | | | | | | | | | | | | | | | | | |
+----------+----------+----------+------+------+------+-------+------+------+------+------+------+-------+------+------+--------+------+-------+-------+
Table 1: Summary and analysis of recent AQ drilling results at Beinn Udlaidh
Scotgold considers the high number of anomalous values (>0.1g/t Au) in five of
the most recent holes within the short (in relation to pipe size) interval
sampled to be highly encouraging especially given the high grade rock and
boulders samples discovered nearby (up to 359 g/t gold and 2,520 g/t silver),
the limited drilling and the number of other breccia bodies in the area which
have had no drill testing or sampling,.
It should be noted that these are narrow (2.7 cm diameter) short holes and have
been drilled into potentially large mineralised bodies. As such, they are
testing limited portions of large structures which are often known to show
zonation in mineralisation in both horizontal and vertical extents.
Exploration Target Potential at Beinn Udlaidh
Scotgold has confirmed an Exploration Target at Beinn Udlaidh of between 0.57
and 5.7 Mt at a grade of between 1 and 2 g/t Au.
Limited drilling to date at the Beinn Udlaidh breccia pipefield has confirmed
anomalous gold grades. Economic gold grades encountered in breccia hosted
mineralisation may lie in the range of 1.0g/t to 2.0g/t based on similar style
occurrences elsewhere in the world. Breccia hosted mineralisation may show
zonation and include higher grade zones.
The basis for the tonnage potential is the current mapped area of individual
pipe outcrops to a depth of between 10m (observed / drilled) to 100m, using a
specific gravity of 2.65 and a 'complexity factor' of 70%. It is noted that
breccia pipes can extend to depths greater than 100m.
Investors should note that the potential quantity and grade of the Exploration
Target is conceptual in nature, there has been insufficient exploration to
define a Mineral Resource and it is uncertain if further exploration will result
in the determination of a Mineral Resource.
CONONISH Infill / Eastern Extension Drilling Results
Scotgold resumed drilling at the Cononish Gold and Silver Project in Scotland in
October 2009.
The objectives of the programme are to:
· infill a portion of the existing Inferred Mineral Resource at
Cononish as a part of the Company's ongoing programme to advance the project to
production; and
· test high grade gold targets (up to 119.9g/t gold) which lie within
the recently identified eastern extension of the Cononish mineralisation and
outside the envelope of the previously existing Mineral Resource.
The drilling programme also targets mineralisation outside the previously
defined resource envelope, specifically the potential down dip continuation of
the mineralisation encountered in trenches (up to 16.12 g/t Au over 2.10
metres), surface drill holes (up to 73.10 g/t Au over 1.77 metres) and
underground holes (up to 12.35 g/t Au over 1.49 metres).
A programme of 12 short AQ size diamond drill holes are planned from within the
Cononish adit to test for possible extensions to the identified mineralisation
in the eastern part of the adit outside the existing resource, in particular a
1.6 metre-wide quartz vein where high grades (up to 119.9 g/t gold and 97.2g/t
silver) have been reported from historic assays and also possible 'off adit'
intersections on the Cononish vein.
Results from four holes, Hole 09 - 01 (resource infill), holes EA - 01, EA - 02
and UG EA 03 (potential resource extension) have been received and are shown in
the table below. Drill hole statistics are shown in Appendix B.
All distances are measured in metres.
+-------------+--------+--------+--------------+-----------+--------+--------+
| Hole | From | To | Downhole | Est. | Au g/t | Ag g/t |
| | (m) | (m) | intersection | true | | |
| | | | (m) | thickness | | |
| | | | | (m) | | |
+-------------+--------+--------+--------------+-----------+--------+--------+
| 09 - 01 | 103.95 | 106.00 | 2.05 | 1.98 | 9.84 | 41.6 |
| | | | | | | |
| Including | 105.10 | 105.60 | 0.50 | 0.48 | 12.65 | 74.5 |
| | 105.60 | 106.00 | 0.40 | 0.38 | 14.88 | 46.0 |
| | | | | | | |
+-------------+--------+--------+--------------+-----------+--------+--------+
| EA 01 | 49.30 | 51.25 | 1.95 | 1.69 | 2.97 | 2.3 |
| | | | | | | |
| Including | 49.30 | 49.85 | 0.35 | 0.30 | 8.65 | 2.9 |
| | 51.10 | 51.25 | 0.15 | 0.13 | 14.91 | 17.1 |
+-------------+--------+--------+--------------+-----------+--------+--------+
| EA 02 | 60.40 | 64.00 | 3.60 | 2.25 | 7.84 | 12.20 |
| | | | | | | |
|(Including) | 60.40 | 60.65 | 0.25 | 0.18 | 28.35 | 16.6 |
| | 63.00 | 64.00 | 1.00 | 0.72 | 15.67 | 33.8 |
+-------------+--------+--------+--------------+-----------+--------+--------+
| EA UG 03 | 1.00 | 3.00 | 2.00 | 2.00 | 2.28 | 2.1 |
| | | | | | | |
|(including) | 2.50 | 3.00 | 0.50 | 0.50 | 5.16 | 3.6 |
+-------------+--------+--------+--------------+-----------+--------+--------+
· Infill drilling into Inferred Resource:
Hole 09 - 01 was drilled into the existing Inferred Resource on the eastern side
of the mine.
· Potential Resource Extension Drilling - 'Eastern Extension'
Hole EA 01 was drilled into the recently announced 'eastern extension' to
intersect the vein 30m below drillhole UG 89 - 04.
Hole EA 02 was drilled approximately 30m down dip of hole EA 01.
Hole EA UG 03 was drilled to intersect the possible strike extension of the high
grade vein encountered near the adit entrance.
Scotgold views the results in the eastern extension holes as particularly
encouraging and indicating the existence of a further possible significant
payshoot which support Scotgold's opinion that the eastern extension may host
significant additional resources.
RESOURCE UPDATE
As a result of further investigations and exploration by Scotgold during 2008 -
2009, Snowden Mining Industry Consultants Ltd ('Snowden') was asked to undertake
an update on the Cononish resource.
The revised resource estimate for Cononish is shown below and gives a total
metal inventory of 163,000 oz Au and 596,000 oz Ag.
Cononish Main Vein Gold Mineral Resources (reported at a 3.5 g/t Au cut-off).
Reported using the 2004 JORC Code (JORC, 2004). Tonnages and contained ounces
rounded to the nearest 1,000 t or 1,000 oz. Grade rounded to the nearest 0.1 g/t
Au. The Inferred Resource grade is reported with a grade range to indicate the
likely upside due to the information effect.
+----------------+-------------+--------------+-------------+
|Classification | Tonnes (t) | Grade (g/t) |Ounces (oz) |
+ + +--------------+-------------+
| | | Gold | Gold |
+----------------+-------------+--------------+-------------+
| Measured | 53,000 | 17.9 | 31,000 |
+----------------+-------------+--------------+-------------+
| Indicated | 73,000 | 10.2 | 24,000 |
+----------------+-------------+--------------+-------------+
| Inferred | 311,000 | 10.8 (10 - | 108,000 |
| | | 16) | |
+----------------+-------------+--------------+-------------+
Scotgold Note: Incorporating the grade range, the Inferred Mineral Resource is
estimated to lie between 100,000 oz Au and 160,000 oz Au. It should be noted
that any upside may not exist or it may only be present in a portion of the
resource.
Cononish Main Vein Silver Mineral Resources (reported at a 3.5 g/t Au cut-off).
Reported using the 2004 JORC Code (JORC, 2004). Tonnages and contained ounces
rounded to the nearest 1,000 t or 1,000 oz.
+----------------+-------------+---------------+-------------+
|Classification | Tonnes (t) | Grade (g/t) |Ounces (oz) |
+ + +---------------+-------------+
| | | Silver | Silver |
+----------------+-------------+---------------+-------------+
| Measured | 53,000 | 75.0 | 128,000 |
+----------------+-------------+---------------+-------------+
| Indicated | 73,000 | 43.1 | 101,000 |
+----------------+-------------+---------------+-------------+
| Inferred | 285,000 | 40.1 | 367,000 |
+----------------+-------------+---------------+-------------+
Snowden notes that there is resource potential in the eastern adit zone and that
the estimation of additional Mineral Resources is likely once further drilling
is complete.
Snowden has previously noted "based on our experience of the Cononish vein
system, we believe that there is an Exploration Target around the mine of
between 0.5 Mt to 1.0 Mt at a grade of between 10 g/t Au to 15 g/t Au for up to
320,000 oz Au. Much of this potential is based on the along strike and down dip
extensions of the Cononish vein, but there are indications that other reefs are
present in the area too. At this stage, such figures are highly conceptual and
there is no guarantee that further exploration will define additional
resources."
PLANNING APPLICATION FOR CONONISH MINE
Following detailed re-assessment of the Cononish project and its environmental
impacts carried out in the second half of 2009, Scotgold lodged its application
for revision and extension to the current planning application on 25 January
2010. The application was subsequently validated and accepted and the parties
signed a non-legally binding processing agreement which indicates a decision
date of 7 June 2010, with final notices shortly thereafter. The Company
continues to work closely with all relevant agencies to ensure that any concerns
that are raised prior to the decision date are addressed to the satisfaction of
all parties.
The application was prepared with the assistance of Scotgold's planning and
environmental consultants, Dalgleish Associates. Dalgleish Associates is a well
established consultancy based in Scotland, specialising in resource (minerals
and renewable energy) projects in the United Kingdom with considerable expertise
in the Scottish system.
Specialised technical input regarding the application was provided by Scotgold's
tailings consultants AMEC Earth and Environmental (UK), Cantab Consulting,
Vibrock Ltd (ground vibration and noise consultants) and Rathmell
(archaeological studies).
The application envisages a development along the same scales as previously
proposed, including the establishment of an underground mine with associated
processing and tailings management facilities and infrastructure associated with
the project and concurrent restoration of the site. Scotgold believes the
application to contain many improvements to the previously permitted development
and to be in line with currently accepted 'best practice'.
As part of the pre-application consultation process under Scottish planning law,
the Company subsequently held three 'public' meetings. A presentation was made
to the local Community Council and Strathfillan Community Development Trust and
two public 'open days' were held in Tyndrum, which is the nearest town to the
proposed mine and the Company would like to thank the local community for their
ongoing support for the application.
The Company continues to update its technical and financial studies relating to
the Cononish project development in order to be in a position to make a
production decision post planning.
AIM ADMISSION
The Company's ordinary share capital was admitted to trading on the AIM Market
of the London Stock Exchange ("AIM") under TIDM code SGZ on 24 February 2010.
Scotgold's share capital has been listed on the Australian Stock Exchange since
January 2008 where it has traded under the same market code, SGZ.
In conjunction with the AIM admission, the Company raised approximately
GBP704,000 (AUD1.2 million) before expenses through a placing of 15,300,000
new Ordinary Shares at 4.6 pence per ordinary share (the "Placing"). The total
number of ordinary shares in issue on commencement of trading on AIM was
117,306,762. Westhouse Securities Limited is acting as the Company's AIM
nominated adviser and broker.
The net proceeds of the Placing are being used by the Company to progress the
development towards production of its high grade Cononish Gold and Silver
Project and continue its exploration programmeon a number of identified targets
surrounding Cononish and across its wider licence area.
For further information:
United Kingdom:
+---------------------+---------------------+-------------------------+
| Scotgold Resources | Westhouse | Bankside Consultants |
| Limited | Securities Limited | |
+---------------------+---------------------+-------------------------+
| Chris Sangster | Richard Baty / | Simon Rothschild / |
| (CEO) | Petre Norton | Oliver Winters |
+---------------------+---------------------+-------------------------+
| Tel: +44 (0)1838 | Tel: +44 (0)20 7601 | Tel +44 (0)20 7367 8888 |
| 400 306 | 6100 | |
+---------------------+---------------------+-------------------------+
Australia:
+---------------------+---------------------+
| Scotgold Resources | Professional Public |
| Limited | Relations |
+---------------------+---------------------+
| Shane Sadleir | Karen Oswald |
| (Non-Executive | |
| Director) | |
+---------------------+---------------------+
| Tel: +61 (8) | Tel: +61 (8) |
| 9428 2950 | 9388 0944 |
| Mobile: +61 (0) 411 | Mobile: +61 (0) 423 |
| 704 498 | 602 353 |
+---------------------+---------------------+
Competent Person's Statement:
The information in this report that relates to Exploration Results is based on
information compiled by Mr David Catterall. Pr Sci Nat, who is a member of the
South African Council for Natural Scientific Professions. Mr Catterall is
employed as a consultant to Scotgold Resources Limited. Mr Catterall 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 in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'. Mr Catterall consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
The Information in this report that relates to Mineral Resources and Exploration
Results is based on information compiled by EurGeol Dr S C Dominy FAusIMM (CP),
FGS (CGeol), MAIG, General Manager (UK) and Executive Consultant with Snowden
based in the London, England Office. Dr. Dominy has sufficient experience that
is relevant to the style of deposit under consideration and to the activity
which he is undertaking to qualify as Competent Person as defined in the 2004
Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore reserves. Dr Dominy consents to the inclusion in the report of
the matters based on this information in the form and context in which it
appears.
GLOSSARY OF GEOLOGICAL TERMS
+----------------+-----------------------------------------------+
| ADIT | a type of entrance to an underground mine |
| | which is horizontal or nearly horizontal. |
| | |
+----------------+-----------------------------------------------+
| APPIN GROUP | the oldest subgroup of the Dalradian |
| | Supergroup, c. 4 km thick, made up of |
| | quartzites, pelitic and limestone units. |
| | |
+----------------+-----------------------------------------------+
| AQ | nominal diamond drill core diameter of 27mm. |
| | |
| | |
+----------------+-----------------------------------------------+
| ARGYLL GROUP | a subgroup of the Dalradian Supergroup, c. |
| | 9km thick, made up of tillites, quartzites, |
| | pelitic and psammitic units. |
| | |
+----------------+-----------------------------------------------+
| ASSAY | a procedure to determine the proportions of |
| | metal in an ore or to test an ore or mineral |
| | for composition, weight, purity etc. |
| | |
+----------------+-----------------------------------------------+
| AZIMUTH | the angle of horizontal difference, measured |
| | clockwise, of a bearing from a standard |
| | direction, as from north or south. |
| | |
+----------------+-----------------------------------------------+
| BASE METALS | more common chemically active metals, e.g. |
| | copper, lead, tin, zinc etc. |
| | |
+----------------+-----------------------------------------------+
| BEDROCK | the solid rock lying beneath superficial |
| | material such as gravel or soil. |
| | |
+----------------+-----------------------------------------------+
| BRECCIA | a rock composed of angular fragments of |
| | minerals or rocks in a matrix (cementing |
| | material), that may be similar or different |
| | in composition to the fragments. |
| | |
+----------------+-----------------------------------------------+
| BRECCIA PIPE | a mass of breccia, often in an irregular and |
| | cylindrical shape, that appears as an |
| | iron-stained knob, from several feet to |
| | several hundred feet in diameter. Breccia |
| | pipes may or may not be silicified. They |
| | usually consist of fragments of the host rock |
| | (the rock layer they are contained in) |
| | cemented together by silica. |
| | Breccia-hosted, precious metal deposits occur |
| | throughout the world and are known to host |
| | very large resources. Examples in Australia |
| | are Kidston (4.5 M oz gold), Mt Leyshon (3.5 |
| | M oz gold) and Mt Wright (1 M oz gold) all of |
| | which are located in North Queensland. |
| | Examples in North America are Golden Sunlight |
| | in Wyoming (3.8 M oz gold) and Cripple Creek |
| | in Colorado (21 M oz gold) which are |
| | associated with lamprophyre fields. |
| | |
+----------------+-----------------------------------------------+
| CALCAREOUS | a rock that contains as much as 50% calcium |
| ROCK | carbonate. |
| | |
+----------------+-----------------------------------------------+
| COMPLEXITY | a factor applied to the tonnage to indicate |
| FACTOR | uncertainty in the geometric shape at depth |
+----------------+-----------------------------------------------+
| | |
+----------------+-----------------------------------------------+
| DALRADIAN | a succession of Late Precambrian and Cambrian |
| SUPERGROUP | marine sedimentary rocks which have been |
| | metamorphosed in parts of Scotland and |
| | Ireland. It is typically developed in the |
| | high grounds which lie southeast of the Great |
| | Glen of Scotland. It is made up of four |
| | subgroups the Grampian, Appin, Argyll and |
| | Southern Highland groups. |
| | |
+----------------+-----------------------------------------------+
| DIAMOND | a diamond-studded rotary-drilling bit, used |
| DRILLING | for coring and drilling in very hard rock. |
| | |
+----------------+-----------------------------------------------+
| DIP | the angle in degrees between a horizontal |
| | plane and an inclined earth feature. |
| | |
+----------------+-----------------------------------------------+
| GEOCHEMICAL | the application of methods and techniques of |
| SURVEYS | geochemistry to the search for mineral or |
| | petroleum deposits. |
| | |
+----------------+-----------------------------------------------+
| GRADE | the relative quantity or percentage of |
| | mineral content in an ore body. |
| | |
+----------------+-----------------------------------------------+
| HIGH GRADE | a high quantity or percentage of mineral |
| | content in an ore body. |
| | |
+----------------+-----------------------------------------------+
| INCLINATION | See DIP |
| | |
+----------------+-----------------------------------------------+
| INDICATED | part of a Mineral Resource for which tonnage, |
| MINERAL | densities, shape, physical characteristics, |
| RESOURCE | grade and mineral content can be estimated |
| | with a reasonable level of confidence. It is |
| | based on exploration, sampling and testing |
| | information gathered through appropriate |
| | techniques from locations such as outcrops, |
| | trenches, pits, workings and drill holes. The |
| | locations are too widely or |
| | inappropriately spaced to confirm geological |
| | and/or grade continuity but are spaced |
| | closely enough for continuity to be assumed. |
| | (JORC Code 2004) |
| | |
+----------------+-----------------------------------------------+
| INFERRED | part of a Mineral Resource for which tonnage, |
| MINERAL | grade and mineral content can be estimated |
| RESOURCE | with a low level of confidence. It is |
| | inferred from geological evidence and assumed |
| | but not verified geological and/or grade |
| | continuity. It is based on information |
| | gathered through appropriate techniques from |
| | locations such as outcrops, trenches, pits, |
| | workings and drill holes which may be limited |
| | or of uncertain quality and reliability. |
| | (JORC Code 2004) |
+----------------+-----------------------------------------------+
| IP ANOMALY | an anomaly in the 'induced potential', where |
| | geophysicists put electrical pulses into the |
| | ground and then measure the decay of voltage. |
| | |
+----------------+-----------------------------------------------+
| JORC | the Australian 'Joint Ore Reserves Committee' |
| | sets out minimum standards, recommendations |
| | and guidelines for Public Reporting in |
| | Australasia of Exploration Results, Mineral |
| | Resources and Ore Reserves. |
| | |
+----------------+-----------------------------------------------+
| LAMPROPHYRE | ultrapotassic, igneous rock primarily |
| | occurring as dykes, lopoliths, laccoliths, |
| | stocks and small intrusions. It is an |
| | alkaline, silica-undersaturated and |
| | ultramafic rock. |
| | |
+----------------+-----------------------------------------------+
| LOW GRADE | a low quantity or percentage of mineral |
| | content in an ore body. |
| | |
+----------------+-----------------------------------------------+
| MEASURED | part of a Mineral Resource for which tonnage, |
| MINERAL | densities, shape, physical characteristics, |
| RESOURCE | grade and mineral content can be estimated |
| | with a high level of confidence. It is based |
| | on detailed and reliable exploration, |
| | sampling and testing information gathered |
| | through appropriate techniques from locations |
| | such as outcrops, trenches, pits, workings |
| | and drill holes. The locations are spaced |
| | closely enough to confirm geological and |
| | grade continuity (JORC Code 2004) |
| | |
+----------------+-----------------------------------------------+
| METALIFFEROUS | containing, yielding, or producing metal or |
| | ore. |
| | |
+----------------+-----------------------------------------------+
| METASEDIMENT | sediment or sedimentary rock that shows |
| | evidence of having been subjected to |
| | metamorphism. |
| | |
+----------------+-----------------------------------------------+
| MINERALISATION | a process by which valuable minerals are |
| | introduced into a rock, resulting in an ore |
| | deposit, either actual or potential. |
| | |
+----------------+-----------------------------------------------+
| MINERAL | is a concentration or occurrence of material |
| RESOURCE | of intrinsic economic interest in or on the |
| | Earth's crust in such form, quality and |
| | quantity that there are reasonable prospects |
| | for eventual economic extraction. The |
| | location, quantity, grade, geological |
| | characteristics and continuity of a Mineral |
| | Resource are known, estimated or interpreted |
| | from specific geological evidence and |
| | knowledge. Mineral Resources are sub-divided, |
| | in order of increasing geological confidence, |
| | into Inferred, Indicated and Measured |
| | categories. (JORC Code 2004) |
| | |
+----------------+-----------------------------------------------+
| PELITES | metamorphosed sediment with a dominantly |
| | mudstone/siltstones protolith. |
| | |
+----------------+-----------------------------------------------+
| PRECIOUS | naturally occurring metallic chemical element |
| METALS | of high economic value, which is not |
| | radioactive, commonly part of the platinum |
| | group. |
| | |
+----------------+-----------------------------------------------+
| PSAMMITES | metamorphosed sediment with a dominantly |
| | sandstone protolith. |
| | |
+----------------+-----------------------------------------------+
| QUARTZ | crystalline silica, SiO2. . |
| | |
+----------------+-----------------------------------------------+
| STRIKE | parallel to the direction taken by a |
| | structural surface such as a fault or bedding |
| | plane as it intersects the horizontal. |
| | |
+----------------+-----------------------------------------------+
| VEIN | a tabular or sheet like body of one of more |
| | minerals deposited in openings of fissures, |
| | joints or faults, frequently with associated |
| | replacement of host rock. |
+----------------+-----------------------------------------------+
Appendix A:
Beinn Udlaidh Drill Statistics
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| Hole | Pipe |Easting |Northing |Depth(m) |Elevation(m) |Azimuth |Inclination |
| ID | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 1 | 226647 | 733868 | 17 | 402 | 233° | -45° |
| 10 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 20 | 226708 | 734040 | 16 | 369 | 270° | -50° |
| 11 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 15 | 226724 | 733968 | 16.5 | 380 | 302° | -50° |
| 15 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 5 | 226184 | 733152 | 16 | 452 | 84° | -50° |
| 5 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 16 | 226641 | 734055 | 16 | 355 | 112° | -50° |
| 13 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 11 | 225904 | 732757 | 15.5 | 502 | 70° | -45° |
| 11-1 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
| BU AQ | BU 11 | 225927 | 732789 | 15.5 | 506 | 260° | -50° |
| 11-2 | | | | | | | |
+--------+--------+---------+----------+----------+--------------+---------+-------------+
Appendix B:
Cononish Drill Statistics
+--------+---------+----------+----------+--------------+---------+-------------+
| Hole |Easting |Northing | Depth(m) |Elevation(m) |Azimuth |Inclination |
| ID | | | | | | |
+--------+---------+----------+----------+--------------+---------+-------------+
|09 -01 | 228918 | 728277 | 114.8 | 558 | 322° | -45° |
+--------+---------+----------+----------+--------------+---------+-------------+
| EA 01 | 229094 | 728454 | 102.0 | 405 | 326° | -45° |
+--------+---------+----------+----------+--------------+---------+-------------+
| EA 02 | 229094 | 728454 | 105.5 | 405 | 326° | -65° |
+--------+---------+----------+----------+--------------+---------+-------------+
| EA UG | 229098 | 728556 | 16.0 | 400 | 316° | 0° |
| 03 | | | | | | |
+--------+---------+----------+----------+--------------+---------+-------------+
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