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Resolute Mining Ltd (RSG)

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Thursday 16 June, 2022

Resolute Mining Ltd

Higher Grade mineralisation intersected

RNS Number : 1089P
Resolute Mining Limited
16 June 2022
 

16 June 2022

 

Resolute Mining Limited

(Resolute or the Company)

 

Higher Grade mineralisation intersected below Syama North Minerals Resource

 

Highlights

 

Significant gold intersections recorded with higher-grade results below the 2021 published Syama North 1 million ounce Mineral Resource:

 

QVRC511 - 16m @ 4.74g/t from 107m

QVRC512 - 15m @ 4.35g/t from 99m

QVRC515 - 7m @ 6.56g/t from 161m

QVRC522 - 6m @ 13.79g/t from 119m

QVRC533 - 27m @ 6.62g/t from 45m

QVRC534 - 19m @ 4.32g/t from 138m

QVRD505 - 10m @ 7.14g/t from 131m

QVRD506 - 8m @ 6.56g/t from 180m

QVRD517 - 6m @ 11.83g/t from 155m

QVRD518 - 14m @ 3.74g/t from 109m

QVRD519 - 23m @ 2.21g/t from 138m

QVRD527 - 26m @ 7.8g/t from 180m

 

These results may significantly contribute to an upgrade of the existing estimated 1 million ounces in Sulphide Mineral Resources

These results represent some of the best gold intersections recorded from the Syama North area

Drilling results have outlined the potential for new open pit sulphide deposit - work is continuing

Updated Mineral Resource Estimate planned for Q3 2022

 

 


Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to announce the latest results from the 2022 exploration drilling at Syama North outlining the potential for a new open pit operation close to the Syama Complex.

Syama North Exploration Program

The exploration drilling program at Syama North, initiated during 2021, recorded significant oxide and sulphide gold mineralisation intersections in and around the originally mined out oxide pits of A21 and Beta/BA-01 located within 4-8 km of the main Syama mining and processing complex. The results of this program were reported in the ASX announcement of 25 August 2021, and in the annual Ore Reserves and Mineral Resources Estimate released to ASX on 4 March 2022.



 

The total Mineral Resources estimate of 20 Mt at 2.14g/t Au for 1.4 million ounces at 31 December 2021 was published as per Table 1:

 

Syama North Satellite Deposits Mineral Resource (>1g/t)

Oxidation

Tonnes

Grade

Ounces

Oxide

2,467,403

2.16

171,247

Transitional

1,452,180

2.24

104,558

Sub-Total

3,919,583

2.19

275,805

Primary (sulphide)

16,381,700

2.13

1,122,515

Total

20,301,283

2.14

1,398,321

Table 1: Syama North Mineral Resources at 31 December 2021 (1g/t cut off)


The main target for the 2021 exploration program at Syama North was expanding the oxide resources, following on from the successes of 2020, however a substantial sulphide mineral resource, at greater than 1 million ounces, was outlined by the program as seen from Table 1. As the sulphide mineralisation remains open at depth and appears to be contiguous along the 2.5 km strike length, this has created the potential for further open pit, and eventually underground, mining for sulphide ores in this area. Based on the 2021 exploration results open pit operations resumed at Syama North in late 2021 extracting additional oxide resources from both Beta and A21 after the previous phase of oxide mining in this area concluded in 2018.

The Syama North sulphide resources have not been included in recently published (ASX/LSE announcement of 04 March 2022) LOM plan updates. The 2022 drilling program was undertaken with the intention of  upgrading and expanding these resources to capitalise upon the recent significant process improvements and successful refurbishment of the Sulphide Plant achieved over Q1 2022.

Drilling Program 2022

Diamond and RC drilling recommenced in early 2022 at both the A21 and Beta pits. The drilling program targeted the down-dip extensions of the identified zones and was successful with the majority of the holes intersecting sulphide mineralisation.

Results from holes drilled to date have been returned with significant intersections seen in numerous holes confirming the extension of the mineralised zones along the entire strike length of the original A21 pit.

The best results received to date are shown below, with a table of the intersections attached as Appendix I.

QVRC511 - 16m @ 4.74g/t from 107m

QVRC512 - 15m @ 4.35g/t from 99m

QVRC515 - 7m @ 6.56g/t from 161m

QVRC522 - 6m @ 13.79g/t from 119m

QVRC533 - 27m @ 6.62g/t from 45m

QVRC534 - 19m @ 4.32g/t from 138m

QVRD505 - 10m @ 7.14g/t from 131m

QVRD506 - 8m @ 6.56g/t from 180m

QVRD517 - 6m @ 11.83g/t from 155m

QVRD518 - 14m @ 3.74g/t from 109m

QVRD519 - 23m @ 2.21g/t from 138m

QVRD527 - 26m @ 7.8g/t from 180m

 

These results represent some of the best gold intersections ever recorded from the Syama North area.

With the new-found confidence in sulphide mining and processing over the last twelve months this has re-invigorated the exploration department to explore for new oxide and sulphide resources.

A new low-level, high definition heliborne aeromagnetic survey will shortly be conducted to improve on the historical wide-spaced aeromagnetic coverage. This survey is planned to cover the whole 85 km length of the Greenstone Belt held under license in an effort to delineate more sulphide resources which are the long-term future of the mining operation.

The results confirm the continuity of mineralisation beneath the existing open pits and demonstrate the presence of higher-grade zones of mineralisation, which may support future underground mining of Sulphides from the northern portion of the Syama belt, close to the Syama mining and processing complex, in addition to the 1.3 Moz high grade (>4g/t Au) Tabakoroni resource which recently returned a 766 koz of Ore Reserve (see ASX/LSE announcement 17 February 2022).

The drilling program is ongoing and expected to continue throughout 2022 with the initial aim of evaluating the potential of an open pit operation to exploit the Sulphide Mineral Resources to compliment, and add 'flexibility' to, the underground sulphide mining operation.

An updated Mineral Resource Estimate will be carried out during Q3 of 2022, which may significantly upgrade the present 1 Moz in the current sulphide estimate.

Terry Holohan, Resolute CEO, said today, "I am very pleased with the progress over the last twelve months within both the exploration and operations teams. They have fully grasped the 'back to basics' approach we needed to adopt across all disciplines in order to continually improve the operation per se and thereby give us the opportunity to systematically improve the bottom line of the Syama project for many years to come."

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

 

Authorised by Terry Holohan, Managing Director & CEO

 

For further information, contact:

Resolute   

Terry Holohan, Chief Executive Officer

James Virgo, GM Finance and Investor Relations  

[email protected]    

+61 8 9261 6100  

 

Media   

Cameron Morse, FTI Consulting   

[email protected]    

+61 433 886 871  

 

Public Relations   

Jos Simson, Tavistock   

[email protected]    

+44 207 920 3150  

 

Oliver Lamb, Tavistock

[email protected]

+44 778 855 4035

 

Corporate Broker   

Matthew Armitt, Berenberg  

+44 20 3207 7800  

 

 

 

 

 

 

 

Competent Persons Statement

The information in this report that relates to the Exploration Results is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 5 years' experience relevant to the styles 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.

The information presented in this announcement relating to Mineral Resources and Ore Reserves is extracted from annual Ore Reserves and Mineral Resources Estimate released to ASX on 4 March 2022. Resolute confirms that it is not aware of any new information or data that materially affects the information included in the releases and all material assumptions and technical parameters underpinning the estimates in the aforementioned release continue to apply and have not materially changed.

Cautionary Statement about Forward-Looking Statements

This announcement contains certain "forward-looking statements" including statements regarding our intent, belief or current expectations with respect to Resolute's business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward-looking statements are based on Resolute's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute's business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 1: Recent Drilling Results

Syama North

Hole_ID

North (WGS)

East (WGS)

RL

(m)

Dip

Azi

(WGS)

EOH

(m)

From

(m)

To

(m)

Width

(m)

Au

(g/t)

QVRC494

1201576

822549

384

-62

94

252

110

116

6

3.55

QVRC507

1202501

823052

343

-55

90

143

102

108

6

5.26

QVRC511

1202400

822992

345

-56

90

183

107

123

16

4.74

QVRC512

1200699

822414

393

-89

89

151

99

114

15

4.35

QVRC515

1201454

822487

371

-55

89

217

124

139

15

2.86

and







161

168

7

6.56

QVRC522

1200849

822437

384

-61

87

163

119

125

6

13.79

and







145

157

12

2.88

QVRC533

1200650

822444

394

-90

276

157

45

72

27

6.62

QVRC534

1201255

822411

374

-58

87

196

138

157

19

4.32

and







162

171

9

3.26

QVRC535

1200747

822433

388

-89

182

138

106

122

16

2.69

QVRD504

1201648

822516

383

-56

76

278.1

133

145

12

2.64

QVRD505

1201549

822534

379

-55

89

272.1

131

141

10

7.14

QVRD506

1201750

822546

379

-55

90

302.1

180

188

8

6.56

QVRD517

1201002

822404

380

-64

85

181.6

155

161

6

11.83

QVRD518

1200800

822421

387

-57

85

212.6

109

123

14

3.74

QVRD519

1201950

822635

356

-66

86

252.5

138

161

23

2.21

and







171

182

11

3.61

and







228

240

12

2.31

QVRD526

1202202

822851

349

-57

88

200.6

161

171

10

2.47

QVRD527

1201898

822646

359

-61

88

257.7

180

206

26

7.8

ALRC123

1197658

822092

367

-53

110

54

15

25

10

3.12

SERC165

1198030

821650

346

-56

87

120

53

59

6

4.32

and







101

104

3

7.49

SERC167

1198055

821575

345

-55

111

120

41

44

3

17.33

and







57

60

3

6.92

and







93

98

5

4.48

SERC170

1198113

821630

347

-55

119

120

87

95

8

2.91

SERC172

1198026

821596

345

-55

108

100

56

61

5

8.31

SERC173

1198012

821551

350

-54

109

156

96

103

7

6.68

SERC174

1197985

821560

350

-56

109

160

48

51

3

7.74

and







144

151

7

4.63

SERC202

1198135

821571

351

-55

110

204

75

80

5

5.66

SERC204

1198099

821519

345

-56

107

153

118

125

7

5.88

SERC208

1197901

821512

367

-55

110

162

57

66

9

4.66

SERC217

1197868

821528

365

-56

110

127

39

50

11

2.38

SERC221

1197617

821543

346

-55

109

109

50

61

11

2.06

 

Notes to Accompany Table:

Grid coordinates are WGS84 Zone 29 North

RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample

Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=2m and >20 gram x metres are reported

Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish; over-range results are reanalysed by 30g fire assay fusion with gravimetric finish

 

 

 

 

 


Table 1 - Section 1: Syama North Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Sampling techniques

· Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

The samples were collected from reverse circulation (RC) and diamond drill holes.

RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis. . Following splitting adjacent to the bottom-of-hole orientation line, the right-hand side of the core is sampled in 1m intervals

Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.

Drilling techniques

· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, 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 oriented and if so, by what method, etc.).

Drill types used include reverse circulation with face sampling bit and core drilling using PQ and HQ sized bits. A digital core orientation system is used to define the bottom of the hole which is transferred to the drilled core..

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.

No apparent relationship is noted between sample recovery and grade.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

· The total length and percentage of the relevant intersections logged.

Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically-domained intervals.

Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample. Core samples were sawn using a diamond saw blade with half of the core sent for analysis.

Sample preparation includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Reverse circulation and core field duplicates were collected by the company at a rate of 1:20 samples.

Sampling, sample preparation and quality control protocols are of industry standard and all attempts were made to ensure an unbiased representative sample was collected.  The methods applied in this process were deemed appropriate by the Competent Person.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay fusion with AAS instrument finish (method code Au-AA25). Over-range results were re-analysed and reported by 30g fire assay fusion with gravimetric finish (method code Au-GRA21). The analytical method was appropriate for the style of mineralisation.

No geophysical tools were used to determine elemental concentrations.

Quality control (QC) procedures included the use of certified standards (1:40), non-certified sand blanks (1:40) and reverse circulation/core field duplicates (1:20).

Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats, grind size results and sample weights were also captured into the digital database.

Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

Verification of significant intersections have been completed by company personnel and the Competent Person.

No drill holes within the resource area were twinned.

Drill holes were logged into digital templates with lookup codes, validated and then compiled into a relational SQL 2012 database using DataShed data management software. The database has verification protocols which are used to validate the data entry. The drill hole database is backed up on a daily basis to the head office server.

Assay result files were reported by the laboratory in PDF and CSV format and imported into the SQL database without adjustment or modification.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of 0.05m; elevations were height above EGM96 geoid.

Down hole surveys were collected at 10m intervals using a Reflex EZ-Gyro north seeking instrument.

Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.

Tabakoroni drill holes were translated to local mine grid coordinates using 1 point and rotation.

Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data-spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code.

The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person.

Samples were collected on 1m intervals; no sample compositing is applied during sampling.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Holes were drilled predominantly perpendicular to mineralised domains where possible.

No orientation-based sampling bias has been identified in the data.

Sample security

· The measures taken to ensure sample security.

Samples were collected from the drill site and stored on site. All samples were individually bagged and labelled with unique sample identifiers, then securely dispatched to the laboratories. All aspects of sampling and dispatch process were supervised and tracked by SOMIFI personnel.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

External audits of procedures indicate protocols are within industry standards.

 

Section 2 Reporting of Exploration Results

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Drilling at Syama was conducted within the Malian Exploitation Concession Permit PE 93/003 which covers an area of 200.6 Km2.

Resolute Mining Limited has an 80% interest in the Syama project and the Exploitation Permit PE 93/003, on which it is based, through its Malian subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government holds a free carried 20% interest in SOMISY.

Tabakoroni drilling was completed within the Finkolo-Tabakoroni Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation Permit PE 13/19, through its Malian subsidiary, Société des Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried 10% interest in SOMIFI and a free carried 5% interest is held privately.

The Permits are held in good standing. Malian mining law provides that all Mineral Resources are administered by DNGM (Direction Nationale de la Géologie et des Mines) or National Directorate of Geology and Mines under the Ministry of Mines, Energy and Hydrology.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

The Syama deposit was originally discovered by a regional geochemical survey undertaken by the Direction National de Géologie et des Mines (DNGM) with assistance from the United Nations Development Program (UNDP) in 1985. There had also been a long history of artisanal activities on the hill where an outcropping chert horizon originally marked the present day position of the open pit.

BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes across Syama prospects. Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC and diamond drill holes across Syama prospects.

Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore, RC and diamond drill hole tails. The Tabakoroni area was previously explored Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling.

Geology

· Deposit type, geological setting and style of mineralisation.

The Syama Project is found on the northern margin of the Achaean-Proterozoic Leo Shield which forms the southern half of the West African Craton. The project area straddles the boundary between the Kadiana-Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane comprises polymictic conglomerate and sandstone that were sourced from the Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.

Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimian volcano-sedimentary units of the Syama Formation. The major commodity being sought is gold.

The Tabakoroni deposit is hosted in upright tightly folded greenstone rocks of the Syama Formation, comprising interbedded basalt and sediment units, and an overlying complex sequence of deep marine and turbiditic sediments. The sequence overlying the basalts contains interbedded carbonaceous units (silts and shales) that are preferentially deformed, and which form the Tabakoroni Main Shear Zone (TMSZ) that lies along the approximate contact of the greenstone-sediment sequence. Gold mineralisation occurs within the TMSZ associated with quartz vein stockworks and stylolitic quartz reefs.

 

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

whole 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.

All information, including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, intercept length and depth are measured and recorded in UTM Zone 29 WGS84.

The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet NC 29-XVIII).

The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate system.

Spectrum Survey & Mapping from Australia established survey control at Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29 (WGS84) and 'above geoid' RL for the origin of the survey control points.

Accuracy of the survey measurements is considered to meet acceptable industry standards.

Drill hole information has been tabulated for this release in the intercepts table of the accompanying text.

For completeness the following information about the drill holes is provided:

· Easting, Northing and RL of the drill hole collars are measured and recorded in UTM Zone 29 (WGS84)

· Dip is the inclination of the drill hole from horizontal. A drill hole drilled at -60° is 60° from the horizontal

· Down hole length is the distance down the inclination of the hole and is measured as the distance from the horizontal to end of hole

· Intercept depth is the distance from the start of the hole down the inclination of the hole to the depth of interest or assayed interval of interest.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

Exploration results reported in this announcement are tabulated using the following parameters:

· Grid coordinates are WGS84 Zone 29 North

· Cut-off grade for reporting of intercepts is >=1g/t Au

· No top cut of individual assays prior to length weighted compositing of the reported intercept has been applied

· Maximum 3m consecutive internal dilution included within the intercept

Metal equivalent values are not used in reporting.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

The Syama mineralisation is steeply dipping at approximately 60 degrees from the horizontal.

The majority of the Tabakoroni mineralisation is vertical.  There is one domain which dips at 45o to the west.

The majority of the drill holes are planned at a general inclination of ‑60 degrees east and as close to perpendicular to the ore zone as possible. 

At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Relevant maps, diagrams and tabulations are included in the body of text.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced, to avoid misleading reporting of Exploration Results.

Exploration results and infill drilling results are being reported in this announcement and tabulated in the body of the text.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

No geophysical and geochemical data or any additional exploration information has been reported in this release, as they are not deemed relevant to the release.

Further work

· The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Further drilling is planned.

 

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