ASX Announcement
April 8, 2015
Genesis Minerals Limited
ASX Code: GMD Issued Capital
344.8mi l l ion s ha res
43.2 mi l l i on opti ons
Current Share Price
$0.010
Market Capitalisation
$3.4 mi l l i on
Board Members
Ri cha rd Hi l l
Cha i rma n
Mi cha el Fowl er
Ma na gi ng Di rector/CEO
Da mi a n Del a ney
Non-Executi ve Di rector
Compa ny Secreta ry
Major Shareholders - >5%
Mi cha el Foti os a nd As s oci a tes
Teck Res ources Li mi ted
ABN: 72 124 772 041
Registered Office
Uni t 6, 1 Cl i ve St
Wes t Perth, WA, Aus tra l i a , 6005
PO BOX 437, Wes t Perth
WA, Aus tra l i a , 6872
T: +618 9322 6178
i nfo@genes i s mi nera l s.com.a u www.genes i s mi nera l s .com.a u
Chile Office
Av. Es tori l 200
Ofi ci na 837
La s Condes
Sa nti a go, Chi l e
HIGH-GRADE RESULTS RETURNED FROM 1M SPLITS
Highlights
• Results from 1m split samples (previously reported composite samples) confirms shallow high-grade oxide gold mineralisation at Genesis Minerals Limited's 100% owned Viking Gold Project, Western Australia
• Near surface mineralisation returned at Beaker 2 (see Figure 1)
includes:
5m @ 9.3 g/t gold from 26m
2m @ 5.7 g/t gold from 44m
3m @ 8.2 g/t gold from 40m
• Upcoming drilling over 1.5km strike length will continue the systematic infill and extensional drill testing of the strike extensive Beaker 2 oxide gold zone with an initial resource estimate anticipated at the completion of this program
Figure 1 Beaker 2 Cross Section 6,420,085N
• Viking close to existing under-utilised gold mills and mining infrastructure
• Genesis focussed on defining shallow gold resources capable of being rapidly and efficiently advanced towards development
Genesis Minerals Limited (ASX: GMD) ('Genesis') is pleased to announce it has received analytical results from 1m samples of previously reported composite samples released in February 2015 (see GMD ASX Release dated February 9, 2015) from the Viking Gold Project ("Viking" or "the Project"), Western Australia.
ASX Release 8 April 2015 1
Genesis Minerals Limited
Beaker 2 Prospect
At Beaker 2 eleven RC holes were completed in December 2014 over a 500m strike of the 1,500m long oxide gold zone with drilling centred on a +100m wide sub horizontal blanket of oxide mineralisation (see GMD ASX Release dated February 9, 2015).
Wide zones of shallow oxide mineralisation (commencing at approximately 8m below surface) (Figures 1 and
2 and Table 1) were confirmed by the results from 1m split sampling from Beaker 2 including:
|
14VKRC015
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5m @ 9.3 g/t gold from 26m
8m @ 0.7 g/t Au from 8m
|
|
14VKRC016
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2m @ 1.2 g/t gold from 21m
|
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14VKRC017
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2m @ 5.7 g/t gold from 44m
1m @ 2.6g/t gold from 10m
3m @ 1.5 g/t gold from 21m
|
|
14VKRC019
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3m @ 8.2 g/t gold from 40m
3m @ 0.7g/t gold from 30m
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Mineralisation is interpreted to form sub-horizontal blankets within the weathered profile at Beaker 2.
Future drilling over the 1.5km strike length will include shallow extensional and infill drilling to identify the limits of the oxide mineralisation as well as deeper drilling to identify the source of primary mineralisation. A resource estimate is targeted for completion soon after compilation of future drilling results (if drilling is successful).
Figure 2 Beaker 2 Drill Hole Plan
ASX Release 8 April 2015 2
Genesis Minerals Limited
Auger defined gold anomalies
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Dr Bunsen Prospect
Figure 3 Viking Project Location with regional geochemistry on 1VD magnetic image
Beaker 4 Prospect
Analytical results from 1m splits defined from composite sampling of the high-grade gold surface (see Figure
4 and 5 and Table 1) defined at Beaker 4 West includes :
14VKRC027 1m @ 3.1 g/t gold from 124m
1m @ 3.8 g/t gold from 129m
14VKRC028 4m @ 1.4g/t gold from 75m including 1m @ 4.4 g/t gold
Holes 14VKRC027 and 14VKRC028 intersected pyritic, laminated quartz veins associated with a moderately east dipping biotite - sericite altered shear zone.
The high-grade gold shoot identified to date on the Beaker 4 West structure remains open and requires further testing particularly at depth.
Additional Exploration
In addition to the follow-up drilling at Beaker 2, further exploration in the coming months will target the strike extent of known mineralisation at the Beaker Prospect as well as the assessment of a number of the auger defined regional gold anomalies (including the Dr Bunsen Project) throughout the Viking Project.
ASX Release 8 April 2015 3
Genesis Minerals Limited
Figure 4 Beaker 4 West Structure Long Section
Figure 5 Beaker 4 Cross Section
ASX Release 8 April 2015 4
Genesis Minerals Limited
Table 1 Viking 1m Split Intercepts > 0.5 g/t gold - December 2014 Program
Hole
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MGA_94_East
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MGA_94_North
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mRL
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Total
Depth
|
Az
|
Dip
|
From
|
To
|
Interval
(m)
|
Au
(ppm)
|
Prospect
|
14VKRC015
|
412,901
|
6,420,074
|
277
|
80
|
270
|
-60
|
8
|
16
|
8
|
0.7
|
B2
|
26
|
31
|
5
|
9.3
|
inc.
|
29
|
30
|
1
|
29.7
|
14VKRC016
|
412,937
|
6,420,086
|
275
|
80
|
270
|
-60
|
20
|
24
|
4
|
0.75
|
B2
|
inc.
|
21
|
23
|
2
|
1.2
|
44
|
46
|
2
|
5.7
|
14VKRC017
|
412976
|
6420082
|
278
|
80
|
270
|
-60
|
10
|
11
|
1
|
2.6
|
B2
|
22
|
25
|
3
|
1.5
|
40
|
43
|
3
|
8.2
|
14VKRC019
|
412,860
|
6,419,919
|
279
|
80
|
270
|
-60
|
30
|
33
|
3
|
0.7
|
B2
|
14VKRC027
|
407,979
|
6,420,977
|
303
|
142
|
270
|
-60
|
124
|
125
|
1
|
3.1
|
B4
|
129
|
130
|
1
|
3.8
|
14VKRC028
|
407,940
|
6,420,946
|
300
|
124
|
270
|
-60
|
75
|
79
|
4
|
1.4
|
B4
|
inc.
|
75
|
76
|
1
|
4.4
|
Viking Project Background
The Project comprises 6 granted exploration licences that cover some 550km2 and is located approximately 600km east of Perth and 30km south east of the town of Norseman (see Figure 6). Access to the project area from Kalgoorlie is via the sealed Celebration and Kambalda roads to the Coolgardie- Esperance Highway to Norseman then various 4WD tracks within the Project. Access into the Project is east along the old Telegraph Track, 18km south of Norseman via the Coolgardie-Esperance Highway.
Genesis purchased the Viking Project off AngloGold Ashanti Australia Limited's during the March 2014
Quarter (see GMD ASX Release dated March 3, 2014). The Project comprises a significant landholding in the Proterozoic Albany-Fraser Orogen ("AFO") and adjoining eastern margin of the Archaean Yilgarn Craton in what is considered an emerging mineral province that has delivered the Tropicana gold and Nova-Bollinger nickel discoveries.
The Project had received limited exploration prior to AngloGold Ashanti commencing ground acquisition in
2007. The majority of the historic work was completed in the Project area was by Western Collieries in the early 1980s exploring for lignite/coal within palaeochannels along the eastern margin of the tenements. No economic coal occurrences were identified.
Geology
The Project overlies the south-eastern margin of the Yilgarn Craton and the adjacent Northern Foreland zone of the AFO. The Northern Foreland zone is interpreted as variably reworked granites and metasediments of the Yilgarn. Northwest-oriented Yilgarn structural trends can be identified within the Northern Foreland however the effects of the northeast trending AFO becomes more pronounced towards the Biranup zone to the southeast. Well-developed pedogenic calcrete commonly overprints recent cover sequences.
The Beaker prospect is located immediately southeast of the NE trending Jerdacuttup Fault within the Northern Foreland zone of the AFO. Beaker is located dominantly within a block of variably sheared, folded and thrusted Archaean granites that retain some Yilgarn structural trends (NW - SE) and are little affected by the Albany Fraser orogeny. This block is bounded by a splay of the major Jerdacuttup Fault to the northwest and by a shear zone to the southeast. Both of these structures trend approximately northeast-southwest, parallel to the AFO.
ASX Release 8 April 2015 5
Genesis Minerals Limited
For further information:
Figure 6 Regional Location
Contact - Michael Fowler+61 8 9322 6178 or [email protected]www.genesisminerals.com.au
COMPETENT PERSONS STATEMENTS
The information in this report that relates to Exploration Results is based on information compiled by Mr. Michael Fowler who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Fowler has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr.
Fowler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
ASX Release 8 April 2015 6
Genesis Minerals Limited
JORC CODE, 2012 EDITION - TABLE 1
SECTION 1 SAMPLING TECHNIQUES AND DATA - VIKING PROJECT
Criteria
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JORC Code explanation
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Certified Person Commentary
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Sampling techniques
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Na tu re an d q uality of samplin g (e g cu t cha nne l s , ra ndom chi ps , or s pe ci fi c
s pe ci a l i s e d i ndus try s ta nda rd me a surement tools a ppropriate to th e mi ne rals und er investigati on, s uch a s down hol e ga mma s onde s , or ha ndheld XRF instruments, etc). These e xa mpl e s s houl d not be ta ke n a s
limitin g th e b road me an in g of s amp lin g.
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Sa mpling was underta ke n us i ng s ta nda rd i ndus try pra cti ce s wi th re ve rs e ci rcu lation (RC) d rill i n g.
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Sampling techniques
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I n cl ud e re feren ce to measures taken to e ns ure s ample re presenti vi ty a nd the
ap p rop riate calib ration of an y me a surement tools or s yste ms u se d .
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Drill h ole co -ordi na te s a re i n UTM gri d (GDA94 Z51) a nd we re me a s ure d by ha nd -he l d GPS wi th a n a ccura cy of ±4 me tre s .
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Sampling techniques
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As pe cts of the de te rmi na ti on of
mi n e ralisation th at are Ma terial to th e Pu b l ic Re port. I n cases wh ere 'i ndustry s ta nda rd' work ha s be e n done thi s wou l d b e re lative ly simple (eg 're verse ci rcu l ation d rilling was u sed to obtain 1 m s a mp l e s from wh i ch 3 kg wa s pul ve rised to produce a 30 g cha rge for fi re a s s a y'). I n oth e r ca s e s more e xpl anation ma y be re quire d, s uch a s whe re the re i s coa rs e gol d tha t ha s
i nhere nt sampling problems. Unus ua l commod ities or mi neralis ation typ e s (e g s u bmarine n od ul e s ) may wa rran t d is clos u re of d e taile d in formation .
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RC dri lling wa s us e d to obta i n 1 m s a mpl e s from whi ch 3 kg wa s
pul ve ri s e d to produce a 50 g cha rge for fi re a s s a y.
RC s amp le s we re s p lit u s in g a rig-mounte d cone s pl i tte r on 1m
i n te rvals to obtain a sample for assay. 5m Comp osite sp e a r s a mp l e s we re collected for e ach h ole. 1m samples we re su bmitte d to th e l a b for in te rvals of min e ralis ation or an omalis m >~0.1 g/t gol d .
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Drilling techniques
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Dri l l typ e (e g core , reve rse circu lati on ,
op e n -hole h amme r, rota ry air b las t, au ge r, Bangka, sonic, e tc) an d d e tails (e g core d iameter, tri p l e or s ta n d a rd tube , de pth of di a mond ta i l s , fa ce - s a mpl i ng bi t or othe r type , whe the r core i s ori e nte d a nd i f s o, by wha t me th od , e tc).
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RC face s amp lin g d rilling was comp le te d u s in g a 5.75" d rill b it.
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Drill sample recovery
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Me thod of re cordi ng a nd a s s e s s i ng
core a nd chip sampl e re cove ri e s a nd re su l ts a sse sse d .
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Re ve rs e circu lation sample recoveries were vi sually e stimated to be of
a n i ndus try a cce pta bl e s ta nda rd. Moi s ture conte nt a nd s a mpl e re cove ry i s re cord e d for e a ch RC s a mp l e .
|
Drill sample recovery
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Me as ures taken to maximis e s amp le re cove ry a n d e n s u re re p re s e n ta ti ve
na ture of the s a mpl e s .
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Th e ma jority of s amples were d ry a n d ve ry l imited ground wate r wa s e ncounte re d.
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Drill sample recovery
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Wh e th er a re lationship exists b etween
s a mpl e re cove ry a nd gra de a nd wh e th e r s amp le b ias may h a ve occurre d due to preferential l oss/ga i n of fin e /coa rs e mate rial.
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No bi a s wa s note d be twe e n s a mpl e re cove ry a nd gra de .
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Logging
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Whe ther core and chip sa mpl e s ha ve
be e n geologically a nd ge ote chni cally l ogged to a l evel of d e ta i l to s u p p ort ap p rop riate Min e ral Re s ou rce e s ti ma ti on, mi ni ng s tudi e s a nd
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Th e d e tail of l ogging is considered suitable to su pport a Mi neral
Re s ource estimation.
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ASX Release 8 April 2015 7
Genesis Minerals Limited
me tallu rgical s tu d ie s .
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Wh e th e r loggin g is q u alitati ve or qua ntitati ve in n atu re . Core (or
cos te an, cha nne l , e tc) photogra phy.
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Loggi n g of lith ology, s tructure , alteration, min eralisation, re golith and ve in in g was u n d e rtake n at 1m in te rvals .
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Th e tota l length a nd p ercentage of th e
re l e va n t i n te rs e cti on s l ogge d .
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All d rill h ole s we re logge d in fu ll.
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Sub-sampling techniques and sample preparation
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I f core , whe the r cut or s a wn a nd
wh e th er q uarte r, h alf or all core ta ken .
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Drilling was comp le te d u s in g RC.
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Sub-sampling techniques and sample preparation
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I f n on -core , whe the r ri ffl e d, tube
s a mpled, rotary s plit, e tc an d wh e th e r s a mpl e d we t or dry.
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Re ve rs e circu lation h oles were sampled a t 1m in tervals collected via a
cycl one , dus t col l e cti on s ys te m a nd cone s pl i tte r.
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Sub-sampling techniques and sample preparation
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For all s amp le typ e s , th e n atu re ,
qua l i ty a nd a ppropri a te ne s s of the s a mpl e pre pa ra ti on te chni que .
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Sa mp les were an alysed at I ntertek Genalysis in Pe rth . Sa mp l e s we re
dri e d at approximately 120°C wi th the sample then bei ng pre s e nte d to a rob otic ci rcuit. I n th e rob otic ci rcuit, a modified an d a u toma te d Boyd crus her crushes the samples to -2mm. The re sulting material i s the n passed to a series of modified LM5 pulverisers a nd ground to a nomi nal 85% passing of 75μm. The mille d pul ps we re we i ghe d out (50g) a nd underwe nt a na l ys i s by fi re a s s a y (me thod FA50/OE04).
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Sub-sampling techniques and sample preparation
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Qua l ity control procedures adopted for
all s ub-samplin g s ta ge s to ma ximis e re p re s e n ti vi ty of s a mp l e s .
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Ge n e sis su bmitted standards a nd b lanks i nto th e sample s equen ce a s
p a rt of th e QAQC p roce s s . CRM's we re i n s e rte d a t a ra ti o of ap p roximate ly 1-in -40 s a mp l e s .
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Sub-sampling techniques and sample preparation
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Me a s ure s ta ke n to e ns ure tha t the s a mpling is re presentative of the in situ
mate rial colle cte d , in clu d in g for in s tan ce re s u lts for fie ld dupl i ca te /s e cond -h alf s amp lin g.
|
Sa mpl i ng wa s ca rri e d out us i ng Ge ne s i s ' protocol s a nd QAQC
proce dures a s per industry bes t pra cti ce . Dupl i ca te s a mpl e s we re
routi ne l y s ubmi tte d a nd ch e cke d again s t origin als .
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Sub-sampling techniques and sample preparation
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Wh e th er s ample sizes are a pp ropri a te to the gra in size of the materia l be i ng
s a mpl e d.
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Sa mp le sizes a re considered to b e ap prop riate to corre ctly re p re s e n t the s tyl e of minera l i s a ti on, the thi ckne s s a nd cons i s te ncy of the
i n te rs e cti on s .
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Quality of assay data and laboratory tests
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The na ture , qua l i ty a nd
a ppropriateness of the a s s a yi ng a nd l a bora tory proce dure s us e d a nd whe ther the te chnique i s cons i de re d p a rtial or total.
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An a l ytical samples were a nalysed th rough I ntertek Genalysis i n Pe rth .
All RC s amp le s we re an al ys e d b y 50g Fi re As s a y.
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Quality of assay data and laboratory tests
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For ge op hysical tools, s p e ctrome te rs ,
ha ndhe l d XRF i ns trume nts , e tc, the pa ra meters use d i n de te rmi ni ng the a na lysis i ncl udi ng i ns trume nt ma ke a n d model, re ading times, ca lib ration s fa ctors app lie d a nd the i r de ri va ti on, e tc.
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No ge op hysical tool s we re u s e d to e s ti ma te mi n e ra l or e l e me n t
p e rce n ta ge s .
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Quality of assay data and laboratory tests
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Na ture of quali ty control proce dure s
a dopte d (e g s ta nda rds , bl a nks , d u p licates, e xternal laboratory ch e cks) a nd whe the r a cce pta bl e l e ve l s of a ccu ra cy (i e lack of b ias) a nd p recisi on ha ve be e n e s ta bl i s he d.
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I n a ddition to Genesis' s tanda rds , dupl i ca te s a nd bl a nks , I nte rte k
Ge n alysis in corp orated lab oratory QAQC i n cl uding s tan dards , b l a n ks a n d re p eats as a standard p roced ure. Ce rti fied re fe re n ce ma te ri als th a t a re releva nt to th e typ e a nd s tyle of mineralisation ta rgeted were in s e rte d at re gu lar in te rvals .
Re s ults from ce rtified re fere nce material h ighligh t that s ample a s s a y valu e s a re accu rate .
Dupl icate a nalysis of samples s howe d the pre ci s i on of s a mp le s is with in acce p tab le limits .
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Verification of sampling and assaying
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Th e ve rification of s ign ifican t
i n te rsections b y e ither i nd ependen t or a l te rna ti ve compa ny pe rs onne l .
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The Ma naging Director of Genesis a nd a n i nde pe nde nt cons ul ta nt
ve rifie d s ign ifican t i n te rce p ts .
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Verification of sampling and assaying
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The us e of twi nne d hol e s .
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No twi n n ed h oles were completed. Exp loration of th e p roject is at a n e a rly s tage .
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ASX Release 8 April 2015 8
Genesis Minerals Limited
Docu me ntation of p rima ry d ata, d ata e ntry proce dure s , da ta ve ri fi ca ti on,
d a ta storage (p hysical and e l e ctron i c)
p rotocol s .
|
Loggi n g of d ata was completed i n th e field with logging data e n te re d us i ng a Toughbook with a s ta nda rdi s e d e xce l te mpl a te wi th drop
down fi e l ds .
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Di s cuss any a d justment to a ssay d ata.
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No a djus tme nts ha ve be e n ma de to a s s a y da ta .
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Location of data points
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Accu ra cy a n d q uality of surve ys used to
l oca te d rill h oles (collar a nd d own -hole s urve ys ), tre nches, mine workings a nd oth e r location s u s e d in Min e ral Re s ou rce e s ti ma ti on .
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Al l ma ps and sample l ocations a re in MGA Zone51 GDA grid a nd h a ve
be e n measured by ha nd -he l d GPS wi th a n a ccura cy of ±4 me tre s .
Col l ar l oca ti ons we re pl a nne d a nd the n l a te r pi cke d up us i ng a ha ndheld Garmin GPS and down-hole s urve ys we re re cord e d wi th a s in gle s h ot in s tru me n t. Drill h ole d ip s va ry.
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Location of data points
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Spe ci fication of the grid s ys te m us e d.
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Gri d s ys te m us e d i s the MGA Zone 51 GDA gri d
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Location of data points
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Qu ality a nd a dequ acy of top ograp h ic
con trol .
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Dri l l h ole RL's are +-10. Topographic con trol is considere d a d e q u a te
for th e s ta ge of e xp l ora ti on .
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Data spacing and distribution
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Data s p acin g for re p ortin g of
Exp lorati on Re s ul ts .
|
Va ri able d rill h ole spacings were u sed to complete a first pas s te s t of
s ome p rospects . Min imu m lin e s s p acin g is ap p roximate ly 200m
|
Data spacing and distribution
|
Whe the r the da ta s pa ci ng a nd
di s tribution is suffi ci e nt to e s ta bl i s h th e d e gre e of ge ol ogi ca l a n d gra d e con ti n uity a ppropriate for th e Mi nera l Re s ource a nd Ore Reserve e sti ma ti on p roce d u re (s ) an d clas s ification s a ppl i e d.
|
The mi neralisation has not ye t been demonstrated to have s uffi ci e nt
con ti n uity to s upp ort th e d efinition of Mi neral Resource a nd Reserves unde r the cl a s s i fi ca ti on a ppl i e d unde r the 2012 JORC Code .
|
Data spacing and distribution
|
Wh e th er s ample compositing has been
a ppl i e d.
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No compos i ti ng ha s be e n a ppl i e d.
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Orientation of data in relation to geological structure
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Whe ther the orientation of s a mpl i ng
a ch i eves u nbiased sampling of possible s tru ctu res a nd th e exten t to which this
i s known, considering the deposit type.
|
Th e p re cise d ip an d strike of th e mineralisation is n ot ye t kn own a n d
it is u n cle ar at th is s tage wh e th e r an y s amp lin g h as a s e t b ias .
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Orientation of data in relation to geological structure
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I f th e re lationship b etween th e d rilling ori e n tation an d th e orientation of ke y
mi n e ralised stru ctures is con sid ered to h a ve i ntroduced a sampling b i a s , th i s s hould be a s s e s s e d a nd re porte d i f mate rial.
|
No orie n tation b as e d s amp lin g b ias is kn own at th is time .
|
Sample security
|
Th e me asures ta ken to e nsure s amp l e
s e cu ri ty.
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Cha i n of custody was managed by Ge nesis. No issues we re re porte d.
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Audits or
reviews
|
Th e re s ults of a ny a udits or re vie ws of
s a mpl i ng te chni que s a nd da ta .
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No a udi ts or re vi e ws of s a mpl i ng te chni que s a nd da ta we re
compl e te d.
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SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria
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JORC Code explanation
|
Certified Person Commentary
|
Mineral tenement and land tenure status
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Typ e , re fe re n ce n a me /n u mb e r,
l oca ti on a nd owne rs hi p i ncl udi ng agre e ments or mate rial is s u e s with thi rd pa rti e s s uch a s joi nt ve nture s , p a rtn e rs h ip s , ove rrid in g royaltie s , n ati ve ti tle i nterests, h is torical s ite s , wild e rn e s s or n ation al p a rk an d e nvi ronme nta l s e tti ngs .
|
Th e p roje ct covers an area of ab out 550km2 a nd i s cen tred on an a rea
a p p roximately 35km s outh east of Norseman, ap proxima te l y 170 km s ou th -southeast of Ka lgoorlie wi thi n the Dunda s Mi ne ra l Fi e l d of We s tern Australia. Unallocated Crown l and unde rl i e s the northe rn an d we s te rn ma rgin s of th e a re a with th e majority of th e a re a corre s p ondin g to l and de s i gna te d a s the Dunda s Na ture Re s e rve (36957).
Acce s s to th e p roje ct a re a from Kalgoorlie is via th e s e ale d Ce le b ration an d Kamb ald a road s to th e Coolga rd ie -Es pe ra nce Hi gh way to Norseman. Th e p referred access into th e p roje ct i s e a s t along th e old Te l e gra ph Tra ck, 18km s outh of Nors e ma n vi a the
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Coolga rd ie -Es pe ra nce Hi ghwa y.
Angl oGold Ashanti ha s the ri ght to a de fe rre d pa yme nt of $2 pe r Me a s ured or I ndicated (JORC 2012) Re s ource ounce de fi ne d on or pa rti a l l y on the Te ne me nt Are a a s quote d i n the fi rs t publ i c a n n ouncement of a Me asured or I ndicated Resou rce on or p a rti a l l y on th e Te nement Are a. A roya l ty e qual to 1.25% of th e Ne t Sme l te r Re turn ge ne ra te d from the s a l e of a ny gol d produce d from the Te ne ment Are a, afte r comme rci a l producti on of 25 000 oun ce s i s p a yab le .
Th e Proje ct comp ri s e s e xp l ora ti on l i ce n ce s E63/1085, E63/1086, E63/1087, E63/1172, E63/1196 a n d E63/1198.
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Th e s e curity of th e te nure h e l d a t th e
time of re p ortin g alon g with an y known i mpe di me nts to obta i ni ng a
l i ce n ce to op e ra te i n th e a re a .
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The te ne me nts a re i n good s ta ndi ng.
A Cons erva tion Ma nagement Pl an i s i n pl a ce a nd a pprove d by the
De p a rtme n t of Pa rks an d Wild life .
Envi ronmental flora surveys a re re quired be fore ground di s turbi ng acti vitie s a re comp le te d .
He ri tage agreements are i n p lace. I n Dece mb e r 2012, a Nati ve Title d e te rmination was made re cognising "Native ti tle e xists i n re lation to th e lan d an d wate rs with in th e a re a of th e Ngad ju Trial Are a proce e di ng". Al l of the te ne me nts a re wi thi n the Nga dju de te rmi na ti on.
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Exploration done by other parties
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Acknowl e dgme nt a nd a ppra i s a l of
e xpl ora ti on by othe r pa rti e s .
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An gl oGold Ashan ti completed th e followin g a ctivities b etween 2007
a n d 2013:
• Comp i lation a nd re view of historical e xploration
• Comp i lation of re gional ge ological a nd re golith maps
• Fi rs t-pass a nd follow-up /in fill a uger sampling
• Fi e ld map ping and rock-chip samplin g
• Ai rb orn e Ma gn etic s urve y completed a t re gional 200 m l i ne s p a cing and smaller p rosp ect areas surve yed at 50 m or 100 m l i n e s pacin g
• Ai rb orn e Electromagnetic su rvey comp leted over th e
Be a ker p rospect
• I n te rp retation of geophysical and geoch emical datasets
• Dri l ling at th e Beaker p rospect.
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Geology
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De p osit typ e , ge ological s e ttin g an d s tyle of min e ralis ation .
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Th e Vi king Project te nements overlie favourable lithologies in cludi ng
Arch a e an re mnants within th e North ern Forelan d of th e AFO (i e th e
Nors e man Greenston e Belt). Mi neralisation d iscove red is associ a te d wi th n arrow q uartz sulp hide ve ins as well oxide mineralisation a t th e b as e of s ap rolite .
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Drill hole
Information
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A s u mmary of all in formation materia l to the unde rs ta ndi ng of the
e xp loration re s u lts in clu d in g a ta b u lation of th e following in formation for all Mate rial d rill h ole s :
o e a stin g a nd n orthing of the drill h ole collar
o e l e vation or RL (Re duced Leve l
- e leva tion ab ove s ea le ve l in me tre s) of th e d rill h ole col l a r
o di p a nd a zi muth of the hol e
o down hol e l e ngth a nd i nte rce pti on de pth
o hol e l e ngth.
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Appropriate ta bulations for drill re sults ha ve be e n i ncl ude d i n thi s re le as e as Tab le 1.
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Drill hole
Information
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I f th e e xclusion of this i n formation is
jus ti fi e d on the ba s i s tha t the in formation is n ot Mate rial an d th is e xcl usi on doe s not de tra ct from the unde rs ta ndi ng of the re port, the Compe te nt Pe rs on s houl d cl e a rl y
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Ap p rop riate ta bulations for d rill re sults h a ve be e n i ncl ude d i n thi s
re l e a s e .
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e xp lain wh y th is is th e cas e .
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Data
aggregation methods
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I n re porti ng Expl ora ti on Re s ul ts , we i ghti ng a ve ra gi ng te chni que s ,
ma xi mu m a n d /or mi n i mu m gra d e trunca tions (eg cutting of high grade s ) a nd cut-off grades a re usu ally Ma terial a nd s houl d be s ta te d
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No top cu ts we re app lied . I nterce pts results were formed from we i ghted averages.
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Data
aggregation methods
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Wh e re a ggre ga te i n te rce p ts
i n corp orate s hort l engths of high grade re s u lts and longer l engths of low grade re s ults, the proce dure us e d for s uch a ggre ga ti on s houl d be s ta te d a n d s ome typ ical e xamp le s of s u ch a ggre ga ti ons s houl d be s hown i n d e tail.
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A ma xi mum of 1m of i nternal d ilution was in cluded .
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Data
aggregation methods
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The a s s umpti ons us e d for a ny
re p orti ng of me tal e q u i vale n t valu e s s houl d be cl e a rl y s ta te d.
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No me ta l e quivalent va lues are cu rre ntly u sed for re porting of
e xp l oration resu lts
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Relationship between mineralisation widths and intercept lengths
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Th e s e relation s h ip s a re p a rticu la rly
i mporta nt i n the re porti ng of
Exp loration Re s u lts .
I f th e ge ometry of th e min eralis ation wi th re sp ect to th e d rill h ole an gle is known, its nature s hould be re porte d.
I f i t i s not known a nd onl y the down h ol e l engths are re p orted, there should b e a cl ear s tatement to th is e ffe ct (e g
'down hol e l e ngth, true wi dth not known').
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An a ccu ra te d ip a nd s trike a nd th e co n trols on mineralisation a re ye t
to be de termined a nd the true wi dth of the i nte rce pts a re not ye t known.
Onl y down hol e l e ngths a re re porte d.
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Diagrams
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Appropriate maps a nd s e cti ons (wi th s ca les) and tabula ti ons of i nte rce pts
s h ould b e inclu ded for a ny s i gn ifican t d i s cove ry b eing re porte d Th ese s hou ld i ncl ude, but not be l i mi te d to a pl a n vi e w of d rill h ole collar l oca ti on s a n d ap p rop riate s e ction al vie ws .
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Ap p rop riate maps a nd s ections are i nclud ed in this re lease.
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Balanced reporting
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Wh e re compreh ensive re portin g of all
Exp loration Results is n ot p racticab le , re pre sen tative re porti ng of both l ow a nd high grades a nd/or wi dths s houl d b e p ractice d to a void mis le ad in g re porti ng of Expl ora ti on Re s ul ts .
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Ap p rop riate e xploration results a re re ported .
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Other substantive exploration data
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Oth e r e xp loration d ata, if me a n i n gfu l
a nd ma te ri a l , s houl d be re porte d
i ncl udi ng (but not l i mi te d to): ge ol ogical observation s ; ge op h ys ical s u rve y re s u l ts ; ge och e mi ca l s u rve y re s ul ts ; bul k s a mpl e s - s i ze a nd me th od of tre a tme n t; me ta llu rgical te s t re sults; b ulk d ensity, groun dwater, ge ote chnical an d rock ch aracte ri s ti cs ; p ote n tial d eleterious or con taminating s ubs ta nce s .
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An gl oGold Ashan ti completed an a irborn e magneti c s u rve y a t 200 m
l i n e spacing with s maller p rospect a re a s s u rve ye d a t 50 m or 100 m
l i n e spacing. An airborne e lectromagn etic s urve y was completed over th e Be a ke r p ros p e ct.
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Further work
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The na ture a nd s ca l e of pl a nne d
fu rth e r work (e g te s ts for l a te ra l e xte ns i ons or de pth e xte ns i ons or la rge -s ca l e s te p -ou t d rilling).
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Fu rth e r work will i nclud e systematic i nfill an d e xtensiona l d ri l l i n g of
the curre ntly defined min eralis e d s ys te m as we ll as follow u p of ai rcore an d au ge r an omalie s .
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Further work
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Di a grams clearly h ighligh tin g th e a reas
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Ap p rop riate maps a nd s ections are i nclud ed in this re lease.
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of pos sible extensi ons , i ncl udi ng the ma i n ge ological in te rp re tation s an d future dri l l i ng a re a s , provi de d thi s
in formation is n ot comme rcially
s e n s i ti ve .
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