9 December 2014
Addendum to the 2014 Annual Report
Peak Resources Limited (ASX: PEK, "Peak" or the "Company") wishes to provide additional information to the Company's 2014 Annual Report in accordance with Listing Rules 5.21.4 and 5.21.5.
Corporate Governance and Internal Controls
Peak ensures that the Ore Reserve and Mineral Resources estimates are subject to appropriate governance and internal controls which are reviewed periodically in line with the expansion and development of the Company.
The Mineral Resource estimate and Ore Reserve were derived by independent consulting organisations whose staff are highly competent and professional. Competent Persons named by the company are Members or Fellows of the Australian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the JORC Code. The Mineral Resource consultant carried out rigorous reviews of the quality of the database and geological models prior to estimation. Internal technical reviews are carried out systematically by both of the independent consulting organisations. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
The tables below compare the Ore Reserve and Mineral Resource statements for 2013 and
2014.
Table 1: Classification of Ore Reserves for the weathered Bastnaesite Zone at Ngualla.
Ore Reserve (JORC 2012) as at
30 June 2014
Ore Reserve (JORC 2012) as at
30 June 2013
JORC Category
Ore Tonnes
(millions)
REO % Contained
REO Tonnes
Ore Tonnes
(millions)
REO % Contained
REO Tonnes
Ngualla - weathered Bastnaesite Zone
Proved 18.0 4.53 817,000 - - - Probable 2.7 4.62 124,000 - - - Total 20.7 4.54 941,000 - - -
* A 3.0% REO cut-off grade is applied. See Table 4 for the breakdown of individual REO's. Reported according to the JORC 2012 Code and
Guidelines.
The maiden Ngualla Ore Reserve was announced on 19 March 2014
Peak Resources Limited Level 2, 46 Ord Street, West Perth, Western Australia 6005. PO Box 603, West Perth 6872. ASX: PEK ACN 112 546 700
Telephone: +61 8 9200 5360 info@peakresources.com.au www.peakresources.com.au
Non-executive Chairman: Alastair Hunter Managing Director: Darren Townsend Technical Director: Dave Hammond Non-Executive Director: Jonathan Murray Company Secretary: Graeme Scott
Table 2: Classification of Mineral Resources for the Ngualla Rare Earth Project at a 1.0% cut-off grade.
Mineral Resource (JORC 2004) as at 30 June 2014
|
Mineral Resource (JORC 2004) as at 30 June 2013
|
Lower cut- off grade
|
JORC Category
|
Ore Tonnes
(millions)
|
REO %
|
Contained REO Tonnes ('000 )
|
Ore Tonnes
(millions)
|
REO %
|
Contained REO Tonnes ('000 )
|
Ngualla - Rare Earth Project
|
1.0 % REO
|
Measured
|
81
|
2.66
|
2,100
|
81
|
2.66
|
2,100
|
Ngualla - Rare Earth Project
|
1.0 % REO
|
Indicated
|
94
|
2.02
|
1,900
|
94
|
2.02
|
1,900
|
Ngualla - Rare Earth Project
|
1.0 % REO
|
Inferred
|
20
|
1.83
|
380
|
20
|
1.83
|
380
|
Ngualla - Rare Earth Project
|
1.0 % REO
|
Total
|
195
|
2.26
|
4,400
|
195
|
2.26
|
4,400
|
* REO (%) includes all the lanthanide elements plus yttrium oxides. See Table 5 for the breakdown of individual REO's. Figures above may not sum precisely due to rounding. The number of significant figures does not imply an added level of precision. Report ed according to the JORC 2004
Code and Guidelines.
Table 3: Classification of Mineral Resources for the Bastnaesite Zone weathered mineralisation at a 3.0% cut off grade.
Mineral Resource (JORC 2004) as at 30 June 2014
Mineral Resource (JORC 2004) as at 30 June 2013
cut-off grade
Category
(millions) REO %
REO Tonnes
(millions) REO %
REO Tonnes
Ngualla - weathered Bastnaesite Zone
3.0 % REO
Measured 19 4.53 840,000 19 4.53 840,000
Indicated 2.9 4.62 140,000 2.9 4.62 140,000
Inferred 0.11 4.10 4,000 0.11 4.10 4,000
Total 21.6 4.54 982,000 21.6 4.54 982,000
* REO (%) includes all the lanthanide elements plus yttrium oxides. The weathered Bastnaesite Zone mineral resource is contai ned within and is a subset of the Total Ngualla Project Mineral Resource at a 1% REO cut-off grade in Table 2 above'
Table 4: Relative components of individual rare earth element oxides (including yttrium) as a percentage of total
REO for the Ngualla Project Ore Reserve summarised in Table 1.
Oxide
|
% of Total REO
|
Individual REO Grade %
|
Lanthanum La2O3 27.6 1.25
|
Cerium CeO2 48.2 2.19
|
Praseodymium Pr6O11 4.74 0.21
|
Neodymium Nd2O3 16.6 0.75
|
Samarium Sm2O3 1.60 0.07
|
Europium Eu2O3 0.30 0.01
|
Gadolinium Gd2O3 0.62 0.03
|
Terbium Tb4O7 0.05 0.00
|
Dysprosium Dy2O3 0.08 0.00
|
Holmium Ho2O3 0.01 0.00
|
Erbium Er2O3 0.03 0.00
|
Thulium Tm2O3 0.00 0.00
|
Ytterbium Yb2O3 0.01 0.00
|
Lutetium Lu2O3 0.00 0.00
|
Yttrium Y2O3 0.20 0.01
|
Total % 100 4.54
|
* Figures may not sum due to rounding to 0.01%
Table 5: Relative components of individual rare earth element oxides (including yttrium) as a percentage of total
REO for the weathered Bastnaesite Zone +3% REO and Total Ngualla +1% REO Mineral Resources.
* Figures may not sum due to rounding to 0.01%
The information in this report that relates to Exploration Results is based on information compiled and/or reviewed by Dave H ammond who is a Member of The Australasian Institute of Mining and Metallurgy. Dave Hammond is the Technical Director of the Company. He 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dave Hammond consents to the inclusion in the report of the matters based on his information in the form and c ontext in which it appears.
The information in this report that relates to Mineral Resources is based on information compiled by Robert Spiers, who is a memb er of The Australasian Institute of Geoscientists. Robert Spiers is an employee of geological consultants H&S Consultants Pty Ltd. Robert Spiers 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'. Robert Spiers 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 the announcement that related to Ore Reserves and estimated mine operating costs was based on information compiled by Mr Ryan Locke, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Locke is a Principa l Planner and is employed by Orelogy Pty Ltd, an independent consultant to Peak Resources. Mr Locke has sufficient experience that is relevant to the s tyle of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Pers on as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ryan Locke consents to the inclusion in the report of the maters based on his information in the form and context in which it appears.
The information in this report that relates to Metallurgical Test Work Results based on information compiled and / or reviewe d by Gavin Beer who is a Member of The Australasian Institute of Mining and Metallurgy and a Chartered Professional. Gavin Beer is a Consulting Metallurgist with sufficient experience relevant to the activity which he is undertaking to be recognized as competent to compile and report su ch information. Gavin Beer 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 infrastructure, project execution and cost estimating is based on information compiled and / or reviewed by Lucas Stanfield who is a Member of the Australian Institute of Mining and Metallurgy. Lucas Stanfield is the Chief Development Officer for Peak Resources Limited and is a Mining Engineer with sufficient experience relevant to the activity which he is undertaki ng to be recognized as competent to compile and report.