Martins Well Project Update
ABN 20 109 361 195
ASX Release
16 June 2015
Alloy Resources Ltd Suite 6, 7 The Esplanade Mount Pleasant WA 6153
Tel: +61 8 9316 9100
Fax: +61 8 9315 5475
Email:
[email protected]
Website:
www.alloyres.com
Directors
Executive Chairman:
Andy Viner
Non-Exec Director
Andre Marschke
Non-Exec Director/Co Sec:
Kevin Hart
Issued Capital
Shares:
489,582,656
Unlisted Options:
33,142,821
ASX Symbol: AYR
• Expected weathering depleted gossans surprise with historic diamond core returning a thick intersection of anomalous mineralisation of 20.27 metres @ 0.26% Copper from 69 metres down hole.
• This result points to good potential for there to be strong mineralisation at depth below weathering in the fresh rock target zone.
• Large size potential present from outcropping gossans of 5 to 25 metres width and 1.5 kilometres strike.
• SA Government PACE drill funding in place to contribute toward costs for first pass drill testing.
SUMMARY
Alloy Resources Limited (ASX:AYR, Alloy or the Company) is pleased to provide an update to the market on the Company's Martins Well Project.
The Martins Well Project located in the north-eastern Flinders Ranges of South Australia has been confirmed as a strong polymetallic target following analysis of historical drill core.
The Company believes that the Mammoth Black Ridge prospect contains 1.5 kilometres of outcropping massive sulphide-siderite gossans within large linear fault structures that cross-cut sedimentary units.
Deep weathering appears to have preferentially strongly leached the gossans of metals at surface and down to depths below drill intersections at 80 metres below surface. The mineralisation as evidenced by 20.27 metres @ 0.26% Cu is very encouraging from this depleted zone.
The Company believes there is a unique opportunity to inexpensively test for possible high grade polymetallic mineralisation at depth below the depleted zone and potentially make a significant new discovery.
BACKGROUND
Alloy has recently had EL 5577 granted in South Australia which covers Adelaide Geosyncline rocks in the north eastern Flinders Ranges (Figure 1). The primary target within the Project area is the Mammoth Black Ridge prospect (Figure 2).
Figure 1 Project Location Figure 2 Mammoth Black Ridge
This prospect has over 2 kilometres of outcropping ironstone ridges which rock chip sampling has shown to have anomalous copper mineralisation (Figure 4). Copper in outcrop has been observed as malachite (copper carbonate), however this is not extensive because of strong silicification along the outcrop (Figure 3). Adjacent to the main malachite rich outcrop a historical shaft is present and records indicate this was completed in around 1892 and a sample of quartz ore was reported to contain 16% copper, 166 ounces/tonne silver and 0.5 ounces gold over 2 ft 6 in. This historical result cannot be verified without re- entering the shaft or drilling into the same area. The Company has searched for more detailed reports however they have not been able to be located, and no previous company research has unearthed more details.
Figure 3 Copper carbonate (green Malachite) in outcrop
AYR ASX Announcement 16 June 2015 Page 2 of 12
Figure 4 Location of historical drill holes on satellite image with rock chip samples and copper values.
It is not certain which hole is which (from ASX release 27 January 2015)
Mineralogical studies on the gossan confirmed that the gossans were composed at least partly of massive sulphide with pyrite box-works observed.
During initial inspection by the Company two historical drill hole sites were located, however the government was not able to locate any records for these. As reported to the ASX on 12 March and 23 April 2015, drill core dated from 1959-60 was subsequently discovered by the government at their Whyalla storage facility and bought to Adelaide where the Company has now logged and sampled the core from the two holes (DD-1 and DD-2) regarded as intersecting the Mammoth Black Ridge iron gossans.
Two key mineralisation styles were observed in the historical drill core;
1. Linear sub-vertical sulphide related iron gossans with common quartz veining intersected in both DD-
1 and DD-2 core at approximately 60 to 90 metres down hole. DD-1 had noticeably more gossanous textures and both holes contained botryoidal textured goethite.
2. Probable west dipping siderite units were observed only in DD-2, with zones from 8 to 42 metres thick from below the gossan structure to the end of the hole at 221 metres. Where intersected by minor gossan structures disseminated Chalcopyrite-Arsenopyrite-Pyrite-Tetrahedrite was observed as confirmed by mineralogical studies.
Based on this work to date analysis of historical drill core was expected to confirm a leached Copper-Silver- Arsenic massive sulphide polymetallic mineralisation target.
AYR ASX Announcement 16 June 2015 Page 3 of 12
DRILL CORE SAMPLING AND ANALYSIS
A total of 86 core samples were collected by cutting half the available core and selecting intervals coinciding where core blocks were available. Samples were analysed for 65 multi-elements by four acid digestion or fire assay and ICP-AES/ICP-MS finish.
RESULTS
Results for key elements are provided in Table 1 attached. DD-1
DD-1 was sampled from 17.53 metres to 122.22 metres (e.o.h).
The main gossan was intersected over 16 metres between 71.5 metres and 87.5 metres and was observed to be very iron rich and obviously gossanous from massive sulphides. The sulphides have created very strong acid leaching and no sulphur was recorded in the samples. A significant intersection of copper (>0.1%) was recorded from the gossan (see Figure 5 below), interpreted to be across the dip of structure;
• 20.27 metres @ 0.26% copper, 0.83 g/t silver and 648 ppm arsenic from 68.99 metres down hole
Figure 5 DD-1 significant assay intersection on interpreted cross section
DD-2
DD-2 was sampled from 53 metres to 221.21 metres (e.o.h).
The main gossan was intersected over 15.36 metres between 66.5 metres and 81.86 metres and was observed to be very iron rich with very strong botryoidal textures and some remnant gossanous zones. Oxidation may be stronger within this structure probably because sulphides have created very strong acid leaching and no sulphur was recorded in the samples.
AYR ASX Announcement 16 June 2015 Page 4 of 12
No significant copper was intersected within the iron rich structure although arsenic was anomalous.
Siderite mineralisation was anomalous as expected however in general copper and arsenic showed levels of only 200-1000 ppm and a peak value of 2960 ppm (0.29%) for copper and 6480 ppm (0.64%) for arsenic. These values mean the mineralisation is too disseminated to be nearing economic levels.
FUTURE ACTIVITIES
The Mammoth Black Ridge prospect offers a compelling walk up drill target.
The aim of further exploration is to intersect the gossanous iron structures within fresh rock to define the tenor of base and precious metal sulphides.
The target is massive sulphide zones of ore within the 1.5 kilometre long iron rich structures. Field mapping suggests massive sulphides are likely to be poddy within the structure, having overall geometries of 100-200 metres strike and 5-15 metres width. Historical drill holes suggest pods will be vertically extensive.
A likely Reverse Circulation exploration drilling programme would see;
• Two holes drilled beneath existing historical holes targeting the gossans at 140 metres vertical depth to ascertain the depth of oxidation within the structures.
• Allowance for another three deep holes to similar depths, or deeper, depending on the definition of the depth of oxidation and presence of copper mineralisation.
• A total of approximately 1,000 metres of drilling.
Geophysical techniques such as ground and downhole electromagnetic surveying are being considered for drill targeting at Mammoth Black Ridge.
For further information contact: Andy Viner Executive Chairman Phone: +61 8 9316 9100 www.alloyres.com
Exploration Results
Information in this report which relates to Exploration Results is based on information compiled by Andrew Viner, a Director of Alloy Resources Limited and a Member of the Australasian Institute of Mining and Metallurgy, Mr Viner has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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." Mr Viner consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Mr Viner is a shareholder and option holder of Alloy Resources Limited.
The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases and the form and context of the announcement has not materially changed
AYR ASX Announcement 16 June 2015 Page 5 of 12
APPENDIX 1
Mammoth Black Ridge historical drill core sampling and analysis.
HOLE
|
SAMPLE
|
From
|
To
|
From
|
To
|
Intersect
|
Geology
|
Ag
|
As
|
Ba
|
Cu
|
Fe
|
Mn
|
S
|
Number
|
Number
|
Feet
|
Feet
|
Metres
|
Metres
|
Metres
|
Summary
|
ppm
|
ppm
|
ppm
|
ppm
|
%
|
ppm
|
%
|
DD-2
|
2129716
|
174'
|
180'
|
53.03
|
54.86
|
1.83
|
mod-highly oxidised siltstone
|
0.11
|
23.7
|
280
|
8.7
|
2.88
|
762
|
|
2129717
|
180'
|
194'2"
|
54.86
|
59.18
|
4.32
|
highly oxidised siltstone
|
0.18
|
34.7
|
330
|
9.2
|
2.85
|
364
|
0.01
|
2129718
|
194'2"
|
218'4"
|
59.18
|
66.55
|
7.37
|
highly oxidised siltstone
|
0.17
|
69.5
|
530
|
26.4
|
4.4
|
1910
|
0.01
|
2129719
|
218'4"
|
228'10"
|
66.55
|
69.75
|
3.2
|
ferrugenous structure
|
0.29
|
137.5
|
170
|
13.4
|
36.7
|
17850
|
|
2129720
|
228'10"
|
242'3"
|
69.75
|
73.84
|
4.09
|
ferrugenous structure
|
0.38
|
187
|
2250
|
27.6
|
27
|
16100
|
|
2129721
|
242'3"
|
268'7"
|
73.84
|
81.86
|
8.02
|
Ferrug highly oxid siltstone
|
0.16
|
420
|
870
|
48.4
|
19.7
|
32300
|
0.01
|
2129722
|
268'7"
|
274'4"
|
81.86
|
83.62
|
1.76
|
highly oxidised ferrug silt-sandstone
|
0.28
|
114.5
|
400
|
31
|
3.44
|
3650
|
|
2129723
|
274'4"
|
292'
|
83.62
|
89
|
5.38
|
highly oxidised ferrug silt-sandstone
|
0.08
|
105.5
|
510
|
50.8
|
3.9
|
3410
|
|
2129724
|
292'
|
307'9"
|
89
|
93.8
|
4.8
|
highly oxidised ferrug silt-sandstone
|
0.16
|
129
|
300
|
37
|
5.57
|
690
|
|
2129725
|
307'9"
|
317'8"
|
93.8
|
96.82
|
3.02
|
highly oxidised ferrug silt-sandstone
|
0.14
|
48.3
|
280
|
35.5
|
5.42
|
754
|
|
2129726
|
317'8"
|
320'
|
96.82
|
97.54
|
0.72
|
mod oxidised ferrug sandstone
|
0.23
|
216
|
90
|
36.9
|
27.3
|
2990
|
0.01
|
2129727
|
320'
|
327'
|
97.54
|
99.67
|
2.13
|
mod oxidised ferrug sandstone
|
0.31
|
66
|
240
|
29.8
|
10.15
|
10550
|
|
2129728
|
327'
|
331'2"
|
99.67
|
100.94
|
1.27
|
mod oxidised ferrug sandstone
|
0.19
|
78.5
|
220
|
37.3
|
11.75
|
13500
|
0.01
|
2129729
|
331'2"
|
337'10"
|
100.94
|
102.97
|
2.03
|
mod oxidised ferrug sandstone
|
0.31
|
76.9
|
200
|
47.9
|
13.65
|
15650
|
0.01
|
2129730
|
337'10"
|
342'7"
|
102.97
|
104.42
|
1.45
|
mod oxidised ferrug sandstone
|
0.52
|
93.1
|
220
|
153
|
13
|
5920
|
0.01
|
2129731
|
342'7"
|
347'8"
|
104.298
|
106.226
|
1.928
|
mod oxidised ferrug sandstone
|
0.486
|
35.63
|
260
|
136.07
|
7.64
|
13010
|
0.01
|
2129732
|
347'8"
|
355'
|
105.97
|
108.2
|
2.23
|
weak-mod oxidised silt-shale
|
0.36
|
60.3
|
350
|
8.8
|
6.52
|
10300
|
0.26
|
2129733
|
355'
|
365'5"
|
108.2
|
111.38
|
3.18
|
weak-mod oxidised silt-shale
|
0.14
|
51.4
|
320
|
10
|
5.02
|
7720
|
0.17
|
2129734
|
365'5"
|
375'9"
|
111.38
|
114.53
|
3.15
|
weak-mod oxidised silt-shale
|
0.19
|
42.5
|
300
|
6.7
|
4.86
|
7500
|
0.27
|
2129735
|
375'9"
|
385'4"
|
114.53
|
117.45
|
2.92
|
weak-mod oxidised silt-shale
|
0.17
|
115
|
230
|
7
|
11.45
|
18900
|
0.44
|
2129736
|
385'4"
|
404'2"
|
117.45
|
123.19
|
5.74
|
weak-mod oxidised silt-shale
|
0.26
|
76.1
|
90
|
116.5
|
25.8
|
27400
|
0.17
|
2129737
|
404'2"
|
416'8"
|
123.19
|
127
|
3.81
|
weak-mod oxidised silt-shale
|
0.09
|
53
|
180
|
77.3
|
10.7
|
13100
|
0.06
|
2129738
|
416'8"
|
427'11"
|
127
|
130.43
|
3.43
|
weak-mod oxidised silt-shale
|
0.13
|
743
|
60
|
449
|
25.5
|
21000
|
0.13
|
2129739
|
427'11"
|
435'1"
|
130.43
|
132.61
|
2.18
|
weak-mod oxidised siderite-shale diss cpy
|
0.25
|
620
|
10
|
2960
|
33.5
|
25700
|
0.26
|
2129740
|
435'1"
|
446'4"
|
132.61
|
136.04
|
3.43
|
highly oxid ferrug structure + qv
|
0.18
|
238
|
10
|
640
|
34.6
|
4970
|
0.03
|
2129741
|
446'4"
|
454'3"
|
136.04
|
138.45
|
2.41
|
weak-mod oxidised siderite-shale diss cpy
|
0.17
|
8.6
|
10
|
953
|
36.1
|
24000
|
0.08
|
2129742
|
454'3"
|
462'3"
|
138.45
|
140.89
|
2.44
|
weak-mod oxidised siderite-shale diss cpy
|
0.21
|
80.9
|
10
|
876
|
34.2
|
24400
|
0.23
|
2129743
|
462'3"
|
470'
|
140.89
|
143.26
|
2.37
|
weak-mod oxidised siderite-shale diss cpy
|
0.21
|
62.5
|
10
|
907
|
34.3
|
26200
|
0.12
|
2129744
|
470'
|
479'8"
|
143.26
|
146.2
|
2.94
|
weak-mod oxidised siderite-shale diss cpy
|
0.16
|
6.8
|
10
|
355
|
35.1
|
23300
|
0.02
|
2129745
|
479'8"
|
491'
|
146.2
|
149.66
|
3.46
|
weakly oxidised siderite minor diss cpy
|
0.17
|
5.5
|
10
|
256
|
35.6
|
24700
|
0.03
|
2129746
|
491'
|
499'11"
|
149.66
|
152.37
|
2.71
|
weakly oxidised siderite minor diss cpy
|
0.1
|
4
|
10
|
496
|
35.4
|
24000
|
0.05
|
2129747
|
499'11"
|
513'10"
|
152.37
|
156.62
|
4.25
|
weakly oxidised siderite minor diss cpy
|
0.13
|
8.4
|
10
|
395
|
34.2
|
23500
|
0.06
|
2129748
|
513'10"
|
527'11"
|
156.62
|
160.91
|
4.29
|
weakly oxidised siderite minor diss cpy
|
0.19
|
493
|
10
|
187.5
|
33.9
|
24600
|
0.1
|
2129749
|
527'11"
|
539'9"
|
160.91
|
164.52
|
3.61
|
weakly oxidised siderite/shale minor diss cpy
|
0.39
|
401
|
30
|
53.1
|
28.4
|
21100
|
0.06
|
2129750
|
539'9"
|
550'3"
|
164.52
|
167.72
|
3.2
|
weakly oxidised siderite/shale minor diss cpy
|
0.2
|
123
|
70
|
42.9
|
22.8
|
18000
|
0.09
|
2129751
|
550'3"
|
558'9"
|
167.72
|
170.31
|
2.59
|
weakly oxidised siderite/shale minor diss cpy
|
0.16
|
552
|
110
|
175.5
|
14.8
|
9640
|
0.31
|
2129752
|
558'9"
|
567'6"
|
170.31
|
172.97
|
2.66
|
fresh shale with calcite veins
|
0.17
|
83.2
|
150
|
88.2
|
8.07
|
6490
|
0.2
|
2129753
|
567'6"
|
580'2"
|
172.97
|
176.83
|
3.86
|
fresh shale with calcite veins
|
0.13
|
78.8
|
140
|
227
|
8.22
|
7270
|
0.17
|
2129754
|
580'2"
|
592'7"
|
176.83
|
180.62
|
3.79
|
fresh shale with calcite veins
|
0.16
|
133.5
|
130
|
11.8
|
11.6
|
8760
|
0.15
|
2129755
|
592'7"
|
604'10"
|
180.62
|
184.35
|
3.73
|
weak oxid/fresh siderite minor diss cpy
|
0.11
|
65.4
|
190
|
183
|
10.65
|
11300
|
0.16
|
2129756
|
604'10"
|
630'7"
|
184.35
|
192.2
|
7.85
|
weak oxid/fresh siderite minor diss cpy
|
0.16
|
9.9
|
10
|
205
|
34.8
|
23400
|
0.03
|
2129757
|
630'7"
|
646'4"
|
192.2
|
197
|
4.8
|
weak oxid/fresh siderite minor diss cpy
|
0.19
|
96.8
|
10
|
573
|
34.6
|
23300
|
0.09
|
2129758
|
646'4"
|
656'
|
197
|
199.95
|
2.95
|
weak oxid/fresh siderite minor diss cpy
|
0.13
|
70.4
|
20
|
649
|
30.8
|
21200
|
0.08
|
2129759
|
656'
|
665'5"
|
199.95
|
202.82
|
2.87
|
fresh shale with calcite veins
|
0.18
|
63.3
|
190
|
23
|
4.52
|
4130
|
0.2
|
2129760
|
665'5"
|
684'
|
202.82
|
208.48
|
5.66
|
fresh shale with calcite veins
|
0.1
|
947
|
160
|
7.5
|
12.7
|
9950
|
0.18
|
2129761
|
684'
|
702'3"
|
208.48
|
214.05
|
5.57
|
weak oxid/fresh siderite mod diss cpy/aspy
|
0.16
|
6480
|
20
|
581
|
34.8
|
24700
|
0.5
|
2129762
|
702'3"
|
715'10"
|
214.05
|
218.19
|
4.14
|
weak oxid/fresh siderite mod diss cpy/aspy
|
0.12
|
963
|
40
|
230
|
28.4
|
19550
|
0.08
|
2129763
|
715'10"
|
725'9"
|
218.19
|
221.21
|
3.02
|
fresh shale with calcite veins
|
0.11
|
361
|
240
|
34
|
6.09
|
4530
|
0.11
|
AYR ASX Announcement 16 June 2015 Page 7 of 12
APPENDIX 2 JORC 2012 Table 1
SECTION 1 SAMPLING TECHNIQUES AND DATA
Logging
Location of data points
AYR ASX Announcement 16 June 2015 Page 9 of 12
surveys taken or known of.
|
Specification of the grid system used.
|
The grid system used is MGA_GDA94, zone 54.
|
Quality and adequacy of topographic control.
|
No RL's have been assigned for drilling and are to be corrected using accurate GPS at a later date.
|
Data spacing and distribution
|
Data spacing for reporting of Exploration
Results.
|
The two drill holes reported are interpreted to be located as shown on Figure 4. It is not certain which is which.
|
Data spacing and distribution
|
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.
|
Historical exploration holes not to be applied to
Mineral Resource Estimation.
|
Data spacing and distribution
|
Whether sample compositing has been applied.
|
No compositing for analysis.
|
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.
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The orientation of key structures and any relationship to mineralisation is preliminary and inferred using competent person experience and interpretation from outcropping structures at this stage.
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Orientation of data in relation to geological structure
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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.
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Theoretically some bias may have occurred however knowledge is too preliminary to have any certainty at this stage. It appears that holes were appropriate to intersect the mapped structures at right angles and across dip.
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Sample security
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The measures taken to ensure sample security.
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The chain of custody of core is unknown as the government does not have any records prior to re- discovery in February 2015. Samples were cut and compiled and were delivered by experienced contractors to the ALS assay laboratory in Perth.
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Audits or reviews
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The results of any audits or reviews of sampling techniques and data.
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Sampling techniques and procedures are regularly reviewed internally, as is data. To date, no external audits have been completed on the drill data.
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AYR ASX Announcement 16 June 2015 Page 10 of 12
SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status
Exploration done by other parties
Geology
Type, reference name/number, location and ownership including agreements or material issues with third parties including joint ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and environmental settings.
Acknowledgment and appraisal of exploration by other parties.
Deposit type, geological setting and style of mineralisation
The Martins Well project is located within Exploration License 5572 in South Australia. Alloy is earning a 90% interest in the tenement as per a published Agreement.. EL 5572 is contained completely within land where the Yadnamutna People have been determined to hold native title rights. No historical, archaeological, ethnographic or environmentally sensitive sites have been identified in the area of work.
Exploration prior to Alloy in the region was minimal and limited to the two core drill holes being reported as completed in 1959-60. No historical data pertaining to these holes has been found by the Company or the Government. Minor work, including aeromagnetic data interpretation, stream and rock sampling was completed in the last 30 years and provided anomalous samples which have formed the basis for current exploration.
The Mammoth Black Ridge prospect is hosted by Adelaidean neo-=Proterozoic rocks and mineralization is postulated to be low to moderate temperature hydrothermal fault style aged at the Delamerian Orogeny and similar to other Adelaidean hosted deposits in South Australia.
Drill hole information A summary of all information material to the understanding of the exploration results including 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 meters) of the drill hole collar
• Dip and azimuth of the hole
• Down hole length and interception depth
• Hole length
Refer to tabulations in the body of this announcement.
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 aggregated 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.
Assay results reported are either weighted average grades within an intersection over a minimum 1,000 ppm copper or tabulated in full.
No assay results aggregated.
Data aggregation methods continued.
Relationship between mineralisation widths and intercept lengths
The assumptions used for any reporting of metal equivalent values should be clearly stated.
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').
Not applicable for this announcement no metal equivalents stated.
The geometry of the mineralisation is interpreted by the location of historical drill pads in relation to the outcropping gossan structures.
AYR ASX Announcement 16 June 2015 Page 11 of 12
Diagrams
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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 plane view of drill hole collar locations and appropriate sectional views.
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Refer to body of this announcement.
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Balanced Reporting
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Where comprehensive reporting of all Exploration Results is not practical, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
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Comprehensive table of analyses reported.
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Other substantive exploration data
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Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observation; 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.
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All meaningful and material information has been included in the body of the text or previous announcements referred to. No metallurgical or assessments have been completed at the date of this report.
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Further Work
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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.
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At this stage mineralisation and rock alteration identified from the Diamond drill core is indicative and requires follow up drilling to test for coherency, as well as for lateral and vertical extensions and grade tenor. A further work program will be designed and reported when completed.
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AYR ASX Announcement 16 June 2015 Page 12 of 12