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Minotaur Exploration Limited
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Inaugural JORC resource for Chameleon gold deposit, Kalgoorlie

Publié le 29 juillet 2016

MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP

29 July 2016

MINOTAUR

EXPLORATION

ASXRelease

Inaugural JORC resource for Chameleon gold deposit, Kalgoorlie

Highlights

  • Maiden JORC 2012 Mineral Resource estimated for Chameleon gold deposit

  • Total Inferred Mineral Resource of 1.1 million tonnes at 2.1 g/t for 77,000 ounces of gold above 1 g/t Au cut-off

  • Mineralisation remains open down-plunge

  • Additional partially-explored gold occurrences noted close by

Summary

Chameleon was identified as a gold prospect in 1997 and subsequently drill tested by various operators. Numerous drilling programs defined mineralisation to around 290m vertical depth below surface. Minotaur conducted a limited RC program in June 2016 to verify historic data and improve understanding of the deposit.

The data was reviewed and modelled further by RungePincockMinarco Limited (RPM) in July 2016, providing Competent Person preparation of the maiden Mineral Resource estimate.

The Maiden Mineral Resource estimate for the Chameleon gold deposit was prepared and reported by RPM according to JORC 2012 guidelines. The total Resource,

all classified as Inferred and reported above 1.0 g/t Au cut-off, contains 1.1Mt @ 2.1 g/t Au for 77,000 ounces of gold.

The Resource reports a set of oxidized lodes extending from surface, transitioning at 80-100m vertical depth to primary mineralization modelled to 290m below surface (Table 1).

Image: Core from hole 16RCDCM012, interval from 171.19m to 172.25m, reported 8.0g/t Au (Au grade rounded to one decimal)

LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T+61 8 8132 3400 F+61 8 8132 3499 E[email protected]

www.minotaurexploration.com.au

Type

Inferred

Tonnes Au Au

Mt g/t Ounces

Oxide

0.1

2.9

12,000

Transitional

0.1

2.1

8,000

Fresh

0.9

2.0

56,000

Total

1.1

2.1

77,000

Table 1: Inferred Mineral Resource estimated tonnes, grade and contained ounces as at 29th July 2016

Note:

  1. Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis.

  2. The Statement of Estimates of Mineral Resources has been compiled by Mr. Shaun Searle who is a full-time employee of RPM and a Member of the AIG. Mr. Searle has sufficient experience that is

    relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code (2012).

  3. All Mineral Resources figures reported in the table above represent estimates at 29th July, 2016. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

  4. Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code - JORC 2012 Edition).

  5. Reporting cut-off grade selected based on an RPM internal cut-off calculator, utilising cost estimates based on similar deposits in the region, assuming a gold price of AUD$1,700 and open pit mining methods.

    Figure 1: Location of the Chameleon gold deposit relative to Scotia group tenements and Kalgoorlie

    Project Location

    The Chameleon gold deposit is located 70km north- northwest of Kalgoorlie and 7km east of the Goldfields Highway (Figure 1) and within 20km of the goldfields gas pipeline to Kalgoorlie. The resource is sited on E29/661, part of the Scotia group of tenements (for further details see Ownership).

    Resource Methodology

    Material information used to estimate and report the Mineral Resource as per the JORC 2012 Code Reporting Guidelines is presented in detail in Table 1 of Appendix

  6. The information below is presented as per the requirements of ASX Listing Rule 5.8.1 for a Maiden Resource Estimate and explains the main aspects of the resource estimation process.

  7. Geology and Geological Interpretation

    Chameleon lies within Minotaur Gold Solutions' Scotia project within the Archean Norseman-Wiluna Greenstone Belt on the western limb of the Scotia-Kanowna Anticline (Figure 1).

    Chameleon is hosted in a package of ultramafic, mafic volcanics and metasediments. Gold mineralisation

    is typical of many Archean gold deposits in Western Australia and at Chameleon gold primarily occurs within a steeply dipping shear zone between ultramafic and mafic volcanic units hosting quartz veining and silicification (Figures 2 and 3). The Chameleon Mineral

    Resource area extends over a WNW strike length of 625m (from 6,663,150mN - 6,663,725mN) and includes 290m of vertical extent from 380mRL to 90mRL (Figure 4).

    A strongly weathered oxide zone is developed where gold appears relatively depleted in the top 30m horizon. Gold occurs at the base of this depletion zone that appears supergene in character and is interpreted to have formed flat lying blankets in some areas above

    and slightly lateral west of the main gold zone. Below

    this, gold is constrained to two main lodes with a thicker lode occurring in the southern portion of the resource and two thinner lodes occupying the northern portion of the resource.

    Oxidation depths, varying from

    40m-80m, pass into a transitional zone down to 100m with fresh material from there to 290m; the base of resource model.

    Left:

    Figure 2: Cross-section (looking north) through Chameleon gold deposit showing location of main lode relative to host geology. Section contains drill intercepts within +/-35m of section plane (see cross-section location in Figure 3).

    Below:

    Figure 3: Long-section (looking west) through Chameleon gold deposit showing lode drill pierce points and average gold grades. Note - selected historic holes are projected onto the modelled lode position as they terminated just short of the lode.

    Drilling technique

    Minotaur holes 16RCCM001 to 16RCCM011 (1124m total) were drilled from surface with 5 5/8" diameter RC technique. Drill hole 16RCDCM012 was drilled from surface with RC to 106m and tailed with HQ3 diameter diamond coring triple tube technique to a total depth of 196.5m. The core was oriented using Coretell orientation equipment utilised by DDH1 drilling contractors. All MEP drillholes were surveyed by downhole gyro by DDH1.

    Historically;

    • 1998-2001 (WMC): 91 aircore holes for 6730m diameter unspecified, no downhole surveys; 15 percussion drillholes for 2990m - diameter unspecified, Eastman single-shot downhole surveys; 4 RC drillholes for 950m

      - diameter unspecified, downhole survey method unspecified; 3 cored diamond drillholes for 983m - diameter unspecified, Eastman single-shot downhole surveying;

    • 2005 (Scotia Nickel): 4 holes for 983m diamond core, NQ diameter, Eastman downhole surveys (undocumented whether single or multishot); 4 RC holes for 379m - diameter unspecified, Eastman downhole surveys (undocumented whether single or multishot);

    • 2011-2012 (Aphrodite): 27 RC holes for 4952m - 5.5" or 5.375" diameter, Gyrosmart downhole surveying by JSW drilling contractors.

    Figure 4: Chameleon gold resource block model (long section looking west) showing distribution of estimated gold values

    Sampling and Sub-sampling Techniques

    Core from Minotaur drillhole 16RCDCM012 was sawn and half core sub-samples bagged for laboratory analysis.

    Core from historic holes LSGD0010 and LSGD0014 was mostly sawn and sampled as half core, except 4

    (unmineralised) quarter core samples necessitated where Minotaur sampling overlapped historic Scotia Nickel sampling. Some (unmineralised) samples from hole LSGD0010 had to be hand-split using a chisel due to the degraded nature of the core; these samples are outside of the resource area and have no influence on the resource estimate. Historically Scotia Nickel core was sampled as sawn half core. WMC core samples are documented as 'split' in statutory annual reporting; it is assumed that half core was sampled for analysis and may have been hand- split with a chisel or similar tool rather than sawn.

    Minotaur RC samples passed through a rotary cone splitter attached to the drill rig into a calico bag. The sub-sample in the calico bag was speared with a

    PVC spear to obtain the laboratory sample. Some wet samples were obtained and these intervals were documented. Aphrodite Gold recorded bulk sample

    weights and sample moisture (wet, moist, dry) in drilling logs 2011-2012. Measures taken by WMC and Scotia Nickel 1998-2005 to ensure RC, percussion or aircore sample representivity are not in available documentation.

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