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ORION MINERALS LIMITED - Drilling intersects sulphide mineralisation adjacent to strong EM conductor at Boksputs, Northern Cape

Release Date: 28/10/2021 09:05
Code(s): ORN     PDF:  
Wrap Text
Drilling intersects sulphide mineralisation adjacent to strong EM conductor at Boksputs, Northern Cape

Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1


Drilling intersects sulphide mineralisation adjacent to strong EM conductor at Boksputs, Northern Cape


Continuation of the conductor onto the Boksputs North Prospecting Right confirmed by ground EM with drilling
of a follow-up wedge hole now underway vectoring towards increasing sulphide content

-      Two diamond drill holes completed, targeting the Boksputs B1 EM conductor (3000s – 6000s).

-      Sulphide mineralisation intersected on the edge of the conductor.

-      Down-hole EM survey confirms a strong conductor below the current hole.

-      Drilling to test the most conductive central part of the anomaly currently in progress.

-      Follow-up ground EM survey confirms that the conductor intensifies and continues onto the adjacent
       Boksputs North Prospecting Right.

-      The EM anomaly remains open to the north.


Orion’s Managing Director and CEO, Errol Smart, commented:

“The presence of sulphide mineralisation in the first two diamond drill holes completed to test the exciting 3000s
– 6000s EM conductor at Boksputs is an important development, indicating a reducing deposition environment
that is favourable for the deposition of VMS-style mineralisation.

“Due to underlying geotechnical conditions, the holes deviated off course at depth and only intersected the
edges of the target anomaly – making this what exploration geologists like to call a ‘near-miss’ situation. After
conducting down-hole EM in both the holes, the target has been further refined, and we are now continuing
with a wedge hole off one of the parent holes to vector into the zone of highest conductivity. This is where we
believe the strongest accumulation of sulphide mineralisation may occur.

“Current drilling incorporates the latest down-hole motor, directional drilling technology, greatly improving our
ability to steer the hole to intersect the conductive high.”


Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that diamond drilling on
Orion’s Masiqhame Prospecting Right has intersected sulphide mineralisation up-dip of a high priority target
detected by a recent fixed-loop survey electromagnetic (FLEM) survey over the Boksputs Project, located in the
Northern Cape Province (refer ASX / JSE release 28 June 2021).

Orion notes that, in line with best-practice reporting of visual mineralisation results by AIG 1, visual estimates of
sulphide mineral abundance should not be considered a proxy or substitute for laboratory analyses. More
substantive and reliable data in the form of laboratory analyses are expected to be available in approximately
three weeks.

Down-hole electromagnetics (EM) has since confirmed a strong conductor located below the current drill holes.
Additional preliminary surface FLEM data collected to the north of the previous survey on the newly acquired
Boksputs North Prospecting Right confirms that the conductor intensifies and extends northwards, with potential
to be present at shallower depths on the northern extension.


1 Waltho, A. (2015). “Reporting Sulphide Mineral Observations in Drilling Intersections”. AIG News 122 pp46-47.


The Boksputs Project forms part of Orion’s 1,790 km2 regional exploration portfolio in the Areachap Province of
the Northern Cape, and is located within the broader Masiqhame Project, located ~80 km north of its flagship
Prieska Copper-Zinc Project.


Drill Results

Drill-holes OBPD002 and OBPD004 were planned to test a 6000s FLEM conductor located 2.5km north-west of drill-
hole OBPD001, referred to as the B1 conductor (Figure 1). OBPD001 delivered encouraging copper-gold
intersections including a best section of 5m at 1.09% Cu and 0.13g/t Au (refer ASX / JSE release 25 January 2021).

Both OBPD002 and OBPD004 intersected disseminated pyrrhotite in quartz-sericite-biotite-garnet schist but did
not optimally test the B1 EM target as the holes deflected significantly despite the insertion of several directional
wedges (Figures 2 and 3). No significant base metal assay results were recorded in the disseminated sulphide
zone of OBPD002, where the drillhole intersected the edge of the target. The visible disseminated sulphides in
OBPD002 are most prominent from 610.00m to 614.10m and consist almost exclusively of pyrrhotite reaching a
maximum estimated content of 10% of rock volume, and are concentrated in bands aligned with foliation.

Importantly, in OBPD004 the visible sulphides are best developed over 19m from 824.00m, attaining up to 30% of
rock volume over 6.09m from 838.25 to 843.34m down hole depth and are again composed almost exclusively
of pyrrhotite with rare grains of sphalerite observed. The sulphides are concentrated in bands aligned with
foliation. The increasing sulphide content provides an important vector and correlates with increased EM
conductivity. The sulphide assemblage observed is consistent of what may be expected in distal margins of VMS
deposits. Assay results for OBPD004 are awaited. A new deflection will be steered from hole OBPD004 from a
depth of 480m to intersect the more conductive core of the anomaly as modelled from down hole EM surveys.

FLEM Results
A single line of surface FLEM was completed 100m north of the boundary on the recently granted Boksputs North
Prospecting Right (refer ASX / JSE release 28 June 2021). This area covers the northern strike continuation of the
B1 EM anomaly.

Initial results from the survey have confirmed that the EM conductor intensifies and extends onto the Boksputs
North Prospecting Right (Figure 4). The anomaly remains open ended to the north and presents potential for
shallower targets to be tested if significant base metals are intersected in the core of the existing anomaly.


Figure 1: FLEM targets at Boksputs Prospect.


Figure 2: Drill holes OBPD002 and OBPD004, interpreted EM conductor and planned diamond drilling to test EM target.


Figure 3: Sulphide mineralisation intersected in OBPD004 at 843.10m.


Figure 4: Results of the FLEM survey on Line 3500 confirming the EM anomaly to continue onto the Boksputs North Prospecting Right. The hot
colours represent high conductivity measured in the late channels.



For and on behalf of the Board.



Errol Smart
Managing Director and CEO

28 October 2021


ENQUIRIES

 Investors                                     Media                                          JSE Sponsor
 Errol Smart – Managing Director & CEO         Nicholas Read                                  Monique Martinez
 Denis Waddell – Chairman                      Read Corporate, Australia                      Merchantec Capital
 T: +61 (0) 3 8080 7170                        T: +61 (0) 419 929 046                         T: +27 (0) 11 325 6363
 E: info@orionminerals.com.au                  E: nicholas@readcorporate.com.au               E: monique@merchantec.co.za



Competent Persons Statement
The information in this report that relates to Exploration Results has been compiled under the supervision of Mr Andre Vorster,
a Competent Person, who is registered with the South African Council for Natural Scientific Professionals, a ‘Recognised
Professional Organisation (RPO). Mr Vorster is Exploration Consulting Geologist for Orion. Mr Vorster has sufficient experience
that 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 Vorster consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.

Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among other things,
statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and
results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or
may be based on assumptions and estimates related to future technical, economic, market, political, social and other
conditions. These forward-looking statements are based on management’s expectations and beliefs concerning future
events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks,
uncertainties and other factors, many of which are outside the control of Orion. Actual results and developments may vary
materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance
on such forward-looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking
statements made in this release to reflect events or circumstances after the date of this release. All information in respect of
Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this
release (where applicable). To the maximum extent permitted by law, Orion and any of its related bodies corporate and
affiliates and their officers, employees, agents, associates and advisers:
      •   disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change
          in expectations or assumptions;
      •   do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of
          the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results
          expressed or implied in any forward-looking statement; and
      •   disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for
          negligence).


                                                                                                                               
Appendix 1


Table 1: Drill Collar Table



                                                                                     Intersection         Weight %
                                                                    Final
Hole ID         Easting   Northing   Elevation   Azimuth   Dip
                                                                   Depth (m)
                                                                                From     To    Cu    Zn    Au    Ag

OBPD002         561503     6793431        1018       60    -80     791.52       N/A      N/A   N/A   N/A   N/A   N/A

OBPD004         561300     6793300        1018       60    -85     902.52       N/A      N/A   N/A   N/A   N/A   N/A


                                                                                                                         
Appendix 2: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for
the Masiqhame Project and Boksputs North Prospect.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria                 JORC Code explanation                                                                 Commentary

Sampling techniques      •   Nature and quality of sampling (e.g. cut channels, random chips, or               •   In 2017 and 2018 Orion undertook a regional SkyTEMTM geophysical
                             specific specialised industry standard measurement tools appropriate                  survey. The results are reported in ASX / JSE releases 1 February 2018
                             to the minerals under investigation, such as down hole gamma sondes,                  and 8 March 2018.
                             or handheld XRF instruments, etc.). These examples should not be taken            •   Airborne electromagnetic and magnetic survey at 200m line
                             as limiting the broad meaning of sampling.                                            spacing and 800m tie line spacing carried out by SkyTEM TM Africa
                         •   Include reference to measures taken to ensure sample representivity                   (Pty) Ltd (SkyTEMTM).
                             and the appropriate calibration of any measurement tools or systems
                                                                                                               •   Geophysical equipment deployed from a loop underslung from an
                             used.
                                                                                                                   Airbus AS350 B3 helicopter.
                         •   Aspects of the determination of mineralisation that are Material to the
                             Public Report.                                                                    •   Loop orientation is constantly monitored by two custom designed
                         •   In cases where ‘industry standard’ work has been done this would be                   Bjerre Technology inclination sensors.
                             relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m      •   Electromagnetic measurements taken using SkyTEMTM Dual-
                             samples from which 3 kg was pulverised to produce a 30 g charge for                   Moment, Transient Electromagnetic (TEM) System, the 312HP system.
                             fire assay’). In other cases, more explanation may be required, such as           •   Magnetic measurements taken using Geometrics G822-A cesium
                             where there is coarse gold that has inherent sampling problems.                       vapour magnetometer.
                             Unusual commodities or mineralisation types (e.g. submarine nodules)
                             may warrant disclosure of detailed information.                                   •   Location of geophysical measurements determined using a Novatel
                                                                                                                   OEMV-1 with DGPS post processing to ensure increased accuracy.
                                                                                                               •   Base station magnetometer installed to measure diurnal variations
                                                                                                                   for use in data processing. Magnetometer used as base station is a
                                                                                                                   GEM GSM 19 Overhauser magnetometer.
                                                                                                               •   Two GPS base station installed to ensure accuracy of locational
                                                                                                                   data. Equipment used is a Novatel OEMV-1. Second base station
                                                                                                                   used as back-up system to ensure continuity.
                                                                                                               •   Measurement height determined by two MDL ACE IM3R laser
                                                                                                                   altimeters mounted on loop.
                                                                                                               •   On-line navigation conducted using SkyMap and proprietary
                                                                                                                   SkyTEMTM navigation software.
                                                                                                               •   Ground fixed loop EM surveys were conducted in September 2018
                                                                                                                   as follow up to regional SkyTEMTM geophysical survey and again in
                                                                                                                   May 2021, to further define results of 2018 ground EM survey.
                                                                                                               •   Results of the 2018 ground fixed loop EM survey were reported in ASX
                                                                                                                   / JSE release 24 September 2018.

                                                                                                                                                                            
Criteria                   JORC Code explanation                                                                  Commentary

                                                                                                               •   The 2021 fixed loop EM survey was conducted with a tri-axial
                                                                                                                   fluxgate electromagnetic (EM) receiver manufactured by
                                                                                                                   Electromagnetic Technologies based in Perth, Western Australia.
                                                                                                                   The current source is a custom-built, Time Domain Electro-magnetic
                                                                                                                   (TDEM) transmitter, capable of transmitting 140 Amps into a 1km-by-
                                                                                                                   1km aluminium wire loop with very low resistance (2-3 ohms). The
                                                                                                                   system can detect moderate to super-conductors to depths of
                                                                                                                   approximately 1,000m. Readings are taken every 50-100m on grid-
                                                                                                                   lines spaced 200m apart.
                                                                                                               •   Down-Hole Time Domain Electromagnetic surveys were undertaken
                                                                                                                   using a Digi-Atlantis EM receiver. The source is a custom-built high
                                                                                                                   power Time Domain Electromagnetic transmitter, capable of
                                                                                                                   transmitting 140 Amps into the 700m x 800m aluminum wire loop. The
                                                                                                                   survey was undertaken at station intervals of 20m. Data are quality
                                                                                                                   controlled prior to modelling.

Drilling techniques     •   Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air           •   Diamond core drilling was undertaken.
                            blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple         •   HQ and NQ size core was drilled.
                            or standard tube, depth of diamond tails, face-sampling bit or other
                                                                                                               •   Drill holes were drilled at -80 and -85 degrees.
                            type, whether core is oriented and if so, by what method, etc.).
                                                                                                               •   Core was not orientated.
                                                                                                               •   Conventional directional wedges were installed to steer hole
                                                                                                                   OBPD004.
Drill sample recovery   •   Method of recording and assessing core and chip sample recoveries                  •   The drill cores were fitted together and recovered length was
                            and results assessed.                                                                  measured.
                        •   Measures taken to maximise sample recovery and ensure                              •   Core recovery was found to be excellent (>98%) within the
                            representative nature of the samples.                                                  mineralised zone.
                        •   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.

                                                                                                                                                                       
Criteria             JORC Code explanation                                                            Commentary

Logging                •   Whether core and chip samples have been geologically and                           •   Core of the entire hole length was geologically logged by
                           geotechnically logged to a level of detail to support appropriate                      qualified geologists.
                           Mineral Resource estimation, mining studies and metallurgical studies.             •   Geological logging was qualitative and was carried out using a
                       •   Whether logging is qualitative or quantitative in nature. Core (or                     standard sheet with a set of standard codes to describe
                           costean, channel, etc.) photography.                                                   lithology, structure and mineralisation. The logging sheet allows
                       •   The total length and percentage of the relevant intersections logged.                  for free-form description to note any unusual features.
                                                                                                              •   Geological logs were captured electronically.
                                                                                                              •   All cores were photographed before and after sampling.

Sub-sampling           •   If core, whether cut or sawn and whether quarter, half or all core                 •   BQ and NQ core cut at core yard and half core taken as
techniques and             taken.                                                                                 sample.
sample preparation     •   If non-core, whether riffled, tube sampled, rotary split, etc. and whether         •   With core samples, the entire sample length is cut and
                           sampled wet or dry.                                                                    sampled.
                       •   For all sample types, the nature, quality and appropriateness of the
                                                                                                              •   Sample preparation is undertaken at ALS Laboratory
                           sample preparation technique.
                                                                                                                  Johannesburg, an ISO accredited laboratory. ALS utilises
                       •   Quality control procedures adopted for all sub-sampling stages to
                                                                                                                  industry best practise for sample preparation for analysis
                           maximise representivity of samples. 
                                                                                                                  involving drying of samples, crushing to <5mm if required and
                       •   Measures taken to ensure that the sampling is representative of the in-
                                                                                                                  then pulverising so that +85% of the sample passes 75 microns.
                           situ material collected, including for instance results for field
                           duplicate/second-half sampling.                                                    •   CRM’s, blanks and replicates are inserted every 30 samples and
                       •   Whether sample sizes are appropriate to the grain size of the material                 analysed with each batch.
                           being sampled.                                                                     •   Lab supplied CRM’s, blanks and replicates are analysed with
                                                                                                                  each batch.
                                                                                                              •   Specific gravity measurements are made over the full length of
                                                                                                                  each individual sample on split core where possible. Where not
                                                                                                                  possible due to crushed or broken core, a minimum of 80% of
                                                                                                                  the core sample is used. The specific gravity is determined by
                                                                                                                  measuring and subtracting the wet weight from the dry weight
                                                                                                                  using an electronic density scale. Care is taken to clean and
                                                                                                                  zero the scale between each weighing.
                                                                                                              •   The sample is first weighed in air and the weight recorded. The
                                                                                                                  sample is then weighed, while completely submerged in clean
                                                                                                                  water within a measuring beaker. The mass of beaker and
                                                                                                                  water are deducted for net submerged weight and volume
                                                                                                                  displacement read on measuring beaker.
                                                                                                              •   The sample is then removed and placed back into the core
                                                                                                                  tray in the correct position and orientation. The procedure is
                                                                                                                  repeated for each geological sample interval.
                                                                                                              •   The data is recorded in the Specific Gravity Data Sheet. The
                                                                                                                  specific gravity is calculated for each sample using the

                                                                                                                  formula:
                                                                                                                  SG = ___________________weight of sample_____________
                                                                                                                       (weight of sample in air minus the weight of the sample in water)
Quality of assay data     •   The nature, quality and appropriateness of the assaying and laboratory         •   Samples from drilling were submitted to ALS Chemex in
and laboratory tests          procedures used and whether the technique is considered partial or                 Johannesburg. Samples were analysed for base metals using a
                              total.                                                                             four acid digest and ICP-OES and for gold by fire assay with
                          •   For geophysical tools, spectrometers, handheld XRF instruments, etc.,              AAS finish.
                              the parameters used in determining the analysis including instrument           •   External quality assurance of the laboratory assays is monitored
                              make and model, reading times, calibrations factors applied and their              by the insertion of blanks, duplicates and certified reference
                              derivation, etc.                                                                   materials (CRM).
                          •   Nature of quality control procedures adopted (e.g. standards, blanks,
                                                                                                             •   Three CRMs are alternated through the sample stream and
                              duplicates, external laboratory checks) and whether acceptable levels
                                                                                                                 where possible matched to the material being drilled.
                              of accuracy (i.e. lack of bias) and precision have been established.
                                                                                                             •   Two blanks are used (pulp and chips).
                                                                                                             •   No external laboratory checks have been carried out at this
                                                                                                                 stage.

Verification of           •   The verification of significant intersections by either independent or         •   Orion’s senior geologist is personally supervising the drilling
sampling and                  alternative company personnel.                                                     and sampling.
assaying                  •   The use of twinned holes.
                                                                                                             •   The senior geologist has reviewed the raw laboratory data.
                          •   Documentation of primary data, data entry procedures, data
                              verification, data storage (physical and electronic) protocols.                •   No adjustment to data has been done.
                          •   Discuss any adjustment to assay data.

Location of data points   •   Accuracy and quality of surveys used to locate drill holes (collar and         •   Collar positions of the holes were surveyed using a hand-held
                              down-hole surveys), trenches, mine workings and other locations used               Garmin GPS.
                              in Mineral Resource estimation.                                                •   The data are recorded using the WGS84 datum, UTM Zone 34S.
                          •   Specification of the grid system used.
                                                                                                             •   For SkyTEMTM the location of datapoints for geophysical
                          •   Quality and adequacy of topographic control.
                                                                                                                 measurements were determined using a Novatel OEMV-1 with
                                                                                                                 DGPS post processing to ensure increased accuracy.
                                                                                                             •   On-line navigation conducted using SkyMap and proprietary
                                                                                                                 SkyTEMTM navigation software
                                                                                                             •   Downhole EM survey was undertaken at station intervals of 20m
                                                                                                                 using a calibrated, metered winch.
                                                                                                             •   The fixed loop EM stations were located using a hand-held Garmin
                                                                                                                 GPS.

Data spacing and          •   Data spacing for reporting of Exploration Results.                             •   For the fixed loop EM readings are taken every 100m on grid-lines
distribution              •   Whether the data spacing and distribution is sufficient to establish the           spaced 200m apart.
                              degree of geological and grade continuity appropriate for the Mineral          •   Downhole EM readings are taken every 20m down the hole.                                                                                                                                                                            
                              Resource and Ore Reserve estimation procedure(s) and classifications           •   Airborne electromagnetic and magnetic survey was conducted at
                              applied.                                                                           200m line spacing and 800m tie line spacing.
                          •   Whether sample compositing has been applied.

Orientation of data in    •   Whether the orientation of sampling achieves unbiased sampling of              •   The drilling was guided by the orientation of the modelled EM
relation to geological        possible structures and the extent to which this is known, considering             conductors and drill holes were designed to ensure intersections of
structure                     the deposit type.                                                                  the conductors at depth.
                          •   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.

Sample security           •   The measures taken to ensure sample security.                                  •   Chain of custody is managed by the Company. Samples were
                                                                                                                 stored on site in a secure locked building and then freighted directly
                                                                                                                 to the lab.

Audits or reviews         •   The results of any audits or reviews of sampling techniques and data.          •   No audits or reviews were carried out to date.


Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria                 JORC Code explanation                                                               Commentary

Mineral tenement and     •   Type, reference name/number, location and ownership including                   •   The mineral rights to the properties are vested in the State and the
land tenure status           agreements or material issues with third parties such as joint ventures,            Minerals and Petroleum Development Act, 2002, (MPRDA) regulates
                             partnerships, overriding royalties, native title interests, historical sites,       the exploration and mining industry in South Africa.
                             wilderness or national park and environmental settings.                         •   A prospecting right, NC30/5/1/1/2/816PR, in accordance with
                         •   The security of the tenure held at the time of reporting along with any             section 17 of the MPRDA was granted to Masiqhame Trading 855
                             known impediments to obtaining a licence to operate in the area.                    (Pty) Ltd (Masiqhame) to prospect for a period of five years effective
                                                                                                                 from 12 March 2014. The prospecting right renewal application was
                                                                                                                 timeously submitted in 2018 and in terms of the MPRDA, the right
                                                                                                                 remains active.
                                                                                                                 The prospecting right was granted in respect of the farms Koegrabe
                                                                                                                 117 comprising Portions RE, 2 – 12; Boksputs 118 Portions RE,1,7,8,9,10;
                                                                                                                 Kantien Pan 119 Portions RE, 1 and 2; Van Wyks Pan Portions RE,1-5;
                                                                                                                 and Zonderpan Portions RE,1,5,6,7,8 situated in the Magisterial District
                                                                                                                 of Kenhardt, Northern Cape Province. The total Area measures
                                                                                                                 98,435.8548Ha in extent.
                                                                                                                 Orion, through a subsidiary, currently owns 50% of the project
                                                                                                                 through an earn-In agreement.
                                                                                                             •   A prospecting right, NC30/5/1/1/2/12197PR, in accordance with
                                                                                                                 section 17 of the MPRDA was granted to Orion Exploration No. 1 (Pty)
                                                                                                                 Ltd (OE1) to prospect for a period of five years effective from 14
                                                                                                                 January 2021.
                                                                                                                 The prospecting right was granted in respect of the farms Gemsbok
                                                                                                                 Bult 120 Portion 2; Klein Begin 115 Portions RE and 2 and Zand
                                                                                                                 Ruggens 116 Portions 1-4 and 9 situated in the Magisterial District of
                                                                                                                 Kenhardt, Northern Cape Province. The total Area measures
                                                                                                                 34,419.4000Ha in extent.
                                                                                                                 Orion, through its subsidiary OE1, currently owns 70% of the project
                                                                                                                 with 30% HDSA equity ownership in compliance with Mining Charter
                                                                                                                 2018 (20% HDSA entrepreneur, 5% community trust and 5% employee
                                                                                                                 trust).

Exploration done by      •   Acknowledgment and appraisal of exploration by other parties.                   •   N/A.
other parties

Geology                  •   Deposit type, geological setting and style of mineralisation.                   •   Mineralisation at Boksputs is reported to be of the Volcanogenic
                                                                                                                 Massive Sulphide (VMS) type.
                                                                                                             •   Mineralisation occurs in the Proterozoic Areachap Group that also
                                                                                                                 hosts other VMS deposits including Areachap, Kielder, Kantienpan
                                                                                                                 and Prieska.

                                                                                                             •   The mineralisation is strata-bound with disseminated sulphides.
Drill hole Information   •   A summary of all information material to the understanding of the               •   No significant base metal intersections were made in OBPD002 as
                             exploration results including a tabulation of the following information             the drillhole intersected the edge of the target.
                             for all Material drill holes:                                                   •   Assay results for OBPD004 are pending.
                             o easting and northing of the drill hole collar
                                                                                                             •   Refer Table 1, Appendix 1.
                             o elevation or RL (Reduced Level – elevation above sea level in
                                  metres) of the drill hole collar
                             o dip and azimuth of the hole
                             o down hole length and interception depth
                             o hole 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.

Data aggregation         •   In reporting Exploration Results, weighting averaging techniques,               •   N/A.
methods                      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.

Relationship between     •   These relationships are particularly important in the reporting of              •   This release reports on the progress made vectoring in on a highly
mineralisation widths        Exploration Results.                                                                conductive EM target. It does not include materially new Exploration
and intercept lengths    •   If the geometry of the mineralisation with respect to the drill hole angle          Results and grades.
                             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’).

Diagrams                 •   Appropriate maps and sections (with scales) and tabulations of                  •   Refer to figures in text.
                             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.

Balanced reporting       •   Where comprehensive reporting of all Exploration Results is not                 •   This release reports on the progress made vectoring in on a highly
                             practicable, representative reporting of both low and high grades                   conductive EM target. It does not include materially new Exploration
                             and/or widths should be practiced avoiding misleading reporting of                  Results and grades.
                             Exploration Results.

Other substantive        •   Other exploration data, if meaningful and material, should be reported          •   Refer to text for geophysical data and results.
exploration data             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.

Further work             •   The nature and scale of planned further work (e.g. tests for lateral            •   About 600m diamond drilling is underway on OBPD004 employing
                             extensions or depth extensions or large-scale step-out drilling).                   directional drilling technology. It is planned to pull back about
                         •   Diagrams clearly highlighting the areas of possible extensions, including           halfway in hole OBPD004 (the current hole) and steer the hole
                             the main geological interpretations and future drilling areas, provided             towards the centre of the large conductor. The new wedged off
                             this information is not commercially sensitive.                                     section is OBPD004-D1.




                                                                                                                                                                  

Date: 28-10-2021 09:05:00
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