Wrap Text
Significant Mineral Resource Upgrade at Rietberg Mine
Copper 360 Limited
(Formerly Big Tree Copper Limited)
(Incorporated in the Republic of South Africa)
Registra?on number 2021/609755/06
JSE Share Code: CPR ISIN: ZAE000318531
(“Copper 360” or “the Company”)
SIGNIFICANT MINERAL RESOURCE UPGRADE AT RIETBERG MINE
Highlights
• Total Resource of Contained Copper increased by 220% (2022: 25,275 tonnes) to 81,200 tons.
• Maiden Measured & Indicated Resource of 60,800 tonnes of contained copper declared
• Total Measured and Indicated Resource declared immediately accessible for mining with development access
on 5 levels open for mining to commence in Q4 2023
• Modular Floatation Plant (“MFP”) is on schedule to commission in Q4 2023
Jan Nelson, CEO of Copper 360, South Africa’s only listed copper producer, commented; “This resource upgrade shows that
the Rietberg Mine is a world class copper mine. The Resource is underpinned by closely spaced drillholes showing ore ready
for mining on at least 5 levels that are open and accessible. It has exceeded all our expecta?ons. We are also very pleased
with the conversion of most of the inferred resource into the measured and indicated categories. Mine development is
planned to commence in Q4 of this year and our ?oata?on plant is on schedule to commission in November of this year with
expenditure forecast to be 8% under planned budget. We have assembled an experienced technical and opera?onal team
and look forward to start the first pure copper mine produc?on in the Northern Cape Copper Province in over 20 years. We
are in the process of conver?ng the measured and indicated resource to reserve and will advise the market in due course.
We will also be sta?ng a maiden resource for the Wheal Julia surface deposit within the next few weeks.”
Copper 360 Limited (JSE: CPR) is pleased to report a significant increase in the SAMREC (South African Code for Repor?ng of
Explora?on Results, Mineral Resources and Mineral Reserves) compliant Mineral Resource Es?mate for the Rietberg Mine
that is located within the northern por?on of the SHIP Mining Right Licence some 22km north of the town of Springbok in
the Northern Cape Province of South Africa. The Resource upgrade is the result of confirma?on drilling and underground
sampling and geological modelling in Micromine (3D Geological Modelling So?ware package) of 1,013 surface and
underground drillholes totalling some 3,450m of drilling and represen?ng 33,323 assays.
Measured Indicated Inferred
RIETBERG MINE RESOURCE
Tonnes % Cu Contained Cu Tonnes % Cu Contained Cu Tonnes % Cu Contained Cu
October 2022 1 139 729 2,22% 25 275
August 2023 4 500 000 1,28 57 600 282 000 1,16 3 200 2 000 000 1,02% 20 400
Measured & Indicated Total Resource
RIETBERG MINE RESOURCE
Tonnes % Cu Contained Cu Tonnes % Cu Contained Cu
October 2022 1 139 729 2,22 25 275
August 2023 4 782 000 1,27 60 800 6 782 000 1,20 81 200
Table 1: Table showing latest Mineral Resource for Rietberg Mine compared to the Mineral Resource stated in the Competent
Persons Report (‘CPR’) with e?ective date 31 October 2022. Numbers may not add up due to SAMREC guidance on rounding
in terms of Mineral Resource reporting. The Resource is stated at a 0,75% cut-o?.
A maiden declara?on of 57,6kt (2023: 4,5Mt @ 1,28%) of contained copper for the Measured category and 3,2kt (282kt @
1,16%) for the Indicated category is stated
Statement on Reasonable prospect of economic mineral Extrac?on
• Mine design on Rietberg Mine is described in the CPR (Competent Persons Report, a copy of which is available on
the company website) and was the basis on which a cut-off of 0,75% was determined as measure of economic
viable extraction.
• Metallurgical test work has been completed and show recoveries of 90% through floatation (please refer to JSE
SENS release dated 4 July 2023).
• Copper 360 is in the process of completing construction of floatation plant which will process Rietberg ore with
the plant scheduled for commissioning in Q4 2023.
• Mine opening-up is underway with first development scheduled for Q4 2023.
Aspect Status Competent Person's Reasonable & Appropriate Consideration
Geological Assumptions SAMREC compliant All aspects meet required and accepted criteria
Mining Engineering Mine Design Detailed Mine & Geotechnical Study in place/Mine opening underway
Processing & Metallurgical Completed Metallurgical test work in place and plant construction almost complete
Legal Active Mining Licence No legal impedence
Infrastructure In place All infrastructure in place and in good working condition
Marketing In Place Required offtake agreements in place
Socio-political Addressed All issues addressed and required Social & Labour Plan active
Economic Assumptions Viable Based in most cased on actual relevant operational metrics
Other None No other issues that would stop economic extraction
Table 2: Competent Person’s short summary of application of appropriate consideration factors regarding eventual economic
extraction of Mineral Resource. The list only provides an overview as a guidance note to the reader in terms of those headline
issues specified by SAMREC code to show that due consideration has been given. For detail in this regard the reader is referred
to the CPR dated 31 October 2022.
Locality
The Rietberg Mine is located within the northern portion of the mining right area, approximately 22km north of Springbok
close to the N7 towards Namibia.
Figure 1: Location of Rietberg Mine.
Geological Setting
The Rietberg Mine is located on the southern limb of the Ratelpoort Synform, the rocks regionally have a strike of N45°E and
dips to the north. Numerous north-south striking faults, structures and pegma?tes are present. The orebody is located at the
intersec?on of a so-called ENE striking “Steep Structure”.
The Rietberg Mine is stragraphically situated within the younger Ratelpoort Quartzite and Schist succession at the top of
the Okiep Copper District Stra?graphic column.
Mineralisation
The Copper bearing minerals at Rietberg consist predominantly of Bornite and Chalcopyrite. It was found that a slight increase
in copper content exists towards the “footwall” of the mineralised body, i.e., botom-loaded with the apparent prevalence of
Chalcopyrite over Bornite.
Geological and Mining Data
The Rietberg database consists primarily of surface and underground borehole data, these holes were drilled intermittently
from the 50’s until 1980. Recently, all the underground holes were digitally captured and added to the database which initially
consisted primarily of surface borehole data.
The current database consists of:
1. 341 Surface holes
2. 672 Underground holes.
Approximately 33,323 assays are available and used for modelling and estmation purposes with 3,494 Relative Density
measurements were digitally captured and applied to the resource.
Four core surface twin holes were drilled and surveyed in early 2023 and exhibited excellent correlation to the historical holes
that were twinned.
Quality Control
No historical QAQC (Quality Assurance and Quality Control) data and/or reports are available for the historical drill holes and
associated assays. However, the Okiep Copper Company (OCC) were known to follow best industry practises at the ?me of
drilling. The OCC also successfully mined a portion of the Rietberg deposit in the 1970 and 1980’s confirming the initial
resource estimation based on primarily the surface drill holes prior to commencement of mining.
During the 2023 twin drilling campaign, QAQC samples and assays were inserted into the sampling stream (1:10) according
to industry best practises and recommendations. The QAQC samples consisted of CRM’s (Certified Reference Material), Blanks
and duplicates. Assays/results returned for these QAQC samples were found to be acceptable.
Resource Modelling
The wireframes used for Block Modelling, statistical analysis and resource es?ma?on were done in-house by the Copper 360
geological team. Two wireframes were constructed based primarily and completed dictated by geology and mineralisation,
green and red respectively in figures 2 and 3.
Figure 2: Plan view showing the Rietberg Mine geological (green) and mineralisation (red) wireframes. The yellow blocks
represent Inferred resources.
Figure 3: SW-NE Longitudinal Section showing similar wireframes and block, also refer to Figure 2.
Statistical Analyses
The statistical analyses, variography, block modelling and resource es?ma?on were done by Rock Ridge Consulting,
Vancouver Canada. The two wireframes previously described where used together with the clean database.
Sta?s?cal analyses were done two-fold, i) on the total mafic body and ii) the mineralised shell.
Analysis was based on geologically hard coding boundaries. The drill hole data was composited over 1.5m intervals. The
histograms and composite statistics showed a “skewed” distribution for the Mafic Wireframe data, whereas the Mineralised
Wireframe enclosed data is generally more indicative of a normal distribution.
Coefficient plots indicate low CV’s (Coefficient Variance) for both wireframes, and value cuting was not required.
Estimaiton Methodology
• Two block models were created, (i) one the Mafic Wireframe and (ii) one for the Mineralised Wireframe.
• The block sizes used were 4x4x2m with sub-blocking.
• The rotation of the blocks was also investigated but found to be of no additional benefit and therefore on rotation
was applied.
• Omni-directional variography was applied to the geological (mafic) wireframe and data, whereas directional
variography applied to the mineralisation wireframe and dataset. The mineralisation dataset showed strong down-
plunge anisotropy.
• In both cases Ordinary Kriging was used as estimation method.
Relative Density (“RD”) Measurements
Although numerous RD measurements were historically taken, the methodology and application are unknown. It is evident,
that the RD varies and are determined by rock type and copper grade/content. The mafic/ultramafic rock types generally
have higher RD values than the Felsic (host/waste) rocks. The higher the copper grade and metal content, the higher the RD
values are as to be expected due to increased metal content.
For this resource es?ma?on an average RD of 2.85 was applied to the ore blocks.
Mineral Resource Classification
Most of the resource defined by the mineralisation block model and wireframe was classified as being Measured with a very
small population belonging to the Indicated category. The reasons for this being i) very close drill line spacing of between
10m to 35m and ii) historical mining.
The Inferred resource is predominantly located within the western extension of the deposit.
Historical mined blocks were flagged and removed from the resource.
Competent Persons Statement
The information in this report relating to exploration results and mineral resources is based on information compiled by Dr
Deon Vermaakt, a Competent Person who is a member of the South African Council for Natural Scientific Professionals
(SACNASP 400020/00. Dr Vermaakt is a consultant to Copper 360 and has sufficient experience that is relevant to the style of
mineralisation and type of deposit (in excess of 7 years) under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2016 Edi?on of the SAMREC Code. Dr Vermaakt consents to the inclusion in this
announcement of the maters based on his information in the form and context in which it appears.
SAMREC TABLE 1
Description
Exploration Mineral Mineral
Results Resources Reserves
Section 1: Project Outline
Brief description of the scope of project
(i.e. whether in preliminary sampling,
advanced exploration, scoping, pre- The Rietberg Mine is currently in a mining feasibility study
(i)
feasibility, or feasibility phase, Life of with a Life of Mine plan being designed.
Mine plan for an ongoing mining
operation or closure).
Describe (noting any conditions that may
affect possible prospecting/mining
activities) topography, elevation,
drainage, fauna and flora, the means and
ease of access to the property, the
proximity of the property to a population Rietberg deposit was historically mined, no additional
centre, and the nature of transport, the footprint will be created.
1. Property
climate, known associated climatic risks
1 Description
(ii) and the length of the operating season Rietberg was an underground operation, ore was
and to the extent relevant to the mineral transported to Nababeep for processing, apart from some
project, the sufficiency of surface rights small oxide and waste dumps, surface disturbances are
for mining operations including the minimal.
availability and sources of power, water,
mining personnel, potential tailings
storage areas, potential waste disposal
areas, heap leach pad areas, and
potential processing plant sites.
Specify the details of the personal
The Rietberg Mine was visited numerous times by the CPR.
inspection on the property by each CP or,
(iii) The 2023 twin drilling was designed and supervised by the
if applicable, the reason why a personal
CP.
inspection has not been completed.
Rietberg Mine is located within the northern of SHiP’s MR
Description of location and map (country, applica?on area. Rietberg Mine is accessible from the N7
(i) province, and closest town/city, (towards Steinkopf) via a good dirt road, especially to the
coordinate systems and ranges, etc.). lower adits. The mine is also located approximately 22km
north of Springbok, Northern Cape.
Country Profile: describe information
pertaining to the project host country Mining is governed by the MPRDA, Act 28 of 2002 which
that is pertinent to the project, including provides for the roles and functions of the DMR, including the
relevant applicable legislation, Minister of Mineral Resources. It prescribes what processes
(ii)
environmental and social context etc. must be followed to obtain the relevant permits to conduct
Assess, at a high level, relevant technical, reconnaissance, prospecting for minerals (other than
environmental, social, economic, political petroleum products) and mining.
and other key risks.
Provide a
detailed
topo-
cadastral
1. Provide a
Location map.
2 Topo-
Confirm
cadastral
that
map in
applicable
sufficient
aerial Provided in main text body. There are no known climatic risks
detail to
surveys which could impact on eventual economical extraction.
Provide a support
have been
general the
(iii) checked The Rietberg Mine and surrounding area was recently
topocadastral assessment
with surveyed via drone photogrammetry. A detailed DTM was
map of eventual
ground created using existing surveyed surface beacons as ground
economics.
controls controls points.
State the
and
known
surveys,
associated
particularl
climatic
y in areas
risks.
of rugged
terrain,
dense
vegetation
or high
altitude.
Discuss details of relevant adjacent
properties If adjacent or nearby
properties have an important bearing on
1. Adjacent The only adjacent properties belong to Orion Minerals,
(i) the report, then their location and
3 Properties mainly to the west of the SHIP mining right area.
common mineralized structures should
be included on the maps. Reference all
information used from other sources.
State historical background to the project
and adjacent areas concerned, including The mine was active in the late 70’s. A large database exists
known results of previous exploration consisting of underground and surface boreholes and mine
(i)
and mining activities (type, amount, related activities. Three entrance adits exist with
quantity and development work), underground development to the mined and unmined ore.
previous ownership and changes thereto.
The mine was closed due to other more economical and
Present details of previous successes or
closer deposits to the plant and smelter at Nababeep.
(ii) failures with reasons why the project may
Rietberg is now considered economical viable due to the
now be considered potentially economic.
higher copper metal price and demand.
Discuss known or existing
historical Mineral
Resource estimates and Various historical estimates have been done, the most recent
(iii) performance statistics on one in October 2022 (published CPR). Reportedly, the mine
actual production for produced ~5 Mt at 1.26% Cu.
past and current
operations.
1.4
History Discuss
known or
existing
historical
Mineral
Reserve
estimates
and
performance
(iv) statistics Not applicable.
on actual
production
for past
and
current
operations.
Confirm the legal tenure to the satisfaction of
the Competent Person, including a description of
the following:
Discuss the nature of the issuer’s rights The “SHiP” MR application (NC30/5/1/2/2/10166MR) was
(e.g. prospecting and/or mining) and the accepted by the DMRE on 29 November 2019. The mining
(i) right to use the surface of the properties right consists predominantly of the so-called Concordia area
to which these rights relate. Disclose the and is approximately 19,260.0346 ha in size. The right was
date of expiry and other relevant details. granted on 31 October 2022. Expiry date is October 2037.
Legal An agreement with Shirley Hayes and Orontro Investments
1. Present the principal terms and
Aspects and Proprietary Limited for the acquisition by the Company of
5 conditions of all existing agreements, and
Permitting 76% of the issued share capital of Shirley Hayes IPK
details of those still to be obtained, (such
(Proprietary) Limited.
as, but not limited to, concessions,
partnerships, joint ventures, access rights,
(ii) An agreement with Element 29 (Proprietary) Limited for the
leases, historical and cultural sites,
acquisition by the Company of 15% of the issued share
wilderness or national park and
capital of SHIP.
environmental settings, royalties,
consents, permission, permits or
SHiP’s 5% BEE stake to its employees is included in its MOI
authorisations).
and Mining Right Application.
Present the security of the tenure held at
the time of reporting or that is reasonably
expected to be granted in the future
(iii) along with any known impediments to A 15-year mining right exists for Cu, Au, Pb and Zn.
obtaining the right to operate in the area.
State details of applications that have
been made.
Provide a statement of any legal No land claims and/or legal proceedings are outstanding
proceedings for example; land claims, and/or pending regarding SHiP’s MR and associated mines,
(iv) that may have an influence on the rights prospects, and other mineral resources. Most of the surface
to prospect or mine for minerals, or an rights belong to the Community Property Association (CPA)
appropriate negative statement. of Concordia.
The following studies were conducted and approved, Final
Environmental Impact Assessment Report, Geohydrological
Provide a statement relating to
governmental/statutory requirements Impact Assessment , and Heritage Impact Assessment and
(v) and permits as may be required, have Palaeontological Assessment.
been applied for, approved or can be
reasonably be expected to be obtained. An application for the Water Usage Licence (WULA) is
pending.
The MPRDA legislation incorporates the government’s
intention to impose royal?es on revenues derived from
1. Describe the royalties that are payable in mineral production in South Africa. The royalty is determined
Royalties (i)
6 respect of each property. by multiplying the gross sales value of the extractor, in
respect of that mineral resource, in a specified year, by the
percentage determined by the royalty formula.
Describe any liabilities, including
rehabilitation guarantees that are
pertinent to the project. Provide a
1. A rehabilitation guarantee is in place, this is a prerequisite for
Liabilities (i) description of the rehabilitation liability,
7 granting the MR.
including, but not limited to, legislative
requirements, assumptions and
limitations.
Section 2: Geological Setting, Deposit, Mineralisation
Lithologies in the project area are referred to as the Okiep
Copper District (OCD) which covers an area of approximately
3,000 km2. The OCD consists of the basement rocks of the
Gladkop Suite, rocks of the Khurisberg Subgroup (pre-
(i) Describe the regional geology.
tectonic supracrustal sedimentary and volcanic units), rocks
of the Litle Namaqualand and Spektakel Suites (pre- to syn-
tectonic intrusive units), as well as the syn- to post-tectonic
units of the Koperberg Suite.
Describe the project geology including The Rietberg Mine has a pipe-like geometry with a possible
(ii) deposit type, geological setting and style feeder pipe towards the botom and some sill-like bodies
of mineralisation. closer to surface connected to the pipe.
Discuss the geological model or concepts
Strong geological and mineralisation continuity exists, the
being applied in the investigation and on
nature and geometry of the mineralised intrusive are well
(iii) the basis of which the exploration
understood and applied during exploration, resource
program is planned. Describe the
Geological definition and estimation processes.
inferences made from this model.
Setting,
2. Discuss data density, distribution and
Deposit,
1 reliability and whether the quality and The historical drilling, both surface and underground was
Mineralisation
quantity of information are sufficient to generally at close line spacing across the known deposit,
(iv)
support statements, made or inferred, achieving reliable high-density and representative data
concerning the Exploration Target or sufficient for modelling and resource estimation.
Mineralisation.
Discuss the significant minerals present in The Cu bearing minerals at Rietberg consist predominantly of
the deposit, their frequency, size and Bornite and Chalcopyrite within the mafic/ultramafic
other characteristics. Includes minor and Koperberg Suite rocks. Some internal felsic pegmatites and
(v) gangue minerals where these will have an other rock type occurs as lenses within the orebody. It is
effect on the processing steps. Indicate expected that the “internal” waste will have no major effect
the variability of each important mineral on the processing. Procedures are in place to remove most of
within the deposit. the internal waste before processing.
Describe the significant mineralised zones The Cu mineralisation is strongly controlled and restricted to
encountered on the property, including a the mafic/ultramafic rocks of the Koperberg Suite. The
(vi) summary of the surrounding rock types, contacts with the felsic host/country rocks (granite, gneiss
relevant geological controls, and the and granulites) are generally sharp. The mafic rocks are
length, width, depth, and continuity of intrusive and were structurally controlled and generally
the mineralisation, together with a occurs as pipe-, sill- and dyke-like bodies. Generally, dips
description of the type, character, and steeply to the north. Geological and mineralisation exhibits
distribution of the mineralisation strong continuity over hundreds of meters. The geological
controls are well understood.
The historical maps and cross-sections were diligently
Confirm that reliable geological models compiled and considered highly reliable, most still available.
(vii)
and / or maps and cross sections that Since the geological and mineralisation settings and control
support interpretations exist. are well known, geological and mineralisation models
generated are considered accurate and reliable.
Section 3: Exploration and Drilling, Sampling Techniques and Data
Describe the data acquisition or
exploration techniques and the nature,
level of detail, and confidence in the
geological data used (i.e. geological
observations, remote sensing results,
stratigraphy, lithology, structure,
alteration, mineralisation, hydrology, Historically exploration drilling followed detailed geological
geophysical, geochemical, petrography, mapping and geophysical surveys such as magnetics, gravity,
(i)
mineralogy, geochronology, bulk density, and IP. Geological and analytical data was collated from
potential deleterious or contaminating generally closely spaced surface drill holes.
substances, geotechnical and rock
characteristics, moisture content, bulk
samples etc.). Confirm that data sets
include all relevant metadata, such as
unique sample number, sample mass,
collection date, spatial location etc.
Identify and comment on the primary
data elements (observation and
measurements) used for the project and
describe the management and
verification of these data or the database.
An abundant amount of geological and analytical data exists.
This should describe the following
The borehole logs, analytical and survey data was digitally
(ii) relevant processes: acquisition (capture
captured and verified. Data was collated into a central Access
or transfer), validation, integration,
database for usage.
control, storage, retrieval and backup
processes. It is assumed that data are
stored digitally but hand-printed tables
3. with well organized data and information
Exploration may also constitute a database.
1
Acknowledge and appraise data from
Historical data collected over many years by OCC (Newmont
(iii) other parties and reference all data and
and GFSA).
information used from other sources.
Clearly distinguish between data /
information from the property under
(iv) Only data from Rietberg Mine was used.
discussion and that derived from
surrounding properties
Generally, the collar positions of most drill holes were
surveyed by an inhouse qualified surveyor. The survey gird
Describe the survey methods, techniques
system used was LO17Cape (feet and metres) which was
(v) and expected accuracies of data. Specify
recently converted to UTM33SWGS84. Many of the drill hole
the grid system used.
collars were also recently located and verified in the field and
underground.
Original exploration holes were drilled aiming to achieve at
Discuss whether the data spacing and least a 60m by 30m spacing. Underground ore definition
distribution is sufficient to establish the drilling was generally ~20m or closer, based on historical
(vi) degree of geological and grade continuity experience this spacing is generally considered appropriate
appropriate for the estimation for Mineral Resource es?ma?on for this type of
procedure(s) and classifications applied. mineralisation.
Present representative models and / or
maps and cross sections or other two or
three dimensional illustrations of results,
(vii)
showing location of samples, accurate Refer to figures in main text body.
drill-hole collar positions, down-hole
surveys, exploration pits, underground
workings, relevant geological data, etc
Report the relationships between
mineralisation widths and intercept
lengths are particularly important, the Historical underground drilling is oriented perpendicular, or
geometry of the mineralisation with at a maximum achievable angle, to the atitude of the
(viii)
respect to the drill hole angle. If it is not mineralisation. As a result, most underground holes intersect
known and only the down-hole lengths the mineralisation at an acceptable angle.
are reported, confirm it with a clear
statement to this effect (e.g. ‘down-hole
length, true width not known’).
Present the type of drilling undertaken
(e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Banka,
Historically AX (30.23~29.97mm) drill core was drilled.
sonic, etc) and details (e.g. core diameter,
(i) Recent twin drilling was TNW (60.8~60.55) core size. No core
triple or standard tube, depth of diamond
was orientated.
tails, face-sampling bit or other type,
whether core is oriented and if so, by
what method, etc).
Describe whether core and chip samples
have been geologically and geotechnically All core was geologically logged and sampled; hand logs are
logged to a level of detail to support available. Limited geotechnical logs done and available.
(ii)
appropriate Mineral Resource estimation, Detail hand and digital logs are available for the recent twin
technical studies, mining studies and drill holes.
3. Drilling metallurgical studies.
2 Techniques
Describe whether logging is qualitative or
Historic core logging was qualitative with no core
quantitative in nature; indicate if core
(iii) photography The core of the twin holes (2023) was
photography. (or costean, channel, etc)
photographed.
was undertaken
The current database consists of 341 Surface holes, 672
Present the total length and percentage underground holes. Approximately 33,323 assays are
(iv)
of the relevant intersections logged. available and used for modelling and es?ma?on purposes.
Drill holes are generally short and little to no deviations
occurred. As standard practise most holes were surveyed
Results of any downhole surveys of the
(v) (DH), some of these are still available but not all. Three of the
drill hole to be discussed.
4 recent twin holes were downhole surveyed, none to
insignificant deviations were found.
Describe the nature and quality of
sampling (e.g. cut channels, random
chips, or specific specialised industry Historically, core samples were analysed by the on-mine
standard measurement tools appropriate laboratory.
(i) to the minerals under investigation, such Core samples were geologically logged and sampled. Assays
as down hole gamma sondes, or from the 2023 twin holes were submitted to ALS
handheld XRF instruments, etc). These Johannesburg, an accredited laboratory.
examples should not be taken as limiting
the broad meaning of sampling.
Describe the sampling processes,
including sub-sampling stages to
Historically mineralised core was sampled over 1 – 2m
maximize representivity of samples. This
intervals.
(ii) should include whether sample sizes are
Visible mineralisation was sampled over 1m intervals also
appropriate to the grain size of the
taking geological contacts into consideration.
material being sampled. Indicate whether
Sample sample compositing has been applied.
method,
3. Appropriately describe each data set (e.g.
collection, Various parameters are recorded during logging of the core,
3 geology, grade, density, quality, diamond
capture and these include (but not restricted to); recoveries, lithologies,
(iii) breakage, geo-metallurgical
storage alteration, mineralisation, sampling, and assays, QAQC, SG’s,
characteristics etc.), sample type, sample-
structure and other collar and core metadata.
size selection and collection methods
Report the geometry of the
mineralisation with respect to the drill-
hole angle. State whether the orientation The Cu mineralisation is steeply-dipping towards the north.
of sampling achieves unbiased sampling Surface drilling have a southerly azimuth with dips between
(iv) of possible structures and the extent to 45° - 75°. Historical underground drilling is oriented
which this is known, considering the perpendicular, or at a maximum achievable angle, to the
deposit type. State if the intersection atitude of the mineralisation.
angle is not known and only the
downhole lengths are reported.
Twin drilling ½ and ¼ core is stored in labelled core trays
Describe retention policy and storage of
within the secure core yard at Nababeep. Sample rejects and
(v) physical samples (e.g. core, sample reject,
pulps returned from the laboratory is also stored in the core
etc.)
yard.
Describe the method of recording and
assessing core and chip sample recoveries
and results assessed, measures taken to
During drilling, the diamond core recovery was monitored
maximise sample recovery and ensure
daily to ensure representativeness. Core recovery/loss was
representative nature of the samples and
(vi) also recorded on designed log sheets. The rock types
whether a relationship exists between
encountered are very competent and fresh (no oxidation)
sample recovery and grade and whether
and very little to no loss was recorded.
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
Historically whole AX drill core was sampled. OCC submited
If a drill-core sample is taken, state
whole AX core to the on-mine laboratory for assaying.
whether it was split or sawn and whether
Samples were generally taken over 2m intervals and adjusted
quarter, half or full core was submitted
(vii) to accommodate geological contacts. OCC generally kept a
for analysis. If a non-core sample, state
10cm representative core sample, most of which are no more
whether the sample was riffled, tube
available.
sampled, rotary split etc. and whether it
The twin hole core was sampled over 1m and quartered for
was sampled wet or dry.
assaying.
Identify the laboratory(s) and state the The historic assays were done by OCC’s on-mine/site
accreditation status and Registration laboratory. Most of this analytical work was done prior to
(i) Number of the laboratory or provide a 1998 and SAMREC Code (2016). The laboratory was not
statement that the laboratories are not accredited. In 2023 twin drilling samples were submitted to
accredited. ALS Johannesburg which is an accredited laboratory.
Historically not known.
Login of twin (2023) samples into the system, weighing, fine
Identify the analytical method. Discuss crushing of en?re sample to 70% -2mm, split o? 250g and
the nature, quality and appropriateness pulverise split to beter than 85% passing 75 microns.
Sample (ii) of the assaying and laboratory processes
3.
Preparation and procedures used and whether the The twin assays (2023) were analysed using ME-ICP41a
4
and Analysis technique is considered partial or total. (high grade aqua regia digestion and ICP-AES for 30
elements) and ME-OG46 ore grade (Cu) 5% precision. Au-
AA25 ore grade Au by fire assay and ASS were also done.
Describe the process and method used
for sample preparation, sub-sampling and
size reduction, and likelihood of Core samples are cut using a core cutter with the right size
(iii) inadequate or non representative core guide. The retrieved core is very competent, and
samples (i.e. improper size reduction, contamination is not considered to occur.
contamination, screen sizes,
granulometry, mass balance, etc.)
Discuss the governance of the sampling
campaign and process, to ensure quality During the 2023 twin drilling campaign, QAQC samples and
and representivity of samples and data, assays were inserted into the sampling stream (1:10)
such as sample recovery, high grading, according to industry best practises and recommendations.
(i)
selective losses or contamination, The QAQC samples consisted of CMR’s, Blanks and
core/hole diameter, internal and external duplicates. Assays/results returned for these QAQC samples
QA/QC, and any other factors that may were found to be acceptable.
have resulted in or identified sample bias.
No details of historical sample security are available.
However, during the mining operations the site was fenced
Describe the measures taken to ensure and gated with security personnel employed as part of the
3. Sampling (ii)
sample security and the Chain of Custody. staff. Recent drilling core was collected, logged, and sampled
5 Governance by the mine geologists. All core is kept locked-up in the core
yard in Nababeep.
Describe the validation procedures used
to ensure the integrity of the data, e.g.
transcription, input or other errors, Historical data was digitally captures and verified and
(iii)
between its initial collection and its corrected were required.
future use for modelling (e.g. geology,
grade, density, etc.)
Describe the audit process and frequency
(iv) (including dates of these audits) and No historical external audits are known or available.
disclose any material risks identified.
Demonstrate that adequate field
Quality No records exist for QAQC procedures; however, it is assumed
sampling process verification techniques
3. Control/Qual that the OCC/Newmont/Gold Fields SA followed best
(i) (QA/QC) have been applied, e.g. the level
6 ity standard practises at the ?me.
of duplicates, blanks, reference material
Assurance
standards, process audits, analysis, etc. If
indirect methods of measurement were QAQC samples such as CRM’s, Blanks and Duplicates were
used (e.g. geophysical methods), these inserted into the sampling stream. These QAQC samples
should be described, with attention given were found to return acceptable values.
to the confidence of interpretation.
It is assumed that the SG data was acquired using the
Archimedes method by weighing drill core in air and water, a
Describe the method of bulk density
prac?cal method considered appropriate for this competent
determination with reference to the
rock types.
(i) frequency of measurements, the size,
nature and representativeness of the
The Archimedes method was used for SG measurements of
samples.
the twin drilling campaign.
Recent SG measurements confirmed historical data.
If target tonnage ranges are reported
(ii) state the preliminary estimates or basis of Not Applicable.
3.
Bulk Density assumptions made for bulk density.
7
Discuss the representivity of bulk density
(iii) samples of the material for which a grade Not Applicable.
range is reported.
Discuss the adequacy of the methods of
bulk density determination for bulk
material with special reference to
(iv) accounting for void spaces (vugs, porosity Not Applicable.
etc.), moisture and differences between
rock and alteration zones within the
deposit.
Indicate the location of individual
(i) Not Applicable.
samples (including map).
Describe the size of samples,
spacing/density of samples recovered and Approximately 5Mt at 1.26% Cu was historically mined at
(ii) whether sample sizes and distribution are Rietberg Mine, this can be considered as a large “bulk
appropriate to the grain size of the sample” indicative of the tonnage and grades to be expected.
Bulk-
material being sampled.
3. Sampling
8 and/or trial- Historically mined to produce approximately 5.6 Mt @ 1.26%
mining Describe the method of mining and Cu. Mining method used were Vertical Crater Retreat (VCR).
(iii)
treatment. Sulphide concentrate was produced and smelted to produce
Cu ingots.
Indicate the degree to which the samples
are representative of the various types Historically, core drilling and VCR mining sample data
(iv)
and styles of mineralisation and the representing the mineralisation of the deposit.
mineral deposit as a whole.
Describe the geological model,
The Rietberg deposit is a pipe-like structure and was
construction technique and assumptions
modelled as such. A geological cut-off ranging between 0.5 –
that forms the basis for the Exploration
0.3% Cu was applied with delineating strings approximately
Results or Mineral Resource estimate.
every 5m down the pipe. The Rietberg Pipe consists of
(i) Discuss the sufficiency of data density to
mafic/ultramafic and internal felsic lenses (internal waste).
assure continuity of mineralisation and
These cannot distinctively be modelled as separate units
geology and provide an adequate basis
since it will result in overly complex impractical models. The
for the estimation and classification
strings were used to create the wireframe model.
procedures applied.
Describe the nature, detail and reliability
of geological information with which Historically detailed geological logs exist, these were digitally
lithological, structural, mineralogical, captured, corrected, and verified. Data includes, collar
Geological (ii)
alteration or other geological, information, DH survey, lithological, analytical and SG
4. model and
geotechnical and geo-metallurgical measurements.
1 interpretatio
characteristics were recorded.
n
Describe any
obvious
geological,
mining,
metallurgical,
Recent metallurgical test work on composite core samples
(iii) from the 2023 twin drilling were completed and indicated
environmental,
recoveries of 90% through floatation.
social,
infrastructural,
legal and
economic
factors that
could have a
significant
effect on the
prospects of
any possible
exploration
target or
deposit.
Discuss all known
geological data that could
materially influence the No geological data is known to exists which can materially
(iv)
estimated quantity and influence the resource estimate.
quality of the Mineral
Resource.
Discuss whether
consideration was given
to alternative Geological modelling is a repetitive process, various
interpretations or models modelling options were investigated. The final model is
(v)
and their possible effect deemed to be most representative of the geological and
(or potential risk) if any, mineralisation setting.
on the Mineral Resource
estimate.
Discuss geological
discounts (e.g.
magnitude, per reef,
domain, etc.), applied in
Historically no geological discounts were applied, it was also
(vi) the model, whether
with this study/investigation deemed not necessary.
applied to mineralized
and / or un-mineralized
material (e.g. potholes,
faults, dykes, etc).
Describe in
detail the
estimation
techniques
and
(i) assumptions Not Applicable.
used to
determine
the grade
and tonnage
ranges.
Discuss the nature and
appropriateness of the
estimation technique(s) • Sample lengths were composited to 1.5m.
applied and key • Coefficient plots indicated low CV’s and upper
assumptions, including values cuting was not warranted or required.
treatment of extreme • The block model is unrotated with mother block
Estimation grade values (cutting or sizes being 4(x) x 4(y) x 2(z)m, sub-blocking was
4. and capping), compositing applied close to contacts.
2 modelling (including by length • Omni-direc?onal variography was applied to the
(ii)
techniques and/or density),
broader mafic domain wireframe and data,
domaining, sample
whereas directional variography applied to the
spacing, estimation unit
mineralised core domain wireframe and dataset.
size (block size), selective
mining units, The later dataset showed strong down-plunge
interpolation parameters anisotropy.
and maximum distance of • Ordinary Kriging was applied.
extrapolation from data
points.
Describe assumptions
and justification of
(iii) None.
correlations made
between variables.
Provide details of any
MicromineTM V2012 was used for data verification, string
relevant specialized
compiling and wireframe constructions. Leapfrog EdgeTM was
(iv) computer program
used for statistical procedures, block modelling and resource
(software) used, with the
estimation.
version number, together
with the estimation
parameters used.
State the processes of
checking and validation,
the comparison of model
information to sample
data and use of Visual inspection of the estimated data against actual data
(v)
reconciliation data, and indicated good correlation and acceptable estimates.
whether the Mineral
Resource estimate takes
account of such
information.
Describe the assumptions
By-products such as Au and Ag are known to be present,
made regarding the
however the quantities are insignificant and no estimations
(vi) estimation of any co-
and/or assumptions were made. No deleterious elements
products, by-products or
are known to be present and were not considered.
deleterious elements.
Disclose and discuss the
geological parameters. Although substantial, the S.G. measurements and database
These would include (but does not allow representative modelling and assigning of
not be limited to) volume values to individual blocks. For this resource es?ma?on an
(i) / tonnage, grade and average S.G. of 2.85 was applied to the ore blocks. This
value / quality estimates, average SG considered rock types as well as Cu grades, i.e.,
cut-off grades, strip more mafic rock types and higher Cu grades yield higher SG
ratios, upper- and lower- values.
screen sizes.
Disclose and discuss the
engineering parameters.
These would include Mine design on Rietberg Mine is described in the CPR (a copy
mining method, dilution, of which is available on the company website) and was the
(ii)
processing, geotechnical, basis on which a cut-o? of 0,75% was determined as measure
geohydraulic and of economic viable extraction.
metallurgical)
parameters.
Disclose and discuss the Historic underground mine infra-structure exists and are in
infrastructural including, excellent condition and easily accessible. The underground
but not limited to, power, infrastructure was recently scanned via LIDARTM and found to
(iii)
water, site-access. be intact, accessible, and located were expected. Limited
water and power will be required, and various options are
being investigated. No major obstacles are envisaged.
Reasonable
Disclose and discuss the
prospects
4. legal, governmental,
for eventual (iv) A Mining Right exists, allowing for eventual ore extraction.
3 permitting, statutory
economic
parameters.
extraction
Disclose and discuss the
Ore extraction will be underground with processing at
environmental and social
(v) Nababeep, therefore very minimal infra-structure required
(or community)
and impact on the environment.
parameters.
Disclose and discuss the Market expectations appear to be that copper will trade in a
(vi) marketing parameters. band between $3.40 and $5.40 per pound over the long
Disclose and discuss the term, with consensus long term price expectations of $4.16
economic assumptions per pound (S9,200 per tonne). For planning purposes,
and parameters. These COPPER 360 is using $9,000 per tonne as a real through-the-
(vii) factors will include, but cycle price.
not limited to,
commodity prices and Off-take agreements are already in place.
potential capital and
operating costs Factors such as political and industrial disruption, currency
fluctuation and interest rates could have an impact on
(viii) Discuss any material risks
COPPER 360’s future operations, and potential revenue
streams can also be affected by these factors.
Discuss the parameters Copper 360 is in the process of completing construction of
used to support the floatation plant which will process Rietberg ore with the plant
concept of "eventual" scheduled for commissioning in November 2023.
(ix)
Mine opening-up is underway with first development
scheduled for November 2023.
Based on variography, ellipsoid range and directions were
used. Three “runs” or passes were made to classify the
Describe
resource into the confidence categories. Parameters used
criteria and
are tabled below.
methods
used as the
General Ellipsoid Ranges Ellipsoid Directions Number of Samples
basis for
the Interpolant Name Max Int Min Dip Dip Azi Pitch Min Max
4. Classification classificatio
(i) Kr 1, Cu_Pct in RBShell05 28 18 11 70 350 120 10 16
4 Criteria n of the
Mineral Kr 2, Cu_Pct in RBShell05 55 36 21 70 350 120 8 16
Resources
Kr 3, Cu_Pct in RBShell05 110 72 42 70 350 120 6 16
into
varying Kr 1, Cu_Pct in RBMaficPipe 55 55 55 0 0 90 10 16
confidence
Kr 2, Cu_Pct in RBMaficPipe 110 110 110 0 0 90 8 16
categories.
Kr 3, Cu_Pct in RBMaficPipe 220 220 220 0 0 90 6 16
Discuss the reported low and high-grades
and widths together with their spatial The average resource grades reported are similar and within
(i) location to avoid misleading the reporting the known historical Cu grades mined and reported for the
of Exploration Results, Mineral Resources Okiep Copper District.
or Mineral Reserves.
Discuss whether the reported grades are
regional averages or if they are selected Resource reported grades are based on weighted averages
(ii)
individual samples taken from the from the individual blocks within the models.
property under discussion.
State
assumptions
regarding
mining
methods,
infrastructur
e,
metallurgy,
environmen
tal and
(iii) Not Applicable.
social
parameters.
State and
discuss
where no
mining
4. related
Reporting assumptions
5
have been
made.
State the
specific
quantities
and grades /
qualities
which are
being
(iv) Not Applicable.
reported in
ranges
and/or
widths, and
explain the
basis of the
reporting
Present the Included in the resource are underground remnants such as
detail for so-called “fringe ore” left behind along the edges of the VCR
example stope.
open pit,
undergrou The partially collapsed “crown pillar” of the Rietberg Mine is
(v)
nd, residue also included in the reported resource.
stockpile,
remnants, Ore from the partially collapsed crown pillar will be available
tailings, for immediate extraction from numerous existing
and underground draw points.
existing
pillars or Most of the declared resource is expected to be viable for
other future mining and extraction.
sources in
the
Mineral
Resource
statement
Present a
reconciliati
on with
any
previous
Mineral
Resource A 1.1Mt at 2.22% Cu Inferred resource (Effective date : 31
estimates. October 2022) was declared in the January 2023 CPR.
Where
(vi)
appropriate, Most of this has now been upgraded to the Measured
report category following twin confirmation drilling and digital
and capture of all historical underground drill holes.
comment
on any
historic
trends (e.g.
global
bias).
Present the defined
reference point for the
tonnages and grades
reported as Mineral
Resources. State the
reference point if the
point is where the run of
mine material is
delivered to the
(vii) processing plant. It is The ROM material is to be delivered at the concentration
important that, in all plant situated in Nababeep.
situations where the
reference point is
different, such as for a
saleable product, a
clarifying statement is
included to ensure that
the reader is fully
informed as to what is
being reported.
If the CP is relying on a report, opinion, or
statement of another expert who is not a
CP, disclose the date, title, and author of The statistical analyses, variography, block modelling and
the report, opinion, or statement, the resource classification were outsourced to Rock Ridge
(viii)
qualifications of the other expert and why consultants in Canada. The quality of work from these
it is reasonable for the CP to rely on the consultants are well known, highly regarded and considered
other expert, any significant risks and any reliable by the CP.
steps the CP took to verify the
information provided.
State the basis of equivalent metal
(ix) formulae, if applied. Not Applicable.
Date: 13-09-2023 09:40:00
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