Wrap Text
Metallurgical test work from the UG2 Reef indicates potential 4E PGM recovery rates of 85%
Southern Palladium Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 646 391 899
ASX share code: SPD
JSE share code: SDL
ISIN AU0000220808
("Southern Palladium" or "the Company")
Metallurgical test work from the UG2 Reef indicates potential 4E PGM recovery rates of 85%
Further to the Company's announcement dated 6 December 2023 Southern Palladium (ASX:SPD and
JSE:SDL), 'Southern Palladium' or 'the Company') is re-releasing the attached results of initial
metallurgical test work results at the Bengwenyama Platinum Group Metal (PGM) project, located on the
Eastern Limb of the world class Bushveld Complex, South Africa with the addition of JORC Table 1 Sections
1 & 2.
This announcement has been approved for released by the Board of Southern Palladium Limited.
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
7 December 2023
JSE Sponsor
Merchantec Capital
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Follow @SouthernPalladium on Twitter
Follow Southern Palladium on LinkedIn
7 December 2023
Metallurgical test work from the UG2 Reef indicates potential
4E PGM recovery rates of 85%
Highlights:
• Preliminary, unoptimized testing indicates that the Bengwenyama UG2 Reef can be treated using
conventional methods.
• This initial test work has shown that metallurgical recoveries of between 80 and 85% with
concentrate grades of 130 to 250g/t (4E) can be obtained.
• Further test work to further enhance recoveries will be undertaken as part of the prefeasibility study.
• A new Mineral Resource update is due for release shortly.
• A scoping study for the Bengwenyama project is now underway and is scheduled for release in
January 2024.
Southern Palladium (ASX:SPD and JSE:SDL), 'Southern Palladium' or 'the Company') is pleased to release
the results of initial metallurgical test work results at the Bengwenyama Platinum Group Metal (PGM)
project, located on the Eastern Limb of the world class Bushveld Complex, South Africa.
Managing Director Johan Odendaal, said: "Significant progress has been achieved in understanding the
metallurgy of the UG2 orebody. Preliminary testing suggests that ore from the UG2 Reef can be effectively
treated with recoveries ranging from 80% to 85% through conventional methods that are used across the
Bushveld Complex, and therefore aligning with industry. Metallurgical recoveries from the UG2 Reef at
operations on the Eastern Limb range between 81% and 88%. We believe there should be strong
commercial interest in sourcing concentrate of this quality from PGM smelters in South Africa."
Metallurgical testing
The sample for test work was composited from a total mass of approximately 32kg (4E head grade
obtained ~7.95g/t 4E), from various boreholes that intersected the UG2 reef of the Bengwenyama project.
This sample was tested by Suntech Geomet Laboratories, an ISO/IEC compliant facility based in
Johannesburg.
Figure 1: Concentrate grade vs. recovery (4E)
Source: Suntech Geomatics Test Report
Southern Palladium Limited
ACN 646 391 899
Level 1, 283 George Street, Sydney NSW 2000 Australia
This test work has demonstrated that high PGM concentrate grades can be obtained at recoveries of over
80% (see Figure 1 – red dot indicates the test result, i.e., 80.5% recovery at a 4E concentrate grade of 238
g/t). The testwork was a locked cycle test over six cycles. The graphed data is the final concentrate (red
dot) and the final residue PGM contained in each waste stream (other four data points).
These recoveries are in line with those reported by various UG2 operations on the Eastern Limb:
• Anglo American Platinum - Mototolo 84% and Modikwa 87% 1; and;
• Implats - Marula 86%-88% and Two Rivers 81% 2.
In addition to strong PGM recoveries, a marketable chromite concentrate can also be obtained.
Initial mining at the Bengwenyama project will focus on the underground extraction of PGM's from the
high grade UG2 Chromitite Reef. The current design for the planned process plant is based on a
conventional MF2 flow sheet consisting or primary and secondary milling and flotation , with a processing
route to obtain a flotation concentrate which contains a marketable content of 7E PGM.
The typical grind size for Bushveld operations is 106 microns for the primary processes and 75 microns for
the secondary.
A chrome concentrate will be produced using conventional spirals and sold separately.
As more representative samples of the UG2 Reef becomes available, further test work will be undertaken
to increase confidence in the process flowsheet and make improvements to both recovery and grade of
the 7E PGM content from the UG2 reef.
Updated Resource and Scoping Study
The updated Scoping Study for the Bengwenyama PGM project is now well underway and is scheduled
for release in January 2024. This study is being conducted concurrently with the Prefeasibility study and
will showcase the project's key metrics, including net present value (NPV), cost estimation, and annual
production figures. A new Mineral Resource update is also close to completion and will be finalised for
release to the market at the earliest opportunity.
About Southern Palladium:
Southern Palladium Limited (ASX:SPD, JSE:SDL) is a dual-listed platinum group metal (PGM) company
developing the advanced Bengwenyama PGM project, particularly rich in palladium/rhodium, in South
Africa. The project is located on the Eastern Limb of the Bushveld Complex, which contains more than
70% of the world's known Platinum Group Metal (PGM) Resources. The Company, holding a 70% stake
in the project, will primarily concentrate on delivering a Pre-Feasibility study. Additionally, following
the completion of a geophysical survey conducted in 2022 and the October 2023 approval of its Mining
Right application, management will oversee the completion of the diamond drill programme initiated
in August 2022, along with several other concurrent technical studies.
Bengwenyama presents a substantial opportunity in the global PGM market. Previous exploration
efforts have already yielded a JORC 2012-compliant Inferred Mineral Resource of 25.12Moz1 within two
ore horizons—the UG2 chromitite and Merensky Reef, achieved in 2023. Moreover, an assessment
conducted by mining industry consultants CSA Global in 2021, has identified a significant exploration
target beyond the currently explored area. The Company is led by a seasoned on-ground management
team, including some of South Africa's most distinguished mining industry executives.
1Anglo American Ore Reserves and Mineral Resources report 2022
2Implats Mineral Resource and Mineral Reserve Statement
Competent Person Statement
Daan van Heerden: The scientific and technical information contained in this announcement has
been reviewed, prepared, and approved by Mr Daan van Heerden (B Eng (Min.), MCom (Bus.Admin.),
MMC, Pr.Eng. No. 20050318, AMMSA, FSAIMM). Mr van Heerden is a director of Minxcon (Pty) Ltd
and a Registered Professional Engineer with the Engineering Council of South Africa, a Member of
the Association of Mine Managers South African Council, as well as a Fellow Member of the South
African Institute of Mining and Metallurgy. Mr. van Heerden has sufficient experience relevant to
the styles of mineralisation and activities being undertaken to qualify as a Competent Person, as such
term is defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr van Heerden has a beneficial interest in Southern Palladium
through a shareholding in Nicolas Daniel Resources Proprietary Limited.
This announcement has been approved for released by the Board of Southern Palladium Limited.
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Follow @SouthernPalladium on Twitter
Follow Southern Palladium on LinkedIn
Appendix 1. JORC Checklist – Table 1 Assessment and Reporting Criteria
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria Explanation Detail
Nature and quality of sampling (e.g. cut
channels, random chips, or specific
specialised industry standard 20 cm samples are taken within the reef horizon unless there is a lithological
measurement tools appropriate to the reason to deviate from this. A single sample is also taken in the hanging
minerals under investigation, such as wall and footwall to test for mineralisation in the direct waste rock. The
down hole gamma sondes, or handheld samples are split with a core saw and one half is submitted to the laboratory
XRF instruments, etc.). These examples and the other half keep in the core tray.
should not be taken as limiting the broad
meaning of sampling.
Include reference to measures taken to
ensure sample representivity and the The core is orientated in such a way that the two halves are equal.
appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
Sampling techniques mineralisation that are Material to the
Public Report. In cases where 'industry
standard' work has been done this
would be relatively simple (e.g. 'reverse
circulation drilling was used to obtain 1 The sampling methodology is standard and as per industry practice in the
m samples from which 3 kg was Bushveld Complex (BC). The samples are 20 cm in length and are split into
pulverised to produce a 30 g charge for two equal halves with one half being submitted for analysis. The core size
fire assay'). In other cases more starts as HQ (10 m to 50 m) but is NQ by the time the reef is intersected.
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types
(e.g. submarine nodules) may warrant
disclosure of detailed information.
Drill type (e.g. core, reverse circulation,
open-hole hammer, rotary air blast, The drillholes start with HQ (for approximately 10-50 m) in the weathered
auger, Bangka, sonic, etc.) and details zone but are then drilled NQ once in the fresher material. The drill rigs being
Drilling techniques (e.g. core diameter, triple or standard utilised have been the CS 1500, Delta 520 and a smaller Longyear 44.
tube, depth of diamond tails, face-
sampling bit or other type, whether core The drill contractor is Geomech Africa.
is oriented and if so, by what method,
etc.).
Initially the core was scanned in with the software ScanIT which scans the
core with high resolution photos and the geologists reconcile the depths
Method of recording and assessing core and core losses per 3 m run. The Core recoveries and RQD are then
and chip sample recoveries and results calculated for the drillhole. ScanIT has however been discontinued and the
assessed. core is now photographed and the core recovery and RQD is calculated
manually by the geological assistants.
The geologist informs the drilling supervisor at what depth the reef is
expected so that they can take extra precautions around the anticipated
Measures taken to maximise sample reef depth.
Drill sample recovery recovery and ensure representative
nature of the samples. The core recoveries are measured per 3 m run and if there is excessive
core loss in the reef horizon it is marked as a non-representative sample
and will not be used in the resource estimation process.
Whether a relationship exists between Samples have been submitted to the ALS laboratory in Johannesburg, but
sample recovery and grade and whether there is only limited data available at this stage, so this has not been
sample bias may have occurred due to checked yet. The core recoveries for the intersections however all have
preferential loss/gain of fine/coarse good core recoveries besides the faulted intersections.
material.
Whether core and chip samples have The core was initially scanned into ScanIT software which produced high
been geologically and geotechnically resolution images. This has however been discontinued. The logging is
logged to a level of detail to support conducted on paper log sheets or tablets at the core with dropdown menus.
appropriate Mineral Resource Legends have been set up in excel that cover the necessary detailed
estimation, mining studies and required for Mineral Resource estimation. Alpha angles and structure detail
metallurgical studies. is also observed and logged. The beta angle is not measured as the core
is not orientated but the downhole televiewer survey supplies structural
Logging orientation information which is incorporated into the logs.
Whether logging is qualitative or
quantitative in nature. Core (or costean, Core logging is qualitative and utilises excel spreadsheets on tablets.
channel, etc.) photography.
The total drillhole is geologically logged and photographed and the
The total length and percentage of the televiewer survey is conducted from 100 m above the reef horizon for
relevant intersections logged. additional structural information.
If core, whether cut or sawn and
whether quarter, half or all core taken. The core is cut in two equal halves for sampling and storage purposes.
Sub-sampling
techniques and If non-core, whether riffled, tube
sample preparation sampled, rotary split, etc. and whether This project only makes use of core drilling.
sampled wet or dry.
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria Explanation Detail
The sample preparation code at ALS is PREP-31H which has the following
procedure: -
For all sample types, the nature, quality
and appropriateness of the sample Login of samples into the system, weighing, fine crushing of entire sample
preparation technique. to 70% - 2 mm, split off 500 g and pulverize split to better than 85% passing
75 microns.
The QAQC sequence is as follows: -
Quality control procedures adopted for If the batch is less than 20 samples the batch starts and ends with a blank
all sub-sampling stages to maximise and a CRM and duplicate are inserted into the sample stream. If the batch
representivity of samples. is great than 20 samples then the batch starts and ends with a blank and
every tenth sample is either a CRM, duplicate or blank. This equates to
between 20% and 10% QAQC samples.
Measures taken to ensure that the The sampling of the reef is reef material only except for the first and last
sampling is representative of the in-situ sample of the reef as it will have 2 cm of hanging wall or footwall material
material collected, including for instance to ensure the entire mineralisation is captured. This 2 cm dilution will be
results for field duplicate/second-half calculated into the reef width. The hanging wall and footwall are sampled
sampling. separately to the reef. Hence the reef samples are representative of the in-
situ reef horizon. Requested duplicates are pulp duplicates and the CRMs
are material from the UG2 and MR from African Mineral Standards (AMIS).
The reef horizon is sampled in 20 cm increments so that the grade
distribution can be observed if a mining cut is required. The UG2 reef is
approximately 70 cm wide and will have three to four samples which will be
composited later. The MR is wider at around 200 cm and will have about
Whether sample sizes are appropriate ten individual samples to determine the grade distribution. These will also
to the grain size of the material being be composited later for Mineral Resource Estimation purposes. Hanging
sampled. wall and footwall samples are also taken to check if there is any
mineralisation in the direct surrounding waste rock.
This is industry best practice for the BC.
The nature, quality and appropriateness The UG2 reef will be assayed for 4E and 7E as well as for Cu, Ni, Co, Cr
of the assaying and laboratory and Fe. The MR will be assayed for the same except the Cr and Fe as it is
procedures used and whether the not a chromitite seam but a pyroxenite layer.
technique is considered partial or total.
The ALS methods are as follows: -
PGM-ICP23 - Pt, Pd, Au package using lead fire assay with ICP-AES finish.
30 g nominal sample weight.
Rh-ICP28 - Fire assay fusion using lead flux with Pd collector for Rh
determination by ICPAES. 10 g nominal sample weight.
PGM-MS25NS - The Platinum Group Metals are separated from the
gangue material using the Nickel Sulphide Fire Assay procedure. After
dissolution of the pulp with aqua regia, PGMs are determined by ICP-MS.
ME-XRF26s - Analysis of Chromite ore samples by fused disc / XRF. This
method is suitable for the determination of major and minor elements in ore
samples which require a high dilution digest such as Chromite ores.
Quality of assay data Elements that will be analysed are Cr, Cu, Ni, Fe and Co.
and laboratory tests
The overall pass rate of the various QAQC samples is 90%.
All methodologies are total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc., the All analytical work is undertaken by ALS Chemex South Africa (Pty) Ltd,
parameters used in determining the located in Johannesburg, which is part of the ALS group. The South African
analysis including instrument make and laboratory is ISO 17025 accredited by SANAS (South African National
model, reading times, calibrations Accreditation System).
factors applied and their derivation, etc.
Nature of quality control procedures
adopted (e.g. standards, blanks,
duplicates, external laboratory checks) QAQC procedure has been described above.
and whether acceptable levels of
accuracy (i.e. lack of bias) and precision
have been established.
The verification of significant
intersections by either independent or An umpire laboratory will be utilised as an additional check at a later stage.
alternative company personnel.
Discuss any adjustment to assay data. No adjustments have been made to the assayed results.
Verification of
sampling and Documentation of primary data, data The assay results are received from the laboratory in pdf format and excel
assaying entry procedures, data verification, data format. The excel form is imported into the Minxcon excel database. These
storage (physical and electronic) are checked by the senior geologist. The assay certificates are stored in the
protocols. project folder.
The use of twinned holes. No twinning has been undertaken to date.
Accuracy and quality of surveys used to
Location of data locate drillholes (collar and down-hole Drillhole collar positions are recorded by handheld Garmin GPS. The
points surveys), trenches, mine workings and drillholes will be surveyed in at a later stage.
other locations used in Mineral
Resource estimation.
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria Explanation Detail
Specification of the grid system used. The coordinate system used is LO31.
Regional three-dimensional (3D) topography was constructed from regional
Quality and adequacy of topographic surface contours and Shuttle Radar Topography Mission (SRTM) data. The
control. surface was trimmed 300–500 m beyond the Project perimeter.
The final drillhole spacing will be approximately 350 m. The drilling
Data spacing for reporting of Exploration completed to date or in progress has a wider spacing to get a better
Results. understanding of the larger structural domains of the project.
Whether the data spacing, and
distribution is sufficient to establish the Geological continuity is based on the knowledge of the surrounding area
Data spacing and degree of geological and grade and 3D model constructed from historical data. The 53 of the 59 completed
distribution continuity appropriate for the Mineral drillholes to date have intersected the UG2 which is confirming the position
Resource and Ore Reserve estimation of the UG2 reef. Of the 14 drillholes expected to intersect the MR 11 have
procedure(s) and classifications intersected the reef and two have been faulted.
applied.
Whether sample compositing has been The 20cm (or larger) samples are composited to obtain the weighted
applied. average of the entire intersection.
Whether the orientation of sampling The drillholes are vertical drillholes and intersect the reef close to right
achieves unbiased sampling of possible angles. The sample is therefore unbiased. If the reef is faulted it will be
structures and the extent to which this is noted and if the reef intersection is not representative, it will not be used in
known, considering the deposit type. Mineral Resource estimations.
Orientation of data in If the relationship between the drilling
relation to geological orientation and the orientation of key
structure mineralised structures is considered to No sampling bias will be introduced based on the drilling orientation as they
have introduced a sampling bias, this are close to perpendicular.
should be assessed and reported if
material.
Samples are only handled by the drilling contractor and the Minxcon
The measures taken to ensure sample geological staff. There is a strict chain of custody that is followed from the
Sample security security. time the core leaves the drill site to the time the sample is received by the
laboratory.
Audits or reviews The results of any audits or reviews of No audits have been undertaken on the drilling to date.
sampling techniques and data.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
Type, reference name/number, location
and ownership including agreements or A Preferent Prospecting Right LP002PPR was granted to the
material issues with third parties such Bengwenyama Tribe's investment vehicle, Miracle Upon Miracle
as joint ventures, partnerships, Investments (Pty) Ltd in 2015 over the farms Eerstegeluk 327 KT and
overriding royalties, native title Nooitverwacht 324 KT. This was renewed in early 2021 and is valid until
Mineral tenement interests, historical sites, wilderness or February 2024. The Right covers all elements of potential economic
and land tenure national park and environmental interest.
status settings.
The security of the tenure held at the
time of reporting along with any known The right is valid until February 2024.
impediments to obtaining a licence to
operate in the area.
Exploration done by Drilling was undertaken by Rustenburg Platinum Mines from 1966 to
other parties 1985. Trojan exploration completed drilling on Eerstegeluk between
1990 and 1993. Drilling prior to 1994 was not used as part of this
Acknowledgment and appraisal of Mineral Resource estimate (MRE) due to the incomplete nature or
exploration by other parties. availability of the drillhole data. Nkwe completed drillholes in 2007–
2008. This drilling supports the MRE. Reconnaissance mapping has
been completed by previous operators.
The target UG2 and Merensky reefs occur within the Upper Critical
Zone of the Rustenburg Layered Suite of the BC. These reefs are
Geology Deposit type, geological setting and laterally continuous for tens to hundreds of kilometres. The UG2
style of mineralisation. comprises mineralised chromitite, whereas the Merensky Reef is
defined as the mineralised pyroxenitic zone between upper and lower
chromitite stringers. The BC is the world's largest igneous intrusion and
also the largest global repository of PGEs and chromitite. Both reefs are
stratiform with relatively minor disruptive structural features and
replacement deposits.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
A summary of all information Drilling
material to the understanding of the
exploration results including a BHID Date Started Date Completed From (m) To (m) Drilled Comment
tabulation of the following Metres
information for all Material drillholes:
* easting and northing of the drillhole
collar
* elevation or RL (Reduced Level –
elevation above sea level in metres) Abandoned, stuck drill
of the drillhole collar E019 23-Aug-22 05-Sep-22 0.00 32.42 32.42 rods
* dip and azimuth of the hole
* down hole length and interception
depth E019a 06-Sep-22 05-Oct-22 0.00 323.77 323.77 EOH, completed
* hole length.
E060 26-Aug-22 19-Oct-22 0.00 206.72 206.72 EOH, completed
E060D1 23-Nov-22 28-Nov-22 139.00 185.53 46.53 EOH, completed
EOH, completed,
E062 26-Aug-22 02-Sep-22 0.00 120.34 120.34 extended to UG1 for
stratigraphy
Deflection completed,
E062D1 07-Sep-22 08-Sep-22 18.30 34.92 16.62 faulted UG2
Deflection completed,
E062D2 09-Sep-22 10-Sep-22 13.30 33.00 19.70 faulted UG2
E058 12-Sep-22 05-Oct-22 0.00 158.25 158.25 EOH, completed
E033 07-Sep-22 15-Oct-22 0.00 261.58 261.58 EOH, completed
E028 07-Oct-22 24-Oct-22 0.00 383.75 383.75 EOH, completed
E004 14-Oct-22 15-Nov-22 0.00 524.50 524.50 EOH, completed
E004D1 19-Nov-22 24-Nov-22 457.00 518.75 61.75 Deflection completed
E030 26-Oct-22 05-Dec-22 0.00 413.75 413.75 EOH, completed
E025 18-Oct-22 09-Nov-22 0.00 267.58 267.58 EOH, completed
E037 13-Oct-22 02-Nov-22 0.00 282.45 282.45 EOH, completed
EOH, completed,
E049 21-Oct-22 19-Nov-22 0.00 322.75 322.75 extended to UG1 for
stratigraphy
E031 07-Nov-22 22-Nov-22 0.00 423.22 423.22 EOH, completed
E044 12-Nov-22 14-Dec-22 0.00 263.73 263.73 EOH, completed
E016 28-Nov-22 14-Dec-22 0.00 454.68 454.68 EOH, completed
E007 28-Nov-22 10-Dec-22 0.00 422.80 422.80 EOH, completed
E064 29-Nov-22 06-Dec-22 0.00 166.40 166.40 EOH, completed
E071 07-Dec-22 12-Dec-22 0.00 188.80 188.80 EOH, completed
E065 08-Dec-22 15-Dec-22 0.00 239.75 239.75 EOH, completed
E001 12-Jan-23 06-Feb-23 0.00 554.75 554.75 EOH, completed
E015 12-Jan-23 19-Jan-23 0.00 298.72 298.72 EOH, completed
E020 11-Jan-23 21-Jan-23 0.00 350.75 350.75 EOH, completed
E041 13-Jan-23 06-Feb-23 0.00 258.77 258.77 EOH, completed
E067 12-Jan-23 25-Jan-23 0.00 306.45 306.45 EOH, completed
E013 23-Jan-23 01-Feb-23 0.00 327.28 327.28 EOH, completed
E024 23-Jan-23 29-Jan-23 0.00 284.75 284.75 EOH, completed
E069 27-Jan-23 29-Mar-23 0.00 305.45 305.45 EOH, Completed
E027 01-Feb-23 21-Feb-23 0.00 290.75 290.75 EOH, completed
E014 07-Feb-23 10-Apr-23 0.00 354.10 354.10 EOH, completed
E069D1 04-Apr-23 06-Apr-23 180.00 251.65 71.65 EOH, Completed
E001D1 13-Apr-23 18-Apr-23 508.00 552.02 44.02 EOH, Completed
E014D1 15-Apr-23 18-Apr-23 302.00 344.04 42.04 EOH, Completed
E014D2 24-Apr-23 27-Apr-23 292.00 346.55 54.55 EOH, Completed
E032 12-Apr-23 04-May-23 0.00 467.75 467.75 EOH, Completed
**E057 08-Apr-23 22-Apr-23 0.00 299.68 299.68 EOH, Completed
E045 01-May-23 10-May-23 0.00 206.55 206.55 EOH, Completed
**E056 26-Apr-23 12-May-23 0.00 335.70 335.70 EOH, Completed
Drillhole
Information E052 21-Feb-23 31-May-23 0.00 252.55 255.55 EOH, Completed
E072 10-May-23 17-May-23 0.00 254.75 254.75 EOH, Completed
E072D1 19-May-23 22-May-23 208.00 251.75 43.75 EOH, Completed
E072D2 23-May-23 24-May-23 203.00 251.75 48.75 EOH, Completed
E029 15-May-23 01-Jun-23 0.00 320.78 320.78 EOH, Completed
E050D1 31-May-23 07-Jun-23 185.00 279.98 94.98 EOH, Completed
E076 31-May-23 08-Jun-23 0.00 239.75 239.75 EOH, Completed
E029D1 03-Jun-23 09-Jun-23 248.00 320.78 72.78 EOH, Completed
E066 10-May-23 09-Jun-23 0.00 225.32 225.32 EOH, Completed
E066D1 12-Jun-23 15-Jun-23 161.00 225.62 64.62 EOH, Completed
E046 10-Jun-23 21-Jun-23 0.00 245.68 245.68 EOH, Completed
E048 09-Jun-23 19-Jun-23 0.00 236.70 236.70 EOH, Completed
E054 10-Jun-23 19-Jun-23 0.00 287.57 287.57 EOH, Completed
E059 02-Jun-23 24-Jun-23 0.00 99.55 99.55 EOH, Completed
E039 19-Jun-23 26-Jun-23 0.00 249.30 249.30 EOH, Completed
E039D1 28-Jun-23 08-Jul-23 166.00 229.42 63.42 EOH, Completed
E120 23-Jun-23 08-Jul-23 0.00 218.68 218.68 EOH, Completed
E082 21-Jun-23 10-Jul-23 0.00 248.90 248.90 EOH, Completed
E034 12-Jul-23 20-Jul-23 0.00 298.38 298.38 EOH, Completed
E082D1 17-Jul-23 19-Jul-23 177.00 245.90 68.90 EOH, Completed
E086A 28-Jun-23 17-Jul-23 0.00 260.75 260.75 EOH, Completed
E086AD1 19-Jul-23 21-Jul-23 195.00 259.75 64.75 EOH, Completed
E087 28-Jun-23 26-Jul-23 0.00 294.37 294.37 EOH, Completed
E086AD2 24-Jul-23 25-Jul-23 195.00 257.75 62.75 EOH, Completed
E120D1 25-Jul-23 03-Aug-23 95.00 182.68 87.68 EOH, Completed
E034D1 25-Jul-23 02-Aug-23 232.00 296.88 64.88 EOH, Completed
E070 21-Jul-23 02-Aug-23 0.00 191.90 191.90 EOH, Completed
E070D1 04-Aug-23 08-Aug-23 125.00 191.90 66.90 EOH, Completed
E114 04-Aug-23 08-Aug-23 0.00 101.68 101.68 EOH, Completed
E034D2 05-Aug-23 08-Aug-23 227.00 296.51 69.51 EOH, Completed
E051 10-Aug-23 15-Aug-23 0.00 105.56 105.56 EOH, Completed
E080 03-Aug-23 14-Aug-23 0.00 195.17 195.17 EOH, Completed
E085 09-Aug-23 23-Aug-23 0.00 251.90 251.90 EOH, Completed
E079 17-Aug-23 25-Aug-23 0.00 270.13 270.13 EOH, Completed
E113 10-Aug-23 11-Sep-23 0.00 497.60 497.60 EOH, Completed
E051D1 11-Sep-23 13-Sep-23 50.00 99.36 49.36 EOH, Completed
E115 16-Sep-23 20-Sep-23 0.00 93.30 93.30 EOH, Completed
E118 29-Aug-23 18-Sep-23 0.00 294.18 294.18 EOH, Completed
E122 14-Sep-23 20-Sep-23 0.00 185.70 185.70 EOH, Completed
E125 13-Sep-23 20-Sep-23 0.00 233.75 233.75 EOH, Completed
E125D1 21-Sep-23 22-Sep-23 168.00 233.75 65.75 EOH, Completed
All drillholes were drilled -90 degrees.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
The UG2 and MR geological and estimation models have been
updated to include drilling and assaying data as at end of March
2023. The structural / geological model utilised 20 historical Nkwe
drillholes and 59 SPD drillholes while the estimation model utilised 10
historical Nkwe drillholes and 24 SPD drillholes for the UG2 and 10
historical Nkwe drillholes and 8 SPD drillholes for the MR.
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 N/A
understanding of the report, the
Competent Person should clearly
explain why this is the case.
In reporting Exploration Results, With the Mineral Resource update the statistical analysis recommended
weighting averaging techniques, no top cutting of the grade. In the case of the MR there was one sample
maximum and/or minimum grade that was capped. The Mineral Resource has been declared at a paylimit
truncations (e.g. cutting of high grades) of 1.9 g/t for the UG2 and 1.6 g/t for the MR.
and cut-off grades are usually Material The exploration target range is based on the kriged estimated value with
and should be stated. a 20% range applied to it.
Where aggregate intercepts
incorporate short lengths of high-grade
Data aggregation results and longer lengths of low-grade
methods results, the procedure used for such The individual 20cm samples are combined per drillhole per reef
aggregation should be stated and intersection for the composite grades used in the estimation process.
some typical examples of such
aggregations should be shown in
detail.
The assumptions used for any No metal equivalent has been reported but the various elements have
reporting of metal equivalent values been combined for 3PGE+Au grades (4E) and 6PGE+au grades (7E).
should be clearly stated.
If the geometry of the mineralisation
with respect to the drillhole angle is
Relationship known, its nature should be reported. The intersection lengths stated are the downhole lengths. The drillholes
between If it is not known and only the down are drilled at -90 degrees and the reef dip is expected to be
mineralisation hole lengths are reported, there should approximately 6 degrees. Therefore, the difference should be minimal.
widths and intercept be a clear statement to this effect (e.g.
lengths 'down hole length, true width not
known').
Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant A map of the drillhole positions is included in this and the previous press
Diagrams discovery being reported These should release. A stratigraphic column has been completed for the project (in
include, but not be limited to a plan press releases). A section has been included in the press release.
view of drillhole collar locations and
appropriate sectional views.
Where comprehensive reporting of
all Exploration Results is not
practicable, representative reporting Reef intersection depths for all the drillholes have been reported in
Balanced of both low and high grades and/or the table below.
reporting widths should be practiced to avoid
misleading reporting of Exploration
Results.
Drilling Merensky Reef UG2 Reef
Intersection Intersection
BHID From (m) To (m) Comment From (m) To (m) Comment
Width (m) Width (m)
Highly weathered &
E019 20.25 22.45 2.20 - - - Hole stopped short
friable, inconclusive
Highly weathered &
E019a 19.55 22.35 2.80 315.85 316.61 0.76 Complete intersection
friable, inconclusive
No MR expected - East of
E060 - - - - - - Reef Missing
MR subcrop
No MR expected - East of
E060D1 - - - 178.78 179.29 0.51 Complete intersection
MR subcrop
No MR expected - East of Complete intersection, moderately
E062 - - - 31.27 32.30 1.03
MR subcrop weathered
No MR expected - East of Moderately weathered & faulted.
E062D1 - - - 31.45 32.27 0.82
MR subcrop Incomplete intersection. Core loss.
No MR expected - East of Moderately weathered & faulted.
E062D2 - - - 31.16 31.56 0.40
MR subcrop Incomplete intersection. Core loss.
No MR expected - East of
E058 - - - 140.88 141.29 0.41 Complete intersection
MR subcrop
No MR expected - East of
E033 - - - 253.62 254.25 0.63 Complete intersection
MR subcrop
E028 66.70 68.66 1.96 Complete intersection 373.26 373.79 0.53 Complete intersection
E004 210.77 212.90 2.13 Complete intersection 517.33 517.57 0.24 Pothole
E004D1 - - - Deflection below MR 515.83 516.52 0.69 Pothole
E030 143.00 144.68 1.68 Complete intersection 409.55 410.07 0.52 Complete intersection
No MR expected - East of
E025 - - - 260.42 261.32 0.90 Complete intersection
MR subcrop
No MR expected - East of
E037 - - - - - - Pothole
MR subcrop
No MR expected - East of
E049 - - - - - - Faulted
MR subcrop
E031 122.40 124.29 1.89 Complete intersection 416.57 417.19 0.62 Complete intersection
No MR expected - East of
E044 - - - 258.75 259.42 0.67 Complete intersection
MR subcrop
E016 - - - Faulted 449.24 450.01 0.77 Complete intersection
E007 100.38 102.54 2.16 Complete intersection 417.42 418.54 1.12 Complete intersection
No MR expected - East of
E064 - - - 156.19 157.05 0.86 Complete intersection
MR subcrop
No MR expected - East of
E071 - - - 180.04 180.73 0.69 Complete intersection
MR subcrop
No MR expected - East of
E065 - - - 231.81 232.50 0.69 Complete intersection
MR subcrop
E001 259.82 261.64 1.82 Complete intersection 548.07 549.21 1.14 Complete intersection
No MR expected - East of
E015 - - - 291.89 292.63 0.74 Complete intersection
MR subcrop
E020 54.20 55.39 1.19 Faulted 342.90 343.56 0.66 Complete intersection
No MR expected - East of
E041 - - - 250.95 251.60 0.65 Complete intersection
MR subcrop
No MR expected - East of
E067 - - - 299.70 300.20 0.50 Complete intersection
MR subcrop
Highly weathered &
E013 12.43 14.53 2.10 friable, inconclusive (core 321.26 321.76 0.50 Complete intersection
loss & No stringers)
No MR expected - East of
E024 - - - 278.77 279.26 0.49 Complete intersection
MR subcrop
No MR expected - East of
E069 - - - 240.98 241.39 0.41 Incomplete intersection
MR subcrop
No MR expected - East of
E027 - - - 284.47 285.04 0.57 Complete intersection
MR subcrop
E014 37.28 39.68 2.40 Complete intersection 342.62 343.68 1.06 Complete Intersection
No MR expected - East of
E069D1 - - - 241.33 241.63 0.30 Complete Intersection
MR subcrop
E001D1 - - - Deflection below MR 547.78 548.26 0.48 Complete Intersection
Incomplete intersection, core loss &
E014D1 - - - Deflection below MR 343.29 343.74 0.45
grinding
E014D2 - - - Deflection below MR 342.19 343.06 0.88 Complete Intersection
E032 171.69 173.78 2.09 Complete intersection 462.66 463.98 1.32 Complete Intersection
Highly weathered & friable,
**E057 - - - 29.96 30.44 0.48
inconclusive
- - - 237.73 238.06 0.33 LG6A reef
No MR expected - East of
MR subcrop
- - - 238.3 238.63 0.33 LG6 reef
- - - 238.66 239.85 1.19 LG6 reef
No MR expected - East of
E045 - - - 202.205 202.82 0.615 Complete Intersection
MR subcrop
**E056 - - - 324.59 325.02 0.43 LG6A reef
No MR expected - East of
- - - 325.29 325.56 0.27 LG6 reef
MR subcrop
- - - 325.82 326.54 0.72 LG6 reef
No MR expected - East of
E052 - - - MR subcrop 246.01 247.04 1.03 Complete Intersection
No MR expected - East of Incomplete intersection, core loss &
E072 - - - MR subcrop 248.48 249.07 0.59 grinding
No MR expected - East of
E072D1 - - - 248.71 249.44 0.73 Complete Intersection
MR subcrop
No MR expected - East of
E072D2 - - - 248.64 249.28 0.64 Complete Intersection
MR subcrop
core loss, top stringer
E029 40.02 42.62 2.60 314.68 314.88 0.20 Pothole
only, inconclusive
No MR expected - East of
E050D1 - - - 276.37 276.90 0.53 Complete Intersection
MR subcrop
No MR expected - East of
E076 - - - 233.22 233.77 0.55 Complete Intersection
MR subcrop
No MR expected - East of
E029D1 - - - MR subcrop
315.08 315.10 0.02 Pothole
No MR expected - East of
E066 - - - MR subcrop
221.30 221.64 0.34 Incomplete Intersection Faulted
No MR expected - East of
E066D1 - - - MR subcrop
221.19 221.63 0.44 Complete Intersection
No MR expected - East of
E046 - - - MR subcrop
238.66 239.22 0.56 Complete Intersection
No MR expected - East of
E048 - - - MR subcrop
229.77 230.57 0.80 Complete Intersection
No MR expected - East of
E054 - - - MR subcrop
280.52 280.94 0.42 Complete Intersection
No MR expected - East of
E059 - - - MR subcrop
95.17 95.70 0.53 Complete Intersection
No MR expected - East of Incomplete intersection, core loss &
E039 - - - MR subcrop
226.54 226.89 0.35
Faulted
No MR expected - East of
E039D1 - - - MR subcrop
226.85 227.56 0.71 Complete intersection
No MR expected - East of
E120 - - - MR subcrop
155.65 155.74 0.09 Pothole
No MR expected - East of
E082 - - - MR subcrop
243.15 243.47 0.32 Incomplete intersection, Faulted
Highly weathered &
E034 25.67 30.15 4.48 friable, inconclusive 292.00 292.94 0.94 Incomplete intersection, Faulted
No MR expected - East of
E082D1 - - - MR subcrop
243.25 243.67 0.42 Complete intersection
No MR expected - East of
E086A - - - MR subcrop
255.62 255.78 0.16 Incomplete intersection, Faulted
No MR expected - East of
E086AD1 - - - MR subcrop
256.01 256.34 0.33 Incomplete intersection, Faulted
Highly weathered &
E087 23.68 28.17 4.49 287.97 288.61 0.64 Complete intersection
friable, inconclusive
No MR expected - East of
E086AD2 - - - MR subcrop
255.46 255.71 0.25 Complete intersection
No MR expected - East of
E120D1 - - - MR subcrop
- - - Pothole
No MR expected - East of
E034D1 - - - MR subcrop
292.38 292.97 0.59 Incomplete intersection, Faulted
No MR expected - East of Incomplete intersection, friable &
E070 - - - MR subcrop
185.15 185.72 0.57
Faulted
No MR expected - East of
E070D1 - - - MR subcrop
185.29 186.08 0.79 Incomplete intersection, Faulted
No MR expected - East of
E114 - - - MR subcrop
- - - Faulted
No MR expected - East of
E034D2 - - - MR subcrop
292.74 293.27 0.53 Incomplete intersection, faulted
No MR expected - East of
E051 - - - MR subcrop
95.33 95.80 0.47 Incomplete intersection, Grinding
No MR expected - East of
E080 - - - MR subcrop
188.64 189.12 0.48 Incomplete intersection, Faulted
No MR expected - East of
E085 - - - MR subcrop
247.34 247.91 0.57 Complete intersection
No MR expected - East of
E079 - - - MR subcrop
263.00 263.39 0.39 Incomplete intersection, Faulted
No MR expected - East of
E113 - - - MR subcrop
289.62 289.69 0.07 Pothole
No MR expected - East of
E051D1 - - - MR subcrop
95.33 96.45 1.13 Complete intersection
No MR expected - East of
E115 - - - MR subcrop
87.75 88.55 0.80 Complete intersection
No MR expected - East of
E118 - - - MR subcrop
288.56 289.45 0.89 Complete intersection
No MR expected - East of
E122 - - - MR subcrop
179.19 179.75 0.56 Complete intersection
No MR expected - East of
E125 - - - MR subcrop
228.25 228.70 0.45 Incomplete intersection, Faulted
No MR expected - East of
E125D1 - - - MR subcrop
228.44 228.83 0.39 Incomplete intersection, Faulted
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
Other exploration data, if meaningful A high-definition helicopter borne Total Magnetic Field (TMF) gradient
and material, should be reported and gamma-ray spectrometry survey was completed by New Resolution
including (but not limited to): geological Geophysics (Pty) Ltd (NRG) in January of 2022 which highlighted the
observations; geophysical survey major structural features that could be expected.
results; geochemical survey results;
bulk samples – size and method of The total line kilometres flown was 1,425 lkm over the farms
treatment; metallurgical test results; Eerstegeluk 327 KT and Nooitverwacht 324 KT with the survey being
bulk density, groundwater, flown at a height between 25 m and 80 m due to the topography and
geotechnical and rock characteristics; residential areas with an average height of approximately 35 m to 40 m
potential deleterious or contaminating and a line spacing of 50 m.
substances.
Other substantive
exploration data The representative material used for metallurgical testing, consisted of a
total of 32 kg, which was composited from drill cores which originated
from various locations across the orebody as illustrated below.
The metallurgical test results support 4E recovery of 80.5 % at a
concentrate grade of 239 g/tonne up to a recovery of 85 % at a reduced
concentrate grade of about 140 g/tonne.
The nature and scale of planned further Phase 1a has been completed which was approximately 10,000m of
work (e.g. tests for lateral extensions or drilling. This phase tested the wider area for the grade distribution and
depth extensions or large-scale step- bigger picture structural understanding. Phase 1b will now focus on the
Further work out drilling). PFS payback area to convert the inferred resource in this area to
indicated resources. Deflections are also being drilled for metallurgical
and geotechnical studies. The drilling proramme is still for approximately
25,000m in total.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
Diagrams clearly highlighting the areas
of possible extensions, including the
main geological interpretations and
future drilling areas, provided this
information is not commercially
sensitive. Above are the structural blocks modelled from the drillhole database
(UG2 on top and MR the second). The entire area is either in Mineral
Resource (indicated or inferred) or Exploration Target so there is limited
upside potential within the project boundaries.
Date: 07-12-2023 07:48:00
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