Wrap Text
Bengwenyama PGM Drill Programme Drills Successive UG2 Reef Intersections
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”)
Bengwenyama PGM Drill Programme Drills Successive UG2 Reef Intersections
Key highlights:
• Three completed drillholes have all intersected the UG2 reef
• First UG2 samples for drillhole E019A, E062 and E058 have been submitted for analysis with assay
results expected within 4-6 weeks
• Two UG2 intercepts 3km apart are of approximately the same thickness (~75cm), as expected.
• Possible Merensky Reef (MR) intersection in drillhole E019A
• Preliminary project stratigraphic column now developed from the initial drilling
• Expansion of drill programme on schedule with five drill rigs now on site
Southern Palladium (ASX:SPD, ‘Southern Palladium’ or ‘the Company’) is pleased to provide the following
update on its Phase 1 drilling programme at the Bengwenyama Platinum Group Metal (PGM) project
located on the Eastern Limb of the world class Bushveld Complex, South Africa.
The UG2 reef has now been intersected within three drillholes, thereby confirming additional sections of
the geological model in the inferred Mineral Resource around drillhole E019 (figure 1). The UG2 reef has
also been intersected in the exploration target portion in the southeast of the farm Eerstegeluk in drillhole
E062 (refer ASX Announcement 5 September 2022) and in nearby drillhole E058.
Drillholes E060 and E033 were being drilled by the smaller YWE D90 drill rig, which is small enough to enter
more confined areas but unfortunately does not have the depth capacity required. These two drillholes are
now being deepened by the Delta 520 and one of the new CS 1500 drill rigs.
A fifth drill rig, the Longyear 44, arrived on site last week and will start drilling drillhole E004 in the northern
corner of the farm Eerstegeluk. This fulfils the initial drill rig complement. Table 1 is the summary of the
drilling and reef intersections as at 10 October 2022.
Figure 1. A 76cm interval of the UG2 Reef in hole E019a after sampling
Drill hole locations
Figure 2 shows the location of the completed drillholes and drillholes in progress. Drillhole E019A, E062 and
E058 show the location of the drillholes that have intersected the UG2 within the inferred Mineral Resource
and exploration target portion of the project.
The drilling to date – besides confirming the geological model in the inferred Mineral Resource around
drillhole E019A and the development of a stratigraphic column – has also shed light on the structures in the
exploration target area in the southeast of the farm Eerstegeluk.
A summary of the status of the holes completed and underway is presented in Table 1, Appendix 1.
Figure 2: Drill Locations
Reef Intersections
Merensky Reef
In addition to the three UG2 intersections, initial results indicate that the Merensky Reef (MR) has possibly
been intersected in drillhole E019A at around 20m. However, this has not been confirmed yet due to the
weathered nature of the rock at this depth.
The underlying pyroxenite layer has been sampled and sent away for analysis, which will assist in
determining if it is the MR. The management team expects that drillhole E028, which is west of borehole
E019 and being drilled now, should intersect the MR and confirm the MR position in this area (see figure
2).
UG2 Reef
Drillholes E019A and E062 are approximately 3km apart and the UG2 reef show similar widths (~ 75 cm
intersection width) and similar massive chromitite facies. Drillhole E004 will shed light on the UG2 reef
facies in the northern portion of the farm Eerstegeluk approximately 2km north of drillhole E019A (figure
2).
Neither of the first three UG2 intersections have the expected chromitite stringers in the hanging wall
(figure 1). This bodes well as their absence could be beneficial from a rock mechanics and mining cut
perspective.
The UG2 samples from drillhole E019A, E062 and E058 and possible MR sample from drillhole E019A have
been dispatched to ALS Chemex South Africa (PTY) Ltd, located in Johannesburg, which is part of the ALS
group. The South African laboratory is ISO 17025 accredited by SANAS (South African National Accreditation
System). Average turnaround times for the return of assay results in the South African mining sector are
typically 4-6 weeks.
UG3 Reef
Both drillholes E019A and E058 together with the earlier hole E062 have intersected the UG3 sequence
which consists of the UG3B, UG3A and the UG3 (figure 3). These three chromitite layers are excellent
markers for the targeted UG2 reef (figure 1). The UG3 intersections have assisted in compiling the
preliminary stratigraphic column for the project (figure 4). The preliminary stratigraphic column ranges
from the MR hanging wall to the footwall of the UG1 chromitite layers (refer ASX Announcement 5
September).
Figure 3: UG3 Chromitite Seams (red boxes) in Drillhole E019A
Figure 4: Preliminary Project Stratigraphic Column between the Merensky Reef (MR) and UG1
Chromitite layers
Geological interpretation
The far eastern area of Eerstegeluk (yellow polygon in figure 5) was previously excluded from the Mineral
Resource and exploration target due to the previously extrapolated position of the UG2 subcrop. Drilling
data from drillholes E060 and E33 now suggests that the UG2 reef is slightly deeper than expected and
could represent significant resource upside potential to the east.
The deepening of drillhole E033 suggests that the subcrop of the UG2 is further east and thereby potentially
increasing the resource in this area. The deepening of drillhole E060 indicates that the dyke identified by
the airborne geophysical survey has a down throw to the east and thereby suggesting there could be
extensions to the UG2 reef in this area (figure 5, yellow polygon).
Additional drillholes are now planned in this area with the aim of increasing the Mineral Resource.
Figure 5: Potential Upside
Site operations
Upgrades to the community centre for the driller’s laydown area, the geological office and the core yard
have now been completed.
Where possible the company is hiring local community members to assist in the exploration. Southern
Palladium’s drilling contractor, Geomech, is now hiring for several positions to assist with the drill
programme.
Minxcon has also signed on six members from the surrounding community as core yard assistants, along
with the recruitment of a junior geologist. This represents an excellent opportunity for these community
members to gain additional skills and for the newly graduated geologist to gain valuable experience.
Figure 6A is a photo of the geological staff from the local community employed by the project; 6B shows
the kitchen and dining area for the drilling contractor; 6C is a photo of the geological offices with emergency
assembly point in the foreground and 6D is a photo showing the core cutting facility (refer overpage).
Figure 6: A: Geological Staff Employed from the Community, B: Drillers Kitchen and Dining Area, C:
Geological Offices and Kitchen Area with Emergency Assembly Area in the Foreground, D: Core Cutting
Facility
Commenting on the UG2 intersection, Managing Director Johan Odendaal, said:
“The drilling programme at the Bengwenyama project is gaining momentum, and with five drill rigs now
drilling we expect to make good progress in the weeks ahead. The stratigraphic column compiled from
borehole E019 information confirms that we are drilling into typical Eastern Bushveld Complex geology. The
UG2 intersections reflect typical widths expected for this area. The absence of stringers in the hanging wall
which normally cause roof cave-in is absent in the three boreholes which intersected UG2 and that bodes
well for future mining operations. With the first samples now dispatched for assessment, the Company looks
forward to updating the market with its initial round of assay results in the coming weeks.
This announcement has been approved for release by the Board of Southern Palladium Limited.
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.
With its 70% stake in the project, the Company’s focus will be on the delivery of a Pre-Feasibility study and
Mining Right application through a geophysical survey that has recently been completed, a two-phase
diamond drill programme which has commenced in August 2022 as well as various technical studies to be
completed.
A major development opportunity in the global PGM market, previous exploration at Bengwenyama has
already delivered a JORC 2012-compliant Inferred Mineral Resource of 18.8Moz within two ore horizons –
the UG2 chromitite and Merensky Reef.
In addition, an assessment by mining industry consultants CSA Global assessed the total resource potential
of Bengwenyama at between 134–201Mt at a grade of 3.5–5.2 (3 PGE + Au g/t). The Company is led by an
experienced on-ground management team including some of South Africa’s most high-profile mining
industry executives.
Appendix 1: Drilling Summary
Note: Italic font with an * indicates an incomplete intersection and cannot be used as it is not representative
Table 1: Drilling Summary as at 10 October 2022
JORC Statement
The information in this report that relates to Mineral Resources at the Bengwenyama Project is based on
details originally reported in the Independent Technical Assessment Report (ITAR) No. R246.2021
prepared by CSA Global dated 19 April 2022 contained in the Company’s Prospectus and Pre-Listing
Statement dated 22 April 2022. The information in the ITAR that relates to Technical Assessment of the
Mineral Assets, Exploration Targets, or Exploration Results is based on information compiled and
conclusions derived by Dr Brendan Clarke, a Partner and an employee of CSA Global. The information in
the ITAR that relates to Mineral Resources is based on work undertaken by Anton Geldenhuys, a Principal
Consultant and employee of CSA Global. The Prospectus containing the ITAR can be found on the
Company’s website at: https://www.southernpalladium.com/site/investor-centre/prospectus
The Company confirms that it is not aware of any new information or data that materially affects the
information included in the ITAR. The Company also confirms that all material assumptions and technical
parameters underpinning the estimates in the ITAR continue to apply and have not materially changed. In
addition the Company confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified.
Competent Person Statement
The scientific and technical information contained in this announcement has been reviewed, prepared
and approved by Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08,
MGSSA). Mr Engelmann is a director of Minxcon (Pty) Ltd and a member of the South African Council for
Natural Scientific Professions, and has sufficient experience relevant to the styles of mineralisation and
activities being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr
Engelmann has a beneficial interest in Southern Palladium through a shareholding in Nicolas Daniel
Resources Proprietary Limited.
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
17 October 2022
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
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
measurement tools appropriate to the lithological reason to deviate from this. A single sample is also taken
minerals under investigation, such as in the hanging wall and footwall to test for mineralisation in the direct
down hole gamma sondes, or waste rock. The samples are split with a core saw and one half is
handheld XRF instruments, etc.). submitted to the laboratory and the other half keep in the core tray.
These examples 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.
Sampling
techniques Aspects of the determination of
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 m samples from The sampling methodology is standard and as per industry practice
which 3 kg was pulverised to produce in the Bushveld Complex (BC). The samples are 20 cm in length and
a 30 g charge for fire assay’). In other are split into two equal halves with one half being submitted for
cases more explanation may be analysis. The core size starts as HQ (10 m to 50 m) but is NQ by the
required, such as where there is time the reef is intersected.
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, auger, Bangka, The drillholes start with HQ (for approximately 10-50 m) in the
Drilling sonic, etc.) and details (e.g. core weathered zone but are then drilled NQ once in the fresher material.
techniques diameter, triple or standard tube, The drill rigs being utilised have been the CS 1500, Delta 520 and a
depth of diamond tails, face- smaller YWE D90.
sampling bit or other type, whether
core is oriented and if so, by what The drill contractor is Geomech Africa.
method, etc.).
The core is scanned in with the software ScanIT which scans the
Method of recording and assessing core with high resolution photos and the geologists reconcile the
core and chip sample recoveries depths and core losses per 3 m run with the software. The result of
and results assessed. the process, besides the digital logging, is the automatic calculation
of the RQD and core recoveries.
The geologist informs the drilling supervisor at what depth the reef is
Drill sample expected so that they can take extra precautions around the
recovery anticipated reef depth.
Measures taken to maximise sample
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 sample recovery and grade Samples have been submitted to the ALS laboratory, but no results
and whether sample bias may have have been received to date. So, no study has been possible in this
occurred due to preferential regard.
loss/gain of fine/coarse material.
Whether core and chip samples The core is scanned into ScanIT software which produces high
have been geologically and resolution images. The logging is conducted in the ScanIT software
geotechnically logged to a level of in conjunction with the actual core. Legends have been set up in the
detail to support appropriate Mineral software that cover the necessary detailed required for Mineral
Resource estimation, mining studies Resource estimation. Alpha angles and structure detail is also
and metallurgical studies. 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 ScanIT logs in
the comments section.
Whether logging is qualitative or
quantitative in nature. Core (or Core logging is qualitative and utilises the ScanIT software for high
costean, channel, etc.) photography. resolution images.
The total drillhole is geologically logged and scanned (in ScanIT) and
The total length and percentage of the the televiewer survey is conducted from 100 m above the reef
relevant intersections logged. horizon for additional structural information.
If core, whether cut or sawn and The core is cut in two equal halves for sampling and storage
whether quarter, half or all core taken. purposes.
If non-core, whether riffled, tube
sampled, rotary split, etc. and This project only makes use of core drilling.
whether sampled wet or dry.
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 preparation technique. Login of samples into the system, weighing, fine crushing of entire
sample to 70% - 2 mm, split off 500 g and pulverize split to better
than 85% passing 75 microns.
Sub-sampling The QAQC sequence is as follows:-
techniques and
sample Quality control procedures adopted If the batch is less than 20 samples the batch starts and ends with a
preparation for all sub-sampling stages to blank and a CRM and duplicate are inserted into the sample stream.
maximise representivity of samples. If the batch 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
sampling is representative of the in last sample of the reef as it will have 2 cm of hanging wall or footwall
situ material collected, including for material to ensure the entire mineralisation is captured. This 2 cm
instance results for field dilution will be calculated into the reef width. The hanging wall and
duplicate/second-half sampling. footwall are sampled 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 20c m 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
Whether sample sizes are and will have about ten individual samples to determine the grade
appropriate to the grain size of the distribution. These will also be composited later for Mineral Resource
material being sampled. Estimation purposes. Hanging 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 The UG2 reef will be assayed for 4E and 6E as well as for Cu, Ni,
appropriateness of the assaying and Co, Cr and Fe. The MR will be assayed for the same except the Cr
laboratory procedures used and and Fe as it is not a chromitite seam but a pyroxenite layer.
whether the 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
Quality of assay gangue material using the Nickel Sulphide Fire Assay procedure.
data and After dissolution of the pulp with aqua regia, PGMs are determined
laboratory tests 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. Elements that will analysed are Cr, Cu, Ni, Fe and
Co.
All methodologies are total.
For geophysical tools, All analytical work is undertaken by ALS Chemex South Africa (Pty)
spectrometers, handheld XRF Ltd, located in Johannesburg, which is part of the ALS group. The
instruments, etc., the parameters South African laboratory is ISO 17025 accredited by SANAS (South
used in determining the analysis African National Accreditation System).
including instrument make and
model, reading times, calibrations
factors applied and their derivation,
etc.
Nature of quality control procedures
adopted (e.g. standards, blanks,
duplicates, external laboratory
checks) and whether acceptable QAQC procedure has been described above. To date no results
levels of accuracy (i.e. lack of bias) have been received but will be reviewed once received.
and precision have been
established.
The verification of significant
intersections by either independent An umpire laboratory will be utilised as an additional check at a later
or alternative company personnel. stage.
Discuss any adjustment to assay To date, no assay results have been received.
Verification of data.
sampling and
assaying Documentation of primary data, data
entry procedures, data verification, To date, no assay results have been received thus no verification has
data storage (physical and been necessary at this stage.
electronic) protocols.
No twinning has been undertaken to date. Drillhole E058 was
The use of twinned holes. however drilled near the historical drillhole EST011 (20 m away).
Accuracy and quality of surveys
used to locate drillholes (collar and
down-hole surveys), trenches, mine Drillhole collar positions are recorded by handheld Garmin GPS. The
workings and other locations used in drillholes will still be surveyed in at a later stage.
Mineral Resource estimation.
Location of data
points Specification of the grid system The coordinate system used is LO31.
used.
Regional three-dimensional (3D) topography was constructed from
Quality and adequacy of regional surface contours and Shuttle Radar Topography Mission
topographic control. (SRTM) data. The 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 completed to date or in progress has a wider spacing to get a better
Exploration Results. understanding of the larger structural domains of the project. See
figure 4 in press release.
Whether the data spacing and
distribution is sufficient to establish Geological continuity is based on the knowledge of the surrounding
Data spacing and the degree of geological and grade area and 3D model constructed from historical data. The three
distribution continuity appropriate for the Mineral completed drillholes to date have all intersected the UG2 which is
Resource and Ore Reserve starting to confirm the position of the UG2 reef. These intersections
estimation procedure(s) and are up to 3 km apart proving the continuity.
classifications applied.
Whether sample compositing has
been applied. The 20 cm reef samples will be composited in the future.
Whether the orientation of sampling
achieves unbiased sampling of The drillholes are vertical drillholes and intersect the reef close to
possible structures and the extent to right angles. The sample is therefore unbiased. If the reef is faulted it
which this is known, considering the will be noted and if the reef intersection is not representative, it will
Orientation of deposit type. not be used in Mineral Resource estimations.
data in relation to
geological If the relationship between the
structure drilling orientation and the
orientation of key mineralised No sampling bias will be introduced based on the drilling orientation
structures is considered to have as they are close to perpendicular.
introduced a sampling bias, this
should be assessed and reported if
material.
Samples are only handled by the drilling contractor and the Minxcon
The measures taken to ensure geological staff. There is a strict chain of custody that is followed
Sample security sample security. from the time the core leaves the drill site to the time the sample is
received by the laboratory.
The results of any audits or reviews
Audits or reviews of sampling techniques and data. No audits have been undertaken on the drilling to date.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
Type, reference name/number,
location and ownership including A Preferent Prospecting Right LP002PPR was granted to the
agreements or material issues with Bengwenyama Tribe’s investment vehicle, Miracle Upon Miracle
third parties such as joint ventures, Investments (Pty) Ltd in 2015 over the farms Eerstegeluk 322 KT and
partnerships, overriding royalties, Nooitverwacht 324 KT. This was renewed in early 2021 and is valid
Mineral tenement native title interests, historical sites, until February 2024. The Right covers all elements of potential
and land tenure wilderness or national park and economic interest.
status environmental settings.
The security of the tenure held at
the time of reporting along with any The right is valid until February 2024.
known impediments to obtaining a
licence to operate in the area.
Exploration done Drilling was undertaken by Rustenburg Platinum Mines from 1966 to
by 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
laterally continuous for tens to hundreds of kilometres. The UG2
comprises mineralised chromitite, whereas the Merensky Reef is
Deposit type, geological setting and defined as the mineralised pyroxenitic zone between upper and lower
style of mineralisation. 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.
A summary of all information
material to the understanding of the
exploration results including a
tabulation of the following
information for all Material drillholes:
* easting and northing of the drillhole
collar
* elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drillhole collar
* dip and azimuth of the hole
* down hole length and interception
Drillhole depth
Information * hole length.
All drillholes were drilled -90 degrees. Reef intersection depths are in
table 1 in the body of the press release.
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,
weighting averaging techniques,
maximum and/or minimum grade
No updated Mineral Resource or Exploration Target has been
truncations (e.g. cutting of high completed utilising this new drilling data.
grades) and cut-off grades are
usually Material and should be
Data aggregation stated.
methods
Where aggregate intercepts
incorporate short lengths of high
grade results and longer lengths of No aggregation of data has been done at this stage.
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail.
The assumptions used for any No assay results have been received to date, thus no grades have
reporting of metal equivalent values been stated – metal equivalent or other.
should be clearly stated.
If the geometry of the mineralisation
with respect to the drillhole angle is
Relationship known, its nature should be The intersection lengths stated are the downhole lengths. The
between reported. drillholes are drilled at -90 degrees and the reef dip is expected to be
mineralisation If it is not known and only the down approximately 12 degrees. Therefore, the difference should be
widths and hole lengths are reported, there minimal.
intercept lengths should be a clear statement to this
effect (e.g. ‘down hole length, true
width not known’).
Appropriate maps and sections (with
scales) and tabulations of intercepts A map of the drillhole positions is included in the press release
should be included for any (figure 4 in the body of the press release). A preliminary stratigraphic
significant discovery being reported column has been completed for the project (figure 3 in the body of
These should include, but not be the press release). A section has not been included as the larger
limited to a plan view of drillhole structural blocks are still being determined with the drilling.
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. No
Balanced of both low and high grades and/or grades have been reported yet as the results have not been
reporting widths should be practiced to avoid received.
misleading reporting of Exploration
Results.
Other exploration data, if meaningful A high-definition helicopter borne Total Magnetic Field (TMF)
Other substantive and material, should be reported gradient and gamma-ray spectrometry survey was completed by
exploration data including (but not limited to): New Resolution Geophysics (Pty) Ltd (NRG) in January of 2022
geological observations; which highlighted the major structural features that could be
geophysical survey results; expected.
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 322 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 residential areas with an average height of approximately 35 m to 40
characteristics; potential deleterious m and a line spacing of 50 m.
or contaminating substances.
The nature and scale of planned This is the start of the drilling programme, and the extent of the
further work (e.g. tests for lateral drilling programme is shown in the figure in the press release. The
extensions or depth extensions or total planned drilling meters for phase 1 is approximately 25,000 m.
large-scale step-out drilling).
Diagrams clearly highlighting the
Further work areas of possible extensions,
including the main geological Diagram included in the press release.
interpretations and future drilling
areas, provided this information is
not commercially sensitive.
Date: 17-10-2022 08:13:00
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