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EUROPA METALS LIMITED - 100% Zn, Pb & Ag mineralization Intersected in all RC Extension drill holes, Toral Project, Spain

Release Date: 31/10/2018 09:36
Code(s): EUZ     PDF:  
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100% Zn, Pb & Ag mineralization Intersected in all RC Extension drill holes, Toral Project, Spain

Europa Metals Ltd
(Formerly Ferrum Crescent Limited)
(Incorporated and registered in Australia
and registered as an external company in
the Republic of South Africa)
(Registration number 4459850)
(External company registration number 2011/116305/10)
Share code on the ASX: EUZ
Share code on AIM: EUZ
Share code on the JSE: EUZ
ISIN: AU0000014342
("the Company")



Zn, Pb and Ag mineralisation intersected in all RC Extension drill holes, Toral
Project, Spain

Highlights:
   Resource expansion potential identified at the Company’s wholly owned Toral lead-zinc-silver
   project, northern Spain (“Toral” or the “Toral Project”)
   Four hole extension drilling campaign extends the boundaries of the mineralisation 200 metres
   to the east of the pre-existing defined JORC (2012) mineral resource estimate
   Structural continuity confirmed to the east of the pre-existing resource area, with every Reverse
   Circulation (“RC”) drill hole encountering limestone/slate contact containing Zn, Pb and Ag
   mineralisation
   Drill hole TOR-14 assayed unexpectedly high-grade results near to surface
   Cost effective RC drilling programme targeted areas all within 300 metres of surface. The current
   Phase II Diamond Drilling programme is being conducted within the pre-existing defined resource
   area, with the first holes of infill drilling completed on budget and to schedule

Europa Metals, the European lead-zinc explorer, is pleased to announce assay results from its
recently completed Phase 1 drilling campaign at its wholly owned Toral Project. The RC drilling
programme intersected Zn, Pb & Ag mineralisation in all 4 holes drilled, targeting to a depth within
300 metres of the topographic surface. This campaign is the first by Europa Metals’ geological team
in Spain outside of the pre-existing defined JORC (2012) resource area for the Toral Project and
extends the presence of known mineralisation 200 metres east of the current block model. As
announced on 20 September 2018, the Toral Project has an existing JORC (2012) Inferred mineral
resource estimate of 19Mt@6.9% Zn Equivalent (including Pb credits) and 24g/t Ag.

All objectives of the RC drilling programme were met following the identification of the mineralised
contact zone along the Toral Licence area. Europa Metal’s geological team is also considering the
results of the TOR-14 drill hole that returned 2 metres at 11.72% zinc equivalent from 251-253 metres.
This level of grade was not anticipated within 300 metres of surface and the Company is analysing
how this assay result impacts its understanding of the new Eastern Extension of the mineralised
zone. The RC drilling campaign further demonstrates the prospectivity of the project’s licence area
and of the potential for hosting a future sustainable zinc, lead and silver mining operation.
 Phase 1 RC Drilling
 As announced on 4 October 2018, Europa Metals completed a limited RC drilling programme at the
 eastern end of the Toral deposit, with two objectives:

     1. To investigate the possibility of an extension of the known contact zone of limestone/slate
        which hosts the mineralisation at the Toral Project outside of the current block model limits
        (Holes TOR-14 and TOR-15); and
     2. To gain further insight into the positioning of the contact zone within the eastern end of the
        current block model (Holes TOR-16 and TOR-17).

 The Phase I drilling has successfully confirmed both the extension of the deposit and the continuity
 of the mineralised structure at the eastern margin of the resource.

 Set out in Table 1 below are the significant intersections returned from each of the four RC drill holes:

                                   RL                     Depth                       Width       Pb     Zn       Ag        Zn Equiv
Hole ID    Northing    Easting            Azi    Dip                  From     To
                                   (m)                     (m)                        (m)*        %      %      (ppm)       (PbAg)%
TOR-14     4708695      683496     530     29    -45       290         251    253        2       2.39   8.66     34.9           11.72

TOR-15     4708701      683643     532     25    -44       242         220    221        1       1.06   2.95      7.4           4.13

TOR-16     4709127      683390     664    208    -47       310         278    279        1       1.3    0.28      4.3           1.62

TOR-17     4709146      683299     649    209    -45       267         249    250        1       0.39   1.12      9.3           1.69

 Table 1: Significant intercepts from Phase I RC drill campaign. For Zn Equivalent calculation, see appendix.
 *True thickness is approximately 90% of the drill thickness.

 Notes:
  1. Zn equivalent calculations were based on 3-year trailing average price statistics obtained from the London Metal
      Exchange and London Bullion Market Association resulting in an average Zn price of US$2500/t, Pb price of
      US$2100/t and Ag price of US$17/Oz. Recovery and selling factors were incorporated into the calculation of Zn Eq
      values. It is the Company’s opinion that all the elements included in the metal equivalents calculation (Zinc, Lead and
      Silver) have a reasonable potential to be ultimately recovered and sold in the future.
  2. Zn Eq (PbAg)% is the calculated Zn equivalent incorporating silver credits as well as lead and is the parameter used
      to define the cut-off grade to be used for the future reporting of resources (Zn Eq (PbAg)% = Zn + Pb*0.96 +
      Ag*0.022).




 Myles Campion, Executive/Technical Director of Europa Metals, commented:
 “Our RC drilling programme has efficiently and effectively increased the footprint of the Toral Project
 by an additional 200m to the east and has further delineated the contact zone in an under drilled
 area. The programme has also been a very useful exercise in bedding down and refining operating
 procedures and systems as we proceed with our Phase II diamond drilling programme.
 “This new assay data and geological data will add to our growing geological understanding of the
 deposit, and when combined with our recent re-logging exercise and ongoing mapping, will further
 direct our focus on maximising value for our promising Toral Project.”


 Laurence Read, Executive Director of Europa Metals, commented:
 “The first full drill campaign to be undertaken by the Company’s new geological team outside of the
 pre-existing defined resource area has successfully achieved a 100% strike rate for lead, zinc and
 silver mineralisation at the Toral Project confirming continuity of prospective metal along strike. The
 drilling conducted outside of the known pre-existing JORC (2012) resource area demonstrates that
 the future potential for the project is not just in relation to its comparatively high grade (6.9% zinc
equivalent), currently defined across the 19Mt inferred resource estimate, but also in respect of the
on-going delineation of an underlying ore body present within the licence area.”

Competent Person’s statement
The existing Toral Project resource estimate was prepared by Mr J.N. Hogg, MSc. MAIG Principal
Geologist for AMS, an independent Competent Person within the meaning of the JORC (2012) code
and qualified person under the AIM guidance note for mining and oil & gas companies. The resource
estimate was aided by Mr R. J. Siddle, MSc, MAIG Senior Resource Geologist for AMS, under the
guidance of the competent person. Mr Hogg has reviewed and verified the technical information that
forms the basis of, and has been used in the preparation of, the existing mineral resource estimate
and this announcement, including all analytical data, diamond and RC drill hole logs, QA/QC data,
density measurements, and sampling, diamond and RC drilling and analytical techniques. Mr Hogg
consents to the inclusion in this announcement of the matters based on the information, in the form
and context in which it appears. Mr Hogg has also reviewed and approved the technical information
in his capacity as a qualified person under the AIM Rules for Companies.
Additionally, Mr Hogg confirms that the entity is not aware of any new information or data that
materially affects the information contained within the Company’s previous announcements referred
to herein.


For further information on the Company, please visit www.europametals.com or contact:

Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary (Australia)
T: +61 417 978 955
Laurence Read, Executive Director (UK)
T: +44 (0)20 3289 9923

Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494

Turner Pope Investments (TPI) Limited (Broker)
Andy Thacker
T: +44 (0)20 3621 4120

Sasfin Capital Proprietary Limited (a member of the Sasfin group) (JSE Sponsor)
Sharon Owens
T (direct): +27 11 809 7762

The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.


Glossary of technical terms:

“Ag”                      silver;

“g”                       grammes;

“g/t”                     grammes per tonne;

“Inferred Resource”       that part of a Mineral Resource for which quantity and grade (or quality) are
                          estimated on the basis of limited geological evidence and sampling. Geological
                          evidence is sufficient to imply but not verify geological and grade (or quality)
                     continuity. It is based on exploration, sampling and testing information gathered
                     through appropriate techniques from locations such as outcrops, trenches, pits,
                     workings and drill holes;

“JORC”               the Australasian Code for Reporting of Exploration Results, Mineral Resources
                     and Ore Reserves, as published by the Joint Ore Reserves Committee of The
                     Australasian Institute of Mining and Metallurgy, Australian Institute of
                     Geoscientists and Minerals Council of Australia;

“JORC (2012)”        the 2012 edition of the JORC code;

“m”                  metre;

“Mineral Resource”   a concentration or occurrence of material of economic interest in or on the earth's
                     crust in such form and quantity that there are reasonable and realistic prospects
                     for eventual economic extraction. The location, quantity, grade, continuity, and
                     other geological characteristics of a Mineral Resource are known, estimated from
                     specific geological evidence and knowledge, or interpreted from a well-
                     constrained and portrayed geological model;

“Mt”                 million tonnes;

“oz”                 troy ounce;

“Pb”                 lead;

“QA/QC”              quality assurance/quality control; and

“Zn”                 zinc.
APPENDIX: Table 1 Appendix 5A ASX Listing Rules (JORC 2012)

Section 1 Sampling techniques and data
(Criteria in this section apply to all succeeding sections.)



 Criteria       JORC Code explanation                                   Commentary related to the Toral Project

 Sampling       Nature and quality of sampling (e.g. cut channels,      2018 RC drilling by Europa Metals.
 techniques     random chips, or specific specialised industry
                standard measurement tools appropriate to the           RC drill chips and splitting were used for geological logging and sampling. Geological and analytical data is recorded on
                minerals under investigation, such as down hole         hardcopy. Selective sampling method was employed around areas of interest.
                gamma sondes, or handheld XRF instruments, etc).
                These examples should not be taken as limiting the      RC drill samples are collected and split over 1m intervals on site using a three tier riffle splitter to provide an approximate
                broad meaning of sampling.                              3-5kg sample. Samples are further split in the core shed using a scoop such that 0.7-1kg and sent to the preparation
                Include reference to measures taken to ensure           laboratories of ALS (Seville, Spain) and analytical laboratory of ALS (Loughrea, Ireland). Samples are dried, fine crushed
                sample representivity and the appropriate calibration   down to 70% below 2mm, split to obtain 250g and pulverised with at least 85% of the sample passing75µm.
                of any measurement tools or systems used.
                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 which 3 kg was pulverised to produce a 30 g
                charge for fire assay’). In other cases more
                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.



 Drilling       Drill type (e.g. core, reverse circulation, open-hole   Four drill holes for 1109 metres
 techniques     hammer, rotary air blast, auger, Bangka, sonic, etc)
                and details (e.g. core diameter, triple or standard     RC method using a 140 mm diameter hammer. No orientation has been done on drill core.
                tube, depth of diamond tails, face-sampling bit or
                other type, whether core is oriented and if so, by
                what method, etc).




 Drill sample   Method of recording and assessing core and chip         Recovery data was recorded for the RC holes by weight.
 recovery       sample recoveries and results assessed.
                Measures taken to maximise sample recovery and          Recovery measurements were recorded, and the recovery data is satisfactory.
                ensure representative nature of the samples.
                Whether a relationship exists between sample
Criteria      JORC Code explanation                                   Commentary related to the Toral Project

              recovery and grade and whether sample bias may          Limited samples are currently inconclusive and additional recovery data and investigation is required to draw
              have occurred due to preferential loss/gain of          conclusions.
              fine/coarse material.


Logging       Whether core and chip samples have been                 RC chips were logged on paper logs and transferred to an Access database.
              geologically and geotechnically logged to a level of
              detail to support appropriate Mineral Resource          Geological logging of RC chip samples includes recording descriptions of lithology, weathering, alteration and
              estimation, mining studies and metallurgical studies.   mineralisation.
              Whether logging is qualitative or quantitative in
              nature. Core (or costean, channel, etc) photography.    Summary interval information was input to the database, comprising codes to describe logged lithology, alteration,
              The total length and percentage of the relevant         mineralisation and major structure for the interval.
              intersections logged.
                                                                      RC chips were routinely photographed.

                                                                      Logging is considered satisfactory.

Sub-          If core, whether cut or sawn and whether quarter,       Sample collection, sample size, preparation and analysis are considered appropriate for the mineralogy and deposit type.
sampling      half or all core taken.
techniques    If non-core, whether riffled, tube sampled, rotary      Samples are considered representative of the in-situ material collected.
and sample    split, etc and whether sampled wet or dry.
preparation   For all sample types, the nature, quality and           Previous field tests have determined that the sample size and method of sampling produce representative RC samples.
              appropriateness of the sample preparation               QA/QC procedures involve the use of standards, duplicates and blanks which are inserted into sample batches at a
              technique.                                              frequency of approximately 15- 20%.
              Quality control procedures adopted for all sub-
              sampling stages to maximise representivity of           Duplicate splits of RC samples are taken every 10m down hole within the sampled intervals.
              samples.
              Measures taken to ensure that the sampling is
              representative of the in situ material collected,
              including for instance results for field
              duplicate/second-half sampling.
              Whether sample sizes are appropriate to the grain
              size of the material being sampled.


Quality of    The nature, quality and appropriateness of the          Commercial laboratories ALS Chemex Loughrea and ALS Seville (ISO9001:2008) were used for sample analysis.
assay data    assaying and laboratory procedures used and
and           whether the technique is considered partial or total.   Multi-element analysis, including Pb, Zn, Cu, Ag by ICP-MS were completed on all samples.
laboratory    For geophysical tools, spectrometres, handheld XRF
tests         instruments, etc, the parametres used in determining    Over limits samples were re-analysed using ore grade methods of determination.
              the analysis including instrument make and model,
              reading times, calibrations factors applied and their   Sample analytical techniques are considered in line with industry standard for this style of mineralisation.
              derivation, etc.
              Nature of quality control procedures adopted (e.g.      Europa Metals conducted a QC programme of inserting quarter core field duplicates, course blank and pulp blank
              standards, blanks, duplicates, external laboratory      material, standards, selection of pulp repeats and submission of pulp rejects for umpire lab re-analysis.
              checks) and whether acceptable levels of accuracy
              (i.e. lack of bias) and precision have been
                                                                      No significant issues or fatal flaws were identified from the assessment of QA data.
              established.
Criteria       JORC Code explanation                                      Commentary related to the Toral Project

                                                                          The nature and quantity of QA/QC data, procedures employed, level of accuracy and precision are considered
                                                                          acceptable for the assigned resource classification. The quality of assay data and laboratory tests is acceptable for this
                                                                          deposit.

                                                                          No geophysical tools, spectrometers or handheld XRF instruments were used in the exploration work.

Verification   The verification of significant intersections by either    Paper recorded drill hole logging data is transferred to Excel, imported into Micromine 3D geological modelling software
of sampling    independent or alternative company personnel.              for validation.
and            The use of twinned holes.
assaying       Documentation of primary data, data entry                  DGPS collar and survey excel data, and lab analytical data transferred from lab.csv, to Excel and imported to Micromine
               procedures, data verification, data storage (physical      3D geological modelling software.
               and electronic) protocols.
               Discuss any adjustment to assay data.                      RC chips have not been verified against lab assay certificates by AMS.

                                                                          No adjustment to the analytical data was considered necessary, other than conversion to zinc equivalents for reporting
                                                                          purposes, following industry best practice. Raw analytical data remained unchanged.

Location of    Accuracy and quality of surveys used to locate drill       Europa Metals RC collars were surveyed using a Geomax 35 high-precision DGPS device Accuracy +/-3cm. Downhole
data points    holes (collar and down-hole surveys), trenches, mine       survey measurements taken using Reflex Gyro downhole survey tool.
               workings and other locations used in Mineral
               Resource estimation.                                       Co-ordinate grid system used is European Terrestrial Reference System 1989 UTM Zone 29.
               Specification of the grid system used.
               Quality and adequacy of topographic control.               Topographic DTM taken from 5 m resolution Lidar data MDT05-Lidar, from government mapping and survey association
                                                                          Plan Nacional de Ortofotografía Aérea (PNOA).

Data           Data spacing for reporting of Exploration Results.         The exploration RC holes are on approximate grid of 100 metres.
spacing and    Whether the data spacing and distribution is
distribution   sufficient to establish the degree of geological and       The distribution of drillholes is sufficient to establish continuity of the structure for exploration purposes
               grade continuity appropriate for the Mineral
               Resource and Ore Reserve estimation procedure(s)           Intervals were not composited at the sampling stage.
               and classifications applied.
               Whether sample compositing has been applied.


Orientation    Whether the orientation of sampling achieves               Drilling is angled to intercept mineralised structures at high angle, as close to perpendicular to dip and strike as
of data in     unbiased sampling of possible structures and the           practicable.
relation to    extent to which this is known, considering the
geological     deposit type.                                              No sample bias is introduced by drilling orientation.
structure      If the relationship between the drilling orientation and
               the orientation of key mineralised structures is
               considered to have introduced a sampling bias, this
               should be assessed and reported if material.
Sample         The measures taken to ensure sample security.              Chips logged and sampled in secure facility.
security
                                                                          Samples are bagged in plastic bags and labelled with individual sample numbers, sample name and sample location.
                                                                          Each bag is sealed to avoid loss and contamination. Plastic bags are placed in dry weave bags.
 Criteria      JORC Code explanation                                  Commentary related to the Toral Project

                                                                      Samples are delivered to laboratory by courier in secured boxes.

 Audits or     The results of any audits or reviews of sampling       A Competent Person has reviewed and discussed RC sampling techniques and findings were satisfactory.
 reviews       techniques and data.




Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

 Criteria           JORC Code explanation                            Commentary

 Mineral tenement   Type, reference name/number, location and        Toral exploration permit number 15.199 (also referred to as Permiso de Investigacion), is located approximately 400 km
 and land tenure    ownership including agreements or material       northwest of Madrid, within the Province of León, Autonomous Community of Castile and Leon.
 status             issues with third parties such as joint
                    ventures, partnerships, overriding royalties,    Licence 15.199 covers an area of 24 km².
                    native title interests, historical sites,
                    wilderness or national park and                  Exploration licence 15.199 is owned by Goldquest Iberica, S.L., a wholly owned subsidiary of Europa Metals Limited. The
                    environmental settings.                          licence was renewed on 14 November 2017 for a period of 3 years.
                    The security of the tenure held at the time of
                    reporting along with any known impediments
                    to obtaining a licence to operate in the area.
 Exploration done   Acknowledgment and appraisal of exploration      1972-1984 – Peñarroya-Adaro. 55 drill holes, 36 wedge drill holes.
 by other parties   by other parties.
                                                                     1992-1995 – Geominera. Data re-evaluation.

                                                                     2005-2008 – Lundin Mining. 7 drill holes.

                                                                     2009-2011 – Goldquest Mining. Soil and rock geochemistry. Historic gallery mapping. Data evaluation. NI43-101 Mineral
                                                                     Resource Estimate.

                                                                     2012-2015 – Portex Mining Corporation. Geological mapping. Data re-evaluation.

                                                                     2015-2016 – Goldquest Iberica S.L. Soil and rock geochemistry. Geological mapping.

                                                                     2016-2017 – Goldquest Iberica S.L. (Europa Metals Limited). 6 drill holes. Historic gallery mapping and sampling. Data re-
                                                                     evaluation and interpretation.

 Geology            Deposit type, geological setting and style of    The Toral Project is located in the Southwestern part of the regional West Asturian Leonese Zone (WALZ), a major
                    mineralisation.                                  tectono-stratigraphic unit of the Hercynian Orogeny.
Criteria            JORC Code explanation                                Commentary

                                                                         The mineralisation at Toral is considered as structurally controlled carbonate hosted Pb-Zn type. Shear and thrust fault
                                                                         controlled mineralisation within favourable carbonate lithology and favourable contrasting contacts between carbonates
                                                                         and shales.

                                                                         Styles of mineralisation are boudinage drusy quartz vein, replacement breccia, disseminated clots associated with silica,
                                                                         carbonate and chlorite alteration.

                                                                         Main metallic minerals are Sphalerite, Galena, Pyrite, Chalcopyrite and silver.

Drill hole          A summary of all information material to the         Drilling:
Information         understanding of the exploration results
                    including a tabulation of the following              Number of drillholes used: 4
                    information for all Material drill holes:
                         easting and northing of the drill hole collar   Collar East: 683299mE - 683496mE
                         elevation or RL (Reduced Level –
                         elevation above sea level in metres) of         Collar North: 4709149mN - 4708695mN
                         the drill hole collar
                         dip and azimuth of the hole                     Collar RL: 530mRL - 664mRL
                         down hole length and interception depth
                         hole length.                                    Azimuth: 025° - 209º
                    If the exclusion of this information is justified
                    on the basis that the information is not
                                                                         Dip: -44° - -47°
                    Material and this exclusion does not detract
                    from the understanding of the report, the
                    Competent Person should clearly explain why          Length: 242 – 310m
                    this is the case.
                                                                         DH Interception depth: 220m – 278mRL

Data aggregation    In reporting Exploration Results, weighting          No top cuts were applied to the data.
methods             averaging techniques, maximum and/or
                    minimum grade truncations (e.g. cutting of           Zn equivalent calculations were based on 3 year trailing average price statistics obtained from the London Metal Exchange
                    high grades) and cut-off grades are usually          and London Bullion Market Association giving an average Zn price of US$2,500/t, Pb price of US$2,100/t and Ag price of
                    Material and should be stated.                       US$17/Oz. Recovery and selling factors were incorporated into the calculation of Zn Eq values. It is the Company’s opinion
                    Where aggregate intercepts incorporate short         that all the elements included in the metal equivalents calculation (Zinc, Lead and Silver) have a reasonable potential to be
                    lengths of high grade results and longer             ultimately recovered and sold in the future.
                    lengths of low grade results, the procedure
                    used for such aggregation should be stated
                    and some typical examples of such
                    aggregations should be shown in detail.
                    The assumptions used for any reporting of
                    metal equivalent values should be clearly
                    stated.
Relationship        These relationships are particularly important       Mineralisation is interpreted as sub-vertical to steeply dipping to the NE.
between             in the reporting of Exploration Results.
mineralisation      If the geometry of the mineralisation with           Angled drilling is sub-perpendicular to +/- 20º oblique to mineralisation.
widths and          respect to the drill hole angle is known, its
intercept lengths   nature should be reported.                           True thickness of mineralisation ranges from approximately 90%-60% downhole interval length.
                    If it is not known and only the down hole
                    lengths are reported, there should be a clear
 Criteria            JORC Code explanation                             Commentary

                     statement to this effect (e.g. ‘down hole
                     length, true width not known’).
 Diagrams            Appropriate maps and sections (with scales)       .
                     and tabulations of intercepts should be
                     included for any significant discovery being
                     reported. These should include, but not be
                     limited to a plan view of drill hole collar
                     locations and appropriate sectional views.
 Balanced            Where comprehensive reporting of all              All available exploration data for the Toral deposit area has been collected and reported. Representative data from the RC
 reporting           Exploration Results is not practicable,           drillings has been reported.
                     representative reporting of both low and high
                     grades and/or widths should be practiced to
                     avoid misleading reporting of Exploration
                     Results.
 Other substantive   Other exploration data, if meaningful and         No geophysical works have been completed.
 exploration data    material, should be reported including (but not
                     limited to): geological observations;             Geological mapping and solid geology map generation completed.
                     geophysical survey results; geochemical
                     survey results; bulk samples – size and
                     method of treatment; metallurgical test
                     results; bulk density, groundwater,
                     geotechnical and rock characteristics;
                     potential deleterious or contaminating
                     substances.


 Further work        The nature and scale of planned further work      Surface drilling and trenching works testing open strike extent to the SE and infill drilling within current resource limits to
                     (e.g. tests for lateral extensions or depth       increase confidence and resource class.
                     extensions or large-scale step-out drilling).
                     Diagrams clearly highlighting the areas of        Preliminary metallurgical testwork.
                     possible extensions, including the main
                     geological interpretations and future drilling
                     areas, provided this information is not
                     commercially sensitive.




Perth
31 October 2018
Sponsor: Sasfin Capital (a member of the Sasfin group)

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