Wrap Text
Bengwenyama drilling update: Results from 39 UG2 intersections average 9.63g/t (6PGE+Au)
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 drilling update: Results from 39 UG2 intersections average 9.63g/t (6PGE+Au)
Highlights:
• Assay results for 39 UG2 intersections from SPD’s 70% owned Bengwenyama project have now
returned an average grade of 8.00g/t (3PGE+Au) and 9.63g/t (6PGE+Au) over an average reef width
of 69cm. These results continue to confirm the recently stated JORC-2012 Indicated and Inferred
Mineral Resource estimate.
• 19,447m of drilling (59 Drillholes) have been completed as of 30 September.
• 7 Drill rigs are now on site.
• A further 19 UG2 and 2 Merensky Reef (MR) intersections have been submitted to the laboratory.
• A 2nd Mineral Resource update is underway and is scheduled to be announced in 4Q23. This will
allow completion of a Scoping Study for the project, due for release in early 2024, in line with earlier
guidance.
Southern Palladium (ASX:SPD and JSE:SDL), ‘Southern Palladium’ or ‘the Company’) is pleased to release
an update on the assay results for the ongoing drill programme completed to-date across the MR and UG2
reefs 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: “The latest drilling results continue to confirm the consistency
of the grade and the continuity of the UG2 reef. Both the grade and the reef width align well with the JORC
compliant Mineral Resource released on July 10, 2023. The process of updating the geological and
estimation model for the second Mineral Resource update is underway and is expected to be finalised in
the fourth quarter of 2023. With the collection of additional drillhole intersections and more data on the
UG2, we now have enough information to begin compiling a meaningful facies plan, which is currently in
development. Furthermore, there are indications of higher reef grades toward the northwest of the current
drilling area, which is promising for future mining operations in this resource block. The presence of two
additional drill rigs on-site will aid us in achieving our program milestones within the projected timeframe.”
Progressive UG2 and Merensky Reef Results
As of 30 September, the drilling programme has completed 19,447m of drilling (including deflections) with
assay results for 39 UG2 intersections and 10 MR intersections received from the laboratory. An additional
19 UG2 drillhole intersections (including five deflections) and two MR drillhole intersections have been
submitted to the laboratory and awaiting results (Figure 1).
The additional reef intersections are continuing to confirm the average grade of the UG2 chromitite seam
with an average 3PGE+Au grade of 8.00 g/t and 6PGE+Au of 9.63 g/t over 69 cm intersection width (refer
Table 1). This is very similar to the average grades of the 23 UG2 intersections previously reported in
March (refer ASX Announcement 30 March 2023 - Resource estimate for Far East Block discovery
underway; results from 23 UG2 intersections average 9.28g/t (6PGE+Au)). There has been a slight
decrease in the reef width from 72 cm to 69 cm but this has resulted in a slight increase in the reef grade
from 7.67 g/t to 8.00 g/t.
The cm.g/t (centimetre-grams per tonne), a good measure of metal content, of the UG2 reef remains at
553 cm.g/t as it was previously and is in line with initial predictions. This again confirms the continuity and
consistency of the UG2 reef. The prill split remains largely unchanged and also continues to confirm the
original anticipated prill split for Pt:Pd:Rh:Au of around 44% : 44% : 10% : 2%.
The reef width has decreased slightly as a result of the additional drilling being focused on the defined
Payback Area, located to the southeast of the Eerstegeluk farm, which has a narrower reef width than the
north western portion of Eerstgeluk (Figure 2).
There has also not been much change in the MR as there are only two additional intersections (Table 1).
This is because much of the recent drilling being conducted in the payback area east of the MR subcrop.
Figure 1: Location of Completed and Planned Drillholes
UG2 Reef Width and Grade trends
Data trends are starting to develop with the additional reef intersections. The images in Figure 2 and
Figure 3 are simple contour plots utilising Golden Software, Surfer 11 to contour the reef width and grade
of the UG2 to visualise the trends in the Payback Area and the PFS focus area. Figure 2 (left image) clearly
shows the increase in the UG2 reef width from the southeast corner of Eerstegeluk to the northwest of
Eerstegeluk.
Early indications are that the UG2 reef increases in width to the northwest (NW) of Eerstegeluk. Drillhole
E032 has a reef width of 136cm and E001 has a reef width of 118cm, which would suggest a wider mining
cut. Due to the narrower nature of the reef width of the UG2 in the SE, the results to-date indicate the
mining cut may be around 1m. Note that the drillhole density in the SE is less than in the NW, so there
could be changes to this trend with further drilling.
The UG2 grade (6PGE + Au g/t) is consistent across the drilling area, as can be seen in Figure 2 (right
image). As per the drilling results to date the average cm.g/t of the UG2 (3PGE + Au) averages around 550
cm.g/t and for the 6PGE + Au averages around 665 cm.g/t, which is evident in Figure 3. Indications from
this figure is that the PGM content of the UG2 increases toward the northwest of Eerstegeluk.
For comparison the average cm.g/t (3PGE+Au) for the Anglo-American Platinum/African Rainbow
Modikwa resource to the north is 607 cm.g/t*1, comparable to the Bengwenyama deposit. The Modikwa
mine, located some 7km to the north of Bengwenyama project is regarded as a Tier 1 PGM operation.
The Modikwa mine produced 290Koz (6PGE+Au) in 2022.
Figure 2 – UG2 Reef Width and Grade Trends:
*Cautionary statement: The reference to the Amplats / ARM ‘Modikwa’ project in this announcement
refers to data that is based on a Measured and Indicated resource. As such, the Modikwa is in a different
stage of development to Southern Palladium’s Bengwenyama project, and further exploration and
development of the Bengwenyama project will be required to fully realise a comparison with respect to
the measurement criteria used in this announcement (cm.g/t - centimetre-grams per tonne). There is no
certainty that the advancement of infill drilling and ongoing development works at Bengwenyama will
result in the same grade of cm.g/t. The Indicated and Inferred Resource at Bengwenyama has been
prepared and reported in accordance with the 2012 Edition of the JORC Code.
1
Note: Anglo American Platinum report the average for the Modikwa UG2 Measured and Indicated resource as
a grade of 5.89g/t (3PGE +Au) over a resource cut width of 103cm (Reserves and Resources Report 2022)
Figure 3: UG2 Content (cm.g/t) Trend
Ongoing drill programme
Seven drill rigs are now on site (Figure 1) and the focus has been moved from the payback area only to a
spread over the wider eastern section and the defined Exploration Target within the Horst Block.
With the additional drillhole intersections and more data on the UG2 being collected there is now
sufficient information to start compiling a meaningful facies plan for the deposit.
Of the initial 24,500m of planned drilling (63 drillholes with deflections), 19,447m have been completed,
which is comprised of 59 completed drillholes and 21 deflections. Additional drillholes have been planned
(Figure 1) with the remaining budget to fill in gaps to assist with structural modelling.
Table 1: Summary of the Progressive UG2 Reef Assay Results
UG2
From sampled Pt Pd Rh Ir Os Ru Au 3PGE+Au 6PGE+Au Ni Cu Cr2O3
BHID To (m)
(m) width (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (%)
(cm)
E062 31.25 32.30 105 3.80 3.57 0.88 0.32 0.14 1.43 0.08 8.33 10.22 0.15 0.03 29.56
E058 140.86 141.31 45 4.69 5.64 0.82 0.26 0.19 1.46 0.22 11.37 13.28 0.23 0.01 39.37
E019A 315.83 316.64 81 4.25 4.19 0.79 0.26 0.15 1.31 0.13 9.36 11.09 0.16 0.03 30.87
E033 253.60 254.25 65 4.21 5.00 0.84 0.28 0.16 1.32 0.17 10.21 11.98 0.16 0.02 32.64
E028 373.24 373.81 57 3.40 2.93 0.65 0.23 0.15 1.18 0.05 7.03 8.59 0.13 0.00 31.07
E031 416.55 417.22 67 3.30 3.73 0.63 0.19 0.13 1.09 0.16 7.81 9.23 0.22 0.06 29.36
E025 260.40 261.32 92 3.53 3.43 0.85 0.24 0.16 1.14 0.10 7.91 9.46 0.18 0.04 25.86
E071 179.98 180.75 77 2.94 2.59 0.59 0.19 0.13 0.97 0.12 6.24 7.54 0.16 0.04 28.12
E064 156.17 157.07 90 2.36 1.53 0.49 0.16 0.11 0.83 0.02 4.40 5.51 0.12 0.01 26.50
E030 409.53 410.09 56 4.05 5.20 0.96 0.31 0.20 1.49 0.19 10.40 12.40 0.19 0.04 32.46
E007 417.40 418.14 74 3.98 3.31 0.91 0.29 0.19 1.43 0.08 8.29 10.20 0.16 0.04 31.11
E060D1 178.76 179.31 55 4.14 3.49 1.02 0.33 0.23 1.51 0.06 8.72 10.80 0.14 0.02 31.95
E016 449.22 450.03 81 3.18 2.09 0.71 0.22 0.15 1.08 0.03 6.01 7.46 0.15 0.02 29.13
E044 258.73 259.44 71 2.94 3.10 0.59 0.20 0.15 1.08 0.13 6.76 8.19 0.15 0.03 33.63
E065 231.79 232.52 73 3.49 3.44 0.83 0.25 0.17 1.27 0.12 7.87 9.57 0.16 0.04 28.97
E015 291.87 292.65 78 3.14 3.69 0.69 0.24 0.18 1.20 0.19 7.72 9.35 0.17 0.05 32.95
E020 342.88 343.58 70 2.99 3.07 0.66 0.22 0.15 1.05 0.18 6.90 8.32 0.15 0.05 23.98
E067 299.69 300.22 53 2.98 2.35 0.55 0.21 0.15 1.04 0.03 5.92 7.32 0.13 0.01 31.88
E024 278.75 279.28 53 3.46 4.45 0.76 0.24 0.17 1.20 0.22 8.89 10.49 0.16 0.02 32.76
E013 321.24 321.78 54 4.09 3.69 0.82 0.27 0.19 1.33 0.11 8.70 10.49 0.16 0.03 33.23
E041 250.93 251.62 69 3.76 2.92 0.83 0.27 0.18 1.25 0.08 7.58 9.28 0.21 0.02 28.97
E001 548.05 549.23 118 2.83 2.61 0.58 0.21 0.15 1.01 0.10 6.12 7.49 0.17 0.09 23.90
E027 284.45 285.06 61 3.79 3.11 0.82 0.29 0.20 1.39 0.09 7.81 9.68 0.15 0.02 31.56
E069 240.96 241.39 43 5.09 3.47 0.94 0.31 0.20 1.49 0.03 9.53 11.53 0.11 0.01 38.75
E014 342.60 343.71 111 3.68 3.89 0.75 0.29 0.18 1.34 0.12 8.45 10.25 0.18 0.06 32.18
E045 202.19 202.84 65 4.05 5.40 0.86 0.28 0.18 1.39 0.21 10.51 12.37 0.20 0.06 30.58
E032 462.64 464.00 136 3.19 3.50 0.64 0.22 0.14 1.10 0.05 7.38 8.85 0.13 0.01 25.01
E072D1 248.69 249.46 77 2.98 2.87 0.61 0.23 0.15 1.12 0.10 6.56 8.06 0.14 0.03 31.40
E052 246.99 247.66 67 4.10 4.28 0.82 0.29 0.18 1.35 0.15 9.36 11.17 0.19 0.05 34.73
E050D1 276.35 276.92 57 3.21 3.41 0.62 0.23 0.16 1.19 0.15 7.39 8.97 0.17 0.05 31.47
E076 233.20 233.68 48 2.96 2.06 0.55 0.20 0.14 1.04 0.06 5.63 7.01 0.13 0.02 30.74
E066D1 221.17 221.65 49 3.24 2.77 0.59 0.21 0.15 1.14 0.12 6.72 8.21 0.15 0.02 32.69
E048 229.75 230.36 61 4.17 4.41 0.86 0.31 0.20 1.44 0.13 9.57 11.52 0.15 0.03 32.80
E054 280.50 280.98 48 3.40 4.01 0.59 0.19 0.14 1.08 0.10 8.09 9.49 0.12 0.02 31.94
E046 238.64 239.25 61 5.30 8.77 1.03 0.34 0.23 1.72 0.27 15.37 17.66 0.16 0.03 35.96
E059 95.15 95.73 58 4.56 4.79 0.87 0.28 0.19 1.48 0.19 10.41 12.36 0.17 0.04 27.93
E039D1 226.83 227.59 76 2.63 2.17 0.50 0.17 0.11 0.77 0.07 5.37 6.42 0.12 0.01 19.69
E082D1 243.23 243.69 46 3.77 2.89 0.69 0.27 0.18 1.31 0.09 7.44 9.19 0.14 0.03 32.87
E087 287.95 288.43 48 4.41 4.71 0.91 0.31 0.21 1.44 0.13 10.15 12.10 0.16 0.03 30.84
Weighted Average 69 3.57 3.57 0.74 0.25 0.16 1.22 0.11 8.00 9.63 0.16 0.03 30.12
(3PGE+Au) Prill Split (%) 44.7 44.7 9.2 1.4 100
(6PGE+Au) Prill Split (%) 37.0 37.1 7.7 2.6 1.7 12.7 1.2 100
Green highlighted BHIDs indicate the additional intersections since the March press release.
Table 1: Summary of the Progressive Merensky Reef Assay Results
MR
From sampled Pt Pd Rh Ir Os Ru Au 3PGE+Au 6PGE+Au Ni Cu
BHID To (m)
(m) width (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%)
(cm)
E028 66.68 68.68 200 1.49 0.47 0.10 0.03 0.03 0.21 0.08 2.14 2.41 0.09 0.02
E004 210.75 212.92 217 1.15 0.44 0.06 0.02 0.02 0.14 0.07 1.73 1.92 0.10 0.02
E030 142.98 144.77 179 1.66 0.63 0.13 0.04 0.03 0.24 0.15 2.56 2.88 0.13 0.04
E031 122.38 124.31 193 1.69 0.91 0.10 0.03 0.03 0.22 0.16 2.86 3.15 0.14 0.07
E007 100.36 102.56 220 2.15 0.89 0.12 0.04 0.04 0.24 0.11 3.27 3.59 0.19 0.06
E020 54.18 55.39 121 2.11 1.15 0.12 0.04 0.04 0.23 0.37 3.76 4.06 0.26 0.10
E001 259.8 261.66 186 1.07 0.46 0.14 0.03 0.03 0.19 0.05 1.71 1.96 0.10 0.02
E014 37.26 39.68 242 1.40 0.49 0.10 0.03 0.03 0.19 0.11 2.11 2.35 0.10 0.03
E032 171.67 173.8 213 1.38 0.39 0.09 0.03 0.02 0.19 0.06 1.92 2.17 0.09 0.03
E029 40.00 42.00 200 1.71 1.10 0.12 0.05 0.05 0.31 0.14 3.06 3.47 0.20 0.06
Weighted Average 197 1.56 0.67 0.11 0.03 0.03 0.21 0.12 2.46 2.73 0.14 0.04
(3PGE+Au) Prill Split (%) 63.5 27.3 4.3 4.9 100
(6PGE+Au) Prill Split (%) 57.1 24.5 3.9 1.2 1.1 7.8 4.4 100
Red Italic figures – Possible incomplete intersection with a potentially faulted bottom contact intersection.
Green highlighted BHIDs indicate the additional intersections since the March press release.
Updated Resource and Scoping Study
Over the past two months, numerous deflections were drilled to obtain metallurgical samples for
metallurgical testing and to support the geotechnical studies conducted as part of the scoping study.
These tasks have been completed and our focus has now returned to exploration and infill drilling to
secure additional UG2 reef intersections for structural and estimation modelling.
The second resource update is currently in progress and is expected to be completed by the end of
November 2023. It is important to note that the drilling conducted during this period was aimed at
converting some of the Inferred resources in the East into the Indicated category rather than expanding
the resource, which already comprises a substantial 25 million ounces (6E+Au).
Additionally, the geotechnical report is being reviewed, and the results of this study will be made available
in the coming weeks. Metallurgical testing is ongoing with results from that analysis also expected to be
made available in Q4.
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.
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 September 2023 submission of the Mining Right application, they 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 25.12Moz 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.
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,
FGSSA). 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
10 October 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
Appendix 1. Reef Intersection Summary for Bengwenyama Drillholes
Drilling Merensky Reef UG2 Reef
From Intersection From Intersection
BHID To (m) Comment To (m) Comment
(m) Width (m) (m) Width (m)
Highly weathered
E019 20.25 22.45 2.20 & friable, - - - Hole stopped short
inconclusive
Highly weathered
E019a 19.55 22.35 2.80 & friable, 315.85 316.61 0.76 Complete intersection
inconclusive
No MR expected -
E060 - - - East of MR - - - Reef Missing
subcrop
No MR expected -
E060D1 - - - East of MR 178.78 179.29 0.51 Complete intersection
subcrop
No MR expected - Complete intersection,
E062 - - - East of MR 31.27 32.30 1.03 moderately weathered
subcrop
No MR expected - Moderately weathered &
E062D1 - - - East of MR 31.45 32.27 0.82 faulted. Incomplete
subcrop intersection. Core loss.
No MR expected - Moderately weathered &
E062D2 - - - East of MR 31.16 31.56 0.40 faulted. Incomplete
subcrop intersection. Core loss.
No MR expected -
E058 - - - East of MR 140.88 141.29 0.41 Complete intersection
subcrop
No MR expected -
E033 - - - East of MR 253.62 254.25 0.63 Complete intersection
subcrop
E028 66.70 68.66 1.96 Complete 373.26 373.79 0.53 Complete intersection
intersection
E004 210.77 212.90 2.13 Complete 517.33 517.57 0.24 Pothole
intersection
E004D1 - - - Deflection below 515.83 516.52 0.69 Pothole
MR
E030 143.00 144.68 1.68 Complete 409.55 410.07 0.52 Complete intersection
intersection
No MR expected -
E025 - - - East of MR 260.42 261.32 0.90 Complete intersection
subcrop
No MR expected -
E037 - - - East of MR - - - Pothole
subcrop
No MR expected -
E049 - - - East of MR - - - Faulted
subcrop
E031 122.40 124.29 1.89 Complete 416.57 417.19 0.62 Complete intersection
intersection
No MR expected -
E044 - - - East of MR 258.75 259.42 0.67 Complete intersection
subcrop
E016 - - - Faulted 449.24 450.01 0.77 Complete intersection
E007 100.38 102.54 2.16 Complete 417.42 418.54 1.12 Complete intersection
intersection
No MR expected -
E064 - - - East of MR 156.19 157.05 0.86 Complete intersection
subcrop
No MR expected -
E071 - - - East of MR 180.04 180.73 0.69 Complete intersection
subcrop
No MR expected -
E065 - - - East of MR 231.81 232.50 0.69 Complete intersection
subcrop
E001 259.82 261.64 1.82 Complete 548.07 549.21 1.14 Complete intersection
intersection
No MR expected -
E015 - - - East of MR 291.89 292.63 0.74 Complete intersection
subcrop
E020 54.20 55.39 1.19 Faulted 342.90 343.56 0.66 Complete intersection
No MR expected -
E041 - - - East of MR 250.95 251.60 0.65 Complete intersection
subcrop
No MR expected -
E067 - - - East of MR 299.70 300.20 0.50 Complete intersection
subcrop
Highly weathered
& friable,
E013 12.43 14.53 2.10 inconclusive (core 321.26 321.76 0.50 Complete intersection
loss & No
stringers)
No MR expected -
E024 - - - East of MR 278.77 279.26 0.49 Complete intersection
subcrop
No MR expected -
E069 - - - East of MR 240.98 241.39 0.41 Incomplete intersection
subcrop
No MR expected -
E027 - - - East of MR 284.47 285.04 0.57 Complete intersection
subcrop
Complete
E014 37.28 39.68 2.40 342.62 343.68 1.06 Complete Intersection
intersection
No MR expected -
E069D1 - - - East of MR 241.33 241.63 0.30 Complete Intersection
subcrop
Deflection below
E001D1 - - - 547.78 548.26 0.48 Complete Intersection
MR
Deflection below Incomplete intersection,
E014D1 - - - 343.29 343.74 0.45
MR core loss & grinding
Deflection below
E014D2 - - - 342.19 343.06 0.88 Complete Intersection
MR
Complete
E032 171.69 173.78 2.09 462.66 463.98 1.32 Complete Intersection
intersection
Highly weathered & friable,
- - - 29.96 30.44 0.48
inconclusive
- - - No MR expected - 237.73 238.06 0.33 LG6A reef
**E057 East of MR
- - - subcrop 238.3 238.63 0.33 LG6 reef
- - - 238.66 239.85 1.19 LG6 reef
No MR expected -
E045 - - - East of MR 202.205 202.82 0.615 Complete Intersection
subcrop
- - - 324.59 325.02 0.43 LG6A reef
No MR expected -
**E056 - - - East of MR 325.29 325.56 0.27 LG6 reef
subcrop
- - - 325.82 326.54 0.72 LG6 reef
No MR expected -
E052 - - - East of MR 246.01 247.04 1.03 Complete Intersection
subcrop
No MR expected -
Incomplete intersection,
E072 - - - East of MR 248.48 249.07 0.59
core loss & grinding
subcrop
No MR expected -
E072D1 - - - East of MR 248.71 249.44 0.73 Complete Intersection
subcrop
No MR expected -
E072D2 - - - East of MR 248.64 249.28 0.64 Complete Intersection
subcrop
core loss, top
E029 40.02 42.62 2.60 stringer only, 314.68 314.88 0.20 Pothole
inconclusive
No MR expected -
E050D1 - - - East of MR 276.37 276.90 0.53 Complete Intersection
subcrop
No MR expected -
E076 - - - East of MR 233.22 233.77 0.55 Complete Intersection
subcrop
No MR expected -
E029D1 - - - East of MR 315.08 315.10 0.02 Pothole
subcrop
No MR expected -
Incomplete Intersection
E066 - - - East of MR 221.30 221.64 0.34
Faulted
subcrop
No MR expected -
E066D1 - - - East of MR 221.19 221.63 0.44 Complete Intersection
subcrop
No MR expected -
E046 - - - East of MR 238.66 239.22 0.56 Complete Intersection
subcrop
No MR expected -
E048 - - - East of MR 229.77 230.57 0.80 Complete Intersection
subcrop
No MR expected -
E054 - - - East of MR 280.52 280.94 0.42 Complete Intersection
subcrop
No MR expected -
E059 - - - East of MR 95.17 95.70 0.53 Complete Intersection
subcrop
No MR expected -
Incomplete intersection,
E039 - - - East of MR 226.54 226.89 0.35
core loss & Faulted
subcrop
No MR expected -
E039D1 - - - East of MR 226.85 227.56 0.71 Complete intersection
subcrop
No MR expected -
E120 - - - East of MR 155.65 155.74 0.09 Pothole
subcrop
No MR expected -
Incomplete intersection,
E082 - - - East of MR 243.15 243.47 0.32
Faulted
subcrop
Highly weathered
Incomplete intersection,
E034 25.67 30.15 4.48 & friable, 292.00 292.94 0.94
Faulted
inconclusive
No MR expected -
E082D1 - - - East of MR 243.25 243.67 0.42 Complete intersection
subcrop
No MR expected -
Incomplete intersection,
E086A - - - East of MR 255.62 255.78 0.16
Faulted
subcrop
No MR expected -
Incomplete intersection,
E086AD1 - - - East of MR 256.01 256.34 0.33
Faulted
subcrop
Highly weathered
E087 23.68 28.17 4.49 & friable, 287.97 288.61 0.64 Complete intersection
inconclusive
No MR expected -
E086AD2 - - - East of MR 255.46 255.71 0.25 Complete intersection
subcrop
No MR expected -
E120D1 - - - East of MR - - - Pothole
subcrop
No MR expected -
Incomplete intersection,
E034D1 - - - East of MR 292.38 292.97 0.59
Faulted
subcrop
No MR expected -
Incomplete intersection,
E070 - - - East of MR 185.15 185.72 0.57
friable & Faulted
subcrop
No MR expected -
Incomplete intersection,
E070D1 - - - East of MR 185.29 186.08 0.79
Faulted
subcrop
No MR expected -
E114 - - - East of MR - - - Faulted
subcrop
No MR expected -
Incomplete intersection,
E034D2 - - - East of MR 292.74 293.27 0.53
faulted
subcrop
No MR expected -
Incomplete intersection,
E051 - - - East of MR 95.33 95.80 0.47
Grinding
subcrop
No MR expected -
Incomplete intersection,
E080 - - - East of MR 188.64 189.12 0.48
Faulted
subcrop
No MR expected -
E085 - - - East of MR 247.34 247.91 0.57 Complete intersection
subcrop
No MR expected -
Incomplete intersection,
E079 - - - East of MR 263.00 263.39 0.39
Faulted
subcrop
No MR expected -
E113 - - - East of MR 289.62 289.69 0.07 Pothole
subcrop
No MR expected -
E051D1 - - - East of MR 95.33 96.45 1.13 Complete intersection
subcrop
No MR expected -
E115 - - - East of MR 87.75 88.55 0.80 Complete intersection
subcrop
No MR expected -
E118 - - - East of MR 288.56 289.45 0.89 Complete intersection
subcrop
No MR expected -
E122 - - - East of MR 179.19 179.75 0.56 Complete intersection
subcrop
No MR expected -
Incomplete intersection,
E125 - - - East of MR 228.25 228.70 0.45
Faulted
subcrop
No MR expected -
Incomplete intersection,
E125D1 - - - East of MR 228.44 228.83 0.39
Faulted
subcrop
Appendix 2. 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 20 cm samples are taken within the reef horizon unless there is a lithological
Sampling techniques channels, random chips, or specific reason to deviate from this. A single sample is also taken in the hanging
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria Explanation Detail
specialised industry standard wall and footwall to test for mineralisation in the direct waste rock. The
measurement tools appropriate to the samples are split with a core saw and one half is submitted to the laboratory
minerals under investigation, such as and the other half keep in the core tray.
down hole gamma sondes, or handheld
XRF instruments, etc.). 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.
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 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 The core is cut in two equal halves for sampling and storage purposes.
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc. and whether This project only makes use of core drilling.
Sub-sampling sampled wet or dry.
techniques and The sample preparation code at ALS is PREP-31H which has the following
sample preparation 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.
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria Explanation Detail
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.
Verification of Discuss any adjustment to assay data. No adjustments have been made to the assayed results.
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
locate drillholes (collar and down-hole Drillhole collar positions are recorded by handheld Garmin GPS. The
surveys), trenches, mine workings and drillholes will be surveyed in at a later stage.
other locations used in Mineral
Location of data Resource estimation.
points
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
Data spacing and Results. understanding of the larger structural domains of the project.
distribution
Whether the data spacing, and Geological continuity is based on the knowledge of the surrounding area
distribution is sufficient to establish the and 3D model constructed from historical data. The 53 of the 59 completed
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria Explanation Detail
degree of geological and grade drillholes to date have intersected the UG2 which is confirming the position
continuity appropriate for the Mineral of the UG2 reef. Of the 14 drillholes expected to intersect the MR 11 have
Resource and Ore Reserve estimation intersected the reef and two have been faulted.
procedure(s) and classifications
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.
The results of any audits or reviews of
Audits or reviews 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 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
laterally continuous for tens to hundreds of kilometres. The UG2
comprises mineralised chromitite, whereas the Merensky Reef is
Geology 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.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
A summary of all information Drilling
BHID Date Started Date Completed From (m) To (m)
Drilled
Comment
Metres
material to the understanding of the E019 23-Aug-22 05-Sep-22 0.00 32.42 32.42
Abandoned, stuck drill
rods
exploration results including a E019a 06-Sep-22 05-Oct-22 0.00 323.77 323.77 EOH, com leted
tabulation of the following E060 26-Aug-22 19-Oct-22 0.00 206.72 206.72 EOH, completed
information for all Material drillholes:
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
* easting and northing of the drillhole
E062D1 07-Sep-22 08-Sep-22 18.30 34.92 16.62
stratigraphy
Deflection completed,
faulted UG2
collar E062D2 09-Sep-22 10-Sep-22 13.30 33.00 19.70
Deflection completed,
faulted UG2
* elevation or RL (Reduced Level – E058 12-Sep-22 05-Oct-22 0.00 158.25 158.25 EOH, completed
elevation above sea level in metres) E033 07-Sep-22 15-Oct-22 0.00 261.58 261.58 EOH, completed
of the drillhole collar 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
* dip and azimuth of the hole E004D1 19-Nov-22 24-Nov-22 457.00 518.75 61.75 Deflection completed
* down hole length and interception E030 26-Oct-22 05-Dec-22 0.00 413.75 413.75 EOH, completed
depth E025 18-Oct-22 09-Nov-22 0.00 267.58 267.58 EOH, completed
* hole length. 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.
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
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
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.
between The intersection lengths stated are the downhole lengths. The drillholes
If it is not known and only the down
mineralisation are drilled at -90 degrees and the reef dip is expected to be
hole lengths are reported, there should
widths and intercept approximately 6 degrees. Therefore, the difference should be minimal.
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.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
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 - - - 246.01 247.04 1.03 Complete Intersection
MR subcrop
No MR expected - East of Incomplete intersection, core loss &
E072 - - - 248.48 249.07 0.59
MR subcrop 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 4.48 292.00 292.94 0.94 Incomplete intersection, Faulted
friable, inconclusive
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 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
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 programme is still for
approximately 25,000m in total.
Diagrams clearly highlighting the areas
of possible extensions, including the
main geological interpretations and
future drilling areas, provided this
information is not commercially
sensitive.
Further work 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.
SECTION 2: REPORTING OF EXPLORATION RESULTS
Criteria Explanation Detail
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
Measures taken to ensure Geological data in the form of drillhole collar surveys, downhole surveys and
that data has not been geological logs captured on paper records was compared to data captured and
corrupted by, for example, saved in soft copy Excel spreadsheets that form the geological repository which
transcription or keying informs the modelling database. Any errors, omissions, and invalid transcriptions
errors, between its initial identified were returned to the exploration team for rectification before the data
collection and its use for was processed any further for use in 3D-structural modelling and grade
Mineral Resource estimation processes.
estimation purposes.
Database
Base geological data informing the estimate was validated using in-built
integrity
functionality in Datamine StudioRM software. Validation routine involved
checking spatial location of drillholes collars and intersections, validity of
stratigraphic logging, checking for repetition of logged intersections, reasons for
Data validation procedures
the absence of analytical data, negative thicknesses and an assessment of the
used.
correlation of all aspects of the new drilling data to the historic drilling data from
the Nkwe drillhole database. The Nkwe database was inspected for erroneous /
non representative datapoints and removed based on the knowledge gained
from the recent SPD drilling.
Comment on any site visits
undertaken by the The Competent Person regularly visits the project site with the latest visit having
Competent Person and the been carried out on 23 August 2023.
Site visits outcome of those visits.
If no site visits have been
undertaken indicate why this Refer to above.
is the case.
The Bengwenyama project is bounded to the northern extremity by a mine that is
Confidence in (or
in current operation and economically exploiting the same UG2 reef. Several
conversely, the uncertainty
SPD drillholes are sited in areas in which similar drilling was completed by Nkwe
of) the geological
Platinum during the early 2000s. Geological interpretation as informed from the
interpretation of the mineral
current SPD holes, correlates reasonably well with interpretation from the historic
deposit.
Nkwe drill data.
The consolidated SPD database informing this estimate incorporates data from
historic Nkwe drilling. This data was compiled by transcribing information from
documents available in the public domain. Analytical data in the Nkwe drillholes
Nature of the data used and
is presented as 4E only. Individual PGEs were not reported. Results from QQ
of any assumptions made.
plots (R2=0.93 for the UG2 and R2=0.81 for the MR) suggest that SPD data is
highly comparable to the Nkwe data. Accordingly, the data has been
consolidated into a single geological database.
Literature from the public domain suggests absence of UG2 reef in the
The effect, if any, of Eerstegeluk Dome area. In contrast, recent SPD drilling (drillhole E057) located
Geological alternative interpretations on within the area, intersected the UG2 reef at a depth of approximately 30m below
interpretation Mineral Resource surface. This implies the SPD drilling in the area is presenting an opportunity to
estimation. validate the theory or potentially offer an alternative interpretation of this
structurally complex area of the project.
Contouring of the elevation of the UG2 reef and MR top contact as interpreted
from geological logging, knowledge of the regional structural geology,
The use of geology in
incorporation of mapped faults, dykes, sills, and the use of data from the TMF
guiding and controlling
gradient and gamma-ray spectrometry survey completed by New Resolution
Mineral Resource
Geophysics (Pty) Ltd (NRG) in January of 2022, highlighting the major structural
estimation.
features, guided delineation of 20 fault blocks and culminated in the generation
of the associated UG2 3D wireframe model.
The project area is bisected by faults and several dyke swarms with throws in
excess of 200m. Current structural interpretation postulates the Eerstegeluk
The factors affecting
Dome area comprises a stack of several upthrow faults culminating in an overall
continuity both of grade and
upthrow of the UG2 reef to a location as shallow as 30m below surface. Other
geology.
than potholing observed in the areas limited to the northern periphery, the PGE
grades appear unaffected.
The extent and variability of The Bengwenyama project covers an area of approximately 52.9km 2. with a
the Mineral Resource strike of approximately 4km. Data from the Nkwe drillholes suggests a down-dip
expressed as length (along continuity of UG2 and MR reef over approximately 11km at an average true dip
strike or otherwise), plan of approximately 6-7°, north-west.
width, and depth below
surface to the upper and
lower limits of the Mineral
Resource.
Dimensions
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
Location of the UG2 reef is shallowest in the south-east corner of the project
area at approximately 30m below surface and deepest in the north-west corner
where it is in excess of 1,000m below surface. The MR is approximately 260m
above the UG2 reef and subcrops in the central portion of the farm Eerstegeluk.
The nature and The statistical analysis on the base geological data informing the estimate
appropriateness of the suggests that no capping or treatment of extreme values is necessary. Owing to
estimation technique(s) the low density of drilling data available to date geological domains, possible
applied and key facies and anisotropy has not been identified. However, for the MR one sample
assumptions, including was capped back to 4.68 g/t for the 4E grade (see below).
treatment of extreme grade
values, domaining,
interpolation parameters
and maximum distance of
extrapolation from data
points. If a computer Ordinary Kriging, an industry best choice for evaluation of PGEs, has been
assisted estimation method successfully applied for all grade interpolation with all 3D wireframe modelling
was chosen include a and grade estimation processes completed in Datamine StudioRM Version
description of computer 1.11.65.0 geological modelling software.
software and parameters
used. Kriging neighbourhood analysis (KNA) recommended a parent block size of
350m (in X and Y directions) with a minimum and maximum number of samples
of 5 and 15 respectively for the first search volume which is matched to the
range of the 4E modelled variogram (approximately 2,000m). Three search
volumes with decreasing samples were used for the estimation.
All PGE elements, Pt, Pd, Rh, Au, Ir, Os and Ru as well as base metals Cu, Ni,
Cr and Fe were individually estimated in addition to estimation of combined 4E
(Pt, Pd, Rh & Au) and 7E (Pt, Pd, Rh, Ir, Os, Ru & Au) grades.
Extrapolation has been carried out to half the average drillhole spacing and
where applicable terminated on the major geological structures.
The availability of check The Bengwenyama Project is a green field project with no mining activity ever
estimates, previous recorded. As such no depletion of Mineral Resources is applicable.
estimates and/or mine
Estimation production records and The previous estimate for the Bengwenyama Project was declared on 01 July
and modelling whether the Mineral 2021 and presented 33.87Mt at 7.7g/t 4E and 8.38Moz in Inferred Resources.
techniques
Resource estimate takes
appropriate account of such Taking into account the impact of the additional SPD drilling completed to date,
data. the previous estimate correlates reasonably well with the current and updated
estimate of 49.85Mt at 7.51g/t 4E and 12.040Moz of Indicated and Inferred
Resources for the UG2 with the MR also having very similar results.
Metallurgical testwork is currently underway to establish the viability of recovery
The assumptions made of any by-products, in particular chromite. There is no record of previous similar
regarding recovery of by- testwork completed in the Bengwenyama project area. However, the UG2 on the
products. eastern limb of the BC is well known and understood and the average recoveries
have been assumed for now.
Estimation of deleterious
elements or other non-grade Other than the base metals Cu, Ni and Fe, no deleterious elements have been
variables of economic identified. The base metals have all been estimated on elemental basis with the
significance (e.g. sulphur for Cr:Fe ratio of the UG2 chromitite horizon, from modelled Cr and Fe analysis,
acid mine drainage observed to be around 1.19.
characterisation).
In the case of block model Drillhole spacing is not on a defined grid owing to challenges drilling in populated
interpolation, the block size space. The well drilled areas are typically informed by an average drillhole
in relation to the average spacing of approximately 350m with poorly informed areas informed by drilling
sample spacing and the spacing in excess of 1,000m.
search employed.
Kriging neighbourhood analysis (QKNA) recommended a parent block size of
350m (in X and Y directions) with a minimum and maximum number of samples
of 5 and 15 respectively for the first search volume which is matched to the
range of the 4E modelled variogram (approximately 2,000m). Three search
volumes with decreasing samples were used for grade estimation.
A study to test the viability of several possible options and in some cases
Any assumptions behind combinations of mining methods is currently underway. The current modelling
modelling of selective does not incorporate guidance from knowledge of any possible proposed mining
mining units. method or selective mining approach.
Any assumptions about The QQ plot results (R2=0.93 for the UG2 and R2=0.81 for the MR) suggest SPD
Estimation correlation between data is highly comparable to the Nkwe historic drill data.
and modelling variables.
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
techniques
(continued)
Accordingly, the data was consolidated into a single database. The consolidation
enabled expansion of the database to incorporate back-calculated individual Pt,
Pd, Rh and Au grades from the single analytical 4E grade in the Nkwe drillholes
basing on prill splits as established from the complete empirical SPD analytical
dataset. The grades for Os, Ir and Ru were then determined from regression
relationships enabling the estimation and eventual reporting to 7E grade and
including base metals.
Major structural discontinuities were identified from interpretation of the TMF
gradient and gamma-ray spectrometry survey, field mapping and contouring of
elevation of the UG2 reef top contact. Knowledge of regional structural geology
and regional geological losses guided delineation of 20 fault blocks and the
generation of the resultant UG2 and MR 3D wireframe model.
Description of how the
geological interpretation
was used to control the
resource estimates. Application of results such as the modelled variogram ranges, spatial continuity
of kriging efficiencies and the slope of regression results, the sample search
volume used and the number of samples informing a grade estimate constrained
grade extrapolations beyond known drill data.
Statistical analysis on the raw data informing the estimate suggests that no
Discussion of basis for capping or treatment of extreme values is necessary, other than one sample for
using or not using grade the MR, and does show reasonable support for geological domaining or any
cutting or capping. possible anisotropy.
The process of validation, Integrity of grade estimation was validated through swath plots in the X and Y
the checking process used, directions, sample-to-model box-whisker plots on global means for all estimated
the comparison of model grades and the visual analysis of grade plans for the 4E and 7E grades as well
data to drillhole data, and as plans showing the spatial distribution of the UG2 reef thickness, Slope of
use of reconciliation data if Regression, Kriging Efficiencies, Search Volume and the number of samples
available. used to inform grades estimates.
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
Whether the tonnages are
estimated on a dry basis or
Moisture with natural moisture, and All tonnages are reported on a dry basis.
the method of determination
of the moisture content.
Zone specific geological losses have been applied and the Mineral Resources
are declared at a paylimit of 1.9 g/t and 1.6 g/t 4E using a basket price of USD
2 ,654/oz and USD 1,888/oz for the UG2 Reef and MR respectively. No mining
cut has been applied at this stage as the supporting geotechnical work is still in
progress.
Below are the parameters used for the basket price and pay limit calculation.
The basis of the adopted
Cut-off Element Resource price (USD/oz) 4E prill split 7E prill split Recovery Payability
cut-off grade(s) or quality
parameters Platinum 1,025 45.3% 37.5% 85% 86%
parameters applied.
Palladium 2,200 43.5% 36.0% 85% 86%
Rhodium 12,400 9.7% 8.0% 85% 86%
Gold 2,000 1.5% 1.2% 85% 86%
Ruthenium 465 0.0% 13.0% 71% 55%
Iridium 4,600 0.0% 2.6% 75% 45%
Osmium 400 0.0% 1.7% 75% 45%
Assumptions made
regarding possible mining
methods, minimum mining
dimensions and internal (or,
if applicable, external) It is envisaged that the Mineral Resource mining cut will be approximately 1m for
mining dilution. It is always the UG2 due to the absence of stringers in footprint of the currently drilled area.
necessary as part of the The hanging wall contact is a distinct Leuconorite plane referred to as the
process of determining Leuconorite Parting Plane (LPP) and forms a distinct sharp hanging wall contact
reasonable prospects for with no chromitite stringers above it. For the MR the mining cut will probably be
eventual economic the reef width, which is approximately 2,00m plus 10cm hanging wall and 10cm
Mining factors extraction to consider footwall dilution.
or potential mining methods,
assumptions but the assumptions made Mining studies on the possible practical mining methods or a combination thereof
regarding mining methods are currently being concluded.
and parameters when
estimating Mineral The current geological modelling does not incorporate any assumptions or
Resources may not always provide any form of guidance for a chosen specific mining method.
be rigorous. Where this is
the case, this should be
reported with an explanation
of the basis of the mining
assumptions made.
The basis for assumptions
or predictions regarding
metallurgical amenability. It
is always necessary as part
of the process of
determining reasonable
prospects for eventual
economic extraction to Samples for metallurgical testwork for the UG2 have been collected from site
consider potential and submitted to the SGS laboratory to establish the most optimal recovery
Metallurgical metallurgical methods, but method or a combination thereof.
factors or the assumptions regarding
assumptions metallurgical treatment The current geological modelling supporting this estimate does not incorporate
processes and parameters any assumptions or provide guidance for a specific recovery method.
made when reporting
Mineral Resources may not
always be rigorous. Where
this is the case, this should
be reported with an
explanation of the basis of
the metallurgical
assumptions made.
Assumptions made
regarding possible waste
and process residue A series of specialised environmental studies are in the process of being
disposal options. It is always commissioned to establish a balance between compliance of the eventual
necessary as part of the chosen mining method to environmental regulations against optimal and
Environmental process of determining practical extraction that will achieve the least environmental impact.
factors or reasonable prospects for
assumptions eventual economic
The current geological modelling supporting this estimate does not incorporate
extraction to consider the any assumptions or provide guidance to achieve the least environmental impact.
potential environmental
impacts of the mining and
processing operation. While
at this stage the
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
determination of potential
environmental impacts,
particularly for a greenfields
project, may not always be
well advanced, the status of
early consideration of these
potential environmental
impacts should be reported.
Where these aspects have
not been considered this
should be reported with an
explanation of the
environmental assumptions
made.
Whether assumed or
determined. If assumed, the A density of 3.93 t/m3 for the UG2 and 3.28 t/m3 for the MR was used in the
basis for the assumptions. If tonnage estimation. The density was determined empirically using the
determined, the method Archimedes method on UG2 reef and MR intersection samples from a population
used, whether wet or dry, from 45 and 81 diamond drill core samples respectively from 14 SPD drillholes.
the frequency of the The determination of density is an ongoing exercise conducted by the field
measurements, the nature, exploration team to expand the database for use to support tonnage estimates.
size and representativeness
of the samples.
The bulk density for bulk
material must have been
Bulk density measured by methods that
adequately account for void The density was determined empirically using the Archimedes method on UG2
spaces (vugs, porosity, reef and MR intersection samples.
etc.), moisture and
differences between rock
and alteration zones within
the deposit.
Discuss assumptions for
bulk density estimates used Not applicable
in the evaluation process of
the different materials.
The Mineral Resource categories were determined based on the QAQC, slope of
regression (SOR), kriging efficiency (KE) and knowledge of the continuity of the
UG2 reef horizon.
The basis for the
classification of the Mineral
Classification
Resources into varying
confidence categories.
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
The Indicated Mineral Resources are based on a SOR greater than 0.6, a KE
greater than 0.3, a search volume less than 2.5 as well as application of local
knowledge of areas with high confidence in UG2 reef continuity.
The Inferred Mineral Resources are based on a SOR of greater than 0.3,
extrapolation based on half the distance of the range of the 4E grade variogram
with termination onto the major structural discontinuities. The footprint of the
Exploration Target Range is extrapolated from the boundary of Inferred Mineral
Resources to the project perimeter fence.
Whether appropriate Geological losses have been applied to the resource to account for the effects of
account has been taken of faults, dykes, and potholes. This was estimated by considering the successful
all relevant factors (i.e. drillhole intersections, identified major faults and dykes from the TMF geophysics
relative confidence in and additional minor losses. The project area was divided into larger blocks
tonnage/grade estimations, representing various degrees of geological losses. The geological losses for the
reliability of input data, UG2 range from 16% to 40% for the Exploration Target area with the
confidence in continuity of Eerstegeluk Dome area completely excluded at this stage of reporting.
geology and metal values, For the MR the geological losses range from 18% to 40% for the Exploration
quality, quantity and Target area and the top 40m (vertically) at the subcrop for the MR is also
distribution of the data). excluded due to weathering and oxidation.
Whether the result The CP is of the opinion that the Mineral Resource classification criteria and
appropriately reflects the associated results are a true reflection of the Bengwenyama orebody and
Competent Person’s view of demonstrate the current levels of confidence as informed by drill data.
the deposit.
The Mineral Resources estimate, as well as processes associated with
The results of any audits or estimation work as contained in this press release has been reviewed by an
Audits or reviews of Mineral Resource independent third party, Mr. Garth Mitchell, of ExplorMine Consultants (Pty) Ltd.
reviews estimates. Mr. Mitchell confirms validity and reasonableness of estimate and confirms that
due care and diligence was applied in the compilation.
Where appropriate a
statement of the relative
accuracy and confidence
level in the Mineral The QQ plot results (R2=0.93 for the UG2 and R2=0.81 for the MR) suggest the
Resource estimate using an SPD data is highly comparable to the Nkwe historic drill data and that the two
approach or procedure datasets can be consolidated into a single database without any issues.
deemed appropriate by the
Competent Person. For The consolidation enabled back-calculation of individual Pt, Pd, Rh and Au
example, the application of grades from the single analytical 4E grade in the Nkwe drillholes basing on prill
statistical or geostatistical splits established from the complete empirical SPD analytical dataset as well at
procedures to quantify the determining individual grades for Os, Ir and Ru from regression relationships.
relative accuracy of the This has enabled reporting to 7E grade.
resource within stated
confidence limits, or, if such The UG2 Exploration Target is based on the estimated kriged value of the
Discussion of an approach is not deemed drillhole database with a 20% range applied to it.
relative appropriate, a qualitative
accuracy/ discussion of the factors
confidence that could affect the relative
accuracy and confidence of
the estimate.
The statement should
specify whether it relates to
global or local estimates,
and, if local, state the
relevant tonnages, which The CP is of the opinion that geological modelling underlying the estimate
should be relevant to contained in this press release is a true reflection of the Bengwenyama orebody
technical and economic and considers the grade and tonnage estimates robust.
evaluation. Documentation
should include assumptions
made and the procedures
used.
SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Criteria Explanation Detail
These statements of relative
accuracy and confidence of
the estimate should be Not applicable
compared with production
data, where available.
Date: 10-10-2023 08:23:00
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