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MIRANDA MINERAL HOLDINGS LIMITED - Updated Competent Persons Report for the Rozynenbosch Project

Release Date: 06/07/2018 08:00
Code(s): MMH     PDF:  
 
Wrap Text
Updated Competent Person’s Report for the Rozynenbosch Project

Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH ISIN: ZAE000074019
("Miranda")

Updated Competent Person's Report for the Rozynenbosch Project
Miranda Mineral Holdings Limited ("the Company") commissioned Minxcon (Pty) Ltd 
("Minxcon") to complete a Mineral Resource Report with a full mineral asset valuation on the 
Rozynenbosch Project.
 
The Report is compiled in compliance with the South African Code for Reporting of Exploration 
Results, Mineral Resources and Mineral Reserves (2016 Edition) ("SAMREC Code"), and in 
terms of the specifications embodied in the Standards of the South African Code for the 
Reporting of Mineral Asset Valuation (2016 Edition) ("SAMVAL Code").

All requirements of the JSE Section 12.9 Listing Requirements and the SAMREC Code 
(including Table 1) and SAMVAL Code have been complied with.

The Competent Person's Report is available on the Company website:
http://www.mirandaminerals.com/downloads/cpr-rozynenbosch-project-12march2018.pdf

The Rozynenbosch Project is an exploration project on the farm Rozynenbosch 104 in the 
Kenhardt District of the Northern Cape that targets a lead-silver-zinc deposit. To date, no mining 
has taken place.

The deposit can be described as small, low-grade and near-surface, and therefore could lend 
itself to open pit mining. The project area is currently held under a valid prospecting right for 
copper ore, cobalt, zinc and lead by MMH. An application has been submitted for inclusion of 
silver.
 
Minxcon used historical data for the project area to construct a 3D geological model of the 
orebody. The mineralised zone occurs in the gneiss and is terminated on the amphibolites. The ore 
mineralisation was created using grade shells which are based on a 0.5% Pb natural cut-off.

The Mineral Resource estimation, as at 31 January 2018, was conducted using inverse distance 
squared (ID2) and two separate runs were conducted. The raw drillhole assays were used for the 
estimation of the Inferred Mineral Resource, and an exploration target estimation was carried out 
on a less complete dataset which informed the down dip extension of the Inferred portion of the 
model. Categorisation of the Mineral Resource could only be classified as Inferred due to the lack 
of QAQC, uncertainty of the exact position of the drillholes and the absence of all available raw 
assay information.

Inferred Mineral Resources, including silver, were calculated at 3.10 Mt at 2.17% Pb, 0.31% Zn 
and 36.47 g/t Ag using a 1.9% lead equivalent cut-off and 15% geological loss, with all the 
Mineral Resources occurring within the economic open pit depth cut-off. Minxcon calculated an 
Inferred Mineral Resource, excluding silver, at 1.79 Mt at 2.78% Pb and 0.37% Zn. A conceptual 
exploration target at 1% Pb cut-off was calculated with a range of 3.6-4.4 Mt at 1.95-2.25% Pb, 
0.43-0.53% Zn and 18.17-36.01% Ag.
 
This Mineral Resource and Exploration Target was used to prepare a mineral asset valuation for 
the Rozynenbosch Project using the Market approach and Cost approach.

Minxcon derived a final value, inclusive of silver, of ZAR36 million (ZAR25 million attributable 
value at proposed 70% ownership) for the Rozynenbosch Project with a lower end of ZAR31 
million (ZAR21 million attributable value at proposed 70% ownership) and upper range of 
ZAR42 million (ZAR29 million attributable value at proposed 70% ownership). A final value, 
exclusive of silver, was calculated at ZAR23 million (ZAR16 million attributable value at 
proposed 70% ownership) with a lower end of ZAR20 million (ZAR14 million attributable value 
at proposed 70% ownership) and upper value of ZAR27 million (ZAR19 million attributable 
value at proposed 70% ownership).

Johannesburg
6 July 2018

Competent Person and Competent Valuator
The Competent Person responsible for the Rozynenbosch CPR is Mr Uwe Engelmann (BSc 
(Zoo. & Bot.), BSc Hons (Geol.)). Mr Engelmann is a Director at Minxcon (Pty Ltd and is 
registered with the South African Council for Natural Scientific Professions (Pr.Sci.Nat. Reg. 
No. 400058/08) and the Geological Society of South Africa (MGSSA No. 966310). Mr 
Engelmann is a Competent Person as such term is defined in the SAMREC Code. 

The Competent Valuator responsible for the valuation of the Rozynenbosch Project is Mr Johan 
Odendaal (BSc (Geol.), BSc Hons (Min. Econ.), MSc (Min. Eng.)). Mr Odendaal is a Director at 
Minxcon (Pty Ltd and is registered with the South African Council for Natural Scientific 
Professions (Pr.Sci.Nat. Reg. No. 400024/04), the Geological Society of South Africa (MGSSA 
No. 965119), and is a fellow of the South African Institute of Mining and Metallurgy (FSAIMM 
Reg. No. 702615). Mr Odendaal is a Competent Valuator as such term is defined in the 
SAMVAL Code. 

Johannesburg
6 July 2018

Sponsor and Corporate Adviser
River Group

Media and Investor Relations
James Duncan
R&A Strategic Communications
james@rasc.co.za
+27 11 880 3924

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