Post on 24-Jun-2020
Cote d’Ivoire Ground Position
Increased 30% to 1,725km2
Exore Resources Ltd (‘Exore’ or the ‘Company’ | ASX: ERX) is pleased to announce that it
has signed an earn-in & joint venture agreement with a local Ivorian company for Exore to
earn-in to an 80% joint venture interest over a granted exploration permit covering 380km2
located less than 15 kilometres from Exore’s Bagoe Project in northern Cote d’Ivoire.
Highlights
▪ Recently granted exploration permit covering 380km2 adjacent to the Company’s
Bagoe Project (Veronique and Antoinette)
▪ ~30% increase in Exore’s ground position in northern Cote d’Ivoire which now
totals 1,725km2
▪ Permit is located just ~30 kilometres south of Perseus Mining Ltd’s (ASX:PRU) Sissingué
gold mine and processing plant
▪ Previous exploration defined several large-scale gold-in-soils anomalies including
the ‘Logbog’, ‘Podio’ and ‘Zinguinasso’ anomalies
▪ All anomalies hosted within Birimian volcanics and metasediments proximal to
granite contacts
▪ The Logbog anomaly extends for 4km and is 200m to 400m in width. Limited historical,
shallow RC drilling results at Logbog include (refer Appendix One and PRU’s ASX announcements
dated 10 October 2012 and 6 October 2010):
o 4m @ 13.1g/t gold from 10m
o 6m @ 5.2g/t gold from 34m
o 22m @ 1.3g/t gold from 22m
o 2m @ 37.8g/t gold from 0m
o 6m @ 4.0g/t gold from 6m
▪ Each of the Podio and Zinguinasso anomalies extend for 2.2km and 1.3km respectively.
Historical, shallow RC drilling at Podio returned (refer Appendix One and PRU’s ASX announcements
dated 9 July 2012 and 27 March 2012 and 6 October 2010):
o 20m @ 1.6g/t gold from 54m
o 6m @ 3.6g/t gold from 46m
o 40m @ 1.0g/t gold from 4m
o 10m @ 2.4g/t gold from 38m
o 14m @ 5.9g/t gold from 60m o 8m @ 30.0g/t gold from 52m
o 4m @ 13.0g/t gold from 50m o 2m @ 21.0g/t gold from 0m
▪ Exore has right to earn-in to an 80% joint venture interest with a minimum
expenditure of US$1M over three years, including US$200k in the first year (with right
to acquire a further 10% interest upon completion of DFS to hold a 90% interest)
▪ High resolution airborne geophysical survey currently underway across Exore’s Bagoe
and Liberty Projects to be expanded to include this additional ground
▪ Exore is fully funded for extensive drilling programs with approximately $10.0 million
in cash (as at 30 June 2019)
Managing Director, Mr Justin Tremain commented:
“From the outset, it has been a strategy of Exore’s to amass a dominant land position in
northern Cote d’Ivoire where we see the potential for major gold discoveries. This additional
granted permit is highly complementary to our existing granted permits being in close
proximity to the Company’s Veronique and Antoinette gold discoveries.”
ASX Release
23 September 2019
ASX: ERX
Highlights
▪ Exploring for multi-million
ounce gold systems in Cote
d’Ivoire, West Africa
▪ 1,725km2 of highly prospective
tenure on the convergence of
two proven greenstone belts
▪ New ‘gold discoveries’ at
Antoinette and Veronique
▪ Multiple large, high tenor,
coherent gold-in-soil
anomalies
▪ First pass drill testing of
several geochemical anomalies
underway
▪ Well-funded with ~$10 million
cash for ongoing drilling and
exploration success
Corporate Directory
Non-Executive Chairman
Mr John Fitzgerald
Managing Director
Mr Justin Tremain
Non-Executive Director
Mr Travis Schwertfeger
Company Secretary & CFO
Mr Trevor O’Connor
Exploration Manager
Mr Elliot Grant
Fast Facts
Issued Capital 467m
Market Cap (@ 9.8c) ~$45m
Cash (30 June 2019) ~$10m
Contact Details
ACN 009 146 794
L2, 18 Kings Park Road
West Perth WA 6005
PO BOX 71
West Perth WA 6872
T: +61 8 6117 0446
E: info@exoreresources.com.au
W: www.exoreresources.com.au
@ExoreResources
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Figure One | New Joint Venture Granted Exploration Permit & Prospects
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Exore is pleased to announce it has entered into a Earn-in & Joint Venture (‘Joint Venture’) on a granted exploration
permit covering 380km2 adjacent to Exore’s Bagoe Project, in northern Cote d’Ivoire (refer Figures One and Two). The
exploration permit was granted in November 2017 to local Ivorian company Smart Mineral Exploration Cote d’Ivoire
SARL (‘SMEX’). Exore has the right to earn-in to an 80% interest in the granted permit through expenditure of
US$1.0M over 3 years, with a minimum expenditure of US$0.2M in the first year (after which Exore may withdraw at
any time). Exore has the right to acquire an additional 10% interest on completion of a DFS to take its joint venture
interest to 90% (refer ‘Earn-In & Joint Venture Terms’).
The Joint Venture will increase Exore’s dominant and strategic ground position within the highly prospective northern
Cote d’Ivoire greenstone belts to 1,725km2.
Past Exploration
Regional, wide spaced sampling of soil and surface lag material was initially undertaken by Randgold during 1998-
1999. The area subsequently became part of Perseus Mining Ltd’s (‘Perseus’) Tengrela Project which undertook
limited RAB, AC, RC and DD drilling during 2010-2012 before the exploration permit came to its end in 2015. An
exploration application was subsequently lodged over the area by SMEX and the exploration permit granted to SMEX
in November 2017.
The Logbog anomaly is north-south striking and extends for approximately 4 kilometres. The anomaly is hosted within
Birimian meta-sediments and mafic volcanics, proximal to the contact with a granite. Shallow RAB and RC drilling by
Perseus was limited and tested less than 1 kilometre of the anomaly.
Drilling results from Logbog (+10gm) include (refer Appendix One for full details):
Hole ID Intercept
LLC145 2m @ 37.8g/t gold from 0m
LLC119 4m @ 13.1g/t gold from 10m
LLC143 6m @ 5.2g/t gold from 34m
LLC130 22m @ 1.3g/t gold from 22m
LLC055 6m @ 4.0g/t gold from 6m
LLC071 4m @ 4.0g/t gold form 30m
LLC134 6m @ 2.4g/t gold from 64m
LLC067 4m @ 3.4g/t gold from 12m
Table One | Summary of Historical RC Drill Results at Logbog
The Podio and Zinguinasso anomalies are located along strike from each other and both located on the contact
between Birimian volcanics and metasediments, also striking north-south. Both anomalies extend for over 2 kilometres
in length and occur as residual windows in an area of shallow alluvial cover.
Drilling results from Podio (+10gm) include (refer Appendix One for full details):
Hole ID Intercept
PLC057 8m @ 30.0g/t gold from 52m
PLC099 14m @ 5.9g/t gold from 60m
PLC048 4m @ 13.0g/t gold from 50m
PLC027 2m @ 21.0g/t gold from 0m
PLC058 40m @ 1.0g/t gold from 4m
PLC192 20m @ 1.6g/t gold from 54m
PLC142 10m @ 2.4g/t gold from 38m
PLC208 6m @ 3.6g/t gold from 64m
PLC165 6m @ 3.6g/t gold from 46m
PLC045 2m @ 10.4g/t gold from 42m
PLC194 10m @ 1.7g/t gold from 32m
PLC180 16m @ 1.0g/t gold from 6m
PLC121 2m @ 7.1g/t gold from 36m
PLC133 2m @ 6.0g/t gold from 66m
PLC107 6m @ 2.0g/t gold from 78m
PLC090 10m @ 1.2g/t gold from 38m
PLC075 10m @ 1.1g/t gold from 16m
Table Two | Summary of Historical RC Drill Results at Podio
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All currently defined exploration prospects with the permit area are within 10km of the high quality Boundiali-Tengrela
bitumen highway.
Earn-In and Joint Venture Terms
Under the Earn-In & Joint Venture Agreement entered into SMEX, Exore is to make four annual cash payments of
minor immaterial amounts and may progressively earn an 80% joint venture interest by:
- Incurring exploration expenditure of US$200,000 in the first 12 months to earn an initial 51% joint venture
interest (at which time Exore has the right to request to have the permit transferred to a newly incorporated
entity held 51% by Exore);
- Incurring exploration expenditure of a further US$300,000 in the second year to increase its joint venture
interest to 60%;
- Incurring exploration expenditure of a further US$500,000 in the third year to increase its joint venture interest
to 80%
SMEX’s remaining 20% joint venture interest will be free carried by Exore until completion of a Definitive Feasibility
study (‘DFS’)
Upon completion of a DFS, Exore will have a 60-day right to acquire a further 10% joint venture interest from SMEX
for US$1.5M.
Exore is to be the sole manager and have sole decision-making rights and holds pre-emptive rights over SMEX’s
residual interest.
Cote d’Ivoire Gold Projects
The Côte d’Ivoire Gold Projects cover a substantial ground position of 1,725km2 on the convergence of two of West
Africa’s most prolific gold belts (refer Figures Two and Three), the Tongon Gold Belt and the Syama Gold Belt, which extend
into northern Côte d’Ivoire from Burkina Faso and Mali respectively.
Significant nearby gold deposits associated with the same geology and structures include:
▪ 4.2Moz Tongon Gold Mine (Barrick)
▪ 11.5Moz Syama Gold Mine (Resolute)
▪ 1.0Moz Sissingue Gold Mine (Perseus)
▪ Fonondara /Boundiali gold discovery (Barrick)
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Figure Two | Project Locations in Northern Cote d’Ivoire
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Figure Three | Cote d’Ivoire
For an update on the Company’s activities in Cote d’Ivoire, please visit www.exoreresources.com.au.
For further information please contact
Justin Tremain
Managing Director+61 8 6117 0446
Competent Person Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Travis Schwertfeger, who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Schwertfeger is a Director of Exore Resources Ltd and has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the
2012 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr
Schwertfeger consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. All material
assumptions and technical parameters underpinning the JORC 2012 reporting tables in the relevant market announcements referenced in this text continue
to apply and have not materially changed.
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Appendix One | Historical RC Drilling Results for Logbog and Podio
Hole ID
Easting Northing Dip Azi Depth From To Interval Gold Grade
Logbog
LLC055 781120 1113600 -55o 90o 90m 6m 12m 6m 4.0g/t
including 8m 10m 2m 10.3g/t
LLC067 781080 1114240 -55o 90o 94m 12m 16m 4m 3.4g/t
LLC071 781205 1114240 -55o 90o 90m 30m 34m 4m 4.0g/t
LLC119 780900 1111040 -55o 90o 90m 10m 14m 4m 13.1g/t
LLC130 780830 1110800 -55o 90o 90m 22m 44m 22m 1.3g/t
including 22m 24m 2m 5.5g/t
LLC134 780770 1110720 -55o 90o 90m 64m 70m 6m 2.4g/t
including 64m 66m 2m 6.4g/t
LLC143 781025 1111200 -55o 90o 90m 34m 40m 6m 5.2g/t
LLC145 780970 1111360 -55o 90o 51m 0m 2m 2m 37.8g/t
Podio
PLC027 793720 1108800 -55o 90o 99m 0m 2m 2m 21.0g/t
and 64m 68m 4m 2.1g/t
PLC039 793640 1108400 -55o 90o 90m 20m 22m 2m 2.5g/t
and 34m 36m 2m 2.5g/t
PLC045 793480 1108160 -55o 90o 90m 42m 44m 2m 10.4g/t
PLC048 793600 1108160 -55o 90o 90m 24m 26m 2m 4.0g/t
and 50m 54m 4m 13.0g/t
and 86m 90m 4m 1.3g/t
PLC057 793480 1107600 -55o 90o 96m 52m 60m 8m 30.0g/t
including 56m 58m 2m 114.1g/t
PLC058 793520 1107600 -55o 90o 90m 4m 44m 40m 1.0g/t
and 84m 90m 6m 1.1g/t
PLC075 793460 1107400 -50o 90o 80m 16m 26m 10m 1.1g/t
PLC090 793530 1107640 -50o 90o 80m 38m 48m 10m 1.2g/t
PLC099 793560 1108080 -50o 90o 80m 2m 4m 2m 3.5g/t
and 60m 74m 14m 5.9g/t
PLC107 793620 1108400 -50o 90o 92m 78m 84m 6m 2.0g/t
PLC121 793580 1108640 -50o 90o 84m 36m 38m 2m 7.1g/t
PLC133 793720 1109120 -50o 90o 80m 66m 68m 2m 6.0g/t
PLC142 793760 1109280 -50o 90o 80m 38m 48m 10m 2.4g/t
PLC165 793580 1108000 -50o 90o 80m 46m 52m 6m 3.6g/t
PLC172 793580 1107880 -50o 90o 80m 0m 14m 14m 0.8g/t
PLC180 793630 1108240 -50o 90o 80m 6m 22m 16m 1.0g/t
PLC192 793720 1109240 -55o 90o 80m 54m 74m 20m 1.6g/t
PLC194 793800 1109240 -55o 90o 80m 32m 42m 10m 1.7g/t
PLC199 793720 1108840 -55o 90o 80m 16m 22m 6m 1.7g/t
PLC208 793720 1108840 -55o 90o 80m 64m 70m 6m 3.6g/t
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Appendix Two | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques
▪ Nature and quality of sampling (eg cut channels, random chips, or
specific specialised industry standard measurement tools appropriate
to the minerals under investigation, such as 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 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 (eg ‘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 (eg
submarine nodules) may warrant disclosure of detailed information.
▪ Diamond Drilling (DD), Reverse Circulation
(RC), Aircore drilling (AC), angled drill holes
from surface, carried out by Perseus Mining Ltd
(ASX:PRU).
▪ All samples sent for analysis by 50g fire assay
by ALS Mali SARL, in Bamako, Mali.
▪ For a more complete discussion of sampling
techniques see De La Mare, G., Canadian NI43-
101 Technical Report on the Tengrela Gold
Project, Ivory Coast, published 22 December
2010 and available from System for Electronic
Document Analysis and Retrieval
(www.sedar.com) for Perseus Mining Limited
(“Tengrela 43-101”).
Drilling
techniques
▪ Drill type (eg core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
▪ Industry standard diameter Diamond Drill Core
(DD), Reverse Circulation (RC) and Aircore
drilling (AC) face-sampling bits, angled drill
holes from surface, carried out by Perseus
Mining Ltd (ASX:PRU).
▪ Diamond drill core diameter is unknown. It is
unknown whether core was oriented. For a
more complete discussion of drilling
techniques used see Tengrela 43-101.
Drill sample
recovery
▪ Method of recording and assessing core and chip sample recoveries
and results assessed.
▪ Measures taken to maximise sample recovery and ensure
representative nature of the samples.
▪ Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
▪ Unknown due to historical nature of drilling.
Logging ▪ Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
▪ Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
▪ The total length and percentage of the relevant intersections logged.
▪ Unknown due to historical nature of drilling.
Sub-sampling
techniques and
sample
preparation
▪ If core, whether cut or sawn and whether quarter, half or all core
taken.
▪ If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
▪ For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
▪ Quality control procedures adopted for all sub-sampling stages to
maximise representivity of 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.
▪ RC samples were split through a multistage
riffle splitter and each two consecutive samples
are bagged into a 2m composite and sent to
ALS in Bamako, Mali for preparation and
analysis. Perseus employees carry out the
sampling at the drill site.
▪ For diamond drilling, core cutting and bagging
of samples is conducted by Perseus employees
and then sent to TWL in Tarkwa, Ghana for
preparation and analysis. The right hand side
of the core was always submitted for analysis
with the left side being stored in trays on site
(see Tengrela 43-101).
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Criteria JORC Code explanation Commentary
▪ Whether sample sizes are appropriate to the grain size of the material
being sampled.
▪ Further information is limited due to historical
nature of drilling.
Quality of
assay data and
laboratory
tests
▪ The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
▪ For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their
derivation, etc.
▪ Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels
of accuracy (ie lack of bias) and precision have been established.
▪ Both RC and core samples followed a standard
path of drying, crushing and grinding. Samples
were pulverised using a LM5 ring mill and
thoroughly mixed on a rolling mat prior to the
200g sub sample being collected. Internal
laboratory checks required at least 90% of the
pulp passing -75 microns.
▪ Drill samples were assayed by by 50g fire assay
by ALS Mali SARL, in Bamako, Mali.
▪ Quality Control and Quality Assurance (QAQC)
procedures were a routine part of the sampling
process. Nominally every 25th RC and RAB
sample was duplicated and a blank inserted at
a ratio of 1 in 25. The specific accuracy and
precision of the assay data associated with
these results is unknown due to the historical
nature of the results.
Verification of
sampling and
assaying
▪ The verification of significant intersections by either independent or
alternative company personnel.
▪ The use of twinned holes.
▪ Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
▪ Discuss any adjustment to assay data.
▪ Unknown due to historical nature of drilling
results.
Location of
data points
▪ Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
▪ Specification of the grid system used.
▪ Quality and adequacy of topographic control.
▪ Techniques, accuracy and quality/adequacy of
surveys and topographic control is unknown
due to historical nature of drilling.
▪ Data are recorded in a modified WGS 1984,
UTM_Zone 29 (northern hemisphere)
projection.
▪ For general comments on techniques used in
this project area (not specific to drilling
reported here), refer to Tengrela 43-101.
Data spacing
and
distribution
▪ Data spacing for reporting of Exploration Results.
▪ Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and
classifications applied.
▪ Whether sample compositing has been applied.
▪ Drillholes were completed with -50 to -55
degree angled holes per section towards 90
azimuth. The exact data spacing is unknown,
due to the historical nature of the results.
▪ Further infill drilling will be required to
establish geometry, orientation, continuity and
grade variation between holes.
▪ It is unknown whether compositing has been
applied to the results.
Orientation of
data in relation
to geological
structure
▪ Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
the deposit type.
▪ 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.
▪ The strike and dip of mineralisation has not
been definitely proven, therefore it is currently
unknown whether there is any sampling bias.
The drilling was oriented aiming to intersect a
steeply dipping, broadly N-S structure at a
perpendicular angle, which is in line with
regional interpretations.
Sample
security
▪ The measures taken to ensure sample security. ▪ Unknown due to historical nature of samples.
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Criteria JORC Code explanation Commentary
Audits or
reviews
▪ The results of any audits or reviews of sampling techniques and data. ▪ Refer to the Tengrela 43-101for general review
of sampling techniques, although not
specifically the data reported here.
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement
and land tenure
status
▪ Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
▪ 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.
▪ PR683 (380km2) is a granted exploration permit located
in central north west Cote d’Ivoire. It is held 100% by
Smart Mineral Exploration Cote d’Ivoire SARL. Exore
Resources has the right to earn a JV interest of up to
80% in the permit, with a further 10% able to be
purchased thereafter.
▪ The license was granted 3 November 2017 and is due
for first renewal on 2 November 2021. Further renewals
are permitted.
▪ There are no impediments to working in the area.
Exploration done
by other parties
▪ Acknowledgment and appraisal of exploration by other
parties.
▪ Regional wide spaced lag sampling was undertaken in
the current permit area, before the current permit was
granted, by Randgold (now New Barrick). This sampling
identified a number of anomalies, including Podio,
Zinguinasso and Logbog.
▪ Perseus subsequently conducted RAB, AC, RC and
Diamond Drilling in the area.
Geology ▪ Deposit type, geological setting and style of mineralisation. ▪ The prospects mentioned here are hosted within
Birimian meta-sediments and mafic volcanics, proximal
to a contact with a granite batholith.
Drill hole
Information
▪ A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material drill
holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
▪ 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 understanding of the report, the
Competent Person should clearly explain why this is the
case.
▪ Drilling locations and dip/azimuth details are provided
in tables in the announcement.
Data aggregation
methods
▪ In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are usually
Material and should be stated.
▪ Where aggregate intercepts incorporate short lengths of
high grade results and longer 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.
▪ Data aggregation methods not known due to historical
nature of results. Only exploration holes with combined
intercepts greater than 10 gram metres were reported
by Perseus Mining.
▪ Examples of higher grade intervals included within
reported aggregate significant intercepts is included in
Table 1.
▪ No Metal Equivalent assumptions are reported.
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Criteria JORC Code explanation Commentary
Relationship
between
mineralisation
widths and
intercept lengths
▪ These relationships are particularly important in the
reporting of Exploration Results.
▪ If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
▪ If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(eg ‘down hole length, true width not known’).
▪ Drillholes arranged E-W and drilled to -50 to -55
degrees toward azimuth (90) chosen to be close to
perpendicular to possible orientation of regional
geological interpretation of mineralization.
▪ Drilling is at insufficient density to definitively
determine orientation of mineralised structures.
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.
▪ Appropriate diagrams and tabulations relevant to
material results are included in the body of
announcement.
Balanced reporting ▪ Where comprehensive reporting of all Exploration Results
is not practicable, representative reporting of both low and
high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
▪ Historical drill holes with combined intercepts above 10
gram metres reported by Perseus Mining are reported
in tables in body of announcement.
▪ Due to historical nature of samples and exploration
activity, further review and field validation work of
historical work will be completed to assess reported
results in context of low grade results and negative
exploration results.
Other substantive
exploration data
▪ Other exploration data, if meaningful and material, should
be reported including (but not limited to): geological
observations; 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.
▪ No other substantive exploration data is known to exist
at this stage.
Further work ▪ The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-
out drilling).
▪ Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
commercially sensitive.
▪ Next stage of exploration work will consist of collation
and interpretation of historical data, and subsequent
exploration drill planning.