Source - LSE Regulatory
RNS Number : 8660R
Kefi Gold and Copper PLC
10 November 2021
 

10 November 2021

KEFI Gold and Copper plc

("KEFI" or the "Company")

Hawiah Copper-Gold VMS Project Update

Final drill assay results received and MRE underway

Resource upgrade in December 2021 with expected increase in grade and tonnage

Preliminary Feasibility Study commenced, targeting development in 2023

 

KEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to provide an update on the status of the Hawiah Copper-Gold VMS Project in Saudi Arabia ("Hawiah" or the "Project").

Highlights

·      Phase 4 drilling campaign is completed with 16,306m drilled and final assay results have been received

·    Update to the 2020 Mineral Resource Estimate ("MRE") is expected in December 2021 following the recent completion of initial modelling and site visit by independent experts

·   The updated MRE is expected to include the additional resources previously defined in the Phase 3 drilling programme, as well as material in the Indicated category where in-fill drilling has taken place

·      Early statistical analysis confirms mineralisation delineated during the recent drilling programmes is of higher grade, which will aid to improve the overall Project economics

·     Drilling of zones outside the 2020 MRE area confirm the down plunge continuity of the Camp Lode for a further c.670m

·     The 2020 MRE had identified a resource of 19.3 million tonnes at 1.9% copper-equivalent over a strike length of c.5,000m

·      Preliminary Feasibility Study ("PFS") elements have been awarded and an experienced team of consultants has been assembled to help deliver the PFS in 2022

·      Metallurgical testing, environmental and hydrological programmes continue to progress

 

Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:

"All assay results have now been received from our substantial drilling programmes completed during 2021 at our Hawiah copper-gold-zinc-silver project in Saudi Arabia.

"In August 2020, KEFI reported a maiden Mineral Resource Estimate of 19.3 million tonnes at 1.9% copper-equivalent in-situ for Hawiah. The 2021 drilling results indicate we will soon be in a position to report a larger resource at higher grade. Drilling has also better defined the ore lodes and will upgrade a substantial portion of the near-surface Inferred Resources to the Indicated category.

"At current market prices the 2020 Mineral Resource Estimate represents an in-situ value of over US$3 billion worth of metal. Drilling during 2021 extended the Camp Lode mineralisation c. 670m down plunge from the 2020 MRE and remains open down plunge.

"With drilling during 2021 confirming and extending the 2020 resource and an increasingly positive outlook for copper pricing, Hawiah continues to increase in value and strongly complements our Tulu Kapi Gold Project in Ethiopia."

Phase 4 Drilling and Updated MRE

The Phase 4 diamond drilling programme was completed in early September 2021 for 16,306m across 92 drillholes, bringing the Hawiah drilling total meterage to 41,841m. All assay results have now been received and the updated MRE is on track to be completed in December 2021.

The exploration team have been very pleased with the progress made during the Phase 4 programme, with the geological model performing as predicted and returned assay results indicating that an overall increase in the resource grades for copper, zinc, gold, and silver is to be expected. This, coupled with the additional tonnage delineated during the Phase 3 drilling, should result in a positive MRE, building on the already economic resource announced in 2020.

As outlined in KEFI's 24 August 2021 announcement, the Phase 4 programme was designed to improve the drilling resolution in key areas of the Hawiah ore body to enable an upgrade in resource classification (see figure 2 in Appendix 2).

Leading independent mining consultants SRK Consulting (UK) Ltd has been commissioned to provide the 2021 MRE update. KEFI and SRK geological staff are now well advanced with the modelling and evaluation works. This includes a site visit which took place in late October 2021.

Early design works have highlighted that approximately 10 million tonnes of mineralisation should already qualify for Indicated classification, which will aid in the initial mine design and the generation of a maiden Ore Reserve as part of the ongoing PFS. Ongoing drilling will in due course convert more of the Mineral Resource to Ore Reserve.

Assay highlights from the Phase 4 diamond drilling programme include:

Transition Zone

-       HWD-137 - 19.45m (11.5m Estimated True Width ("ETW")) at 1.26% Cu, 0.29% Zn, 0.87 g/t Au and 10.91 g/t Ag

-       HWD-152b - 8.57m (5.0m ETW) 2.61% Cu, 0.10 Zn%, 0.95 g/t Au and 9.24 g/t Ag

-       HWD- 164 - 17.6m (13m ETW) at 2.6% Cu, 0.4 g/t Au and 5.8 g/t Ag

-       HWD-170 - 12.71m (6.5m ETW) at 3.0% Cu, 0.7% Zn,0.6 g/t Au and 10.2 g/t Ag

-       HWD-186 - 10.68m (9.1m ETW) at 2.3% Cu, 0.4% Zn, 0.8 g/t Au and 11.1g/t Ag

Fresh Sulphide

-       HWD-097 - 22.9m (14.5m ETW) at 1.1% Cu, 0.5% Zn, 0.61 g/t Au and 9.2 g/t Ag

-       HWD-099 - 19.7m (11m ETW) at 0.7% Cu, 1.4% Zn, 1.54 g/t Au and 14.5 g/t Ag

-       HWD-102 - 22.2m (12.2m ETW) at 1.6% Cu, 0.2% Zn, 0.52 g/t Au and 9.0 g/t Ag

-       HwD-104 - 10.1m (5.5m ETW) at 1.5% Cu, 0.2 Zn, 0.16 g/t Au, 3.36 g/t Ag

-       HWD-106 - 5.7m (4.4m ETW) at 0.9% Cu, 2.4% Zn, 0.71 g/t Au and 10.0 g/t Ag

-       HWD-108 - 7.4m (4.7m ETW) at 1.3% Cu, 1.3% Zn, 0.47 g/t Au and 8.6 g/t Ag


 

Appendix 1 tabulates the significant intercepts and collar locations for all drill holes in the Phase 4 programme and may be seen below.

Appendix 2 provides diagrams summarising drilling undertaken at Hawiah to date and may be seen in the appended PDF document - http://www.rns-pdf.londonstockexchange.com/rns/8660R_1-2021-11-9.pdf

Open Pit Scenario

The team have been especially encouraged with the thickness and grades of the Camp Lode and Crossroads Lode, particularly within the upper portions of the deposit which should allow for an open-pit mining option to be considered during the early phases of mine life. This open-pit scenario will be more rigorously assessed during the later stages of the MRE and on into the PFS.

The case for the open-pit scenario has been strengthened by increased drilling density within the transition zone, which has confirmed continuous high copper grades across large areas of the deposit, with intervals of up to 6m (estimated true width) at 4.4% Cu, in HWD 003.

The estimated true width weighted average assays for Phase 4 drilling within the transition zone contain: copper +26%, gold +21% and silver +11% against the MRE transitional zone grades.

The transition zone lies directly below the oxide zone from around 25-70m depth. An open-pit option would also allow for a greater portion of the gold-rich oxide cap to be exploited, potentially adding further value and resources to the Project.

PFS Underway

The Hawiah PFS is now underway and an excellent team of consultancy groups have been assembled to work with KEFI in the preparation of the PFS, including SENET (a DRA Global group company), SRK Consulting (UK) Ltd and Knight Piésold. Whilst individual consultancies will conduct work and sign-off on specific elements of the study, the process will be managed by the Gold and Minerals team. It is intended to have an initial Ore Reserve based on detailed mine planning completed by mid-2022.

 

As previously announced, an independent environmental baseline scoping study is ready for submission to the Saudi Arabian environmental authorities in preparation for further baseline studies as required under the Saudi Arabian Mining Investment Law. At the same time geo-hydrogeological studies are in progress and a consultancy group has recently completed a vertical electrical sounding ("VES") geophysical survey across the local wadi networks to aid with groundwater modelling. Targeted pump testing is scheduled to start in the coming months.

These supporting works are aimed at ensuring that the Project can continue to be rapidly progressed towards KEFI's target of Hawiah commencing development in late 2023.

This work programme will potentially also complement the investment criteria of the Saudi Industrial Development Fund ("SIDF"), which is mandated to prioritise mining with project loans of up to 75% of capital requirements, which may also include the final stages of the exploration process. The combination of Saudi Arabia's relative stability, the availability of domestic capital and KEFI's long-established joint venture structure, is expected to make the project financing aspects much more straightforward in Saudi Arabia than they are in Ethiopia.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:

"Our team has also been progressing the key work streams for the Preliminary Feasibility Study with metallurgical, environmental and hydrological programmes now well advanced. This work is supporting the assumptions of our 2020 PEA, including that all four primary metals (copper, gold, zinc and silver) will be recovered and contribute to Project revenue.

"An economic project has already been identified, but we are still very much in the early days of defining the full potential of the Hawiah Project. The ore lodes drilled to date remain open and we have yet to locate the 'feeder zone' to the massive sulphide lodes, which represents a separate and potentially much larger-scale target."

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Enquiries

KEFI Gold and Copper plc

 

Harry Anagnostaras-Adams (Executive Chairman)

+357 99457843

John Leach (Finance Director)

+357 99208130

SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)

+44 (0) 20 3470 0470

Jeff Keating, Adam Cowl

 

Brandon Hill Capital Ltd (Joint Broker)

+44 (0) 20 7936 5200

Oliver Stansfield, Jonathan Evans

 

IFC Advisory Ltd (Financial PR and IR)

+44 (0) 20 3934 6630

Tim Metcalfe, Florence Chandler

 

 

Competent Person Statement

The information in this announcement that relates to exploration results and Mineral Resources is based on information compiled by Mr Tomos Bryan, Exploration Manager for Gold & Minerals Limited. Mr Bryan is a member of the Australasian Institute of Mining and Metallurgy ("AusIMM"). Mr Bryan is a geologist with sufficient relevant experience for Company reporting to qualify as a Competent Person as defined in the JORC Code 2012. Mr Bryan consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The Hawiah Mineral Resource was announced on 19 August 2020. KEFI confirms that it is not aware of any new information or data that materially affects the information in the above releases and that all material assumptions and technical parameters, underpinning the estimates continue to apply and have not materially changed. KEFI confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Notes to Editor

KEFI Gold and Copper plc

KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.

KEFI in Ethiopia

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

The Company has now refined contractual terms for project construction and operation, together with assembling the full funding consortium and set the conditional terms for the development funding package of c.US$356 million.

Estimates include gold production of c.190,000oz pa. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain US$800-900/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.

KEFI in the Kingdom of Saudi Arabia

In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a c. 32% interest in G&M and is the operating partner.

ARTAR, on behalf of G&M, holds over 16 Exploration Licence ("EL") applications currently subject to approval from the various ministries as required under the new Mining Law. ELs are renewable for up to fifteen years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.

The Kingdom of Saudi Arabia has announced policies to encourage mineral exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.

Appendix 1: Received assay and collar information - Phase 4 drilling

Hole ID

Easting

Northing

RL

Total Depth

From (m)

To (m)

Downhole Interval (m)

Estimated true width (m)

Cu %

Zn %

Au g/t

Ag g/t

Lode / area

Mineralisation style

HWD_097

741093

2338458

1296

182.5

138.86

161.80

22.94

14.50

1.1

0.5

0.61

9.17

Camp Lode

Massive sulphide

HWD_098

741031

2338514

1293

290.5

257.90

270.04

12.14

7.70

1.0

1.3

1.22

20.80

Camp Lode

Massive sulphide

HWD_099

741041

2338455

1295

266.5

227.65

247.36

19.71

11.00

0.7

1.4

1.54

14.54

Camp Lode

Massive sulphide

HWD_100

741089

2338327

1300

158.5

120.55

137.86

17.31

9.80

0.9

0.4

0.43

4.74

Camp Lode

Massive sulphide

HWD_101

741046

2338400

1297

242.1

200.90

219.50

18.60

11.20

1.0

0.5

0.69

7.93

Camp Lode

Massive sulphide

HWD_102

741045

2338335

1298

236.5

191.75

213.93

22.18

12.20

1.6

0.2

0.52

9.00

Camp Lode

Massive sulphide

HWD_103

741037

2338270

1298

245.5

205.45

226.85

21.40

9.55

1.3

0.3

0.32

6.23

Camp Lode

Massive sulphide

HWD_104

741051

2338215

1300

173.5

142.50

152.55

10.05

5.50

1.5

0.2

0.16

3.36

Camp Lode

Massive sulphide

HWD_105

741003

2338337

1297

299.5

273.40

278.70

5.30

4.70

1.1

0.6

0.74

10.47

Camp Lode

Massive sulphide

HWD_106

740995

2338457

1294

329.5

295.15

300.82

5.67

4.40

0.9

2.4

0.71

9.94

Camp Lode

Massive sulphide

HWD_107

741005

2338399

1296

299.5

270.50

278.13

7.63

5.40

1.1

1.3

1.00

12.85

Camp Lode

Massive sulphide

HWD_108

740985

2338055

1302

230.5

203.73

211.15

7.42

4.70

1.3

1.3

0.47

8.59

Camp Lode

Massive sulphide

HWD_109

740983

2341499

1281

167.50

137.68

145.54

7.86

4.00

1.06

1.65

0.74

14.61

Crossroads Lode

Massive sulphide

HWD_111

741138

2338345

1301

173.50

143.91

151.74

7.83

3.80

0.61

1.87

0.89

13.92

Crossroads Lode

Massive sulphide

HWD_112

741013

2341296

1280

359.5

331.49

336.36

4.87

3.70

0.7

1.2

0.74

9.93

Camp Lode

Massive sulphide

HWD_113

740954

2338336

1297

146.50

119.89

127.13

7.24

4.90

0.46

2.13

0.75

11.24

Crossroads Lode

Massive sulphide

HWD_114

740966

2341698

1288

161.50

127.15

138.40

11.25

7.60

0.35

1.73

0.97

19.73

Crossroads Lode

Massive sulphide

HWD_115

740970

2341648

1287

492.6

465.00

473.41

8.41

5.00

0.9

0.2

0.27

7.49

Camp Lode

Massive sulphide

HWD_116

740864

2338286

1298

128.5

97.90

98.72

0.82

0.70

1.1

0.0

0.20

6.90

Camp Lode

Massive sulphide

HWD_116

740864

2338286

1298

128.5

99.12

104.12

5.00

4.30

0.66

2.87

0.63

10.63

Camp Lode

Massive sulphide

HWD_117

740978

2341601

1286

179.5

149.96

150.43

0.47

0.40

1.1

0.5

0.25

8.50

Camp Lode

Massive sulphide

HWD_118

740998

2338110

1302

146.50

118.06

126.28

8.22

5.60

0.49

0.92

0.67

15.29

Crossroads Lode

Massive sulphide

HWD_119

741017

2341550

1286

230.5

198.10

211.68

13.58

8.40

0.9

0.5

0.31

3.54

Camp Lode

Massive sulphide

HWD_120

741064

2341249

1280

100.40

64.20

77.50

13.30

6.40

1.07

1.33

0.98

16.95

Crossroads Lode

Transition

HWD_121

741047

2338107

1302

82.10

58.57

61.96

3.39

1.90

0.53

0.95

0.82

11.39

Crossroads Lode

Transition

HWD_122

741025

2341341

1281

149.5

119.00

130.38

11.38

6.20

0.9

1.0

0.44

8.87

Camp Lode

Massive sulphide

HWD_123

740952

2338013

1302

143.30

114.97

122.85

7.88

4.75

0.53

2.14

0.90

11.77

Crossroads Lode

Transition

HWD_124

740998

2341745

1293

269.1

243.65

248.70

5.05

3.30

1.2

1.2

0.41

9.32

Camp Lode

Massive sulphide

HWD_125

740923

2341702

1290

80.50

54.15

60.32

6.17

3.90

2.33

0.10

0.81

9.84

Crossroads Lode

Transition

HWD_126

740948

2338114

1303

215.50

190.36

196.59

6.23

3.00

0.89

0.78

0.54

11.63

Crossroads Lode

Massive sulphide

HWD_127

740944

2341596

1284

326.5

291.62

307.20

15.58

8.40

0.9

1.8

0.83

13.11

Camp Lode

Massive sulphide

HWD_128

740959

2338168

1301

206.50

179.39

187.60

8.21

4.80

0.35

2.24

1.02

18.93

Crossroads Lode

Massive sulphide

HWD_129B

740962

2338168

1301

317.5

283.00

289.64

6.64

4.00

0.8

0.7

0.55

6.67

Camp Lode

Massive sulphide

HWD_130

741005

2341446

1281

152.40

108.08

131.66

23.58

10.00

1.03

0.78

0.52

9.18

Crossroads Lode

Massive sulphide

HWD_131

741006

2341396

1280

164.50

122.05

145.25

23.20

8.20

0.8

1.2

0.74

9.65

Crossroads Lode

Massive sulphide

HWD_132

740948

2338459

1294

389.5

365.26

368.18

2.92

2.50

1.4

0.7

0.41

11.86

Camp Lode

Massive sulphide

HWD_133

741006

2338223

1300

272.5

232.50

251.65

19.15

10.00

0.9

0.2

0.29

4.53

Camp Lode

Massive sulphide

HWD_134

740788

2342442

1293

236.40

212.10

215.87

3.77

3.00

1.09

0.62

0.53

11.48

Crossroads Ext

Massive sulphide

HWD_135

740868

2342578

1296

80.10

48.86

59.70

10.84

6.50

0.04

0.02

2.48

31.61

Crossroads Ext

Transition

HWD_136

740835

2342436

1296

182.10

146.46

164.00

17.54

12.20

0.45

0.68

0.79

10.41

Crossroads Ext

Massive sulphide

HWD_137

740909

2342414

1293

92.50

51.95

71.40

19.45

11.50

1.26

0.29

0.87

10.91

Crossroads Ext

Transition

HWD_138

740809

2342312

1289

242.50

208.22

221.59

13.37

10.20

0.64

0.52

0.76

9.30

Crossroads Ext

Massive sulphide

HWD_139

740930

2342319

1293

86.50

58.97

66.33

7.36

4.20

0.44

1.39

0.86

14.62

Crossroads Ext

Transition

HWD_140

741154

2338431

1299

83.50

47.90

62.24

14.34

10.00

1.2

0.5

0.4

4.5

Camp Lode

Transition

HWD_141

740940

2342220

1292

65.50

42.22

43.11

0.89

0.50

0.1

0.02

4.29

29.3

Crossroads Ext

Transition

HWD_142

740797

2338027

1305

500.5

465.12

475.28

10.16

6.50

0.9

0.8

0.60

7.69

Camp Lode

Massive sulphide

HWD_143

740859

2342315

1292

179.50

147.40

159.20

11.80

10.00

0.51

0.89

0.74

9.60

Crossroads Ext

Massive sulphide

HWD_144

740842

2342180

1288

239.50

207.46

218.79

11.33

8.70

0.58

1.01

0.81

8.69

Crossroads Ext

Massive sulphide

HWD_145

740805

2342558

1293

179.50

154.90

159.66

4.76

3.40

0.89

0.69

0.58

13.74

Crossroads Ext

Massive sulphide

HWD_146

740984

2341833

1293

77.50

52.05

56.50

4.45

3.00

2.12

0.08

0.85

8.31

Crossroads Lode

Transition

HWD_147

740923

2342368

1292

86.50

57.49

65.98

8.49

5.20

0.32

1.71

1

12.97

Crossroads Ext

Transition

HWD_148

740901

2342453

1295

86.50

47.00

65.16

18.16

10.70

0.5

0.34

1.08

13.79

Crossroads Ext

Transition

HWD_149

740936

2342272

1293

93.10

70.52

73.64

3.12

1.80

0.47

1

0.79

10.36

Crossroads Ext

Transition

HWD_150

740881

2342536

1297

77.40

48.50

57.09

8.59

5.20

0

0

1.86

7.86

Crossroads Ext

Transition

HWD_151

740951

2342173

1292

110.50

38.00

40.00

2.00

1.20

0.04

0.08

0.22

9.5

Crossroads Ext

Transition

HWD_152B

740987

2341787

1293

85.00

56.63

65.20

8.57

5.00

2.61

0.10

0.95

9.24

Crossroads Lode

Transition

HWD_153

740587

2337693

1301

671.9

645.70

647.45

1.75

1.60

1.3

2.5

0.54

7.79

Camp Lode

Massive sulphide

HWD_154

740857

2342127

1290

227.50

204.25

208.50

4.25

3.10

0.37

2.29

0.76

11.57

Crossroads Ext

Massive sulphide

HWD_155

741004

2341702

1292

89.50

59.50

66.10

6.60

4.20

0.90

0.07

1.24

17.78

Crossroads Lode

Transition

HWD_156

741012

2341602

1288

103.00

70.61

83.48

12.87

7.42

0.80

1.07

0.90

18.21

Crossroads Lode

Transition

HWD_157

741013

2341499

1283

119.40

81.40

100.45

19.05

9.00

0.46

1.02

0.86

10.12

Crossroads Lode

Transition

HWD_158

741036

2341501

1285

68.20

33.71

47.50

13.79

7.20

0.66

0.03

0.90

10.61

Crossroads Lode

Transition

HWD_159

741026

2341603

1289

71.30

32.50

50.00

17.50

7.00

0.03

0.04

1.29

84.73

Crossroads Lode

Transition

HWD_160

741051

2341306

1280

98.40

64.35

75.75

11.40

5.50

1.21

0.34

0.98

8.32

Crossroads Lode

Transition

HWD_161

740895

2342189

1291

173.00

148.23

153.72

5.49

4.00

0.40

1.74

0.64

10.25

Crossroads Ext

Massive sulphide

HWD_162

741238

2338955

1287

68.50

35.00

48.00

13.00

7.40

1.3

0.7

0.5

9.8

Camp Lode

Transition

HWD_163

741235

2338912

1286

42.40

31.18

42.40

11.22

5.90

2.0

1.0

2.0

10.9

Camp Lode

Transition

HWD_163B

741235

2338913

1286

65.50

37.87

46.37

8.50

5.70

1.1

1.3

0.9

10.6

Camp Lode

Transition

HWD_164

741165

2338471

1298

83.50

36.00

53.60

17.60

13.00

2.6

0.0

0.4

5.8

Camp Lode

Transition

HWD_165

741156

2338390

1301

92.50

53.50

65.80

12.30

8.70

1.1

0.5

0.3

4.7

Camp Lode

Transition

HWD_166

740639

2337993

1307

707.13

684.90

686.40

1.50

1.20

1.4

2.0

0.63

15.15

Camp Lode

Massive sulphide

HWD_167

741126

2338295

1302

74.50

44.60

54.00

9.40

7.30

2.3

0.1

1.0

15.3

Camp Lode

Transition

HWD_168

741111

2338205

1302

77.40

50.50

57.75

7.25

4.80

1.2

1.1

0.6

9.4

Camp Lode

Transition

HWD_169

741095

2338116

1303

71.50

48.20

49.74

1.54

1.00

0.8

0.7

0.9

15.4

Camp Lode

Transition

HWD_170

741236

2338868

1287

71.50

26.44

39.15

12.71

6.50

3.0

0.7

0.6

10.2

Camp Lode

Transition

HWD_170

741236

2338868

1287

71.50

43.00

47.78

4.78

3.50

0.9

0.5

0.4

7.0

Camp Lode

Transition

HWD_171

740850

2337904

1299

365.5

339.60

343.91

4.31

3.00

1.2

2.1

0.76

20.27

Camp Lode

Massive sulphide

HWD_172

741231

2338827

1286

74.40

39.58

45.60

6.02

4.00

0.9

1.3

0.3

7.3

Camp Lode

Transition

HWD_172

741231

2338827

1286

74.40

46.60

54.55

7.95

5.80

0.7

1.4

0.5

11.6

Camp Lode

Transition

HWD_173

740494

2337787

1307

-

-

-

-

-

-

-

-

-

Camp Lode

Abandoned

HWD_174

740956

2342120

1293

77.50

53.65

57.70

4.05

1.80

0.4

1.12

0.85

15.1

Crossroads Ext

Transition

HWD_175

740972

2341876

1293

86.00

59.00

62.60

3.60

2.40

3.10

0.18

0.65

12.58

Crossroads Lode

Transition

HWD_176

740964

2342065

1292

92.00

-

-

-

-

-

-

-

-

Crossroads Ext

No Mineralisation

HWD_177

740968

2342009

1293

89.30

57.93

63.75

5.82

3.00

0.40

1.20

0.58

13.14

Crossroads Lode

Transition

HWD_178

741089

2338076

1302

70.10

49.14

50.12

0.98

0.66

0.3

1.0

0.7

11.6

Camp Lode

Transition

HWD_179

740967

2341964

1293

106.80

78.22

86.86

8.64

5.70

0.24

0.92

0.28

8.67

Crossroads Lode

Transition

HWD_180

741185

2338547

1295

86.70

53.11

61.22

8.11

7.20

2.8

0.3

0.4

6.7

Camp Lode

Transition

HWD_181

741026

2341403

1280

104.50

74.28

82.75

8.47

6.00

0.99

0.75

0.95

13.99

Crossroads Lode

Transition

HWD_182

741204

2338586

1294

48.50

43.80

48.50

4.70

12.00

4.8

0.1

0.5

10.9

Camp Lode

Transition

HWD_182B

741204

2338586

1294

79.00

42.50

47.50

5.00

4.00

2.7

0.2

0.6

8.5

Camp Lode

Transition

HWD_183

741042

2341399

1280

62.50

38.50

47.50

9.00

5.60

1.05

0.06

0.96

10.89

Crossroads Lode

Transition

HWD_184

741212

2338708

1289

92.30

63.48

69.96

6.48

2.30

1.5

2.8

0.6

10.7

Camp Lode

Transition

HWD_184

741212

2338708

1289

92.30

70.26

75.32

5.06

8.80

0.47

2.62

1.8

20.92

Camp Lode

Transition

HWD_185

741072

2338669

1290

227.5

204.26

210.84

6.58

5.00

0.7

2.2

1.08

20.65

Camp Lode

Massive sulphide

HWD_186

741217

2338667

1290

80.50

47.50

50.50

3.00

2.50

2.2

0.3

0.7

9.9

Camp Lode

Transition

HWD_186

741217

2338667

1290

80.50

51.25

61.93

10.68

9.10

2.3

0.4

0.8

11.1

Camp Lode

Transition

HWD_187

741212

2338628

1292

77.40

50.11

59.30

9.19

7.35

1.5

0.1

0.4

7.1

Camp Lode

Transition

HWD_188

741225

2338790

1286

83.50

53.07

55.32

2.25

1.70

3.6

0.7

0.5

15.4

Camp Lode

Transition

HWD_188

741225

2338790

1286

83.50

56.38

66.26

9.88

7.60

0.8

2.4

0.7

15.4

Camp Lode

Transition

 

Appendix 2: Diagrams for Hawiah Project (see appended PDF)

 

Appendix 3: Glossary of Technical Terms

Ag

Silver

Arabian-Nubian Shield or ANS

The Arabian-Nubian Shield is a large area of Precambrian rocks in various countries surrounding the Red Sea

Au

Gold

Cu

Copper

DFS

Definitive Feasibility Study

ETW

Estimated True Width

g/t

Grams per tonne

JORC

Joint Ore Reserves Committee

JORC Code 2012

Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves

M

Metre

Massive sulphide

Rock comprised of more than 40% sulphide minerals

Mt

Million tonnes

MRE

Mineral Resource Estimate

NSR

Net Smelter Return

oz

Troy ounce of gold

PEA

Preliminary Economic Assessment

PFS

Preliminary Feasibility Study

Zn

Zinc

 

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