TIDMKEFI
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 From To (m) Downhole Estimated Cu % Zn % Au Ag Lode / Mineralisation
Depth (m) Interval true g/t g/t area style
(m) width (m)
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_109 740983 2341499 1281 167.50 137.68 145.54 7.86 4.00 1.06 1.65 0.74 14.61 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_111 741138 2338345 1301 173.50 143.91 151.74 7.83 3.80 0.61 1.87 0.89 13.92 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_113 740954 2338336 1297 146.50 119.89 127.13 7.24 4.90 0.46 2.13 0.75 11.24 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_114 740966 2341698 1288 161.50 127.15 138.40 11.25 7.60 0.35 1.73 0.97 19.73 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_118 740998 2338110 1302 146.50 118.06 126.28 8.22 5.60 0.49 0.92 0.67 15.29 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_120 741064 2341249 1280 100.40 64.20 77.50 13.30 6.40 1.07 1.33 0.98 16.95 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_121 741047 2338107 1302 82.10 58.57 61.96 3.39 1.90 0.53 0.95 0.82 11.39 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_123 740952 2338013 1302 143.30 114.97 122.85 7.88 4.75 0.53 2.14 0.90 11.77 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_125 740923 2341702 1290 80.50 54.15 60.32 6.17 3.90 2.33 0.10 0.81 9.84 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_126 740948 2338114 1303 215.50 190.36 196.59 6.23 3.00 0.89 0.78 0.54 11.63 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_128 740959 2338168 1301 206.50 179.39 187.60 8.21 4.80 0.35 2.24 1.02 18.93 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_130 741005 2341446 1281 152.40 108.08 131.66 23.58 10.00 1.03 0.78 0.52 9.18 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_131 741006 2341396 1280 164.50 122.05 145.25 23.20 8.20 0.8 1.2 0.74 9.65 Lode sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_134 740788 2342442 1293 236.40 212.10 215.87 3.77 3.00 1.09 0.62 0.53 11.48 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_135 740868 2342578 1296 80.10 48.86 59.70 10.84 6.50 0.04 0.02 2.48 31.61 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_136 740835 2342436 1296 182.10 146.46 164.00 17.54 12.20 0.45 0.68 0.79 10.41 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_137 740909 2342414 1293 92.50 51.95 71.40 19.45 11.50 1.26 0.29 0.87 10.91 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_138 740809 2342312 1289 242.50 208.22 221.59 13.37 10.20 0.64 0.52 0.76 9.30 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_139 740930 2342319 1293 86.50 58.97 66.33 7.36 4.20 0.44 1.39 0.86 14.62 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_141 740940 2342220 1292 65.50 42.22 43.11 0.89 0.50 0.1 0.02 4.29 29.3 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_143 740859 2342315 1292 179.50 147.40 159.20 11.80 10.00 0.51 0.89 0.74 9.60 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_144 740842 2342180 1288 239.50 207.46 218.79 11.33 8.70 0.58 1.01 0.81 8.69 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_145 740805 2342558 1293 179.50 154.90 159.66 4.76 3.40 0.89 0.69 0.58 13.74 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_146 740984 2341833 1293 77.50 52.05 56.50 4.45 3.00 2.12 0.08 0.85 8.31 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_147 740923 2342368 1292 86.50 57.49 65.98 8.49 5.20 0.32 1.71 1 12.97 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_148 740901 2342453 1295 86.50 47.00 65.16 18.16 10.70 0.5 0.34 1.08 13.79 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_149 740936 2342272 1293 93.10 70.52 73.64 3.12 1.80 0.47 1 0.79 10.36 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_150 740881 2342536 1297 77.40 48.50 57.09 8.59 5.20 0 0 1.86 7.86 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_151 740951 2342173 1292 110.50 38.00 40.00 2.00 1.20 0.04 0.08 0.22 9.5 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_152B 740987 2341787 1293 85.00 56.63 65.20 8.57 5.00 2.61 0.10 0.95 9.24 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_154 740857 2342127 1290 227.50 204.25 208.50 4.25 3.10 0.37 2.29 0.76 11.57 Ext sulphide
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_155 741004 2341702 1292 89.50 59.50 66.10 6.60 4.20 0.90 0.07 1.24 17.78 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_156 741012 2341602 1288 103.00 70.61 83.48 12.87 7.42 0.80 1.07 0.90 18.21 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_157 741013 2341499 1283 119.40 81.40 100.45 19.05 9.00 0.46 1.02 0.86 10.12 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_158 741036 2341501 1285 68.20 33.71 47.50 13.79 7.20 0.66 0.03 0.90 10.61 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_159 741026 2341603 1289 71.30 32.50 50.00 17.50 7.00 0.03 0.04 1.29 84.73 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_160 741051 2341306 1280 98.40 64.35 75.75 11.40 5.50 1.21 0.34 0.98 8.32 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads Massive
HWD_161 740895 2342189 1291 173.00 148.23 153.72 5.49 4.00 0.40 1.74 0.64 10.25 Ext 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_174 740956 2342120 1293 77.50 53.65 57.70 4.05 1.80 0.4 1.12 0.85 15.1 Ext Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_175 740972 2341876 1293 86.00 59.00 62.60 3.60 2.40 3.10 0.18 0.65 12.58 Lode Transition
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads No
HWD_176 740964 2342065 1292 92.00 - - - - - - - - Ext Mineralisation
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_177 740968 2342009 1293 89.30 57.93 63.75 5.82 3.00 0.40 1.20 0.58 13.14 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_179 740967 2341964 1293 106.80 78.22 86.86 8.64 5.70 0.24 0.92 0.28 8.67 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_181 741026 2341403 1280 104.50 74.28 82.75 8.47 6.00 0.99 0.75 0.95 13.99 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Crossroads
HWD_183 741042 2341399 1280 62.50 38.50 47.50 9.00 5.60 1.05 0.06 0.96 10.89 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
-------- --------- ----- ------- ------- ------- --------- ---------- ----- ----- ----- ------ ----------- ---------------
Massive
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 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 The Arabian-Nubian Shield is a large area of
Shield or ANS 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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