TIDMPOL
RNS Number : 8275F
Polo Resources Limited
31 October 2018
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
31 October 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS NL - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its 25.03% investee company
Celamin Holdings Limited ("Celamin") (ASX: CNL), has announced a
historical resource estimate for its 100%-owned Djebba Zinc-Lead
Project, Tunisia.
Highlights:
-- Djebba historical resource estimate:
o 2.7 Mt at 6.1% Zn and 3.3% Pb([i])
-- Le Groupe SIDAM-Minorex 1986-98 mining study at the Djebba
Zinc-Lead deposit highlights economic potential of the deposit and
surrounding area
-- Historical resource and study were based on drilling
completed by the Tunisian Office National des Mines near the
historical Djebba mine
-- Acquisition and review of reports and data from subsequent
exploration and validation programs conducted by AIM-listed Maghreb
Minerals in the period 2004-08 is continuing.
In July 2018 Celamin was granted two exploration permits in
Tunisia - Djebba and Zeflana. Both are prospective for zinc and
lead.
Since the grant of the exploration permits, Celamin has acquired
the report on the mining study completed in 1989 by Montreal-based
consultancy, Le Groupe SIDAM-Minorex, for the Office National des
Mines ("ONM") in Tunisia, and engaged CSA Global to review this
study to enable announcement of the historical resource
estimate.
The mining study, titled "Etude de faisabilité preliminaire de
l'exploitation du gite plomb-zincifere de Djebba" (Pre-feasibility
study on mining the Djebba Zinc-Lead deposit) documents historical
resource estimates and mining studies for the deposit completed in
the period 1986-89. The study was based on drilling completed by
ONM at the historical Djebba mine site which was used to estimate
and report the historical resource of 2.7 Mt at 6.1% Zn and 3.3%
Pb.
Better results from the historical ONM drilling include:
-- S-30bis 16.6m @ 8.36% Zn & 1.8% Pb from 66.1m
-- MDJ2 10.45m @ 17.52% Zn & 1.57% Pb from 21.85m
-- MDJ7 8.55m @ 9.55% Zn & 0.81% Pb from 32.85m
Celamin cautions that this resource estimate is a historical
estimate and was not reported in accordance with the JORC Code. A
Competent Person has not done sufficient work to classify the
historical estimate as a Mineral Resource and/or Ore Reserve in
accordance with the JORC Code and it is uncertain that following
evaluation and/or further exploration work that the historical
estimate will be able to be reported as a Mineral Resource or Ore
Reserve in accordance with the JORC Code.
ASX Listing Rule 5.12 specifies the additional information that
must be provided in a market announcement that contains historical
estimates. This information is contained in the Annexure to
Celamin's Release together with further details on the historic
mineral resource estimate.
Reporting of the historical estimate is considered material as
it provides an indication of the presence of potentially economic
mineralisation on the property. Although it can only be considered
a qualitative indication at this time, it provides an indication of
the prospectivity of the area and supports investment in further
exploration.
Subsequent to the 1989 study, additional drilling and other
exploration work was completed at Djebba by ONM (1992),
ONM-Metallgesellschaft (1993-94), VSX-listed Consolidated Global
Minerals Ltd (2001-04), and AIM-listed Maghreb Minerals
(2002-2008). Celamin is in the process of acquiring, compiling, and
assessing the available data and reports for this subsequent
work.
Celamin will now focus on validation of the historical resource
based on confirmatory drilling and target generation work to define
new targets for drill testing as this style of mineralisation can
be extensive and form large deposits.
Celamin also continues to review other new opportunities in
Tunisia consistent with its strategy to build a portfolio of
resource assets to add shareholder value.
Celamin CEO Simon Eley stated: "This is a very encouraging
outcome and one that underpins our continued presence in Tunisia.
While we await the return of our interest in Chaketma, we will
concentrate on completing the confirmatory work required on the
resource as well as target generation on both the Djebba and
Zeflana projects."
http://www.rns-pdf.londonstockexchange.com/rns/8275F_1-2018-10-31.pdf
Figure 1. Location map of Djebba and Zeflana Projects in
Tunisia
http://www.rns-pdf.londonstockexchange.com/rns/8275F_2-2018-10-31.pdf
Figure 2. Location of granted permits, Djebba and Zeflana and
recent applications
Planned Work Programme
Celamin is in the process of acquiring, compiling, and assessing
all the available historical data. A full assessment will not be
possible until all data has been obtained, and a detailed planned
work program will be formulated at that time.
Celamin is focused on exploration of the Djebba trend, not just
the historical resource area. Celamin will bring an exploration
model to bear that is based on work completed in Tunisia in the
2000s by CSA Global Ltd based on targeting deposits in Neogene
basins in northern Tunisia. This setting has many analogies with
the Himalayan foreland in Yunnan that hosts the giant Jinding
deposit.
The Djebba work program is therefore expected to be two-pronged,
with validation of the historical resource based on confirmatory
drilling, and target generation work to define new targets for
drill testing. The latter is expected to include geological
mapping, geochemical and geophysical surveys.
The extent of the actual work programs and the amount of
drilling completed will be subject to market conditions and funding
for the proposed programs.
As noted in figure 2, Celamin has lodged applications for larger
permits covering the geological trends of both the Djebba and
Zeflana permits. The applications areas are expected to improve the
possibility of delineating extensions to the mineralisation at both
locations.
For further information on the Djebba permit, including past
ownership and historical data, please refer to the Celamin
announcement which can be found at
http://www.celaminnl.com.au/.
[1] This estimate is a historical estimate and is not reported
in accordance with the JORC Code. A Competent Person has not done
sufficient work to classify the historical estimate as Mineral
Resource in accordance with the JORC Code. It is uncertain that
following evaluation and/or further exploration work that the
historical estimate will be able to be reported as Mineral Resource
in accordance with the JORC Code.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & broker)
- John Depasquale +44 (0)20 3328 5657
Blytheweigh (Public relations)
- Julia Tilley, Simon Woods +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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