MARCH 2015 QUARTERLY ACTIVITIES AND CASHFLOW REPORT
Key Points:
- Copper Hill Resource Update completed
- Copper Hill Scoping Study completed with positive PFS decision
- Sale of interest in Mulga Tank for $275,000 completed
- Share Purchase Plan completed, raising $347,000
PROJECT DEVELOPMENT
Copper Hill Project
The 2014 Copper Hill drilling was completed on 100 metre spaced sections to better understand the mineralised porphyry copper-gold system. Detailed geological logging and multi-element geochemistry provided considerable clarification of the controls on mineralisation, to assist in both resource modelling and future exploration.
A close association between a strongly quartz veined Micro Tonalite Porphyry intrusive phase intruding the wall-rock Crowded Tonalite Porphyry is evident in several of the holes. Understanding of the internal architecture of the mineralised zones has been substantially improved by orientated structural data from the core drilling, giving support to the interpreted grid northwest orientation of the mineralised zones, with a secondary preferred orientation of the zones in a grid north-northeast plunge orientation.
Following the encouraging resource estimation outcome, a Scoping Study was completed for a 2-3 million tonnes per annum (Mtpa) operation producing metal-in-concentrate averaging 7.7- 11.0Ktpa copper and 20.7-29.9Kozpa gold, respectively.
Resource Upgrade
The improved geological understanding of the mineralisation was used to derive better defined geological domains for an updated resource estimate which is JORC 2012-compliant (JORC 2012 Table 1).
As previously announced to ASX on 24 March 2015, an updated resource estimate at a range of copper cut-off grades was undertaken by independent resource consultant James Ridley.
The JORC 2012 Table 1 (Sections 1 – 3) along with the Executive Summary of the “Report on Resources Estimation for Copper Hill Project” by Ridley Mineral Resource Consulting Pty Ltd, which provides the summary of JORC 2012 Table 1, were included as Annexures 1 and 2 respectively in the 24 March 2015 announcement. There is no new data or changes to assumptions from 24 March 2015.
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