MAIDEN JORC GRAPHITE RESOURCE - BALAMA CENTRAL
BAT announced the maiden resource for the company’s second world class resource on 21 March 2016.
Balama Central Graphite Project
March 2016 Mineral Resource Estimate (6% TGC Cut-off)
|Class||Tonnes||TGC||V2O5||Cont. Graphite||Cont. V2O5|
The Mineral Resource for Balama Central is based on a 20 diamond hole 1,600 metre drill program conducted in Q4, 2015.
In addition to the Mineral Resource, an Exploration Target was calculated based on the potential to expand the wireframes from the Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Balama Exploration Target is summarised in the table over page.
Balama Central Graphite Project
Exploration Target Summary Table
|Cont. Graphite Range
|Total||43 to 78||9 to 13||3.8 to 10.1|
|High Grade||17 to 31||13 to 19||2.2 to 5.9|
|Medium Grade||26 to 47||6 to 9||1.6 to 4.2|
BACKGROUND TO MAIDEN JORC MINERAL RESOURCE ESTIMATE
The Maiden Mineral Resource from the Balama Central Project is a result of a short resource definition drilling program completed by the Company between the 30th of October and the 8th of December 2015 comprising of 20 HQ3 diamond holes for 1,600 metres.
Similar to Montepuez the project was a virgin graphite discovery culminating in JORC-compliant Mineral Resource at the project within less than 6 months.
The Mineral Resource was estimated in accordance with the guidelines of the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves by the Joint Ore Reserves Committee (JORC). The Mineral Resource has been estimated by RungePincockMinarco Limited (RPM) in Australia. Refer Table 1 for summary of results.
March 2016 Mineral Resource Estimate (6% TGC Cut-off) Notes:
- Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis.
- Flake sizes for the Mineral Resource are tabulated in Tables 2 to 4 below.
- The Statement of Estimates of Mineral Resources has been compiled under the supervision of Mr. Robert Dennis who is a full-time employee of RPM and a Member of the AusIMM and AIG. Mr. Dennis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code (2012).
- All Mineral Resources figures reported in the table above represent estimates at 14 March, 2016. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.
- Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).
- Reporting cut-off grade selected based on other known economically viable deposits around the world.
- TGC = total graphitic carbon.
Table 1 with Notes. Balama Central Graphite Project – Maiden JORC compliant Mineral Resource summary.
Further to the JORC compliant Mineral Resource BAT has also conducted flake size assessment using MLA analysis. The initial test work indicates very coarse flake sizes; returning 52.8% for Large (180-300um) and Jumbo (>300um) flakes within the weathered and primary ore zones. This work has been conducted by Actlabs Geometallurgy of Ontario Canada with 30 samples submitted from the Lennox Prospect located within the Balama Central License. One theory on why the flake size is so large in this vicinity relates to the pegmatite intrusions within the local geology.
COMPETENT PERSONS STATEMENT
The information in this report that relates to Exploration Results is based on information compiled by Ms. Cherie Leeden, who is Managing Director and who holds shares and options in the Company. Ms. Leeden is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms. Leeden consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this report that relates to Exploration Targets and Mineral Resources is based on information compiled by Mr Robert Dennis who is a Member of Australian Institute of Geoscientists and a full time employee of RPM Limited. Mr Dennis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Dennis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.