ARTEMIS VCT PLC
PR Newswire
GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk )
ISIN: IE00B66ML191
WKN: A0N9YH
London, 7nd October 2014
ANGLO-AFRICAN MINERALS PLC ANNOUNCES MAIDEN MINERAL RESOURCE STATEMENT OF 43
MILLION INFERRED TONNES FOR THE FAR BAUXITE DEPOSIT, GUINEA
HIGHLIGHTS:
- Inferred Mineral Resource of 43.0 Million Tonnes, averaging 41.9%
total alumina and 3.4% total silica, within two main deposit plateaux, Samaya
and Elevation.
- Estimates based on assay results from 68 auger drill holes that
were completed during 2011 and 2014 exploration campaigns.
- Favourably located near to existing mining and rail
infrastructure of CBK.
- Ongoing Scoping Study to be completed in Q4 2014.
- Other priority targets in the FAR Project area have been
identified and additional exploration drilling is planned for the 4th Quarter
of 2014.
Forward Africa Resources S.A. (ÒFAR SAÓ or the ÒCompanyÓ), a wholly
owned subsidiary of Anglo-African Minerals Plc (ÒAAMÓ, GXG:AAM:G4), is pleased
to announce its maiden Mineral Resource statement for its FAR Bauxite deposit
(also referred to as the ÒFARÓ or the ÒProjectÓ), located in Guinea, West
Africa. The Project is located within a 338km2 exploration licence 100% owned
by FAR SA, approximately 170 km North-east of Conakry, the capital of Guinea
in the Dubreka/Kindia prefecture and adjacent to the CBK mining operations.
From 2011 to 2014, the Company have drilled some 68 auger holes
(635 m) at FAR, of which 28 were drilled in 2011 and 40 in 2014, roughly on a
600 x 600 m spacing, all completed under the supervision of a FAR employed
resident geologist. Although the data has been accompanied with limited
Quality Assurance and Quality Control (ÒQA/QCÓ) procedures and that an
independent site visit by SRK has not been possible, raw data transcripts have
been reviewed where available, the bauxite is similar in terms of quality to
that found in adjacent bauxite deposits and operations, and therefore the data
quality is considered to be adequate. SRK has no reason to doubt the integrity
of the data collected by the Company and its consultants and used in the
estimate.
The FAR Project comprises a number of bauxitised plateaux, formed
as a result of tropical weathering of Mesozoic dolerite sills. The bauxites
are stratiform in nature, lying in irregularly shaped horizontal
horizons/lenses with the bauxite material comprising of highly weathered
material. The lateral extents of the bauxite are controlled by the relief of
the hills/plateaux on which they are located. Some 5 separate plateaux have
been delineated at Samaya and Elevation, ranging in size from 1-4 Km in strike
length, up to 0.5 km across strike, and average around 5 m thick, with
typically 0.5 m of overburden.
The FAR Project, comprising the Samaya and Elevation plateaux, is
estimated to contain an Inferred Mineral Resource of 43 Million tonnes grading
at an average of 41.9% Al2O3 and 3.4% SiO2, reported at appropriate cut-off
grade criteria. The maiden Mineral Resource statement has been prepared
independently by SRK Consulting (UK) Ltd (ÒSRKÓ) in accordance with the
Australasian Code for the Reporting of Exploration Results, Mineral Resources
and Ore Reserves, The JORC Code, 2012 Edition (ÒJORCÓ or the ÒJORC CodeÓ).
The maiden Mineral Resource statement for the FAR bauxite projects
is presented in the following table:
Mineral Resource Statement* for the Far Bauxite Project, Guinea, as of 2nd
October 2014
Resource Density (t/m3) Tonnes (Mt) Al2O3 (%) SiO2 (%)
Category
Measured - - - -
Indicated - - - -
Inferred 2.0 43 41.9 3.4
Total 2.0 43 41.9 3.4
Note*: Reported at a cut-off grade of Al2O3>34% and SiO2<6%, stripping ratio
of 1:1 (m:m), minimum bauxite thickness of 2 m and maximum overburden
thickness of 2 m. All figures are rounded to reflect the relative accuracy of
the estimates. Mineral Resources are not Ore Reserves and do not have
demonstrated economic viability.
The Mineral Resource data collection and estimation process was a
collaborative effort between SRK and Coralis who worked as the geological
consultants for FAR SA, with FAR SA and Coralis responsible for supervising
the data collection, collation and analysis, and SRK building the geological
models and tonnage and grade estimates. The Mineral Resource estimate was
completed under the overall supervision of Mr Mark Campodonic, AusIMM (CP #
225925) a full-time employee of SRK Consulting (UK) Ltd.
A site visit to the property was not possible for Mr Campodonic, who only
became involved in the project in September 2014,due to the recent Ebola
outbreak in Guinea. The AAM geologist, who has multiple years of experience in
Guinean bauxite geology and exploration, supervised both the 2011 and 2014
drilling, however does not qualify as a Competent Person in accordance with
JORC. In addition, a Coralis geologist managed and oversaw the exploration
programme. Notwithstanding the above, and given the extensive knowledge of
Guinean bauxite and adjacent deposits, the Competent Person believes the data
quality is sufficient for inclusion in an Inferred Mineral Resource estimate.
By virtue of his education, work experience that is relevant to the style of
mineralization and deposit type under consideration and to the activity
undertaken, and membership to a recognized professional organization, Mr
Campodonic, is a Competent Person pursuant to JORC and is wholly independent
from FAR SA. Mr Campodonic has verified the technical data contained in this
news release and have reviewed and approved the contents of this news release
with respect to the Mineral Resource estimation.
METHODOLOGY:
The database available for the geology and Mineral Resource modelling
comprises auger drilling information acquired by FAR SA in 2011 and 2014. The
borehole database comprises 68 auger boreholes (635 metres) distributed on
rough 600 m spacing.
The exploration work carried out by FAR SA was conducted in a manner not
entirely consistent with industry best practices, generally due to the limited
QA/QC procedures in place during exploration, however SRK consider the
exploration data and the drilling database to be sufficiently reliable for the
purpose of supporting Mineral Resource evaluation and disclosure pursuant to
the lowest confidence category of Inferred in accordance with JORC.
Based on the physiography/topographic relief of the bauxitised areas and auger
drilling information, SRK has delineated the edges of the plateaux used to
limit the bauxite and code the sample data. Within the bauxite limits, the
vertical limits of the bauxite (hanging-wall and footwall) have been defined
using a cut-off grade of 34% Al2O3 and <6% SiO2. Areas have been reported from
the bauxite plateaux interpretations which have been used to code the sample
data (composited per hole), which have then been averaged in the case of
bauxite thickness and thickness weighted in the case of Al2O3 and SiO2. The
areas, and the bauxite thickness averages have been used to calculate volumes,
which have in turn been multiplied by the density to estimate tonnages, all on
a plateau by plateau basis. This simplistic methodology is applicable when
data is sparse and very limited, and although the data is not fully
gridded/spatially dispersed across the plateaux, is considered appropriate at
the current time and degree of confidence. When more data becomes available 3D
estimation methodologies should be employed.
SRK considers that the bauxite mineralisation delineated by auger drilling at
the FAR Project to be amenable to open pit extraction, and can potentially be
exported using existing infrastructure to the market.
SRK has classified the Mineral Resource on the basis of the Geological
continuity, grade continuity, data quantity, data quality, estimation
confidence, and considers that at the current time an Inferred Mineral
Resource can be reported. Further confirmatory drilling accompanied with
appropriate QA/QC, as well as closer spaced drilling will be required in the
future in order to estimate and report higher confidence estimates in the
Indicated and Measured categories.
SRK has constrained the in-situ model by a stripping ratio of 1:1 (meters), a
minimum bauxite thickness of 2 m and a maximum overburden thickness of 2 m to
satisfy the criteria of reasonable prospects for eventual economic extraction,
as required by JORC. These parameters are guided by SRKÕs experience of a
number of Guinea Bauxite projects and operations.
The Mineral Resource was estimated in conformity with generally accepted best
practice guidelines, given the limited data available. The Mineral Resources
are reported in accordance with JORC and have been classified in accordance
with the ÒAustralasian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves, The JORC Code, 2012 EditionÓ. The Mineral
Resources are not Ore Reserves and do not have demonstrated economic
viability. The Mineral Resources discussed herein may be affected by
subsequent assessments of mining, environmental, processing, infrastructure,
permitting, taxation, socio-economic, political and other factors. There is
insufficient information available to assess the extent of which the Mineral
Resources may be affected by these factors.
EXPLORATION POTENTIAL:
The geology and major controls on the bauxite appear to be understood, however
further analysis is required to investigate and refine the limits of the
bauxite prior to undertaking any further drilling. The Company is currently
planning a focused drill campaign for Q4-2014. Further exploration may result
in additional bauxite being delineated along the plateaux boundaries.
In parallel with the ongoing Scoping Study for the project, more detailed
geological works including mapping, and drilling at 300 x 300 m spacing will
form part of the upcoming Q4-2014 assessments. Supported by appropriate QA/QC
and density measurements, as well as the more dense drill spacing, the
additional work should provide increasing level of confidence with regards to
the Geology and Mineral Resource estimates.
COMPETENT PERSON:
The Project and Mineral Resource Statement was completed under the overall
supervision of Mr. Mark Campodonic, AusIMM (CP # 225925) a full-time employee
of SRK Consulting (UK) Ltd, who is an independent consultant with no
relationship to the Company.
COMMENTS:
James Lumley, AAM CEO comments: ÒThe FAR ProjectÕs Independent maiden Inferred
Mineral Resource Estimate is an important milestone for the Company, which
gives the Board, partners and shareholders confirmation of FARÕs potential.
In addition, we are further encouraged by the fact that the planned
2014 drilling campaign and desktop work completed to date, has identified the
potential for additional Mineral Resource to be realised. We are committed to
drill test these areas and further develop the FAR project with a view to fast
tracking the Project through to an early development option. In parallel with
this exploration, a multi-disciplinary Scoping Study for FAR has commenced,
with focus on infrastructure and projects economics in order to assess the
full potential of the project, with the aim of this being completed in Q4
2014.Ó
FOR FURTHER INFORMATION:
Anglo-African Minerals Plc:
Mr James Lumley
Chief Executive Officer
Cashel, Co. Tipperary, Republic of Ireland
Public/Investor Relations:
Kelsey Traynor
Yellow Jersey PR
+447799 003 220
ABOUT THE COMPANY:
Anglo-African Minerals Plc is an Irish registered Company dedicated
exploration and development company with major holdings of bauxite assets. The
company holds several major licences in Guinea, West Africa via its subsidiary
companies. Guinea is by far the largest producer of bauxite and alumina in
Africa and the Company is making great strides to becoming a reputable bauxite
producer in the medium term.
AAM owns the rights to four bauxite licences in Guinea, and is
focused on developing its assets to provide near, medium and long term
production, with an immediate target of producing 2 million tonnes per year by
2016. The CompanyÕs four Mineral Assets comprising the following exploration
licences:
- FAR Permit (No.223);
- Toubal Permit (No.163);
- Somalu Permit (No.216/formerly No.145); and
- Mintep Permit (No.211/formerly No.151).
The assets are at various stages of exploration and development, some having
expansive exploration databases and a number of them also having tonnage and
grade estimates.
The Company continues to develop the technical and economic studies for all
four exploration licences, which have potential in terms of both bauxite and
vertically integrated bauxite mining and refining to produce alumina products.
The Company's objective is to enhance Company value through the development of
bauxite projects in Guinea, West Africa and to become a major Guinean bauxite
and alumina producer. AAMÕs website is: www.angloafricanmineralsplc.com
FORWARD LOOKING INFORMATION:
This press release contains forward-looking statements and information that
are based on the beliefs of management and reflect the Company's current
expectations. When used in this press release, the words "estimate",
"project", "belief", "anticipate", "intend", "expect", "plan", "predict",
"may" or "should" and the negative of these words or such variations thereon
or comparable terminology are intended to identify forward-looking statements
and information. The forward-looking statements and information in this press
release includes information relating to the first Mineral Resource statement
for the CompanyÕs FAR Project located in Guinea, West Africa and the CompanyÕs
objective to enhance shareholder value through the development of bauxite and
alumina projects in Guinea and to become a major Guinean bauxite and alumina
producer. The forward-looking information is based on certain assumptions,
which could change materially in the future and that the development of the
CompanyÕs bauxite projects will enhance shareholder value and be sufficient
for it to become a major Guinean bauxite and alumina producer. Such statements
and information reflect the current view of the Company with respect to risks
and uncertainties that may cause actual results to differ materially from
those contemplated in those forward-looking statements and information. By
their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include the risk that
Mineral Resource statement for its FAR project may be uneconomic to bring into
production. The Company cautions that the foregoing list of material factors
is not exhaustive. When relying on the Company's forward-looking statements
and information to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
The Company has assumed a certain progression, which may not be realized. It
has also assumed that the material factors referred to above will not cause
such forward-looking statements and information to differ materially from
actual results or events. However, the list of these factors is not exhaustive
and is subject to change and there can be no assurance that such assumptions
will reflect the actual outcome of such items or factors.
JORC Table A1: Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (e.g. cut Auger drilling sampled every 1 meter
techniques channels, random chips, or specific although ranged from 0.5 Ð 1 m.
specialised industry standard measurement
tools appropriate to the minerals under The same sample method was used for
investigation, such as down hole gamma each sample collection.
sondes, or handheld XRF instruments, etc.).
These examples should not be taken as Drilling of vertical holes
limiting the broad meaning of sampling. perpendicular to the bauxite.
Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.
Aspects of the determination of
mineralisation that are Material to the
Public Report.
In cases where Ôindustry standardÕ work
has been done this would be relatively
simple (e.g. Ôreverse circulation drilling
was used to obtain 1 m samples from which 3
kg was pulverised to produce a 30 g charge
for fire assayÕ). In other cases more
explanation may be required, such as where
there is coarse gold that has inherent
sampling problems. Unusual commodities or
mineralisation types (e.g. submarine
nodules) may warrant disclosure of detailed
information.
Drilling Drill type (e.g. core, reverse The drilling that informs the
techniques circulation, open-hole hammer, rotary air Mineral Resource is auger drilling.
blast, auger, Bangka, sonic, etc.) and Drilling is consider relatively simple
details (e.g. core diameter, triple or and industry standard and does not
standard tube, depth of diamond tails, require an enhanced explanation.
face-sampling bit or other type, whether
core is oriented and if so, by what method,
etc.).
Drill sample Method of recording and assessing core and No relationship exists between
recovery chip sample recoveries and results assessed. sample recovery and grade.
Measures taken to maximise sample recovery Details of sample weights per meter
and ensure representative nature of the were not made available.
samples.
Whether a relationship exists between
sample recovery and grade and whether sample
bias may have occurred due to preferential
loss/gain of fine/coarse material.
Logging á Whether core and chip samples have been Geological logging is undertaken by
geologically and geotechnically logged to a FAR SA geologists, using defined
level of detail to support appropriate logging codes which been developed by
Mineral Resource estimation, mining studies AAM.
and metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel, etc.) photography.
The total length and percentage of the
relevant intersections logged.
Sub-sampling If core, whether cut or sawn and whether Sampling: Auger samples split at the
techniques quarter, half or all core taken. rig using riffle box/cone and
and sample quartering.
preparation If non-core, whether riffled, tube
sampled, rotary split, etc. and whether
sampled wet or dry.
For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
Quality control procedures adopted for all
sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the sampling
is representative of the in situ material
collected, including for instance results
for field duplicate/second-half sampling.
Whether sample sizes are appropriate to
the grain size of the material being
sampled.
Quality of The nature, quality and appropriateness of Laboratory analysis comprised XRF
assay data the assaying and laboratory procedures used Analysis using internationally
and and whether the technique is considered accredited laboratories
laboratory partial or total.
tests The inadequacies with QA/QC have
For geophysical tools, spectrometers, been discussed with the Company and it
handheld XRF instruments, etc., the is understood that these will be
parameters used in determining the analysis rectified in future drilling campaigns
including instrument make and model, reading following recommendations from SRK,
times, calibrations factors applied and however SRK consider the data quality
their derivation, etc. to be adequate for producing the
lowest category of confidence,
Nature of quality control procedures Inferred Mineral Resource estimates.
adopted (e.g. standards, blanks, duplicates,
external laboratory checks) and whether QA/QC: not wholly adequate but not
acceptable levels of accuracy (i.e. lack of considered material based on the
bias) and precision have been established. geology, mineralogy and large
percentage of volume elements
analysed.
The inadequacies found have been
discussed with the Company and it is
understood that these will be
rectified in future drilling
Verification The verification of significant FAR SA has completed check sampling
of sampling intersections by either independent or to verify the data, although these
and assaying alternative company personnel. were not blind samples
The use of twinned holes. The pre-import validation checks
used to compile the acquire database
Documentation of primary data, data entry are sufficiently detailed.
procedures, data verification, data storage
(physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of Accuracy and quality of surveys used to Holes were not surveyed with any
data points locate drill holes (collar and down-hole accuracy, handheld GPS locations,
surveys), trenches, mine workings and other which are considered adequate at the
locations used in Mineral Resource current spacing (i.e. +/-25m with 600m
estimation. spaced holes.
Specification of the grid system used.
Quality and adequacy of topographic
control.
Data spacing Data spacing for reporting of Exploration Generally 600m spacing, but aligned
and Results. along plateaux ridges and accessible
distribution areas.
Whether the data spacing and distribution
is sufficient to establish the degree of The data spacing is adequate for the
geological and grade continuity appropriate reported Inferred Mineral Resource.
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.
Whether sample compositing has been
applied.
Orientation Whether the orientation of sampling The drilling orientation of the
of data in achieves unbiased sampling of possible deposit is favorable for an unbiased
relation to structures and the extent to which this is sample, vertical holes, horizontally
geological known, considering the deposit type. bedded bauxite.
structure
If the relationship between the drilling Due to difficulties in accessing
orientation and the orientation of key certain areas of the deposit due to
mineralised structures is considered to have topographic constraints, some parts
introduced a sampling bias, this should be are less well drilled than others.
assessed and reported if material.
No material bias is considered to be
induced in relation to the geometry /
intersection angles of drill holes.
Sample The measures taken to ensure sample Not considered material, large
security security. percentage values, not trace elements.
Audits or The results of any audits or reviews of Due to time constraints in producing
reviews sampling techniques and data. the Mineral Resource Report for the
Company SRK has not been able to
complete a site visit to verify the
geology and data quality.
Table A2: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location No impediments or immediate issues
tenement and and ownership including agreements or have been raised at the time of
land tenure material issues with third parties such as reporting.
status joint ventures, partnerships, overriding
royalties, native title interests, á The deposit is well within the
historical sites, wilderness or national boundaries of the licence.
park and environmental settings.
The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a license to
operate in the area.
Exploration Acknowledgment and appraisal of Exploration of the FAR deposit has
done by other exploration by other parties. been carried out solely by FAR SA.
parties
Geology Deposit type, geological setting and Lateritic Guinean type bauxite with
style of mineralisation. relatively simple mineralogy.
Drill hole A summary of all information material to Listing this material would not add
Information the understanding of the exploration any further material understanding of
results including a tabulation of the the deposit and Mineral Resource.
following information for all Material Furthermore, no Exploration Results
drill holes: are specifically reported.
easting and northing of the drill hole
collar
elevation or RL (Reduced Level Ð
elevation above sea level in meters) of
the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the Competent
Person should clearly explain why this is
the case.
Data In reporting Exploration Results, Not applicable. No Exploration
aggregation weighting averaging techniques, maximum Results are specifically reported.
methods and/or minimum grade truncations (e.g.
cutting of high grades) and cut-off grades No metal equivalents have been used.
are usually Material and should be stated.
Where aggregate intercepts incorporate
short lengths of high grade results and
longer lengths of low grade results, the
procedure used for such aggregation should
be stated and some typical examples of
such aggregations should be shown in
detail.
The assumptions used for any reporting
of metal equivalent values should be
clearly stated.
Relationship These relationships are particularly Not applicable. No Exploration
between important in the reporting of Exploration Results are specifically reported.
mineralisation Results.
widths and
intercept If the geometry of the mineralisation
lengths with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down
hole lengths are reported, there should be
a clear statement to this effect (e.g.
Ôdown hole length, true width not knownÕ).
Diagrams Appropriate maps and sections (with Various maps and sections are
scales) and tabulations of intercepts presented herein.
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view
of drill hole collar locations and
appropriate sectional views.
Balanced Where comprehensive reporting of all Not applicable. No Exploration
reporting Exploration Results is not practicable, Results are specifically reported
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful Not applicable.
substantive and material, should be reported including
exploration (but not limited to): geological
data observations; geophysical survey results;
geochemical survey results; bulk samples Ð
size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work The nature and scale of planned further Further drilling is planned to
work (e.g. tests for lateral extensions or improve the Mineral Resource
depth extensions or large-scale step-out classification and to better define
drilling). the deposit extents.
Diagrams clearly highlighting the areas Bauxite characterization testwork
of possible extensions, including the main has been recommended by SRK.
geological interpretations and future
drilling areas, provided this information
is not commercially sensitive.Artemis Vct : ANGLO-AFRICAN MINERALS PLC : - Maiden Inferred Resource Estimate
October 07, 2014 at 03:40 am EDT
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