30 January quarter include: market. ongoing, to test. to the

Transcription

1 30 January 2015 Quarterly Activities Reprt t fr the perid ended 31 December Glden Deeps Limited ( Deeps r thee Cmpany ), cntinuedd t prgress the Grtfntein Base Metals Prject in Namibia during the reprting perid. The key highlights fr the quarter include: Christiana-Abenabb (Zn-Pb-V)) Review f sampling results release f zinc targets being prepared. nging, market Butterfly (Cu-Ag-Pb) Shallw drill prgram planning phase cmpleted gephysical and gechemical targets under blanketing calcrete cver t test Khusib Springs (Cu-Ag-Pb) Full review f histric EM datasett identified several targets fr fllw-up EM and drill testing Khusib Springs (Cu-Ag-Pb) Deeper drilling prgramm planning phase cmpleted t test fr dwn plunge extensinss t the depsit Nsib Blck (Cu-Ag-Pb) Shallw RC drilling planned t test the mineralised psitins between the mine wrkings, and t test fr strike extensins t the mineralised hrizn. Glden Deeps Limited (ABN ) 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872 t: f: ged@gldendeeps.cm

2 1 GROOTFONTEIN BASE METAL PROJECT Deeps hlds an 80% interest i in the highly prspective Grtfntein Base Metal Prject. The Prject is lcated in the Otavi Muntain Land (OML), nrth east Namibia (Figure 1). The OML is a glbally significant base metal prvince with prductin cming frm several mines, including the nw clsed Tsumeb mine, which prducedd 24.9Mt at 5.5% Cu, 11.8% Pb and 171 g/t Ag. The Grtfntein Prject landhldingg stands at 632km 2, with a further 331km 2 under applicatin. There are fur recgnised base metall trends with extensive strike lengths lcated within the tenement package, namely the Askevld, Khusib, Pavian and Abenab Trends. Thesee advancedd prjects are the main fcus f the Cmpany s explratin effrts. Deeps hlds n its tenements and applicatin fr tenements in Namibia, tw f the fivee histrically imprtant prducing (nw clsed) mines f Otavi Figure1-Lcatin f the Cmp Muntain Land, being Abenab and Christiana. Bth Namibian prjects. mines are cnfined t shrt strike lengths, with significant explratin upside available t Deeps in the near mine gelgical envirnment. pany s The Cmpany has a significant and well managed histrical recrds database, maps, as well as a fully ppulated industry standard GIS and Database. These are f great imprtance fr the accurate analysis ff all data fr target generatin. Activities during the Quarter The Cmpany cntinued its review ff key prspects, and prepared explratin prgrams, including drilling t test several high pririty targets. The initial fcus f explratin will be Christiana-Abenab and Khusib Springs-Butterfly targets. The lwer pririty targets will be included in the explratin planning p at a later date.. These include, in rder f imprtance; a prgram f RC drilling at thee Nsib Sedimentary Cu-Pb-Zn prspect; and shallw gechemical drilling at the Suthridge Zn-Cu Z prspect. The prspectivity review assessed a range f data including gechemical, gephysical, histrical drilling, and mapping t identify pririty targets fr shrt term explratin fcus. The targets (seee Figure 2); in rder f pririty, are: Chistiana-Abenab mine Epigenetic Zn-Pb-V prspects Khusib Springs and Butterfly Epigenetic Cu-Zn-Ag-Pb prspects Nsib mine Sedimentaryy Cu-Pb-Zn-Ag prspectss Suthridge East Epigenetic Zn-Cu prspects Deblin Epigenetic Cu-Agg prspects 2

3 Figure 2 - The lcatin f the key prspects at Christiana, Nsib Blck and Khusib Springs in Glden Deeps Grtfntein Prject, Otavi Muntainland, Namibia 1.1 Abenab-Nsib Trend The Abenab-Nsib Trend is defined byy a series f Zn-Pb-V ccurrences lcated n r near the cntact between the Aurs Shalee and Maieberg Dlmites. The Christiana (frmerly Abenab West) and Okurundu lead zinc mines as well as the Nsib Blck cpper mine are lcated near this cntact psitin. Apprximately 40km ff strike extent f this highly prspective trend lies within the Cmpany s EPL3543 (Figure 2) Christiana Zn-Pb-V Mine Christiana is the largest histric mine in the Grtfntein Basee Metal Prject (Figure 2). The Abenab area prduced ver 100,000tt f Vanadium cncentrates. Prductin figures frm Christiana itself are nt knwn, but thee wrkings extend ver 800m f strike and t a depth f at least 380m belw surface. In the undergrund mine, extensive level develpment was undertaken, but nly the very high grade vanadium and/r easily e prcessed material was remved leaving brad znes f base metal mineralisatin remaining in situ and unmined at the Prspect Three styles f mineralisatin have been bserved by Glden Deeps at Christiana: Zinc Reef, cmprising high-grade willemite (zinc silicate) mineralisatin, Desclizite (lead vanadate) mineralisatin, and Disseminated primary sphalerite (zinc) and galena (lead) mineralisatim n. Deeps has previusly surveyed and channel sampled mst accessible areas including surface channel sampling. Previus excellent zinc, lead and vanadium sampling results frm surface and undergrund at Christianaa supprt its psitin as a high pririty target fr the Cmpany. 3

4 A strategic review was undertaken n the prject during the quarter q given recent increases in the zinc price and market analysts predictins f a supply deficit in the cming years. Christiana wuld becme a very strategic asset t the cmpany in a risingg zinc market. 1.2 Khusib Trend The Khusib Trend is an east-west trending zne f cpper anmalies andd prspects lcated arund a cntact zne between Maieberg dlmites and limestnes. This is knwn as the T2/T3 cntact psitin. Over six strike kilmetres f the T2/T3 cntact iss lcated within the Cmpany s licenses. The Khusib Trend is marked by the Pickaxe, P Butterfly and Dgleg anmalies and trends nrtheast fr ver six kilmetres, with the Khusib Springs cpper mine lcated near the centre f the t trend. The Khusib Trend is lcated in a similar structural and stratigraphic psitin t the lead zinc Pavian Trend t the suth (Figure 2 and Figure 3) Khusib Springs Cpper Mine The Khusib Springs mine is an advanced prspect n the Khusib Trend and is a high pririty target. Khusib Springs was discveredd and mined by Gldfields Namibiaa during the 1990s. Apprximately 10% Cu, 1.8% Pb and 584g/t Ag was mined frm Khusib Springs befre its clsure in Gldfields actively explred the areaa arund Khusib Springs during the 1990s using predminantly electrical gephysics. Recrds shw that many anmalies were generated frm this wrk but few f the cnductrs were effectively drill ested. Deeps regards the area arund Khusib Springs as highly prspective p fr additinal high grade Cu-Pb-Ag depsits similar t thee mined ut depsit. The area arund the mine has a number f high-rdeairbrne magnetics. anmalies generated frm clse spaced sil gechemistry, gephysics and During the quarter the Cmpany cmpleted a strategic review f the area arund Khusib Springs. This invlved the prcessing and interpretatin f several datasets including surface EM, aermagnetics, surface gechemistry, histric mapping, and histric drilling. A drilling prgram was designed t test the dwn plunge extensins f the Khusib Springs depsit. Fllw-up EM surveying wass cnsideredd ver several untested strng cnductrs identified frm the histric EM data. 4

5 Figure 3 - Simplified gelgy f the Khusib Springs area Butterfly Anmaly The Butterfly anmaly is a very strngg diple magnetic anmaly, with cincident vegetatin and gechemical anmalies lcated 2km west f the Khusib springs depsit alng the T2/T3 cntact. Butterfly is a very high prirityy target fr the Cmpany. Gldfields Namibia identified the Butterfly anmaly, and in 1997 drilled a single hle t 174m t test it. The hle was abandned due t brken rds. Thee hle intersected an alkaline intrusive described as being similar t the Kersantite dykes and sills knwn frm the Tsumeb depsit. At the time, a grund magnetic survey and a shallww gechemical drill prgram were prpsed. There is n evidence t shw that these prgrams were ever carried ut. Deeps planned a shallw drilling prgram ver Butterfly and several ther Khusib Springs Style targets during the quarter. Drilling wuld aim t penetrate thrugh the blanketing calcrete cver and btain bedrck sampled fr gechemical analysis. 5

6 Figure 4 - Magnetic imagery map f the Butterfly-Khusib Springs area shwing histric EM lps as red squares, histric EM cnductr centress as red dts, 2014 targets as pink plygns, the T2/T3 cntact as a brwn line and planned drill cllars as lightt blue dts. Nte the similar magnetic signatures f Butterfly and Khusib Springs. During the quarter the Cmpany cmpleted the fllwing finalised prcessing and interpretatin f histric EM data, resulting in the identificatin f at least six ptentially untested cnductrs. Finalised aermagnetic and gechemical targeting inn the area, identifying anther six high pririty targets. Cmpleted planning f shallw gechemical drilling ver the Butterfly anmaly 6

7 2 2.1 WESTERN AUSTRALIAN GOLD PROJECTS Twin Hills (M 29/21), Western Australiaa The Twin Hills Prject is lcated 27 km nrth f Menzies Twnship in the Eastern Gldfields. The histric Twin Hills mine is lcated in a shear znee within a narrw greenstne belt lcated between tw granitids. Recrded prductin frm the belt ttalled t 1,100t f re at an average grade f 23.6 g/t Au. Envirnmental rehabilitatin arund the histric mine site andd drilling activity was initiated during the quarter. Figure 5 - The lcatin f the Twin Hills Prject 7

8 3 EASTERN VICTORIAN GOLD PROJECTS The Cmpany currently hlds three granted explratin licences and has an applicatin pending fr ne further explratin licence in eastern Victria (Figure 5). The granted explratin licences are Burwang (EL5235), Twist Creek (EL5239), and Mudlark (EL5272). The Grant-Darg (EL5240)) licence is still prceeding thrugh the applicatin prcess. These licences and the applicatin are fr lw impact gld explratin ver a number f histric gld mining areas that have received limited explratin using mdern techniques. Gvernment recrds shw that ver 730,000 z f gld was histrically prduced frm the Burwang prject areaa (EL5235). The Rse, Thistle and Shamrck (RTS) gld mine and the nearby Landtax gld mine, lcated n EL 5325, is an areaa f significant ptential. Gvernment recrds shw that ver 80,000 z. f gld was prduced at g/t. an average grade f Figure 6 - Lcatins f the Cmpany s three explratin areas (black utlines) in eastern Victria. Majr twns and cities f the regin are shwn. N significant wrk was cnducted nn these prjects during the quarter. The Cmpany is actively seeking partners t cnduct gld explratin n its Victrian licences. Fr further infrmatin please cntact: Vincent Algar r Luke Marshall Phne (08) Or cnsult ur website: Cmpetent Persn Declaratin The infrmatin in this reprt that relates t Explratin Results is based n infrmatin cmpiledd by Luke Marshall, wh is a full time emplyee f Glden Deeps Limitedd and a member f The Australasian Institute f Gescientists. Mr Marshall has sufficient experience that t is relevant t the style f mineralisatin and a type f depsit under cnsideratin and t the activity that he is undertaking t qualify as a Cmpetent Persn as defined in the 2004 Editin f the Australasian Cde fr Reprting ff Explratin Results, Mineral Resurce and Ore O Reserves. Mr Marshall cnsents t the inclusin in the reprt f the matters based n his infrmatin in the frm and cntext in which it appears. Frward-Lking Statements This dcument may include frward-lking statements. Frward-lking statements include,, but are nt limited t, statements cncerning Glden Deeps Limited s planned explratin prgramme and ther statements thatt are nt histrical facts. When used in this dcument, the wrds such as "culd," "plan," "estimate," "expect," "intend," "may, "ptential," "shuld,"" and similar expressins are frward-lking statements. Althugh Glden Deeps Limited believes that its expectatins reflected in these frward-lking statements are reasnable, such statements invlve risks r and uncertainties and n assurance cann be given that actual results will be cnsistent with these frward-lking statements. 8

9 APPENDIX 1 Schedule f Glden Deepss tenementss Cuntry Namibia Australia Australia Schedulee f Mining and Explratin Tenements State/Regin Otjzndjupa WA Vic Prject Grtfntein Base Metals Twin Hills Victrian Gld Tenement ID EPL 3543 EPL 3744 EPL 3745 EPL 3743 EPL 5232 EPL 5233 EPL 5234 EPL 5496 EPL 5509 EPL 5510 M25/21 EL 5239 EL 5272 EL 5235 Area Km2 Grant Date Interest % /09/ /08/ /08/ /08/ /04/ /03/ /03/ /03/