Yamarna - Mt Venn Project A substantial copper-nickelcobalt discovery in WA

Transcription

1 ASX Code: GBR Yamarna - Mt Venn Project A substantial copper-nickelcobalt discovery in WA Drilling continues to expand Mt Venn discovery Exceptional exploration upside from Eastern Mafic complex May 2018

2 Important Information Purpose of presentation: This presentation has been prepared by Limited (ACN ) (GBR). It is intended for the sole purpose of providing high-level background information on GBR, its projects and its proposed operations. This presentation is not investment advice and should not be relied upon to make any investment decision. Nature of presentation: This presentation is not a prospectus, product disclosure statement or other investment disclosure document, and the level of disclosure in this presentation is less that such disclosure documents. It does not purport to contain all of the information that a prospective investor may require to make an evaluation of GBR or its business activities and nothing in this presentation is, or is intended to be, a recommendation to invest in GBR. GBR does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. No offer: This presentation does not make or contain any offer of securities or any other offer to invest in GBR to any person. Potential investors should consider GBR s Prospectus dated 12 September 2016 (Prospectus), available on its website, and GBR s announcements to ASX. Professional advice: Recipients of this presentation should consider seeking appropriate professional financial, taxation and legal advice in reviewing the presentation and all other information with respect to GBR and evaluating its business, financial performance and operations. Forward-looking statements: This presentation contains forward-looking statements which may be predictive in nature and incorporate an element of uncertainty or risk, such as intends, may, could, believes, estimates, targets or expects. These statements are based on an evaluation of current economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this presentation, expected to take place, but there cannot be any guarantee that such will occur as anticipated, or at all, given that many of the events are outside GBR s control. The stated events may differ materially from results ultimately achieved. Accordingly, neither GBR nor any of its directors, employees, contractors or advisors make any warranty or assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur. Further, other than as required by law, GBR may not update or revise any forward-looking statement if events subsequently occur or information subsequently becomes available that affects the original forward-looking statement. Disclaimer: Neither GBR nor its officers, employees, contractors or advisers make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in this presentation. Nothing contained in this presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. GBR excludes all warranties that can be excluded by law. Except for statutory liability which cannot be excluded, GBR, its officers, employees, contractors and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Proprietary information and copyright: This presentation and the information it contains is proprietary to GBR. GBR holds the copyright in this paper. Except as permitted under the Copyright Act 1968 (Cth), this paper or any part thereof may not be reproduced without its written permission. Exploration Results: The information in this presentation concerning exploration results on GBR s projects is contained in ASX announcements available on its website, GBR confirms that it is not aware of any new information concerning exploration results that materially affects the information included in its ASX announcements. Hannan Street in The Exchange Hotel is in the centre, with the Palace Hotel on the right. 2

3 Corporate Overview Board of Directors Greg Hall Stefan Murphy Murray Black Melanie Leighton Non Exec Chairman Managing Director Non Exec Director Non Exec Director Capital Structure Share Price (04/05/18) $0.30/share Total Shares on issue 70.6m Escrow shares (18 November 2018) 20.0m Tradeable shares 50.6m Key Advisors John Beeson Scott Halley Chief Structural Geologist Chief Geochemist Mt Venn copper-nickel-cobalt discovery in Western Australia: Market capitalisation (04/05/18) Cash balance (31/03/18) Debt Enterprise Value $21.2m $2.8m Nil $18.4m Emerging large scale project aligned with growing demand for EV and battery metals Tight capital structure with only 70.6m shares on issue Strong leverage to exploration success: $21m enterprise value (30 per share), Experienced board and management with strong discovery track record Shareholders Black International 4.2% Exploration Capital Partners 4.0% Directors 9.4% Key Advisors 7.6% Note: 35.9m unlisted options and 2m performance rights on issue 3

4 Projects Overview Yamarna Mt Venn Located 25km west of the Gruyere gold project and 130km east of Laverton in WA Extensive copper-nickel-cobalt mineralisation outlined over several kms at Mt Venn complex RC and diamond drilling to infill and extend Mt Venn recently completed - further assays imminent Metallurgical testwork well advanced on producing copper concentrate and cobalt-nickel sulphate for the battery market Numerous large bedrock conductors at the Eastern Mafic complex; Ground EM underway to refine drilling targets Maiden RC drilling on the Eastern Mafic expected to start in June/July Tarmoola Located in the heart of the Leonora gold district 2km high grade gold trend identified Infill soil sampling and mapping completed along the Ursus and Marionette shear zones to further refine drill targets Jundee South 10km along strike from the Jundee Gold Mine New mapping completed with targets identified along structural and lithological contacts within the Jundee mine sequence Auger sampling completed, assays expected soon 4

5 Yamarna Mt Venn Project Mt Venn & Eastern Mafic Complex A large-scale copper-nickel-cobalt magmatic system Mt Venn Sulphide mineralisation discovered over several kms along the western margin of the Mt Venn complex and remains open in all directions Multiple, parallel lenses of copper-nickelcobalt sulphide mineralisation identified High grade copper intersected along the footwall contact at Mt Venn Recently identified Eastern Mafic complex, adjacent to Mt Venn, resembles a very large, pipe-like intrusion Mineralised Trend Eastern Mafic Airborne EM flown over the Eastern Mafic has identified multiple late-time conductors, indicative of a bedrock source Aircore geochemistry confirms a strong correlation between EM conductors and copper-nickel mineralisation Kilometres Gravity image showing Mt Venn and Eastern Mafic complexes 5

6 Yamarna Mt Venn Project Tenement and Infrastructure 6

7 Yamarna Mt Venn Project Where it Began Gold Road flew an airborne XTEM survey to map the Thatcher s Soak paleochannel for processing water at Gruyere Strong late-time EM conductor identified along the Mt Venn trend and away from the paleochannel, extending onto GBR tenement 15GYWB0004 Gold Road drilled the conductor on their tenement and intersected primary sulphide mineralisation: Assays return grades up to 1.7% Cu, 0.2% Ni and 0.05% Co Great Boulder completed a ground EM survey and aircore geochemistry in September 2017 that identified multiple late-time conductors, indicative of a bedrock source EM plate modelling identified a series of shallow, stacked conductors along the Mt Venn trend with coincident Cu-Ni mineralisation 7

8 Yamarna Mt Venn Project Mt Venn Discovery Two phases of RC (5,185m) and diamond (861m) drilling were completed at Mt Venn in late 2017 Multiple, broad lenses of shallow copper-nickel-cobalt mineralisation were intersected over several kms and open in all directions. Significant results include: 48m at 0.8% Cu, 0.2% Ni, 0.07% Co from 103m (downhole) including 3m at 1.3% Cu and 5m at 1.0% Cu including 6m at 0.7% Cu, 0.3% Ni and 0.10% Co 17MVDD003 Basal contact with interstitial chalcopyrite and pyrrhotite within very coarse-grained gabbro (108m) 61m at 0.5% Cu, 0.1% Ni, 0.05% Co from 86m (downhole) including 2m at 1.12% Cu and 12m at 0.8% Cu 26.2m at 0.5% Cu, 0.2% Ni, 0.06% Co from 12m (downhole) 18m at 0.8% Cu, 0.1% Ni, 0.02% Co from 187m (downhole) including 2m at 1.0% Cu and 1m at 4.3% Cu 18m at 0.7% Cu, 0.2% Ni, 0.05% Co from 92m (downhole) including 1m at 2.3% Cu and 1m at 1.7% Cu 4.4m at 1.7% Cu from 142.4m (downhole) including 2.5m at 2.2% Cu 17MVRCD008 Semi-massive and stringer pyrrhotite with chalcopyrite (113m) 8

9 Yamarna Mt Venn Project Mt Venn Extensional drilling Recently completed 13 RC holes (2,554m) and four diamond holes (692m) at Mt Venn Drilling tested extensions to the central massive sulphide zone and the western contact between the mafic intrusion and footwall sediments that previously returned 1m at 4.3% Cu and 4.4m at 1.7% Cu Results from the first five RC and one diamond drill hole continues to grow Mt Venn into a significant new copper-nickel-cobalt discovery that remains open in all directions. Significant results include: 44m at 0.5% Cu, 0.2% Ni, 0.06% Co from 153m (downhole) including 3m at 1.0% Cu and 2m at 1.2% Cu including 4m at 0.4% Cu, 0.2% Ni, 0.08% Co 27m at 0.6% Cu, 0.2% Ni, 0.05% Co from 43m (downhole) including 5m at 0.9% Cu, 0.2% Ni, 0.07% Co including 5m at 0.9% Cu, 0.1% Ni, 0.02% Co 10.1m at 0.9% Cu from 229.3m (downhole) including 5.9m at 1.1% Cu, 0.1% Ni, 0.02% Co Mt Venn RC and Diamond drill program - Previously reported drill results (yellow), new drill results (red) and pending results (blue) over RTP 1VD magnetics 9

10 Yamarna Mt Venn Project Metallurgy Testwork Initial metallurgical trials have been completed on a composite sample from Mt Venn, testing metallurgical flowsheet options and ability to produce separate copper, nickel and cobalt products. Preliminary results indicate: Moderate to low hardness and grindability (Bond Work index of 12.8 kwh/t) Copper is contained mainly in chalcopyrite and can be selectively floated and further cleaned to produce saleable copper concentrate Nickel and cobalt (+/- Cu) are recovered into a Pyrrhotite concentrate which is sent to a hydrometallurgical circuit for leaching metals into solution Atmospheric (at 90 deg C) and pressure (at 105 and 150 deg C) oxidative leaching options have been tested Preliminary results indicate that high extractions of about 90% can be obtained for all base metals under both tested conditions Ore Crush / Grind Copper Rougher Flotation Copper Cleaner Flotation Copper Concentrate Nickel & Cobalt Products Tail Cu Product Nickel/Cobalt +/- Cu Flotation Nickel/Cobalt +/- Cu Leaching Copper Recovery Nickel/Cobalt Recovery Tailings Residue Effluent Simplified Flowsheet for Mt Venn Metallurgical Testwork (17MVDD002) 10

11 Yamarna - Eastern Mafic Complex Identified in a gravity survey, the Eastern Mafic represents a large intrusive body prospective for copper, nickel and cobalt sulphide mineralisation Gravity and surface sampling indicates the Eastern Mafic complex is a very large circular body and appears to represent a pipe-like chonolith feeder structure The potential discovery of a feeder structure is significant as many globally-significant magmatic nickel sulphide orebodies occur within these features Airborne EM was flown in April and identified multiple, strong conductors over a 6km strike length These conductors are considered highly prospective because of their late-time EM response, indicative of a bedrock source Airborne EM late-time (Channel 30) response. The core of the intrusion has the greatest concentration of strong conductors over 4km strike with more conductors located along the eastern shear zone 11

12 Yamarna - Eastern Mafic Complex Geochemistry supports bedrock conductors The Eastern Mafic complex was targeted due to its geochemical signature that suggested an earlier stage of formation, meaning it is potentially closer to the source of the intrusion and therefore prospective for nickel sulphide mineralisation Preliminary XRF analysis of aircore drilling over the Eastern Mafic has demonstrated anomalous copper and nickel coincident with the airborne EM conductors, indicating a sulphide bedrock source Several highly anomalous copper-nickel aircore results were intersected in or near paleochannels that mask potential bedrock conductors Aircore maximum downhole copper (left) and nickel (right) over late-time (channel 30) airborne EM image 12

13 Yamarna - Eastern Mafic Complex Moving Loop EM Detailed ground MLEM survey has commenced over the Eastern Mafic complex The MLEM survey commenced at the south of the airborne EM (AEM) conductor zone and has completed the first seven lines MLEM Completed MLEM Completed Gravity image (left) and late-time (channel 30) airborne EM image (right) with MLEM station plan. Core of the intrusion with priority conductors is outlined in red, eastern shear zone conductors outlined in purple 13

14 Yamarna - Eastern Mafic Complex Initial MLEM results Moving Loop EM (Ch 35) Conductors 1, 11 and 22 have now been tested, with several strong late time conductors identified that are indicative of a bedrock source Modelling of the MLEM results has identified several conductors associated with the airborne response. The modelled conductor plates are highly conductive, ranging from 6,800 to 11,300 Siemens Section The strongest response was observed at mid to late delay times and coincident with Anomaly 22 from the airborne EM survey. Airborne EM (Ch 35) with MLEM contours (Ch 35) Interpretation by Newexco suggests this strong response is sourced by a bedrock conductor and consistent with a massive sulphide source. The conductor is very large, approximately 100m below surface and extending over 500m of strike A secondary conductor was observed at early to mid-delay times and is superimposing with the main strong anomalous response to produce airborne Anomaly

15 Yamarna - Eastern Mafic Complex Initial MLEM results A third strong anomalous response was observed at mid to late times and coincident with Anomaly 11 from the airborne EM The modelled conductor is 80m below surface and the response is consistent with a bedrock massive sulphide source mN mN mN mN mN Surface 400m 350m 300m 250m 200m 150m Only 15% of the survey has been completed so far, with initial results confirming the presence of very large bedrock conductors, validating the airborne EM results The survey will be completed in late May, with results received on a rolling basis, allowing for ongoing conductor plate modelling and drill hole planning Great Boulder anticipates mobilising an RC and diamond rig to the Eastern Mafic in late June to commence an extensive drilling program Long-section looking east with conductor plates and CDI s 100m Surface 400m 200m 0m mE mE mE mE mE mN with late time (Ch30-35) response and conductor plates 15

16 Yamarna - Eastern Mafic Complex Initial MLEM results A third strong anomalous response was observed at mid to late times and coincident with Anomaly 11 from the airborne EM The modelled conductor is 80m below surface and the response is consistent with a bedrock massive sulphide source mN mN mN mN mN Surface 400m 350m 300m 250m 200m 150m Only 15% of the survey has been completed so far, with initial results confirming the presence of very large bedrock conductors, validating the airborne EM results The survey will be completed in late May, with results received on a rolling basis, allowing for ongoing conductor plate modelling and drill hole planning Great Boulder anticipates mobilising an RC and diamond rig to the Eastern Mafic in late June to commence an extensive drilling program Long-section looking east with conductor plates and CDI s 100m Surface 400m 200m 0m mE mE mE mE mE mN with late time (Ch30-35) response and conductor plates 16

17 Key Investment Takeaways Exceptional discovery in growth metals Mt Venn - Copper, nickel cobalt discovery Large system with multiple lenses that remain open in all directions Near surface sulphide mineralisation, amenable to open pit mining Positive initial metallurgy results, targeting copper concentrate and nickel, cobalt sulphide and sulphate products for the battery and EV markets Advanced exploration, moving towards Resource definition drilling Eastern Mafic complex Possible feeder structure to the Mt Venn system Large intrusion adjacent to Mt Venn with significant exploration potential Multiple airborne EM conductors with coincident nickel-copper geochemical anomalies Initial MLEM results support the presence of massive sulphide mineralisation Highly-leveraged to exploration success Only 70.6 million shares on issue (market cap: $21m at 30 per share) Actively exploring with immediate and long-term news flow MLEM survey underway, only 15% completed to date with strong conductors already identified Diamond and RC assays pending and ongoing metallurgical testwork 17

18 Appendix Mt Venn Magnetic Image 18

19 greatboulder.com.au Level 1, 768 Canning Highway Applecross, 6153 Western Australia