ACN 112-425-788 ASX RELEASE 20 SEPTEMBER 2013 ASX CODE: PLS PILBARA MINERALS LIMITED EXPLORATION UPDATE Highlights Pilbara granted new 1,101 sq km tenement in PNG: EL 1916 Exploration to focus on EL 1915 and EL 1916 Tamo Project samples indicative of primary epithermal signature Pilbara Minerals Limited ( Pilbara ) is pleased to announce that its wholly owned subsidiary New Global Mining PNG ( New Global ) has been granted EL 1916, a 1,101 sq km tenement in the highly prospective East Sepik region of Papua New Guinea. EL 1916 is a vital component of the Malaumanda Regional project. The Malaumanda Regional Project covers a large contiguous tenement package (EL 1915-1916 and ELA2017) which gives the Company a dominant land holding in one of the most prospective and underexplored gold and copper provinces in the world. Numerous geochemical gold-copper anomalies and geophysical targets, including both epithermal and porphyry targets, have been identified within the tenement areas, including two large copper anomalous porphyry targets within EL1916, and the Company will focus on the porphyry targets with this license The southern boundary of the Regional Malaumanda Project lies just 20km north of the massive Porgera Gold Mine. (28Moz Au) In addition, the Company has received location coordinates for the encouraging results of rock chip samples taken at its Tamo project earlier this year. The results have been interpreted and the overview follows in the Exploration Update. Level 5, 2 Bligh Street Sydney NSW 2000 Australia Tel: +61-2-8252-9223 Fax+61-2-9475-5435 www.pilbaraminerals.com.au
EXPLORATION UPDATE - PAPUA NEW GUINEA TAMO PROJECT EL 1453 A geological reconnaissance was completed to investigate three targets defined by aeromagnetic interpretation and the newly released JIMI 1:100,000 geology map, these are up-stream from the Tupuka and Clay Rivers which contain placer gold. Three targets were investigated with ground reconnaissance, float and rock sampling. It was envisaged that initially a camp would be established at Maranfom and later possibly a fly camp more central to the Munano gabbro. Reconnaissance exploration was completed by walking up creeks and streams from Bamugagan and Maranfom to the west. Mapping Summary The aim of this field program was to concentrate on the outcropping and sub-cropping geology in the ranges to the west of the Tupuka River. The field crew consisting of a PNG contract geologist and two experienced field assistant s and up to 20 local labourers were used for track and fly camp construction. Samples of both in situ rock chips and rock float were taken within creek and ridge areas west and up-stream of Tupuka River (Targets 1-3). Samples were taken for geochemical analysis and petrology. A total of 138 samples were collected and submitted to SGS for analysis of Au, Ag, As, Bi, Cu, Fe, Mo, Sb, Pb and Zn. Fourteen traverses were taken upstream. The geology recorded altered volcanic intrusives, ranging from micro-diorite to altered andesites and gabbros. Sample showed various stages of alteration from weak propylitic to strong argillic alteration on fractures or related to quartz veinlets. Minor breccias were identified with associated haematitic alteration or enrichment. (see Figure1 Sample Sites and Targets). Figure 1 Sample Sites and Targets Results Page 2 of 7
The sampling was designed to investigate three prospective areas; a summary of the anomalous samples are presented in Tables 1, 2 & 3 below. See also Figure 1. The Kun, Kiam and Sita Creeks all drain from the Murano Gabbro (Target 1) and three rock samples have returned anomalous results, one in particular from the Kun River which was taken just below the escarpment is described as an altered microdiorite, with sericite and quartz veinlets with 7% pyrite. It returned 0.31g/t Au and 13.7g/t Ag, and is anomalous in As and Bi. Two other samples although only weakly anomalous in Au, had high As and Bi, which is indicative of a primary epithermal signature (low sulphidation style). Table 1 Anomalous Results from Sita, Kiam, and Kun Creeks Sample ID Au Ag As Bi Cu Fe Mo Pb Sb Zn SITA 006 0.02 <0.5 308 <5 80 51800 <5 15 <2 59 KIAM 019 0.02 <0.5 6 11 120 84400 <5 13 <2 43 KUN 002 0.31 13.9 519 <5 125 76400 <5 78 10 100 BAN 001 0.49 <0.5 6 5 64 59700 <5 8 <2 64 BAN 002 0.29 <0.5 3 43 38 20100 <5 17 <2 7 The Tam, Tor, Kuri and Kru Creeks creeks all drain from the circular feature ( Figure 2 ) and 8 rock samples have returned anomalous results. One in particular from the Tam Creek area that was taken on the southern side of the range did not have a description, but assayed 0.2 g/t Au,384ppm As and 25% Fe suggesting haematite-alterationor massive pyrite. Two samples from the Tor and Kru Creeks were described a breccias but were only weakly anomalous. Two samples from the Kuri Creeks were weakly anomalous in Cu. Table 2 Anomalous Results from Tam, Turi, Kuri and Kru Creeks Sample ID Au Ag As Bi Cu Fe Mo Pb Sb Zn KURI 006 0.01 <0.5 22 <5 266 85800 <5 15 <2 81 KURI 009 0.02 <0.5 <3 <5 298 81500 <5 9 <2 88 TOR 005 0.02 <0.5 4 <5 7 48000 <5 12 <2 106 TOR 007 0.02 <0.5 28 <5 13 26300 <5 9 <2 31 TAM 002 0.2 <0.5 384 <5 76 249000 <5 80 <2 36 TAM 005 0.01 <0.5 4 <5 46 24500 <5 <5 <2 34 TAM 006 0.01 <0.5 23 <5 90 75200 <5 17 <2 76 KRU 2 0.01 <0.5 20 <5 69 47100 <5 7 <2 58 The Kaset and Meom creeks all drain directly into the Tupuka River where alluvial gold is won from both palaeo terraces and present active drainage. The Meom Creek (Maranfom-Meom Area) has coarse gold, with nuggets up to 3 oz recovered. This creek has a straight physical expression likely reflecting an underling NE-SW fault. The Meom Creek leads directly up to the Hamil Thrust area (Figure 3). On average Cu values of the 9 anomalous rock samples are 3X that of the other areas. One sample on the Kaset area that returned 1.08g/t Au and 104ppm Mo, is described as a diorite with fuchsite infill in a quartz vein and <1% total sulphides. Another sample at Meom returned 8ppmMo and 964ppm Cu. Rocks in the area were described as propylitically-altered andesites with variable sericite and quartz with 1-3% total sulphides. Upstream from Meom11, copper values decrease significantly and suggest a source between lower Meom Page 3 of 7
creek and Kaset. The geochemistry suggests potential Au-Cu-Mo mineralisation although no porphyry rock types were identified. Table 3 Anomalous Results from Meom and Kaset Creeks Sample ID Au Ag As Bi Cu Fe Mo Pb Sb Zn MEN 004 0.01 <0.5 7 <5 246 76900 <5 14 <2 82 MEN 011 0.07 <0.5 135 <5 967 91500 8 21 <2 34 MEN 013 <0.01 1.1 11 <5 98 75700 <5 10 <2 84 MEN 016 <0.01 <0.5 9 <5 366 75600 <5 13 <2 63 MEN 017 <0.01 <0.5 7 <5 111 67500 <5 17 <2 98 MEN 018 0.01 <0.5 5 <5 277 58100 <5 12 <2 63 KASET 004 1.08 <0.5 10 <5 41 80700 104 17 <2 84 KASET 005 0.02 <0.5 9 <5 57 73100 <5 12 <2 71 KASET 007 0.02 <0.5 21 <5 307 81700 <5 14 <2 66 The two maps, Figures 2- and 3,show the Au and Cu geochemical results from the entire program and demonstrate the presence of three anomalous areas. It clear that more work is needed to further define hard rock targets in the Tamo EL 1453 area. Figure 2 Cu values with underlying geology Page 4 of 7
Figure 3 Au values with underlying geology MALAUMANDA REGIONAL PROJECT (EL 1915-1916, ELA 2071) The Malaumanda area has had a 25-year exploration history with the majority of work completed on the Malaumanda Central Project EL 1989 where exploration has been mainly focused on epithermal gold vein systems. The Malaumanda Regional Project covers a much larger contiguous tenement package (EL1915-1916 and ELA 2017) which provides Pilbara a dominant land holding in one of the most prospective and underexplored gold provinces in the world. Numerous geochemical gold-copper anomalies and geophysical targets, including both epithermal and porphyry targets, have been identified within the tenement areas, including 2 large copper anomalous porphyries within EL 1916. The southern boundary of EL 1915 lies just 20km north of the massive Porgera Mine. The Company will focus exploration on the already identified porphyry targets within the recently granted EL 1916. In addition,. there are a number of priority copper porphyry targets in the the Yokopos Prospect which is located within ELA 2071. These targets were originally identified by Kennecott in 1967 and followed up by Carpentaria Exploration(CRAE 1975-1976). Yokopos Target The Yokopos prospect lies in the headwaters of the Yokopos River in ELA2071. Kennecott in 1967 completed reconnaissance stream sediments a sampling and two samples returned 105ppm Cu and 110ppm Cu from two streams in the headwaters. Later in 1975, CRAE followed this up with ridge crest sampling and defined an anomalous area of 2.5 sq kms between the Binen and Ivall Creeks. Float was identified as porphyritc diorite with pyrite, minor chalcopyrite and Page 5 of 7
fine disseminated molybdenite, the mineralized float was strongest in the Invall Creek area. Initial soil sampling returned Cu values ranging from 70ppm to 340ppm, Mo values ranging from 3ppm to 19 ppm and Zn values between 110ppm to 620ppm. Further follow up was completed with an additional 334 soil samples taken and assayed for Cu, Pb, Zn, Au, Ag, Mo and As, Copper assay results from this work ranged from 5ppm on the lower slopes to 1,150ppm on the ridge, the +150ppm contour outlines an area of 1.5 sq kms. Six float samples returned results between 330ppm Cu and 9,000ppm Cu. CRAE concluded that the widespread occurrence of disseminated pyrite and molybdenum strongly suggests a porphyry copper type occurrence. No further work was completed. This is priority target area and was identified as target C10 along the northern margin of the Karawari Batholith in the integrated geology and geophysical interpretation completed by Southern Geoscience Corporation in 2012. Other known porphyry copper targets such as Central Range (C40), Cone Mountain (N5) and Cloud Mountain (N43) lie within the newly granted EL 1916. (Summary Map Appendix 1.) Table 4 Priority Target Malaumanda Regional Project Target Rank Features C-10 Yokopos Porphyry Cu-Au Target 1 At northern, faulted margin of the Karawari Batholith (Tmr), mag alteration, K anomalism, Cu, Zn prospects C-16 Intrusive contact/ skarn style target 2 Enhanced K in structural zone at southern margin of Tmr. Major EW fault, NNE fault/contact and weak mag low zone N-6 Porphyry Cu-Au Target 6 Complex mag variation related to EW fracture. Local small mag dipole and Th anomalies, but overall low in radioelements. N-5 Cone Mountain Porphyry Cu-Au Target 4 Exposed granitic intrusion with associated Cu mineralisation. k enhancement and mag anomaly N-3 Porphyry Cu-Au Target 5 Mag feature in WNW structural zone. Coincident topo high, weak rad (mainly Th) expression, mapped intrusion. W-19 Porphyry Cu-Au Target 7 Mag and rad complex in NW structural corridor. Mag flat zone with 2 satellite K highs at margin FW-28 Porphyry Cu-Au Target 8 Granitoid intrusion into segmented ultramafic sheet, controlled by EW fractures. Clear mag expression, Cu-Au min N-43 Cloud Mountain Porphyry Cu-Au Target 3 Exposed granitic intrusion with associated Cu mineralisation. k enhancement and mag anomaly MALAUMANDA CENTRAL PROJECT (EL 1989) Yape Wakunon Target Area EL1989 Reconnaissance sampling was completed along the priority Yape-Wakunon creek area in EL 1989. A total of eighteen (18) rock chips were collected. The sampling completed targeted north-east trending structures observed along the creek traverses. Table 5 below lists the anomalous results. Page 6 of 7
Table 5 SAMPLE SAMPLE North(GDA94) East(GDA94) CREEK Au Ag Cu Pb Zn ID TYPE 582501 Rock 9,456,130 742,570 Wakunon 2 0.19 2.5 203 222 1087 582502 Rock 9,456,050 742,270 Wakunon 3 1.29 8.2 5629 93 18200 582503 Rock 9,456,130 742,430 Wakunon 0.04 0.1 13 3 40 582504 Rock 9,456,750 742,200 Wakunon 0.35 2.7 129 40 62 582505 Rock 9,456,150 742,800 Wakunon 1 0.09 0.4 23 5 39 582506 Rock 9,456,150 742,800 Wakunon 1 0.35 1.2 109 11 38 582507 Rock 9,456,270 742,680 Wakunon 1 0.63 4.8 718 225 169 582508 Rock 9,456,270 742,680 Wakunon 1 0.23 0.6 308 3 23 582509 Rock 9,456,350 742,575 Wakunon 1 0.14 0.5 76 <2 41 582510 Rock 9,456,130 742,430 Wakunon 0.71 1.5 223 4 22 582511 Rock 9,456,550 742,400 Wakunon <0.01 0.2 289 <2 24 582512 Rock 9,456,600 742,350 Wakunon 0.29 1.2 75 31 363 582513 Rock 9,456,700 742,300 Wakunon 0.06 0.3 347 <2 46 582514 Rock 9,456,400 742,150 Wakunon 0.05 0.9 1360 2 66 582515 Rock 9,456,400 742,150 Wakunon 0.13 1 12 7 47 582516 Rock 9,456,500 742,100 Wakunon 3 0.07 0.6 422 2 142 582517 Rock 9,456,500 742,100 Wakunon 3 0.83 8 3619 102 21700 582518 Rock 9,456,250 742,380 Wakunon 3 0.06 0.3 202 3 179 Relinquishment of EL1989 / MDC Joint Venture: Desk top and field work over the last year has identified several targets on the Malaumanda Central tenement (EL 1989). After an internal review and a field investigation of the Yape Porphyry Gold - Copper Target, and subsequent grant of highly prospective tenements EL1915 and EL1916, the Company has decided to relinquish it s interest in EL 1989 and to withdraw from the Joint Venture with the Malaumanda Development Corporation (MDC). This will allow the Company to concentrate resources on it s newly granted and highly prospective tenements EL 1915 and EL 1916 in the Malaumanda Regional Project, where there are 8 priority targets with potential for defining significant porphyry copper-gold systems ( See Appendix 1 ). These targets have been identified from a regional interpretation of the aeromagnetics by Southern Geoscience Consultants during 2012. Executive Director Neil Biddle The information pertaining to the technical content of this report in relation to the PNG tenements has been compiled by Neil Biddle, B.Sc., MAusIMM. Mr Biddle is a Director of Pilbara Minerals Limited, and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity that he is undertaking to qualify as a Competent Person, as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr Biddle consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Page 7 of 7
ACN 112-425-788 Appendix 1 -Malaumanda Regional Targets Level 5, 2 Bligh Street Sydney NSW 2000 Australia Tel: +61-2-8252-9223 Fax+61-2-9475-5435 www.pilbaraminerals.com.au