data demonstrates high-grade potential at bouaflÉ … · by perseus mining and currently under...

17 November 2020

DATA DEMONSTRATES HIGH-GRADE POTENTIAL AT BOUAFLÉ PROJECT IN CÔTE D’IVOIRE

Highlights

Significant high-grade intercepts, not previously released include:

23m at 2.5 g/t gold from 92m in hole BFRC069


12m at 5.6 g/t gold from 48m in hole BFAC627


8m at 9.4g/t gold from 4m in hole BFAC933

The complete data set includes 18,300 soil samples which outline anomalous gold in soil over a strike length of 17 kilometres.

Drilling data includes results from 994 aircore holes, 85 reverse circulation holes and nine diamond drill holes, for a total of over 80,000m of drilling.

High resolution airborne magnetic and radiometric data over 16,500 line kilometres to be used for direct drill targeting.

Several drill-ready targets exist based on follow up of high-grade intercepts that have never been fully drill tested.

Tanga Resources Limited (ASX: TRL) (Tanga or the Company) is pleased to announce the findings of a review of data on its Bouaflé Project located in Côte d’Ivoire. The review found a number of high-grade gold intercepts, which together with geochemical and geophysical data, have identified several drill-ready targets for follow up.

Tanga’s Chairman, Andrew Pardey, commented:

“We are extremely pleased to be able to release such a significant volume of data on our Bouaflé

Project in Côte d’Ivoire, including soil geochemistry, high resolution airborne geophysics and drilling

data. The tenement package remains highly prospective, with previous work having identified a 17-

kilometre long gold in soil anomaly, supported by numerous high-grade aircore and RC drill

intersections. Importantly for Tanga, many of these intersections were never adequately followed up

and this presents targets for further exploration and drilling with potential for high-grade discoveries.”

The data was acquired through multiple sources, including the former owner, Newcrest Mining Limited (Newcrest).

TORRENSMINING.COM PAGE 2 OF 16

Project Work History at the Bouaflé Project

The Bouaflé Project was previously held by Newcrest subsidiary Equigold and explored by Newcrest

between 2009 and 2014. Equigold was acquired by Lihir Gold in 2008 and Lihir Gold was

subsequently acquired by Newcrest in 2010.

Work commenced on the Bouaflé Project in 2009 with the collection of 12,652 regional soil samples,

which were infilled with a further 10,812 samples, that together delineated the 17km long gold in soil

anomaly shown in Figure 1 below. The anomalous soil samples are particularly useful in delineating

the prospective structural corridor as outlined in the regional geology and geophysical datasets.

Figure 1 - Geology (Mériaud, 2020) and Magnetics over license areas.


Following the successful soil sampling program conducted in 2009, Equigold undertook an airborne

magnetic and radiometric survey over the Bouaflé Project area in 2010 and then expanded this

program in 2012 to further cover the Bouaflé greenstone belt to the south of the project area. This

airborne survey was flown with a line spacing of 100m and a sensor height of 50m which produces a

very high definition magnetic image and allows for direct interpretation of the geology and the

structural features of interest without the need for further follow-up ground magnetics in most areas,

thereby providing significant cost and time savings.

Between 2011 and 2012, Equigold conducted an extensive large aircore drilling campaign consisting

of 994 holes for a total of 41,980 metres. Significant intercepts from this program included:

8m at 9.4g/t gold from 4m in hole BFAC933



23m at 1.1 g/t gold from 52m in hole BFAC940 ending in mineralisation and


Between 2012 and 2013 Equigold completed nine diamond drillholes and one RC drillhole with a

diamond tail for a total of 2,990m. Significant intercepts from this program included:

15.3m at 1.8 g/t gold from 197m in hole BFDD007

1.5m @ 16.2 ppm gold from 22m in hole BFDD009

3.64m at 4 g/t gold from 246.36m in hole BFDD006

Importantly, this drilling program and subsequent RC drilling delineated the Bouaflé North prospect,

which has recorded high-grade intersections over 1,000m of strike and represents an outstanding

drill-ready target.

Finally, between 2012 and 2013, Equigold executed a large RC drilling program consisting of 79 drill

holes for a total of 14,894m. This program was designed to better define mineralised segments of the

shear and recorded the following significant intercepts:








Figure 2 - Bouaflé drilling with selected significant Intercepts


Bouaflé Project Geology

The Bouaflé Project is located on the Bouaflé greenstone belt which hosts the Yaouré deposit, owned

by Perseus Mining and currently under construction, and containing resources of 3.8Moz at 1.25g/t

Au including an underground resource of 346koz at 6.1g/t Au.1

The Bouaflé belt is divided into two domains; an eastern mafic domain and a western volcano-

sedimentary domain on which the Bouaflé Project Licences are situated.

Historically, the project was divided into three project areas, Bouaflé North, Central and South

targeting shear hosted mineralisation along a 17km mineralised trend as outlined by more than 900

aircore holes totalling some 40,000m of drilling completed by Newcrest between 2010 and 2012. This

drilling outlined a coherent geochemical anomaly with gold in soil of over 30ppb (See Figure 1).2

Follow-up drilling at the Bouaflé Project Licences defined two main mineralised areas referred to as

the Main Mineralised Shear Zone (MMSZ) and the East Mineralised Zone (EMZ). The MMSZ is a sub-

vertical shear zone hosted on the contact between the Dianfla granodiorite and the Birimian sediments

which mainly consist of sheared sandstone and siltstone. The EMZ includes mineralisation hosted on

the Okabo Shear Zone which is a parallel mineralised structure some 400m to the east of the MMSZ.

Drillholes indicate that the mineralisation in this zone consists of steeply west dipping gold bearing

quartz veins and sub-vertical pyritised sediments.

Other historical drilling, previously released by Newcrest included intercepts of:

8m at 18 g/t gold from 116m in hole BFRC0413

18m at 2.4 g/t gold from 107m in Hole BFRC0674


10m at 1.2 g/t gold from 42m and 5m at 2.3 g/t from 55m in hole BFRC0754

32m at 1 g/t gold from 140m in hole BFRC0321

The Company believes that mineralisation remains open and untested both along strike and down dip

and that multiple drill-ready targets exist on the Bouaflé Project.

1 ASX announcement 26 August 2020 (Perseus) 2 ASX announcement 23 April 2013 (Newcrest Quarterly Results Presentation) 3 ASX announcement 17 October 2013 (Newcrest Quarterly Exploration Report) 4 ASX announcement 24 January 2013 (Newcrest Quarterly Report)


About Tanga’s Côte d’Ivoire Projects

The Bouaflé Project comprises two licences – Bouaflé North and Bouaflé South (Bouaflé Project

Licences) – covering an area of 742km2. Applications for the Bouaflé Project Licences are with the

Direction Générale des Mines et de la Géologie (DGMG) and are pending approval.

The Mankono Project covers three exploration licences – Mankono West, Mankono East and

Tieningboue (Mankono Project Licences) – over an area of 1,170 km2. Applications for the Mankono

Project Licences are with the DGM and are pending approval.

The Bocanda and Issia Projects comprise four tenements covering an area of 1,128 km2. The

Bocanda Project licences were selected by Predictive Discovery Limited using its in-house targeting

system known as PredictoreTM.

Further information on the Company’s Côte d’Ivoire Projects is available in ASX announcement dated

8 September 2020. The location of the Côte d’Ivoire Projects is shown in Figure 3.

Figure 3 - Location of Côte d’Ivoire Projects


This announcement has been authorised by the Board of Tanga Resources Limited.

Contact details

Chris van Wijk

Executive Director - Technical

+61 8 9381 5686

References to previous ASX announcements

In relation to the exploration results reported in this announcement and referenced above and

reported by Newcrest, Tanga confirms that it is not aware of any new information or data that

materially affects the information included in those announcements.

In relation to the mineral resource announcement for the Yaouré Project reported by Perseus Mining

Limited, Tanga confirms that it is not aware of any new information or data that materially affects the

information included in those announcements and that all material assumptions underpinning that

estimate in that market release continue to apply and have not materially changed.


Bouaflé Project Drilling Results

Significant Intercepts defined with Au 0.5ppm cutoff, 3m Minimum Intercept, 3m Maximum Consecutive Internal Waste.

PROSPECT HOLE ID HOLE TYPE

EAST WGS84

NORTH WGS84 RL DIP AZI

EOH DEPTH

DEPTH FROM

DEPTH TO

WIDTH (M)

GRADE AU G/T

Bou Cent BFAC014 AC 194702 794602 224.4 -90 0 37 32 36 4 0.57 Bou Cent BFAC024 AC 195288 794223 245 -90 0 60 0 4 4 5.24 Bou Cent BFAC035 AC 194233 794427 219.9 -90 0 35 24 28 4 0.89 Bou Cent BFAC041 AC 194567 794217 237.2 -90 0 50 36 40 4 2.74 Bou Cent BFAC052 AC 194421 793828 240 -90 0 53 44 48 4 1.01 Bou Cent BFAC054 AC 194515 793766 240 -90 0 57 36 40 4 0.85 Bou Cent BFAC063 AC 195110 793383 245 -90 0 66 16 20 4 0.8 Bou Cent BFAC064 AC 195146 793357 245 -90 0 60 32 36 4 5.29 Bou Cent BFAC077 AC 194637 793215 229.4 -90 0 50 44 49 5 0.72 Bou Cent BFAC078 AC 194551 793273 227.6 -90 0 54 44 54 10 4.56 Bou Cent BFAC079 AC 194469 793319 226.3 -90 0 52 1 4 3 0.62 Bou Cent BFAC082 AC 194256 793451 226.1 -90 0 45 4 8 4 3.68 Bou Cent BFAC098 AC 194877 794965 245 -90 0 58 32 36 4 0.68 Bou Cent BFAC103 AC 195174 794770 241.9 -90 0 60 56 59 3 0.54 Bou Cent BFAC117 AC 195056 795324 223.6 -90 0 39 36 39 3 0.89 Bou Cent BFAC148 AC 195067 796268 250 -90 0 61 56 60 4 0.52 Bou Cent BFAC153 AC 195273 796128 250 -90 0 77 4 12 8 5.38 Bou Cent BFAC158 AC 193890 792984 213.7 -90 0 50 8 16 8 0.97 Bou Cent BFAC181 AC 193754 792589 217.4 -90 0 52 28 32 4 1.3 Bou Cent BFAC215 AC 193730 791180 212.4 -90 0 41 16 20 4 1.58 Bou Cent BFAC216 AC 193650 791228 212 -90 0 45 20 24 4 0.75 Bou Cent BFAC222 AC 193189 791529 212.2 -90 0 44 28 40 12 2.09 Bou Cent BFAC227 AC 192845 791745 213.9 -90 0 60 4 8 4 0.78 Bou Cent BFAC227 AC 192845 791745 213.9 -90 0 60 24 32 8 0.97 Bou Cent BFAC240 AC 192800 791305 203 -90 0 29 4 8 4 0.66 Bou Cent BFAC268 AC 192003 790631 214.1 -90 0 57 44 48 4 5 Bou South BFAC289 AC 191529 789986 213.8 -90 0 54 28 36 8 0.95 Bou South BFAC290 AC 191572 789961 214.1 -90 0 54 8 12 4 1.92 Bou South BFAC291 AC 191613 789935 215.1 -90 0 51 36 40 4 0.77 Bou South BFAC303 AC 191269 789674 207.3 -90 0 48 44 47 3 0.62 Bou South BFAC320 AC 191687 788217 206.2 -90 0 42 4 8 4 0.56 Bou South BFAC348 AC 190817 789247 213.1 -90 0 45 28 32 4 0.72 Bou South BFAC355 AC 191404 787685 194.7 -90 0 40 32 36 4 3 Bou South BFAC399 AC 189434 787029 194 -90 0 34 1 4 3 0.52 Bou South BFAC426 AC 187866 786644 191.4 -90 0 37 8 12 4 0.63 Bou South BFAC468 AC 187733 786257 182.1 -90 0 34 24 28 4 0.75 Bou South BFAC478 AC 187392 785995 186.5 -90 0 36 4 8 4 0.54 Bou South BFAC478 AC 187392 785995 186.5 -90 0 36 12 16 4 0.65 Bou South BFAC488 AC 187661 784386 179.2 -90 0 22 4 8 4 0.83 Bou South BFAC493 AC 187262 784166 174.3 -90 0 25 1 4 3 0.55 Bou North BFAC499 AC 196428 798733 209.8 -90 0 33 16 20 4 0.58 Bou North BFAC513 AC 196310 799277 200.3 -90 0 35 1 4 3 0.8 Bou North BFAC523 AC 196612 799559 209.9 -90 0 38 4 12 8 2.14 Bou North BFAC529 AC 196148 799862 215 -90 0 48 40 44 4 0.5 Bou North BFAC538 AC 196751 799949 219.2 -90 0 43 1 8 7 3.01 Bou North BFAC543 AC 196330 800226 218.8 -90 0 51 40 44 4 1.21 Bou North BFAC545 AC 196166 800327 216.3 -90 0 25 16 24 8 0.81 Bou North BFAC568 AC 195842 796720 235 -90 0 58 24 28 4 9.24 Bou North BFAC568 AC 195842 796720 235 -90 0 58 52 57 5 2.25 Bou North BFAC572 AC 196301 798323 215.1 -90 0 32 8 12 4 6.1 Bou North BFAC580 AC 195838 798637 214 -90 0 39 1 4 3 0.6 Bou North BFAC604 AC 196033 797557 235.5 -90 0 39 8 12 4 0.52 Bou North BFAC604 AC 196033 797557 235.5 -90 0 39 28 36 8 1.5 Bou Cent BFAC627 AC 195338 794910 240.1 -90 0 63 48 60 12 5.56 Bou Cent BFAC639 AC 195120 794570 237.9 -90 0 63 28 32 4 2.55 Bou Cent BFAC649 AC 194768 793843 240 -90 0 50 24 28 4 1.55 Bou Cent BFAC652 AC 194893 793766 240.8 -90 0 42 24 28 4 0.56 Bou Cent BFAC656 AC 195056 793660 243.1 -90 0 51 4 8 4 0.59 Bou Cent BFAC672 AC 194922 793270 240.2 -90 0 48 16 20 4 0.59 Bou Cent BFAC673 AC 194883 793297 240.6 -90 0 54 24 32 8 0.87 Bou Cent BFAC692 AC 194350 792926 210.5 -90 0 30 8 12 4 0.88 Bou Cent BFAC702 AC 194648 794397 227.4 -90 0 43 20 24 4 1.67 Bou Cent BFAC703 AC 194688 794371 228.2 -90 0 47 12 16 4 0.61



EAST WGS84


EOH DEPTH

DEPTH FROM

DEPTH TO

WIDTH (M)

GRADE AU G/T

Bou Cent BFAC712 AC 195112 794099 244.3 -90 0 53 48 52 4 1.56 Bou Cent BFAC727 AC 194709 792930 218.3 -90 0 43 8 12 4 4.93 Bou Cent BFAC728 AC 194666 792959 218.5 -90 0 42 8 16 8 1.69 Bou Cent BFAC743 AC 193712 792149 210 -90 0 41 4 8 4 0.55 Bou Cent BFAC744 AC 193750 792125 210.3 -90 0 43 8 12 4 0.72 Bou Cent BFAC747 AC 193609 791976 212 -90 0 36 28 32 4 1.02 Bou Cent BFAC769 AC 193698 792398 217.1 -90 0 52 36 40 4 2.29 Bou Cent BFAC774 AC 193431 791607 217.6 -90 0 44 24 32 8 2.03 Bou Cent BFAC776 AC 193353 791664 219 -90 0 51 0 4 4 16.35 Bou Cent BFAC776 AC 193353 791664 219 -90 0 51 16 20 4 1.04 Bou Cent BFAC783 AC 193059 791851 217.9 -90 0 56 1 4 3 0.87 Bou Cent BFAC794 AC 193341 791197 203.8 -90 0 40 12 16 4 9.72 Bou North BFAC811 AC 196775 800888 210 -90 0 19 12 16 4 0.53 Bou North BFAC813 AC 196858 800833 210 -90 0 31 1 4 3 2.21 Bou North BFAC820 AC 196918 800556 213 -90 0 36 20 28 8 0.97 Bou North BFAC820 AC 196918 800556 213 -90 0 36 32 36 4 1.43 Bou North BFAC849 AC 196744 800195 218 -90 0 47 28 32 4 0.52 Bou North BFAC850 AC 196792 800168 217 -90 0 45 24 28 4 0.7 Bou North BFAC850 AC 196792 800168 217 -90 0 45 32 36 4 0.55 Bou North BFAC857 AC 196733 799722 216 -90 0 39 1 4 3 0.65 Bou North BFAC858 AC 196691 799750 217 -90 0 50 4 8 4 0.52 Bou North BFAC860 AC 196607 799803 219 -90 0 64 28 36 8 1.78 Bou North BFAC876 AC 196517 799387 203 -90 0 37 8 12 4 0.85 Bou North BFAC877 AC 196559 799349 202 -90 0 22 12 16 4 0.73 Bou North BFAC890 AC 195235 796404 250 -90 0 46 40 45 5 0.55 Bou North BFAC909 AC 195629 795912 240 -90 0 56 52 55 3 0.94 Bou North BFAC919 AC 195720 796323 244 -90 0 58 0 4 4 0.66 Bou North BFAC924 AC 195787 796520 235 -90 0 55 16 20 4 1.2 Bou North BFAC924 AC 195787 796520 235 -90 0 55 28 32 4 1.05 Bou North BFAC933 AC 195964 796882 240 -90 0 61 4 12 8 9.4 Bou North BFAC940 AC 195585 797130 245 -90 0 75 52 64 12 1.81 Bou North BFAC940 AC 195585 797130 245 -90 0 75 72 75 3 0.94 Bou North BFAC948 AC 195864 797188 246 -90 0 54 1 4 3 0.95 Bou North BFAC956 AC 196053 797302 239 -90 0 54 32 36 4 9.48 Bou North BFAC958 AC 195971 797355 240 -90 0 54 1 4 3 0.9 Bou North BFAC980 AC 195946 798328 215 -90 0 77 8 12 4 0.72 Bou North BFAC980 AC 195946 798328 215 -90 0 77 16 24 8 3.99 Bou North BFAC988 AC 196292 798578 217 -90 0 38 16 20 4 1 Bou Cent BFDD001 DD 193108 791579 212.1 -53.1 122 200.3 148.2 151.3 3.1 0.59 Bou Cent BFDD003A DD 193805 793037 215.6 -53.9 124.4 402 165 170.75 5.75 0.57 Bou Cent BFDD003A DD 193805 793037 215.6 -53.9 124.4 402 175 181.46 6.46 1.56 Bou Cent BFDD006 DD 194657 793199 230 -58.7 121.8 334.3 129 133 4 0.48 Bou Cent BFDD006 DD 194657 793199 230 -58.7 121.8 334.3 183 187 4 0.79 Bou Cent BFDD006 DD 194657 793199 230 -58.7 121.8 334.3 246.36 250 3.64 3.99 Bou Cent BFDD006 DD 194657 793199 230 -58.7 121.8 334.3 288 293 5 0.53 Bou North BFDD009 DD 196526 799856 220 -56.2 123.6 401.9 276 279 3 0.52 Bou Cent BFRC001B RC 193008 792129 212 -55.5 122 193 132 135 3 0.95 Bou Cent BFRC004 RC 193623 792677 217 -54.9 124.5 154 46 56 10 0.78 Bou Cent BFRC004 RC 193623 792677 217 -54.9 124.5 154 65 69 4 0.79 Bou Cent BFRC005 RC 194065 793345 226 -54.5 122.7 151 77 84 7 0.51 Bou Cent BFRC005 RC 194065 793345 226 -54.5 122.7 151 96 100 4 0.94 Bou Cent BFRC013 RC 194163 793526 229 -53.9 125 160 122 125 3 1.32 Bou Cent BFRC014 RC 194381 793857 240 -55.3 122.3 169 31 34 3 1.09 Bou Cent BFRC014 RC 194381 793857 240 -55.3 122.3 169 42 49 7 0.61 Bou Cent BFRC014 RC 194381 793857 240 -55.3 122.3 169 70 75 5 0.6 Bou Cent BFRC015 RC 194328 793895 240 -56.1 126.8 181 173 179 6 0.58 Bou Cent BFRC016 RC 194624 794176 237 -55.7 123 157 33 40 7 2.31 Bou Cent BFRC017 RC 194569 794212 237 -55.3 122.9 165 51 54 3 0.82 Bou Cent BFRC017 RC 194569 794212 237 -55.3 122.9 165 73 78 5 1.33 Bou Cent BFRC017 RC 194569 794212 237 -55.3 122.9 165 126 136 10 0.79 Bou Cent BFRC021 RC 194711 794597 225 -55.9 122.4 163 85 98 13 0.79 Bou Cent BFRC022 RC 195224 796146 249 -55.3 126.7 157 25 28 3 0.68 Bou North BFRC027 RC 195974 797590 235 -57.2 126.5 196 172 178 6 0.39 Bou North BFRC028 RC 196052 797541 236 -56.4 122.9 181 24 31 7 0.57 Bou North BFRC028 RC 196052 797541 236 -56.4 122.9 181 68 79 11 1.27 Bou Cent BFRC029 RC 195463 795536 228 -55.1 122.4 181 20 23 3 0.73 Bou Cent BFRC032 RC 195257 794957 241 -54.8 125.8 190 3 7 4 1.42 Bou Cent BFRC032 RC 195257 794957 241 -54.8 125.8 190 36 43 7 1.11



EAST WGS84


EOH DEPTH

DEPTH FROM

DEPTH TO

WIDTH (M)

GRADE AU G/T

Bou Cent BFRC032 RC 195257 794957 241 -54.8 125.8 190 120 125 5 0.5 Bou Cent BFRC032 RC 195257 794957 241 -54.8 125.8 190 150 153 3 5.65 Bou Cent BFRC032 RC 195257 794957 241 -54.8 125.8 190 162 167 5 5.76 Bou Cent BFRC036 RC 195122 794569 238 -55.7 123.2 187 78 81 3 0.61 Bou Cent BFRC037 RC 195047 794616 237 -55.4 124.7 211 170 174 4 1.2 Bou Cent BFRC040 RC 194963 794194 241 -56 122.6 187 31 40 9 2.17 Bou Cent BFRC041 RC 195081 793402 245 -55.9 122.4 205 92 96 4 0.9 Bou Cent BFRC041 RC 195081 793402 245 -55.9 122.4 205 118 123 5 17.03 Bou Cent BFRC042 RC 195005 793451 245 -56.1 123 199 129 133 4 0.68 Bou Cent BFRC043 RC 194930 793500 245 -55.9 124.4 199 83 96 13 1.4 Bou Cent BFRC043 RC 194930 793500 245 -55.9 124.4 199 150 154 4 0.65 Bou Cent BFRC044 RC 194854 793549 244 -55.5 122.4 187 160 165 5 0.67 Bou Cent BFRC044 RC 194854 793549 244 -55.5 122.4 187 170 173 3 1.12 Bou Cent BFRC044 RC 194854 793549 244 -55.5 122.4 187 179 187 8 0.79 Bou Cent BFRC045 RC 194830 793327 240 -55.3 124.8 213 90 95 5 0.43 Bou Cent BFRC045 RC 194830 793327 240 -55.3 124.8 213 177 180 3 0.52 Bou Cent BFRC045 RC 194830 793327 240 -55.3 124.8 213 185 189 4 1.57 Bou Cent BFRC046 RC 193278 791710 219 -56.2 126.3 210 100 104 4 0.85 Bou North BFRC060 RC 196235 798378 218 -57.4 122.4 180 132 141 9 4.25 Bou North BFRC060 RC 196235 798378 218 -57.4 122.4 180 155 162 7 2.14 Bou North BFRC061 RC 196316 798803 212 -55.7 123.9 151 23 26 3 0.58 Bou North BFRC061 RC 196316 798803 212 -55.7 123.9 151 48 51 3 0.83 Bou North BFRC062 RC 196238 798856 213 -56.3 122.6 199 45 48 3 2.17 Bou North BFRC063 RC 196509 799395 204 -55.8 124.6 183 103 110 7 0.88 Bou North BFRC063 RC 196509 799395 204 -55.8 124.6 183 121 129 8 1.52 Bou North BFRC064 RC 196450 799433 205 -55 123 199 163 166 3 0.61 Bou North BFRC066 RC 196093 799895 215 -56.6 122.7 187 0 4 4 0.7 Bou North BFRC067 RC 196599 799575 212 -57.5 121.9 181 72 77 5 0.53 Bou North BFRC068 RC 196530 799613 210 -55.7 123.4 193 109 120 11 1.08 Bou North BFRC068 RC 196530 799613 210 -55.7 123.4 193 135 144 9 1.09 Bou North BFRC068 RC 196530 799613 210 -55.7 123.4 193 154 157 3 0.99 Bou North BFRC069 RC 196705 799977 220 -54.4 120.4 181 31 36 5 0.49 Bou North BFRC069 RC 196705 799977 220 -54.4 120.4 181 92 98 6 1.88 Bou North BFRC069 RC 196705 799977 220 -54.4 120.4 181 112 115 3 1.1 Bou North BFRC074 RC 196123 800361 215 -53 125 205 92 96 4 1.05 Bou North BFRC075 RC 196892 800575 213 -54.9 125.8 193 44 48 4 2.92 Bou North BFRC075 RC 196892 800575 213 -54.9 125.8 193 55 60 5 2.33 Bou North BFRC075 RC 196892 800575 213 -54.9 125.8 193 124 129 5 0.53 Bou North BFRC076 RC 196833 800613 213 -54 124.2 187 76 83 7 0.6 Bou Cent BFRC078 RC 195175 795726 236 -54.8 123.9 199 124 127 3 0.7 Bou Cent BFRC079 RC 195115 795767 238 -55 123.1 205 25 28 3 0.96 Bou Cent BFRD031 RCD 195187 795014 240 -55.4 120.55 338.6 155 166 11 0.63 Bou Cent BFRD031 RCD 195187 795014 240 -55.4 120.55 338.6 222.5 227 4.5 0.25 Bou Cent BFRD031 RCD 195187 795014 240 -55.4 120.55 338.6 328.55 332.82 4.27 3.92


Appendix 1. JORC Table 1 Reporting

Section 1 Sampling Techniques and Data

CRITERIA EXPLANATION COMMENTARY

Sampling

Techniques

Nature and quality of sampling (eg

cut channels, random chips, or

specific specialised industry

standard measurement tools

appropriate to the minerals under

investigation, such as down hole

gamma sondes, or handheld XRF

instruments, etc). These examples

should not be taken as limiting the

broad meaning of sampling.

Core assay samples were collected on half core sawed lengthwise with a

diamond saw. Sampling intervals were marked by an appropriately qualified

geologist depending on geology. Sampling intervals may vary between 0.3

and 5 metres in length with an average of 1 metre in mineralisation.

Aircore chips were spear sampled and combined into 4m composites. RC

chips were riffle split and combined into 4m composites.

Aspects of the determination of

mineralisation that are Material to

the Public Report.

Core samples are selected based on geological criteria (presence of quartz

veining and sulphide mineralisation). Sample lengths are between 0.3 and

1.2m in mineralisation and may be up to 5m in unmineralised material. Core

samples are crushed to -3mm, split and a 250g sub-sample is pulverised

with gold determined by fire assay/AAS based on a 30-50g charge.

Drilling

techniques

Drill type (eg core, reverse

circulation, open-hole hammer,

rotary air blast, auger, Bangka,

sonic, etc) and details (eg core

diameter, triple or standard tube,

depth of diamond tails, face-

sampling bit or other type, whether

core is oriented and if so, by what

method, etc).

Diamond drilling was conducted using either PQ (81mm) or HQ (63mm) in

weathered material and then reduced to NQ (40mm in diameter) in fresh

rock. Holes were drilled with a dip of between 45 and 90 degrees and

oriented roughly perpendicular to mineralisation. Core was oriented using a

Reflex ACT II core orientation tool. RC drilling was conducted with a 5.25

inch face sampling bit. Aircore was conducted using a 3.35 inch Aircore

blade bit.

Drill Sample

Recovery

Method of recording and

assessing core and chip sample

recoveries and results assessed.

Diamond drill hole recoveries were recorded during logging by measuring

the length of core recovered per 3m core run. Core recovery was calculated

as a percentage by measuring the recovery of actual core length divided by

expected core length. No recovery data for Aircore or RC drilling has been

sighted.

Measures taken to maximise

sample recovery and ensure

representative nature of the

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.

Core recovery was routinely measured and monitored during drilling. There

is no known relationship between recovery and grade.

Logging

Whether core and chip samples

have been geologically and

geotechnically logged to a level of

detail to support appropriate

Mineral Resource estimation,

mining studies and metallurgical

studies.

All core and chip samples have been to a level of detail appropriate to

inclusion in a Mineral Resource estimation or future mining studies.



Whether logging is qualitative or

quantitative in nature. Core (or

costean, channel, etc)

photography.

Logging of drill core is qualitative and records colour, texture, lithology,

weathering, structure, alteration, veining and sulphides. No drill core

photography has been received for this project.

The total length and percentage of

the relevant intersections logged.

All drill holes have been logged in full.

Sub-

Sampling

techniques

and sample

preparation

If core, whether cut or sawn and

whether quarter, half or all core

taken.

Core samples were selected at intervals typically between 0.3-1.2m in

length. Core samples were cut in half using a rock saw, with half of the

sample retained in the core box and half inserted into a plastic sample bag.

If non-core, whether riffled, tube

sampled, rotary split, etc and

whether sampled wet or dry.

Aircore samples were spear sampled, RC samples were riffle split at the rig.

Non-core samples were combined into 4m composites.

For all sample types, the nature,

quality and appropriateness of the

sample preparation technique.

Sample preparation consisted of jaw crushing to -3mm, splitting 500 grams

and pulverizing to 95% passing 75µ. A sub-sample of 150-200g (pulp

sample) is retained for analysis.

The sample preparation procedures carried out are considered acceptable.

Quality control procedures

adopted for all sub-sampling

stages to maximise representivity

of samples.

Both Core and RC sample duplicates were submitted to monitor bias and

ensure representivity of sampling.

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.

Duplicates, Blanks and Standards (Certified Reference Material) were used

to ensure assay quality and representativeness of sampling.

Quality of

assay data

and

laboratory

tests

The nature, quality and

appropriateness of the assaying

and laboratory procedures used

and whether the technique is

considered partial or total.

All samples were assayed for gold by fire-assay with AAS finish by Bureau

Veritas in Abidjan, Côte d’Ivoire. This is considered to be a total analysis for

Gold.

For geophysical tools,

spectrometers, handheld XRF

instruments, etc, the parameters

used in determining the analysis

including instrument make and

model, reading times, calibrations

factors applied and their

derivation, etc.

Airborne magnetic and Radiometric data was collected using a Caesium

vapour total field magnetometer and a fluxgate 3 component vector

magnetometer mounted in a stinger array on the tail of the aircraft. Readings

were taken at 0.1 second intervals. Standard diurnal, aircraft magnetic field

and altitude calibrations have been applied to the data.

Radiometric data was collected using an Exploranium GR820 gamma ray

spectrometer with readings every second.

The survey was carried out by UTS Aeroquest under Job number B182 in

2010.



Nature of quality control

procedures adopted (eg

standards, blanks, duplicates,

external laboratory checks) and

whether acceptable levels of

accuracy (ie lack of bias) and

precision have been established.

Industry best practice procedures were followed and included submitting

blanks at, field duplicates and Certified Reference Material. Acceptable

levels of accuracy and precision have been confirmed.

Verification

of sampling

and

assaying

The verification of significant

intersections by either

independent or alternative

company personnel.

All assays are reviewed by the Competent Person and significant intercepts

are calculated as composites >0 5g/t Au with a minimum width of 3m.

Composites are produced through the Database export process and verified

by the Competent Person.

The use of twinned holes. No twin holes have been drilled.

Documentation of primary data,

data entry procedures, data

verification, data storage (physical

and electronic) protocols.

All drill hole logging was completed on paper logging sheets and entered into

spreadsheets before importation into the company Datashed database.

Copies of all paper logs are on record.

Discuss any adjustment to assay

data.

No assay data was adjusted, and no averaging was employed.

Location of

data points

Accuracy and quality of surveys

used to locate drill holes (collar

and down-hole surveys), trenches,

mine workings and other locations

used in Mineral Resource

estimation.

Drill hole collars were located using handheld GPS with 3-5m accuracy and

initial Dip and Azimuth determined using a handheld compass. A Reflex EZ

Shot downhole survey tool was used to record drill hole deviation at intervals

of 50m.

Specification of the grid system

used

Drill hole collars are recorded in WGS84 UTM Zone 30.

Quality and adequacy of

topographic control

RL recorded from handheld GPS and SRTM data.

Data

spacing and

distribution

Data spacing for reporting of

Exploration Results.

Drill hole spacing is variable depending on the location within the project.

Whether the data spacing and

distribution is sufficient to

establish the degree of geological

and grade continuity appropriate

for the Mineral Resource and Ore

Reserve estimation procedure(s)

and classifications applied.

The drill hole spacing is not considered sufficient to establish the required

degree of geological and grade continuity for the estimation of mineral

resources.

Whether sample compositing has

been applied.

Samples were composited upon collection into 4m intervals in the case of

RC and Aircore samples. Significant intercepts represent composites

compiled on 3m minimum interval and a cut-off grade of 0.5g/t Au.

Orientation

of data in

relation to

Whether the orientation of

sampling achieves unbiased

sampling of possible structures

Drill holes were generally oriented perpendicular to the strike of geology and

shallow dips of drilling were used to intersect the structures at a high angle.



geological

structure

and the extent to which this is

known, considering the deposit

type.

If the relationship between the

drilling orientation and the

orientation of key mineralised

structures is considered to have

introduced a sampling bias, this

should be assessed and reported

if material.

As drill holes were generally drilled perpendicular to the strike of

mineralisation it is not believed that there has been any sampling bias

introduced based on the current understanding of the structural orientations

and the dip and strike of mineralisation.

Sample

Security

The measures taken to ensure

sample security.

Drill samples were collected by Company personnel directly from the drilling

rig and transported to the exploration camp for processing. Prepared

samples were then transported directly to the laboratory by road by

representatives of the company. Other than sub sampling in the form of core

cutting, no sample preparation was conducted by the company.

Audits or

reviews

The results of any audits or

reviews of sampling techniques

and data.

No audits have been carried out.

Section 2. Reporting of Exploration Results


Mineral

tenement and

land tenure

status

Type, reference name/number,

location and ownership including

agreements or material issues

with third parties such as joint

ventures, partnerships, overriding

royalties, native title interests,

historical sites, wilderness or

national park and environmental

settings.

The Bouaflé Project licences are currently under application. The applications are denominated on the Ivoirian cadastre by PR0822 and PR0861 held under Rampage Resources which is a local subsidiary of West African Venture Investments, with whom the Company is in a joint venture.

Further details of the joint venture can be found in the ASX announcement of September 8th 2020.

The security of the tenure held at

the time of reporting along with

any known impediments to

obtaining a licence to operate in

the area.

Both licences are held under application as above.

Exploration

done by other

parties

Acknowledgment and appraisal of

exploration by other parties.

Historical exploration was carried out by Equigold which was ultimately a subsidiary of Newcrest Mining Limited. This exploration was generally carried out to industry best practice.

Geology Deposit type, geological setting

and style of mineralisation

The Bouaflé mineralisation generally fits the Orogenic hosted Gold deposit model as applied to the Birimian systems of West Africa.

Drill hole

information

A summary of all information

material to the understanding of

the exploration results including a

tabulation of the following

All relevant drill hole details are provided in Table 1 above.



information for all Material drill

holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

Data

aggregation

methods

In reporting Exploration Results,

weighting averaging techniques,

maximum and/or minimum grade

truncations (eg cutting of high

grades) and cut-off grades are

usually Material and should be

stated.

Significant intercepts are determined above a 0.5g/t Au cut-off grade with

minimum 3m intercept and maximum 3m internal waste. No top cuts have

been applied.

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.

As above.

The assumptions used for any

reporting of metal equivalent

values should be clearly stated.

No metal equivalents are reported.

Relationship

between

mineralisation

widths and

intercept

lengths

These relationships are

particularly important in the

reporting of Exploration Results.

If the geometry of the

mineralisation with respect to the

drill hole angle is known, its nature

should be reported.

If it is not known only the down

hole lengths are reported, there

should be a clear statement to this

effect (eg ‘down hole length, true

width not known’).

All intercepts reported as downhole lengths. True widths of mineralisation

have not yet been determined.

Diagrams Appropriate maps and sections

(with scales) and tabulations of

intercepts should be included for

any significant discovery being

reported These should include,

but not be limited to a plan view of

See body of announcement for diagrams.



drill hole collar locations and

appropriate sectional views.

Balanced

reporting

Where comprehensive reporting

of all Exploration Results is not

practicable, representative

reporting of both low and high

grades and/or widths should be

practiced to avoid misleading

reporting of Exploration Results.

All significant intercepts as defined above have been reported.

Other

substantive

exploration

data

Other exploration data, if

meaningful and material, should

be reported including (but not

limited to): geological

observations; geophysical survey

results; geochemical survey

results; bulk samples – size and

method of treatment; metallurgical

test results; bulk density,

groundwater, geotechnical and

rock characteristics; potential

deleterious or contaminating

substances.

Geophysics, summary results of soil geochemistry and geology as available

have all been reported in full. No other studies have yet been completed.

Further work The nature and scale of planned

further work (eg tests for lateral

extensions or depth extensions or

large-scale step-out drilling).

Diagrams clearly highlighting the

areas of possible extensions,

including the main geological

interpretations and future drilling

areas, provided this information is

not commercially sensitive.

Further work is dependent on the license grant process. This is expected to

include further mapping, soil geochemistry and reconnaissance drilling to

follow up on significant intercepts.

data demonstrates high-grade potential at bouaflÉ … · by perseus mining and currently under...

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