TIDMBGL
RNS Number : 0168O
Bullabulling Gold Limited
01 August 2014
ASX Code: BAB, AIM Code: BGL
QUARTERLY ACTIVITY REPORT
FOR THE THREE MONTHS ENDED 30 June 2014
Highlights
Bullabulling Gold Project
-- Diamond drilling program completed
- 1303 metres of HQ and PQ diameter core
- Multi element analysis undertaken
- Core to be used for metallurgical and geotechnical test-work
-- Geotechnical testing of drill core undertaken
- Favourable rock properties confirmed
-- Metallurgical test-work carried out
- Nanofiltration performance confirmed
- Flotation evaluated
-- Geotechnical evaluation of the proposed tailings storage facility site commenced
-- Flora and fauna field studies confirm the site to be free of
any significant populations that would be impacted by the proposed
development
Corporate
-- Unsolicited takeover offer received from Norton Gold Fields
- 7 cents per share cash offer declared on 17 April 2014
- Norton offer increased to 8 cents per share
- The Directors recommended the offer after Norton secured over
40% of the Company's shares delivering effective control
- Norton controlled 74.83% of the Company's shares at the date of this report
-- Board and management changes were announced following the change of control
-- $525,000 R&D tax incentive received in early July.
-- Cash and deposits at 30 June 2014 total $2,055,350 million (excluding R&D grant).
Bullabulling Gold Project
During the quarter, engineering and evaluation studies continued
in support of the definitive feasibility study into the
establishment of a 7.5 million tonne per annum open pit mining
operation at Bullabulling.
Diamond Drilling Program
A 10 hole diamond drilling program was conducted at the
Bullabulling Gold project providing a total of 1,303 metres of HQ
and PQ diameter core samples for metallurgical and geotechnical
testing required by the project to achieve definitive feasibility
study (DFS) standards.
The diamond drill holes were distributed broadly across the
proposed mine development to evaluate variability in geotechnical
and metallurgical properties. Core samples of oxidized,
transitional and fresh rock were obtained.
201 additional specific gravity (SG) determinations were carried
out on selected segments of drill core to confirm and improve the
level of confidence in earlier SG measurements. Some sections of
whole core were subjected to destructive testing to improve
knowledge of physical rock properties as part of the geotechnical
assessment and mine design. A quarter sample of all remaining core
was dispatched for multi-element analysis to provide a
comprehensive data base to assist in compositing samples for
metallurgical test-work and to aid the interpretation of the
results.
Drill hole location data and significant gold intercepts are
presented in table 1 below.
Table 1: Drill Hole Locations and Significant Gold Intercepts
Hole Number Easting Northing RL (m) Dip Azi From To (m) Interval Grade
(m) (m) (m) (m) (g/t)
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM012 299927.6 6566817.8 431.5 -66 270 35.0 41.0 6.0 0.95
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
83.6 93.0 9.4 2.84
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM019 299788.1 6567275.6 435.2 -67 90 27.6 31.6 4.0 1.28
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
133.0 138.0 5.0 0.99
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM035 299713.2 6567823.4 441.2 -60 90 125.0 129.0 4.0 1.98
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM037 299925.7 6568075.4 449.5 -79 90 7.0 9.6 2.6 9.05
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
35.0 37.6 2.6 1.08
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
109.0 111.0 2.0 0.52
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM039 299969.4 6569501.3 446.4 -57 90 27.0 30.0 3.0 0.53
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
31.0 33.0 2.0 1.10
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
33.3 36.0 2.7 2.14
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM041 299689.2 6566424.5 428.3 -75 270 35.0 38.0 3.0 7.05
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
159.0 164.0 5.0 1.08
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM045 299753.4 6567152.6 435.2 -75 90 35.0 37.0 2.0 0.64
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM046 299689.6 6567476.2 436.8 -71 90 19.0 25.0 6.0 1.46
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
38.0 40.0 2.0 0.59
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
41.0 44.0 3.0 1.12
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
86.0 97.0 11.0 1.00
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
98.0 103.0 5.0 1.92
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM047 299710.5 6564432.4 419.7 -60 90 37.0 39.0 2.0 1.71
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
42.7 47.0 4.4 1.26
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
50.0 57.0 7.0 0.85
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
BJM049 299905.6 6571048.6 431.2 -50 90 45.0 47.0 2.0 1.29
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
47.2 51.0 3.8 1.03
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
52.0 56.0 4.0 1.17
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
60.0 63.7 3.7 1.28
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
69.0 72.0 3.0 0.90
------------- --------- ---------- ------- ---- ---- ------ ------- --------- -------
Mining Studies
Work continued with to progress on the mining plans with the
primary focus on developing staged pit designs, optimisation of the
extraction sequence and refinement of production cost estimates
incorporating detailed data from the original equipment
manufacturers.
Geotechnical testing of the diamond drill core samples produced
favorable results, indicating high rock strengths adjacent to the
final pit wall positions, with not overly tough rock within the
main mining areas providing positive implications for drill and
blast costs.
Initial assessment of the test data by the Company's
geotechnical consultants has indicated that pit slopes within the
oxide horizon of the pit can be steeped, thereby reducing waste
mining requirements and that the overall slope of western wall of
the pit can the increased. This provides scope to move the pit
crest on the west wall in to reduce the strip ratio or push the toe
of the west wall out to increase ore recovery.
Metallurgical Test-work
Preliminary test-work on mineralised reverse circulation drill
samples from the Bullabulling Gold project had indicated that
nanofiltration of process water could substantially reduce
consumption of cyanide and lime (see release of 12 March 2014).
During the quarter a more comprehensive test-work program was
carried out to validate the initial nanofiltration results and
further optimise processing parameters.
The latest test-work was carried out on primary mineralised
diamond core from a 2012 drilling program and included a further 18
leach tests comparing reagent consumption at various pH levels and
cyanide concentrations in nanofiltered water and raw bore water.
The results of the program were consistent with the preliminary
test-work indicating that use of nanofiltration to reduce magnesium
levels in the process water, significantly reduces the amount of
lime required to achieve targeted pH levels in the gold leaching
circuit.
Tests were carried out in raw water at pH levels of 8.5 to 9.5,
with 1.53kg of lime required for each tonne of ore to achieve a pH
of 9.5. In nanofiltered water, pH levels of 9.5 to 10.5 were able
to be achieved with much lower lime addition. A pH of 9.5 was
maintained with lime consumption of 0.20 kg/t, 87.2% less than lime
consumption in raw water.
Average cyanide consumption in all nanofiltration tests was
28.0% lower than in the raw water tests. Lime and cyanide
consumption rates over the range of pH levels tested are presented
graphically in Figure 1. It should be noted that these results are
intended to enable a comparison of reagent consumption in
nanofiltered water relative to raw bore water and final estimates
of operational consumption may vary from these numbers.
Figure 1: Cyanide and lime consumption at various pH levels
(available in the full version of the announcement on the Company's
website).
An initial phase of flotation test-work was also performed.
Flotation tests were carried out at grind sizes between 75um and
212um to determine whether there was potential to save energy costs
by concentrating the gold mineralisation at a coarse grind size and
or improve gold recovery through intensive grinding and leaching of
a low volume concentrate.
The Bullabulling mineralised samples responded well to
flotation, with 87% to 95% of sulphides reporting to a flotation
concentrate of less than 5% of initial sample mass, as shown in
Table 2. Most of the gold also reported to the flotation
concentrate, indicating that there may be scope to lift overall
gold recovery by subjecting the concentrate to fine grinding and
intensive leaching. However there was a material amount of gold
remaining in the flotation tail that is likely to require recovery
through conventional grinding and leaching. This suggests that the
potential to deliver major savings in energy costs through coarser
grinding is low.
The potential merits of implementing flotation as a means of
increasing gold recovery will be further evaluated.
Table 2: Summary of Flotation Results
------------------------------------------------------------------
Grind Size Concentrate Sulphur Recovery Gold in Concentrate
Mass
----------- ------------ ----------------- --------------------
212um 4.3% 87.0% 61.2%
----------- ------------ ----------------- --------------------
150um 4.2% 91.8% 65.6%
----------- ------------ ----------------- --------------------
106um 3.7% 94.6% 71.6%
----------- ------------ ----------------- --------------------
75um 3.6% 95.3% 74.3%
----------- ------------ ----------------- --------------------
Tailings Storage Facility (TSF)
As part of studies associated with optimising the tailings
storage method, geotechnical evaluation of the proposed location of
the TSF was carried out during the quarter. This involved
excavating a series of trenches across the proposed TSF site
located to the east of the mine site. The trenched were dug to
excavator refusal, which generally occurred upon the intersection
of competent cap-rock one to three metres below surface. The
thickness and composition of the cap-rock was evaluated using a
hand-held diamond coring drill.
An initial assessment of the data from the trenching and coring
indicated that the selected site is well suited for a TSF, with the
cap-rock expected to provide an impervious barrier that would
prevent seepage entering the groundwater system.
Flora and Fauna Studies
Field studies were carried out during the quarter to determine
whether there were occurrences of significant flora or fauna
species that would be adversely affected by the proposed mine
development. The latest studies followed up on earlier work which
identified two species of flora and one of fauna (Mallee Fowl) that
required further assessment.
Limited occurrences of the targeted plant species were
identified and these were outside the limits of disturbance.
There were no Mallee Fowl observed during a detailed systematic
search of the proposed mine site and surrounding area, although
four abandoned nests and one nest that appeared to be active were
discovered. The location of the potentially active nest would not
be threatened by the current mine plan.
Preliminary assessment of the survey results indicates that the
proposed mine development will not impact any significant species
of flora or fauna.
Corporate
Norton Takeover Offer
On 17 April 2014, Bullabulling Gold Limited received notice of
an unsolicited takeover offer from Norton Gold Fields ("Norton") to
acquire all of the shares in Bullabulling. Norton offered 7 cents
cash for every Bullabulling share ("the Offer"). The offer became
capable of acceptance on 2 May 2014.
On 16 June 2014 Norton advised that the Offer would be increased
to 8 cents per share on the condition that Norton obtained a
relevant interest in 30% or more of the Company's shares by 30 June
2014 and that this offer price was its best and final offer. Norton
advised on 1 July 2014 that they had acquired an interest in 41.35%
of the Company's shares and that the increased offer of 8 cents per
share was unconditional.
In response to Norton gaining effective control of the Company,
on 3 July 2014 the Directors of Bullabulling recommended that
shareholders accept the increased offer. The reasons for the
Director's recommendation are more fully outlined in the Third
Supplementary Target's Statement released that day.
On 14 July 2014 Norton advised that they had formally gained
control of the Company with an interest in Bullabulling shares
exceeding 50%. It was subsequently agreed that Norton Managing
Director, Dr Dianmin Chen, and Non-Executive Director, Dr Noel
White, would join the board of Bullabulling as Non-Executive
Directors, subject to the completion of regulatory requirements. It
was also agreed that the position of Managing Director of
Bullabulling would be abolished, ending the executive duties of the
incumbent, Brett Lambert, who will also leave the board upon the
appointment of Norton's appointees.
At the date of this report Norton held an interest in 74.83% of
Bullabulling's shares and the offer is scheduled to close on 18
August 2014.
Research and Development Incentive
On 24 June 2014 the Company reported that an application for a
research and development tax incentive for a sum of $525,129 had
been approved.
Cash Position
The Company held cash and deposits of $2,055,350 million at
quarter end.
Director Fees
On 31 May 2013 the Company advised that in order to aid cash
preservation, the non-executive directors of the Company would
accept the issue of shares in satisfaction of 50% of their
directors fees, subject to shareholder approval. The number of
shares to be issued was to be calculated on a calendar quarterly
basis, with the issue price being the five day volume weighted
average price (VWAP) at the end of the relevant quarter.
Shareholder approval to issue the shares was obtained at the
annual general meeting of shareholders on 27 May 2014 and
subsequently 1,333,094 shares were issued in place of directors
fees for the nine months to 31 March 2014 totaling $69,375.
For the June quarter 2014, 321,180 Bullabulling Gold Limited
ordinary shares were issued at a price of 7.2 cents in place of
directors fees totaling $23,125.
New Share Issues
Following shareholder approval at the Company's annual general
meeting on 27 May 2014 two share issues were made.
2,261,938 shares were issued as payment for drilling services
associated with the geotechnical and metallurgical diamond drilling
program and 2,859,756 shares were issued as placement for $117,250
in accordance with a subscription agreement entered into in January
2014.
The total number of shares on issue at the date of this report
was 350,811,553.
Mineral Resources
There was no change to the Mineral Resource inventory of the
Company during the quarter. Mineral Resources are summarised in the
table below.
Bullabulling Gold Project Mineral Resource Estimate (0.5g/t
cut-off)
---------------------------------------------------------------------------
Deposit Classification Tonnage Grade Cont. Gold
---------------------- --------------- --------- --------- ------------
Bullabulling Laterite Inferred 1.7 Mt 0.89 g/t 48,000 oz
---------------------- --------------- --------- --------- ------------
Bullabulling Primary Indicated 72.4 Mt 0.98 g/t 2,279,000
oz
---------------------- --------------- --------- --------- ------------
Inferred 35.0 Mt 1.12 g/t 1,257,000
oz
---------------------- --------------- --------- --------- ------------
Bullabulling Total Ind. & Inf. 109.1 Mt 1.02 g/t 3,584,000
oz
---------------------- --------------- --------- --------- ------------
Gibraltar Inferred 4.9 Mt 1.07 g/t 169,000 oz
---------------------- --------------- --------- --------- ------------
Project Total Ind. & 114.0 Mt 1.02 g/t 3,753,000
Inf. oz
---------------------- --------------- --------- --------- ------------
Note: Small discrepancies may occur due to the effects of
rounding
For information, contact:
David McArthur Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Street Martin Davison / Hugo Rubinstein
Nedlands, WA, 6009, Australia Tel: +44 20 7601 6100
Tel: +61 8 9386 4086
------------------------------- ----------------------------------
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities
Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) and has
approximately 341.7 million shares on issue. The Company's primary
asset is the wholly owned Bullabulling Gold Project, located 60
kilometres west of Kalgoorlie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral
Resources of 3.75 million ounces comprising Indicated Resources of
72.4 million tonnes at 0.98 g/t gold (2.28 million ounces) and
Inferred Resources of 41.6 million tonnes at 1.11 g/t gold (1.47
million ounces). Exploration has demonstrated strong potential for
further expansion of the resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit
mining and conventional CIL processing. All resources are situated
on granted Mining Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling, scheduled for completion in 2015.
Competent Person Statement
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves is based upon
information compiled by Mr Trevor Pilcher, who is a full time
employee of the Company and is a member of The Australasian
Institute of Mining and Metallurgy. Mr Pilcher has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and the activity in which he is
undertaking to qualify as a Competent Person under 2012 Edition of
the Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Mr Pilcher consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves was prepared and first
disclosed under the JORC Code 2004. It has not been updated since
to comply with the JORC Code 2012 on the basis that the information
has not materially changed since it was last reported. All material
assumptions and technical parameters underpinning the estimates of
mineral resources continue to apply and have not materially
changed.
TENEMENTS LISTING AT 30 JUNE 2014
Bullabulling Gold Limited has used the cash and assets in a form
readily convertible to cash, that it had at the time of admission
to the Australian Securities Exchange, in a manner consistent with
Bullabulling Gold Limited's business objectives
Tenement Description Tenement Numbers Percentage
Interest
Bullabulling Project - Coolgardie
District E15/1263 100%
Bullabulling Project - Coolgardie
District E15/1264 100%
Bullabulling Project - Coolgardie
District E15/1320 100%
Bullabulling Project - Coolgardie
District L15/156 100%
Bullabulling Project - Coolgardie
District L15/157 100%
Bullabulling Project - Coolgardie
District L15/158 100%
Bullabulling Project - Coolgardie
District L15/196 100%
Bullabulling Project - Coolgardie
District L15/206 100%
Bullabulling Project - Coolgardie
District L15/218 100%
Bullabulling Project - Coolgardie
District L15/222 100%
Bullabulling Project - Coolgardie
District L15/328 100%
Bullabulling Project - Coolgardie
District L15/330 100%
Bullabulling Project - Coolgardie
District L15/331 100%
Bullabulling Project - Coolgardie
District L15/332 100%
Bullabulling Project - Coolgardie
District L15/333 100%
Bullabulling Project - Coolgardie
District L15/334 100%
Bullabulling Project - Coolgardie
District L15/335 100%
Bullabulling Project - Coolgardie
District L15/336 100%
Bullabulling Project - Coolgardie
District L15/339 100%
Bullabulling Project - Coolgardie
District M15/282 100%
Bullabulling Project - Coolgardie
District M15/483 100%
Bullabulling Project - Coolgardie
District M15/503 100%
Bullabulling Project - Coolgardie
District M15/529 100%
Bullabulling Project - Coolgardie
District M15/552 100%
Bullabulling Project - Coolgardie
District M15/554 100%
TENEMENTS LISTING AT 30 JUNE 2014 (continued)
Tenement Description Tenement Numbers Percentage
Interest
------------------------------------ ------------------ ----------------
Bullabulling Project - Coolgardie
District M15/1414 100%
Bullabulling Project - Coolgardie
District M15/4798 100%
Bullabulling Project - Coolgardie
District P15/4799 100%
Bullabulling Project - Coolgardie
District P15/4887 100%
Bullabulling Project - Coolgardie
District P15/5186 100%
Bullabulling Project - Coolgardie
District P15/5187 100%
Bullabulling Project - Coolgardie
District P15/5188 100%
Bullabulling Project - Coolgardie
District P15/5354 100%
Bullabulling Project - Coolgardie
District P15/5355 100%
Bullabulling Project - Coolgardie
District P15/5356 100%
Bullabulling Project - Coolgardie
District P15/5357 100%
Bullabulling Project - Coolgardie
District P15/5358 100%
Bullabulling Project - Coolgardie
District P15/5381 100%
Bullabulling Project - Coolgardie
District P15/5382 100%
Bullabulling Project - Coolgardie
District P15/5383 100%
Bullabulling Project - Coolgardie
District P15/5384 100%
Bullabulling Project - Coolgardie
District P15/5385 100%
Bullabulling Project - Coolgardie
District P15/5386 100%
Bullabulling Project - Coolgardie
District P15/5387 100%
Bullabulling Project - Coolgardie
District P15/5388 100%
Bullabulling Project - Coolgardie
District P15/5512 100%
Bullabulling Project - Coolgardie
District P15/5513 100%
Bullabulling Project - Coolgardie
District P15/5514 100%
Bullabulling Project - Coolgardie
District P15/5515 100%
Bullabulling Project - Coolgardie
District P15/5516 100%
Bullabulling Project - Coolgardie
District P15/5533 100%
Bullabulling Project - Coolgardie
District P15/5535 100%
Bullabulling Project - Coolgardie
District P15/5538 100%
Bullabulling Project - Coolgardie
District P15/5539 100%
Bullabulling Project - Coolgardie
District P15/5540 100%
Bullabulling Project - Coolgardie
District P15/5541 100%
Bullabulling Project - Coolgardie
District P15/5567 100%
Bullabulling Project - Coolgardie
District P15/5661 100%
TENEMENTS LISTING AT 30 JUNE 2014 (continued)
Tenement Description Tenement Numbers Percentage
Interest
------------------------------------ ------------------ ----------------
Bullabulling Project - Coolgardie
District P15/5662 100%
Bullabulling Project - Coolgardie
District P15/5663 100%
Bullabulling Project - Coolgardie
District P15/5664 100%
Bullabulling Project - Coolgardie
District P15/5669 100%
Bullabulling Project - Coolgardie
District P15/5673 100%
Bullabulling Project - Coolgardie
District P15/5674 100%
Bullabulling Project - Coolgardie
District P15/5758 100%
Bullabulling Project - Coolgardie
District P15/5799 100%
Bullabulling Project - Coolgardie
District P15/5800 100%
Bullabulling Project - Coolgardie
District P15/5802 100%
Bullabulling Project - Coolgardie
District P15/5848 100%
Bullabulling Project - Coolgardie
District P15/5849 100%
Bullabulling Project - Coolgardie
District P15/5850 100%
Bullabulling Project - Coolgardie
District P15/5851 100%
BULLABULLING GOLD LIMITED
June 2014 Quarter JORC Table 1 - Summary Information
The information in the following Table 1 is summarised here:
The Bullabulling deposits lie in close proximity to the western
edge of the Archaean Norseman Wiluna greenstone belt, within the
Coolgardie Domain. The Bullabulling stratigraphy comprises mafic
and ultramafic rocks at the base of the Archaean greenstone
sequence overlain by more felsic volcanics, volcaniclastics and
sediments of upper greenschist to mid-amphibolite facies
metamorphic grade.
The gold deposits that comprise the Bullabulling gold camp are
clustered around the SW corner of the Bali Monzogranite and define
a trend that broadly follows the margin of the intrusion and
stratigraphy for approximately 14 km; north-south on its western
edge (the Bullabulling Trend) and progressively swinging southeast
and then to the east (Gibraltar trend) . The primary host rocks are
a mix of amphibolites and felsic schists, the former derived from
mafic volcanics or ultramafic (metakomatiite) and related high
magnesium basalt; and the latter from the sediments and felsic to
intermediate volcanics and volcaniclastics. Banded and more massive
amphibolite with shear fabrics are the main primary hosts with
metakomatiite a significant minor host. Mineralisation occurs as
fabric-parallel anastomosing lenses marginal to the contacts
between metakomatiite and surrounding amphibolite.The greenstones
are intruded by several generations of granite. Pegmatite bodies
are common, often oriented parallel to the stratigraphy.
Scattered laterite and sub-cropping shallow oxide mineralisation
occurs along much of the trend and thus is well defined by gold
soil geochemistry. Primary mineralisation occurs as a series of
stacked lodes up to 300m wide parallel to the ultramafic contacts
trending in a general north-south orientation for 8km from the
Bonecrusher to Gryphon-Edwards prospects and then swinging to the
southeast and east linking with the Gibraltar deposit. Several
significant hard rock mines have been developed in the past: the
Gibraltar pit during the early 1900s, and late 1980s to mid-1990s;
the Bacchus and Phoenix pits in mid-1990s (Resolute Ltd); and
shallow laterite mining at occurred intermittently from mid-1980s
to 2010 (CKGM and Jervois).
The resource has been defined by drilling which has targeted the
surface +50 ppb Au soil anomaly. A total of 4866 reverse
circulation (RC) and 52 diamond (DD) drillholes have been drilled
with 291,593 and 3164 samples respectively compiled into the
database as the basis for resource estimation. The Bullabulling
mineralisation parallels the stratigraphy over a strike length of
approximately 9 km; striking approximately north-south from
Bonecrusher at its north end to Edwards over approximately 7 km of
strike where it dips at between 15deg and 60deg towards the west,
averaging around 30deg. Extending southeast of Edwards
mineralisation swings as an open fold with the stratigraphy and
then strikes northwest-southeast for approximately 2 km as defined
by drilling with mineralisation dipping between 30deg and 45deg to
the southwest. The maximum down dip extent delineated by drilling
is about 500 m. Gibraltar mineralisation extends over a strike
length of 2 km with maximum depth delineated of approximately 200m
down dip.
The resource block model has been generated by consultant
Snowden Group using its Datamine software package. BGL provided
data and 0.1 g/t composited Au grade shapefiles to Snowden.
Drillhole data was coded using the wireframe interpretations by
Snowden representing oxidation surfaces and mineralised lenses.
Samples were composited to 1m downhole. Statistical analysis of the
domains indicated that laterite gold population is only mildly
skewed while other domains show a high degree of skewness. The
laterite mineralisation was estimated using conventional ordinary
block kriging (no unfolding). The primary mineralisation has been
estimated using a combination of unfolded ordinary and multiple
indicator kriging using hard boundary domains for all domains.
Where top cutting was limited to 13 or fewer samples (< 3 % of
the data) per domain, ordinary kriging was used to determine the
final block grade. The remaining domains were estimated using
multiple indicator kriging. A parent block size of 10m x 25 m by 4
m (east-west, north-south and vertical directions respectively) to
reflect both the drillhole spacing and BGL's plan to mine the
deposit using bulk mining methods. The estimates were validated
using a visual and statistical comparison of the block grade
estimates to the input drillhole composite data. The Bullabulling
deposit was previously estimated in toto in September 2012
(BB0912v1) and subsequently estimates were undertaken for subsets
firstly encompassing Gryphon-Edwards (south of 6564800N) based on
drilling in January-February 2013 (BB0413v1) and then
Dicksons-Bonecrusher (north of 6569000N) based on drilling in
September 2013 (BB0913v1). The Gibraltar deposit was estimated in
October 2013.
The estimate have been classified as an Indicated and Inferred
Mineral Resource based on the integrity of the data, spatial
continuity of both the geology and the gold grades as demonstrated
by variography, the drillhole spacing as well as the quality of the
estimation as summarised in this table. Indicated Resources
(amphibolite) were modelled using closed wireframe solids. The main
criteria was a a minimum of 75 m along strike (north-south to
northwest-southeast) and 35 m (east-west or northeast-southwest)
which contained a mixture of historical and new drilling results.
The down dip and along strike extents of the mineralisation were
typically projected 35 m past the last drillhole. In some cases
this distance was shortened, more commonly where mineralisation
appeared to be pinching out. Mineralisation within 50 m of the
indicated boundary was classified as Inferred. In drilled areas
with no defined Indicated Amphibolite Resource, Inferred Resources
were defined where two or more consecutive sections had three or
more drillholes delineating the mineralisation in the along strike
and down dip directions. The classified material was typically
projected 50 m along strike and down dip from the last drillhole.
All of the laterite mineralisation was classified as Inferred.
Snowden believes the estimate appropriately reflects the view of
the competent person.
The deposit is the subject of a Feasibility Study (FS) which is
considered mining, metallurgical and economic factors. The FS
describing the mining parameters is anticipated to be delivered in
first half 2015.
JORC Code (2012) Draft Table 1 - sampling techniques and data
-------------------------- -------------------------------------------------------------------------
Criteria Comments
-------------------------- -------------------------------------------------------------------------
Sampling techniques A total of 4866 reverse circulation (RC) and 52 diamond (DD)
drillholes have been drilled with 291,593 and 3164 samples
respectively compiled into the database as the basis for resource
estimation.
The data used for resource estimation is based on the logging
and sampling of RC and Diamond drilling (NQ-HQ core). Snowden's
review indicates it has been done to a good standard. 2 kg
to 5 kg chip samples were collected from each metre of RC
drilling. The bulk of RC Samples were pulverised and split
to produce a 50 g charge. Drill core sampled were typically
half HQ at 1m intervals unless sub-sampled to lithological
boundaries. Core samples are crushed prior to pulverising
and splitting to obtain a 30-50 g charge. The charge is subject
to fire assay with an aqua regia digest finish. The solution
is then analysed for gold using AAS. Rock chips for logging
were obtained by sieving a large scoop from each bag. Washed
chips were placed into appropriately labelled chip trays.
Magnetic susceptibility was measured using a model KT-10 portable
magnetic susceptibility meter with readings taken at 1m intervals.
XRF determinations are performed to verify lithogeochemistry
using a PAS XL3t 950s GOLDD+ portable analyser.
-------------------------- -------------------------------------------------------------------------
Drilling techniques The bulk of the drilling is RC (96.5%) with a few diamond
holes (3.5%) completed for geological information, bulk density
determinations and metallurgical testing. A total of 4866
reverse circulation (RC) and 52 (diamond (DD) were drilled
for 291,593 and 3164 samples respectively. Holes were drilled
on a nominal 35 m x 75 m grid spacing. RC drillholes in toto
range in depth from 1 m to 348 m averaging 59m and BGL diamond
drillholes range in depth from 136 m to 573.5 m averaging
355m.
-------------------------- -------------------------------------------------------------------------
Drill sample recovery RC recovery data was routinely collected by BGL for the bulk
of recent drilling. Analysis of results yielded an average
recovery of 97%. Diamond core recoveries averaged 99%.
-------------------------- -------------------------------------------------------------------------
Logging Geological logging was undertaken on RC chip samples with
following characteristics logged: lithology, oxidation strength,
mineralogy, grainsize, texture, colour, vein infill and percentage,
metal sulphide percentage and alteration type and strength.
Geological logging, structural measurements, RQD and recovery
measurements were carried out on diamond core. Diamond core
was photographed wet. XRF determinations of lithophile elements
Ni and Cr were utilised to confirm the visual identification
of ultramafic or komatiitic units. According to Snowden, logging
of drillhole samples was done with sufficient detail to meet
the requirements of resource estimation and mining studies.
-------------------------- -------------------------------------------------------------------------
Sub-sampling techniques A nominal 1 m sample interval was used for the RC and diamond
and sample preparation drilling. RC samples were collected using a cone splitter
to cut the sample stream and produce a 2 kg to 5 kg sample.
Diamond drilling sample lengths were adjusted so that they
did not cross lithological boundaries. Diamond drillhole samples
are collected from half core cut using a diamond saw. RC samples
were delivered by BGL road transport in purpose built cages
to ALS Kalgoorlie from June 2010 to September 2012 with some
overflow to ALS Perth. From January 2013 to April 2014, delivery
laboratory was the Amdel Kalgoorlie facility. Field duplicates
were collected every 20m on average. A proportion of pulp
duplicates were re- submitted for assay and then assayed by
an umpire laboratory. Standards and blanks were inserted in
the sample stream at nominal 20m spacing inserted through
the course of the resource drilling. Snowden's review indicates
it has been done to an acceptable standard.
-------------------------- -------------------------------------------------------------------------
Quality of assay In the period June 2010 to December 2012 samples were assayed
data and laboratory for gold at ALS facilities by ALS fire assay method Au-AA26
tests (50g charge 0.01 DL). RC samples from 5 precollars in the
first 7 hole diamond drilling program (June-August 2010) were
assayed using ALS fire assay method Au-AA21 (30g charge 0.002
DL) and the half core samples assayed using ALS fire assay
method Au-AA25 (30g charge 0.01ppm DL). Solutions of samples
assaying >10ppm Au were diluted and reanalysed using method
Au-DIL. The final Au assay is selected in priority Au-DIL
if not then Au-AA26 if not then Au-AA25 if not then Au-AA21.
In the period January 2013 to April 2014 samples were assayed
for gold at Bureau Veritas Amdel Kalgoorlie laboratory using
method FA001 (40 g charge 0.01 DL).
-------------------------- -------------------------------------------------------------------------
Verification of Snowden Group have been retained since 2010 as consultants
sampling and assaying to BGL to undertake resource estimates to inform scoping,
prefeasibility and feasibiliy studies for the Bullabulling
project. Snowden carried out a field inspection of operations
at Bullabulling at commencement of RC drilling in November
2010 to verify RC sampling procedures in practice and inspecting
the core logging and storage facilities which were still being
established.
Snowden's analysis of the QC data for the Bullabulling deposit
found the blanks and standards results to be acceptable. The
duplicate results were poor. Part of the reason for the poor
duplicate results is that the low tenor of the mineralisation
is distorting the HARD values (118 pairs of 187 submitted
from Jan-Feb 2013 round of drilling had grades less than 0.1
g/t Au).
A review of RC field duplicates analyses by a third party
and Snowden found 75% of the data had HARD of 30% or less
considered by Snowden a poor result. A batch of 563 pulp duplicates
from the November 2010 to December 2011 campaign were resubmitted
to umpire laboratory Amdel. As expected for the sample type
the level of precision was slightly better than obtained from
the field duplicate analyses (72% of the data with a HARD
value of less than 15%).
-------------------------- -------------------------------------------------------------------------
Location of data The local mine grid is based on AMG Zone 51 coordinates. All
points collars have been surveyed by Fugro or ABIMS by dDGPS (accuracy
+/-0.1m). A campaign of dGPS surveys of extant historical
collars was undertaken by Fugro (x holes) and results compared
with the inherited database. Results indicate that location
data for historical drilling is accurate.
-------------------------- -------------------------------------------------------------------------
Almost all the BGL drilling has been subject to gyroscopic
survey. No downhole surveys were undertaken on vertical holes.
From November 2012 to January 2011, early in the infill RC
program in approximately X holes downhole surveys were undertaken
by optical method prior to supercession by gyroscopic surveying.
From January 2011 to April 2014, continuous downhole surveys
were performed mainly in-rod by gyroscopic technique in the
bulk of RC drillholes (85%). A proportion (13%) were surveyed
down open hole. 24 holes where downhole surveys were unable
to be performed rely on collar survey data for downhole traces.
Very few of the historic RC drillholes have downhole surveys
and therefore rely on collar information. Historic diamond
holes have downhole survey information based on optical surveys.
-------------------------- -------------------------------------------------------------------------
Data spacing and The drilling of the 7km north-south oriented segment of the
distribution Bullabulling Mineralised Trend was completed along a set of
east-west trending sections. The section spacing typically
ranges from 20 m to 20 m apart to 35 m by 75 m apart. Preliminary
drilling of the northwest-southeast oriented portion of the
mineralised trend over a strike length of 2km was undertaken
on east-west sections. From January 2013 infill drilling of
the northwest-southeast oriented trend along the Gryphon-Edwards
areas was completed on northeast-southwest trending sections
orthogonal to the mineralised trend. Section spacing was maintained
at 35 m by 75m.
-------------------------- -------------------------------------------------------------------------
The section spacing is sufficient to establish the degree
of geological and grade continuity necessary to support the
resource classifications that were applied.
-------------------------- -------------------------------------------------------------------------
Orientation of The location and orientation of the Bullabulling drilling
data in relation is appropriate given the strike and morphology of the mineralisation.
to geological structure
-------------------------- -------------------------------------------------------------------------
Sample Security RC and core samples were collected from drill site and delivered
by BGL to Kalgoorlie ( by road 65km) either to ALS or Amdel,
following standard chain of custody procedures. Core prepared
for metallurgical testwork was stored at site and then freighted
to ALS Metallurgical facility in Perth. Pulp samples are boxed
and stored at site in locked sea containers.
-------------------------- -------------------------------------------------------------------------
Audits and reviews In late 2011 a review of the ALS assay data was undertaken
by contractor RSC on behalf of BGL who made a number of recommendations
to improve laboratory practices. Following the review the
quality of the QC samples submitted by BGL improved.
-------------------------- -------------------------------------------------------------------------
Item Section 3 Estimation and Reporting of Mineral Resources
-------------------------- -------------------------------------------------------------------------
Database integrity BGL store all of their drilling information in a commercial
database (GBIS). The data was provided to Snowden in Excel
spread sheets. Snowden undertook a basic check of the database
for potential errors as a preliminary step to compiling the
resource estimate: Drillholes with overlapping sample intervals,
Sample intervals with no assay data, Duplicate records, Assay
grade ranges, Collar coordinate ranges, Valid hole orientation
data. No significant flaws were identified.
-------------------------- -------------------------------------------------------------------------
Site visits Snowden carried out a field inspection of operations at Bullabulling
at commencement of RC drilling in November 2010 observing
and verifying RC sampling procedures in practice and inspecting
the core logging and storage facilities which were still being
established.
-------------------------- -------------------------------------------------------------------------
Geological interpretation It is Snowden's opinion that the local geology is well understood
as a result of work undertaken by BGL and previous workers
in the area. The gold mineralisation has been interpreted
by Snowden based on gold threshold grades of 0.1 g/t supplied
by BGL. Pervasive amphibolite facies metamorphism and metasomatism
has masked most of the original stratigraphy although komatiitic
units are readily distinguishable based on metamorphogenic
mineralogy (tremolite +/-antigorite and texture and high background
Ni measured by portable XRF determinations). Scattered laterite
and sub-cropping shallow oxide mineralisation occurs along
much of the trend and thus is well defined by gold soil geochemistry
(*50ppb Au contour). Banded and more massive amphibolite with
shear fabrics are the main primary hosts with metakomatiite
a significant minor host. Mineralisation occurs as fabric
parallel anastomosing lenses marginal to the contacts between
metakomatiite and surrounding amphibolite.
-------------------------- -------------------------------------------------------------------------
Alternative interpretations of the mineralisation are unlikely
to significantly change the overall volume of gold mineralised
envelope in terms of the reported classified resources.
-------------------------- -------------------------------------------------------------------------
Dimensions The Bullabulling mineralisation parallels the stratigraphy
over a strike length of approximately 9 km; striking approximately
north-south from Bonecrusher at its north end to Edwards over
approximately 7 km of strike where it dips at between 15deg
and 60deg towards the west, averaging around 30deg. Extending
southeast of Edwards mineralisation swings as an open fold
with the stratigraphy and then strikes northwest-southeast
for approximately 2 km as defined by drilling with mineralisation
dipping between 30deg and 45deg to the southwest. The maximum
down dip extent delineated by drilling is about 500 m. The
Gibraltar mineralisation extends over a strike length of 2
km with maximum depth delineated of approximately 200m down
dip.
-------------------------- -------------------------------------------------------------------------
Estimation and Drillhole data was coded using the wireframe interpretations
modelling techniques representing oxidation surfaces and mineralised lenses. Samples
were composited to 1m downhole. Statistical analysis of the
domains indicated that laterite gold population is only mildly
skewed while other domains show a high degree of skewness.
The laterite mineralisation was estimated using conventional
ordinary block kriging (no unfolding). The primary mineralisation
has been estimated using a combination of unfolded ordinary
and multiple indicator kriging using hard boundary domains
for all domains. Where top cutting was limited to 13 or fewer
samples (< 3 % of the data) per domain, ordinary kriging was
used to determine the final block grade. The remaining domains
were estimated using multiple indicator kriging. A parent
block size of 10m x 25 m by 4 m (east-west, north-south and
vertical directions respectively) to reflect both the drillhole
spacing and BGL's plan to mine the deposit using bulk mining
methods. The estimates were validated using a visual and statistical
comparison of the block grade estimates to the input drillhole
composite data. The Bullabulling deposit was previously estimated
in toto in September 2012 (BB0912v1) and subsequently estimates
were undertaken for subsets firstly encompassing Gryphon-Edwards
(south of 6564800N) based on drilling in January-February
2013 (BB0413v1) and then Dicksons-Bonecrusher (north of 6569000N)
based on drilling in September 2013 (BB0913v1). The Gibraltar
deposit was estimated in October 2013.
-------------------------- -------------------------------------------------------------------------
Moisture All tonnages have been estimated as dry tonnages.
-------------------------- -------------------------------------------------------------------------
Cut-off parameters The gold mineralisation was reported using 0.5 g/t gold cut-off
grade provided by BGL. The selected cut-off of 0.5 g/t is
based on pit optimisation and mining optimisation studies
that indicate a grade between 0.35 and 0.4 g/t cut-off is
economic to mine and process (using forecast gold price and
throughput assumed in FS 2014).
-------------------------- -------------------------------------------------------------------------
Mining factors The deposit is the subject of a Feasibility Study (FS) which
and assumptions is considered mining, metallurgical and economic factors.
The FS concluded that the deposit will be mined using large
scale open cut methods and a standard carbon in leach (CIL)
operation processing about 7.5 Mt a year. Relatively large
parent cell ore bocks (10 m x 25 m x 4m) reflect SMUs conducive
to a large scale open cut mining operation. A FS descibing
the mining parameters is anticipated to be delivered in first
half 2015.
-------------------------- -------------------------------------------------------------------------
Metallurgical factors Metallurgical testwork has been undertaken at Scoping and
and Assumptions Prefeasibility Study levels. Results show that mineralisation
is amenable to conventional CIL processing.
-------------------------- -------------------------------------------------------------------------
Environmental factors Environmental factors were considered in the PFS. The most
or assumptions significant environmental issues identified by consultant
RPS were rated as medium risk. The outcome of the study indicated
that the Bullabulling Project would most loikely be assessed
by the DMP as a Mining Proposal without the requirement for
referral to the Environmental Protection Authority (EPA) for
formal Environmental Impact Assessment (EIA). Work is underway
on environmental studies as part of the DFS and so there have
been no revised assumptions made here.
-------------------------- -------------------------------------------------------------------------
Density There is sufficient historical and BGL density data (water
displacement method) for a mineral resource estimate. The
amphibolite hosted mineralisation is hard and competent and
generally non-porous.
-------------------------- -------------------------------------------------------------------------
Classification The estimate have been classified as an Indicated and Inferred
Mineral Resource based on the integrity of the data, spatial
continuity of both the geology and the gold grades as demonstrated
by variography, the drillhole spacing as well as the quality
of the estimation as summarised in this table. Indicated Resources
(amphibolite) were flagged in the model using closed wireframe
solids. The main criteria was a a minimum of 75 m along strike
(north-south to northwest-southeast) and 35 m (east-west or
northeast-southwest) which contained a mixture of historical
and new drilling results. The down dip and along strike extents
of the mineralisation were typically projected 35 m past the
last drillhole. In some cases this distance was shortened,
more commonly where mineralisation appeared to be pinching
out.
Mineralisation within 50 m of the indicated boundary was
classified as Inferred. In drilled areas with no defined Indicated
Amphibolite Resource, Inferred Resources were defined where
two or more consecutive sections had three or more drillholes
delineating the mineralisation in the along strike and down
dip directions. The classified material was typically projected
50 m along strike and down dip from the last drillhole. All
of the laterite mineralisation was classified as Inferred.
Snowden believes the estimate appropriately reflects the view
of the competent person.
-------------------------- -------------------------------------------------------------------------
Audits and reviews The previous Snowden Mineral Resource estimate was briefly
reviewed by CSA (CSA, 2012b) and no significant issues were
identified.
-------------------------- -------------------------------------------------------------------------
Relative confidence The estimate in the mined areas of Bacchus was reconciled
and accuracy against the historical production figures. The relative accuracy
and confidence in the Mineral Resource Estimate is reflected
in the reporting of the Mineral Resource as set out in the
JORC code (2012 Edition)
-------------------------- -------------------------------------------------------------------------
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98,
30/9/01, 01/06/10, 17/12/10
Name of entity
BULLABULLING GOLD LIMITED
-------------------------
ABN Quarter ended ("current
quarter")
50 153 234 532 30 JUNE 2014
-------------- -----------------------
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating $A'000 (6 months)
activities
$A'000
---------------- -------------
1.1 Receipts from product sales - -
and related debtors
Payments for (a) exploration
and evaluation (691) (1,150)
(b) development - -
(c) production - -
1.2 (d) administration (324) (839)
1.3 Dividends received - -
Interest and other items of
1.4 a similar nature received 14 42
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes received / (paid) - -
1.7 Other - STI bonus payments - (261)
Norton takeover (109) (109)
Net Operating Cash Flows (1,110) (2,317)
----- ---------------------------------- ---------------- -------------
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects - -
(b) equity investments - -
1.8 (c) other fixed assets - (1)
1.9 Proceeds from sale of: (a) - -
prospects - -
(b) equity investments - -
(c) other fixed assets
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if - -
material)
Net investing cash flows - (1)
---------------- -------------
Total operating and investing
cash flows
1.13 (carried forward) (1,110) (2,318)
----- ---------------------------------- ---------------- -------------
Total operating and investing
cash flows
1.13 (brought forward) (1,110) (2,318)
----- ----------------------------------
Cash flows related to financing
activities
Proceeds from issues of shares,
1.14 options, etc. 117 117
1.15 Proceeds from sale of forfeited - -
shares
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - capital raising costs - -
----- ---------------------------------- ---------- -----------
Net financing cash flows 117 117
----- ---------------------------------- ---------- -----------
Net increase (decrease) in
cash held (993) (2,2018)
Cash at beginning of quarter/year
1.20 to date 3,049 4,257
1.21 Exchange rate adjustments - -
to item 1.20
---------- -----------
1.22 Cash at end of quarter 2,056 2,056
----- ---------------------------------- ---------- -----------
Payments to directors of the entity and associates of the
directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
----------------
Aggregate amount of payments to the parties
1.23 included in item 1.2 295
----------------
1.24 Aggregate amount of loans to the parties -
included in item 1.10
-------- -------------------------------------------------- ----------------
1.25 Explanation necessary for an understanding of the transactions
1.7 & 4.4 - At the reporting date, creditors in relation
to the Norton takeover amount to $1 million
1.23 - Includes salaries and fees paid to directors,
as well as superannuation paid on behalf of directors
and senior executives.
-----------------------------------------------------------------------------
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which
have had a material effect on consolidated assets and
liabilities but did not involve cash flows
None
-------------------------------------------------------
2.2 Details of outlays made by other entities to establish
or increase their share in projects in which the reporting
entity has an interest
None
------------------------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities * 2,000 -
----------------- ------------
3.2 Credit standby arrangements - -
---- ---------------------------- ----------------- ------------
* Comprises a loan from Norton Gold Fields Limited
Estimated cash outflows for next quarter
$A'000
--------
4.1 Exploration and evaluation 1,297
--------
4.2 Development -
--------
4.3 Production -
--------
4.4 Administration * 1,951
---- --------------------------- --------
Total 3,248
---- --------------------------- --------
* Includes $1,514,000 related to Norton takeover with
approximately $1,000,000 included in creditors at 30 June 2014.
Reconciliation of cash
Reconciliation of cash at the Current quarter Previous quarter
end of the quarter (as shown $A'000 $A'000
in the consolidated statement
of cash flows) to the related
items in the accounts is as follows.
---------------------------------------- ---------------- -----------------
5.1 Cash on hand and at bank 1,600 1,449
---------------- -----------------
5.2 Deposits at call 456 1,600
---------------- -----------------
5.3 Bank overdraft - -
---------------- -----------------
5.4 Other (provide details) - -
---------------- -----------------
Total: cash at end of quarter
(item 1.22) 2,056 3,049
----- --------------------------------- ---------------- -----------------
Note: $525,000 Research and Development refund from ATO received
in early July.
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest
reference (note (2)) at beginning at end
of quarter of quarter
------------ ------------------- -------------- ------------
Interests in
mining tenements
relinquished,
reduced or
6.1 lapsed P 15/5188 Gold exploration 100% -
------------ ------------------- -------------- ------------
Interests in
mining tenements
acquired or
6.2 increased
P 15/5848 Gold exploration - 100%
P 15/5849 Gold exploration - 100%
------------ ------------------- -------------- ------------
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Total number Number quoted Issue price Amount paid
per security up per security
(see note (see note 3)
3) (cents) (cents)
--------------------------- ------------- -------------- -------------- -----------------
7.1 Preference
+securities
(description)
------------- -------------- -------------- -----------------
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
----- -------------------- ------------- -------------- -------------- -----------------
+Ordinary
securities
7.3 ** 350,490,376 350,490,373
------------- -------------- -------------- -----------------
Changes during
7.4 quarter
(a) Increases
through issues
2,261,938 2,261,938 6.5 cents 6.5 cents
(b) Decreases
through returns
of capital,
buy-backs 2,859,756 2,859,756 4.1 cents 4.1 cents
1,333,094 1,333,094 7.1 cents 7.1 cents
- -
7.5 +Convertible
debt securities
(description)
------------- -------------- -------------- -----------------
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
Options
(description Exercise
and conversion price Expiry date
7.7 factor) 14,591,621 - Various Various
------------- -------------- -------------- -----------------
Issued during
7.8 quarter 2,000,000 - 10.7 cents 29 May 2018
------------- -------------- -------------- -----------------
7.9 Exercised
during quarter None
------------- -------------- -------------- -----------------
Expired during
7.10 quarter 1,000,000 - 28.4 cents 1 May 2014
------------- --------------
7.11 Debentures
(totals only)
------------- --------------
7.12 Unsecured
notes (totals
only)
----- -------------------- ------------- --------------
1,333,094 fully paid ordinary shares were issued to directors in
lieu of 50% of their director fees;
2,261,938 fully paid ordinary shares were issued pursuant to
drilling services.
Compliance statement
1 This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX (see note
5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 31 July 2014
Company Secretary
Print name: David M McArthur
Notes
1 The quarterly report provides a basis for informing the market
how the entity's activities have been financed for the past quarter
and the effect on its cash position. An entity wanting to disclose
additional information is encouraged to do so, in a note or notes
attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options
in respect of interests in mining tenements acquired, exercised or
lapsed during the reporting period. If the entity is involved in a
joint venture agreement and there are conditions precedent which
will change its percentage interest in a mining tenement, it should
disclose the change of percentage interest and conditions precedent
in the list required for items 6.1 and 6.2.
3 Issued and quoted securities. The issue price and amount paid
up is not required in items 7.1 and 7.3 for fully paid
securities.
4 The definitions in, and provisions of, AASB 6: Exploration for
and Evaluation of Mineral Resources andAASB 107: Statement of Cash
Flows apply to this report.
5 Accounting Standards. ASX will accept, for example, the use of
International Financial Reporting Standards for foreign entities.
If the standards used do not address a topic, the Australian
standard on that topic (if any) must be complied with.
== == == == ==
This information is provided by RNS
The company news service from the London Stock Exchange
END
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