TIDMTMP
RNS Number : 6865S
Templar Minerals Limited
15 September 2010
Templar Minerals Ltd/ Epic: TMP / Market: AIM / Sector: Mining & Exploration
15 September 2010
Templar Minerals Limited
('Templar' or 'the Company')
Completes Reverse Takeover of Ortac Resources Plc
Change of Name to Ortac Resources Limited
Appointment of new Directors
Templar Minerals Ltd, the AIM quoted international mining and exploration
company focussed on the investment and development of resource assets, announces
that following the court process to sanction the scheme of arrangement, the
final condition precedent for the acquisition of Ortac Resources Plc ('Ortac'),
which owns 100% of the highly prospective Kremnica Gold Project in Slovakia
('Kremnica Gold'), was completed today. Therefore, Templar will proceed to
issue and allot the Consideration Shares for which application for trading on
AIM has been made and will also proceed to implement its change of name to Ortac
Resources Limited as previously approved by Shareholders. A further
announcement regarding the change of name will be released shortly.
Overview:
· Reverse Takeover of Ortac Resources Plc, the Central European focussed
exploration and development company focussed on precious metal projects in
Europe.
· Nine licences totalling c.200sq km in Slovakia at various stages of
development.
· Ortac's initial project is 100% ownership of Kremnica Gold Project which
has a c.760,000 ounces ('oz') of gold ('Au') equivalent 43-101 compliant
resource.
· Defined development plan to fast-track Kremnica Gold, with an initial focus
on the publication of an updated resource statement in Q4 2010 targeting 1Moz Au
equivalent, a preliminary scoping study by Q1 2011 and production by Q4 2012.
· Existing resource at Kremnica Gold Project only calculated along 1.1km of
the 6.5km known strike length - open in both directions and at depth.
· Strong potential for further resource delineation - multiple targets within
Kremnica Gold Mining & Exploration Licences with potential to achieve a 2Moz Au
equivalent resource through resource re-modelling and additional exploratory
drilling.
· Kremnica provides an operational foothold in the highly prospective Central
Slovakian Volcanic Field with past/present production and resources in excess of
9Moz Au.
· Several regional consolidation opportunities at various stages of
development currently being evaluated to significantly increase resource
inventory and maximise shareholder value.
· Restructured Board providing strong technical, operational and corporate
experience to manage growth. Ortac already has an established development team
in Slovakia.
· The Company has in excess of GBP2.3 million in cash (following the
contractual payment to Tournigan of US$550,000 expected to be made today
equating to approximately GBP376,000), no debt and 50.125 million shares in
Vatakoula Gold Mines Plc valued at circa GBP1.35 million. The Company will be
looking to divest its interests in the Rio Paranaiba Project in Brazil.
· The Company has appointed Anthony Balme, Vassilios Carellas and Dorian
Nicol to the board with immediate effect. Application has been made for
748,498,981 new Ordinary Shares, which will when issued rank pari passu with the
existing Ordinary Shares in issue, to be admitted to trading on AIM and trading,
is expected to commence on 15 September 2010. Following the issue of the new
Ordinary Shares as set out above, the total number of shares in issue will be
1,646,586,957.
· The Company is in the process of implementing its change of name to Ortac
Resources Limited (and consequent change of website address to
www.ortacresources.com) and a further announcement will be made when this is
completed shortly.
Ortac Resources plc CEO Vassilios Carellas said, "With the completion of this
deal we can now implement our development strategy to bring our initial gold
project at Kremnica in Slovakia into production. The project already has a
defined resource of 760,000 ounces Au equivalent which we believe has
considerable scope for a resource upgrade, with an internal 1Moz Au target for
the primary Sturec open pit by the end of the year and a subsequent 2Moz Au
target for the full project area. We will immediately initiate additional test
work and studies to upgrade the resource at Kremnica and complete a scoping
study which will be funded by the new company which has in excess of GBP3.65
million in cash and no debt. The project is an exciting opportunity to achieve
production and provides us with an invaluable foothold in the Central Slovakian
Field, which forms part of the Carpatho-Balkan Metallogenic Belt that hosts a
number of multi-million ounce gold projects throughout Eastern Europe."
Templar Minerals Limited Executive Director Charles Wood said, "This is a
landmark step for the Company and heralds our transformation into a gold
exploration and development company with an initial focus in a highly
prospective and producing gold mining district. We are pooling the corporate
and operational expertise of both Templar and Ortac, creating a strong platform
with which to achieve our expansion objectives of acquiring additional precious
metal assets and building a substantial mid tier Central and Eastern Europe
focussed precious metal production company. Accordingly we look forward to a
highly active period of development which should allow us to demonstrate the
value of our initial asset and our ability to identify and acquire additional
opportunities to build shareholder value."
+------------------+------------------------+---------------------+
| For further information please visit www.ortacresources.com or |
| contact: |
+-----------------------------------------------------------------+
| Vassilios | Templar Minerals Ltd | Tel: +44 (0) 20 |
| Carellas | (soon to be Ortac | 7440 0646 |
| | Resources Ltd) | |
+------------------+------------------------+---------------------+
| Charles Wood | Templar Minerals Ltd | Tel: +44 (0) 20 |
| | (soon to be Ortac | 7440 0646 |
| | Resources Ltd) | |
+------------------+------------------------+---------------------+
| Roland Cornish | Beaumont Cornish | Tel: +44 (0) 20 |
| | Limited | 7628 3396 |
+------------------+------------------------+---------------------+
| Rosalind Hill | Beaumont Cornish | Tel: +44 (0) 20 |
| Abrahams | Limited | 7628 3396 |
+------------------+------------------------+---------------------+
| Hugo de Salis | St Brides Media & | Tel: +44 (0) 20 |
| | Finance Ltd | 7236 1177 |
+------------------+------------------------+---------------------+
| Susie Callear | St Brides Media & | Tel: +44 (0) 20 |
| | Finance Ltd | 7236 1177 |
+------------------+------------------------+---------------------+
| Lottie | St Brides Media & | Tel: +44 (0) 20 |
| Brocklehurst | Finance Ltd | 7236 1177 |
+------------------+------------------------+---------------------+
Kremnica Gold Project
The Kremnica Gold Project is located in central Slovakia. The town of Kremnica
lies 17 km west of central Slovakia's largest city, Banská Bystrica. The
project area is accessible from Vienna, Austria by driving east across the
border into Slovakia and then northeast through Bratislava, Nitra, Zlaté
Moravce, and Ziar nad Hronom.
The Kremnica project comprises three licences: the Kremnica Mining Licence with
an area of 11.79 km2, the Lutila Exploration Licence with an area of 63.2 km2
and the Vyhne Exploration Licence of 36.90km2. The details of the licences are
as set out below;
+----------+-----------------+----------+-------------+-------------+------------+----------------------+
| Asset | Holder/Operator | Interest | Status | Expiry | Determined | Comments |
| | | | | Date | Area (km2) | Elements |
| | | | | | | claimed |
+----------+-----------------+----------+-------------+-------------+------------+----------------------+
| Kremnica | Kremnica | 100% | Mining | Surface | 11.79 | Au, Ag |
| | Gold | | | Extraction | | |
| | Mining | | | must start | | |
| | s.r.o. | | | by 30 June | | |
| | | | | 2012 | | |
| | | | | Underground | | |
| | | | | Extraction | | |
| | | | | must start | | |
| | | | | by 30 June | | |
| | | | | 2014 | | |
+----------+-----------------+----------+-------------+-------------+------------+----------------------+
| Lutila | Kremnica | 100% | Exploration | 3 | 63.2 | Au,Ag,Cu,Zn,Pb,Sb,Hg |
| | Gold | | | March | | |
| | s.r.o. | | | 2012 | | |
+----------+-----------------+----------+-------------+-------------+------------+----------------------+
| Vyhne | Kremnica | 100% | Exploration | 16 | 36.90 | Au,Ag,Cu,Zn,Pb,Sb,Hg |
| | Gold | | | February | | |
| | s.r.o. | | | 2013 | | |
+----------+-----------------+----------+-------------+-------------+------------+----------------------+
Source: Competent Persons Report dated 30 July 2010
History
Gold mining commenced at Kremnica in the 8th century and historical output
totals 46,000 kg (1.5 million ounces) of gold and 208,000 kg (6.7 million
ounces) of silver. Production was mostly from underground mine workings but also
from small open pits.
The Slovak Geological Survey carried out extensive exploration in the Kremnica
area from 1981-87, drilling 34 holes for over 25,000m although much of which was
outside the main area of interest at Kremnica: the Sturec zone. The State-owned
company, Rudne Bane, operated at Kremnica from 1987 to 1992. It undertook
extensive adit development within the Sturec zone and produced 50,028 tonnes of
mineral averaging 1.54 g/t Au from a small open pit. However, the operation was
not profitable and it closed. There has been no production since that time.
Argosy Mining Corporation of Vancouver ("Argosy") acquired the property in 1995
and completed a core drilling programme in 1996 and a combined core and
reverse-circulation (RC) drilling programme in 1997 for a total of 79 holes
(12,306 m). This work led to an open pit resource estimate of 11.26Mt at a
grade of 1.8g/t Au and 12.5g/t Ag over the main Sturec zone.
Tournigan Gold Corporation (now known as Tournigan Energy Limited) ("Tournigan")
acquired the rights to the Kremnica project by purchasing Kremnica Gold a.s.
(now known as Kremnica Gold s.r.o.) from Argosy in July 2003. Tournigan then
completed 104 cored and RC drill holes (for 14,000m) over the period 2004 to
2008. The majority of these holes were over the main Sturec zone, but adjacent
areas were also explored.
Following from Tournigan's exploration, Beacon Hill Consultants (1988) Ltd,
based in Vancouver, produced a pre-feasibility study on the Kremnica project in
2007 that established open pit reserves over the main Sturec zone of 16.23Mt at
a grade of 1.40g/t Au and 11.08g/t Ag. This study also covered mining,
processing, infrastructure and environmental matters, as well as an economic
analysis.
Geology and Exploration
The geology of the Kremnica gold deposit is well established. The Sturec zone
is continuously mineralised for 1,200 m along strike, is typically 100 to 150 m
wide and extends to a known depth of at least 300 m. The main part of the
Sturec zone is the Schramen Vein, which is up to 100 m wide along a 500 m strike
section and accounts for some 90% of the gold contained in the Kremnica measured
and indicated resources. It is a massive to sheeted quartz vein that strikes
almost due north, generally dips steeply to the east, and thins to the north,
south, and at depth. Some additional exploration is required to clarify the
extent and continuity of hanging and footwall mineralisation in the Sturec zone.
Exploration potential outside the immediate Sturec zone is considered to be
reasonable.
Mineralisation
Gold-silver mineralisation at Kremnica is part of a large low-sulphidation
quartz-sericite-adularia epithermal-hydrothermal system hosted in Tertiary
andesite volcanic flows and tuffs and lesser diorites and rhyolite dikes.
Mineralisation occurs in large banded to massive quartz veins, smaller quartz
veins and sheeted veins, quartz stockwork veining, and silicified hydrothermal
breccias. Gold and silver mineralisation within the sheeted veins and stockwork
veining zones is primarily localised in areas immediately adjacent to the main
vein zones.
Vein mineralogy consists of quartz, calcite, adularia, sericite-illite, and
lesser chalcedony.
Alteration consists of a core of intense silicification (abundant quartz veining
and silica flooding of vein wall rock), and large zones of argillic and
propylitic clay alteration, which can include minor disseminated pyrite.
Silicification is primarily quartz with lesser chalcedony.
Gold occurs freely and in non-refractory association with sulphides and with
silver as electrum. Besides electrum, silver occurs in the minerals polybasite,
pyrargyrite, and argentite. Sulphide minerals consist predominately of pyrite
and marcasite with much lesser amounts of chalcopyrite, arsenopyrite, stibnite,
sphalerite, and galena.
Resource Estimation
The Competent Person's report assigned mineral resources to the Kremnica project
as follows:
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| | | | | | | | | |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| Kremnica in situ Resource at 0.75g/t Gold Equivalent (AuEq) cut off |
+----------------------------------------------------------------------------------------------------+
| Operator4Resource | Quantity | Grade (g/t) | Metal (oz) |
+-------------------+---------------------+--------------------------+-------------------------------+
| category | Tonnes | SG | AuEq | Au | Ag | AuEq | Au | Ag |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| Measured | 3,419,000 | 2.24 | 2.30 | 2.01 | 16.20 | 252,700 | 220,600 | 1,780,700 |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| Indicated | 4,631,000 | 2.25 | 2.45 | 2.12 | 18.41 | 364,500 | 315,200 | 2,742,100 |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| Meas. | 8,050,000 | 2.24 | 2.38 | 2.07 | 17.47 | 617,200 | 535,800 | 4,522,800 |
| + | | | | | | | | |
| Indic. | | | | | | | | |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| Inferred | 2,895,000 | 2.34 | 1.57 | 1.40 | 9.46 | 145,900 | 130,000 | 880,400 |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| TOTAL | 10,945,000 | 2.27 | 2.17 | 1.89 | 15.35 | 763,100 | 665,800 | 5,403,200 |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
| | | | | | | | | |
+-------------------+------------+--------+--------+--------+--------+---------+---------+-----------+
Source: Competent Persons Report dated 30 July 2010
Notes:
1. Tonnes and ounces rounded to 4 significant figures.
2. AuEq has been calculated for each block with AuEq ratio of 55.7:1.
AuEq= Au+(Ag*0.018) based on three years (Aug 2006 to Aug 2009) average price
for Au and Ag. Gold price: US$ 780/oz, silver price: US$ 14/oz.
3. The figures in the table above are gross and net, i.e. 100%
attributable to the holder.
4. The holder/operator of this asset is Kremnica Gold Mining s.r.o., a
100% subsidiary of Ortac Resources Plc.
The resources above have been reviewed by the Competent Person and are
considered to be Mineral Resources in accordance with the Australasian Code for
Reporting of Mineral Resources and Ore Reserves (the `JORC Code' or `the Code'
2004), which is an internationally recognised standard. The Code sets out
minimum standards, recommendations and guidelines for Public Reporting of
Exploration Results, Mineral Resources and Ore Reserves in Australasia. The
Code has been drawn up by the Joint Ore Reserves Committee of The Australasian
Institute of Mining and Metallurgy, the Australian Institute of Geoscientists
and the Minerals Council of Australia.
Other Licences
In addition to the two exploration licenses adjacent and to the south of the
Kremnica Mining License, the Company is acquiring a further seven exploration
licenses, which are located in central and eastern Slovakia. The table below
sets out the seven exploration licence areas outside the Kremnica Project.
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| | | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Asset | Holder/Operator | Interest | Status | Licence | Licence | Comments |
| | | | | Expiry | Area | Elements |
| | | | | Date | (km2) | claimed |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Zlatá | Bellmin | 100% | Exploration | March 6 | 30.56 | Prolonged |
| Bana | s.r.o. | | | 2013 | | once |
| | | | | | | Au,Ag,Cu,Pb,Zn,Sb,Hg,Ba,Mo,Cd,Se,Bi,Sn |
| | | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Ruská | Bellmin | 100% | Exploration | March 6 | 23.91 | Prolonged |
| Bystrá | s.r.o. | | | 2013 | | once |
| | | | | | | Au,Ag,Hg,Pb,Zn,Cd,Mo,Bi,Se,Sn |
| | | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Poruba | Bellmin | 100% | Exploration | May 17 | 5.07 | Au,Cu,Pb,Zn,Bi,Te,Mo,Se,Sn,Hg |
| pod | s.r.o. | | | 2011 | | |
| Vihorlatom | | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Smolnik | Bellmin | 100% | Exploration | April | 14.43 | Au,Ag,Sb,Cu,Mo,Cd,Se,Bi,Sn,Talc |
| | s.r.o. | | | 30 2014 | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Bysta | St | 100% | Exploration | 6 March | 21.21 | Prolonged |
| Skáros | Stephan | | | 2013 | | once |
| | Gold | | | | | Au,Ag,Cu,Pb,Zn,Sb,Hg,Ba,Mo,Cd,Se,Bi,Sn |
| | s.r.o. | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Cinobana | St | 100% | Exploration | 8 | 14.88 | Au,Ag,Pt,As,Cu,Pb,Zn,Sb,Bi,Hg,Ba,Te,Cd |
| | Stephan | | | November | | |
| | Gold | | | 2011 | | |
| | s.r.o. | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
| Cejkov | St | 100% | Exploration | 5 | 27.14 | Au,Ag,Cu,Pb,Zn,Sb,Hg,Ba,Mo,Cd,Se,Bi |
| | Stephan | | | November | | |
| | Gold | | | 2012 | | |
| | s.r.o. | | | | | |
+------------+-----------------+----------+-------------+----------+---------+----------------------------------------+
Source: Competent Persons Report dated 30 July 2010
In respect of the above licences, there are no resources that are compliant
under international standard recognised under the AIM Rules.
Summary of the terms of the Acquisition
Templar has completed the acquisition of the whole of the issued share capital
of Ortac Resources Plc ('the Acquisition'). Under the terms of the Acquisition,
Ortac Shareholders will receive 66.711966 Ordinary Shares in the Company for
each Ortac Share held on the Scheme Record Date ('the Consideration Shares').
Fractions of Consideration Shares will not be allotted or issued pursuant to the
Scheme and the entitlements of the Ortac Shareholders be rounded up or down to
the nearest whole number of Consideration Shares. A total of 748,498,986
Consideration Shares will be issued pursuant to the Acquisition and the Ortac
Shareholders will collectively hold Ordinary Shares in the Company representing
approximately 45.46% of the enlarged share capital. Based on the purchase price
of 1 penny per Ordinary Share, the Consideration Shares have an implied
aggregate value of approximately GBP7.5 million.
The Consideration Shares will rank pari passu in all respects with the Existing
Ordinary Shares.
Following Admission, as a result of Ortac becoming its wholly owned subsidiary,
the Company will fulfil the outstanding payment obligation of US$1.9 million to
Tournigan pursuant to the Tournigan Share Purchase Agreement. The liability
will be discharged by the issue of Ordinary Shares equal to the value of
US$1,350,000 at a price of 1 pence per share (converted from Pounds Sterling to
US dollars at the average daily spot rate at midday for the ten trading days
immediately prior to Admission) plus the sum of US$550,000 in cash.
Under the Tournigan Share Purchase Agreement, within 60 Business Days of the
grant of all necessary permits for Commercial Production, Ortac is obliged to:
· pay to Tournigan a sum equal to US$15.00/oz of the first 250,000 ounces of
the gold equivalent (gold and silver) resource defined as proven and probable
reserve in the Feasibility Study; and
· grant to Tournigan a 2 per cent. royalty on gold and silver production from
the Kremnica Gold Project to a limit of the first 1,000,000 ounces produced,
after which the royalty percentage shall be reduced to a 1 per cent. net smelter
royalty on the next 1,000,000 ounces, after which it will extinguish.
Directors
The following Directors have been appointed to the Board with immediate effect:
Anthony Balme (aged 61), Chairman
Mr Balme is chairman of Carter Capital Ltd since 1981, AMC Ltd and Lymington
Underwriting, family companies engaged in insurance, property development and
resource ventures. He has been a director of Forum Uranium Corp, a TSX.V quoted
exploration since 2003 and was a non executive director of Vatukoula Gold Mines
plc (formerly River Diamonds plc), an AIM listed resource company, for nearly
four years until March 2008 and held office at the time of its original
admission to AIM. He also joined the board of Far North Platinum in 2009, which
is an early stage PGM exploration company operating in South Africa.
He has extensive European and North American experience in finance, in
particular in the resource sector where he has participated in a number of
exploration and development stage ventures. He has been working on Ortac's
exploration activities in Slovakia for over 5 years and has gained a broad
understanding of the country and a liking for its people.
He is a Chartered Accountant and qualified with Coopers & Lybrand in London. He
has extensive commercial experience and in particular on the strategic
development of businesses.
Vassilios Carellas (aged 36), Chief Executive Officer
Vassilios is a geologist by profession with extensive experience gained in the
mining and exploration industry in Central Asia. Prior to joining Ortac, he held
the post of Managing Director of Kryso Resources plc from 2004-2009, an AIM
listed company that he co-founded and which was admitted to AIM in 2004. As
Managing Director, he was responsible for almost all facets of the business,
from corporate and marketing functions through to the operational and technical
aspects on the ground. Prior to co-founding Kryso, he has served as
Vice-President Mining, General Manager, Chief Geologist and various other senior
positions for two Canadian listed mining companies operating producing mines. He
is a director of Panafric Ocean & Energy Limited and VC Resources Limited. He is
a member of the Geological Society of South Africa and the Australian Institute
for Mining and Metallurgy.
Charles Wood (Charlie) (aged 35), Executive Finance Director
Mr Wood holds a Bachelor of Commerce, a post graduate degree in Corporate
Finance. Mr. Wood has 15 years' experience working in corporate positions across
a range of industries including Agriculture, Resources and Banking. Mr Wood has
worked in numerous jurisdictions in Africa, South America and Australia and has
extensive experience in independent expert's reports, due diligence, capital
raisings and mergers and acquisitions. Mr Wood was general manager corporate of
Equatorial Palm Oil plc from May 2006 to its admission to AIM on March 2010. Mr
Wood is founding director of Ragnar Capital Ltd, an independent London based FSA
authorised broker providing advisory services, with a particular focus on the
resource sector. Mr Wood was appointed an Executive Director of Templar in
February 2009 and finance director in June 2010.
Alastair Clayton (aged 38), Non-executive Director
Mr Clayton is a qualified geologist with a post graduate diploma in Finance and
Economics from the Securities Institute of Australia. Mr Clayton has over 13
years experience in the mining and resources sector and has worked in Australia,
Africa, Asia and Europe in both a technical and corporate capacity. From 2003 to
2008 he was a director of Universal Coal plc (formally South China Resources
plc) (previously traded on AIM). From 2006-2009 he was a non executive director
of Bannerman Resources Ltd, a uranium development company that is currently
completing a Bankable feasibility Study into the Etango Uranium deposit in
Namibia (listed on the TSX and ASX). Mr Clayton has recently been appointed
non-executive director of ASX and TSX listed, Extract Resources Ltd, a uranium
development company operating in Namiba. He was appointed non executive director
of Templar in February 2009. Mr Clayton is Chairman of the Audit and
Remuneration committees.
Dorian Loney (Dusty) Nicol (aged 53), Non-executive Director
Mr Nicol has over 30 years of international experience in mineral exploration
and mining. He is currently president and CEO of Tournigan Energy Ltd which is a
Canadian uranium exploration and development company quoted on the TSX Venture
Exchange and the Frankfurt Stock Exchange. His past positions include: executive
vice president of exploration at Yukon-Nevada Gold Corp (TSX); CEO and before
that vice president of Queenstake Resources Ltd (TSX); Vice president of Castle
Exploration Zinc and Latin America manager for Canyon Resources Corp. He is a
member of the American Institute of Professional Geologists, and a Fellow of the
Society of Economic Geologists Resources Corp. Mr Nicol is a member of the Audit
and Remuneration committees.
Further to the announcement on 30 July 2010, there is no additional information
on the new Directors required to be disclosed under Schedule Two, paragraph (g)
(i)-(viii) of the AIM Rules for Companies.
Competent Person
The information in this Announcement that relates to Mineral Exploration results
and Mineral Resources, together with any related assessments and
interpretations, have been verified by and approved for release by Vassilios
Carellas, a qualified geologist and full-time employee of the Company.
Vassilios Carellas has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Vassilios Carellas consents to the inclusion of
the information contained in this release in the form and context in which it
appears.
Technical Glossary
The following technical terms are used in this Document. Grammatical variations
of these terms should be interpreted in the same way.
"adularia" a variety of potash
feldspar;
"Ag" the chemical symbol for
the element silver;
"alteration" the systematic and
pervasive chemical alteration of host-rocks by hydrothermal fluids. The
alteration system extends relatively far beyond potentially economic
concentrations of precious and base metal mineralisation and provides the
geologist with a significantly larger potential target-zone during the early
stages of exploration;
"andesite" a volcanic rock of
intermediate composition characteristic of the basalt-andesite-dacite-rhyolite
association and the extrusive equivalent of a diorite;
"antimony" Metallic antimony (Sb) is an
extremely brittle metal with a flaky, crystalline texture. Sometimes found
native, but more frequently as stibnite (Sb2 S3);
"argentite" a valuable silver ore
consisting of silver sulphide (Ag2S);
"arsenopyrite" a mineral of iron, sulphur,
and arsenic commonly associated with metamorphism around igneous intrusions as
in the quartz veins of the Meguma Zone of Nova Scotia;
"assay" a measure of the amount
of an economic metal within an ore sample;
"Au" the chemical symbol for
the element gold;
"borehole" a hole with a drill, auger,
or other tools for exploring strata in search of minerals, for water supply, for
blasting purposes, for proving the position of old workings and faults, and for
releasing accumulations of gas or water;
"breccia" coarse, clastic,
sedimentary rock, the constituent clasts of which are angular. Breccia literally
means rubble and implies a rock deposited very close to the source area;
"chalcedony" variety of quartz which
occurs fibrous to cryptocrystalline, and stalactitic and botryoidal. It is
white, grey-white, grey or bluishgrey, and sometimes yellowish;
"chalcopyrite" a copper-iron sulphide
mineral (CuFeS2);
"Cu" the chemical symbol for
the element copper;
"cyanide" a chemical species
containing carbon and nitrogen used to dissolve gold and silver from ore;
"dacite" a silica over-saturated,
intermediate to acid calc-alkaline lava or pyroclastic rock intermediate in
composition between andesite and rhyolite;
"diorite" intermediate,
coarse-grained igneous rock with up to 10% quartz;
"dip" the inclination of a
geologic structure (bed, vein, fault, etc.) from the horizontal; dip is always
measured downwards at right angles to the strike;
"epithermal" vein deposit formed at
shallow depths from unstable hot solutions;
"fault" a slip-surface between
two portions of the earth's surface that have moved relative to each other. A
fault is a failure surface and is evidence of severe earth stresses;
"galena" a sulphide mineral of
lead;
"footwall" the underlying side of a
fault, orebody, or mine working; esp. the wall rock beneath an inclined vein or
fault;
"fracture" a general term to include
any kind of discontinuity in a body of rock if produced by mechanical failure,
whether by shear stress or tensile stress. Fractures include faults, shears,
joints, and planes of fracture cleavage;
"galena" lead sulphide, the most
common ore mineral of lead;
"gneiss" a layered or banded
crystalline metamorphic rock, the grains of which are aligned or elongated into
a roughly parallel arrangement;
"grade" the relative quantity or
the percentage of ore-mineral or metal content in an orebody;
"hanging wall" the overlying side of an
orebody, fault, or mine working, esp. the wall rock above an inclined vein or
fault;
"Hg" the chemical symbol for
the element mercury;
"hydrothermal" the name given to any processes
associated with igneous activity which involve heated or superheated water;
"illite" very common and widely
occurring soli-clay mineral; formed by the weathering decomposition of
hydrothermal alteration of muscovite or feldspar;
"JORC" the code for reporting of
the Australasian Joint Ore Reserves Committee, which is sponsored by the
Australian mining industry and its professional organisations. The code is
widely accepted as a standard for professional reporting purposes for reporting
of mineral resources and ore reserves;
"magnetite" an igneous rock consisting
essentially of magnetite and having an iron content of 65% to 70% or more.
Apatite may accompany the magnetite;
"marcasite" a mineral with the same
composition as pyrite (FeS2) and often called "white iron pyrite", but
differing in crystal structure;
"monomineralic" applied to rocks composed of one
mineral type only;
"oxides" a group of minerals in
which oxygen is combined with one or more metals to give simple and multiple
oxides respectively;
"Pb" the chemical symbol for
the element lead;
"pyrite" a common iron sulphide
mineral commonly found in hydrothermal veins and systems and commonly associated
with gold mineralisation;
"quartz vein" a sheet-like body consisting
mostly of silica in the form of quartz. Quartz veins can sometimes host deposits
of gold;
"rhyolite" a fine-grained acidic
volcanic rock compositionally equivalent of a granite;
"Sb" The chemical symbol for
the element antimony;
"Se" The chemical symbol for
the element selenium;
"stibnite" one of the main ore
minerals for antimony, with the formula Sb2S3;
"strike" The compass direction of
a horizontal line on an inclined plane;
"sulphide" a group of minerals in
which the element sulphur is in combination with one or more metallic elements;
"Te" The chemical symbol for
the element tellurium;
"Tl" The chemical symbol
for the element thallium;
"vein" a tabular deposit of
minerals occupying a fracture, in which particles may grow away from the walls
toward the middle;
"Zn" The chemical symbol for
the element zinc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Templar Minerals (LSE:TMP)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Templar Minerals (LSE:TMP)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
