ASX: VXR

Mineral Resources

The company has a total resource base within its Pilbara Copper-Zinc Project of 26 Mt grading 1.2% Cu, 3.5% Zn, 0.3% Pb and 19.0 g/t Ag.  The Sulphur Springs Project comprising the Sulphur Springs and Kangaroo Caves deposits totals 17.4 Mt grading 1.3% Cu, 4.2% Zn, 0.2% Pb and 17.0 g/t Ag.  The Whim Creek Project comprising the Whim Creek, Mons Cupri, Salt Creek and Evelyn deposits total 8.6 Mt grading 1.1% Cu, 2.0% Zn, 0.5% Pb and 23.0 g/t Ag.  A breakdown of the individual resources by deposit is provided in the table below:

Mineral Resources
Location JORC Classification Tonnes (‘000t) Cu % Zn % Pb % Ag g/t
Sulphur Springs Measured
Indicated 9,400 1.5 3.8 0.2 17.0
Inferred 4,400 1.4 3.7 0.2 18.0
Sub-total 13,800 1.5 3.8 0.2 17.0
Kangaroo Caves Measured
Indicated 2,300 0.9 5.7 0.3 13.6
Inferred 1,300 0.5 6.5 0.4 18.0
Sub-total 3,600 0.8 6.0 0.3 15.0
Whim Creek Measured
Indicated 1,000 1.4 1.2 0.2 8.7
Inferred 0.6 2.1 0.5 13.1
Sub-total 1,000 1.4 1.2 0.2 9.0
Mons Cupri Measured 1,100 1.5 1.7 0.7 38.0
Indicated 3,500 0.8 0.8 0.3 17.0
Inferred 500 0.5 1.5 0.6 14.0
Sub-total 5,100 0.9 1.0 0.4 21.0
Salt Creek Measured
Indicated 1,000 1.2 3.3 0.9 20.0
Inferred 800 0.7 5.3 1.5 42.0
Sub-total 1,900 1.0 4.2 1.2 30.0
Evelyn Measured
Indicated 500 2.3 4.4 0.4 41.0
Inferred 200 1.1 1.9 0.3 24.0
Sub-total 700 1.9 3.6 0.4 35.0
TOTAL Measured 1,100 1.5 1.7 0.7 38.0
Indicated 17,600 1.3 3.3 0.3 17.0
Inferred 7,300 1.1 4.2 0.4 21.0
Total Resources 26,000 1.2 3.5 0.3 19.0

Note: Totals may not add due to rounding

Ore Reserves

The Ore Reserve Statement for the Pilbara Copper-Zinc Project at 12 October 2018 has been adjusted to reflect the changes to the Sulphur Springs Ore Reserve due to the updated geological resource model for the deposit and the revised mine plan in the “Sulphur Springs DFS Results and Reserve Upgrade” announcement released to the ASX on 12 October 2018.

Ore Reserves
Sulphur Springs JORC Classification Tonnes (‘000t) Cu % Zn % Ag g/t
Open Pit Proven
Probable 3,709 1.8 3.6 17.1
Sub-total 3,709 1.8 3.6 17.1
Underground Proven
Probable 4,785 1.1 2.7 12.1
Sub-total 4,785 1.1 2.7 12.1
Total Proven
Probable 8,494 1.4 3.1 14.3
Total 8,494 1.4 3.1 14.3

Note: Inferred Resources contained within the Reserve design have been assigned a nil grade and dilute the reported Reserve.

Competency Statement

The information relating to mineral resources for the Sulphur Springs, Kangaroo Caves, Mons Cupri and Salt Creek Deposits were prepared by Mr David Milton, Director of Mil Min Pty Ltd.  All information and technical parameter underpinning the estimates have been released to the market in the following ASX announcements “Sulphur Springs Resource Update” dated 11 May 2016, “Sulphur Springs Resource Upgrade” dated 21 March 2018, “Kangaroo Caves Resource Upgrade” dated 22 September 2015, and “Whim Creek Project Resources Update” dated 25 March 2018.

All information and technical parameters underpinning the estimated Mineral Resources for the Whim Creek and Evelyn Deposits have been detailed in the Company’s ASX announcement “Company Resource and Reserve Statement as at 30 September 2013” which was released to the market on 8 October 2013.  The company is not aware of any new information or data that materially affects the Mineral Resources for either of these deposits.

The information and assumptions relating to the Sulphur Springs Open Pit and Underground Ore Reserve is based on information compiled or reviewed by Mr Daniel Donald, of Entech Pty Ltd.  The information that relates to interpretation of metallurgical test work and process plant design is based on information compiled or reviewed by Mr Aidan Ryan, an employee of Lycopodium Minerals Pty Ltd.  All information and technical assumptions underpinning the Ore Reserves for the Sulphur Springs Deposit has been released to the market in the 16 February 2017 announcement “Value Engineering Study – Sulphur Springs Zinc-Copper Project a Robust Development Opportunity”, and an earlier announcement titled “Updated Sulphur Springs Ore Reserve: New mine plan achieves significant capital and operating cost savings” released on 28 June 2016.  The stated reserves are based on the assumptions described in the 2016 VES, published 16 February 2017.  The outcomes of subsequent resource drilling and metallurgical testing have not been taken into account at this stage.

Both Mr Milton and Mr Guy are members of the Australian Institute of Mining and Metallurgy and have sufficient experience in the style of mineralisation under consideration and the activities undertaken to qualify as a Competent Person as defined by the JORC Code (2012) of the Australasian Code of reporting of Exploration Results, Mineral Resources and Ore Reserves.  Both Mr Milton and Mr Guy give their consent to the inclusion in this report of their information in the form and context in which it appears.

Mr Daniel Donald is a member of the Australasian Institute of Mining and Metallurgy.  Mr Donald has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to quality as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Reserves”.  Mr Donald consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Mr Aidan Ryan is a member of the Australasian Institute of Mining and Metallurgy.  Mr Ryan has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to quality as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Mineral Reserves”.  Mr Ryan consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

No New Information or Data

This announcement contains references to exploration results and Mineral Resources and Ore Reserve estimates, which have been cross referenced to previous market announcements.  The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and that all material assumptions and technical parameters underpinning those estimates in the relevant market announcements continue to apply and have not materially changed.

The exploration data and other technical data presented in this report have been compiled by Mr James Guy.  Mr Guy is engaged by the company as a Consultant Exploration Manager.

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