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
Project total 17,400 1.3 4.2 0.2 17.0
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
Project total 8,600 1.1 2.0 0.5 23.0
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

Table 1: Mineral Resources Statement

Note: Totals may not add due to rounding

Ore Reserves

The Ore Reserve Statement for the Pilbara Copper-Zinc Project at 30 June 2019 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 10 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

Table 2: Ore Reserves Statement

Note: Inferred Resources contained within the Reserve design have been assigned a nil grade and dilute the reported Reserve. Total may not add due to rounding.

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 parameters 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. The information relating to 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 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 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 10 October 2018 announcement “Sulphur Springs DFS Results and Reserve Upgrade”. The stated reserves are based on the assumptions described in the 2018 DFS, published 10 October 2018.

Mr Milton is a member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Milton consents to the inclusion in the report of the results reported here and 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.

The information in this announcement that relates to Exploration Results is based on information compiled or reviewed by Mr Luke Gibson who is an employee of Venturex. Mr Gibson is a member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Gibson consents to the inclusion in the report of the results reported here and the form and context in which it appears.

The information in this presentation that relates Geophysical Exploration Results is based on information compiled by Mr Russell Mortimer, who is employed as a Consultant to the Company through geophysical consultancy Southern Geoscience Consultants Pty Ltd. Mr Mortimer is a member of the Australian Institute of Geoscientists and a member of the Australian Society of Exploration Geophysicists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

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.

Mineral Resources and Ore Reserves

As at 29 September 2017, mineral exploration tenements applied for or granted to the Company, or mineral exploration tenements in which the Company has an interest are as follows:

Area of Interest Tenements Group Entity’s Interest
Whim Creek Project
Evelyn E47/1209 100% (a)
Evelyn M47/1455 100% (a)
Whim Creek E47/3495 100%
Whim Creek M47/236 100%
Whim Creek M47/237 100%
Whim Creek M47/238 100%
Whim Creek M47/443 100%
Whim Creek L47/36 100%
Salt Creek M47/323 100%
Salt Creek M47/324 100%
Sulphur Springs Project
Sulphur Springs E45/4811 100%
Sulphur Springs E45/4993 (b)
Sulphur Springs E45/5003 (b)
Sulphur Springs M45/494 100%
Sulphur Springs M45/587 100%
Sulphur Springs M45/653 100%
Sulphur Springs M45/1001 100%
Sulphur Springs L45/166 100%
Sulphur Springs L45/170 100%
Sulphur Springs L45/173 100%
Sulphur Springs L45/179 100%
Sulphur Springs L45/188 100%
Sulphur Springs L45/189 100%
Sulphur Springs L45/287 100%
Panorama L45/2609 100%
Panorama L45/2610 100%
Panorama L45/2611 100%
Panorama L45/2612 100%
Panorama L45/2613 100%
Panorama L45/2614 100%
Panorama L45/2616 100%
Panorama L45/2910 100%
Panorama L45/2911 100%
Panorama M45/1253 (c)
Panorama M45/1254 (d)

Table 3: Tenement Interest

Key:
E = Exploration Licence
L = Miscellaneous Licence
LA = Miscellaneous Licence Application
M = Mining Lease
(a) Tenement converted from 70% (90% on decision to mine) to 100% on 19 June 2017.
(b) Tenement Under Application
(c) Tenement Under Application – Application to combine P45/2616, P45/2910 – 2911
(d) Tenement Under Application – Application to combine P45/2609 – 2914

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