BSE Base Resources Limited

AIM and Media Release 

27 July 2020

BASE RESOURCES LIMITED
Updated Kwale South Dune Mineral Resources and Ore Reserves estimate

Key Points

• Mineral Resources estimate updated to reflect a 5% reduction in material bulk density following routine reconciliations undertaken between the resource model estimates and run-of-mine operating data gained since mining commenced on the South Dune in July 2019.
• Mineral Resources have also been updated to reflect a reduction in the size of the prospecting licence and depletion due to mining.
• The Ore Reserves estimate has been updated for the new Mineral Resources estimate.
• On the basis of current Ore Reserves, mining is scheduled on the Kwale South Dune until October 2022.
• Mining tenure arrangements to extend the Kwale special mining lease are progressing with the Kenyan Ministry of Petroleum and Mining as a precursor to an anticipated updated Ore Reserves estimate to incorporate additional Mineral Resources defined within the Kwale prospecting licence but which are currently outside that mining lease.

African mineral sands producer, Base Resources Limited (ASX / AIM: BSE) (Base Resources) announces an update to the Kwale South Dune Mineral Resources (2020 Kwale South Dune Mineral Resources) and Ore Reserves (2020 Kwale South Dune Ore Reserves) estimates at its 100% owned and operated Kwale Operation in Kenya.  Base Resources has a net attributable interest of 100% in the 2020 Kwale South Dune Mineral Resources and the 2020 Kwale South Dune Ore Reserves estimates.

The 2020 Kwale South Dune Mineral Resources are estimated at 31 March 2020 to be 88 million tonnes (Mt) at an average heavy mineral (HM) grade of 3.1% for 2.7Mt of contained HM, at a 1% HM cut-off grade.  The 2020 Kwale South Dune Mineral Resources estimate represents a decrease of 22% in contained HM tonnes over the previously reported 2017 Kwale South Dune Mineral Resources estimate.

Figures (graphics) referenced in this announcement have been omitted with the exception of Figures 1 and 2.  A full PDF version of this announcement, including all figures (graphics), is available from Base Resources’ website:  https://baseresources.com.au/investors/announcements/.

Table 1: 2020 Kwale South Dune Mineral Resources estimate compared with the 2017 Kwale South Dune Mineral Resources estimate.

Table subject to rounding differences, resources estimated at a 1% HM cut-off grade and are inclusive of the 2020 Kwale South Dune Ore Reserves estimate.

This update is due to depletion due to mining, a 5% reduction in estimated material bulk density, a reduction in area of the prospecting license and minor sterilisation of sub-economic low-grade material (see Figure 3).

The reduction in material bulk density is a result of routine reconciliations undertaken between the resource model predictions and run-of-mine operating data gained for ore mined since mining commenced on the South Dune in July 2019.  This has demonstrated that the 2016 Kwale South Dune Mineral Resources estimate¹ (the basis for the 2016 Kwale South Dune Ore Reserves estimate), and subsequently the updated 2017 Kwale South Dune Mineral Resources estimate², were overstating the material bulk density by approximately 5%.  Consequently, the correction to material bulk density has resulted in the 2020 Kwale South Dune Mineral Resources estimate being reduced by 5.7Mt of material containing 0.17Mt of heavy mineral.

Prospecting licence 2018/0119 (PL119) was first granted in May 2018 for a three-year term, following conversion of the pre-existing prospecting tenure instrument Special Prospecting licence 173 (SPL173), in accordance with the provisions of the Mining Act 2016.  The area of PL119 is half that of SPL173, which was granted under the previous Mining Act.  Consequently, the 2018 grant of PL119 resulted in 2.2Mt of low-grade material being excluded from the 2020 Kwale South Dune Mineral Resources estimate containing 0.03Mt of heavy mineral.  This material was not considered to be economic.  The licence can be renewed for two further three-year terms, subject to the requirement to relinquish not less than 50% of the area upon each renewal, unless otherwise agreed by the Cabinet Secretary of the Ministry of Petroleum and Mining. 

The 2020 Kwale South Dune Mineral Resources estimate also includes mining depletion of 14.2Mt of material and 0.51Mt of contained heavy mineral to 31 March 2020, when compared with the 2017 Kwale South Dune Mineral Resources estimate.

Mining sterilisation of 3.6Mt of material and 0.06 Mt of contained heavy minerals comprises Mineral Resources material that was not mined as it was not considered economic to do so. 

A summary of all sources of change between the 2017 and 2020 Kwale South Dune Mineral Resources estimates is shown in Figure 1.

Figure 1: Source and quantum of change between the 2017 and 2020 Kwale South Dune Mineral Resource estimates contained heavy mineral tonnes.

Kwale South Dune Mineral Resources – Change in contained heavy mineral (Mt)

Contained within the 2020 Kwale South Dune Mineral Resources estimate are the 2020 Kwale South Dune Ore Reserves, estimated at 31 March 2020 to be 44Mt at an average HM grade of 3.5% for 1.5Mt of contained heavy mineral.  The 2020 Kwale South Dune Ore Reserves represents a decrease of 35% in contained HM tonnes to the previously reported 2016 Kwale South Dune Ore Reserves estimate, due to the 5% lower material bulk density, mining depletion and changes to the underlying resource model discussed below.

Table 2: 2020 Kwale South Dune Ore Reserves estimate compared with the 2016 Kwale South Dune Ore Reserves estimate.

Table subject to rounding differences.

The basis for the previously reported 2016 Kwale South Dune Ore Reserves estimate was the 2016 Kwale Mineral Resources estimate.  Subsequent to this, the 2017 Kwale South Dune Mineral Resources estimate was completed.  The significant change between 2016 and 2017 Kwale South Dune Mineral Resources estimates was the inclusion of additional drilling and updated mineralogy into the underlying resource model.  The impact of these changes, when incorporated to the 2020 Kwale South Dune Ore Reserves estimate, is a significant increase in the confidence of that estimate, with 87% of material tonnes and 89% of HM tonnes now classified as Proved Ore Reserves and a reduction of 0.2Mt of contained HM (refer figure 2).  A summary of all sources of change between the 2016 and 2020 Kwale South Dune Ore Reserves estimates is shown in Figure 2 below.  The areas of change are shown in Figures 4 and 5 below.

Figure 2: Source and quantum of change between the 2016 and 2020 Kwale South Dune Ore Reserves estimates contained heavy mineral tonnes.

Kwale South Dune Ore Reserves – Change in contained heavy mineral (Mt)

The 2020 Kwale South Dune Mineral Resources estimate has approximately twice the material, and 180% of  the contained HM tonnes, compared to the 2020 Kwale South Dune Ore Reserves estimate because the Ore Reserves are constrained within Special Mining Lease No. 23 (SML23) whereas the Mineral Resources are constrained within the much larger PL119.  Mining tenure arrangements are being progressed with the Kenyan Ministry of Petroleum and Mining to extend the SML23 boundary to incorporate some of these additional Mineral Resources as a precursor to an anticipated updated Ore Reserves estimate (see Figure 6).

[Notes:

(1) Refer to Base Resources’ market announcement “2016 Mineral Resources and Ore Reserves Update for Kwale” released on 11 October 2016, which is available at https://baseresources.com.au/investors/announcements/]/.

(2) Refer to Base Resources’ market announcement “Mineral Resources Increase for Kwale South Dune” released on 4 October 2017, which is available at https://baseresources.com.au/investors/announcements/.]

Further information about the 2020 Kwale South Dune Mineral Resources estimate

The 2020 Kwale South Dune Mineral Resources estimate is reported in accordance with the JORC Code.  The information set out below is a summary of the information material to understanding the 2020 Kwale South Dune Mineral Resources estimate.  This information should be read in conjunction with the information provided for the purposes of Sections 1 to 3 of Table 1 of the JORC Code, included as Appendix 1 to this announcement.

The Kwale Operation is located on SML23, which lies within PL119 which has an area of 88.7 km², and is located approximately 50 kilometres south of Mombasa and approximately 10 kilometres inland from the Kenyan coast (Figure 7).

The Kwale Project comprised three areas that contain concentrations of heavy minerals.  These are the South Dune, Central Dune (now totally depleted by mining and currently the repository for tailings from the South Dune) and the North Dune (currently the subject of preliminary feasibility study) deposits (Figure 8).

The project was initially owned by Tiomin Resources Inc. (Tiomin) which conducted drilling in 1997 and then by Base Titanium Limited (a wholly owned subsidiary of Base Resources) which purchased the project late in 2010 and commenced confirmatory drilling of the Central, South and North Dune deposits within PL119.

Mineral Resources estimation work previously carried out on the Kwale deposits is as follows:

• 2006 by Tiomin;
• 2010 by Base Resources via a consulting company, Creative Mined Pty Ltd, and under the direction of Base Resources Competent Person, Scott Carruthers;
• 2014 by GNJ Consulting, and under the direction of the Competent Person, Greg Jones;
• 2016 by Base Resources Competent Person, Scott Carruthers; and
• 2017 by Base Resources Competent Person, Richard Stockwell.

The rocks of the area are of sedimentary origin and range in age from Upper Carboniferous to Recent.  Three divisions are recognised: the Cainozoic rocks, the Upper Mesozoic rocks (not exposed on the area) and the Duruma Sandstone Series giving rise to the dominant topographical feature of the area: the Shimba Hills.  The Shimba grits and Mazeras sandstone are of Upper Triassic age and form the Upper Duruma Sandstone.

The Margarini sands form a belt of low hills running parallel to the coast.  They rest with slight unconformity on the Shimba grits and Mazeras sandstone.  This formation was deposited during Pliocene times and consists of unconsolidated fluviatile sediments derived from the Duruma Sandstone Series.

The Kwale deposits are an aeolian subset of the Margarini sands and are generally poorly stratified and contain a fraction of silt/clay of around 25 per cent.  Heavy minerals, mainly ilmenite, rutile and zircon, are locally concentrated and are abundant in some places, giving rise to deposits such as the Central, South and North Dunes.

The geological interpretations for each deposit considered the data in the drill logs, HM assay results, microscopic logging of HM sinks, detailed mineralogy, knowledge gained from mining the Central Dune deposit and the results of pilot plant-scale test work conducted on trial mining pits at the South Dune deposit.  Two mineralised geological domains have been identified at the South Dune deposit.  These were used and honoured during the geological modelling.  Mining at the South Dune has not altered the geological interpretation.

The right to mine the Kwale South Dune deposit was granted to the previous owner of the Kwale Operations by the Government of Kenya under SML23 on 6 July 2004.  SML23 was assigned to Base Titanium Limited (a wholly owned subsidiary of Base Resources) (Base Titanium) in July 2010, with consent from the Commissioner of Mines and Geology of the Government of Kenya.

SML23 has a term of 21 years from 6 July 2004 and provides the right to carry out mining operations for the production of ilmenite, rutile and zircon.  Prior to expiry of SML23, Base Titanium may apply for a new mining lease on a priority basis pursuant to the Mining Act 2016.  The original prospecting licence, SPL173, which was granted under the previous Mining Act, was re-granted as PL119 on 26 May 2018 under the 2016 Mining Act, for a three-year term.  It may be renewed for two further three-year terms, with a requirement to relinquish 50% of the area on each renewal, although this requirement may be relaxed with the consent of the Cabinet Secretary of the Ministry of Petroleum and Mining. 

The environment and land use in Kwale County is defined as humid and intensive subsistence agriculture/mixed farming/forestry.  The approximate population for Kwale County is 860,000 persons.

Tiomin conducted drilling in 1997 at Kwale using an open-hole, rotary mud drilling technique.  Subsequent resource drilling by Base Titanium was completed using the reverse circulation air core (RCAC) method.  Aircore drilling has been conducted in three campaigns: October to November 2010, January to February 2013 and November 2016 to March 2017 (Figure 9).  Drilling within SML23 comprises predominantly pre 2016 holes at, generally, 100 x 100 metre spacing.  Drilling from 2016 onwards is spaced at 100 x 50 metre spacing.  

Predominantly 3m sample intervals in previous RCAC drilling was replaced by sampling at 1.5m intervals from November 2016 to provide greater control on geological boundaries.  Sample size averages close to 3kg at this sample interval when collecting 25% of the rotary splitter cycle.  Samples are dried, weighed, and screened for material less than 45 micrometres (slimes) and +1mm (oversize).

Approximately 100 grams of the screened sample is subjected to a HM float/sink technique using the heavy liquid, Lithium polytungstate (LST with an SG of 2.85gcm-3).  The resulting HM concentrate is dried and weighed as are the other separated constituent size fractions (the minus 45 micrometre material being calculated by difference).

Mineral assemblage analyses were conducted by Base Titanium in order to characterise the mineralogical and chemical characteristics of specific mineral species and magnetic fractions.  These mineral assemblage samples were subjected to magnetic separation using a Mineral Technologies, Reading, induced-roll magnetic separator, which captures magnetic (mag), middling (mid) and non-magnetic (non-mag) fractions.  The mid and mag fractions are combined and, with the non-mag fraction, are subjected to XRF analysis using a Bruker, S8 Tiger XRF.  Data from the mag and non-mag XRF analyses are processed through an algorithm (Minmod) that runs approximately 100,000 iterations in assigning key chemical species to a calculated mineralogy determination.

Drill hole collar and geology data is captured by industry-specific, field logging software with on-board validation.  Field and assay data are managed in an MS Access database and subsequently migrated to a more secure, SQL database.  Population of the SQL database was completed in July 2017 and was the final stage of data validation for the 2020 Kwale South Dune Mineral Resource estimate.

Standard samples were generated and certified for use in the field and laboratory.  Accuracy of HM and slimes (SL) analysis was verified by standards and monitored using control charts.  Standard error greater than three standard deviations from the mean prompted batch re-assay.  A standard precision analysis was conducted on the key assay fields: HM, SL and Oversize (OS) for both laboratory and field duplicate samples.  Normal scatter and QQ plots were prepared for HM, SL and OS for laboratory and field duplicates.

A twin drilling program was introduced to quantify short-range variability in geological character and grade intersections.  A water injection versus dry drilling assessment was included in the twin drilling analysis.  Field and laboratory duplicate, standard and twin drilling analysis show adequate level of accuracy and precision to support resource classifications as stated.  Analysis of the twin drilling, length of geological zones and grade distributions led to the decision to exclude the Tiomin data from the Mineral Resource estimate.

A topographic DTM was prepared by Base Resources in Geovia (Surpac) software format which was based on a LIDAR survey.

Construction of the geological grade model was based on coding model cells below open wireframe surfaces, comprising topography, geology (Ore Zones 1 & 4) and basement (Figure 10).  Model cell dimensions of 50m x 50m x 1.5m in the XYZ orientations was applied to the 2020 Kwale South Dune Mineral Resources estimate.

Interpolation was undertaken using various sized search ellipses to populate the model with primary grade fields (HM, SL, OS, and mineralogy), and index fields (hardness, Induration percent, Composite ID).  Inverse distance weighting to a power of three was used for primary assay fields whilst nearest neighbour was used to interpolate index fields.

The bulk density applied to the Kwale South Dune model is a component-based algorithm, validated by Troxler density measurements taken in the active Kwale Central Dune mine.  The character of the Kwale South Dune is sufficiently similar to that of the Kwale Central Dune to validate this approach.  However, monthly mine reconciliations over the nine-month period since mining commenced until 31 March 2020 have shown that at Kwale South Dune the bulk density derived from the algorithm overstates the bulk density by approximately 5%.  Reconciliations consistent with industry practice use measured production and quality information to estimate grade and tonnes of ore mined which showed this bias when compared to the tonnes predicted by the resource model.  Several possible alternative sources of the bias were investigated and eliminated, leaving ore bulk density as the only remaining logical source of error.

The criteria used for classification was primarily the drill spacing and sample interval, with consideration also given to the continuity of mineral assemblage information and confidence in post-depositional modification of mineralisation (e.g. induration in Ore Zone 4).  Generally, 100 x 100 was considered sufficient for Measured Resources and 200 x 100 for Indicated for Indicated Resources.  A reduced level of confidence was applied to the Ore Zone 4 material at Kwale South Dune due to the unpredictable ironstone induration and lower density of mineralogical information. 

Modifying factors were considered during the Ore Reserves estimation process; they were not considered during the Mineral Resources estimation process.  The mining method is hydraulic mining.

The 2020 Kwale South Dune Mineral Resources estimate is reported using a 1% HM bottom cut as that is close to the economic cut-off and to allow for comparison to the previous resource figure.

Further information about the 2020 Kwale South Dune Ore Reserves estimate

The 2020 Kwale South Dune Ore Reserves estimate is reported in accordance with the JORC Code.  The information set out below is a summary of the information material to understanding the 2020 Kwale South Dune Ore Reserves estimate.  This information should be read in conjunction with the information provided for the purposes of Sections 1 to 4 of Table 1 of the JORC Code, included as Appendix 1 to this announcement.

The feasibility study that led to the final investment decision for the Kwale Project was completed in 2011 and is no longer relevant given production commenced in late 2013.  Accordingly, data derived from actual production statistics and financial reports were used to form the assumptions underpinning the 2020 Kwale South Dune Ore Reserves estimate.  The operating cost, recovery and other material assumptions are detailed in Tables 3 to 6 below and were used to create a value model to determine economic pit limits.  Then a two-stage pit limit selection process was followed to determine the optimum raw pit shell. This was then subject to detailed mine planning and scheduling, with the outputs used to perform detailed financial analysis to demonstrate the technical and economic viability of the extraction of the Ore Reserves. 

The reference point for the 2020 Kwale South Dune Ore Reserve estimate was 31 March 2020. 

Table 3: Assumed mineral recoveries

Table 4: Assumed operating costs

Table 5: Process throughput rates (used to limit assumed feed rate during optimisation)

Table 6: Product prices (FOB)

*Assumed average prices over the life of Ore Reserve at time of optimisation.

The criteria used for classification of the Ore Reserves followed that used for the Mineral Resources classification, so Proven Ore Reserves comprise Measured Resources and Probable Ore Reserves comprise Indicated Resources.

The mining method is hydraulic mining, which Base Titanium has used successfully since 2017.  It is non-selective, with hydraulic mining units (HMU) using high pressure water jets to sluice the entire ore face, which flows as a slurry to a sump and is then pumped, ultimately, to the concentration plant.

Due to the geometry of the deposit and the non-selective mining method, there is no ore/waste discrimination (other than topsoil stripping) and it is not considered appropriate to add additional dilution factors.  A 0.2 m allowance for topsoil has been incorporated into the model and this material is excluded from Ore Reserves reporting as non-recoverable.

The wet concentrator plant is typical of a mineral sand operation, using screens, spirals and cyclones to separate the heavy minerals from the quartz sand and clay. 

Heavy mineral concentrate is fed to a mineral separation plant which uses magnetic and electrostatic separators, classifiers, spirals and wet tables to produce ilmenite, rutile and zircon products.  Recovery factors are reported in Table 3.

Pit optimisation was undertaken using CAE NPV Scheduler software (NPVS).  A Value model was first prepared in DATAMINE Studio 5DP Mine Planning software and revenue and cost adjustment attributes subsequently imported into NPVS for Lerch-Grossman optimisation.  Because a value model was used to determine the pit limits, cut-off grades were not used.

The estimation methodology comprised developing nested pit limits (as described above) by reducing the revenue in 1 percentage decrements, selection of the most appropriate pit shell by comparison of several factors (including NPV, life of mine, revenue to cost ratios, incremental cash flow etc.), mine planning and scheduling of the selected pit shell and finally confirmation of positive economics by feeding the scheduled tonnes into the project financial model.

The material modifying factors impacting the deposit economics are disclosed in the tables above.  As an operating mine, the other modifying factors, tenure status, infrastructure (power, water, roads etc.), regulatory approvals, social considerations etc. are all in place.

There is potential to significantly add to the Ore Reserves by expanding the area of SML23 to include parts of the Mineral Resources that lie outside the present SML23 boundary.  Base Resources is engaging with the Government of Kenya to expand SML23 into the areas shown in Figure 6. 

Competent Persons' Statements

2020 Kwale South Dune Mineral Resources

The information in this announcement that relates to the 2020 Kwale South Dune Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Mr. Scott Carruthers.  Mr. Carruthers is a Member of The Australasian Institute of Mining and Metallurgy.  Mr. Carruthers is employed by Base Resources, he holds equity securities in Base Resources, and is entitled to participate in Base Resources’ long-term incentive plan and receive equity securities under that plan.  Details about that plan are included in Base Resources’ 2019 Annual Report.  Mr. Carruthers has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and is considered a Qualified Person for the purposes of the AIM Rules for Companies.  Mr. Carruthers has reviewed this announcement and consents to the inclusion in this announcement of the 2020 Kwale South Dune Mineral Resources and supporting information in the form and context in which the relevant information appears.

2020 Kwale South Dune Ore Reserves

The information in this announcement that relates to the 2020 Kwale South Dune Ore Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr. Per Scrimshaw and Mr. Scott Carruthers.  Mr. Scrimshaw and Mr. Carruthers are Members of The Australasian Institute of Mining and Metallurgy.  Mr. Scrimshaw is employed by Entech, a mining consultancy engaged by Base Resources.  Mr. Carruthers is employed by Base Resources, he holds equity securities in Base Resources, and is entitled to participate in Base Resources’ long-term incentive plan and receive equity securities under that plan.  Details about that plan are included in Base Resources’ 2019 Annual Report.  Mr. Scrimshaw and Mr. Carruthers have sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are each undertaking to qualify as Competent Persons as defined in the JORC Code and both are considered a Qualified Person for the purposes of the AIM Rules for Companies.  Mr. Scrimshaw and Mr. Carruthers have each reviewed this announcement and consent to the inclusion in this announcement of the 2020 Kwale South Dune Ore Reserves and supporting information in the form and context in which the relevant information appears.

Forward looking statements

Certain statements in or in connection with this announcement contain or comprise forward looking statements. 

By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Base Resources’ control.  Accordingly, results could differ materially from those set out in the forward-looking statements  as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in product prices and exchange rates and business and operational risk management.  Subject to any continuing obligations under applicable law or relevant stock exchange listing rules, Base Resources undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events.   

No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information contained in this announcement (or any associated presentation, information or matters).  To the maximum extent permitted by law, Base Resources and its related bodies corporate and affiliates, and their respective directors, officers, employees, agents and advisers, disclaim any liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any direct or indirect loss or damage arising from any use or reliance on this announcement or its contents, including any error or omission from, or otherwise in connection with, it.

Nothing in this report constitutes investment, legal or other advice.  You must not act on the basis of any matter contained in this announcement but must make your own independent investigation and assessment of Base Resources and obtain any professional advice you require before making any investment decision based on your investment objectives and financial circumstances.  This document does not constitute an offer, invitation, solicitation, advice or recommendation with respect to the issue, purchase or sale of any security in any jurisdiction.

Appendix 1

JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Section 4 Estimation and Reporting of Ore Reserves

Glossary

ENDS.

For further information contact:

This release has been authorised by Base Resources’ Disclosure Committee.

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer and developer with a track record of project delivery and operational performance.  The company operates the established Kwale Operations in Kenya and is developing the Toliara Project in Madagascar.  Base Resources is an ASX and AIM listed company.  Further details about Base Resources are available at www.baseresources.com.au

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