AIM and Media Release
13 August 2020
BASE RESOURCES
LIMITED
2020 Mineral Resources and Ore Reserves Statement
Key Points
- Maiden Ranobe Ore Reserves estimate for the Toliara Project
announced on 6 December 2019 of 586Mt
at an average HM grade of 6.5% containing 38Mt of in-situ HM.
- Kwale South Dune Mineral Resources and Ore Reserves estimates
were reduced by mining depletion in the year to 30 June 2020, as well as by a 5% reduction in the
estimated material bulk density, sterilisation of sub-economic
material and a reduction in the size of the prospecting licence
omitting some low-grade material, with the total effect of:
- Reducing the South Dune Mineral Resources by 38Mt containing
1.1Mt of in situ HM.
- Reducing the South Dune Ore Reserves by 22Mt containing 0.9Mt
of in situ HM.
The 2020 Mineral Resources and Ore Reserves estimates for
Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) are summarised in the table
below together with the 2019 Mineral Resources and Ore Reserves
estimates for comparison.
|
2020
as at 30 June 2020 |
2019
as at 30 June 2019 |
| Deposit |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
| ILM |
RUT |
LEUC |
ZIR |
ILM |
RUT |
ZIR |
| (Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
|
Mineral Resources
(Measured + Indicated + Inferred, inclusive of Ore Reserves) |
| Kwale |
246 |
4.9 |
2.0 |
34 |
2 |
51 |
13 |
- |
5 |
285 |
6.0 |
2.1 |
33 |
2 |
52 |
13 |
6 |
| Ranobe |
1,293 |
66 |
5.1 |
6 |
0 |
72 |
2* |
- |
6 |
1,293 |
66 |
5.1 |
6 |
0 |
72 |
2 |
6 |
|
Ore Reserves (Proved +
Probable) |
| Kwale |
40 |
1.4 |
3.4 |
26 |
1.7 |
57 |
13 |
- |
6 |
62 |
2.3 |
3.8 |
27 |
3 |
57 |
13 |
6 |
| Ranobe |
586 |
38 |
6.5 |
3.9 |
0.1 |
74 |
1.1 |
0.9^ |
5.9 |
- |
- |
- |
- |
- |
- |
- |
- |
Table subject to rounding
differences. *Rutile reported is rutile + leucoxene mineral
species. ^ Recovered Leucoxene will be split between Rutile and
Chloride Ilmenite products depending on product specification
requirements.
Mineral Resources and Ore Reserves estimates in this statement
are reported in accordance with the JORC Code (2012 edition).
Accordingly, this statement should be read in conjunction with the
respective explanatory Mineral Resources and Ore Reserves
information included in the following
announcements1:
|
Deposit |
Announcement
Title |
Estimate Date |
Release Date |
| Kwale South Dune |
Mineral
Resources & Ore Reserves |
Updated Kwale
South Dune Mineral Resources and Ore Reserves estimate |
31 March
2020 |
27 July
2020 |
| Kwale North Dune |
Mineral
Resources |
Mineral
Resource for Kwale North Dune deposit |
1 May
2019 |
1 May
2019 |
| Ranobe |
Ore
Reserves |
Maiden Ranobe
Ore Reserves Estimate |
27 November
2019 |
6 December
2019 |
| Ranobe |
Mineral
Resources |
Updated
Ranobe Deposit Mineral Resources (corrected) |
23 January
2019 |
23 January
2019 |
| 2019 Comparatives |
Mineral
Resources & Ore Reserves |
2019 Mineral
Resources and Ore Reserves Statement |
30 June
2019 |
21 August
2019 |
[Note (1): ASX
announcements are available at
https://baseresources.com.au/investors/announcements/.]
Kwale Deposits
The Company’s 100% owned Kwale Mineral Sands Operations
(Kwale Operations) in Kenya
is located approximately 50 kilometres south of Mombasa and 10
kilometres inland from the Kenyan coast. The Company’s wholly
owned subsidiary, Base Titanium Limited, holds Prospecting Licence
2018/0119 (PL119) which hosts the Kwale South Dune and North
Dune deposits. The majority of the Kwale South Dune deposit
resides within Special Mining Lease No. 23 (SML23),
which sits within PL119 and is currently being mined. A
pre-feasibility study is currently underway to assess the potential
to mine the North Dune deposit.
Base Resources is the operator of Kwale Operations and has a net
attributable interest of 100% in the 2020 Kwale Mineral Resources
and Ore Reserves estimates.
Mineral Resources
The 2020 Kwale Mineral Resources, as at 30 June 2020, are estimated to be 246 million
tonnes (Mt) at an average heavy mineral (HM) grade of
2.0% for 4.9Mt of contained HM, at a 1% HM cut-off grade.
Table 2: 2020 Kwale Mineral Resources estimate compared
with the 2019 estimate at a 1% HM cut-off grade.
|
2020
as at 30 June 2020 |
2019
as at 30 June 2019 |
| Category |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
| ILM |
RUT |
ZIR |
ILM |
RUT |
ZIR |
| (Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
| Kwale South
Dune |
| Measured |
55 |
1.8 |
3.2 |
24 |
1 |
58 |
14 |
6 |
81 |
2.6 |
3.2 |
25 |
1 |
59 |
14 |
6 |
| Indicated |
20 |
0.6 |
2.9 |
26 |
7 |
52 |
12 |
6 |
33 |
0.8 |
2.5 |
26 |
7 |
52 |
12 |
6 |
| Total |
76 |
2.3 |
3.1 |
25 |
3 |
57 |
13 |
6 |
114 |
3.5 |
3.0 |
25 |
3 |
56 |
13 |
6 |
| Kwale North
Dune |
| Indicated |
136 |
2.1 |
1.5 |
38 |
2 |
45 |
12 |
5 |
136 |
2.1 |
1.5 |
38 |
2 |
45 |
12 |
5 |
| Inferred |
34 |
0.5 |
1.4 |
36 |
3 |
46 |
13 |
6 |
34 |
0.5 |
1.4 |
36 |
3 |
46 |
13 |
6 |
| Total |
171 |
2.6 |
1.5 |
38 |
2 |
45 |
12 |
5 |
171 |
2.6 |
1.5 |
38 |
2 |
45 |
12 |
5 |
| Total Kwale Mineral
Resources |
| Measured |
55 |
1.8 |
3.2 |
24 |
1 |
58 |
14 |
6 |
81 |
2.6 |
3.2 |
25 |
1 |
59 |
14 |
6 |
| Indicated |
157 |
2.7 |
1.7 |
37 |
2 |
47 |
12 |
5 |
169 |
2.9 |
1.7 |
36 |
3 |
47 |
12 |
5 |
| Inferred |
34 |
0.5 |
1.4 |
36 |
3 |
46 |
13 |
6 |
34 |
0.5 |
1.4 |
36 |
3 |
46 |
13 |
6 |
| Total |
246 |
4.9 |
2.0 |
34 |
2 |
51 |
13 |
5 |
285 |
6.0 |
2.1 |
33 |
2 |
52 |
13 |
6 |
Table subject to rounding
differences. Mineral Resources are inclusive of Kwale South
Dune Ore Reserves.
The 2020 Kwale Mineral Resources estimate represents a decrease
of 13.5% in material tonnes and 18.5% in contained HM tonnes when
compared with the 2019 Kwale Mineral Resources estimate.
The decrease was solely to the Kwale South Dune Mineral
Resources which are estimated to be 76Mt at an average HM grade of
3.1% for 2.3Mt of contained HM as at 30 June
2020, a decrease of 38Mt containing 1.1Mt of HM to the 2019
estimate. The decrease was due to:
- Mining depletion, decreasing material by 18.5Mt containing
0.67Mt of HM.
- Mining sterilisation of 12.0Mt of material and 0.25Mt of
contained HM comprising material that was not mined as it was not
considered economic to do so.
- A 5% reduction in the estimated material bulk density,
decreasing material by 5.7Mt containing 0.17Mt of HM compared to
the 2019 estimate.As announced on 27 July
20202, the reduction in estimated material bulk
density was the 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 Kwale South
Dune in July 2019.
- A prospecting licence area reduction, decreasing material by
2.2Mt containing 0.03Mt of HM. The previous prospecting
tenure instrument, Special Prospecting Licence 173, which was
granted under the previous Kenyan Mining Act, was converted to
PL119 in May 2018, which was granted
under the 2016 Kenyan Mining Act, requiring a 50% reduction in
size. Material excluded by the reduction was not considered
economic.
The Kwale North Dune Mineral Resources as at 30 June 2020 are unchanged from the 2019
estimate.
[Note (2): Refer to Base
Resources’ market announcement “Updated Kwale South Dune Mineral
Resources and Ore Reserves estimate” released on 27 July 2020, which is available at
https://baseresources.com.au/investors/announcements/.]
Ore Reserves
Contained within the Kwale South Dune Mineral Resources are the
Kwale Ore Reserves, estimated as at 30 June
2020 to be 40Mt at an average HM grade of 3.4% for
1.4Mt of contained HM.
Table 3: The 2020 Kwale Ore Reserves estimate
compared with the 2019 estimate.
|
2020
as at 30 June 2020 |
2019
as at 30 June 2019 |
| Category |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
| ILM |
RUT |
ZIR |
ILM |
RUT |
ZIR |
| (Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
| Kwale South
Dune |
| Proved |
35 |
1.2 |
3.5 |
26 |
0.8 |
58 |
14 |
6 |
39 |
1.6 |
4.0 |
27 |
1 |
59 |
14 |
6 |
| Probable |
5 |
0.2 |
2.9 |
27 |
7 |
51 |
12 |
5 |
23 |
0.8 |
3.3 |
26 |
5 |
53 |
13 |
6 |
| Total |
40 |
1.4 |
3.4 |
26 |
1.7 |
57 |
13 |
6 |
62 |
2.3 |
3.8 |
27 |
3 |
57 |
13 |
6 |
Table subject to rounding
differences.
The 2020 Kwale Ore Reserves estimate represents a decrease of
35% in total ore tonnes and 41% in contained HM tonnes compared to
the 2019 Kwale Ore Reserves estimate. This decrease was due
to:
- Mining depletion, decreasing ore by 18.3Mt containing 0.68Mt of
HM.
- A 5% reduction in the estimated material bulk density of the
resource model, decreasing ore by 3.1Mt containing 0.11Mt of
HM.
- Other minor changes, including updates to the resource model
(other than for material bulk density), altering the mine design to
reflect the switch from dozer mining to hydraulic mining and
sterilisation of ore, resulting in total reduction in ore of 0.16Mt
containing 0.16Mt of HM.
The estimated material and contained HM tonnes for the 2020
Kwale South Dune Mineral Resources are significantly higher than
the 2020 Kwale South Dune Ore Reserves estimate because the Ore
Reserves are constrained within 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.
No Ore Reserves estimate has been completed for the Kwale North
Dune deposit.
Ranobe Deposit
The Company’s 100% owned Toliara Project is based on the Ranobe
deposit, located approximately 45 kilometres north of the town
of Toliara and 15km inland from the coast in south west
Madagascar. The Ranobe
deposit sits within Permis d’Exploitation 37242, which is a
mining lease under Malagasy law. The Company is currently
progressing the project towards development, with a definitive
feasibility study completed in December
20193.
Base Resources is the operator of the Toliara Project and has a
net attributable interest of 100% in the 2020 Ranobe Mineral
Resources and Ore Reserves estimates.
[Note (3): Refer to Base
Resources’ market announcement “DFS reinforces Toliara Project’s
status as a world class mineral sands development”
released on 12 December 2019,
which is available at
https://baseresources.com.au/investors/announcements/.]
Mineral Resources
The 2020 Ranobe Mineral Resources are estimated to be 1,293Mt at
an average HM grade of 5.1% for 66Mt of contained HM, based on a
1.5% HM cut-off grade. The Ranobe Mineral Resources at
30 June 2020 are unchanged from the
2019 estimate.
Table 4: The 2020 Ranobe Mineral Resources estimate,
compared with the 2019 estimate, at a 1.5% HM cut-off grade.
|
2020
as at 30 June 2020 |
2019
as at 30 June 2019 |
| Category |
Material |
In Situ HM |
HM |
SL |
OS |
HM Assemblage |
Material |
In Situ HM |
HM |
SL |
OS |
HM Assemblage |
| ILM |
RUT* |
ZIR |
ILM |
RUT* |
ZIR |
| (Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
|
(%) |
(%) |
(%) |
| Ranobe Mineral
Resources |
| Measured |
419 |
28 |
6.6 |
4 |
0 |
75 |
2 |
6 |
419 |
28 |
6.6 |
4 |
0 |
75 |
2 |
6 |
| Indicated |
375 |
18 |
4.9 |
8 |
1 |
72 |
2 |
6 |
375 |
18 |
4.9 |
8 |
1 |
72 |
2 |
6 |
| Inferred |
499 |
20 |
3.9 |
7 |
1 |
70 |
2 |
5 |
499 |
20 |
3.9 |
7 |
1 |
70 |
2 |
5 |
| Total |
1,293 |
66 |
5.1 |
6 |
0 |
72 |
2 |
6 |
1,293 |
66 |
5.1 |
6 |
0 |
72 |
2 |
6 |
Table subject to rounding
differences. Mineral Resources are inclusive of Ranobe Ore
Reserves. * Rutile reported in the table is rutile + leucoxene
mineral species.
Ore Reserves
Contained within the Ranobe Mineral Resources are the Ranobe Ore
Reserves, estimated as at 30 June
2020 to be 586Mt at an average HM grade of 6.5% for 38Mt of
contained HM. The Ranobe Ore Reserves estimate as at
30 June 2020 are unchanged from the
maiden estimate announced on 6 December
20194.
Table 5: The 2020 Ranobe Ore Reserves estimate.
|
2020
as at 30 June 2020 |
2019
as at 30 June 2020 |
| Deposit |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
Tonnes |
HM |
HM |
SL |
OS |
HM Assemblage |
|
|
|
|
|
|
ILM |
RUT |
LEUC |
ZIR |
|
|
|
|
|
ILM |
RUT |
LEUC |
ZIR |
|
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
| Ranobe Ore
Reserves |
| Proved |
347 |
24 |
7.0 |
3.8 |
0.1 |
75 |
1.0 |
1.0 |
5.9 |
N/A |
| Probable |
239 |
14 |
5.8 |
4.2 |
0.2 |
73 |
1.3 |
0.8 |
5.7 |
N/A |
| Total |
586 |
38 |
6.5 |
3.9 |
0.1 |
74 |
1.1 |
0.9^ |
5.9 |
N/A |
Table subject to rounding differences. ^ Recovered Leucoxene
will be split between Rutile and Chloride Ilmenite products
depending on product specification requirements.
[Note (4): Refer to Base
Resources’ market announcement “Maiden Ranobe Ore Reserves
Estimate” released on 6 December
2019, which is available at
https://baseresources.com.au/investors/announcements/.]
Mineral Resources and Ore Reserves
Governance
A summary of the governance, internal controls and estimation
process applicable to Base Resources’ Mineral Resources and Ore
Reserves estimates are as follows:
Mineral Resources
- Review and validation of drilling and sampling methodology and
data spacing, geological logging, data collection and storage,
sampling and analytical quality control.
- Geological interpretation – review of known and interpreted
structure, lithology and weathering controls.
- Estimation methodology – relevant to mineralisation style and
proposed mining methodology.
- Comparison of estimation results with previous mineral
resources models, and with results using alternate modelling
methodologies.
- Visual validation of block model against raw composite
data.
- Use of external competent persons to assist in preparation of
Mineral Resources estimate updates.
Ore Reserves
- Review of potential mining methodology to suit deposit and
mineralisation characteristics.
- Review of potential Modifying Factors, including cost
assumptions and commodity prices to be utilised in mining
evaluation.
- Ore Reserves estimate updates initiated with material changes
in the above assumptions.
- Optimisation using appropriate software packages for open pit
evaluation.
- Design based on optimisation results.
- Use of external competent persons to assist in preparation of
Ore Reserves estimates.
Competent Persons’ Statements
The 2020 Mineral Resources and Ore Reserves Statement has been
approved by the following competent persons on the basis detailed
below:
Mineral Resources – South Dune
Deposit
The information in this announcement that relates to the Kwale
South Dune Mineral Resources estimate 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 as 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 Kwale South Dune Mineral Resources
estimate and supporting information in the form and context in
which the relevant information appears.
Mineral Resources – North Dune
Deposit
The information in this announcement that relates to Kwale North
Dune Mineral Resources estimate is based on, and fairly represents,
information and supporting documentation prepared by Mr. Greg
Jones, who acts as a Consultant Geologist for Base Resources and is
employed by IHC Robbins. Mr. Jones is a Member of The
Australasian Institute of Mining and Metallurgy and 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 as a qualified person for the purposes of the AIM Rules
for Companies. Mr. Jones has reviewed this announcement and
consents to the inclusion in this announcement of the Kwale North
Dune Mineral Resources estimate and supporting information in the
form and context in which it appears.
Ore Reserves – South Dune Deposit
The information in this announcement that relates to the Kwale
South Dune Ore Reserves estimate 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 both
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 the Company’s
2019 Annual Report. Mr. Scrimshaw and Mr. Carruthers each
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 as qualified persons 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 South Dune Ore
Reserves estimate and supporting information in the form and
context in which it appears.
Mineral Resources – Ranobe Deposit
The information in this announcement that relates to the Ranobe
Mineral Resources estimate is based on, and fairly represents,
information and supporting documentation prepared by Mr.
Greg Jones, who acts as Consultant
Geologist for Base Resources and is employed by IHC Robbins.
Mr. Jones is a Member of The Australasian Institute of Mining
and Metallurgy and 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 as a
qualified person for the purposes of the AIM Rules for Companies.
Mr. Jones has reviewed this announcement and consents to the
inclusion in this announcement of the Ranobe Mineral Resources
estimate and supporting information in the form and context in
which it appears.
Ore Reserves – Ranobe Deposit
The information in this announcement that relates to Ranobe Ore
Reserves estimate is based on, and fairly represents, information
and supporting documentation prepared by Mr. Chris Sykes and Mr. Scott Carruthers. Mr. Sykes and Mr.
Carruthers are both members of The Australasian Institute of Mining
and Metallurgy. Mr. Sykes acts as a Consultant Mining
Engineer for 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 the Company’s 2019 Annual
Report. Both Mr. Sykes 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 a Competent Person as defined in the
JORC Code and as qualified persons for the purposes of the AIM
Rules for Companies. Mr. Sykes and Mr. Carruthers have each
reviewed this announcement and consent to the inclusion in this
announcement of the Ranobe Ore Reserves estimate and the supporting
information in the form and context in which the relevant
information appears.
Glossary
| Assemblage |
The relative proportion of valuable
heavy mineral components of ilmenite, rutile, zircon and, where
applicable, leucoxene. |
| Competent Person |
The JORC Code requires that a
Competent Person must be a Member or Fellow of The Australasian
Institute of Mining and Metallurgy, or of the Australian Institute
of Geoscientists, or of a ‘Recognised Professional
Organisation’. A Competent Person must have a minimum of five
years’ experience working with the style of mineralisation or type
of deposit under consideration and relevant to the activity which
that person is undertaking. |
| Cut-off grade |
The lowest grade of mineralised
material that is thought to be economically mineable and
available. Typically used by Base Resources to define which
material is reported in a Mineral Resource estimate. |
| Grade |
A physical or chemical measurement of
the characteristics of the material of interest. In this
context, the grade is always a percentage and the characteristics
are heavy mineral, oversize, slime and the various product minerals
(ilmenite, rutile etc). |
| Heavy mineral |
In mineral sands, minerals with a
specific gravity greater than 2.85 t/m3. |
| ILM |
Ilmenite, a valuable heavy
mineral. |
| Indicated Resource |
An Indicated Mineral Resource is that
part of a Mineral Resource for which quantity, grade (or quality),
densities, shape and physical characteristics are estimated with
sufficient confidence to allow the application of Modifying Factors
in sufficient detail to support mine planning and evaluation of the
economic viability of the deposit. |
| Inferred Resource |
An Inferred Mineral Resource is that
part of a Mineral Resource for which quantity and grade (or
quality) are estimated on the basis of limited geological evidence
and sampling. Geological evidence is sufficient to imply but not
verify geological and grade (or quality) continuity. It is based on
exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes. |
| JORC Code |
The 2012 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves, as published by the Joint Ore Reserves Committee of
The Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia. |
| LEUC |
Leucoxene, a valuable heavy
mineral. |
| Measured Resources |
A Measured Mineral Resource is that
part of a Mineral Resource for which quantity, grade (or quality),
densities, shape, and physical characteristics are estimated with
confidence sufficient to allow the application of Modifying Factors
to support detailed mine planning and final evaluation of the
economic viability of the deposit. |
| Modifying Factors |
Modifying Factors are considerations
used to convert Mineral Resources to Ore Reserves. These include,
but are not restricted to, mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental, social
and governmental factors. |
| Mineral Resources |
Mineral Resources are a concentration
or occurrence of solid material of economic interest in or on the
Earth’s crust in such form, grade (or quality), and quantity that
there are reasonable prospects for eventual economic extraction.
The location, quantity, grade (or quality), continuity and other
geological characteristics of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories. |
| Ore Reserves |
Ore Reserves are those portions of
Mineral Resources that, after the application of all Modifying
Factors, result in an estimated tonnage and grade which, in the
opinion of the Competent Person making the estimates, can be the
basis of a technically and economically viable project, after
taking account of material relevant Modifying Factors. |
| OS |
Oversize material. |
| Probable Reserve |
A Probable Ore Reserve is the
economically mineable part of an Indicated, and in some
circumstances, a Measured Mineral Resource. The confidence in
the Modifying Factors applying to a Probable Ore Reserve is lower
than that applying to a Proved Ore Reserve. |
| Proved Reserve |
A Proved Ore Reserve is the
economically mineable part of a Measured Mineral Resource. A Proved
Ore Reserve implies a high degree of confidence in the Modifying
Factors. |
| RUT |
Rutile, a valuable heavy mineral. |
| SL |
Slimes, being a waste product from the
processing of mineral sands. |
| ZIR |
Zircon, a valuable heavy mineral. |
ENDS.
For further information contact:
| James Fuller, Manager Communications
and Investor Relations |
UK Media Relations |
| Base Resources |
Tavistock Communications |
| Tel: +61 (8) 9413 7426 |
Jos Simson and Barnaby Hayward |
| Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
| Email:
jfuller@baseresources.com.au |
|
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
PRINCIPAL & REGISTERED
OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500
BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800