Successful Diamond Drilling at Bill’s Luck
Kavango Resources PLC has announced positive results from its diamond drilling program at the Bill's Luck Gold Mine in Zimbabwe, with total drilling reaching 7,714 meters. The program confirmed the presence of the "Main Reef" and an additional parallel mineralized "reef" structure, along with further mineralized "reefs" in the hanging wall and footwall. Notable assay results include 19.24g/t over 1.50m in hole BLDDUG015 and a significant 106.05g/t over 1.16m in hole BLDDUG023, indicating the potential for a maiden Mineral Resource Estimate.
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Kavango Resources plc (LSE:KAV, VFEX:KAV.VX), the Southern Africa focused metals exploration and gold production company, is pleased to announce the full results from its diamond resource drilling programme at Bill's Luck Gold Mine ("Bill's Luck" or the "Mine") at the Hillside Project ("Hillside"), Zimbabwe.
The resource drilling programme at Bill's Luck was designed to establish a maiden Mineral Resource Estimate ("MRE") to support and inform future mine planning and scheduling while also unlocking the full value of what is increasingly believed to be a significant mineralised system at Bill's Luck.
The programme comprised an initial wide-spaced diamond drill programme followed by infill diamond drilling and a separate reverse circulation ("RC") drill programme along strike to the northwest and southeast. A total of 7,714 metres ("m") were drilled, comprising 3,556m of RC drilling and 4,158m diamond drilling. Results from the RC drill programme are expected to be released in the coming weeks, when all results have been confirmed.
The drill programme has intersected the currently mined "Main Reef", as expected, but has also confirmed the presence of an additional "reef" structure adjacent to and parallel with the "Main Reef" that is also mineralised. The drilling also tested and intersected further "reefs" in both the hanging wall and footwall. The diamond drilling results, together with the RC drill programme, will now be used to inform a maiden Mineral Resource Estimate at Bill's Luck.
Gold assay results from the surface and underground diamond drilling programme include the following highlights (not including previously announced holes BLDD009 and BLDD010):
- Hole BLDDUG015:
- 19.24g/t over 1.50m from 55.00m (including 64.12g/t over 0.24m and 23.13g/t over 0.50m)
- Hole BLDDUG020C:
- 41.28g/t over 1.05m from 44.25m (including 125.14g/t over 0.34m)
- Hole BLDDUG021:
- 7.68g/t over 3.29m from 63.58m (including 2.92g/t over 0.51m, 26.26g/t over 0.82m and 2.12g/t over 0.71m)
- Hole BLDDUG022:
- 3.26g/t over 3.28m from 16.00m (including 8.58g/t over 1.00m and 5.10g/t over 0.28m)
- 4.79g/t over 1.67m from 43.33m (including 12.40g/t over 0.34m and 3.63g/t over 1.00m)
- Hole BLDDUG023:
- 106.05g/t over 1.16m from 42.04m (including 223.78g/t over 0.54m)
- Hole BLDD012:
- 5.70g/t over 1.14m from 202.36m (including 9.06g/t over 0.45m)
- Hole BLDD013:
- 2.80g/t over 12.00m from 135.00m (including 8.58g/t over 0.30m, 22.04g/t over 0.77m and 10.08g/t over 0.5m)
- Hole BLDD017:
- 3.32g/t over 3.50m from 30.00m (including 7.31g/t over 1.00m and 4.24g/t over 1.01m)
- Hole BLDD020:
- 4.86g/t over 6.96m from 207.04m (including 24.47g/t over 0.90m from 207.34m)
- The gold fire assay grades, including the gravimetric repeat assays and the distribution between intersections of the same reefs in adjacent holes also appear to reflect a nugget effect.
- Full assay results can be found in JORC Section 2 at the bottom of this announcement.
* All intersection lengths are measured downhole, modelling of the Bill's Luck Mine is currently underway, and once complete, true width intersections will be announced
Peter Wynter Bee, Interim Chief Executive Officer of Kavango, commented:
"The resource drilling programme at Bill's Luck has exceeded our expectations, demonstrating that the mineralised system extends to depths greater than 220m and exhibits continuity both along strike and at depth. Together with our incoming RC results, we hope to define a maiden Mineral Resource Estimate in the near future, which will be used to inform mine planning and scheduling at Bill's Luck and to underpin our assessment of the mine's longer-term production potential. We look forward to providing further updates on our plans to increase gold production here soon."
Bill's Luck Mine
Introduction
Bill's Luck Mine is situated within the Hillside Gold Project. Originally mined between 1916 and 1950, the Bill's Luck Mine produced around 17,000 ounces ("oz") of gold ("Au")at an average grade of 7.7 grams per tonne ("g/t"). Since then, only limited community informal mining activity and small-scale retreatment have taken place. At present, Kavango is focusing on development at Bills Luck ahead of the commissioning of its 50 tonne-per-day ("tpd") pilot carbon-in-pulp ("CIP") plant.
Gold mineralisation at Bill's Luck is structurally and hydrothermally controlled, predominantly occurring within and along the margins of these shear zones. Alteration is characterised by quartz-sericite-chlorite assemblages with disseminated sulphides, often vein-controlled and associated with syntectonic quartz-sulphide veins.
Zones of higher vein density and alteration coincide with areas of stronger deformation, with quartz boudinage, pressure shadows, and mylonitic veins serving as key mineral traps. Late stage mineralised veins also crosscut the earlier mylonitic fabric, indicating prolonged and possibly multi-phase mineralisation.
The structural complexity, combined with the presence of high-strain domains, linking shear structures, and favourable vein-hosting environments, makes the Bill's Luck area a high-potential target for structurally-controlled gold exploration within a dextral transpressional regime.
A collar table and a list of intersections are inserted in the accompanying JORC table.
Figure 1: A plan and oblique view of the historic surface workings and interpreted trace of veins with underground workings, borehole traces and gold grades is shown below. Scale bar for assay grades is 5g/t Au.
Kavango's Operations in Zimbabwe
Kavango is exploring for gold deposits in Zimbabwe that have the potential to be developed into commercial scale production quickly through modern mechanised mining and processing. The Company is targeting both open-pit and underground opportunities.
Kavango has two further priority targets at Hillside: Nightshift and Steenbok. At Nightshift, Kavango declared a Maiden Resource Estimate of 19,000oz Au in October 2025, which has the potential for a selective open-pit mining operation, followed by underground mechanised mining. Meanwhile, at Steenbok, Kavango is considering a high-grade mechanised underground mining opportunity.
Kavango Resources plc Sampling Techniques and Data for Hillside Project Diamond Drilling. Zimbabwe
Last updated: 20 January 2025
(Criteria in this section apply to all succeeding sections)
JORC Code. 2012 Edition - Table 1 report Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | Nature and quality of sampling (e.g. cut channels. random chips. or specific specialised industry standard measurement tools appropriate to the minerals under investigation. such as down hole gamma sondes. or handheld XRF instruments. etc). These examples should not be taken as limiting the broad meaning of sampling. | · The information in this release relates to the technical details from the Company's resource drilling programme at Hillside Project which lies within the Filabusi Greenstone Belt, Matabeleland, Zimbabwe. · Surface Diamond drilling (HQ & NQ) was carried out and half core samples were taken from the entire hole. · Core was cut into two using a commercial core saw adjacent to the Ori line to produce two splits as mirror images with regards to igneous textures, sedimentary bedding where possible structural fabric. · Underground Diamond drilling (AXT - 30.5mm) was carried out and full core samples were taken from the entire hole. · No orientation was possible on the underground drill core. · Samples were taken based on geological contacts, and/or of up to approximately 1m in length. The minimum sample width is 30cm to cater for distinct quartz veins which may be diluted and obscured if 1m widths were to be maintained. · Core samples were submitted for a 25g fire assay with AAS finish. to Performance Laboratories (Pvt) Ltd., at Harare, Zimbabwe. · All samples >5g/t are repeated using a gravimetric finish. · Selected samples will be sent to a check lab, ALS laboratories, Johannesburg, for referee fire assay comparison. · Kavango routinely takes pXRF readings along the core using an Olympus Vanta on Geochem 3 beam mode for 60 seconds. |
| Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used | · All Kavango's drill samples were geologically logged by suitably qualified geologists on site. · Sample representativity was ensured where possible by drilling perpendicular to structures of interest, and by the sample preparation technique in the laboratory. · The entire borehole was sampled based on geological logging, with the ideal sampling interval being representative of lithology for diamond core. · Individual samples are weighed at the field camp. · Upon arrival at Performance lab, the samples are dried at +/- 105 degrees Celsius for 8 to 12 hours. · The entire sample is crushed to 100% passing 4.75mm. The crushers have inline rotary splitters that split off 500g of sample that is pulverised. · The 500g split is pulverised in a Rocklabs pot and puck pulveriser with 85% passing minus 75μm. · A standard 25g aliquot is used for Fire Assay. · Following industry best practice. a series of certified reference materials (CRM's), duplicates and blanks were included for QAQC as outlined further below. |
Aspects of the determination of mineralisation that are Material to the Public Report.
| Drilling techniques | Drill type (e.g. core. reverse circulation. open-hole hammer. rotary air blast. auger. Bangka. sonic. etc) and details (e.g. core diameter. triple or standard tube. depth of diamond tails. face-sampling bit or other type. whether core is oriented and if so. by what method. etc). | · The surface diamond drill holes were drilled using a diamond drill operated by Equity Drilling Limited. · Equity uses HQ and NQ diameter conventional core barrels. · The underground diamond drill holes were drilled by DHB drilling, Zimbabwe using AXT core barrels. |
| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. | · Core recovery was monitored closely throughout from all diamond and RC drilling programmes. · Recovery in rock was >95%. · Any voids were noted. |
| Measures taken to maximise sample recovery and ensure representative nature of the samples. | · Samples prepared for assay are taken consistently from the same side of the core cutting line to avoid bias. · Geologists frequently check the core cutting procedures to ensure the core cutter splits the core correctly in half. · Underground diamond drill cores were not split and the whole core was sampled and submitted for assay · Core samples for assay are selected within logged geological, structural, mineralisation and alteration constraints. · Diamond drill core samples are collected from distinct geological domains with sufficient width to avoid overbias. | |
| Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | · Diamond drill sample recoveries were generally very good and as such it is not expected that any such bias exists. | |
| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation. mining studies and metallurgical studies. | · Kavango's Diamond drill core is logged by a team of qualified geologists using predefined lithological, mineralogical, physical characteristic (colour, weathering etc) and logging codes. · Diamond drill core was marked up on site and Geotechnical logging was completed at the rig to ensure recoveries were adequately recorded. · Lithological, structural, alteration and mineralisation are logged at camp. · The core is securely stored at the base camp. · The geologists on site follow industry best practice and standard operating procedure for logging · The core is photographed wet and dry. · pXRF and magnetic susceptibility data are routinely captured from Diamond drill core and RC drill chips, every 0.5m to 1m. · Density measurements for drill core were determined by Archimedes density measurements i.e. using a precision balance to weigh sample in air and in submerged in water. A representative piece of core was selected from each sample for density measurement. · The QA/QC compilation of all logging results are stored and backed up on a data cloud. |
| Whether logging is qualitative or quantitative in nature. Core (or costean. channel. etc) photography. | · All logging is conducted in accordance with Kavango's SOP and standard published logging charts and classification for grain size, abundance, colour and lithologies to maintain a qualitative and semi-quantitative standard based on visual estimation. · Magnetic susceptibility readings are also taken every metre and/or half metre using a ZH Instruments SM-20/SM-30 reader. · All core drilled was photographed wet and dry according to industry best practice. | |
| The total length and percentage of the relevant intersections logged. | · 100% of all recovered intervals are geologically logged. | |
| Sub-sampling techniques and sample preparation | If core. whether cut or sawn and whether quarter. half or all cores taken. | · Selected diamond core intervals are cut in half with a commercial core cutter. using a 2mm thick blade · One half is sampled for analysis while the other half is kept for reference. · Some of the retained half core is submitted for metallurgical test work. · For selected petrographic samples core is quartered. · Underground diamond drill cores are not cut and the whole core is sampled and submitted for assay. |
| For all sample types. the nature. quality and appropriateness of the sample preparation techniques | · Field sample handling and preparation is suitable for all drilling methods utilised. · The laboratory sample preparation technique is considered appropriate and suitable for the core samples and as well as for the expected grades. | |
| Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. | · Kavango's standard field QAQC procedures for drilling samples include the field insertion of blanks, an appropriate selection of standards, field duplicates, replicates, and selection of requested laboratory pulp and coarse crush duplicates. · These are being inserted at a rate of 2.5- 5% each to ensure an appropriate rate of QAQC. | |
| Measures taken to ensure that the sampling is representative of the in-situ material collected. including for instance results for field duplicate/second-half sampling. | · Sampling is deemed appropriate for the type of survey and equipment used. · Quarter diamond core duplicates are occasionally submitted to help with understanding gold distribution and nugget effect. This could potentially bias the sample due to the nugget effect and vein hosted nature of the mineralisation and would reduce the sample volume. However, for resource calculations the quarter cores results are recombined to give an averaged result. · Laboratory duplicates are produced from the crushed and milled core. | |
| Quality of assay data and laboratory tests | The nature. quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | · A company audit was made of the assay laboratory in this case Performance Laboratories before it was engaged. · The digest and fire assay technique provide a total analysis method. · Between 5% and 20% of submitted samples consisted of additional blank, duplicate (lab duplicate from splitting the pulp), and standard samples. · Round robin and accreditation results for the laboratory were reviewed and considered acceptable. · The company's QAQC samples, including standards, are considered to confirm acceptable bias and precision with no contamination issues identified. |
| For geophysical tools. spectrometers. handheld XRF instruments. etc. the parameters used in determining the analysis including instrument make and model. reading times. calibrations factors applied and their derivation. etc. Nature of quality control procedures adopted (e.g. standards. blanks. duplicates. external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | · Kavango use ZH Instruments SM20 and SM30 magnetic susceptibility meters for measuring magnetic susceptibilities and readings are randomly repeated to ensure reproducibility and consistency of the data. · An Olympus Vanta C-series pXRF instrument is used in 3-beam geochemical mode with reading times of 60 seconds in total. Measurements are taken on clean dry core. · For the pXRF results no user factor was applied as per Kavango's SOP. The units are calibrated daily with their respective calibration disks. · In the case of multiple pXRFs the data will be collated and user factors calculated to ascertain their effectiveness. · All QAQC samples were reviewed for precision and accuracy. Results were deemed repeatable and representative: · For pXRF appropriate certified reference materials are inserted on a ratio of 1:25 samples. · Repeat readings are taken every 25 samples. and blank samples are inserted every 25 samples. · QAQC samples are reviewed for consistency. · pXRF CRM values show a slight positive bias. including for Cu. · At low levels (<10ppm) silver values in particular are scattered. · When laboratory assay results are received blank, standard, and duplicate values are reviewed to monitor lab performance. · Select low, moderate and high-grade assay samples are selected, re-labelled and re-submitted to Performance to assess repeatability. · Select low, moderate and high-grade assay samples will also be sent for check analysis at an internationally accredited laboratory. |
· Performance Lab insert their own CRM's, duplicates and blanks and follow their own SOP for quality control. · Performance Laboratories are locally accredited but not internationally accredited. · Kavango is aware of this and carries out exhaustive QAQC checks and works with Performance to ensure accuracy and repeatability. · A series of samples, including one entire hole from twinned pair have been sent to Performance in Zimbabwe and ALS Laboratories in South Africa, with acceptable results · Further external referee laboratory checks will be carried out as and when sufficient holes have been drilled to warrant.
| Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. | · All drill core intersections were verified by peer review. · The Company's internal CP reviewed sampling and has visited site and the laboratory to verify protocols. · Assay data was received as assay certificates and cross checked by an independent CP against sample submission data to ensure a correct match. |
| The use of twinned holes. | · In previous drilling at Bills Luck, one hole was abandoned, and the follow-up hole was designed as a twin. | |
| Documentation of primary data. data entry procedures. data verification. data storage (physical and electronic) protocols. | · All data is electronically stored with peer review of data processing and modelling. · Data entry procedures standardised in SOP data checking and verification routine. · Data storage is on a cloud storage facility with access controls and automatic backups. | |
| Discuss any adjustment to assay data. | · No adjustments were made to assay data. | |
| Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys). trenches. mine workings and other locations used in Mineral Resource estimation. | · Kavango's surface drill collar coordinates are captured by using handheld Garmin GPS and verified by a second handheld Garmin GPS. · Drill holes are routinely re-surveyed with differential DGPS at regular intervals to ensure sub-metre accuracy as and when sufficient holes warrant. · Downhole surveys of drill holes were done using an AXIS Champ Mag tool or the Champ Gyro (for DTH). · Underground drill holes are surveyed by a qualified underground surveyor using measured in pegs. |
| Specification of the grid system used. | · The grid system used is UTM 35S Arc 1950. All reported coordinates are referenced to this grid. | |
| Quality and adequacy of topographic control. | · Topographic control is based on satellite survey data collected at 30m resolution. Quality is considered acceptable. | |
| Data spacing and distribution | Data spacing for reporting of Exploration Results. Whether the data spacing. and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | · Data spacing and distribution of all survey types is deemed appropriate for the type of survey and equipment used. · The drilling programs are designed to target the multiple interpreted parallel auriferous veins at the Bills Luck Mine on the Prospect Claims. |
| Whether sample compositing has been applied. | · No composite samples have been done | |
| Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known. considering the deposit type. | · Drill spacing is currently variable but is considered appropriate for this stage of exploration. · Hole orientation is designed to intersect the target structures as perpendicular as is practical. · This is considered appropriate for the geological setting and for the known mineralisation styles. |
| If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias. this should be assessed and reported if material. | · Existence, and orientation of preferentially mineralised structures is not yet fully understood but current available data indicates mineralisation occurs within steep. sub-vertical structures, with the possibility of plunging "ore-shoots". · The drillholes are inclined towards the target, which is understood to dip towards the drillhole at a steep angle (actual geometry to be confirmed by a second hole on section in the future). · The relatively short sample length (typically 1 m) allows for relatively accurate localisation of mineralisation. · No significant sampling bias is therefore expected. | |
| Sample security | The measures taken to ensure sample security. | · Diamond core is stored together in a secure facility at the field office. · Sample bags are logged, tagged, double bagged and sealed in plastic bags stored at the field office. · Samples are stored in a locked company compound at site and in a locked container in Bulawayo. They are shipped onwards to the analytical facility by a reliable commercial courier. · Sample security includes a chain-of-custody procedure that consists of filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory. · Prepared samples are transported to the analytical laboratory in sealed bags that are accompanied by appropriate paperwork. including the original sample preparation request numbers and chain-of-custody forms. |
| Audits or reviews | The results of any audits or reviews of sampling techniques and data. | · The CP has visited both site and the laboratory utilised and considered practices and SOPs at both as acceptable. · The CP reviewed all data and spot-checked significant values versus certificates. |
JORC Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
| Mineral tenement and land tenure status | Type. reference name/number. location and ownership including agreements or material issues with third parties such as joint ventures. partnerships. overriding royalties. native title interests. historical sites. wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | · The Hillside Project consists of 44 gold claims. · Kavango entered into an option agreement with the vendors, dated 25 July 2023. · This was exercised on 23 April 2024 with respect to Hillside and Leopard South. · Transfer of the Claims is presently underway. · More details are provided here https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9nq44r |
| Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | · The project contains a historic high-grade mine Bills Luck, which has a history of intermittent gold production from 1916 to 1950, yielding 17,000 oz at an average grade of 7.7g/t. After 1950, the mine saw only small-scale sand retreatment and surface workings . · It is currently being mined by artisanal miners, who are under contract, milling the ore at Bill's Luck stamp mill. |
| Geology | Deposit type. geological setting and style of mineralisation. | · Bills Luck lies near the southern contact of the Filabusi gold belt and the Bulawayan Basement Schists. Younger intrusive granites bound it to the north. · Gold mineralisation appears to be associated with multiple sub parallel quartz veins that occur in fine grained massive sheared granite. · The general azimuth of the auriferous veins is 110 o TN (dipping steeply to the NNE) · Bills Luck, which has a history of intermittent gold production from 1916 to 1950, yielding 17,000 oz at an average grade of 7.7g/t. After 1950, the mine saw only small-scale sand retreatment and surface workings . |
| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material, and this exclusion does not detract from the understanding of the report. the Competent Person should clearly explain why this is the case. | · Summary table of all completed Kavango drill holes that form the focus of the current programme is presented below. · The holes were surveyed and sited using a handheld GPS · Upon completion of drilling a DGPS survey was completed by professional surveyors. · Position format: UTM UPS; Map datum Arc 1950 Zone 35S. |
Bills Luck Diamond Drilling Hole Collars Hole ID East North RL Dip Azimuth EOH BLDD001 728726.7 7733796.2 1045.3 -65 206 196.4 BLDD002 728727.9 7733804.0 1045.5 -65 194 160.4 BLDD003 728885.6 7734061.3 1044.1 -65 190 382.4 BLDD004 728726.0 7733804.0 1045.0 -70 20 379.4 BLDD005 728624.8 7733709.6 1050.4 -60 61 352.2 BLDD006 728572.0 7733694.2 1051.7 -60 45 361.2 BLDD007 728577.0 7733900.8 1047.9 -60 214 361.3 BLDD008 728400.2 7733807.3 1049.6 -65 40 369.3 BLDD009 728576.0 7733900.0 1050.0 -55 213 250.4 BLDD010 728576.0 7733900.0 1050.0 -64.65 212 250.4 BLDD011 728568.4 7733918.2 1050.0 -55 213 250.4 BLDD012 728568.4 7733918.2 1050.0 -66 213 250.3 BLDD013 728598.7 7733896.4 1050.0 -55 213 250.4 BLDD014 728598.7 7733896.4 1050.0 -60 213 255.2 BLDD015 728526.5 7733922.3 1050.0 -55 213 133.4 BLDD016 728526.5 7733922.3 1050.0 -60 213 250.4 BLDD017 728620.1 7733885.2 1048.2 -55 213 300.0 BLDD018 728620.1 7733885.2 1048.2 -60 213 300.3 BLDD019 728511.0 7733936.2 1051.1 -60 213 147.4 BLDD023 7733857.0 728651.2 1048.8 -55 213 304.4 BLDD024 7733857.7 728651.7 1048.8 -60 213 301.1 BLDDGT001 728578.4 7733816.0 1050.8 -50 261 201.2 BLDDGT002 728574.1 7733765.0 1050.9 -50 340 75.2 BLDDGT002B 728588.0 7733713.0 1050.0 -50 340 261.2 BLDDUG003 728569.9 7733809.2 995.0 -39 22 49.5 BLDDUG004 728541.2 7733800.5 995.2 41.7 BLDDUG004B 728541.0 7733800.9 995.2 -51 354 75.0 BLDDUG005 728563.7 7733792.3 995.3 -50 19 74.1 BLDDUG006 728541.0 7733800.5 994.8 -59 331 75.4 BLDDUG007 728569.4 7733809.0 994.9 -47 6 63.5 BLDDUG008 728553.2 7733819.8 969.9 3 24 74.7 BLDDUG009 728562.9 7733792.4 995.4 -48 338 62.4 BLDDUG010 728563.7 7733791.6 995.4 28.2 BLDDUG010B 728564.0 7733792.1 995.4 -57 68 68.4 BLDDUG011 728540.3 7733802.3 996.2 5 233 64.0 BLDDUG012 728570.3 7733808.6 995.1 -44 57 64.0 BLDDUG013 728540.2 7733802.7 996.1 4 251 46.2 BLDDUG014 728561.7 7733789.3 996.2 -0.2 176 74.8 BLDDUG015 728561.3 7733848.9 970.2 -44 249 63.0 BLDDUG016 728529.1 7733860.8 970.2 -66 188 12.8 BLDDUG016B 728529.1 7733861.1 970.2 -64 188 52.0 BLDDUG017 728562.3 7733847.7 970.3 -32 212 67.2 BLDDUG018 728562.7 7733847.4 970.2 -35 169 56.6 BLDDUG020 728561.9 7733847.8 970.3 -43 220 29.7 BLDDUG020B 728562.2 7733848.1 970.2 -41 220 53.5 BLDDUG020C 728562.6 7733848.6 970.2 -61 222 60.5 BLDDUG020D 728562.8 7733848.8 970.2 -63 220 62.7 BLDDUG021 728529.3 7733860.9 970.1 -59 142 79.4 BLDDUG022 728528.7 7733860.4 970.1 -64 200 50.6 BLDDUG023 728529.4 7733860.4 970.1 -56 171 54.4 BLDDUG023B 728529.5 7733859.9 970.1 -44 175 42.5 BLDDUG024 728515.1 7733879.6 931.7 -39 225 50.5 BLDDUG027 728562.5 7733850.6 971.2 5 336 45.7 Bills Luck Assay results using 0.4g/t cut-off, minimum width 0.8m, 2m dilution Hole ID From (m) To (m) Interval Au g/t Comment BLDD007 43.0 44.0 1.0 1.46 BLDD007 249.5 250.3 0.8 1.90 BLDD008 45.4 46.4 1.1 0.84 BLDD008 75.0 75.9 0.9 0.91 BLDD008 146.5 149.0 2.5 1.91 BLDD006 196.0 199.0 3.0 1.38 BLDD006 216.7 217.6 0.8 2.24 BLDDUG003 6.4 7.0 0.6 3.70 BLDDUG003 21.7 23.0 1.3 2.07 BLDDUG003 40.5 41.5 1.0 0.55 BLDD005 91.5 91.9 0.4 0.80 BLDD005 136.0 137.0 1.0 0.96 BLDD005 282.0 288.0 6.0 0.39 BLDD005 305.1 305.8 0.7 0.54 BLDD005 309.0 310.0 1.0 0.98 BLDD005 318.0 319.0 1.0 0.51 BLDDUG005 48.7 49.7 1.0 1.58 BLDDUG005 55.0 55.5 0.5 2.71 BLDDUG004B 47.4 51.7 4.4 11.79 includes 0.57m at 11.9g/t, 0.60m at 44.88g/t and 0.5m at 48.9g/t. BLDDUG004B 61.3 65.3 4.0 0.49 BLDDUG006 64.0 74.4 10.4 13.60 includes 0.77m at 98.74g/t, 0.8m at 42.9g/t and 0.56m at 46.1g/t, 2.81m at 48.51g/t BLDDUG004 9.7 9.9 0.2 1.58 BLDDUG007 43.6 44.8 1.3 1.42 BLDDUG008 30.1 31.0 0.9 0.51 BLDDUG008 40.0 41.0 1.0 1.30 BLDDUG008 42.0 44.0 2.0 1.19 includes 1m at 1.63g/t BLDDUG008 59.0 60.0 1.0 0.40 BLDDUG008 61.0 62.6 1.6 0.79 includes 0.56m at 1.46g/t BLDDUG008 71.8 72.1 0.3 0.76 BLDD010 28.9 29.5 0.6 22.01 BLDD010 32.0 33.0 1.0 0.63 BLDD010 34.0 34.6 0.6 10.59 BLDD010 71.0 71.6 0.6 0.57 BLDD010 85.6 86.6 1.0 9.31 BLDD010 151.7 152.9 1.2 0.82 BLDD010 158.6 159.6 1.0 0.52 BLDD010 161.6 164.8 3.2 19.65 includes 0.63m at 18.79g/t, 0.65m at 6.8g/t, 1m at 33.76g/t, 1.42m at 30.60g/t BLDD010 165.7 166.7 1.0 0.66 BLDD010 173.2 174.8 1.6 6.12 includes 0.55m at 3.14g/t, 0.52m at 8.51g/t and 0.5m at 6.6g/t. BLDD010 193.2 193.5 0.3 0.48 BLDD010 202.2 203.0 0.8 0.40 BLDD010 236.8 237.1 0.4 2.41 BLDDUG009 55.5 55.9 0.4 0.70 BLDD009 28.0 29.6 1.6 6.83 Includes 0.5m at 20.50g/t BLDD009 103.7 104.7 1.0 2.15 BLDD009 127.4 128.0 0.6 0.75 BLDD009 134.0 135.4 1.4 26.01 Includes 0.5m at 24.67g/t, 0.5m at 46.72g/t and 0.43m at 3.50g/t BLDD009 177.8 178.1 0.3 0.99 BLDD009 200.0 201.0 1.0 0.54 BLDD009 209.8 210.8 1.0 20.03 BLDD011 11.7 12.7 1.0 0.63 BLDD011 61.1 62.6 1.5 0.65 BLDD011 84.0 84.7 0.7 1.53 BLDD011 87.0 88.0 1.0 1.19 BLDD011 94.0 95.7 1.7 1.10 BLDD011 133.7 134.5 0.8 2.38 BLDD011 142.6 143.4 0.8 0.51 BLDD011 145.7 146.3 0.6 1.26 BLDD011 149.0 150.1 1.1 1.09 BLDD011 156.0 156.4 0.5 4.90 BLDD011 215.0 216.0 1.0 9.70 BLDD012 93.6 95.6 1.9 10.23 include 0.35m at 57.49g/t BLDD012 160.6 161.4 0.8 0.87 BLDD012 163.0 164.0 1.0 0.47 BLDD012 169.1 169.9 0.9 2.38 BLDD012 179.7 182.5 2.8 0.89 Includes 0.50m at 1.38g/t BLDD012 184.3 189.0 4.7 0.84 Includes 0.71m at 1.80g/t and 0.50 at 1.50g/t BLDD012 191.0 191.8 0.8 1.17 BLDD012 202.4 203.5 1.1 5.70 include 0.45m at 9.06g/t BLDD012 248.0 249.0 1.0 0.41 BLDDUG010B 36.1 37.0 0.9 3.90 include3 0.45m at 7.18g/t BLDDUG010B 47.0 48.0 1.0 0.65 BLDD014 2.0 3.0 1.0 0.50 BLDD014 48.5 49.3 0.8 1.12 BLDD014 70.5 71.5 1.0 0.58 BLDD014 133.5 134.3 0.8 2.48 BLDD014 157.0 157.7 0.7 0.69 includes 0.31m at 1.04g/t BLDD014 169.0 169.5 0.5 0.91 BLDDUG011 13.5 14.2 0.7 1.50 includes 0.38m at 2.16g/t BLDD015 105.2 106.4 1.2 0.95 Includes 0.34m at 2.09g/t BLDD015 110.4 124.0 13.6 0.78 Includes 1m at 1.64g/t and 1m at 1.65g/t BLDD015 127.0 132.0 5.0 0.64 includes 1m at 1.77g/t BLDD013 12.5 13.5 1.0 0.60 BLDD013 62.0 63.0 1.0 1.33 BLDD013 80.0 82.0 2.0 0.35 BLDD013 135.0 144.5 9.5 3.46 Includes 0.30m at 8.58g/t, 0.77m at 22.04g/t and 0.50m at 10.08g/t BLDD013 163.0 164.0 1.0 0.42 BLDD013 233.5 234.5 1.0 1.14 BLDD016 117.7 139.5 21.8 1.37 Includes 0.97m at 3.70g/t, 0.5m at 8.71g/t and 0.76m at 9.73g/t BLDD016 162.0 164.0 2.0 2.15 Includes 0.5m at 7.05g/t BLDD016 168.2 168.5 0.3 4.00 BLDD016 254.5 255.5 1.0 0.56 BLDDUG012 14.0 15.0 1.0 0.43 BLDDUG012 54.3 54.4 0.2 8.34 BLDD017 30.0 33.5 3.5 3.32 Includes 1m at 7.31g/t and 1.01m at 4.24g/t BLDD017 82.0 83.0 1.0 0.67 BLDD017 150.5 151.5 1.0 1.53 BLDD017 296.5 297.5 1.0 0.29 BLDD018 189.5 190.4 0.9 0.40 BLDD018 233.0 233.8 0.8 3.84 BLDD019 116.0 118.0 2.0 1.10 Includes 1m at 1.61g/t BLDD019 122.0 147.4 25.4 1.02 Includes 1m at 3.62g/t, 1m at 6.54g/t, 1m at 2.19g/t, 0.50m at 3.06g/t and 0.60m at 2.75g/t. BLDDUG017 23.0 24.0 1.0 0.59 BLDDUG017 25.0 26.0 1.0 1.10 BLDDUG017 34.0 35.0 1.0 0.48 BLDDUG017 46.0 47.0 1.0 0.42 BLDD020 201.0 202.0 1.0 0.50 BLDD020 207.0 214.0 7.0 4.86 Including 0.90m at 24.47g/t from 207.34m and 0.30m at 9.55g/t from 207.78m BLDD020 217.0 218.0 1.0 1.29 BLDD020 226.7 227.4 0.7 1.86 BLDD020 243.9 244.3 0.4 0.89 BLDD020 272.3 272.6 0.3 0.91 BLDD021 128.1 128.4 0.3 1.07 BLDD021 129.0 131.0 2.0 5.48 Includes 0.3m at 26.45g/t from 129m. BLDD021 142.8 143.1 0.3 1.23 BLDD021 143.8 144.5 0.6 0.93 BLDD021 147.0 147.9 0.9 2.21 BLDD022 28.4 29.1 0.7 0.44 BLDD022 114.0 115.0 1.0 1.52 BLDD022 159.7 161.0 1.3 5.04 BLDD022 162.4 163.1 0.6 2.10 BLDD022 222.3 223.0 0.7 0.74 BLDD022 240.5 241.5 1.0 0.40 BLDD020 25.6 26.1 0.5 0.85 BLDD020 44.5 45.2 0.7 0.76 BLDD020 149.2 152.7 3.5 0.58 BLDDUG014 6.7 7.2 0.5 7.45 BLDDUG015 24.0 25.0 1.0 0.46 BLDDUG015 38.4 40.0 1.6 0.75 BLDDUG015 55.0 56.5 1.5 19.24 Includes 0.24m at 64.12g/t and 0.50m at 23.13g/t BLDD024 28.0 29.0 1.0 0.75 BLDD024 71.5 71.8 0.3 9.06 BLDD024 150.7 151.0 0.3 37.26 BLDD023 37.4 38.0 0.6 4.24 BLDD023 106.5 107.5 1.0 0.42 BLDD023 139.6 140.6 1.0 1.39 BLDD023 296.0 297.0 1.0 0.48 BLDDUG016B 17.0 18.0 1.0 1.29 BLDDUG016B 33.1 33.3 0.2 5.10 BLDDUG016B 40.6 41.6 0.9 2.11 includes 0.21m at 1.55g/t and 0.17m at 8.20g/t BLDDUG016B 45.1 45.7 0.6 0.98 BLDDUG020B 17.6 18.0 0.4 1.39 BLDDUG020B 37.8 38.8 0.9 0.61 BLDDUG020B 44.2 44.6 0.4 6.75 BLDDUG020C 34.0 35.0 1.0 0.63 BLDDUG020C 44.3 45.3 1.1 41.28 includes 0.34m at 125.14g/t BLDDUG020C 51.0 51.8 0.8 2.48 includes 0.21m at 4.39g/t and 0.24m at 3.57g/t BLDDUG021 6.0 7.0 1.0 0.76 BLDDUG021 61.0 62.2 1.2 0.47 BLDDUG021 63.6 66.9 3.3 7.68 includes 0.51m at 2.92g/t and 0.82m at 26.26g/t and 0.71m at 2.12g/t BLDDUG021 79.2 79.4 0.2 3.03 BLDDUG022 16.0 19.3 3.3 3.26 includes 1m at 8.58g/t and 0.28m at 5.10g/t BLDDUG022 25.2 27.4 2.2 0.58 BLDDUG022 37.0 41.0 4.0 0.59 includes 0.67m at 1.43g/t BLDDUG022 43.3 45.0 1.7 4.79 includes 0.34m at 12.40g/t and 1m at 3.63g/t BLDDUG023 40.0 40.6 0.6 1.36 BLDDUG023 42.0 43.2 1.2 106.05 includes 0.54m at 223.78g/t BLDDUG023 50.0 51.0 1.0 0.41
| Data aggregation methods | In reporting Exploration Results. weighting averaging techniques. maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results. the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. | · All diamond drilling results for Bills Luck are included above. · Results for RC drilling will be released next week after verification of QAQC. |
| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known. its nature should be reported. If it is not known and only the down hole lengths are reported. there should be a clear statement to this effect (eg 'down hole length. true width not known'). | · Down hole intersection widths are used throughout. · Most of the drill intersections are into steep to vertically dipping units. True thickness is presently unknown and will be determined based on modelling for the MRE. · All measurements state that downhole lengths have been used as the true width cannot yet be established by the current drilling. · Due to the structural control on the mineralisation and the anastomosing nature of the shears, together with an inferred plunge more drilling is required to provide accurate measurements for true thickness |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include. but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | · Appropriate maps (plan and oblique section) included within the text of the RNS, tabulated collar and assay results are presented above in this table. |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable. representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | · All completed holes are logged, sampled and dispatch as soon as possible. |
| Other substantive exploration data | Other exploration data. if meaningful and material. should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density. groundwater. geotechnical and rock characteristics; potential deleterious or contaminating substances. | · Geophysical work has been done previously, comprising Gradient Array IP and Stacked Schlumberger Sections · A regional structural mapping programme has been completed and included detailed structural analysis of portions of specific holes. · Further structural work is scheduled |
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