Completes Reverse Takeover of Ortac Resources Plc

RNS Number : 6865S

Templar Minerals Limited

15 September 2010

 

Templar Minerals Ltd/ Epic: TMP / Market: AIM / Sector: Mining & Exploration

15 September 2010

Templar Minerals Limited 

('Templar' or 'the Company')

 

Completes Reverse Takeover of Ortac Resources Plc

Change of Name to Ortac Resources Limited

Appointment of new Directors

 

Templar Minerals Ltd, the AIM quoted international mining and exploration company focussed on the investment and development of resource assets, announces that following the court process to sanction the scheme of arrangement, the final condition precedent for the acquisition of Ortac Resources Plc ('Ortac'), which owns 100% of the highly prospective Kremnica Gold Project in Slovakia ('Kremnica Gold'), was completed today. Therefore, Templar will proceed to issue and allot the Consideration Shares for which application for trading on AIM has been made and will also proceed to implement its change of name to Ortac Resources Limited as previously approved by Shareholders. A further announcement regarding the change of name will be released shortly.

 

Overview:

 

·; Reverse Takeover of Ortac Resources Plc, the Central European focussed exploration and development company focussed on precious metal projects in Europe.

 

·; Nine licences totalling c.200sq km in Slovakia at various stages of development.

 

·; Ortac's initial project is 100% ownership of Kremnica Gold Project which has a c.760,000 ounces ('oz') of gold ('Au') equivalent 43-101 compliant resource.

 

·; Defined development plan to fast-track Kremnica Gold, with an initial focus on the publication of an updated resource statement in Q4 2010 targeting 1Moz Au equivalent, a preliminary scoping study by Q1 2011 and production by Q4 2012.

 

·; Existing resource at Kremnica Gold Project only calculated along 1.1km of the 6.5km known strike length - open in both directions and at depth.

 

·; Strong potential for further resource delineation - multiple targets within Kremnica Gold Mining & Exploration Licences with potential to achieve a 2Moz Au equivalent resource through resource re-modelling and additional exploratory drilling.

 

·; Kremnica provides an operational foothold in the highly prospective Central Slovakian Volcanic Field with past/present production and resources in excess of 9Moz Au.

 

·; Several regional consolidation opportunities at various stages of development currently being evaluated to significantly increase resource inventory and maximise shareholder value.

 

·; Restructured Board providing strong technical, operational and corporate experience to manage growth. Ortac already has an established development team in Slovakia.

 

·; The Company has in excess of £2.3 million in cash (following the contractual payment to Tournigan of US$550,000 expected to be made today equating to approximately £376,000), no debt and 50.125 million shares in Vatakoula Gold Mines Plc valued at circa £1.35 million. The Company will be looking to divest its interests in the Rio Paranaiba Project in Brazil.

 

·; The Company has appointed Anthony Balme, Vassilios Carellas and Dorian Nicol to the board with immediate effect. Application has been made for 748,498,981 new Ordinary Shares, which will when issued rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM and trading, is expected to commence on 15 September 2010. Following the issue of the new Ordinary Shares as set out above, the total number of shares in issue will be 1,646,586,957.

 

·; The Company is in the process of implementing its change of name to Ortac Resources Limited (and consequent change of website address to www.ortacresources.com) and a further announcement will be made when this is completed shortly.

 

Ortac Resources plc CEO Vassilios Carellas said, "With the completion of this deal we can now implement our development strategy to bring our initial gold project at Kremnica in Slovakia into production. The project already has a defined resource of 760,000 ounces Au equivalent which we believe has considerable scope for a resource upgrade, with an internal 1Moz Au target for the primary Sturec open pit by the end of the year and a subsequent 2Moz Au target for the full project area. We will immediately initiate additional test work and studies to upgrade the resource at Kremnica and complete a scoping study which will be funded by the new company which has in excess of £3.65 million in cash and no debt. The project is an exciting opportunity to achieve production and provides us with an invaluable foothold in the Central Slovakian Field, which forms part of the Carpatho-Balkan Metallogenic Belt that hosts a number of multi-million ounce gold projects throughout Eastern Europe."

 

Templar Minerals Limited Executive Director Charles Wood said, "This is a landmark step for the Company and heralds our transformation into a gold exploration and development company with an initial focus in a highly prospective and producing gold mining district. We are pooling the corporate and operational expertise of both Templar and Ortac, creating a strong platform with which to achieve our expansion objectives of acquiring additional precious metal assets and building a substantial mid tier Central and Eastern Europe focussed precious metal production company. Accordingly we look forward to a highly active period of development which should allow us to demonstrate the value of our initial asset and our ability to identify and acquire additional opportunities to build shareholder value."

For further information please visit www.ortacresources.com or contact:
Vassilios Carellas	Templar Minerals Ltd (soon to be Ortac Resources Ltd)	Tel: +44 (0) 20 7440 0646
Charles Wood	Templar Minerals Ltd (soon to be Ortac Resources Ltd)	Tel: +44 (0) 20 7440 0646
Roland Cornish	Beaumont Cornish Limited	Tel: +44 (0) 20 7628 3396
Rosalind Hill Abrahams	Beaumont Cornish Limited	Tel: +44 (0) 20 7628 3396
Hugo de Salis	St Brides Media & Finance Ltd	Tel: +44 (0) 20 7236 1177
Susie Callear	St Brides Media & Finance Ltd	Tel: +44 (0) 20 7236 1177
Lottie Brocklehurst	St Brides Media & Finance Ltd	Tel: +44 (0) 20 7236 1177

 

Kremnica Gold Project

 

The Kremnica Gold Project is located in central Slovakia. The town of Kremnica lies 17 km west of central Slovakia's largest city, Banská Bystrica. The project area is accessible from Vienna, Austria by driving east across the border into Slovakia and then northeast through Bratislava, Nitra, Zlaté Moravce, and Ziar nad Hronom.

 

The Kremnica project comprises three licences: the Kremnica Mining Licence with an area of 11.79 km2, the Lutila Exploration Licence with an area of 63.2 km2 and the Vyhne Exploration Licence of 36.90km2. The details of the licences are as set out below;

Asset	Holder/Operator	Interest	Status	Expiry Date	Determined Area (km2)	Comments Elements claimed
Kremnica	Kremnica Gold Mining s.r.o.	100%	Mining	Surface Extraction must start by 30 June 2012 Underground Extraction must start by 30 June 2014	11.79	Au, Ag
Lutila	Kremnica Gold s.r.o.	100%	Exploration	3 March 2012	63.2	Au,Ag,Cu,Zn,Pb,Sb,Hg
Vyhne	Kremnica Gold s.r.o.	100%	Exploration	16 February 2013	36.90	Au,Ag,Cu,Zn,Pb,Sb,Hg

 

Source: Competent Persons Report dated 30 July 2010

 

History

 

Gold mining commenced at Kremnica in the 8th century and historical output totals 46,000 kg (1.5 million ounces) of gold and 208,000 kg (6.7 million ounces) of silver. Production was mostly from underground mine workings but also from small open pits.

The Slovak Geological Survey carried out extensive exploration in the Kremnica area from 1981-87, drilling 34 holes for over 25,000m although much of which was outside the main area of interest at Kremnica: the Šturec zone. The State-owned company, Rudne Bane, operated at Kremnica from 1987 to 1992. It undertook extensive adit development within the Šturec zone and produced 50,028 tonnes of mineral averaging 1.54 g/t Au from a small open pit. However, the operation was not profitable and it closed. There has been no production since that time.

 

Argosy Mining Corporation of Vancouver ("Argosy") acquired the property in 1995 and completed a core drilling programme in 1996 and a combined core and reverse-circulation (RC) drilling programme in 1997 for a total of 79 holes (12,306 m). This work led to an open pit resource estimate of 11.26Mt at a grade of 1.8g/t Au and 12.5g/t Ag over the main Šturec zone.

 

Tournigan Gold Corporation (now known as Tournigan Energy Limited) ("Tournigan") acquired the rights to the Kremnica project by purchasing Kremnica Gold a.s. (now known as Kremnica Gold s.r.o.) from Argosy in July 2003. Tournigan then completed 104 cored and RC drill holes (for 14,000m) over the period 2004 to 2008. The majority of these holes were over the main Šturec zone, but adjacent areas were also explored.

 

Following from Tournigan's exploration, Beacon Hill Consultants (1988) Ltd, based in Vancouver, produced a pre-feasibility study on the Kremnica project in 2007 that established open pit reserves over the main Šturec zone of 16.23Mt at a grade of 1.40g/t Au and 11.08g/t Ag. This study also covered mining, processing, infrastructure and environmental matters, as well as an economic analysis.

 

Geology and Exploration

 

The geology of the Kremnica gold deposit is well established. The Šturec zone is continuously mineralised for 1,200 m along strike, is typically 100 to 150 m wide and extends to a known depth of at least 300 m. The main part of the Šturec zone is the Schramen Vein, which is up to 100 m wide along a 500 m strike section and accounts for some 90% of the gold contained in the Kremnica measured and indicated resources. It is a massive to sheeted quartz vein that strikes almost due north, generally dips steeply to the east, and thins to the north, south, and at depth. Some additional exploration is required to clarify the extent and continuity of hanging and footwall mineralisation in the Šturec zone. Exploration potential outside the immediate Šturec zone is considered to be reasonable.

 

Mineralisation

 

Gold-silver mineralisation at Kremnica is part of a large low-sulphidation quartz-sericite-adularia epithermal-hydrothermal system hosted in Tertiary andesite volcanic flows and tuffs and lesser diorites and rhyolite dikes.

 

Mineralisation occurs in large banded to massive quartz veins, smaller quartz veins and sheeted veins, quartz stockwork veining, and silicified hydrothermal breccias. Gold and silver mineralisation within the sheeted veins and stockwork veining zones is primarily localised in areas immediately adjacent to the main vein zones.

 

Vein mineralogy consists of quartz, calcite, adularia, sericite-illite, and lesser chalcedony.

 

Alteration consists of a core of intense silicification (abundant quartz veining and silica flooding of vein wall rock), and large zones of argillic and propylitic clay alteration, which can include minor disseminated pyrite. Silicification is primarily quartz with lesser chalcedony.

 

Gold occurs freely and in non-refractory association with sulphides and with silver as electrum. Besides electrum, silver occurs in the minerals polybasite, pyrargyrite, and argentite. Sulphide minerals consist predominately of pyrite and marcasite with much lesser amounts of chalcopyrite, arsenopyrite, stibnite, sphalerite, and galena.

 

Resource Estimation

 

The Competent Person's report assigned mineral resources to the Kremnica project as follows:

 

Kremnica in situ Resource at 0.75g/t Gold Equivalent (AuEq) cut off
Operator4Resource	Quantity		Grade (g/t)			Metal (oz)
category	Tonnes	SG	AuEq	Au	Ag	AuEq	Au	Ag
Measured	3,419,000	2.24	2.30	2.01	16.20	252,700	220,600	1,780,700
Indicated	4,631,000	2.25	2.45	2.12	18.41	364,500	315,200	2,742,100
Meas. + Indic.	8,050,000	2.24	2.38	2.07	17.47	617,200	535,800	4,522,800
Inferred	2,895,000	2.34	1.57	1.40	9.46	145,900	130,000	880,400
TOTAL	10,945,000	2.27	2.17	1.89	15.35	763,100	665,800	5,403,200

 

Source: Competent Persons Report dated 30 July 2010

 

 Notes:

1. Tonnes and ounces rounded to 4 significant figures.

2. AuEq has been calculated for each block with AuEq ratio of 55.7:1. AuEq= Au+(Ag*0.018) based on three years (Aug 2006 to Aug 2009) average price for Au and Ag. Gold price: US$ 780/oz, silver price: US$ 14/oz.

3. The figures in the table above are gross and net, i.e. 100% attributable to the holder.

4. The holder/operator of this asset is Kremnica Gold Mining s.r.o., a 100% subsidiary of Ortac Resources Plc.

 

The resources above have been reviewed by the Competent Person and are considered to be Mineral Resources in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the `JORC Code' or `the Code' 2004), which is an internationally recognised standard. The Code sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Ore Reserves in Australasia. The Code has been drawn up by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia.

 

Other Licences

 

In addition to the two exploration licenses adjacent and to the south of the Kremnica Mining License, the Company is acquiring a further seven exploration licenses, which are located in central and eastern Slovakia. The table below sets out the seven exploration licence areas outside the Kremnica Project.

 

Asset	Holder/Operator	Interest	Status	Licence Expiry Date	Licence Area (km2)	Comments Elements claimed
Zlatá Bana	Bellmin s.r.o.	100%	Exploration	March 6 2013	30.56	Prolonged once Au,Ag,Cu,Pb,Zn,Sb,Hg,Ba,Mo,Cd,Se,Bi,Sn
Ruská Bystrá	Bellmin s.r.o.	100%	Exploration	March 6 2013	23.91	Prolonged once Au,Ag,Hg,Pb,Zn,Cd,Mo,Bi,Se,Sn
Poruba pod Vihorlatom	Bellmin s.r.o.	100%	Exploration	May 17 2011	5.07	Au,Cu,Pb,Zn,Bi,Te,Mo,Se,Sn,Hg
Smolnik	Bellmin s.r.o.	100%	Exploration	April 30 2014	14.43	Au,Ag,Sb,Cu,Mo,Cd,Se,Bi,Sn,Talc
Byšta Skároš	St Stephan Gold s.r.o.	100%	Exploration	6 March 2013	21.21	Prolonged once Au,Ag,Cu,Pb,Zn,Sb,Hg,Ba,Mo,Cd,Se,Bi,Sn
Cinobana	St Stephan Gold s.r.o.	100%	Exploration	8 November 2011	14.88	Au,Ag,Pt,As,Cu,Pb,Zn,Sb,Bi,Hg,Ba,Te,Cd
Cejkov	St Stephan Gold s.r.o.	100%	Exploration	5 November 2012	27.14	Au,Ag,Cu,Pb,Zn,Sb,Hg,Ba,Mo,Cd,Se,Bi

 

Source: Competent Persons Report dated 30 July 2010

 

In respect of the above licences, there are no resources that are compliant under international standard recognised under the AIM Rules.

 

Summary of the terms of the Acquisition

 

Templar has completed the acquisition of the whole of the issued share capital of Ortac Resources Plc ('the Acquisition'). Under the terms of the Acquisition, Ortac Shareholders will receive 66.711966 Ordinary Shares in the Company for each Ortac Share held on the Scheme Record Date ('the Consideration Shares'). Fractions of Consideration Shares will not be allotted or issued pursuant to the Scheme and the entitlements of the Ortac Shareholders be rounded up or down to the nearest whole number of Consideration Shares. A total of 748,498,986 Consideration Shares will be issued pursuant to the Acquisition and the Ortac Shareholders will collectively hold Ordinary Shares in the Company representing approximately 45.46% of the enlarged share capital. Based on the purchase price of 1 penny per Ordinary Share, the Consideration Shares have an implied aggregate value of approximately £7.5 million.

 

The Consideration Shares will rank pari passu in all respects with the Existing Ordinary Shares.

 

Following Admission, as a result of Ortac becoming its wholly owned subsidiary, the Company will fulfil the outstanding payment obligation of US$1.9 million to Tournigan pursuant to the Tournigan Share Purchase Agreement. The liability will be discharged by the issue of Ordinary Shares equal to the value of US$1,350,000 at a price of 1 pence per share (converted from Pounds Sterling to US dollars at the average daily spot rate at midday for the ten trading days immediately prior to Admission) plus the sum of US$550,000 in cash.

 

Under the Tournigan Share Purchase Agreement, within 60 Business Days of the grant of all necessary permits for Commercial Production, Ortac is obliged to:

 

·; pay to Tournigan a sum equal to US$15.00/oz of the first 250,000 ounces of the gold equivalent (gold and silver) resource defined as proven and probable reserve in the Feasibility Study; and

·; grant to Tournigan a 2 per cent. royalty on gold and silver production from the Kremnica Gold Project to a limit of the first 1,000,000 ounces produced, after which the royalty percentage shall be reduced to a 1 per cent. net smelter royalty on the next 1,000,000 ounces, after which it will extinguish.

 

Directors

 

The following Directors have been appointed to the Board with immediate effect:

 

Anthony Balme (aged 61), Chairman

Mr Balme is chairman of Carter Capital Ltd since 1981, AMC Ltd and Lymington Underwriting, family companies engaged in insurance, property development and resource ventures. He has been a director of Forum Uranium Corp, a TSX.V quoted exploration since 2003 and was a non executive director of Vatukoula Gold Mines plc (formerly River Diamonds plc), an AIM listed resource company, for nearly four years until March 2008 and held office at the time of its original admission to AIM. He also joined the board of Far North Platinum in 2009, which is an early stage PGM exploration company operating in South Africa.

 

He has extensive European and North American experience in finance, in particular in the resource sector where he has participated in a number of exploration and development stage ventures. He has been working on Ortac's exploration activities in Slovakia for over 5 years and has gained a broad understanding of the country and a liking for its people.

 

He is a Chartered Accountant and qualified with Coopers & Lybrand in London. He has extensive commercial experience and in particular on the strategic development of businesses.

 

Vassilios Carellas (aged 36), Chief Executive Officer

Vassilios is a geologist by profession with extensive experience gained in the mining and exploration industry in Central Asia. Prior to joining Ortac, he held the post of Managing Director of Kryso Resources plc from 2004-2009, an AIM listed company that he co-founded and which was admitted to AIM in 2004. As Managing Director, he was responsible for almost all facets of the business, from corporate and marketing functions through to the operational and technical aspects on the ground. Prior to co-founding Kryso, he has served as Vice-President Mining, General Manager, Chief Geologist and various other senior positions for two Canadian listed mining companies operating producing mines. He is a director of Panafric Ocean & Energy Limited and VC Resources Limited. He is a member of the Geological Society of South Africa and the Australian Institute for Mining and Metallurgy.

 

Charles Wood (Charlie) (aged 35), Executive Finance Director

Mr Wood holds a Bachelor of Commerce, a post graduate degree in Corporate Finance. Mr. Wood has 15 years' experience working in corporate positions across a range of industries including Agriculture, Resources and Banking. Mr Wood has worked in numerous jurisdictions in Africa, South America and Australia and has extensive experience in independent expert's reports, due diligence, capital raisings and mergers and acquisitions. Mr Wood was general manager corporate of Equatorial Palm Oil plc from May 2006 to its admission to AIM on March 2010. Mr Wood is founding director of Ragnar Capital Ltd, an independent London based FSA authorised broker providing advisory services, with a particular focus on the resource sector. Mr Wood was appointed an Executive Director of Templar in February 2009 and finance director in June 2010.

 

Alastair Clayton (aged 38), Non-executive Director

Mr Clayton is a qualified geologist with a post graduate diploma in Finance and Economics from the Securities Institute of Australia. Mr Clayton has over 13 years experience in the mining and resources sector and has worked in Australia, Africa, Asia and Europe in both a technical and corporate capacity. From 2003 to 2008 he was a director of Universal Coal plc (formally South China Resources plc) (previously traded on AIM). From 2006-2009 he was a non executive director of Bannerman Resources Ltd, a uranium development company that is currently completing a Bankable feasibility Study into the Etango Uranium deposit in Namibia (listed on the TSX and ASX). Mr Clayton has recently been appointed non-executive director of ASX and TSX listed, Extract Resources Ltd, a uranium development company operating in Namiba. He was appointed non executive director of Templar in February 2009. Mr Clayton is Chairman of the Audit and Remuneration committees.

 

Dorian Loney (Dusty) Nicol (aged 53), Non-executive Director

Mr Nicol has over 30 years of international experience in mineral exploration and mining. He is currently president and CEO of Tournigan Energy Ltd which is a Canadian uranium exploration and development company quoted on the TSX Venture Exchange and the Frankfurt Stock Exchange. His past positions include: executive vice president of exploration at Yukon-Nevada Gold Corp (TSX); CEO and before that vice president of Queenstake Resources Ltd (TSX); Vice president of Castle Exploration Zinc and Latin America manager for Canyon Resources Corp. He is a member of the American Institute of Professional Geologists, and a Fellow of the Society of Economic Geologists Resources Corp. Mr Nicol is a member of the Audit and Remuneration committees.

 

Further to the announcement on 30 July 2010, there is no additional information on the new Directors required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

 

Competent Person

 

The information in this Announcement that relates to Mineral Exploration results and Mineral Resources, together with any related assessments and interpretations, have been verified by and approved for release by Vassilios Carellas, a qualified geologist and full-time employee of the Company. Vassilios Carellas has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Vassilios Carellas consents to the inclusion of the information contained in this release in the form and context in which it appears.

 

 

Technical Glossary

 

The following technical terms are used in this Document. Grammatical variations of these terms should be interpreted in the same way.

''adularia'' a variety of potash feldspar;

''Ag'' the chemical symbol for the element silver;

''alteration'' the systematic and pervasive chemical alteration of host-rocks by hydrothermal fluids. The alteration system extends relatively far beyond potentially economic concentrations of precious and base metal mineralisation and provides the geologist with a significantly larger potential target-zone during the early stages of exploration;

''andesite'' a volcanic rock of intermediate composition characteristic of the basalt-andesite-dacite-rhyolite association and the extrusive equivalent of a diorite;

''antimony'' Metallic antimony (Sb) is an extremely brittle metal with a flaky, crystalline texture. Sometimes found native, but more frequently as stibnite (Sb2 S3);

''argentite'' a valuable silver ore consisting of silver sulphide (Ag2S);

''arsenopyrite'' a mineral of iron, sulphur, and arsenic commonly associated with metamorphism around igneous intrusions as in the quartz veins of the Meguma Zone of Nova Scotia;

''assay'' a measure of the amount of an economic metal within an ore sample;

''Au'' the chemical symbol for the element gold;

''borehole'' a hole with a drill, auger, or other tools for exploring strata in search of minerals, for water supply, for blasting purposes, for proving the position of old workings and faults, and for releasing accumulations of gas or water;

''breccia'' coarse, clastic, sedimentary rock, the constituent clasts of which are angular. Breccia literally means rubble and implies a rock deposited very close to the source area;

''chalcedony'' variety of quartz which occurs fibrous to cryptocrystalline, and stalactitic and botryoidal. It is white, grey-white, grey or bluishgrey, and sometimes yellowish;

''chalcopyrite'' a copper-iron sulphide mineral (CuFeS2);

''Cu'' the chemical symbol for the element copper;

''cyanide'' a chemical species containing carbon and nitrogen used to dissolve gold and silver from ore;

''dacite'' a silica over-saturated, intermediate to acid calc-alkaline lava or pyroclastic rock intermediate in composition between andesite and rhyolite;

''diorite'' intermediate, coarse-grained igneous rock with up to 10% quartz;

''dip'' the inclination of a geologic structure (bed, vein, fault, etc.) from the horizontal; dip is always measured downwards at right angles to the strike;

''epithermal'' vein deposit formed at shallow depths from unstable hot solutions;

''fault'' a slip-surface between two portions of the earth's surface that have moved relative to each other. A fault is a failure surface and is evidence of severe earth stresses;

''galena'' a sulphide mineral of lead;

''footwall'' the underlying side of a fault, orebody, or mine working; esp. the wall rock beneath an inclined vein or fault;

''fracture'' a general term to include any kind of discontinuity in a body of rock if produced by mechanical failure, whether by shear stress or tensile stress. Fractures include faults, shears, joints, and planes of fracture cleavage;

''galena'' lead sulphide, the most common ore mineral of lead;

''gneiss'' a layered or banded crystalline metamorphic rock, the grains of which are aligned or elongated into a roughly parallel arrangement;

''grade'' the relative quantity or the percentage of ore-mineral or metal content in an orebody;

''hanging wall'' the overlying side of an orebody, fault, or mine working, esp. the wall rock above an inclined vein or fault;

''Hg'' the chemical symbol for the element mercury;

''hydrothermal'' the name given to any processes associated with igneous activity which involve heated or superheated water;

''illite'' very common and widely occurring soli-clay mineral; formed by the weathering decomposition of hydrothermal alteration of muscovite or feldspar;

''JORC'' the code for reporting of the Australasian Joint Ore Reserves Committee, which is sponsored by the Australian mining industry and its professional organisations. The code is widely accepted as a standard for professional reporting purposes for reporting of mineral resources and ore reserves;

''magnetite'' an igneous rock consisting essentially of magnetite and having an iron content of 65% to 70% or more. Apatite may accompany the magnetite;

''marcasite'' a mineral with the same composition as pyrite (FeS2) and often called ''white iron pyrite'', but differing in crystal structure;

''monomineralic'' applied to rocks composed of one mineral type only;

''oxides'' a group of minerals in which oxygen is combined with one or more metals to give simple and multiple oxides respectively;

''Pb'' the chemical symbol for the element lead;

''pyrite'' a common iron sulphide mineral commonly found in hydrothermal veins and systems and commonly associated with gold mineralisation;

''quartz vein'' a sheet-like body consisting mostly of silica in the form of quartz. Quartz veins can sometimes host deposits of gold;

''rhyolite'' a fine-grained acidic volcanic rock compositionally equivalent of a granite;

''Sb'' The chemical symbol for the element antimony;

''Se'' The chemical symbol for the element selenium;

''stibnite'' one of the main ore minerals for antimony, with the formula Sb2S3;

''strike'' The compass direction of a horizontal line on an inclined plane;

''sulphide'' a group of minerals in which the element sulphur is in combination with one or more metallic elements;

''Te'' The chemical symbol for the element tellurium;

''Tl'' The chemical symbol for the element thallium;

''vein'' a tabular deposit of minerals occupying a fracture, in which particles may grow away from the walls toward the middle;

''Zn'' The chemical symbol for the element zinc.

 

 

 

This information is provided by RNS

The company news service from the London Stock Exchange