QUARTERLY ACTIVITIES REPORT Ending 31 March 2017

Transcription

1 ASX Annuncement ASX Cde: ARM Date: 24 April 2017 Aurra Minerals Grup f Cmpanies Diversified Minerals Explratin via direct and indirect interests Predictive Discvery Limited (ASX: PDI) 39.6% - Gld Explratin / Develpment in Burkina Fas & Cte D Ivire Peninsula Mines Limited (ASX: PSM) 29.3% - Graphite, Lithium- Gld, Silver and Base Metals - Mlybdenum and Tungsten Explratin in Suth Krea One Asia Resurces Limited - Gld Explratin / Develpment Sulawesi, Indnesia Aurra Western Australian Explratin 100% Base metals and gld Cntact Details Principal & Registered Office Suite 2, Level 2 20 Kings Park Rad West Perth WA 6005 Martin Pyle Managing Directr Tel: Karen Oswald Media and Investr Relatins Tel: Ken Banks Investr Relatins Tel: Website QUARTERLY ACTIVITIES REPORT Ending 31 March 2017 Aurra Minerals Limited ASX: ARM ("Aurra" r "the Cmpany") and its subsidiary and assciate cmpanies cnduct explratin acrss three cntinents with a fcus n Suth Krea (Peninsula Mines Limited), West Africa (Predictive Discvery Limited) and Western Australia. Highlights: Peninsula Mines Limited (Peninsula) Zinc Prject fast tracked fr drill targetting D1 Excellent metallurgy and high-grade trenching results frm Yngwn Graphite Prject D2 Peninsula Bard restructure and apprval f accelerated 2017 explratin D3 Appintment f Managing Directr D4 Predictive Discvery Limited (Predictive) Encuraging Gld-in-Sil Results frm Three Cte D Ivire Permits P1 New Partner intrduced t Fund Diamnd Drilling n Bbss Prject, Cte D Ivire Diamnd Drilling Cmmences at the Nyangbue prspect n the Bundiali permit in Cte D Ivire One Asia Awak Mas Gld Prject, (100% Owned) O1 One Asia is preparing a prspectus fr the ASX listing f Nusantara Resurces (recently renamed frm Awak Mas Hldings Pty Ltd) in mid One Asia sharehlders wuld receive shares in the listed entity as part f any listing prcess. New resurce estimate expected Q based n the new gelgical mdel. Messrs Martin Pyle, Rb Hgarth and Byke Abidin appinted as directrs f Nusantara Resurces A1. Strng reginal supprt fr prject cntinues, with key envirnmental permit (AMDAL) received in March Crprate Aurra cash at bank ~$2.3M (parent) at end f the quarter Value f cash and investments as at 31 March 2017 ~$15.5M (~13.3c/share)

2 Aurra's subsidiary and assciate cmpany investments and market valuatins as at 31 March 2017 are shwn in Table 1, belw. Table 1: Aurra Minerals Grup Investments Aurra Minerals Grup Investments Shares (M) % Interest Price Mkt Val $M Predictive Discvery % $0.013 $8.4 Peninsula Mines % $0.022 $3.3 ther (including One Asia) $1.5 Subttal $13.2 NTA c/share Ttal value f investments $ Cash as at March 2017 $ Ttal NTA $ Peninsula Mines Limited (Aurra 29.3%) Figure 1: Lcatin Plan f Peninsula s Suth Krean Prjects Page 2 f 11

3 Peninsula s explratin in Suth Krea is cnducted thrugh its whlly-wned Suth Krean subsidiary, Suyen Mining C. Ltd. (SMCL) which hlds tenure ver grund prspective fr: Zinc-silver at Ubeng Prject Graphite at Daewn, Yngwn and Wlmyeng Prjects Gld at Osu Prject Lithium at Daehyen and Dngsugk Prjects and Mlybdenum-tungsten at Daehwa Prject. With the rapid expansin f activities the appintment f Jn Dugdale as Managing Directr f Peninsula Mines Limited and the Bard restructure ensures practive leadership and crdinated fcus n Peninsula s develpment bjectives. Figure 1, abve, shws the distributin f the Prjects acrss the Suth Krean Peninsula. Ubeng Zinc Silver Prject Peninsula has identified a majr zinc-silver-lead-cpper skarn district at Ubeng, in nrth-eastern Suth Krea, extending ver 10km t the east f the perating Kumh Mine, (see Figure 2 belw) ver which it has secured strategic explratin tenure. D5,6 Zinc is an increasingly imprtant cmmdity in the bming Krean high-tech industry. Onging field investigatin and gechemical results frm the Ubeng Prject have encuraged Peninsula t fast-track this Prject t drilling as sn as pssible. Exceptinal initial sil sampling results f up t 2.3% Zinc, with supprting silver and cpper, were recrded in the Chilb area f extensive histrical wrkings. Previus sampling near the histrical Chilb mine included 39.7% Zn, 2.0% Pb, 294 g/t Ag and 29% Zn. Detailed grund magnetics cnducted ver a 2km x 2km grid at Chilb in the previus field seasn will be extended t define further mineralising structures alng the skarnified limestne unit. D1 The Krean Spring field seasn has cmmenced pst Quarter-end with the cntinuatin f reginal and detailed sil sampling prgrammes, field mapping and rck chip sampling at Ubeng. Pending the gechemical results, grund gephysics will fllw in rder t pinpint drill targets. D6 Figure 2: Chilb Mine area: TMI image f grund magnetics (inset- reginal TMI), skarn-limestne unit (pattern) and structural interpretatin (blue lines), with histrical wrkings (yellw stars) and results t date (squares) D7 Page 3 f 11

4 Yngwn Graphite Prject Excellent metallurgical test results were achieved by IMO Perth, with high-grade cncentrate averaging 97% ttal graphitic carbn (TGC) and 87.3% graphite recvery frm representative samples f utcrpping graphitic schist. D2 The Spring field seasn has cmmenced pst-quarter-end with the cntinuatin f the channel sampling in re-excavated histrical trenches that cut acrss the utcrp. Previus results generated 9.7 metres (m) grading 11.7% TGC including 16.9% TGC and 16.1% TGC (see Figure 3). The grund EM survey cnducted during the previus Quarter by Suthern Gescience Cnsultants (SGC) had defined the highly cnductive graphitic unit at least 180m dwn dip in a NE directin, and extended the strike length t ver 400m, pen t the east. This enabled Peninsula t generate a 3-dimensinal interpretatin f the graphitic unit, which will be tested with diamnd drilling n 5 x 80m spaced drill traverses (see Figure 3). The prgramme will cnsist f 16 t 23 diamnd drill hles fr 1,100m t 1,500m, expected t define a maiden Indicated Resurce fr the Yngwn Graphite Prject D2. C-funding has been granted by Krean Resurces (KORES) fr 200m f drilling and Peninsula are negtiating drilling access with the lcal gvernment Frestry department. D7 Figure 3: Yngwn Graphite Prject mapped and interpreted graphitic unit, EM cnductr and prpsed drilling. D7 Daewn Graphite Prject Rck chips frm Daewn had generated grades f up t 24.8% TGC frm this amphiblitic, graphitic, shallw-dipping unit, utcrpping ver 400m. D7 Metallurgical testing f a representative sample f the Daewn graphitic unit is nw underway at IMO Perth. This will determine the suitability f the re t prcessing and thus determine the next phase f explratin t evaluate this resurce. D7 Page 4 f 11

5 Figure 4: Daewn graphitic unit utcrp shwing channel sampling results D7 Osu Gld Prject A 30m wide, 1.5km lng zne f steeply dipping, nrth-suth trending, mineralised veins and shear znes alng the western flank f Munt Pal Gng, Suth Krea, had been intermittently explited in undergrund wrkings until the 1970 s. In the previus Quarter, Peninsula s channel sampling acrss the mineralised zne had generated results including: 18.3 g/t Au, 224 g/t Ag and 7.73 g/t Au. Diamnd drilling that was intended t penetrate the mineralisatin belw the histrical undergrund wrkings has been delayed due delays in securing drill access. Alternative drill sites have been put frward and Peninsula awaits the access grant frm the central gvernment Frestry Office. D7 Figure 5: Osu Channel Sampling in relatin plymetallic veins and histrical stping near the peak f Mt Pal Gng. Prpsed drill hles are designed t intersect high-grade mineralisatin at depth D7 Page 5 f 11

6 Lithium Prjects The cmmencement f the Spring field seasn in Suth Krea pst Quarter-end enables Peninsula t advance its lithium explratin pprtunities in Suth Krea. At Dngsugk Prject (see figure 1 fr lcatin), a crridr f pegmatites apprximately 100m wide and 2km t 3km lng, called Tngg Li Anmaly, is assciated with a nrtheast-suthwest trending reginal magnetic lw. During this field seasn, the zne will be systematically sil sampled (ridge and spur) t define lithium bearing znes (lepidlite/spdumene) that may represent drilling targets. Figure 6: Tngg Lithium Anmaly in relatin t KIGAM reginal magnetics and anmalus stream sediment sampling. D7 Page 6 f 11

7 Predictive Discvery Limited (Aurra 39.6%) Predictive Discvery Limited is a gld explratin cmpany with strng technical capabilities fcused n its advanced gld explratin prjects in West Africa. Figure 7: Lcatin f PDI s Côte D Ivire explratin permits perated under JV with XMI, GIV and Tr Gld Limited Côte D Ivire Bundiali permit Jint Venture partner, Tr Gld Limited, cmmenced a 1,500m diamnd drilling prgram at the Nyangbue prspect n the Bundiali permit in Cte D Ivire (refer Figure 7 fr lcatin) during the quarter P1 : Drilling is aimed at understanding the cntrls n gld mineralisatin intersected in the initial RC drilling prgram last year. This btained sme excellent gld results (Figure 8), including : 20m at 10.5g/t Au frm 38m including 1m at 144.5g/t Au, 28m at 4.0g/t Au frm 3m including 1m at 49.7g/t Au, and 9m at 7.9g/t Au frm 99m including 1m at 44.7g/t Au Result are expected in Q2 calendar 2017 Page 7 f 11

8 Figure 8: RC drill hle cllar lcatins n a gld-in-sil gechemical cntur plan, highlighting key drill results, in the suthern 2km prtin f the Nyangbue Prspect (annunced t the ASX n 23/6/16, 25/7/16, 8/8/16, 12/9/16 and 13/10/16). Gld gechemical cnturs are superimpsed n satellite imagery. Predictive reprted the results f infill sil sampling cmpleted by Tr Gld Limited (Tr) n the Bundiali, Ferkessedugu Nrth and Beriabukr permits in Cte D Ivire: P2 Bundiali 200m x 50m infill sampling: Cherent multi-line gld-in-sil anmalies in tw areas, the lngest being 1.7km lng. Highest new values f 706ppb Au and 639ppb Au respectively. Ferkessedugu Nrth 400m x 100m infill sampling: Tw higher pririty target areas utlined, each 2km lng. Highest new values f 819ppb Au and 437ppb Au respectively. Beriabukr 400m x 100m infill sampling: Three large areas highlighted. Highest new values f 1375ppb Au and 509ppb Au. Mre detailed infill sampling required n Ferkessedugu Nrth and Beriabukr t be fllwed by trenching and/r RC drilling, pssibly n all three permits. Predictive has entered int an agreement with Canadian-based cmpany Prgress Minerals Internatinal Inc (Prgress) t fund a large explratin prgram n the Bbss Prject in Cte D Ivire: Prgress will earn a 30% interest in the prject by funding a US$1 millin wrk prgram (Stage 1) including: 1,500-2,500m f diamnd drilling int the large Bbss gld mineralised system, scheduled t cmmence in April. Page 8 f 11

9 Reginal scale gelgical, gechemical and gephysical surveys t enable initial evaluatin f the gld discvery ptential f the 90km strike length f prspective greenstne belt within the prject area. Other aspects f the agreement are: Predictive t prvide technical management, in cnjunctin with Prgress, fr wrk prgrams during the explratin phase. After Prgress has cmpleted its Stage 1 funding, the Parties equities will be PDI 30%, Prgress 30% and lcal partner, West Africa Venture Investments (WAVI), 40%. Prgress may invest a further US$1.5 millin t increase its equity t 55% (Stage 2). PDI s present intentin is t maintain its equity at 30% thrugh Stage 2, in which case the equities will becme PDI 30%, Prgress 55% and WAVI 15%. Prgress details: Private Canadian-based cmpany with strng mine develpment expertise. Well supprted by internatinal sharehlder grup including Ausdrill (ASX:ASL). Aurra Minerals Western Australian Prjects Limited explratin activities were undertaken during the quarter. Crprate Aurra cash at bank ~$2.3M (parent). Martin Pyle Managing Directr +61(0) Page 9 f 11

10 Cmpetent Persn Statement The infrmatin in this reprt that relates t the explratin results and Mineral Resurces f Aurra, Peninsula and Predictive is summarised frm publicly available reprts as released t the ASX f the respective cmpanies. The results are duly referenced in the text f this reprt and the surce dcuments listed belw. The explratin results reprted herein relating t Predictive Discvery Limited are based n infrmatin cmpiled by Mr Paul Rberts (Fellw f the Australian Institute f Gescientists). Mr Rberts is a full-time emplyee f that cmpany and has sufficient experience relevant t the style f mineralisatin and type f depsits being cnsidered t qualify as a Cmpetent Persn as defined by the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Rberts cnsents t the inclusin in the reprt f the matters based n his infrmatin in the frm and cntext in which it appears. The infrmatin in this reprt that relates t Explratin Results fr Peninsula Mines Limited is based n infrmatin cmpiled by Mr Daniel Nnan, a Member f the Australian Institute f Mining and Metallurgy. Mr Nnan is emplyed as a cnsultant. Mr Nnan has sufficient experience which is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity which he is undertaking t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Nnan cnsents t the inclusin in the reprt f the matters based n this infrmatin in the frm and cntext in which it appears. All the infrmatin in this release that is based n infrmatin cmpiled prir t 1 December 2013 was prduced under the reprting directins as set ut in the 2004 ed. JORC cde. All subsequent releases have been cmpiled under the guidelines fr reprting as set dwn under the 2012ed. JORC cde. The infrmatin summarised herein has nt changed materially frm the greater detail that was riginally disclsed in earlier public releases and which has been duly referenced in this release. The Cmpany cnfirms that it is nt aware f any new infrmatin r data that materially affects the infrmatin included in this reprt. Page 10 f 11

11 APPENDIX 1 Western Australian Mineral Tenement Infrmatin (as at 31 March 2017) PROJECT TENEMENT PERCENT HOLDING TITLE HOLDER/APPLICANT JOINT VENTURE Glenburgh E52/ % Aurra Resurces Pty Ltd Camel Hills E09/ % Aurra Resurces Pty Ltd JV with Peninsula Mines APPENDIX 2 List f Annuncements t the Australian Securities Exchange which are referenced in this release: A1 Aurra Minerals ASX Annuncement, 20 February 2017 Awak Mas Bard Appintments D1 Peninsula Mines ASX Annuncement, 9 March Zinc Prject Fast Tracked fr Drill Targeting D2 Peninsula Mines ASX Annuncement, 12 January Excellent Metallurgy and High Grade Trenching Results fr Yngwn Graphite Prject, Suth Krea D3 Peninsula Mines ASX Annuncement, 6 February 2017 Peninsula Bard Restructure and Apprval f Accelerated 2017 Explratin D4 Peninsula Mines ASX Annuncement, 31 January 2017 Appintment f Managing Directr D5 Peninsula Mines ASX Annuncement, 13 December Majr Zinc-Skarn District Identified at Ubeng Prject in Suth Krea D6 Peninsula Mines ASX Annuncement, 30 September Quarterly Activities Reprt t 30 September 2016 D6 Peninsula Mines ASX Annuncement, 28 March Three Key Tenements Granted at Ubeng Zinc Prject, Suth Krea D7 Peninsula Mines ASX Annuncement, 4 April Peninsula Mines Crprate Presentatin, Mines and Mney Asia, 5-7 April P1 P2 P3 Predictive ASX Annuncement, 21 February Diamnd Drilling Cmmences in Cte D Ivire Predictive ASX Annuncement, 2 February 2017 Gld Sil Results Frm 3 Permits in Cte D'Ivire Predictive ASX Annuncement, 16 March 2017 New Partner Funds Diamnd Drilling On Bbss Cte D'Ivire O1 One Asia Resurces Annuncement, 15 March Quarterly Reprt fr three mnths ended 31 December 2016 Page 11 f 11

12 Appendix 5B Mining explratin entity and il and gas explratin entity quarterly reprt Appendix 5B +Rule 5.5 Mining explratin entity and il and gas explratin entity quarterly reprt Intrduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16 Name f entity AURORA MINERALS LIMITED ABN Quarter ended ( current quarter ) MARCH 2017 Cnslidated statement f cash flws 1. Cash flws frm perating activities 1.1 Receipts frm custmers 1.2 Payments fr (a) explratin & evaluatin* (b) develpment (c) prductin (d) staff csts** Current quarter Year t date (9 mnths) - 11 (448) (888) (e) administratin and crprate csts* (350) (1,193) 1.3 Dividends received (see nte 3) 1.4 Interest received Interest and ther csts f finance paid 1.6 Incme taxes paid 1.7 Research and develpment refunds 1.8 Other (prvide details if material) Net cash frm/(used in) perating activities (764) (1,992) *A re-allcatin f $183k frm explratin t admin was made t expenditure fr six mnths t 31 December, in the accunts f cntrlled entity Predictive Discvery Ltd. * The cmpany s accunting plicy allcates staff csts t activities and are accrdingly included in items 1.2 (a) and 1.2 (e). 2. Cash flws frm investing activities 2.1 Payments t acquire: (a) prperty, plant and equipment (b) tenements (see item 10) - (8) + See chapter 19 fr defined terms 1 September 2016 Page 1

13 Appendix 5B Mining explratin entity and il and gas explratin entity quarterly reprt Cnslidated statement f cash flws Current quarter Year t date (9 mnths) (c) investments (1,000) (1,250) (d) ther nn-current assets - (1) 2.2 Prceeds frm the dispsal f: (a) prperty, plant and equipment (b) tenements (see item 10) (c) investments - 1,634 (d) ther nn-current assets 2.3 Cash flws frm lans t ther entities 2.4 Dividends received (see nte 3) 2.5 Other (prvide details if material) 2.6 Net cash frm / (used in) investing activities (1,000) Cash flws frm financing activities 3.1 Prceeds frm issues f shares 3.2 Prceeds frm issue f cnvertible ntes 3.3 Prceeds frm exercise f share ptins 3.4 Transactin csts related t issues f shares, cnvertible ntes r ptins 3.5 Prceeds frm brrwings 3.6 Repayment f brrwings 3.7 Transactin csts related t lans and brrwings 3.8 Dividends paid 3.9 Other (prvide details if material) 3.10 Net cash frm / (used in) financing activities - 2,299 (3) (149) (3) 2, Net increase / (decrease) in cash and cash equivalents fr the perid 4.1 Cash and cash equivalents at beginning f perid 4.2 Net cash frm / (used in) perating activities (item 1.9 abve) 4.3 Net cash frm / (used in) investing activities (item 2.6 abve) 4.4 Net cash frm / (used in) financing activities (item 3.10 abve) 6,100 3,800 (764) (1,992) (1,000) 375 (3) 2,150 + See chapter 19 fr defined terms 1 September 2016 Page 2

14 Appendix 5B Mining explratin entity and il and gas explratin entity quarterly reprt Cnslidated statement f cash flws 4.5 Effect f mvement in exchange rates n cash held 4.6 Cash and cash equivalents at end f perid Current quarter Year t date (9 mnths) - - 4,333 4, Recnciliatin f cash and cash equivalents at the end f the quarter (as shwn in the cnslidated statement f cash flws) t the related items in the accunts Current quarter Previus quarter 5.1 Bank balances Call depsits 3,740 5, Bank verdrafts 5.4 Other (prvide details) 5.5 Cash and cash equivalents at end f quarter (shuld equal item 4.6 abve)* *Includes cash f $2.065m held by cntrlled entity Predictive Discvery Limited. 4,333 6, Payments t directrs f the entity and their assciates Current quarter $A' Aggregate amunt f payments t these parties included in item Aggregate amunt f cash flw frm lans t these parties included in item Include belw any explanatin necessary t understand the transactins included in items 6.1 and : Payment was fr remuneratin t directrs and includes remuneratin payments t directrs f cntrlled entity Predictive Discvery Limited Payments t related entities f the entity and their assciates Current quarter $A' Aggregate amunt f payments t these parties included in item Aggregate amunt f cash flw frm lans t these parties included in item Include belw any explanatin necessary t understand the transactins included in items 7.1 and See chapter 19 fr defined terms 1 September 2016 Page 3

15 8. Financing facilities available Add ntes as necessary fr an understanding f the psitin 8.1 Lan facilities 8.2 Credit standby arrangements 8.3 Other (please specify) Appendix 5B Mining explratin entity and il and gas explratin entity quarterly reprt Ttal facility amunt at quarter end Amunt drawn at quarter end 8.4 Include belw a descriptin f each facility abve, including the lender, interest rate and whether it is secured r unsecured. If any additinal facilities have been entered int r are prpsed t be entered int after quarter end, include details f thse facilities as well. 9. Estimated cash utflws fr next quarter 9.1 Explratin and evaluatin Develpment 9.3 Prductin 9.4 Staff csts 9.5 Administratin and crprate csts Other 9.7 Ttal estimated cash utflws Changes in tenements (items 2.1(b) and 2.2(b) abve) Tenement reference and lcatin Nature f interest Interest at beginning f quarter Interest at end f quarter 10.1 Interests in mining tenements and petrleum tenements lapsed, relinquished r reduced 10.2 Interests in mining tenements and petrleum tenements acquired r increased + See chapter 19 fr defined terms 1 September 2016 Page 4

16 Cmpliance statement Appendix 5B Mining explratin entity and il and gas explratin entity quarterly reprt 1 This statement has been prepared in accrdance with accunting standards and plicies which cmply with Listing Rule 19.11A. 2 This statement gives a true and fair view f the matters disclsed. Sign here: Date: 24 April 2017 (Cmpany secretary) Print name: Eric Mre Ntes 1. The quarterly reprt prvides a basis fr infrming the market hw the entity s activities have been financed fr the past quarter and the effect n its cash psitin. An entity that wishes t disclse additinal infrmatin is encuraged t d s, in a nte r ntes included in r attached t this reprt. 2. If this quarterly reprt has been prepared in accrdance with Australian Accunting Standards, the definitins in, and prvisins f, AASB 6: Explratin fr and Evaluatin f Mineral Resurces and AASB 107: Statement f Cash Flws apply t this reprt. If this quarterly reprt has been prepared in accrdance with ther accunting standards agreed by ASX pursuant t Listing Rule 19.11A, the crrespnding equivalent standards apply t this reprt. 3. Dividends received may be classified either as cash flws frm perating activities r cash flws frm investing activities, depending n the accunting plicy f the entity. + See chapter 19 fr defined terms 1 September 2016 Page 5