Triton Gold Limited

Published : June 02nd, 2016

17 05 2016 - Maiden Inferred Mineral Resource - Ancuabe

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Keywords :   Australia | Diamond | Indian | Lead | Mozambique | Standard | Target |

17 05 2016 - Maiden Inferred Mineral Resource - Ancuabe

30b8965e-79af-4a05-98ef-48b751d1ba6a.pdf

Triton Minerals Ltd [Administrator Appointed] Unit 1, 256 Stirling Highway,

Claremont WA 6010

PO Box 1518, West Perth WA 6872 Phone +61 8 6489 2555

Fax +61 8 6489 2556

Email [email protected] Web www.tritonminerals.com

ASX Code: TON 17 May 2016

ASX Announcement

Maiden Inferred Mineral Resource Estimate for the Ancuabe Project

Key Points

  • Maiden Inferred Mineral Resource estimate completed for the Ancuabe T12 deposit.

  • Inferred Mineral Resource of 14.9Mt grading 5.4% Total Graphitic Carbon (TGC) for 798,000t of contained graphite.

  • On the basis of analysis from Hole IVD001, the following general observations can be made of the Ancuabe mnineralisation, with further analysis to follow as work on the project progresses:

    • More than 80% of liberated flakes bigger than 150 micron.

    • More than 50% of liberated flakes are Extra Large (Jumbo) or bigger (>300 micron).

    • Overall concentrate grade 98.6% Total Carbon (TC).

  • Potential extensions over unexplored VTEM conductor to the northwest.

  • Potential to define high grade lenses within existing mineralised wireframes.

Triton Minerals Ltd [Administrators Appointed) (ASX:TON) ('Triton' or the 'Company') is pleased to announce the development of its Ancuabe Graphite Project in northern Mozambique has taken a major step forward with the completion of a maiden Inferred Mineral Resource, reported in accordance with the JORC1 Code 2012.

The Mineral Resource estimate for the Ancuabe T12 deposit, comprises 14.9 million tonnes (Mt) grading 5.4% Total Graphitic Carbon (TGC), for 798,000 tonnes of contained graphite.

The results for the Ancuabe T12 Mineral Resource estimate are set out in Table 1 below. Drill-hole information and reporting in accordance with JORC 2012 Table 1 are included as Appendices to this announcement.

Table 1: Inferred Mineral Resource estimate for Ancuabe Target 12

Classification

Weathering State

Million Tonnes

TGC %

Contained Graphite ('000s t)

Inferred

Oxide

1.2

5.2

61

Transitional

1.2

5.3

63

Fresh

12.5

5.4

674

Grand Total

14.9

5.4

798

Note: The Mineral Resource was estimated within constraining wireframe solids defined above a nominal 3% TGC cut-off. The Mineral Resource is reported from all blocks within these wireframe solids. Differences may occur due to rounding.

The nominal 3% cut-off reflects a natural geological cut-off which is visually distinguishable in drill core. This cut- off is further supported by statistical analysis of the grade population distribution of the total dataset. There is

1 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

a high grade sub-population above roughly 8% TGC cut-off within the interpreted mineralisation wireframes. Further exploration data will bqle required to accurately delineate and estimate this population.

Competent Person's Statement

The information in this announcement that relates to in situ Mineral Resources for Ancuabe T12 is based on information compiled by Mr. Grant Louw under the direction and supervision of Dr Andrew Scogings, who are both full-time employees of CSA Global Pty Ltd and as consultants to Triton. Dr Scogings takes overall responsibility for the report. Dr Scogings is a Member of both the Australian Institute of Geoscientists and Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code 20121) Dr Scogings consents to the inclusion of such information in this announcement in the form and context in which it appears.

ASX LR 5.8.1 Summary:

  • The following summary presents a fair and balanced representation of the information contained within JORC Table 1 (sections 1-3), attached as Appendix 2:

  • The Ancuabe T12 target occurs within gneissic rocks of tonalitic composition that are deformed and characterised by sub-horizontal fold axes. Graphite mineralisation occurs in layers within the tonalitic gneiss at T12.

  • Samples were obtained from reverse circulation (RC) and Diamond (DD) drilling, using 1m composites. Quality of drilling and assaying was of an acceptable standard, commensurate with the Inferred classification of the current estimate.

  • The estimate was classified as Inferred on the basis of surface mapping, geophysical information, drill hole sample assay results, drill hole logging and a combination of measured and assigned density values. Roughly 21% of the interpreted mineralisation is considered to be extrapolated.

  • Graphitic carbon was analysed at Intertek using their C73/CSA method which removes CaCO3 (carbonate minerals) by HCl digestion, removes volatile organic carbon by heating to 420oC after which graphitic carbon is analysed by infrared spectrometry to measure the remaining carbon.

  • Grade estimation was completed using inverse distance squared estimation, and checked using ordinary kriging estimation.

  • The Inferred Resources were estimated within constraining wireframe solids using a nominal 3% TGC cut- off. The resource is quoted from all classified blocks within these wireframe solids.

  • In keeping with the Inferred classification, the likelihood of eventual economic extraction was considered in terms of assuming open pit mining; and consideration was given to product specification with regards purity and flake size distribution, in addition to TGC and tonnages of graphite as an industrial mineral.

Location, Geology and Exploration

The Ancuabe Project is located in northern Mozambique close to the port of Pemba on the Indian Ocean shoreline (Figure 1). The project is located within Triton's licences 5305, 5934, 5336, 5380 and 6357, surrounding the AMG Graphit Kropfmühl (GK) Ancuabe Mine. The GK Ancuabe mine was operated by Kenmare in the 1990s, but has been dormant since 1998. GK has announced plans to reopen the Ancuabe graphite mine in Mozambique in 2016 (AMG, 2015).

Triton identified several electromagnetic targets, of which T12 is the most promising so far drilled. T12 is located in license 5336 about 10 km northeast of the GK mine (Figure 2). Drill collar locations are illustrated in Figure 2.

GK Ancuabe Mine

T 12

Figure 1: Location of Triton's projects in northern Mozambique showing GK's Ancuabe Mine and T12

Figure 2: Ancuabe T12 Drill collar location plan, and section line E-F as detailed in Figure 8 Please see Appendix 1 for drill collar coordinates

Figure 1: Shallow plunging fold within gneiss at the east of T12 (Ford, 2015)

A VTEM geophysical survey completed over the general Ancuabe Project area revealed a number of electromagnetic (EM) targets, of which several were drilled and confirmed to host graphite mineralisation of varying thickness and grade. Target T12 is the most promising target drilled to date.

The Ancuabe T12 target occurs within gneissic rocks of tonalitic composition that are deformed and characterised by sub-horizontal fold axes (Figure 3). The Ancuabe area is characterised by a pronounced gneissic foliation which dips shallowly (10-40 degrees) with occasional localised steeper dips (50-80 degrees); such a shallow foliation is considered to be consistent with the interpreted thrust related tectonics of the area.

Graphite mineralisation (Figure 4 and Figure 3) at T12 occurs as several layers up to about 20 m thickness within a 50m-100m thick package of tonalitic gneisses. The graphitic package is generally underlain by a distinctive dark grey amphibolite which is a useful marker for correlating geology between drill holes. The amphibolite is in turn underlain by a unit described as basement gneiss.

Fault zones were identified in drill core and additional work is required to understand whether the fault zones cause any significant displacement of the mineralised zones (Ford, 20152). Steep dipping metamorphic fabric (Figure 4) was also noted in several drill holes. Localised faulting can result in remobilisation of the graphite along slickenside structures, which results in a significant reduction in grain size.

The combination of folding, faulting and intrusion by granitic material may lead to some difficulties with correlation of rocks types (and the graphite mineralisation) between boreholes. Any interpretation of geological and grade envelopes will need to carefully consider these structural influences.

2 Report on Mapping and Drill Core Review - On behalf of Triton Minerals Limited's Ancuabe Projet, Cabo Delgado Province, Mozambioique , September 2015, By Andrew Ford BSc.(Hons.), Member AusIMM, Exploration Consultant, Rubicon Resources Limited 27 October 2015

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Mozambique | All
Gold and Silver Prices for these countries : Australia | Mozambique | All

Triton Gold Limited

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Triton Gold is a gold exploration company based in Australia.

Triton Gold holds various exploration projects in Australia.

Its main exploration properties are CUNDEELEE, FRASER RANGE NORTH, SALMON GUMS, WINDARRA, SUNDAY PROJECT, TUSHTENA and NEALE AUSTRALIA in Australia.

Triton Gold is listed in Australia. Its market capitalisation is AU$ 11.2 millions as of today (US$ 8.1 millions, € 7.1 millions).

Its stock quote reached its highest recent level on July 18, 2014 at AU$ 0.91, and its lowest recent point on March 20, 2020 at AU$ 0.02.

Triton Gold has 657 809 984 shares outstanding.

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