Triton Gold Limited

Published : June 02nd, 2016

17 05 2016 - Maiden Inferred Mineral Resource - Nicanda West

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

17 05 2016 - Maiden Inferred Mineral Resource - Nicanda West

cfc37146-6d9e-43b7-ac86-95e788a3ea62.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 Balama North Exploration Licence 5966 - Nicanda West Project

Key Points:

  • Maiden Inferred Mineral Resource estimate completed for the Nicanda West deposit.

  • Inferred Mineral Resource of 30Mt grading 6.6% Total Graphitic Carbon (TGC) for 1.97Mt of contained graphite.

  • On the basis of analysis from Holes GBND0056 and GBND0058, the following general observations can be made of the Nicanda West mineralisation, with further analysis to follow as work on the project progresses:

    • More than 70% of liberated flakes bigger than 150 microns.

    • More than 30% of the liberated flakes are Extra Large (Jumbo) or bigger (>300 micron).

    • Overall concentrate grade between 97% and 98% Total Carbon (TC).

  • Potential extensions over unexplored VTEM conductors to the northeast.

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

Triton Mineral Ltd [Administrators Appointed] (ASX: TON) ('Triton' or the 'Company') is pleased to announce the completion of a maiden Inferred Mineral Resource at its Nicanda West Graphite Project in northern Mozambique, reported in accordance with the JORC1 Code 2012.

The Mineral Resource estimate for the Nicanda West deposit (also known as P66) comprises 30Mt grading 6.6% TGC for 1.97Mt of contained graphite.

The results for the Nicanda West 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.

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).

Table 1:Inferred Mineral Resource estimate for Nicanda West

Classification

Weathering State

Million Tonnes

TGC %

Contained Graphite ('000s t)

Inferred

Oxide

3.3

6.8

225

Transitional

2.5

7.0

176

Fresh

24.2

6.5

1,567

Grand Total

30.0

6.6

1,968

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 a high grade sub-population evident above an approximate 8% TGC cut-off within the interpreted mineralisation wireframes, further exploration data will be required to confirm and accurately delineate and estimate this population.

Competent Person's Statement

The information in this announcement that relates to the in situ Mineral Resource Estimate for the Nicanda West Project and 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, 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 as defined in 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 Nicanda West deposit occurs within schistose and gneissic rocks metamorphosed to amphibolite grade. Graphite mineralisation occurs as schistose layers that range from about five to forty metres thick, separated by various types of tonalitic gneiss and mica schist.

  • Samples were obtained from reverse circulation (RC) and Diamond (DD) drilling, using 2m 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 30% 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 as an industrial mineral, consideration was given to product specification with regards purity and flake size distribution, in addition to TGC and tonnages of graphite.

Location, Geology and Exploration

The Nicanda West Project is located within the Balama North Exploration Licence 5966, located in northern Mozambique approximately 230 km west of the Indian Ocean port of Pemba (Figure 1). The project is located within Triton's tenement 5966, about 1.4 km northwest of the Company's Nicanda Hill Mineral Resource. Drill collars are lllustrated in Figure 2.

The Nicanda West Graphite Project is located within folded and sheared amphibolite-grade schists and gneisses of the Xixano Complex, which generally strike northeast and dip between 40° and 60° to the northwest. The Xixano complex is composed predominantly of mafic to intermediate orthogneiss, with intercalations of tonalitic gneiss, paragneiss, meta-arkose, quartzite, marble and graphitic schist (refer to Figure 3 and Figure 4 for graphite schist and tonalitic gneiss core samples).

Graphite mineralisation occurs as schistose layers that range from about five to forty metres thick, separated by tonalitic gneiss and mica schist. The whole graphitic package is generally underlain by a distinctive garnetiferous gneiss unit, which is a useful marker for correlating geology between drill holes. Weathering generally extends to about 20 m to 50 m vertical depth, below which the rocks are unoxidised (also known as 'fresh' rocks). Examples of oxidised and unoxidised graphite schist are shown in and are shown in Figure 3 and Figure 5.A VTEM geophysical survey completed over the project area highlighted a number of elongate electromagnetic (EM) targets, of which the Nicanda West deposit is marked by a northeast trending EM anomaly. The extent of the EM anomaly suggests that the mineralisation may extend further northeast of the drilled area (Figure 6).

Figure 1: Location of Triton's projects in northern Mozambique, highlighting tenement 5966

Figure 2: Nicanda West Drill collar location plan. Please see Appendix 1 for drill collar coordinates

Figure 3: Unoxidised ('fresh') graphite schist and tonalitic gneiss in GBND0059

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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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