A-Cap Resources Limited

Published : December 09th, 2014

JORC Compliant Coal Resource at Foley

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JORC Compliant Coal Resource at Foley

Microsoft Word - 37 - Jorc Resource Foley F 08 12 14.docx

ASX Release

Monday 8 December 2014 ASX: ACB

JORC COMPLIANT COAL RESOURCE AT FOLEY

A‐Cap Resources Limited ("A‐Cap" or the "Company") is pleased to announce a maiden JORC compliant coal resource at its Foley prospect. Recent drilling has now successfully defined a resource within a portion of this field of 148 million tonnes of coal (total tonnes in situ (TTIS)).
Highlights of the resource estimate include:

A coal resource of 148 million tonnes TTIS estimated in accordance with the JORC Code


66.6 million tonnes TTIS in the SS Seam1 at an average yield of 78.25% to meet current specifications used for power elsewhere in Southern Africa

Shallow deposit with maximum seam depth of 57m

Total Indicated TTIS Resource of 71 million tonnes of which 29.9 million tonnes is in the SS Seam

Coal suitable for feed without beneficiation for specifically designed domestic power station.

Drilling targeted a small area of the prospective area indicating the potential for resource growth in line with expanding infrastructure

Coal is within close proximity to road, rail and power with no settlements within the resource area

Further evaluation work on the resource and potential reserves and its quality and development options are progressing with Sedgman South Africa

A‐Cap's CEO Paul Thomson stated "A‐Cap's focus was to fast track this deposit to mining studies, by drilling out a small portion or the prospective area to identify at least 25 million tonnes of Indicated Resource. This recently completed drilling program has achieved the targeted tonnages and added significant value to the Foley prospect. The quantum of the Indicated coal Resource is enough to support an initial mine life for both an export scenario at one million tonnes per annum and a supply source for a coal‐fired power station. Current infrastructure constraints in Botswana will allow one to two million tonnes per annum projects to come on line in the short term, if the commodity price is right. Later as the infrastructure capacity in Botswana grows, the coal resource on our tenements still has the potential to grow with it as we still retain significant exploration potential".

1Seam nomenclature adopted from African Energy Resources' (ASX: AFR) resource announcements to avoid duplication of naming.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 1 of 12

Resource Description

In May this year the Bolau Coal Study, which encompassed the Bolau
nd Foley pr ospects, was completed
by Sedgman South Africa. This study was commissioned to assess the potential for development of the Bolau Coal Project covering geology, engineering and marketing. The study was pos itive and highlighted the project's potential and recommended further drilling and analyses.

The recently completed drilling campaigns at Bolau followed this recommendation, focusing on defining an Indicated Resource on the basal seam of the shallow up dip extension of African Energy Resources' (AFR) Sese Coal deposit ('Sese'), known as Foley, and the down dip extension of the Sese deposit, known as Bolau (Figure 1).

Figure 1: Bolau Coal Study location map

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistow n, Botswana ‐ T: +267 241 9717

inf o@a‐cap.com.au

www.a‐cap.com.au

Page 2 of 12


The density of drilling over the entire tenement area is insufficient to calculate a gl obal resource and initial resource definition efforts have focussed on Foley (Figure 2). All of the seven ne w drill holes in this area
intersected the coal sequence hosting the Sese Main Seam, which is made up
of the basal SS Seam,
followed by the SST Seam and finally the SSU Seam, totalling a package of approxi mately 20m thick (Figure
3). The seams are almost horizontal with a gentle dip (

3).

Approximate African Energy

( SX: AFR) Measured Resource

Area 'Block B'

Figure 2: Plan showing August 2014 drilling locations

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistow n, Botswana ‐ T: +267 241 9717

inf o@a‐cap.com.au

www.a‐cap.com.au

Page 3 of 12

No Quality

Data

Quality Data

SSU SST SS

Figure 3: Cross‐Section through Foley showing stratigraphy

All of the drill holes were geophysically logged and the coal seams were modelled in order to estimate resource tonnages. In Situ Coal Tonnes at Foley total 148 million tonnes (Table 1), of which 71 million tonnes is classified as Indicated (Table 3). The resource drilling covers a small percentage of the tenement area allowing for potential upside to the current declared resource tonnage.

Table 1: Foley Coal Resources

SEAM

THICKNESS (m)

VOLUME (m3)

GTIS (Gross Tonnes In‐Situ)

RD

(Relative

Density)

GEOLOGICAL LOSS (%)

TTIS (Total Tonnes In‐Situ)

CATEGORY

SS

6.84

21 970 000

35 246 000

1.60

15%

29 959 000

INDICATED

SST

7.45

20 291 000

36 123 000

1.78

15%

30 705 000

INDICATED

SSU

3.17

6 675 000

12 174 000

1.82

15%

10 348 000

INDICATED

TOTAL INDICATED 83 543 000 71 012 000

SS

7.07

30 390 000

48 930 000

1.61

25%

36 700 000

INFERRED

SST

7.08

2 360 000

39 580 000

1.77

25%

29 690 000

INFERRED

SSU

3.02

7 820 000

14 230 000

1.82

25%

10 670 000

INFERRED


Cut‐offs applied: >1m seam thickness, 8MJ/Kg CV. High geological loss applied due to occurrence of dolerite intrusions.

Tonnes rounded according to resource confidence (Ind = 1000; Inf = 10,000).

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 4 of 12

Figure 4: SS Seam JORC Resource Classification

Raw qualities are reported on an air‐dried basis, and indicate potential for the SS Seam to be suitable for raw feed to a power plant (Table 2).

Table 2: Foley Raw Coal Qualities (air dried basis)

SEAM

TTIS (Total Tonnes In‐Situ)

IM (%) (Inherent Moisture)

AS (%) (Ash Content)

VM (%) (Volatile Matter)

FC (%) (Fixed Carbon)

CV

(Calorific Value) (MJ/Kg)

TS (%) (Total Sulphur)

CATEGORY

SS

29 959 000

7.62

26.32

21.66

44.40

19.2

2.1

INDICATED

SST

30 705 000

5.19

43.33

18.12

33.36

13.7

1.5

INDICATED

SSU

10 348 000

5.30

47.26

18.58

28.86

11.9

2.8

INDICATED

71 012 000 6.23 36.73 19.68 37.36 15.7 1.9

SS

36 700 000

7.56

25.48

21.87

44.97

19.5

2.3

INFERRED

SST

29 690 000

4.69

41.96

16.15

35.81

14.4

1.5

INFERRED

SSU

10 670 000

5.38

46.89

18.42

29.26

12.1

2.4

INFERRED

77 060 000 6.16 34.79 19.19 39.27 16.5 2.0

Cut‐offs applied: >1m seam thickness, 8MJ/Kg CV. Raw qualities reported on an air‐dried basis

Tonnes rounded according to resource confidence (Ind = 1000; Inf = 10,000).

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 5 of 12


Once beneficiated, the quality of the coal improves to a potential export product, with increased Calorific Value ('CV'), lower Total Sulphur ('TS') and a promising yield. The yields averaged in Table 3 for the SS seam from the individual drill holes range from 66.8% to 85.7% at a 1.70 float fraction.

Table 3: Foley Coal Resource Washed Qualities

SEAM

TTIS

(Total Tonnes In‐

Situ)

IM (%) (Inherent Moisture)

AS (%) (Ash Content)

VM

(%) (Volatile Matter)

FC (%) (Fixed Carbon)

CV

(Calorific Value) (MJ/Kg)

TS (%) (Total Sulphur)

YIELD (%)

RESOURCE

CATEGORY

SS

29 959 000

6.53

20.41

23.41

54.58

21.1

0.3

77.54

INDICATED

SST

30 705 000

5.65

26.86

21.17

46.32

19.3

0.2

39.10

INDICATED

SSU

10 348 000

5.89

23.83

25.25

45.03

20.1

0.5

26.36

INDICATED

71 012 000 6.06 23.70 22.71 49.62 20.2 0.3 53.46

SS

36 700 000

5.09

20.03

23.41

54.93

21.3

0.3

78.82

INFERRED

SST

29 690 000

5.09

27.00

19.60

47.47

19.5

0.2

41.34

INFERRED

SSU

10 670 000

5.72

24.90

24.75

44.59

20.0

0.4

29.06

INFERRED

77 060 000 5.18 23.39 22.13 50.62 20.4 0.3 57.49

Cut‐offs applied are >1m seam thickness, 20MJ/Kg CV. Washed cumulative qualities reported for the 1.7 float fraction

Tonnes rounded according to resource confidence (Ind = 1000; Inf = 10,000).

While A‐Cap is approaching development of its coal assets within existing transport capacity, the projects have potential to scale‐up as further transport infrastructure is established. Holes drilled during uranium exploration in 2011, at a distance of approximately 6km to the east of Foley intersected a similar coal‐ bearing sequence. This area is immediately north of AFR's 'Block C' measured resource. The Botswana Government has been proactive in paving the way for future infrastructure upgrades in the short term to Richards Bay and has recently signed the Trans Kalahari Railway (TKR) agreement with Namibia to deliver a dedicated high volume rail to Walvis Bay, with feasibility studies currently underway. The government and industry are also proactively engaging the Mozambique and Republic of South Africa rail entities regarding further increases in capacity.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 6 of 12

Summary

A‐Cap has successfully delineated an Indicated Coal Resource in order to fast track this project towards development. The resource size is now at a critical tonnage to allow a meaningful mine life to be considered. The resource is considered to be thermal coal with potential for a local power station project and export quality for consumption in the Southern Africa region and also to the seaborne coal market.
A‐Cap is progressing the studies with Sedgman South Africa to look at potential mining studies and markets within the bounds of forecast coal prices.

***Ends***

For further information contact:

Paul Thomson, CEO, A‐Cap Resources + 61 8 9220 9850

Paul Callander, Business Development + 61 8 9220 9850

JORC CODE COMPETENCY DECLARATION

The information presented in this report is based on a geological model that was produced in October 2014. Mrs L. de Klerk (BSc, MSc, Pr.Sci. Nat No. 400090/08, GSSA), Managing Director and Geologist with DK Exploration cc produced this model and has determined coal resource estimates for PL125/2009.

Mrs de Klerk has over 12 years industry experience involving modelling and assessing coal resources, which is sufficient relevant experience for the style of mineralisation and type of deposit under consideration and to the activity to which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mrs de Klerk consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 7 of 12

Table 4: List of bore hole intersections

Hole

Easting *

Northing *

RL

Final

Depth

Dip

Azimuth

Top of

seam

Bottom

of seam

FODD0012

503513.3

7621513.61

989.45

52.1

‐90

0

23.2

37.1

FODD0013

504184.8

7621864.28

988.18

43.1

‐90

0

11.73

35.4

FODD0014

503027

7621937.97

989.85

66.8

‐90

0

37.8

56.9

FODD0015

505258.5

7620955.29

983

42.4

‐90

0

24.15

42.4

FODD0016

504632.7

7621468.83

985.25

49

‐90

0

16

39.2

FODD0017

505224.7

7621696.83

985.63

39

‐90

0

11.73

29.9

FODD0018

505263.8

7620910.54

982.95

51.4

‐90

0

31.3

45.35

* Cordinate system WGS 84 zone 35S

Table 5:Checklist of Assessment and Reporting Criteria

Section1

Sampling Techniques and Data

Sampling techniques

Whole core samples were taken according to lithology determined by downhole density logs.

Sampling techniques

Minimum sample length of 0.30m.

Sampling techniques

Maximum coal sample length of 3m.

Sampling techniques

Sedimentary partings

Sampling techniques

Sedimentary partings >0.5m sampled separately.

Drilling techniques

PCD drilling from surface to the top of the coal zone as determined by on‐site

Project Geologist.

Drilling techniques

HQ diameter Diamond core drilling through the coal zone to the EOH.

Drilling techniques

All boreholes drilled vertically.

Drill sample recovery

All drilling equipment measured to obtain precise depths.

Drill sample recovery

No hammering of core barrel allowed.

Drill sample recovery

Recovery logs compared with downhole geophysical log.

Drill sample recovery

Coal quality related to core recovery due to loss of vitrinite if core loss.

Drill sample recovery

95% core recovery through the coal zone required. If not possible the boreholes is re‐drilled so as to avoid sample bias.

Logging

All core logged by qualified Project Geologist. Data recorded included interval from, to, lithology, stratigraphy, weathering, contacts, structures, mineralization

Logging

Logging is quantitative and all intervals were logged.

Logging

Detailed sample logging carried out on longitudinally split coal horizons.

Logging

All core photographed.

Sub‐sampling techniques and sample preparation

Core was split longitudinally with hammer and chisel for detailed coal logging. Whole core sampled.

Sub‐sampling techniques and sample preparation

Trowel and paint brush used in core tray to ensure all particles of coal were sampled and bagged.

Sub‐sampling techniques and sample preparation

Samples were sealed in thick plastic bags and stored in a cool dry area prior to dispatch to the lab.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 8 of 12

Quality of assay data and laboratory tests

Samples analysed at SANAS accredited Bureau Veritas laboratory in

Middleburg, South Africa.

Quality of assay data and laboratory tests

Moisture (%) WI‐IML‐ T4 Moisture in Analysis sample (Based on SANS 5925)

Quality of assay data and laboratory tests

Volatile Matter (%) WI‐IML‐T4 Volatile (Based on ISO 562)

Quality of assay data and laboratory tests

Ash (%) WI‐IML‐T4 Ash Determination (Based on ISO 1171)

Quality of assay data and laboratory tests

Total Sulphur (%) WI‐IML ‐ T4 Sulphur (Based on ASTM: D4239)

Quality of assay data and laboratory tests

Gross CV (MJ/Kg) WI‐IML ‐ T4 CV (Based on ISO 1928)

Quality of assay data and laboratory tests

Apparent Relative Density AS 1038 : 26 ‐ 2005

Quality of assay data and laboratory tests

Float and Sink ISO 7936

Quality of assay data and laboratory tests

Particle size ISO 1953

Quality of assay data and laboratory tests

True Relative Density BV‐CTD‐T4‐WI‐TRD

Quality of assay data and laboratory tests

sample Preparation WI‐IML ‐ T7 (Based on ISO 18283 Part 8)

Quality of assay data and laboratory tests

Fixed Carbon (%) By Difference

Verification of sampling and assaying

Independent verification was not undertaken at the time of the drilling programme

Verification of sampling and assaying

Primary data stored at the A‐Cap offices in Francistown. Data entered and validated in GBIS by Datamatix.

Location of data points

All boreholes pegged by the Project Geologist using a hand held GPS. Subsequent to drilling the boreholes are surveyed by A‐Cap using a differential GPS.

Location of data points

Downhole geophysical logging conducted by A‐Cap recording calliper, natural gamma, long‐wave density and short‐wave density

Location of data points

All boreholes surveyed in WGS84 datum UTM Zone 35 South projection.

Location of data points

Surface topography created from borehole collars is considered adequate.

Data spacing and distribution

The drilling programme totalled 7 Diamond core boreholes and 343.8m of core.

Data spacing and distribution

The spacing between boreholes with qualities ranges from 650‐850m and is considered appropriate for the resource classification.

Data spacing and distribution

Boreholes are distributed evenly across the resource area.

Data spacing and distribution

Composites of samples within individual boreholes has been applied but not across boreholes.

Orientation of data in relation to geological structure

Boreholes were not drilled on a grid.

Orientation of data in relation to geological structure

Boreholes were drilled vertically, the seams are almost horizontal with a

dip to the south.

Orientation of data in relation to geological structure

The orientation of drilling is considered appropriate to the deposit

Sample security

Samples were bagged and tagged on site and dispatched by road to the laboratory in South Africa.

Sample security

A sample submission document was signed by the Project geologist, the truck driver and the laboratory.

Sample security

All sample preparation and analysis was completed under supervision of the independent and accredited laboratory.

Audits or reviews

No audits or reviews have been conducted on the sampling techniques and

data other than internal and validations carried out by the CP.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 9 of 12

Section2

Reporting of Exploration Results

Mineral tenement and land tenure status

The drilling is located on exploration Licence P125/2009, it requires renewal by

31st December 2014. It can be reviewed for 7 years from the year it was

granted (2009).

Mineral tenement and land tenure status

Prospecting License number PL125/2009 covers an area of 29,803Ha.

Exploration done by other parties

Only A‐Cap have conducted exploration on this portion of Foley for coal, however it is adjacent tho African Energy Sese deposit.

Exploration done by other parties

Numerous exploration programmes are ongoing in the surrounding vicinity.

Geology

Foley is located in the east of the Kalahari Basin that stretches from south‐west to north‐east across Botswana.

Geology

The coal package occurs in the Tlapana Formation, made up of carbonaceous mudstone, coal and sandstone.

Geology

The target coal seam on Foley is referred to as the Sese Main Seam and is made up of three separate coal plies that form an approximate 20m thick package named from the bottom up as the SS, SST and SSU Seams.

Geology

The SS Seam is on average 6.83m thick and is the best quality of the three plies.

Geology

The SST Seam is on average 7.95m thick and the SSU Seam is on average 3.50m thick.

Geology

The seams are almost horizontal with a gentle dip (

Drill hole information

7 new Diamond HQ size drillholes were drilled on Foley in 2014.

Drill hole information

See table 4

Data aggregation methods

0.5m seam thickness cut‐off criteria were applied.

Data aggregation methods

Weighted averages were calculated using the sample length.

Relationship between mineralization widths and intercept lengths

Since the seams and horizontal the apparent thickness and true thickness are considered to be the same

Diagrams

See ASX release or Geological Report.

Balanced reporting

Sese Main Seam thickness ranges from 13.9‐23.67m

Balanced reporting

Raw CV values range from 11.55‐20.72MJ/Kg across the three plies.

Other substantive exploration data

Downhole density wireline logs were conducted on all of the drill holes and used for seam correlation and core recovery checks.

Other substantive exploration data

Regional aeromagnetic images were used to estimate positions of dolerite intrusions.

Further work

No additional work is currently planned.

Section3

Estimation and Reporting of Mineral Resources

Database integrity

The drillhole database was captured on site by the project geologist into Excel.

Database integrity

The Excel database was imported into GBIS and validated, checking the

following:

Database integrity

‐ collar coordinates

Database integrity

‐ from‐to overlaps in the lithological and sampling logs

Database integrity

‐ missing values in the lithological and sampling logs

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 10 of 12

‐ mismatch between the lithological and sampling logs

‐ duplicate records

‐ anomalous analytical data

Minor errors were found and corrected.

No boreholes were excluded from the modelling database.

Site visits

The Competent Person was involved with the design of the drilling programme and the logging and sampling procedures.

Site visits

Several site visits were conducted throughout the project.

Geological interpretation

Initial seam correlation was carried out by the Project geologist based on their experience.

Geological interpretation

The CP conducted detailed seam correlation as part of the modelling process using the downhole wireline logs, seam qualities and cross‐sections drawn across the project area.

Geological interpretation

An interpreted surface for the level of weathering was created.

Geological interpretation

The resources were cut towards the north of the project due to level of weathering. It was assumed the seams were weathered in this direction based on drillhole information, however there might be upside potential for unweathered coal in this area as the surface topography changes.

Geological interpretation

The extension of seams beyond drillhole intersections is based on information from neighbouring properties.

Geological interpretation

Basic statistics were used to check the seam correlations, including histograms and scatterplots.

Dimensions

The coal seams extend across the entire project area with the exception of erosion from weathering.

Dimensions

The extents of the seams in the project area are 6.3km strike by 1.1km.

Estimation and modelling techniques

Micromine modelling software was used to create the geological model and resource estimation

Estimation and modelling techniques

Seam roof and floor surfaces were gridded using inverse distance squared algorithm and a search radius of 2000m.

Estimation and modelling techniques

A grid cell size of 50 x 50 was applied and the minimum and maximum extents are as follows:

Estimation and modelling techniques

‐ min = X 500849.24/ Y 7618791.47

Estimation and modelling techniques

‐ max = X 507849.24/ Y 7624091.47

Estimation and modelling techniques

The roof and floor surfaces were viewed in comparison with the drillhole intersections to ensure correct correlation.

Estimation and modelling techniques

The roof and floor surfaces were used to create solid wireframes which were then cut according to the seam extents.

Estimation and modelling techniques

Volumes for the solid wireframes for each seam were used together with the average modelled RD per seam to create a tonnage for each seam.

Estimation and modelling techniques

No previous resource estimations have been carried out for this specific portion of the project in isolation.

Estimation and modelling techniques

The waste parting between the SSU and SST seams has not been modelled.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 11 of 12

Due to the lack of information needed to model dolerite intrusions, a high geological loss was applied when converting GTIS to TTIS.

Moisture

All results are reported on an air‐dried basis.

Cut‐off parameters

Cut‐off parameters described below were applied:

Cut‐off parameters

‐ >1m seam thickness

Cut‐off parameters

Cut‐off parameters

‐ >8MJ/Kg raw CV

Mining factors or assumptions

Throughout modelling the possible mining method was considered.

Mining factors or assumptions

The deposit is shallow and opencast extraction was deemed appropriate.

Mining factors or assumptions

Due to the thickness of the seams and the waste parting, selective mining of each ply was believed to be appropriate and as such each seam is reported separately.

Mining factors or assumptions

A competent mining engineer converted TTIS to MTIS applying appropriate assumptions.

Mining factors or assumptions

As part of this process a preliminary review of the stripping ratios was also conducted. The average stripping ratio is estimated at 1:3

Metallurgical factors or assumptions

Based on knowledge of the neighbouring properties coal deposits (as reported in the public domain), the coal at Foley was considered for beneficiation.

Metallurgical factors or assumptions

Resources have been reported for both raw and washed coal

Metallurgical factors or assumptions

A washed coal product of >20MJ/Kg CV was targeted.

Metallurgical factors or assumptions

Additional work on the metallurgical factors is being conducted by Sedgman.

Environmental factors or assumptions

No environmental work has been carried out as part of this project.

Environmental factors or assumptions

The surface at Foley is dominated by stunted Mopane woodland and no major environmental issues have been noted.

Environmental factors or assumptions

Additional environmental work is required.

Bulk Density

There is no bulk density data for the Foley Project.

Bulk Density

The Relative Density values used for tonnage estimation were those reported by the laboratory, which were then modelled in Micromine.

Classification

Boreholes with quality data only have been used as Points of Observation for

Resource Classification.

Classification

Due to the continuous nature of the coal seams and low variability in seam quality, the use of 1000m spacing is deemed an appropriate guideline for Indicated Resources and 4000m for Inferred Resources.

Classification

All of the data used for the resource estimation has been drilled by A‐Cap and validated by the CP and is considered reliable.

Classification

The results appropriately reflect the view of the CP.

Audits or reviews

No independent reviews or audits have been completed on the Coal Resource estimated.

Discussion of relative accuracy/confidence

The estimation is a local estimation suitable for use in conversion to Coal

Reserves.

A‐Cap Resources Limited - Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 ‐ T: +61 8 9220 9850 F: +61 8 9220 9820

A‐Cap Resources Botswana (Pty) Ltd T/as A‐Cap Resources ‐ Plot 946 Old Matsiloje Rd, Francistown, Botswana ‐ T: +267 241 9717

info@a‐cap.com.au www.a‐cap.com.au

Page 12 of 12

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A-Cap Resources Limited

DEVELOPMENT STAGE
CODE : ACB.AX
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A-Cap Resources is a coal and uranium exploration company based in Australia.

Its main asset in development is LETLHAKANE in Botswana and its main exploration property is MOKOBAESI in Botswana.

A-Cap Resources is listed in Australia. Its market capitalisation is AU$ 78.5 millions as of today (US$ 56.6 millions, € 49.6 millions).

Its stock quote reached its highest recent level on January 21, 2011 at AU$ 0.75, and its lowest recent point on March 27, 2020 at AU$ 0.01.

A-Cap Resources has 871 880 000 shares outstanding.

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Corporate news of A-Cap Resources Limited
8/1/2016Appendix 3B – New issue announcement
7/12/2016Trading Halt
7/6/2016Convertible Note Agreement
5/18/2016Approval of Letlhakane Environmental Impact Statement
4/29/2016Quarterly Activities Report & App 5B Mar-16
4/26/2016Appendix 3B: New issue announcement
2/1/2016Quarterly Report & Appendix 5B
2/1/2016Expiry of Unlisted Options
12/17/2015Expiry of unlisted options
11/2/2015Quarterly Report & Appendix 5B – September 2015
10/16/2015Expiry of Unlisted Options
10/16/2015Annual Report 2015
9/14/2015Mining Licence Submission & Technical Study Outcomes
9/1/2015A-Cap Change of Address and Contact Details
8/12/2015June 2015 Quarterly Report & Appendix 5B
7/8/2015Company Secretary Appointment and Resignation
7/7/2015Changes to the Board of Directors
6/16/201511.06.2015 – Resignation of Director
6/10/201503.06.2015 – Form 604 Change of Interests of Substantial Sha...
4/1/2015Despatch of Prospectus and Entitlement Forms to Eligible Sec...
3/26/2015Half Year Report 31 December 2015
3/26/2015Despatch of Notice to Eligible Security Holders
3/26/2015Expiry of Unlisted Options
3/26/2015Prospectus for a Non Renounceable Rights Issue
3/10/2015Delay in Non-Renounceable Rights Issue Documentation
2/27/2015Non-Renounceable Rights Issue to Raise $4 million
2/2/2015December 2014 Quarterly Report and Appendix 5B
12/15/2014High Grade Uranium Mineralisation
12/9/2014JORC Compliant Coal Resource at Foley
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AUSTRALIA (ACB.AX)
0.090+0.00%
AUSTRALIA
AU$ 0.090
05/20 11:00 -
0%
Prev close Open
0.090 0.091
Low High
0.088 0.093
Year l/h YTD var.
0.087 -  0.170 -37.93%
52 week l/h 52 week var.
0.046 -  0.185 50.00%
Volume 1 month var.
1,068,227 -35.71%
24hGold TrendPower© : 28
Produces
Develops Uranium
Explores for Uranium
 
 
 
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DateVariationHighLow
202250.00%
202193.55%0.080.03
2020244.44%0.040.01
2019-82.00%0.060.01
20182.04%0.080.03
 
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