ASX:ARO - High Grade Zinc Results at Porte-Aux-Moines

High Grade Zinc Results at Porte-Aux-Moines

Released 14 Dec 2015 - 9:14 AM

Announcement PDF ASX Announcement – 14 December 2015 HIGH GRADE ZINC RESULTS AT PORTE-AUX-MOINES Digital conversion of data from previous BRGM exploration and mine development work at Porte-aux-Moines deposit progressed as part of JORC Resource estimation work. Assay results received for 56 of the 58 holes drilled into the deposit. Numerous high grade results were recorded including 27.0 metres @ 14.0% zinc, 3.3% lead, 0.8% copper, 161.4 g/t silver, 0.8 g/t gold from 143.5 metres (26.0% Zn Eq) in PAM14 12.5 metres @ 11.3% zinc, 2.7% lead, 2.5% copper, 157 g/t silver from 49 metres (24.2% Zn Eq) in SF08 19.0 metres @ 9.5% zinc, 1.7% lead, 1.2% copper, 103.3 g/t silver from 15 metres (17.6% Zn Eq) in SF12 8.5 metres @ 14.5% zinc, 3.4% lead, 1.6% copper, 144.2 g/t silver from 99.5 metres (27.2% Zn Eq) in SF27 Interpreted mineralised envelope defined over a strike length in excess of 300 metres. Potential economic significance of the deposit continues to be confirmed. Assays will contribute to the calculation of a 2012 JORC compliant Resource, planned for completion Q1 2016. Variscan Mines Limited (ASX: VAR) is pleased to announce its wholly owned subsidiary Variscan Mines SAS has made good progress in converting historic exploration data from the Porte-auxMoines volcanogenic massive sulphide (VMS) deposit within the Merléac exploration licence, Brittany, France to electronic formats as part of JORC Resource estimation work. The work has identified numerous of high grade zinc-lead-copper-silver intervals within massive sulphide horizons confirming the overall high grade nature of the deposit. The work provides strong evidence that a robust JORC compliant Resource estimate can be generated for the deposit once additional geological and check work is completed. ASX Code: VAR Web - www.variscan.com.au BRGM and Recent work Former exploration by the BRGM (Bureau de Recherches Géologiques et Minières - the French geological survey) at the Porte-aux-Moines VMS deposit has been extensive and of high quality. The BRGM conducted a major exploration programme at the deposit from 1976-1984 including approximately ten kilometres of surface and underground drilling and two kilometres of underground mine development. This work defined zones of high grade zinc-lead-copper-silver-gold mineralization up to 20 metres thick from near surface to a depth of about 300 metres within a stacked massive sulphide system. Recently, Variscan Mines sampled the three remaining preserved surface core holes drilled into Porte-aux-Moines announcing a number of outstanding, high grade, zinc-dominant, polymetallic intersections (see ASX announcements dated 19 May, 20 and 29 July 2015). In November the Company received a comprehensive two gigabyte dataset from the BRGM containing scanned copies of all available technical information generated by the BRGM exploration work at Porte-aux-Moines including drill hole logs, assays, mine development, mapping data and metallurgical work. Variscan staff have commenced converting this data to electronic formats to allow 3D modelling of the deposit and the generation of a 2012 JORC Resource estimate. Progress has been good with survey and assay data for the majority of surface and underground drill holes now captured and modelled into Surpac. Of the 58 holes drilled into Porte-aux-Moines by the BRGM, zinc-lead-copper-(+- silver) assays have been received for 56, with a small proportion of holes also analysed for gold. In summary, the recent work by Variscan has 1. Confirmed the overall high grade nature of the deposit. A significant number of intersections at >15 % zinc equivalence have been recorded both in surface and underground holes (Table B) with individual assay intervals up to 50.3% zinc equivalence (for notes on Zn Eq calculation go to bottom of Table B). These include  27.0 metres @ 14.0% zinc, 3.3% lead, 0.8% copper, 161.4 g/t silver, 0.8 g/t gold from 143.5 metres (26.0% Zn Eq) in PAM14.  12.5 metres @ 11.3% zinc, 2.7% lead, 2.5% copper, 157 g/t silver from 49 metres (24.2% Zn Eq) in SF08.  19.0 metres @ 9.5% zinc, 1.7% lead, 1.2% copper, 103.3 g/t silver from 15 metres (17.6% Zn Eq) in SF12.  8.5 metres @ 14.5% zinc, 3.4% lead, 1.6% copper, 144.2 g/t silver from 99.5 metres (27.2% Zn Eq)in SF27. 2. Indicated mineralisation extends over a strike length of more than 300 metres, with a recent VTEM survey by Variscan suggesting possible extensions outside the drilled area to the west (ASX announcement dated 28 September 2015). 3. Confirmed a zone of thick, high grade mineralisation from around -150 metres to -250 meters below the surface (Figure 1). Page | 2 ASX Announcement - 14 December 2015 4. Highlighted the good data density (drill hole intercepts and underground cross-cuts) within the main mineralised envelope, enhancing the likely reliability of geological interpretations and resource models. Importantly, Variscan's recent resampling of core holes PAM5, 8 and 16 has confirmed the good quality of previous BRGM base and precious metal assaying, detecting little variation between results from the BRGM and ALS Geochemistry. This provides high confidence in the veracity and accuracy of the remaining BRGM drill hole and mine development assays to allow calculation of a Resource to 2012 JORC standards. This work has commenced and is expected to be completed in Q1 2016. Figure 1 - Cross section through the Porte-aux-Moines deposit highlighting the high grade BRGM assays in PAM14. The gold values in PAM14 are incomplete and likely to be lower than the actual gold grades. Assays from PAM16 (light grey background) are from ALS Geochemistry and were reported 20 July 2015. The geological interpretation comes from BRGM reports. Page | 3 ASX Announcement - 14 December 2015 Yours faithfully .............................. Greg Jones Managing Director Page | 4 The information in this report that relates to Exploration Results is based on information compiled by Greg Jones, BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. Mr Jones is a Director of Variscan Mines Limited and 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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Jones consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. ASX Announcement - 14 December 2015 TABLE A – Drill hole collar coordinates (RGF 93 – Lambert 93) Hole Number Easting (m) Northing (m) RL (m) Hole depth (m) Collar Azimuth Collar Dip Date completed PAM01 PAM02 PAM03 PAM04 PAM05 PAM06 PAM07 PAM08 PAM09 PAM10 PAM11 PAM12 PAM13 PAM14 PAM15 PAM16 PAM17 PAM18 PAM19 PAM20 PAM21 PAM22 PAM23 PAM24 PAM25 PAM26 PAM27 PAM28 PAM29 SF01 SF02 SF03 SF04 SF05 SF06 SF07 SF08 SF09 SF10 SF11 SF12 SF13 SF14 SF15 SF16 SF17 SF18 SF19 SF20 SF21 SF22 SF23 SF24 SF25 SF26 SF27 SF28 SF29 260361 260456 260556 260261 260450 260551 260350 260545 260664 260486 260588 261195 260496 260404 260236 260366 260352 260306 260432 260623 260626 260982 260332 260886 260327 260557 260409 260455 260383 260472 260400 260402 260435 260435 260484 260485 260485 260534 260485 260538 260511 260585 260641 260559 260609 260484 260438 260584 260584 260634 260634 260641 260512 260569 260611 260570 260611 260588 6815564 6815568 6815567 6815566 6815468 6815871 6815466 6815466 6815468 6815409 6815408 6815752 6815522 6815518 6815854 6815814 6815522 6815576 6815420 6815439 6815410 6815764 6815748 6815565 6816061 6816060 6815693 6815674 6815737 6815567 6815565 6815566 6815651 6815650 6815661 6815661 6815579 6815638 6815602 6815578 6815577 6815638 6815604 6815586 6815598 6815654 6815608 6815636 6815594 6815606 6815606 6815604 6815575 6815538 6815521 6815541 6815520 6815531 274 277 275 265 266 310 263 265 264 259 260 283 272 271 276 301 270 270 260 263 260 289 285 273 280 290 284 285 288 179 164 165 138 141 131 132 130 124 132 123 127 124 124 123 124 133 138 124 126 127 124 124 126 124 125 124 125 124 190.2 204.0 154.8 208.9 421.1 550.8 412.8 362.2 539.2 438.0 451.5 550.9 290.8 506.6 266.6 380.0 314.2 155.8 445.0 351.0 386.5 315.9 417.1 187.5 96.1 70.6 305.2 404.4 269.4 101.0 33.9 74.1 42.2 80.1 30.2 87.5 77.3 31.3 89.0 103.4 81.1 54.8 80.3 73.0 48.0 58.6 74.5 95.9 56.7 48.7 51.1 103.2 117.0 210.0 189.2 228.5 267.8 247.0 8 0 0 9 0 188 12 12 8 16 16 16 10 11 158 164 12 9 16 14 0 342 0 357 55 257 0 0 265 5 319 18 358 178 358 178 358 2 358 2 0 0 37 0 0 202 22 180 180 358 358 41 0 333 19 11 7 343 -50 -60 -60 -50 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -45 -57 -55 -50 -60 -60 -62 -56 -90 -50 -50 -47 -90 -90 -88 -35 -18 -36 0 66 0 48 -40 0 -39 -35 0 0 0 0 0 0 0 -53 -45 45 -54 68 -42 -56 -44 -53 -62 -62 1976 1976 1976 1976 1976 1976 1976 1976 1977 1977 1977 1977 1977 1977 1978 1978 1978 1978 1978 1981 1981 1981 1983 1983 1983 1983 1984 1984 1984 1979 1979 1979 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980 Page | 5 ASX Announcement - 14 December 2015 TABLE B – Drill hole Assays at 4% Zn Eq Cut-off From Porte-aux-Moines Hole From (m) To (m) Interval (m) Zn % Pb % Cu % Ag ppm Au ppm Zinc Eq % PAM01 15.0 17.0 2.0 0.1 0.3 PAM01 29.0 32.5 3.5 1.9 0.3 0.1 70 1.1 4.7 0.6 36.0 PAM01 86.1 86.4 0.4 15.3 5.0 2.8 0.5 196.0 25.0 PAM01 91.0 93.0 2.0 PAM01 99.0 114.7 15.7 3.8 0.8 0.1 46.0 7.1 1.7 0.1 85.4 PAM01 129.4 134.4 PAM01 137.9 140.9 5.0 3.4 1.4 0.0 64.4 6.5 3.0 13.0 5.8 0.1 180.3 23.8 PAM02 86.9 PAM02 92.2 90.2 3.3 14.6 3.1 1.3 152.2 94.2 2.0 1.9 2.2 0.1 12.7 PAM03 105.5 108.0 2.5 5.1 1.4 0.2 82.0 PAM05 211.0 225.0 14.0 7.1 1.2 1.0 101.1 0.8 15.6 PAM05 236.0 267.0 31.0 10.4 2.1 1.2 105.5 1.0 21.2 PAM05 290.0 295.0 5.0 6.2 0.8 0.3 93.0 0.4 11.4 PAM07 149.3 151.3 2.0 1.2 0.4 0.3 75.0 PAM08 237.0 240.0 3.0 17.2 3.7 1.5 159.3 1.9 33.8 PAM08 245.5 251.5 6.0 6.0 1.7 0.4 76.7 0.5 9.1 PAM08 259.5 263.0 3.5 10.8 3.5 0.2 195.6 1.2 22.4 PAM11 347.3 348.3 1.0 1.3 0.1 0.7 26.0 4.3 PAM12 164.0 165.0 1.0 4.9 0.1 0.1 15.0 5.6 PAM12 168.2 169.2 1.0 3.3 0.2 0.4 14.0 5.2 PAM13 166.1 168.1 2.0 6.0 2.0 0.1 87.5 10.7 PAM13 190.5 194.5 4.0 9.0 1.4 0.6 107.5 PAM14 143.5 170.5 27.0 14.0 3.3 0.8 161.4 PAM14 178.0 180.0 2.0 0.7 3.1 1.2 42.0 PAM14 195.0 204.0 9.0 9.2 2.4 1.1 165.6 PAM15 106.0 108.5 2.5 4.2 1.2 0.1 24.2 6.3 PAM15 126.5 127.5 1.0 10.4 5.5 0.1 103.0 19.2 PAM16 284.5 293.5 9.0 4.7 1.3 0.3 106.0 1.1 6.7 PAM16 301.5 336.0 34.5 5.3 0.9 1.2 86.0 0.9 14.0 PAM16 346.8 348.8 2.0 5.8 1.7 1.0 143.0 1.9 18.3 PAM17 118.8 123.8 5.0 4.7 0.7 0.5 13.6 7.3 PAM17 154.4 155.9 1.5 12.6 2.3 1.4 100.0 21.9 PAM17 166.9 168.9 2.0 5.0 0.8 1.6 82.0 12.8 PAM17 174.9 179.9 5.0 4.2 0.8 0.4 58.4 7.7 PAM18 84.0 90.0 6.0 3.8 0.8 0.1 36.3 5.9 PAM21 376.0 377.5 1.5 3.6 0.2 0.0 44.0 5.0 PAM23 6.6 7.6 1.0 5.0 2.0 0.8 19.0 10.2 SF01 28.0 29.0 1.0 6.4 0.5 0.3 49.0 9.0 SF01 40.0 42.0 2.0 5.4 2.1 0.1 124.0 11.1 6.1 0.2 0.8 12.0 27.5 6.5 7.7 4.5 15.3 0.8 26.0 0.4 20.1 8.8 SF04 4.2 5.2 1.0 0.6 0.3 4.7 6.0 15.7 SF05 12.0 26.0 14.0 3.1 1.0 0.3 48.3 6.2 SF05 36.0 38.0 2.0 5.9 0.8 0.1 42.8 8.2 SF05 46.2 49.2 3.0 4.1 0.3 0.7 54.0 7.9 SF05 64.0 66.0 2.0 9.0 1.2 1.0 64.0 15.1 SF07 1.2 17.2 16.0 4.0 1.0 0.1 58.3 6.8 SF07 68.8 70.0 1.3 3.8 0.9 0.6 38.0 7.6 SF08 49.0 61.5 12.5 11.3 2.7 2.5 157.0 24.2 SF10 5.1 8.7 3.6 4.2 0.8 1.4 83.6 11.9 SF10 19.4 20.2 0.8 33.5 8.7 0.4 260.0 50.3 SF10 28.3 28.8 0.5 3.5 0.5 1.4 80.0 10.4 SF10 39.4 48.4 9.0 4.8 0.6 0.4 61.8 8.4 SF10 60.0 67.0 7.0 3.9 0.7 0.1 22.0 14.2 SF11 20.6 35.1 14.5 9.5 1.7 0.8 89.0 16.1 SF11 45.7 48.0 2.3 13.5 3.2 0.4 203.7 23.4 SF12 15.0 34.0 19.0 9.5 1.7 1.2 103.3 17.6 SF12 55.0 62.0 7.0 4.6 2.0 0.1 115.9 10.1 Page | 6 ASX Announcement - 14 December 2015 Hole From (m) To (m) Interval (m) Zn % Pb % Cu % Ag ppm Au ppm Zinc Eq % SF15 30.7 39.7 9.0 5.8 1.1 0.9 95.0 SF15 43.7 44.7 1.0 1.1 0.1 1.0 21.0 4.9 SF16 16.0 17.8 1.8 24.0 5.4 1.1 208.0 38.3 SF16 21.3 30.8 9.5 3.8 0.8 0.7 56.2 8.2 SF17 9.0 14.0 5.0 3.3 0.7 0.2 38.6 5.6 SF17 29.0 30.0 1.0 2.0 0.5 0.5 38.0 5.0 SF18 14.0 19.0 5.0 3.2 0.5 0.5 29.6 5.9 SF18 22.5 24.5 2.0 6.9 1.6 0.4 54.0 11.1 SF18 30.5 34.0 3.5 1.8 0.5 0.4 34.9 4.5 SF18 59.0 63.0 4.0 11.0 3.6 0.1 157.3 19.2 SF19 11.0 13.0 2.0 5.9 0.5 0.6 44.0 9.5 SF19 15.0 17.0 2.0 4.0 0.9 0.1 32.0 6.0 SF19 49.0 57.0 8.0 4.2 1.1 0.9 48.3 9.3 SF20 21.5 23.5 2.0 11.0 2.2 0.2 97.5 16.6 SF20 29.0 40.5 11.5 2.8 0.5 0.5 38.1 5.8 SF20 52.3 52.8 0.5 15.3 0.3 0.5 14.0 17.7 SF21 30.5 35.5 5.0 6.8 0.8 1.0 103.9 13.4 SF22 15.5 22.5 7.0 6.1 1.8 1.6 96.3 15.4 SF22 26.0 33.5 7.5 7.0 1.3 0.4 72.5 11.6 SF23 42.0 46.0 4.0 11.6 3.2 0.6 100.0 19.3 SF23 65.4 65.9 0.5 10.7 1.7 0.3 68.0 15.1 SF23 73.7 74.1 0.4 27.8 10.8 0.4 200.0 45.2 SF23 81.3 94.8 13.5 5.4 0.9 1.0 74.0 11.4 SF24 15.5 33.0 17.5 6.1 1.2 0.9 78.5 12.2 SF24 42.5 49.5 7.0 7.6 1.6 0.6 76.7 13.2 SF24 56.0 70.0 14.0 5.5 1.1 0.5 68.3 10.1 SF25 106.9 125.7 18.8 7.0 1.7 2.1 125.1 15.7 SF25 142.2 143.7 1.5 4.4 0.0 0.0 0.0 4.4 SF25 159.0 160.0 1.0 16.4 3.3 0.7 148.0 25.8 SF25 166.5 171.0 4.5 6.2 1.5 0.5 96.7 11.8 SF25 195.2 195.4 0.2 13.0 5.6 0.8 264.0 28.0 SF26 115.0 118.0 3.0 8.5 2.0 1.1 98.3 16.5 SF26 122.0 126.0 4.0 6.7 0.3 1.2 189.3 15.7 SF26 136.0 143.0 7.0 3.8 0.8 0.1 44.1 6.1 SF27 99.5 108.0 8.5 14.9 3.4 1.6 144.2 27.2 SF27 115.0 130.5 15.5 6.7 0.9 0.8 40.1 11.1 SF28 238.5 239.0 0.5 6.1 2.3 0.2 113.0 12.0 12.2 Notes Holes with PAM prefix are surface core and SF prefix underground core. Holes PAM5, PAM8 and PAM16 have complete gold assays per interval (from ALS). All other holes have not been assayed for gold or have incomplete gold assays. The Zinc Equivalent is based on zinc (US$1,800 per tonne), lead (US$1,800 per tonne), copper (US$5,600 per tonne), silver (US$15 per ounce) and gold (US$1,150 per ounce). The zinc equivalent calculation represents the total metal value for each metal, multiplied by a price based conversion factor, summed and expressed in equivalent zinc percent per tonne. These results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result. Nevertheless, it is the Company's opinion that all the elements included in the metal equivalents calculation have good poten tial to be recovered as is commonly the case for similar VMS deposits worldwide. The zinc equivalent calculation is intended as an indicative value only. Page | 7 ASX Announcement - 14 December 2015 JORC Code – Table 1 Section 1 - Sampling Techniques and Data Criteria Commentary Sampling techniques  Drilling techniques Drill sample recovery Logging Sub-sampling techniques and sample preparation Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points Data spacing and distribution Orientation of data in relation to geological Page | 8 Original samples (1976-1984) were taken from sawn quarter core by the BRGM (Bureau de Recherches Géologiques et Minières - the French geological survey).  Recent samples for PAM5, 8 and 16 were taken from remaining quarter core.  The mineralised core size is NQ .  BRGM sampling was taken at between 0.5 to 2 metre intervals.  Quarter core samples for PAM5, 8 and 16 were bagged and sample prepped by the BRGM and assayed by ALS Geochemistry  Quarter core samples for all other holes were bagged, sample prepped and assayed by the BRGM.  All surface and underground holes were diamond core.  Surface drill holes were collared and drilled with “PQ” diameter core before switching over to “HQ” diameter core to generally around 200 m and then to thin wall “NQ” core for the balance of the hole.  Core was not oriented.  The drill core was stored in wooden trays and was logged for core recoveries. Most mineralised intercepts recorded >95% recoveries, but this was variable dependent on ground conditions.  Holes PAM5,8 and 16 were re-logged by Variscan geologists and entered into an electronic database  All other holes were logged by BRGM geologists onto paper log sheets  Details, including survey information, geological logs (converted to Variscan legend), assay data and recoveries are now being entered into an electronic database by Variscan geologists For hole PAM5, 8 and 16 –  Samples were collected by BRGM personnel, bagged and tagged with unique sample numbers.  Sample numbers were entered against down-hole depths and sent to Variscan geologists  Average weight per sample was around 2kg  Samples were prepared by the BRGM  Samples were dried and crushed to -2 mm  Samples were then split down with riffle box to recover 100 g  The sample splits were pulverized in a hammer mill to -80 µm  Samples were transported to ALS Geochemistry Ireland for analysis For all other holes –  Samples were collected, bagged and sent for sample prep and analysis at the BRGM laboratories from 1976 to 1984 by BRGM personnel. For hole PAM5, 8 and 16  The ALS assay method used for base metals was ME-ICPORE (multi element analysis of base metal ores and mill products by atomic emission spectrometry using inductively coupled plasma spectrometer) which uses a highly oxidizing attack designed for high grade sulphides (the sample is dissolved with HNO3 , KClO4 and HBr and the final solution in dilute aqua regia).  Gold was analysed using a 30 g fire assay and AA finish (AA23). When high grade gold results were recorded, additional gold assays were completed with fire assay and a gravimetric finish. (Au-GRA21)  10% of samples were analysed as duplicates for QA/QC control.  Variscan data storage in Excel spreadsheets and GIS database.  For PAM5, PAM8 and PAM16, logging and assay checks against visible sulphide mineralisation completed by Variscan geologists.  ALS assays checked against a large number of BRGM assays (1970/80’s) from identical sample intervals. Overall repeatability between the ALS and BRGM assays is considered very good for all elements and provides strong confidence in the accuracy of all previous BRGM assays.  BRGM blanks and standards were included within the samples submitted to ALS.  Collar positions and downhole surveys were provided by the BRGM.  Projection and recording of data points into the GIS database (RGF93 projection) by Variscan.  BRGM quarter core sampling at a maximum downhole intervals of 3 metres defined by geology.  Variscan core resampling in holes PAM5, 8 and 16 used 1 to 2 metre sample compositing for comparison work against the original BRGM samples.  The majority of core holes were drilled at reasonably high angles to the interpreted sub-vertical to very steeply north dipping mineralisation. ASX Announcement - 14 December 2015 Criteria Commentary structure  Sample security  Audits or reviews   In holes PAM5, 8 and 16 the core angles of sulphide and host rock bedding were consistently high to the core axis throughout the holes providing a reasonable test through the mineralised zones. Samples for PAM5, 8, 16 were prepared at the BRGM prep facilities and transported to ALS Geochemistry Ireland by commercial carrier. Sample prep for all other holes (1976-84) was completed at BRGM lab facilities in France. There has been no external audit or review of the Company’s techniques or data. Section 2 Reporting of Exploration Results Criteria Commentary Mineral tenement and land tenure status Exploration done by other parties  Merléac PERM (Permis Exclusif de Recherche de Mine, a French exploration licence)  No known impediments for future exploration and development  Last significant exploration in area is believed to have been conducted by BRGM in the 1980s.  VMS potential of the region was recognised by the BRGM who conducted regional stream sediment programmes during the mid-1970s. The Porte-aux-Moines deposit was discovered in 1976 when follow-up soil sampling and shallow drilling intersected massive sulphides.  Subsequently the BRGM conducted substantial core drilling (+9km) and underground development on Porte-aux-Moines.  In addition, the BRGM conducted significant mapping, geochemical and geophysical programmes around Porte-aux-Moines and regionally.  Much of the exploration data is held by the BRGM and will be compiled and assessed by the Company.  Volcanogenic Massive Sulphide (VMS) deposits  Three full core holes (PAM5, PAM8, PAM16) have been accessed and logged by Variscan geologists at the BRGM core facility, Orleans.  Original BRGM logs, coordinate/downhole data and assays is being complied by Variscan geologists.  No aggregation or high grade cuts have been applied to the data reported  The orientation of the holes is considered a reasonable test of the high grade mineralised zones which appear to dip from sub vertical to very steeply north.  Based on the BRGM interpretation of the mineralised envelops and the core angles of sulphide layering as recorded by Variscan geologists in PAM5, 8 and 16, the average true widths of the intersections are estimated to be around 40-90 % of the downhole lengths. This will be confirmed once wireframes of interpreted mineralised envelopes are generated by Variscan geologists for use in a 2012 JORC resource estimate.  Diagrams for the Porte-aux-Moines deposit have been taken from published BRGM reports.  All intersections of mineralisation above a 4% Zn Eq cut-off are published within the report  Previous exploration, mining, metallurgical and hydrological data was received by the Company in November 2015 and will be reported by the Company as it is accessed, complied and evaluated.  Digitising and interpretation of all data for Porte-aux-Moines deposit, including other surface and underground drill holes and underground development  Generation of 3D model of geology and mineralisation envelopes  Possible shallow drilling within Porte-aux-Moines  Generation of a JORC compliant resource estimate  Possible follow-up ground EM surveys to more accurately define significant ‘Tier 1’ anomalies defined from the recent VTEM survey  Follow-up diamond drilling along strike and down dip at Porte-aux-Moines and on new regional targets Geology Drill hole Information Data aggregation methods Relationship between mineralisation widths and intercept lengths Diagrams Balanced reporting Other substantive exploration data Further work Page | 9 ASX Announcement - 14 December 2015

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