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AVIRA RESOURCES LTD Regulatory Filings 2015

Apr 19, 2015

64473_rns_2015-04-19_50417f2f-9b93-4553-a69e-3fdb6e030e9c.pdf

Regulatory Filings

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ASX Announcement

20 April 2015

SOIL SAMPLING PROGRAMME REVEALS GOLD ANOMALIES ALONG 5KM STRUCTURE

ASX CODE

MGS

HIGHLIGHTS

MGT is pleased to announce the completion of an extensive soil sampling programme over the length of its Pyramid Project tenement (EPM12887).

  • Soil sampling was conducted over the arsenic-gold prospective trend extending 5km from the Sellheim Prospect in the northeast to the Pradesh Prospect in the southwest covering an area of approximately 6.66 km[2]

  • The survey showed that the previously identified mineralised structure is clearly delineated in the geochemical results with anomalous results evident

REGISTRY

Computershare

SHARES ON ISSUE

318,157,040

  • Gold greater than 50 ppb (parts per billion gold) occurs along the whole West Pyramid range structure, with significant zones greater than 100 ppb gold up to extremely anomalous samples with 1500 ppb i.e. 1.5 ppm gold.

Tin Price: US$14,794/t Gold Price: US$1,205/oz

  • A follow up programme of infill soil sampling and rock chipping of anomalous areas has recently been completed and MGT is currently awaiting the results

Executive Chairman and Managing Director Jonathan Back said:

“MGT is delighted with the results from the soil sampling programme at the Pyramid Project. The programme tested a 5 km structure that extends through the middle of the tenement and is prospective for gold. The results indicate that anomalous gold values are evident over a large area.

Follow-up infill soil sampling and rock chipping to test these new anomalous areas has recently been completed and MGT is eagerly awaiting the results. The major goal of the current work is the layout of a drilling programme to test the highest priority gold prospects and to explore extensions to mineralisation at Gettysberg.”

MGT

Resources Limited 2.05/68 York Street Sydney NSW 2000 Australia

T: 61 2 9262 1122 F: 61 2 9299 5175

www.mgt.net.au [email protected]

ABN: 38 131 715 645

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OVERVIEW

MGT Resources Ltd (ASX: MGS) is pleased to announce soil sampling results from its Pyramid Project (EPM12887). In late 2014 a soil sampling programme was conducted, with follow up gold assays recently received. A total of 550 samples of -80 mesh (180 micron) sieved fraction were collected along 200 m spaced lines with a sample spacing of 50 m. Samples were initially analysed for base metal and major elements in Townsville using a Niton Portable XRF bench top analysis. The 40 elements that can be collected reliably on the XRF were analysed, including copper, lead, zinc and arsenic.

In previous soil sampling in the area, gold is closely correlated with arsenic. Since the portable XRF results returned positive arsenic anomalies, samples were sent to ALS for gold assay using an aqua regia extraction with ICPMS finish.

Anomalous gold values along 5km structure

The results of the soil sampling survey show that the previously identified northeast trending goldbearing structure is clearly delineated in the arsenic results, which were obtained using the portable XRF. This structure is of regional significance, marking as it does the boundary between the Drummond Group volcano-sedimentary units and the older horst block of Anakie Metasediments (graphitic schists and sandstones) with some intervening limey units of the Ukalunda formation.

Laboratory-assayed gold values greater than 50 ppb gold occur along the whole West Pyramid range structure, with significant zones greater than 100 ppb gold up to extremely anomalous samples with 1500 ppb (1.5 ppm) gold (see Fig. 1). There are obvious gaps with little information to the north of Sellheim and south to Pradesh, both areas having anomalous gold values at the end of the lines. Also, significant is the highly anomalous gold zone on the eastern side of the outcropping Anakie Metamorphics, suggesting there is a subparallel gold-bearing structure developed on both sides of the horst block.

Anomalous multi-element (XRF) soil geochemistry is evident all along the structure with prominent zoning present: Arsenic is high along the length of the structural boundary, but particularly strong in the south western ends around Marrakesh-Pradesh and over the Sellheim Prospect. Copper, lead and zinc are all higher in the southwest, although zinc is strongest in the most southerly samples, whereas lead and copper are highest slightly further to the northeast.

Follow up of positive soil anomalies recently completed

Follow up infill soil and rock chip sampling of identified anomalies has recently been completed. MGT is currently awaiting the assay results.

21 additional soil lines have been designed to cover the zone from Pradesh to Sellheim with some lines extended to close off already identified anomalies. While collection of these samples took place, follow up of identified anomalies was also conducted. In addition a number of areas will be prospected and rock chipped including: the zone between Gettysberg and Sellheim; the zone between Gettysberg and Marrakesh; and the eastern side of the Anakie block down to the south to Pradesh.

ASX RELEASE

www.mgt.net.au [email protected]

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Figure One: Contoured laboratory-assayed gold geochemical anomalies identified from soil sampling programme.

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www.mgt.net.au [email protected]

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ABOUT THE PYRAMID PROJECT

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Figure Two: Location of the Pyramid Project.

ASX RELEASE

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MGT’s Pyramid Project lies approximately 170km south of Townsville and 120km southeast of Charters Towers. Access from Townsville is via the Flinders Highway to Mingela, then sealed road to the Burdekin Dam Falls and then by graded council road to Pyramid Station. This northern route via the Burdekin Dam is frequently closed during the wet season. Alternative access routes are by sealed road from Charters Towers to the Scartwater Homestead turn off, then by graded council road to Ukalunda Homestead which continues east to Collinsville and Bowen.

The Pyramid Project is located in the Drummond Basin, one of Australia’s most significant gold producing regions. The area is host to many successful deposits including Pajingo, Yandan Wirralie, Mount Coolon and Twin Hills (see Fig. 2).

MGT holds three exploration permits in the area: Pyramid (EPM12887), Pyramid 2 (EPM25154) and Pyramid 3 (EPM19554). Pyramid 2 and Pyramid 3 have recently been granted for a period of five years each. In 2012, MGT drilled eleven RC holes at the Gettysberg prospect (EPM12887) with positive results indicating potential for extensions to mineralisation.

Competent Person’s Statement

Information in this report related to exploration results are based on data compiled by MGT technical staff and checked by Dr Simon Beams of Terra Search Pty Ltd. Dr Beams is a member of both the AIG and the AusIMM. Dr Beams 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’. Dr Beams consents to the inclusion in the report of the statements based on the information in the form and context in which it appears.

Forward Looking Statements

This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

ENDS

Investor and media enquiries:

Gary Kuo Executive Director T: +61 2 9262 1122 [email protected]

ASX RELEASE

www.mgt.net.au [email protected]

APPENDIX 1 – JORC Code Table 1

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Section 1: Sampling Techniques and Data

Criteria Explanation Commentary
Sampling techniques Nature and quality of sampling (e.g. cut Soil samples were collected at 50m
channels, random chips, or specific intervals along 200m-spaced grid lines.
specialised
industry
standard
measurement tools appropriate to the Sample information was recorded in pre-
minerals under investigation, such as numbered sample books with locations
down hole gamma sondes, or handheld established with a Garmin 76 hand held
XRF instruments, etc.) These examples GPS.
should not be taken as limiting the broad
meaning of sampling. After the surface organic/leaf litter was
scraped off, holes were dug with a soil
Include reference to measures taken to pick and sample taken from 15cm depth,
ensure sampling representivity and the sieved to -80 mesh (180 micron)
appropriate
calibration
of
any
measurement tools or systems used. Samples were analysed for a suite of 40
major and minor elements utilising Terra
Search’s portable Niton XRF analyser
(Niton ‘trugeo’ analytical mode) in the
Townsville office.
The XRF equipment is set up on a bench
and the sub-sample (loose powder in a
thin clear plastic freezer bag) is placed in
a lead-lined stand. An internal detector
autocalibrates the portable machine, and
Terra Search standard practice is to
instigate recalibration of the equipment at
every battery charge (every 2 to 3 hours).
Readings are undertaken for 60 seconds
on a circular area of approximately 1cm
diameter.
A
higher
number
of
measurements are taken from the centre
of the circle and decreasing outwards.
Aspects
of
the
determination
of		 All
samples
were
sent
to
ALS
mineralisation that are Material to the Laboratories for gold assay using the AU-
Public Report. In cases where ‘industry TL43 method. Analysis involves aqua
standard’ work has been done this would regia digest with an ICPMS finish.
be
relatively
simple
(e.g.
‘reverse
circulation drilling was used to obtain 1m
samples from which 3kg was pulverised
to produce a 30g charge for fire assay’).
In other cases more explanation may be
required, such as where there is coarse
gold that has inherent sampling problems.
Unusual commodities or mineralisation
types (e.g. submarine nodules) may
warrant disclosure of detailed information
Drilling techniques Drill type (e.g. core, reverse circulation, Drilling was not conducted.
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core is
oriented and if so, by what method, etc.)
Drill sample recovery Method of recording and assessing core Drilling was not conducted
and chip sample recoveries and results
assessed.
Measures taken to maximise sample
recovery
and
ensure
representative
nature of the samples.		 Drilling was not conducted

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Criteria Explanation Commentary
Whether a relationship exists between Drilling was not conducted
sample recovery and grade and whether
sample bias may have occurred due to
preferential
loss/gain
of
fine/coarse
material.
Logging Whether core and chip samples have Any observations on soil or rock type or
been geologically and geotechnically comments on logistics were recorded in
logged to a level of detail to support the sample book.
appropriate Mineral Resource estimation,
mining studies and metallurgical studies
Whether
logging
is
qualitative
or		 Logging was qualitative in nature.
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the All soil samples were logged.
relevant intersections logged.
Sub-sampling If core, whether cut or sawn and whether Drilling was not conducted.
techniques and quarter, half or all core taken.
sample preparation
If non-core, whether riffled, tube sampled, Drilling was not conducted.
rotary split, etc. and whether sampled wet
or dry.
For all sample types, the nature, quality After the surface organic/leaf litter was
and
appropriateness
of
the
sample		 scraped off, holes were dug with a soil
preparation technique. pick and sample taken from 15cm depth,
sieved to -80 mesh (180 micron)
Quality control procedures adopted for all Previous orientation sampling in the area
sub-sampling
stages
to		 maximise has shown that -180 micron is an
representativity of samples. appropriate sieved fraction to detect gold
and base metal anomalism over the
various geological units. The -180 micron
sub-sample has been shown to be
representative of the full fraction.
Measures taken to ensure that the Terra Search quality control included
sampling is representative of the in situ determinations
on
duplicate
samples
material collected, including for instance interspersed at regular intervals through
results
for
field
duplicate/second-half		 the sample suite.
sampling.
Whether sample sizes are appropriate to At least 100 g of sieved -80 mesh (-180
the grain size of the material being micron) fraction was collected. This
sampled. sample size is easily appropriate for the
grain size of material being sampled.
Quality of assay data The nature, quality and appropriateness Samples from the orientation study were
and laboratory tests of
the
assaying
and
laboratory		 assayed at ALS Laboratories using an
procedures
used
and
whether
the		 aqua regia digest method followed by an
technique is considered partial or total. ICPMS finish, which is the current
industry
standard
for
low
level
determinations of gold in soil. As this
method
is
dependent
on
material
dissolved by aqua reqia (2 acid digest) it
mainly captures material contained in
sulphide and oxide phases, and any free
gold. As Silicates are generally not
digested, it can be considered a partial
technique. However, in the case of gold
and most base metals it can be close to a
total technique.
Samples from the soil sampling program
were also analysed in-house at Terra
Search’s office in Townsville utilizing a
portable XRF to determine base metals
and
major
elements.
The
analysis
undertaken
is
considered
to
be

ASX RELEASE

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Criteria Explanation Commentary
appropriate for geochemical testwork.
Given that the -80 mesh samples have
not been pulverised prior to analysis the
resultant analyses are considered to be
near total
For geophysical tools, spectrometers, Samples were analysed for a suite of 40
handheld XRF instruments, etc. the major and minor elements utilising Terra
parameters used in determining the Search’s portable Niton XRF analyser
analysis including instrument make and (Niton ‘trugeo’ analytical mode) in the
model, reading times, calibration factors Townsville office.
applied and their derivation, etc.
The XRF equipment is set up on a bench
and the sub-sample (loose powder in a
thin clear plastic freezer bag) is placed in
a lead-lined stand. An internal detector
autocalibrates the portable, and Terra
Search standard practice is to instigate
recalibration of the equipment of every
battery charge (every 2 to 3 hours).
Determinations were made regularly on
known standards and checked against
the
CRM
values.
Readings
are
undertaken for 60 seconds on a circular
area of approximately 1cm diameter. A
higher number of measurements are
taken from the centre of the circle and
decreasing outwards.
Nature of quality control procedures Terra Search quality control included
adopted
(e.g.		 standards, blanks, determinations
on
certified
OREAS
duplicates, external laboratory checks) samples and analyses on duplicate
and
whether
acceptable		 levels of samples interspersed at regular intervals
accuracy (i.e. lack of bias) and precision through the sample suite of both the
have been established. commercial laboratory batch and also
portable
XRF
data.
Standards
and
duplicate results were checked and found
to be within acceptable tolerances.
Verification of The verification of significant intersections There has been no external check
sampling and by either independent or alternative assaying undertaken on the soil samples.
assaying company personnel.
The use of twinned holes. Drilling was not conducted.
Documentation of primary data, data Location
and
sampling
data
were
entry procedures, data verifications, data collected by experienced field assistants
storage
(physical		 and electronic) and entered into sampling books which
protocols. were then entered into spreadsheets.
Analytical data from the XRF machine is
supplied as an Excel readout. Location
and analysis data are then collated into a
single Excel spreadsheet.
Data
is stored
on servers
in
the
Company’s head office and on site, with
regular backups and archival copies of
the database made. Data is also stored at
Terra Search’s Townsville Office. Data is
validated by long-standing procedures
within Excel Spreadsheets and Explorer 3
data base and spatially validated within
MapInfo GIS.
Discuss any adjustment to assay data. No
adjustments
are
made
to
the
Commercial lab assay data.
Location of data Accuracy and quality of surveys used to Sample locations were established with a
points locate drill holes (collar and down-hole
surveys), trenches, mine workings and		 Garmin 76 hand held GPS. Location
accuracyis in the order of 10m X-Y and

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Criteria Explanation Commentary
other locations used in Mineral Resource 15m in the Z direction.
estimation.
Specification of the grid system used. Coordinate system is UTM Zone 55 and
datum is GDA94
Quality and adequacy of topographic No Digital Terrain model.
control.
Data spacing and Data spacing for reporting of Exploration Soil samples were collected with a
distribution Results. spacing of 200m x 50m.
Whether the data spacing and distribution Sample spacing was deemed appropriate
is sufficient to establish the degree of for identifying geochemical anomalies but
geological
and
grade		 continuity could not be used to establish geological
appropriate for the Mineral Resource and and grade continuity. It would not be
Ore Reserve estimation procedure(s) and appropriate to use this information in a
classifications applied. Mineral
Resource
or
Ore
Reserve
estimation capacity.
Whether sample compositing has been No sample compositing has been applied.
applied.
Orientation of data in Whether the orientation of sampling Sampling orientation was perpendicular to
relation to geological achieves unbiased sampling of possible the main structure of interest along which
structure structures and the extent to which this is known mineralisation exists. Unbiased
known, considering the deposit type. sampling is achieved for this structure.
If
the
relationship
between
drilling		 Drilling was not conducted.
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Sample security The measures taken to ensure sample Chain of custody was managed by Terra
security. Search Pty Ltd. Samples were always in
Terra
Search’s
possession
until
transferred
by
them
to
ALS
lab
Townsville.
Audits or reviews The results of any audits or reviews of Terra Search conducts on going reviews
sampling techniques and data. of its sampling and QA/QC procedure.
The -80 mesh fraction, determination of
low level Au in soils by ALS method Au-
TL43 have been assessed in the past and
found to be the most appropriate methods
for the northern Drummond Basin region.
Data
from
QA/QC
Duplicates
and
standards are reviewed from a host of
clients over a number of years and
compared with a vast array of archived
data. QA/QC results from the Pyramid
samples
fell
within
well-established
accurate tolerances.

APPENDIX 2 – JORC Code Table 2

Section 2: Reporting of Exploration Results

Mineral tenement and land tenure status

Type, reference name/number, location EPM12887 ‘Pyramid’ is 100% held by and ownership including agreements or MGT Mining Ltd. material issues with third parties such as joint ventures, partnerships, overriding EPM 12887 contains some areas which royalties, native title interests, historical are classified as environmentally sensitive sites, wilderness or national and areas as these areas contain endangered environmental settings. ecosystems, river improvement areas and the catchment area for the Burdekin Falls Dam.

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MGT has an exploration agreement with the Native Title claimants in the area, the Jangga People. There are no known sites of cultural heritage significance listed within the EPM. The security of the tenure held at the time EPM12887 comes up for renewal on 4 ~~[th]~~ of reporting along with any known August 2015. MGT does not expect any impediments to obtaining a license to impediments to renewal and anticipates operate in the area. that it will be granted. Exploration done by Acknowledgement and appraisal of The Pyramid Project is located near the other parties exploration by other parties. Sellheim River area, where numerous small silver-lead-zinc deposits were worked during the late 1880's, including the Sunbeam, Sunset, Carrington and Walhalla deposits. Following the discovery of the Pajingo epithermal gold deposit, systematic regional exploration of the region was conducted by Battle Mountain (Australia) Inc. (Pajingo Gold Mine Pty Ltd) during 1986 to 1989. Exploration included 1:20,000 scale geological mapping, followed up by stream sediment (BCL and pan concentrate) surveys and drill testing, which intersected gold mineralisation at the Sellheim prospect.

1:20,000
scale
geological
mapping,
followed up by stream sediment (BCL and
pan concentrate) surveys and drill testing,
which intersected gold mineralisation at
the Sellheim prospect.
Dalrymple Resources N.L. held EPM
7621 during 1990 to 1992 in joint venture
with Reynolds Australia Mining Ltd. after
evaluating the region. Terra Search Pty.
Ltd. were contracted by Dalrymple to
manage the exploration program. Initially
helicopter traversing was utilised to
examine Thematic Mapper™ anomalies
and a stream sediment sampling survey,
and BCL sampling, was undertaken,
locating the Sellheim South prospect.
Follow up geological mapping, trenching
and soil sampling was conducted. Initial
RC drilling by Dalrymple on several
prospects met with some success. During
1993, detailed colour aerial photography
was flown at 1:5,000 scale by QASCO in
order to assist with geological mapping. In
an effort to resolve the complicated
structural picture of the area and identify
new
target
areas,
a
structural
interpretation was completed by ERA
Maptec.
During 2006, Chalcophile Resources drill-
tested the Gettysberg prospect, with
positive results. A ground magnetic
survey conducted indicated there was
little to no magnetic contrast between
Geology Deposit type,geological setting and style stratigraphic units within the tenement.
The Pyramid Project lies in the northeast

ASX RELEASE

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of mineralisation. of the Devonian to Carboniferous Drummond Basin and contains a northnortheast trending inlier of Late Ordovician Anakie Metamorphics. The inlier of Anakie Metamorphics divides this region from the main area of Drummond Basin sedimentation to the west. A thick wedge of the Late Carboniferous Bulgonunna Volcanics forms the Bulgonunna Block to the east. The Saint Anns Formation is the host to epithermal gold mineralisation in the Drummond Basin at the Pajingo, Yandan, Wirralie and Twin Hills gold deposits, with mineralisation related to hot spring hydrothermal systems developed on the margins of coeval rhyodacite volcanic activity of the Silver Hills Volcanics. The most significant gold mineralisation developed within the Pyramid Project area is the epithermal style quartz veins and the graphite-pyrite-sericite-chlorite stylolitic veinlets and breccia matrix infill. Drill hole information A summary of all information material to No drilling was conducted. the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • Easting and northing of the drill hole collar • Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • Dip and azimuth of the hole • Down hole length and interception depth • Hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation In reporting Exploration Results, No cut-offs have been applied in reporting methods weighting averaging techniques, of the soil sampling exploration results. maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate No aggregate intercepts have been short lengths of high grade results and applied in reporting of the soil sampling longer lengths of low grade results, the exploration results. procedure used for such aggregation should be stated and some typical examples of such aggregations be shown in detail The assumptions used for any reporting No metal equivalents have been used in of metal equivalent values should be reporting. clearly stated. Relationship between The relationships are particularly No drilling was conducted. mineralisation widths important in the reporting of Exploration ASX RELEASE

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and intercept lengths Results.

and intercept lengths Results.
If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported
If it is not known and only the down hole
lengths are reported, there should be a
clear statement to this effect (e.g. down
hole length, true width not known).
Diagrams Appropriate maps and sections (with See Fig. 1 for a map of all soil sampling
scale)
and
tabulations of
intercepts		 locations and contoured gold anomalies.
should be included for any significant
discovery being reported. These should
include, but not be limited to a plan view
of
drill
hole
collar
locations
and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all It is not practicable or appropriate to
Exploration Results is not practicable, report all individual soil sampling results.
representative reporting of both low and Gridding/imaging
was
performed
in
high grades and/or widths should be MapInfo
Professional
Discover
2014
practised to avoid misleading reporting of using an Inverse Distance Weighting
Exploration Results. method with a cell size of 50. 2 search
expansions and 4 search sectors were
applied. An elliptical search with a major
axis orientation of 40 was used. The
minor search distance of 50 and a major
search distance of 200. Contouring was
then applied to the grid (see Fig. 1). All
data points have been shown in Fig. 1 to
indicate that contouring was appropriate.
Other substantive Other exploration data, if meaningful and The locations of the known prospects
exploration data material, should be reported including within the area are shown in Fig. 1.
(but
not
limited
to):
geological
observations; geophysical survey results;
geochemical survey results; bulk samples
–
size
and
method
of
treatment;
metallurgical test results; bulk density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or
contaminating substances.
Further work The nature and scale of planned further Following ground assessment of the soil
work (e.g. test for lateral extensions or geochemical anomalies, future work is
depth extensions or large-scale step-out already underway including infill soil
drilling). sampling and rock chip sampling to
delineate drill targets.
Diagrams clearly highlighting the areas of Not yet determined, further work is being
possible extensions, including the main conducted.
geological
interpretations
and
future
drilling areas, provided this information is
not commercially sensitive.

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