Mutooroo Magnetite Project - SA Explorers
Mutooroo Magnetite Project - SA Explorers
Mutooroo Magnetite Project - SA Explorers
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<strong>Mutooroo</strong> <strong>Magnetite</strong> <strong>Project</strong><br />
Inferred Resource Estimate of the<br />
Muster Dam <strong>Magnetite</strong> Fe Deposit<br />
2 nd December 2011<br />
Andrew Burtt, <strong>Project</strong> Geologist<br />
8 th <strong>SA</strong> Exploration and Mining Conference<br />
Adelaide, <strong>SA</strong>
Maiden JORC Inferred Resource<br />
1.5 Billion Tonnes @ 15.2% DTR and 18.02% Fe (Head)<br />
at 10% DTR cut-off<br />
with<br />
228 Mt of contained magnetite concentrate<br />
Concentrate Grade<br />
Fe 69.8%<br />
Al 2 O 3 0.4%<br />
P 2 O 5 0.002%<br />
S 0.002%<br />
SiO 2 2.8%<br />
LOI -3.3%
Location
Braemar Ironstones
Regional TMI
Heli-magnetics<br />
Area 1<br />
Area 2<br />
Area 3<br />
3,497 line kilometres with flight line<br />
spacing of 50m and terrain<br />
clearance of 25m
Muster Dam Magnetic Anomaly<br />
Outcropping steeply east dipping, magnetitebearing<br />
diamictite and siltstone
Muster Dam TMI<br />
Anomaly -<br />
3D magnetic<br />
modelling by MIRA<br />
Geoscience<br />
Magnetic Modelling
Muster Dam TMI<br />
Anomaly -<br />
3D magnetic<br />
inversion by<br />
MIRA Geoscience<br />
Magnetic Modelling
Magnetic Modelling<br />
3D Inversion of Muster<br />
Dam anomaly -<br />
0.4 SI Magnetic<br />
Susceptibility<br />
iso surface
15 Sections Modelled<br />
2D Forward Modelling<br />
Section:<br />
MDN001<br />
Section:<br />
MDN001<br />
Section: MDN001
Planned Resource Drillholes<br />
36 planned RC<br />
drillholes for<br />
10,600m on<br />
400m sections<br />
150m apart<br />
Section:<br />
MDN001
Resource Drilling<br />
49 x RC drillholes for 13,031m<br />
10 x Diamond drillholes for 2,883m<br />
Section:<br />
MDN001<br />
Diamictite<br />
Siltstone
Resource Drilling<br />
Excellent correlation between modelled and drilling<br />
Section:<br />
MDN001<br />
Section MDN001
Resource Drilling<br />
Excellent correlation between modelled and drilling<br />
Section:<br />
MDN001<br />
Section MDN001
Davis Tube Recovery (DTR)<br />
2,355 5m RC composite samples for DTR/XRF at 45µm grind size<br />
558 5m ¼ core samples for DTR/XRF at 45µm grind size<br />
<strong>Magnetite</strong> concentrate sample recovered (DTR)<br />
Head sample input (20g)<br />
DTR or Mass Recovery<br />
= Wt Mag(g) / Wt Head(g)
QA/QC<br />
Created our own Standard as there are no commercially available magnetite Fe standards<br />
<strong>Mutooroo</strong> <strong>Magnetite</strong> <strong>Project</strong><br />
Resource Drilling Standards<br />
25<br />
20<br />
15<br />
10<br />
DTR%<br />
5<br />
0<br />
0 10 20 30<br />
Fe% head<br />
Standard 1 (High DTR)<br />
Standard 2 (Moderate<br />
DTR)<br />
25<br />
24<br />
23<br />
22<br />
21<br />
20<br />
19<br />
18<br />
17<br />
16<br />
15<br />
STD: STD1<br />
553920<br />
554140<br />
554440<br />
554620<br />
554940<br />
555140<br />
555340<br />
555620<br />
555840<br />
558120<br />
556540<br />
556740<br />
556440<br />
557020<br />
557120<br />
558240<br />
558420<br />
124040<br />
558720<br />
551540<br />
DTR (%)<br />
Sample ID
QA/QC<br />
13 – 18% QA/QC samples including<br />
standards, blanks, field duplicates and lab check samples<br />
Duplicate Sample DTR%<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
Field Duplicates<br />
DTR%<br />
0 10 20 30 40<br />
Alpha Sample DTR%
QA/QC<br />
Diamond Drillholes<br />
• Twin of RC holes to confirm RC is<br />
representative<br />
• Confirm dip of sequence – Alpha-Beta<br />
measurements<br />
• SG measurements<br />
DTR%<br />
45<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
MDD001 vs MD003 DTR<br />
0 50 100 150 200 250 300 350<br />
Depth (m)<br />
MDD001 DTR%<br />
MD003 DTR%
Resource Modelling<br />
H&S Hellman & Schofield Pty Ltd<br />
Independent review by Hellman & Schofield to produce<br />
Inferred Resource:<br />
• 2,913 x 5m DTR composites from drilling<br />
• 280 estimated from magsus using Conditional<br />
Expectation statistical technique<br />
1<br />
2<br />
• Total of 3,193 x 5m composites used for resource<br />
estimation<br />
• Due to curved nature of deposit 4 sub-domains modelled<br />
• Unconstrained Ordinary Kriging used with 10% DTR<br />
cutoff and no top cut with a block size of 100 x 50 x 20m<br />
• Av. density of 2.96 g/cm3 estimated from 2,357 x 5m<br />
downhole geophysics composites with density assigned<br />
to ore blocks<br />
3<br />
4<br />
• Only Fresh Rock resource reported
Resource Modelling<br />
H&S Model validation demonstrates that the block model honours the drill hole<br />
composite grades<br />
Section Plot of DTR_Mag<br />
Northing slice: 6409100.0 +/- 50.0<br />
Plan Plot of DTR_Mag<br />
RL slice: 80.0 +/- 10.0<br />
400<br />
300<br />
000<br />
200<br />
000<br />
100<br />
0<br />
000<br />
-100<br />
000<br />
4<br />
-200<br />
-300<br />
489500 489600 489700 489800 489900 490000 490100 490200<br />
East<br />
000<br />
487000 488000 489000 490000 491000<br />
East
Resource Estimation<br />
Muster Dam<br />
Concentrate Grades<br />
Billion <strong>Magnetite</strong> Fe% Al 2 O 3 % P 2 O 5 % S % SiO 2 % LOI %<br />
Category Tonnes DTR %<br />
Inferred 1.5 15.2 69.8 0.4 0.002 0.002 2.8 -3.3<br />
DTR Mag Cut Off % BTonnes DTR Mag Recovery % Fe Head Grade %<br />
6 1.60 14.84 17.96<br />
8 1.58 14.93 18.02<br />
10 1.51 15.18 18.20<br />
12 1.36 15.64 18.57<br />
14 1.02 16.47 19.17<br />
16 0.54 17.74 20.01<br />
18 0.18 19.38 20.77
Exploration Target<br />
Target Area No of Strike (km) Thickness Volume (Bill m 3 ) Tonnage (Bt)<br />
Bands<br />
(m)<br />
Muster Dam 1 5.5 to 6.5 100 to 325 0.30 to 0.45 1.0 to 1.5<br />
Muster Catch 2 1.7 to 2.3 80 to 150 0.03 to 0.06 0.05 to 0.15<br />
Muster South 1 1.7 to 2.3 80 to 120 0.03 to 0.06 0.05 to 0.15<br />
Duffield 1 1 3.0 to 3.5 100 to 300 0.09 to 0.13 1.0 to 1.5<br />
Duffield 2 2 1.5 to 2.5 80 to 100 0.25 to 0.40 0.1 to 0.3<br />
Surrender Dam 4 3.0 to 3.5 80 to 150 0.10 to 0.15 0.2 to 0.4<br />
Totals 16.4 to 20.6 80-325 0.80 to 1.25 2.4 to 4.0<br />
The term “Exploration Target” should not<br />
be misconstrued as an estimate of<br />
Mineral Resources and Reserves as<br />
defined in the JORC Code (2004), and<br />
the term has not been used in that<br />
context. The term is conceptual in nature<br />
and it is uncertain if further exploration<br />
will result in the determination of a<br />
Mineral Resource. Refer Clause 18 of<br />
the JORC Code (2004).
Future<br />
JORC statement directly<br />
comparable to that for<br />
CAP’s Hawson’s <strong>Project</strong><br />
25km distant<br />
‣ Grind optimisation &<br />
Scoping Study<br />
underway; for<br />
completion in February<br />
2012<br />
‣ Measured resource at<br />
Muster Dam<br />
‣ Inferred resource at<br />
Duffields
Acknowledgements<br />
<strong>Mutooroo</strong> Pastoral Company<br />
Sumitomo Metal and Mining Oceania<br />
Frank Walsh Drilling<br />
Macquarie Drilling<br />
ALS Laboratories<br />
AMDEL<br />
Hellman & Schofield<br />
Euro Exploration<br />
Minotaur personnel<br />
Adelaide University students
Disclaimer<br />
This presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit of<br />
analysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein is<br />
based on publicly available information, internally developed data and other sources. Where an opinion, projection or forward<br />
looking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an<br />
expression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy,<br />
completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permitted<br />
by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection<br />
with the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses or<br />
implies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations,<br />
such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projected<br />
outcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projected<br />
future results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineral<br />
resource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks and<br />
government regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in or<br />
omission from any forecast or to update such forecast.<br />
Competent Person’s Statement<br />
Information in the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is<br />
based on information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a<br />
Fellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience,<br />
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is<br />
undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of<br />
Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to inclusion in the presentation<br />
of matters based on his information in the form and context in which it appears.