Exploration

Since acquiring the Torrington tenements in April 2015 TopTung has conducted work on the tenements as detailed below:

  • Acquisition of high quality LiDAR data over the tenements;
  • Acquisition of recent satellite imagery;
  • Acquisition of bathymetric data to reconcile historical mined volumes within existing pits;
  • Interpretation of the LiDAR and imagery via a desktop study and follow up with an intensive field mapping exercise based around key identified targets;
  • Completion of a Deep Ground Penetrating Radar (DGPR) survey to determine lateral orebody (silexite) boundaries and depths to key horizons; and
  • Update resource estimates for the Wild Kate and Mt Everard deposits and delineation of new orebody models and estimates for the Burnt Hut and Fielders Hill deposit

The updated Indicated and Inferred Resource estimate now totals 2,146,000 tonnes at 0.23% WO3 for 4,965 tonnes WO3 (in accordance JORC 2012) as detailed under the JORC Resources tab

The Torrington tungsten deposits comprising the JORC 2012 resources have been divided into the existing individual reported silexite domains e.g. Burnt Kate, Fielder’s Hill and Mt Everard based upon geological mapping and outcrop distribution (see Figure 1). A large number of additional individual bodies, (including several that have been previously drilled, although not to the extent that they can be reported as a JORC resource) have been identified through historic exploration and reconciliation with historic mining, as well as previous tenement holders’ mapping of boundaries and their relationship to topographic relief. These bodies are identified as footprints only, and criteria for exploration target ranges (i.e. thickness of silexite and mineral grades) have been assumed by Resolve from work completed on orebodies with more robust data. The more robust vein sets and clusters are also shown in Figure 1.

Figure 1: Torrington Tungsten Deposits

Resolve also completed an evaluation of the Exploration Target potential of the Torrington Project based on the extensive historic workings as well as previous drilling and mining records. The Exploration Target is expressed as a range of tonnes and grade as required by the JORC 2012 and comprises 5 to 39 million tonnes at 0.063 to 0.5% WO3 shown as Exploration Target Domains in Figure 1 and detailed under the JORC Resources tab.

An extensive RC percussion and diamond drilling programme will be undertaken at Torrington to further delineate the existing JORC resources and to test the validity of the exploration targets. The Company’s stated aim is to prove up and develop an operation processing in the order of 500,000 to 750,000 tpa of ore. This will require proven resources of up to 10Mt to allow for a 10-year project life with production of approximately 1,000 tpa of tungsten concentrate. This will require the Company to approximately double the presently known resources.

LiDAR Survey

Acquisition of the Light Detection and Ranging (LiDAR) data over the tenements (Figure 2). has considerably altered the original exploration philosophy by identifying numerous new exploration targets. A radiometric drape (K-Th-U) over the LiDAR data clearly indicates the extent of the Torrington Pendant (blue-purple) by masking the radiometric response of the Mole Granite (Figure 3).

Figure 2: LiDAR Image

Figure 3: K-Th-U drape over LiDAR image

Deep Ground Penetrating Radar (DGPR) Survey

The DGPR survey was very encouraging. Comparing the survey results to our current resource model confirmed our interpretation of the extent of the silexite bodies. The Wild Kate deposit illustrates this fact and provides an excellent example of how the DGPR can be used as a valuable pre-drilling exploration tool by locating undrilled silexite bodies, (Figures 4, 5, and 6).

Figure 4: Wild Kate DGPR TraverseShowing Silexite as Red and Yellow Layers

Figure 5: Wild Kate Modelled Silexite Body Outlined (purple) by Drilling

Figure 6: DGPR Previously Undetected Silexite Body

Review of Environmental Factors (REF)

The Division of Resources and Energy (DRE) has advised the Company that its application has been assessed and that pursuant to section 23A(4) of the Mining Act 1992, a delegate of the Minister has granted the activity approval (this includes the environmental assessment of activities associated with the planned drill programme). The Company is presently seeking to acquire remaining permits and authorisations to allow the drilling and associated activities to commence.