JORC Resources

TopTung’s JORC 2012 resource estimate for the Torrington Tungsten Project was released to the ASX on 12th August 2015. Summary tables from the report are given below. The full report can be accessed by following this link.

TopTung Limited - JORC 2012 Resources August 2015

Torrington Project Tungsten Mineral Resource *

Table 1: Indicated Tungsten Resources - Torrington Project

Orebody Silexite (t) >0.05% W Grade(%W) Grade (%WO3) W (t) WO3 (t)
WK Central Main North 151,310 0.17 0.21 257 324
WK Central Upper (south) 67,126 0.32 0.40 215 271
WK North Upper 77,474 0.20 0.25 154 194
Mt Everard 126,457 0.16 0.20 202 255
Total (rounded) 422,000 0.20 0.25 827 1,043

Table 2: Inferred Tungsten Resources – Torrington Project

Orebody Silexite >0.05% W Grade (%W
Grade (%WO3) W (t) WO3 (t)
WK_Central main (exc indicated) 941,789 0.17 0.21 1,568 1,978
WK_North Lower 56,093 0.20 0.25 93 118
Fielders Hill North 134,232 0.21 0.26 287 362
Fielders Hill South 343,596 0.21 0.26 736 928
Burnt Hut 192,393 0.17 0.21 336 423
Mt Everard 55,572 0.16 0.20 89 112
Total (rounded) 1,724,000 0.18 0.23 3,110 3,922

Table 3: Summary Indicated and Inferred Tungsten Resources – Torrington Project

Resource Category Silexite (t) >0.05% W Grade (% W) Grade (%WO3) W (t) WO3 (t)
Indicated 422,000 0.20 0.25 827 1,043
Inferred 1,724,000 0.18 0.23 3,110 3,922
Total (rounded) 2,146,000 0.18 0.23 3,937 4,965

(A cut-off grade of 0.05% W is used throughout the tables in this announcement and in the JORC Report and is equivalent to 0.063% WO3)

* Reported in accordance with JORC Code 2012 Edition for the Reporting of Exploration Results, Mineral Resources and Ore Reserves

Table 4: Summarised Exploration Targets** EL 8258 & EL 8355 – Torrington Project (0.05 – 0.4% W = 0.063 – 0.5% WO3)

** Cut-off parameters Exploration Target

(1) All grades are reported as weight percentages, and Topaz is only reported within silexite bodies where the Tungsten grade is >0.05% W (0.063% WO3).

(2) A Tungsten cut-off grade of 0.05% W (0.063% WO3) has been derived from cost analysis contained within the Resolve Geo Pty Ltd financial model, and has been determined to exclude between 14 % and 31 % of the known silexite ore from reporting to a resource estimation.

(3). Contained Tungsten (W) Range is calculated by multiplying the reported areal extent of silexite host rock by an estimated minimum and maximum thickness of silexite.

(4) An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate Mineral Resource and it is uncertain if further exploration will result in an estimation of a Mineral Resource.

Review of Material Changes

The Company confirms that they reviewed the Company’s JORC 2012 Mineral Resource Estimate as presented in this report on 2 September 2016 and are not aware of any new information or data that materially affects the original ‘Mineral Resource Update’ ASX announcement of 12 August 2015 and, in the case of estimates that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in that announcement continue to apply and have not materially changed as at 30 June 2016. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not materially changed from the original announcement.