Announcement PDF ACN 008 719 015 ANNUAL REPORT FOR THE YEAR ENDED 30 June 2024 ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES TABLE OF CONTENTS FOR THE YEAR ENDED 30 JUNE 2024 CORPORATE DIRECTORY................................................................................................................................ 4 LETTER TO SHAREHOLDERS .......................................................................................................................... 5 REVIEW OF OPERATIONS ................................................................................................................................ 6 DIRECTORS’ REPORT .....................................................................................................................................22 AUDITOR INDEPENDENCE DECLARATION ...............................................................................................30 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ..31 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .....................................................................32 CONSOLIDATED STATEMENT OF CASH FLOWS ....................................................................................33 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................................................34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ................................................................35 CONSOLIDATED ENTITY DISCLOSURE STATEMENT…………….…………………………………….55 DIRECTORS’ DECLARATION .........................................................................................................................56 INDEPENDENT AUDIT REPORT ....................................................................................................................57 ADDITIONAL SHAREHOLDER INFORMATION ..........................................................................................61 ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES CORPORATE DIRECTORY Directors & Management Grant Pierce (Chairman) David Riekie (Executive Director) John Hicks (Non-executive Director) Maurice Matich (Non-executive Director) Allan Ritchie (Chief Executive Officer) Leonard Math (Chief Financial Officer & Company Secretary) Registered Office Level 2, 49 Oxford Close, West Leederville WA 6007 Telephone: (61) 02 8003 6733 Email: investor@adavaleresources.com Share Registry Computershare Investor Services Pty Limited Level 4, 60 Carrington Street Sydney NSW 2000 Telephone: 1300 850 505 Auditor HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000 Stock Exchange Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000 ASX Code ADD, ADDOA 4 LETTER TO SHAREHOLDERS Dear Fellow Shareholders, On behalf of the Adavale Board and executive team, we are pleased to present the Annual Report and summary of the activities and milestones achieved during the 2024 financial year. In anticipation of the renewed global interest and increasing focus on uranium during the course of the last year, Adavale has significantly expanded its exploration portfolio in South Australia. This strategy focused on geological localities that have demonstrated uranium occurrences, recognised paleochannels emanating from uraniumbearing source rocks to underlying geological structures as potential fluid pathways. As a consequence of these recognised attributes, our expanded Exploration Licences (granted and in application) now cover approximately 6,100 sq km. During the year, the Company acquired and reprocessed several historical datasets to generate in a cost and time effective manner, a number of priority target areas. Additionally, the acquisition of the uranium bearing Kilonova ELs situated within the northern outwash fan of the Flinders Ranges has provided the opportunity to commence the approvals process to enable a 2,000m aircore drilling campaign to commence shortly at MacDonnell and George Creek prospects. Furthermore, exploration undertaken by the Company involving gravity, geochemistry, and soil sampling, has identified an exciting target area described as the Marree Embayment “depocentre,” where exploratory drilling is planned once the statutory approval process is finalised. We would also like to express our thanks to the Dieri and Adnyamathanha Traditional Custodians for their assistance and support with these current and proposed work programs. The model for the assembly of the South Australian portfolio is based on the amenability for this geological style of paleochannel hosted uranium mineralisation to be recoverable by In Situ Leaching, which is the production and processing methodology at the nearby Honeymoon Well (ASX:BOE) and Beverley uranium mines. The uranium market, as mentioned, has recently experienced a significant resurgence, driven by the reduced production profile of key players globally, and the expanding shortfall to meet increasing demand by the new and scheduled nuclear facilities being developed. The political landscape and baseload energy required are providing strong fundamentals for explorers and uranium producers alike, and Adavale considers that it is very well placed to benefit through any anticipated exploration success over the years ahead. The nickel market and changing dynamics have created a challenging environment for explorers, but the Company was pleased to see a number of notable drilling successes undertaken at our flagship Kabanga Jirani and Luhuma Nickel Projects in Tanzania. Exploration has been suspended, and activities introduced to preserve the value of the significant outcomes achieved. I would like to make special mention and thank our respective management and technical teams in both Australia and Tanzania for their dedication and contributions over the year. The Board looks forward to updating our shareholders as we continue to receive results from our upcoming exploration programs in South Australia and thank you for your ongoing support as we look forward to continuing to unlock the value of our projects. The Board of Directors 5 ADAVALE RESOURCES LIMITED AND ITS CONTROLLED ENTITIES REVIEW OF OPERATIONS NATURE OF OPERATIONS The principal activities of the Group during the year was mineral exploration in Australia for Uranium and Tanzania for Nickel. The following sets out the major changes to the Group from both a corporate and operational perspective during the reporting period and up to the date of the Directors’ report. Uranium Exploration – South Australia Mundowdna and Mundowdna South The Company was awarded a new 591km2 Mundowdna South Uranium Exploration Licence in December 2023. The new licence (EL6957) is contiguous with Adavale’s Mundowdna EL6821 Uranium Licence that was approved in late 20221 (Mundowdna licence package). Following the grant of the Mundowdna South project in 2023, the Company undertook a process of reprocessing historical electromagnetic (EM) and gravity datasets over the Mundowdna (EL6821) and Mundowdna South (EL6957) project areas2. The EM dataset, covering most of the Mundowdna licence package, was originally flown in 2007 for the purpose of identifying paleochannels within a large recognised alluvial fan extending north-westward out from the Flinders Ranges. Re-processing and interpretation of the EM dataset, supported by modern satellite imagery strongly indicates the presence of an extensive paleochannel system within the Company’s Mundowdna licence package. Figure 1: Interpreted Channels from reprocessed data showing the channels in the alluvial fan and the area of Great Artesian Basin Influence2 1 ASX Announcement – 25 September 2023 – Contiguous Uranium Licence to Expand Footprint in South Australia ASX Announcement – 7 March 2024 – Updated - EM data indicates uranium exploration potential 2 6 The analysis identified a large EM low running in a NW direction along the western margin of the Mundowdna licences (Figure 2). The sharpness of the low feature, particularly along its NE edge suggested it may be fault controlled in part creating a half graben like feature (a depressed crustal block)3. By inference, the region of the EM low is interpreted to reflect the greatest thickness (depocentre) of the uranium prospective Eyre and Namba Formations overlying the basement Maree Subgroup sediments and as such represent the prime pathway and potential trap site for the earliest uraniferous groundwaters shedding from the adjacent Flinders Ranges. Figure 2: Area identified as potential basement low. This was identified using channel 9 – 15 of the re-processed EM Data. The image above shows channel 13 of the dataset. In the June quarter, the maiden uranium field exploration program was undertaken at Mundowdna. The initial exploration activities incorporated the collection of ~800 ionic leach soil samples (to test low threshold Pb/U indicators) and ground gravity readings along existing pastoral tracks3, See Figures 3 and 4). The sampling sites were chosen based on their orientation along tracks that cut across the interpreted paleochannel systems within the two Mundowdna licences. The use of existing pastoral tracks minimised impacts and operate under a low impact Program for Environment Protection and Rehabilitation (PEPR) for the initial phase of exploration4. Gravity Supporting the EM interpretation are the results of the gravity survey undertaken as part maiden exploration program, which shows a consistent rising gravity trend towards the NE along all surveyed lines, indicating thickening sediment cover in the SW and thinning towards the NE3. Detailed interpretation of the gravity data for each line was also undertaken looking for subtle variations in the gravity that may reflect potential paleochannels. Numerous such anomalies were identified in this way with their current surface location recorded. Individual anomalies were then classified as either modern day or older paleochannel depending on their location with respect to the modern-day drainage system (Figure ). 3 4 ASX Announcement 6 June 2024 – Uranium exploration yields high priority drill targets ASX Announcement 18 January 2024 – South Australian Exploration Program finalised 7 Figure 3: Newly acquired gravity data indicating a thickening of sediments in the southwestern portion of the licence package. Soil Sampling Soil samples and surface spectrometer readings collected a part of the Mundowdna program defined numerous surface uranium anomalies. The anomalies present targets for follow up work programs to test and validate as they are significantly elevated compared to the surrounding samples in the data. Importantly, these targets coincide with the interpreted gravity anomalies related to the paleochannels described in Figure . Figure 4: Zones of anomalous Pb/U Ratios along transects 1-3. Pink circles represent semi-continuous anomalies that have been mapped by the sampling program. Additional work on these anomalies is required to determine their usefulness in mapping systems. 8 Strategic Acquisition - Exploration Licence 6553 In March 2024, the Company entered into an agreement with Kilonova Metals Pty Ltd for the acquisition of EL6553 in South Australia5. EL6553 covers 456km2 across two parts, with the first part (to be called ‘Mundowdna South East’) adjacent to Mundowdna South and the other portion (‘MacDonnell Creek’) to the east of the Company’s Lake Surprise Uranium Project (See Figure 5). Figure 5: Exploration Licence areas for Adavale (blue) and Kilonova’s EL6553 (red) over 2 separate areas The MacDonnell Creek drilling (21 holes for 2,442m, MAMR120-MAMR140) identified a major new uraniumbearing, paleochannel located within an extensive sedimentary package high in anomalous uranium. The channel, which is trending to the east, is up to 300m wide and 12m deep and has been generated as a result of regional faulting to the west of the drilling area (Figure ). The drilling returned the project’s best uranium intercepts, with downhole gamma probing returned a maximum intersection of 1.0 metre at 263ppm eU3O8 and 0.65 metres at 235ppm eU3O8 in reduced sediments directly below the channel itself (Figure and Figure ).6 Seven of the drillholes intercepted the paleochannel, with four of these (MAMR 132-135) containing significant uranium intercepts. There is an extensive zone of elevated uranium that occurs throughout the Eyre Formation units within the drilling area. Large volumes of uranium appear to have migrated along a localised fault and have moved through the permeable sand units within an approximate one kilometre radius. Within a thickness of approximately 25 metres of Eyre Formation interbedded sand and clay units, there are numerous permeable zones for uranium to move into as seen by the broad zone of elevated uranium identified in many of the recent drillholes. The channel itself directly crosses the fault where uranium has migrated along as well as passing through the zone of elevated uranium and appears to have acted as a preferred pathway for uranium migration. Evidence that uranium is moving through the channel comes from the fact there is often a thin zone of elevated uranium located within the underlying interbedded reduced sand and clay unit. Uranium has moved from within the channel itself, which is highly oxidized, into the more reduced sediments below. The highest grade intersections 5 6 ASX Announcement 26 March 2024 – Strategic licence acquisition to expand uranium portfolio in South Australia Refer to CXU ASX announcement date 14 July 2011 – “Maree Drilling Results” 9 identified from drilling at MacDonnell Creek was 1.0 metre at 263ppm eU3O8 from 107.6m, in hole MAMR132 and 0.65m at 235ppm eU3O8 from 105.7m, in hole MAMR134.6 Further to the west, drilling at George Creek (12 holes for 1,134m) returned significant anomalous uranium mineralisation associated with a deepening of the sedimentary sequences towards an embayment in a regional scale fault system. A region of anomalous uranium mineralisation was centred around MAMR149, which returned a maximum intersection of 0.95m at 136ppm eU3O8 within variable oxidised and reduced sands and clays of the interpreted Eyre Formation (Figure ).6 The uranium mineralisation at MacDonnell Creek and George Creek are located at redox boundaries within sediments of Eyre and Namba Formations. The full extent of the MacDonnell Creek and George Creek mineralisation are yet to be determined and as such will form the principal focus of Adavale’s exploration effort over the area. Figure 6: MacDonnell Creek drilling by Cauldron up to 2011 (Source CXU 2011 Annual Report)5 Figure 7: George Creek and MacDonnell Creek prospects identified by Cauldron (within the new MacDonnell Creek tenure) (source CXU 2011 Annual Report)5 10 Subsequent to the end of the financial year, the prerequisite statutory requirements for the aircore drill program at the MacDonnell Creek and George Creek prospects (EL6553), within the broader Marree Embayment have progressed with the lodgement of Adavale’s Program for Environment Protection and Rehabilitation (PEPR) application with the SA Department for Energy and Mining (DEM). Stage 1 of the aircore drill program involves approximately 20 holes for 2,000 drill metres and is designed targeting extensions to known uranium redox boundaries at both MacDonnell and George Creek prospects. There is capacity for additional drilling should the initial results be positive for uranium mineralisation. Arrangements have been finalised with the Dieri Traditional Owners to complete a Heritage Clearance Survey over the program area commencing mid September 2024. Accordingly, Adavale anticipates commencing drilling in early October 2024. Engagement with the Special Administrator for the Adnyamathanha Traditional Owners to secure heritage clearances over Marree Embayment Depocentre target areas within ELs 6957 and 6821 is ongoing. The grant of access to test this drill ready and exciting target area, remains a high priority for Adavale as part of the underlying uranium strategy for South Australia. Figure 8: Current exploration and drill target areas at MacDonnell and George Creek. As part of the South Australian government’s PEPR approval system, Adavale’s geological team has completed the required site surveys and ground access assessment for the upcoming drill program. Drill hole locations were pegged as per the PEPR requirements and to facilitate the future Dieri Heritage Clearance Survey of the area. Selected images from the field survey program can be seen in the images below. The MacDonnell and George Creek areas are topographically flat with relatively easy vehicular access for the initial aircore drill program. Mundowdna South East In 1973, Nissho-iwai (Australia) Pty Ltd completed a regional exploration program of mapping, rock chip sampling and drilling for uranium minerals within an area that covers Mundowdna South East. Several anomalous uranium target areas were highlighted but not extensively followed up. 11 Acquisition - Exploration Licence 6890 In May, the Company announced that it had acquired EL6890 from Coast Exploration Pty Ltd. The exploration licence covers 599km2 and is strategically significant, being contiguous to the Company’s existing Mundowdna and Lake Surprise project areas (See Figure 5). Figure 9: Adavale’s expanded Exploration Licence areas in the Marree Embayment South Australia Further expansion in east of Ceduna and Eyre Peninsula In June, the Company announced that it had applied for four exploration licences covering 2,446 km2, with a central location in the Yellabinna area, ~85km east-northeast of Ceduna. The Company is specifically targeting paleochannel, sandstone hosted uranium mineralisation, which may also be associated with basement intersecting faults and buried uranium enriched granites of the underlying and adjacent Hiltaba Suite. The new projects comprise two ELA’s each and have been named the Narlaby Project and Tolmer Project, respectively. Narlaby Project The Company has applied for two applications covering 189 km2 and 260 km2 respectively with one to the northwest of the upper branch of the Narlaby paleochannel (ELA 2024/00043), which hosts the Yarranna roll front uranium deposits, and one southeast of the Yarranna deposits (ELA 2024/00039), 16 km northeast of Poochera on the Eyre Peninsula The Yarranna Uranium Project is held by IsoEnergy Ltd (TSXV:ISO) and is an advanced stage exploration project discovered by Carpentaria Exploration Pty Ltd in the 1980s. Carpentaria completed aircore and mud rotary drilling, which resulted in the intersection of significant uranium mineralisation including IR1306 4m at 859 ppm U3O8 from 67m, IR1377 1m at 3,550 ppm U3O8 from 66m, and IR1378 1m at 1,400 ppm U3O8 from 69m7. This mineralisation is associated with channel sequences of the Narlaby paleochannel. 7 ASX Announcement 4 July 2024 – New Uranium Exploration Licenses expand uranium footprint in South Australia. (Refer to IsoEnergy Ltd – https://www.isoenergy.ca/portfolio/australia/yarranna/ and Open File Envelope No.4010, Carpentaria Exploration Co. Pty Ltd, 1984) 12 Tolmer Project Adavale has also applied for two exploration licences (ELA 2024/00041, ELA 2024/00042) covering ~1,997km2, located in the Yellabinna area, ~90km south of Tarcoola and 95km northeast of Ceduna (Figure 11). The Company is targeting sandstone hosted uranium mineralisation in the Tolmer paleochannel that may also be associated with basement intersecting faults and buried uranium enriched granites of the underlying Hiltaba Suite. The application areas cover the upper branches of the Tolmer paleochannel with historical drilling within the application area limited to coal and heavy minerals exploration. Wirrulla Project In July 2024, Adavale has executed a binding Heads of Agreement with Pinnacle Minerals Limited (ASX:PIM) to acquire 100% of its uranium rights on the Wirrulla Project in South Australia. Wirrulla Project (EL6968) is 957km2 of tenure in the northwestern extents of the Eyre Peninsula South Australia. Desktop studies have highlighted the uranium prospectivity in the northern extents of the tenement where the uranium-bearing Narlaby palaeochannel is mapped continuing into the tenement. The palaeochannel hosts high grade uranium mineralisation at Yarranna, only 10km from the targets identified by satellite and radar imagery analysis conducted by Pinnacle Minerals. Figure 10: Wirrulla Uranium Project highlighting uranium mineralisation and targets An Environment Protection and Rehabilitation (EPEPR/PEPR) plan has been submitted to the SA Department for Energy and Mining. Adavale is expecting to receive approval this quarter to conduct a maiden drilling program of the Narlaby paleochannel within EL6968. 13 The strategic location of EL6968 relative to Adavale’s exploration licence application and the interpreted paleochannels. Figure 11: Adavale Exploration Licence application and Wirrulla Project areas and regional paleochannels and uranium occurrences identified. Adavale has now increased its uranium tenement holdings including uranium rights to 6,117km2, making Adavale one of the largest public listed uranium license holders in the region. Competent Persons Statement The information in this release that relates to “exploration results” for the Project is based on information compiled or reviewed by Mr Patrick Harvey MAppSci, Australia. Mr Harvey is a consultant for Adavale Resources Limited and is a member of the AIG. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Harvey consents to this release in the form and context in which it appears. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements as referred above. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 14 Nickel Exploration – Tanzania Kabanga Jirani Nickel Project and Luhuma Nickel Project (Tanzania) Luhuma Central (100% owned) (PL12350/2023) is fully enclosed within Prospecting Licence PL11692/2021 of which Adavale has to date earned a majority interest of 65% with rights to earn up to 100%8. The Company views Luhuma Central as a geologically important addition to its existing exploration tenure, due to its historical results and being within the broader 15km Luhuma geological trend discovered by Adavale9. Historical results included an intercept of 1.14% Ni over 8.4m in massive sulphides and as such it has been the primary focus for the Company. Nickel mineralisation has been intersected in all completed holes to date, with DDLUHC005 intersecting mineralisation over 340m downhole and then ground electromagnetics extending the strike to a potential 700m during the reporting period. Luhuma Central Drilling During the September 2023 quarter, the Company received assays from the first four holes drilled at Luhuma Central. Results from its maiden hole DDLUHC001 recorded 4.13m @ 1.03% Ni from 223.3 as well as 1m at 0.63% Ni from 249m10. The drillholes DDLUHC001 and DDLUHC002 intersected 4.13m of massive sulphides and 4.90m of blebby and heavily disseminated sulphides respectively. If mineralised intersections are connected between the drillholes as they are interpreted to be, then these sulphide bearing intervals would approximate their true thickness (although the drillholes are not completely orthogonal to the dip). Sitting approximately 60m to the north of the first two holes DDLUHC003 delivered 7.55m @ 0.96% Ni from 261.7m11. The massive nickel sulphide intersected in the third hole between 261.7m to 269.25m was hosted within mafic rocks and dominated by pyrrhotite with between 1% to 5% pentlandite and minor pyrite and chalcopyrite. The massive sulphides occur below a 5.13m zone of interlayered mafic rocks and meta-phyllite sediments intersected between 237.42m to 242.55m, which host a series of thin semi-massive pyrrhotite rich veins. Headline results from DDLUHC004 included 1.12m @ 1.34% Ni from 256m and 7.5m @ 0.42% Ni from 286m. The fourth hole was located approximately 200m to the south of drillhole DDLUHC003. The sulphide zones intersected in DDLUHC004 between 250m to 323m are dominated by pyrrhotite with between 1% to 5% pentlandite and minor pyrite and chalcopyrite12. Toward the end of the reporting period, the Company received assays from the fifth diamond hole at Luhuma Central, DDLUHC005, with over 340m of weak disseminated nickel sulphide mineralisation intersected. Within this interval DDLUHC005 was a 15.6m (downhole) zone of semi-massive and heavily disseminated nickel sulphides including thin massive sulphide veins between 408m and 423.6m, which upon follow-up check assaying appears to be of a slightly higher tenor than similar mineralisation intersected in drillholes further to the north. In addition to this, DDLUHC005 provided another important piece of geological information in that this broad sulphide zone was associated with a more significantly MgO rich rock type compared to the more northern drillholes. Subsequent petrographic studies performed on samples from drillholes DDLUHC004 and 005 confirm the ultramafic character of the Luhuma Central intrusion with thin sections taken over broad intervals described as either harzburgite or iherzolite containing up to 50% olivine. Importantly, the petrographic descriptions support the Company’s previously reported observation that the MgO content of the Luhuma Central intrusion appears to be increasing towards the south, possibly reflecting increasing prospectivity in this direction13. ASX Announcement 15 December 2021 – Highly Prospective Nickel Sulphide Tenure Expanded. ASX Announcement 4 April 2023 – Nickel sulphide drill targets & 15km soil anomaly defined. 10 ASX Announcement 11 July 2023 - Assays Confirm Massive Nickel Sulphides at Luhuma Central 11 ASX Announcement 25 July 2023 – Adavale Replicates Maiden Massive Nickel Sulphide Intersection in Third Diamond Hole. 12 ASX Announcement 17 August 2023 – Multiple Massive and Semi Massive Nickel Sulphide Zones Intersected at Luhuma Central. 13 ASX announcement 2 November 2023 titled - Ground EM Highlights Potential 700m of Strike Extent of Nickel. 8 9 15 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The potential increase in nickel tenor towards the south described above, together with the similar more primitive (increasing MgO content) nature of the associated host rocks in this direction indicates that the more prospective part of the Luhuma Central intrusion may lie further to the south. The significance of these trends pointing to this part of the intrusion is that further work in this area may identify the high MgO rich ultramafic chonolith (‘magma tube’) that formed the Luhuma intrusion and from where the magma spread laterally north and south ‘fractionating’ to form the lower MgO rich peripheral lithologies to the main conduit. If present, this high MgO ultramafic chonolith is where nickel sulphide mineralisation of both higher grade and tenor is likely to have accumulated. Drillhole DDLUHC006 commenced during the December quarter, stepping out 250m to the south of DDLUHC005. Unfortunately, a combination of wet weather and drill rig operator issues led to the hole being abandoned prior to the intersection of the target zone. Figure 12: Long section at Luhuma Central indicating a thickening to the south-west 16 Figure 13: Plan view of current and proposed drill hole location (yellow dot) at Luhuma Central, with estimated projected position of the sulphide plate Downhole EM Surveys Downhole EM (DHEM) surveys are an important tool in assessing the nickel sulphide potential of the project, providing a vector for follow up exploration. All holes in the current program are being cased with DHEM planned for all. This will aid in future drill planning. Following on from the orientation EM survey at Luhuma Central, Adavale completed the detailed ground EM surveys across the entire previously identified airborne EM anomaly at Luhuma. The survey lines and modelled plates generated by the surveys are shown in Figure 3. The central plate was derived from the initial orientation survey that was conducted over drillholes DDLUHC001 to DDLUHC005 to verify that ground EM could correctly identify the massive sulphide mineralisation intersected in these holes at depth. Based on the successful correlation confirmed through the orientation survey, additional surveys were conducted to the north and south of the orientation survey. These extended surveys enabled anomalies to be identified and modelled over the full strike length of the Luhuma airborne EM anomaly. It should be noted however that the northernmost plate has a lower modelled conductance than the central plate, thereby implying that the sulphide mineralisation may not be as well developed in this area. The modelled plates extending across the central survey area and further to the south do however show an equally strong measure of conductance to the central plate, implying that the massive sulphide mineralisation intersected in the central area extends to the south. These high conductance plates cover a strike extent of about 700m. 17 Figure 14: Locality of plates modelled from ground EM including collar positions of historically drilled holes a