new districts, new challengessaemc.com.au/archive/2012/12gum.pdf · 2013. 1. 10. · financial...
TRANSCRIPT
New Districts, New ChallengesNew Districts, New Challenges
Justin Gum Justin Gum –– Exploration ManagerExploration Manager
Financial Overview
Shares on Issue 121 Million
Share Price (26th November 2012) 12.5c
Cash on Hand (30th September 2012) $12.8M
Debt $0
Market Cap. (@12.5c) $15.1M
E i V l $2 3MInstitutions
9%Cornerstone
Investors36%
Other Investors
Enterprise Value $2.3M
36%
Directors5%
50%Options on Issue Expiry Ex. Price Number
Total 2016-17 $0.25 - $0.50 15,925,000
Fully Diluted
Top 10 Shareholders
Top 10 Shareholders % Holding
Mithril Resources Investments Pty Ltd 7.7 Listed on ASX y
Independence Group NL 7.5
Goldsearch Ltd 7.2
Listed on ASX April 29th, 2011 ASX Code : MGV
JP Morgan Nominees Australia Ltd 6.6
Barrick (Australia Pacific) Limited 5.0
Integra Mining Limited / Silver Lake Resources 4 6 121M Shares
Integra Mining Limited / Silver Lake Resources 4.6
JP Morgan Nominees Australia Ltd CI A/C 4.5
Argonaut Resources NL 2.1
41M (36%) held by Cornerstone Investors g
Mr WD Goodfellow 1.3
King Town Holdings Pty Ltd 0.9
…………..of which 32 million escrowed
* The top 20 shareholders hold 54.1%
47.4%
as at 19th November 2012
Tenement Holding 2012
2012 Exploration Summary
4 New ELs Granted
4 Drilling Programs 4 Diamond holes - Deering Hills 19 RC holes - Moorilyanna 380 – vacuum holes - Deering Hills (On going) 10 RC holes – Menninnie Dam (On going)
4 Geophysical Surveys 4 Geophysical Surveys IP Survey – Moorilyanna (22.1 line kms) VTEM Survey (2437 line Kms/649 km2) Ground EM – Deering Hills (2.2 line Kms)
G d G i i ill ( 9 3 i ) Ground Gravity – Deering Hills (1973 stations)
5 Geochemical Surveys Preliminary rock chipping – Bryson Hilly pp g y Detailed soils/rockchips – Deering Hills Reccon soils/rockchips – Mt Woodroffe Detailed soil grids – Moorilyanna Reccon soils/ ockchips Moo il anna Reccon soils/rockchips – Moorilyanna
EL3941/3942Deering Hills Projectg j
VTEM/MLTEM Targets
Pallatu Area
VTEM conductivity image
High ValenValenconductance targets
Within Giles
ValenValen
Complex intrusives in areas of thin sand coversand cover
Vacuum drilling completed -completed assays pending
Priority drill Priority drill targets mid-2013
Deering HillsDiamond Drillingg
Valen (DEEDDH001 138m, DEEDDH004 138m) Valen (DEEDDH001 138m, DEEDDH004 138m) Disseminated sulphides in Birksgate mafic/felsic granulites On margin of Giles Complex intrusive Complex textures with common evidence of host rock (sulphide) Complex textures with common evidence of host rock (sulphide)
assimilation by mafic intrusive Elevated Cu/Ni (<450ppm)
Galen (DEEDDH002 168m, DEEDDH003 99m) Disseminated sulphides in Birksgate mafic/felsic granulites Graphitic shear in Birksgate Gneiss and associated pyrite/pyrrhotiteGraphitic shear in Birksgate Gneiss and associated pyrite/pyrrhotite Not associated with Giles dyke system Mafic Granulites intrude sediments of Max-Dep Age 1370-1400 Ma Fraser Complex hosting Sirius’ Nova Deposit 1290 MaFraser Complex hosting Sirius Nova Deposit 1290 Ma Dutch et al 2012 show younging trend to west from 1550Ma Now can’t ignore these bedrock conductors.
VTEM/MLTEM Targets
VTEM d ti itconductivity
image
High conductanceconductance targets
Within BirksgateBirksgate Complex Granulites
Geochemical Geochemical Surveys (soils)
Priority drill Priority drill targets mid-2013
EL 3955Moorilyanna Prospecty p
Ragnar Drilling and Soil Samplingp g
IP Survey
19 RC h l 19 RC holes on mafic dykes (up to 3m @ 0.4% Cu, 153 b A )153ppb Au)
Structural Targets
Graben margin intersecting Mafic Dykes (0 14% C )(0.14% Cu)
Polymetallicsoil assays ( l t d C(elevated Cu, Zn, Pb, Mo, Bi) up to 476ppm Cu
Ragnar Target
• Target pending drill testing
• Cu anomaly at end of hole in heavily sheared and altered gabbro
• Hole stopped short of IP target due to ground water difficulties
Ragnar
• Located on graben margin at intersection of major structures
Inverted IP Chargeability Modelg y
Pending drill testing
VTEM Targets
TMI Image
VTEM conductivity imageVTEM conductivity image
EL 3940 Woodroffe
Mt Woodroffe Targets
Priority EM target
C Ni C Pt li i t di t li ith Cu, Ni, Co, Pt anomalies in stream sediment sampling with co-incident gravity and magnetics
Favourable geologyg gy
New VTEM survey conducted
Lister Target
Lister Gravity Anomaly VTEM ConductorLister Gravity Anomaly VTEM Conductor
Rimmer Target
VTEM conductivity images on orthophotography
VTEM Conductive Anomalies
New Project, New District
Under-Explored Regionally
• Previous focus has been on Lead-Zinc and only in Menninnie CentralZinc and only in Menninnie Central
• No effective basement drilling outside main Menninnie Centraloutside main Menninnie Central deposit area
• No drilling since 2008No drilling since 2008
• No previous silver focus
• Potential high gradesMD042
5.1m @ 183g/t Ag, 11.3% Zn, 23.6% Pb
MD056
14 1 @ 89 /t A 13 6% Z 14 7% PbBasement Drill
holes14.1m @ 89g/t Ag, 13.6% Zn, 14.7% Pb holes
Drill Ready Targets
• High quality drill ready targets
• Pb-Zn + Ag soil anomalism associated with strong IP chargeability anomalies –no drilling
RC Drill Targets
Prospective Ag District
• Large tenementtenement position (2,471 km2)in new andin new and developing silver districtdistrict
• Close to Paris silver discovery
Large under-explored area in prospective district
Porphyry System Model(Sillitoe 2010)
Viper.Viper.Phone HillPhone Hill
Viper.Viper.Phone HillPhone Hill
• Reactive basement lithologies (Marbles/BIFs -Menninnie CentralMenninnie Central, Mannequin)
• Complex structural systemComplex structural system (Common block faulting)
• Systems extending intoMenninnieMenninnie
CentralCentralMenninnieMenninnie
CentralCentral
Systems extending into covering volcanics (Viper, Phone Hill, Tank Hill)
Regional Exploration 2013
CSIRO Mineral map• Regional Soil/lag sampling
program
p(ALOH Group Content)
Tank Hill
• Aster Mineral mapping (AlOH – sericite alteration)
R fi th d f• Refine methods for detection of mineralisation through the cover of the
Phone Hill
GRV
• Follow-up RC/Diamond drilling of anomalous regions
SUMMARY
4 new ELs granted
4 drilling programs in second year
M l i l d d id ifi d Multiple targets tested and identified
RC/Diamond/Vacuum drilling programs to restart in RC/Diamond/Vacuum drilling programs to restart in February-March 2013
New advanced project in GRV region New advanced project in GRV region
~$12 Million in bank$
Fully funded aggressive exploration program in 20132013
Disclaimer
This presentation has been prepared by Musgrave Minerals Limited (Musgrave Minerals). The information contained in this presentation is af i l i i l d i i i d f ith C t i i f ti i thi d t h b d i d f thi d ti dprofessional opinion only and is given in good faith. Certain information in this document has been derived from third parties and
though Musgrave Minerals has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited orverified by Musgrave Minerals.Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks andcontingencies, many of which are outside the control of, and may be unknown to, Musgrave Minerals. In particular, they speak only as of thedate of this document, they assume the success of Musgrave Minerals strategies, and they are subject to significant regulatory, business,, y g g , y j g g y, ,competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and theassumptions on which the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place unduereliance on such forward-looking statements.Musgrave Minerals makes no representation or warranty as to the accuracy, reliability or completeness of information in this document anddoes not take responsibility for updating any information or correcting any error or omission which may become apparent after this documenthas been issuedhas been issued.To the extent permitted by law, Musgrave Minerals and its officers, employees, related bodies corporate and agents (Agents) disclaim allliability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Musgrave Minerals and/orany of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance onthis presentation or information.All amounts in A$ unless stated otherwise.
Competent Person’s Statement
The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled byDr Justin Gum. Dr Gum is Exploration Manager of the Company, is a member of the Australian Institute of Geoscientists (AIG) and is a memberof the Geological Society of Australia (GSA). Dr Gum has sufficient industry experience to qualify as a Competent Person as defined in the 2004of the Geological Society of Australia (GSA). Dr Gum has sufficient industry experience to qualify as a Competent Person as defined in the 2004Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Gum consents to the inclusion inthe report of the matters based on their information in the form and context in which it appears.