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Archer Exploration Ltd.
Summary
| Project: | Sugarloaf | |
|---|---|---|
| Deposit: | Sugarloaf | |
| Location: | Australia | |
| Commodities: | Graphite | |
| Date: | 8/9/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 9-8-2016: Archer Exploration Ltd. announces a Resource Estimation report for its Sugarloaf deposit at the Sugarloaf project. Updated Exploration Target at Sugarloaf (no defined resources as yet). Archer Exploration Limited (ASX: “AXE”) is pleased to annou | |
| Resources: | Exploration Target: 60 - 90Mt @ 10 - 12% TC at Sugarloaf | |
| CP/QP: | [Overall Report]: Wade Bollenhagen (Internal) | |
| ABSTRACT: | Archer Exploration Limited (ASX: “AXE”) is pleased to announce a significant increase in the Exploration Target at Sugarloaf Project to 60 – 90 million tonnes at a grade of 10 – 12 % TC. Investors should be aware that the potential quantities and grades presented in the Exploration Target quoted above and elsewhere in this announcement are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Previous drilling by Archer at Sugarloaf has supported an Exploration Target of 40 – 70 million tonnes at a grade of 10 -12% TC. This Exploration Target was based on drilling and other exploration test work completed by Archer. Based on Archer’s knowledge of Sugarloaf, the Company formed the view that Sugarloaf extended to the south (Figure 1) and the Company subsequently applied for the southern tenement (Cockabidnie) via a competitive tender process conducted by the SA Government. The Cockabidnie tenement (EL 5791) was granted to Archer on 25 May 2016. An analysis of historic drill results from previous explorers over the area of EL 5791 has allowed Archer to model a simplified 3D Shell (wireframe) extension of Sugarloaf, which contains carbon/ graphite rich intersections noted in the drill hole logs from the previous drilling. The southern extension of the Sugarloaf carbon intercepts provides for a significant increase in the Sugarloaf Exploration Target (+ 20million tonnes) to 60 – 90 million tonnes at a grade of 10 – 12% TC. | |
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