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Goldphyre Resources Ltd.
Summary
| Project: | Lake Wells | |
|---|---|---|
| Deposit: | Lake Wells | |
| Location: | Australia | |
| Commodities: | Potash | |
| Date: | 11/1/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-11-2016: Goldphyre Resources Ltd. announces a Resource Estimation report for its Lake Wells deposit at the Lake Wells project. Annual mineral resource statement. This statement details the Mineral Resource Estimate of Goldphyre Resources (“Goldphyre”) a | |
| Resources: | (Resource, Inf.): 70Mt SOP @ 8.05 kg/m3 (total porosity) or 18.4Mt @ 8.05 kg/m3 (specific yield) | |
| CP/QP: | [Resources]: Jeffery Lennox Jolly (AQ2) | |
| ABSTRACT: | This statement details the Mineral Resource Estimate of Goldphyre Resources (“Goldphyre”) as at 30 June 2016. The Mineral Resource estimates are grouped by deposit which form part of the Lake Wells Project in Western Australia. No Ore Reserves have been reported for these deposits. Lake Wells Potash Project - Mineral Resource Estimate In compliance with internationally recognised reporting standards that include a brine standard, Goldphyre has reported its Resource estimate using specific yield, or drainable porosity. The Company believes this is an accurate estimate of the maximum potentially abstractable volume of brine in the aquifers. Goldphyre has also reported its Resource estimate using total porosity, which estimates the total amount of in-situ brine in the aquifer. This allows observers to more easily make a comparison between Goldphyre’s Resource estimate and estimates made by other companies that choose not to disclose their resource estimates using specific yield. The Mineral Resource (JORC 2012 Code compliant), which has been measured taking into account potential future economic abstraction, has been classified as Inferred (Table 1) and is estimated at 18.4 Mt at 8,050 mg/L (8.050 kg/m3 ) Sulphate of Potash (SOP). A highgrade zone occupying the western part of the Lake Wells Potash Project (LWPP), has an Inferred estimate of 10.5 Mt at 9,028 mg/L (9.028 kg/m3 ) SOP. The Annual Statement of Mineral Resources as at the 30 June 2016 presented in this Report has been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (the JORC Code 2012) and ASX listing Rules. Goldphyre is not aware of any new information or data that materially affects the information included in this Annual Statement and confirms that the all the material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. | |
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