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ASTRO RESOURCES NL

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NEEDLES GEOPHYSICS RESULTS

ASX Announcement 10 August 2018 

Astro Resources NL is an Australian-based mineral resources company focused on the commercial development and production of economically and environmentally sustainable mineral sands deposits, diamonds, gold and other minerals.

HIGHLIGHTS 

  • IP/Resistivity Survey delineates large circular feature interpreted to be a buried caldera. 
  • Interpretation provides further strong evidence for bulk tonnage caldera style low sulphidation epithermal gold/silver deposit previously unidentified on the property. 
  • Coincident geochemistry, consisting of gold-silver-tellurium, with apparent edge of caldera feature strongly support the postulated deposit model analogous to the World Class Round Mountain Mine. 
  • Company to plan next steps for mapping and reconnaissance RC drilling program initially at the south-eastern margin of the caldera feature.

Astro Resources NL (Astro) is pleased to announce that its wholly owned subsidiary, Needles Holdings Inc., has conducted a ground geophysics (IP/resistivity) survey on the Needles Property in Nevada, USA during the second quarter of 2018. The survey was conducted by Zonge International. A total of six lines at 400m line spacing were acquired using a standard 9-electrode dipole-dipole array with a dipole length (a-spacing) of 200 meters as designed by Zonge International. Data were acquired in the time-domain mode using a 0.125 Hz, 50 percent duty-cycle transmitted waveform. The Needles Project location is shown in Map 1 and line locations are shown in Map 1a. See Appendix 1 for the Zonge Report.

The Needles licence area is located near the eastern margin of a mostly-eroded shield-type volcano/caldera complex formed between ~32 and ~19 million years ago, as part of extensive continental magmatism. The caldera measures approximately 15 kilometres in diameter. The principal deposit model sought on the Needles Property is a caldera-type low-sulphidation epithermal gold (± silver and base metals) deposit. Historical work focussed primarily on vein style gold-silver mineralisation and neglected the bulk tonnage low-sulphidation type.

The geophysics survey was designed to cover a large portion of the Needles Property, focused on the central and eastern areas, where limited historical exploration had been completed by previous owners. In particular, very little geophysics had been undertaken. Given the extensive cover material limiting outcrop, a ground base IP/resistivity survey was recommended by Astro’s project manager Centric Minerals Management Pty. Ltd (Centric) after it had completed a surface mapping and sampling program in early 2018, which identified a high priority target zone in the north-east of the property. In particular, it was noted that the property contained:

  • a target zone approximately 1.2km long and 600m wide; 
  • gold and silver assays confirming a low-sulphidation epithermal deposit model; and 
  • identified altered and mineralised intrusive dykes not previously mapped.

The altered dykes identified are closely spatially and temporally related to the gold mineralization. The dykes are altered, with observed carbonate and quartz veining, and host goldsilver mineralization, but also cut NW structures that host both dykes and gold mineralization supporting the hypothesis of a strong connection between the dykes and gold (Map 2). The style of alteration, namely quartz/carbonate veining, in association with trachyte dykes and the highly anomalous gold/silver and tellurium in rock chip samples provided strong support for a lowsulphidation bulk tonnage epithermal model on this part of the property. This deposit style is often directly associated with calderas which supplied the fluid and hydrothermal heat source for the potential development of a precious metal mineral deposit, similar to many occurrences in Nye County Nevada. Thus it was anticipated that a caldera feature would be identified from the survey in close proximity to the mineralisation and alteration.

Click here to view the full announcement

QUARTERLY REPORT – 30 JUNE 2018

ASX Announcement 26 July 2018

Astro Resources NL is an Australian-based mineral resources company focused on the commercial development and production of economically and environmentally sustainable mineral sands deposits, diamonds, gold and other minerals.

Highlights 

  • The Company has issued its positive preliminary study and that the results from the preliminary study demonstrated strong cash flows. The Board is currently reviewing the future funding options for the advancement of the project as well as undertaking an upgrade of current Inferred Resources. 
  • Work on the Company’s diamond leases focussed on re-establishing the project with the acquisition and registration of past data, the development of appropriate data bases and the planning of future sampling. 
  • The Company completed a ground Induced Polarisation (IP) and Resistivity survey covering the Needles Project. The data is to be used for formulating drilling targets. 
  • Company to commence draw down from new loan facility of $700,000 in the first quarter of the financial year ending 30 June 2019.

The board of Astro Resources NL (Astro or the Company) (ASX: ARO) is pleased to release the quarterly report and appendix 5B for the period ended 30 June 2018:

Governor Broome 

About Governor Broome

Astro’s Governor Broome mineral sands project is located in the South West region of Western Australia. The project is broken up into two parts, R70/53, 100% owned by Astro Resources, and E70/2464, which is the subject to the Farm-in & Joint Venture Agreement with Iluka Resources Limited (see below for further details).

Governor Broome (excluding Iluka Joint Venture) 

The R70/53 licence area contains Indicated and Inferred Mineral Resources (JORC 2012), details of which have been previously provided in the Company’s quarterly activities and cash flow statement. The Retention Licence was formerly known as E70/2372.

On the 28 June 2018, the Company issued an announcement in relation to a preliminary study with respect to its minerals sands project undertaken by independent consultants TZMI Minerals International Pty Limited (TZMI) on the Governor Broome Project

The key points noted in the above announcement were: 

  • potential for a simple, low capital cost, mineral sands operation at Astro’s Governor Broome Project; 
  • the potential to generate strong positive cash flows using current and long term mineral sands price forecasts; 
  • the preliminary study was based on a 22 million tonne (Mt) Indicated Resource averaging 4.8% Heavy Minerals, which is a subset of the Mineral Resources totalling 200 Mt (30 Mt Indicated and 170 Mt Inferred) averaging 4.2% Heavy Minerals; and
  • the mining and processing concept is based on conventional techniques which are widely adopted within the mineral sands industry.

Full particulars of the preliminary study are set out in the announcement dated 28 June 2018.

The full particulars of the preliminary study were unable to be disclosed given that the Company was unable to demonstrate that it has a reasonable basis in which to fund to the development of the project. The Board of Astro will look at this issue going forward. In addition, the Board is currently preparing plans to upgrade Inferred Resources to Indicated Resources, so as to further enhance the economic viability of this project.

Iluka Joint Venture

Exploration licence E70/2464, in the SW region of Western Australia, is subject to Farm-In and Exploration Joint Venture Agreement (Iluka JV) between Iluka Resources and Governor Broome Sands Pty Ltd (GBS), a wholly owned subsidiary of the Company. Exploration drilling by Iluka has delineated a heavy mineral (HM) sands resource within the licence, in an area known as the “Jack Track” deposit.

The Company has previously announced a Maiden Inferred Mineral Resource of 18.8 Mt @ 4.7% HM at a 3.0% HM lower cut-off grade, a resource estimated in accordance with the guidelines outlined in the JORC Code (2012) for the reporting of Exploration Results, Mineral Resources and Ore Reserves.

No work was undertaken on E70/2464 during the quarter. Iluka has lodged an application for Retention Licence R70/58 and is waiting for a response. Additional information on the mineralisation hosted by the Retention Licence application was recently provided by Iluka to the Department of Mines, Industry Regulation and Safety (DMIRS) and a response is anticipated imminently.

Iluka continues to assess options for progression of this resource.

Click here to view the full announcement

Positive Preliminary Study for Governor Broome Project

ASX Announcement 28 June 2018

Highlights 

  • Independent preliminary study by leading heavy mineral sand specialists TZ Minerals International Pty Ltd confirms potential for a simple, low capital cost, mineral sands operation at Astro’s Governor Broome Heavy Mineral Sands Project in Western Australia. 
  • The study has highlighted the potential to generate strong positive cash flows using current and long term mineral sands price forecasts. 
  • Preliminary study based on a 22 million tonne (Mt) Indicated Resource averaging 4.8% Heavy Minerals, a subset of the Mineral Resources totalling 200 Mt (30 Mt Indicated and 170 Mt Inferred) averaging 4.2% Heavy Minerals. 
  • Mining and processing concept is based on conventional techniques which are widely adopted within the mineral sands industry 
  • Astro’s directors are currently considering the preliminary study outcomes and associated recommendations from TZMI in order to determine appropriate future action, including the upgrading of portions of the Inferred Resource category to Indicated Resource.

Astro Resources NL (Astro, ASX Code: ARO) is pleased to announce receipt of an Independent preliminary study into the potential development of the Company’s Governor Broome Heavy Minerals Project located in southwestern Western Australia (Project). The preliminary study has been prepared by TZ Minerals International Pty Ltd (TZMI), a recognised specialist in heavy mineral sands (HMS)

Cautionary statement 

The preliminary study results referred to in this announcement are preliminary in nature, as the conclusions in the primary analysis are drawn from Indicated Resources and - in a secondary analysis - Indicated and Inferred Resources. The preliminary study is based on low-level technical and economic assessments which are insufficient to support estimation of Ore Reserves, or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the preliminary study will be realised.

All JORC Code modifying factors have been sufficiently considered, including: mining studies, processing studies, laboratory scale metallurgical testwork, conceptual engineering and infrastructure assessments. Capital and operating costs were based on TZMI’s database of global mineral sands projects with appropriate scaling and contingencies added. The Governor Broome Deposits are contained within a granted Retention Licence and a granted Exploration Licence, for which the Company believes it has reasonable grounds to able to be convert to Mining Leases, should it elect to do so.

The preliminary study is based on the material assumptions outlined here within. Whilst Astro considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove correct or that the range of outcomes reported in the preliminary study will be achieved. As indicated under the heading “Limitations on Publication”, the Company is unable to satisfy the requirements of a reasonable basis with respect to funding.

The preliminary study was completed to an overall -10%/+40% level of accuracy and examined all aspects of geology, mining, processing and supporting infrastructure at mineral prices outlined in TZMI’s February 2018 pricing forecast and a long term foreign exchange rate of US$0.76: A$1. Given the uncertainties involved, investors should not make any investment decisions based solely on the basis of the preliminary study having been undertaken.

Click here to view the full announcement 



DIRECTORS

Chairman

Mr. Jacob Leo Khouri is Chairman of the Board of the Company. Mr Khouri is a business person specialising in mechanical engineering businesses. He is currently a Director of Mooter Media Limited and until the 7 May 2015, he was a Director of Esperance Minerals Limited. He has also served on other publically listed company boards. Mr Khouri brings management and strategic advice expertise to the Company.

Company Secretary

Mr. Vincent John Paul Fayad serves as Company Secretary, Director of Astro Resources NL. He was appointed as the Company Secretary on March 25, 2013. Mr Fayad’s extensive experience in the area of accounting and finance with over 35 years of experience.

Non Executive Director

Mr. Michael Povey has served as Non-Executive Director of Astro Resources NL since December 20, 2012. Mr Povey is a mining engineer with over 34 years worldwide experience in the resource sector. This experience has encompassed a wide range of commodities and included senior management positions in mining operations and the explosives industry in Africa, North America and Australia. During this time he has been responsible for general and mine management, mine production, project evaluation, mine feasibility studies and commercial contract negotiations. In the last 15 years he has held executive directorships with several Australian public companies, including positions as the Technical Director and Managing Director. In these roles he has led exploration programs, JV negotiations and a number of capital raisings. Mr Povey is also a director of the entity who sold the shares in MacPhee Resources Pty Limited. Mr. Povey is a Chartered Engineer, and holds several certificates of competency including Western Australian Mine Managers Certificate.

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