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MOUNT RIDLEY MINES LIMITED

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Quarterly Report for the quarter ended 30 June 2018

Mt Ridley Project, Albany – Fraser Range

ASX Announcement 31 July 2018

OVERVIEW 

Mount Ridley Mines Ltd (ASX: MRD) (or “the Company“) is pleased to provide the following update of activities for the Quarter ended 30 June 2018.

The Company continued to focus on its core asset the Mt Ridley Project in the Albany Fraser Range Province (WA). The Company announced on the 26 April 2018 that a gold in soils geochemistry program was recently completed. The Company has released assay results from this program on 10 May 2018, confirming the broad spaced area of anomalous gold discovered last field season. The anomaly has been strengthened with multiple new peak readings with a maximum value of 24 ppb Au. A total of 1,396 auger geochemistry samples were collected to define this anomalous zone.

In relation to the same announcement on 26 April 2018, the HP MLTEM geophysics survey was completed with the final data also announced on 10 May 2018, with some broad mid to late time anomalous conductivity zones detected in the initial survey, extension lines were completed to check and confirm that these were not related to discrete bedrock conductors targeted for magmatic nickel-copper style mineralisation. It appears the anomalous features identified are related to a greater regional NE-SW striking structural conductive zone coincident with a major regional cross-cutting structural feature observed in the regional magnetics and gravity data, and most likely corresponds to a major conductive saline water and/or clay filled regional fault zone.

Following the encouraging announcements on 26 April 2018 and 10 May 2018 mentioned above, the Company announced on 5 June 2018 a comprehensive AC drilling program consisting of 100 holes was planned on a nominal 100 metre x 250 m spacing to cross the north/south magnetic setting in an east/west traverse direction. The AC holes were planned to bedrock to resolve underlying geology and locate the source of the surface gold geochemistry. Sampling will comprise 4 metre composite samples assayed for gold downhole, to better understand the distribution of gold in the regolith, and end of hole 1.0m samples assayed with a multi (50) element assay package to characterize any gold and associated lithologies and alteration.

On 19 June 2018, The Company announced the recently commenced AC program had completed approximately 15% of the planned holes to basement. To date the geology observed in end-ofhole basement samples in several holes is interpreted to comprise variably silicified biotite and amphibole-bearing orthogneisses, with disseminated pyrite replacing amphibole within the silicified and altered gneiss. Sampling has been completed on all holes drilled to date, comprising:

  • 4m composite samples to be assayed for gold downhole, to better understand the distribution of any gold in the regolith; and 
  • End-of-hole 1m samples when in basement, to be assayed with a multi (50) element assay package to characterise any gold and associated lithologies and alteration.

Due to problems with deeper than anticipated cover and issues with hole blockages due to running sands and swelling clays, drilling was temporally postponed because of insufficient capacity of the drill on site.

A replacement larger capacity AC/RC drill rig has been sourced and was mobilised to site after the end of the quarter. The larger drill rig also has RC hammer capacity on hand to drill further into basement within those holes that may encounter more of the silicified and pyrite-bearing basement lithologies.

The Company looks forward to further updates as results become available.

CORPORATE 

PROMETHEUS ACQUISITION

On 7 May 2018, The directors of the Company announced that the Heads of Agreement with Prometheus Developments Pte Ltd was terminated by mutual consent with the parties agreeing that an Initial Public Offering (“IPO”), based on the level of expenditure required, is the preferred transaction pathway.

The underwriting with CPS Capital Group as announced on 26 April 2018 was also terminated by mutual agreement. The board of Mt Ridley would like to thank CPS Capital Group for their support.

Click her to view the full announcement

New Gold AC Drilling Drilling Drilling Update

ASX Announcement 19 June 2018

Mt Ridley Project, Albany Mt Ridley Project, Albany-Fraser / Yilgarn Craton Orogen

  • Favourable geology encountered to date Favourable geology encountered to date 
  • Gold geochemistry halo anomaly 3 km x 1.5 km Gold geochemistry halo anomaly 3 km x 1.5 km 3 km x 1.5 km 
  • Favourable magnetic complex

Mount Ridley Mines Limited (ASX: MRD) (“Mount Ridley”, “the Company”) is pleased to announce an exploration update at its 100% owned Mt Ridley Project located 70km north east of Esperance (WA).

Air Core Drilling (AC) 

The recently commenced AC program has completed approximately 15% of the planned holes to basement. To date the geology observed in end-of-hole basement samples in several holes is interpreted to comprise variably silicified biotite and amphibole-bearing orthogneisses, with disseminated pyrite replacing amphibole within the silicified and altered gneiss. Sampling has been completed on all holes drilled to date, comprising:

  • 4m composite samples to be assayed for gold downhole, to better understand the distribution of any gold in the regolith; and 
  • End-of-hole 1m samples when in basement, to be assayed with a multi (50) element assay package to characterise any gold and associated lithologies and alteration.

Due to problems with deeper than anticipated cover and issues with hole blockages due to running sands and swelling clays, drilling has temporally been postponed because of the insufficient capacity of the current drill on site.

A replacement larger capacity AC/RC drill rig has been sourced and will be mobilised to site within approximately 2 weeks. The larger drill rig also has RC hammer capacity on hand to drill further into basement within those holes that may encounter more of the silicified and pyrite-bearing basement lithologies.

The immediate area of current AC drilling has not previously been drilled by past explorers. Those few previous AC and RAB drill holes drilled by past explorers in the region of the current program were terminated at comparable, or shallower, depth than the current basement intersections being encountered in the present AC drill program. It is anticipated that once the larger capacity drill is on site that drilling to sample basement lithologies will recommence and complete the entire basement sampling program.

Mount Ridley’s Managing Director, Ashley Hood commented; “As interesting as the geology appears to be at this early stage, the success of the program will be based on the assay results, expected to be returned for those holes completed to date in approximately two to three weeks’ time”.

“Encouragingly the altered and pyrite-bearing basement geology observed to date beneath the gold halo anomaly currently being targeted clearly appears different to the recorded results of the historic AC and RAB drilling in the vicinity of the current program”.

Click here to view the full announcement 



New Gold Drilling Commencement

ASX Announcement 5 June 2018

Mt Ridley Project, AlbanyFraser / Yilgarn Craton Orogen 

  • 100 AC holes planned to bedrock/refusal 
  • Gold geochemistry halo anomaly 3 km x 1.5 km 
  • Potential similar geological setting to Tropicana 
  • Favourable magnetic complex 
  • Heritage Surveys completed 
  • Program of Work permits in place

Mount Ridley Mines Limited (ASX: MRD) (“Mount Ridley”, “the Company”) is pleased to announce an exploration update at its 100% owned Mt Ridley Project located 70km north east of Esperance (WA).

The recently outlined gold anomaly straddles the southeastern margin of the Albany-Fraser Orogen (“AFO”), adjacent to the Eastern Goldfields Province of the Yilgarn Craton. This is potentially a similar setting to the Tropicana Gold Deposits (Inferred Resources of 34.2Mt @ 1.95 g/t Au, Indicated Resources of 87.9Mt @ 1.74g/t Au and Measured Resources of 26.1Mt @ 1.16g/t Au, source: http://www.tropicanajv.com.au/irm/content/reserves-resource-statement1.aspx?RID=284 further to the north east along the same AFO margin trend. The anomaly appears to be intimately associated with a structurally complex magnetic north-south feature within with the normal AFO structural trend and geology striking northeast.

Air Core Drilling (AC) 

A comprehensive AC drilling program consisting of 100 holes has been planned on a nominal 100 metre x 250 m spacing to cross the north/south magnetic setting in an east/west traverse direction. The AC holes are planned to bedrock to resolve underlying geology and locate the source of the surface gold geochemistry. Sampling will comprise 4 metre composite samples assayed for gold downhole, to better understand the distribution of gold in the regolith, and end of hole 1.0m samples assayed with a multi (50) element assay package to characterize any gold and associated lithologies and alteration.

The AC drill rig has been mobilized to site with support crews, and drilling is due to commence tomorrow morning.

Click here to view the full announcement 

Mt Ridley to Acquire High-Grade Philippines Epithermal Gold Project
13 February 2018

Mt Ridley Mines Limited to acquire 100% of the issued capital of Prometheus Developments Pte Ltd which holds rights to the Diwalwal Mineral Field, Compostella Valley, Mindanao, Philippines.

Summary:

  • Mount Ridley Mines Ltd (ASX: MRD) (or “the Company”) has agreed (subject to due diligence and shareholder approval) to acquire 100% of the issued capital of Singapore based Prometheus Developments Pte Ltd (“Prometheus”) via the issue of approximately 1.506 billion Shares in the Company. 
  • Prometheus has entered an Investment Agreement with Paraiso Consolidated Mining Corporation (“Pacominco”) and a Joint Venture agreement with JB Management Mining Corporation (“JB Management” or “JBMMC”). These agreements allow Prometheus to acquire an 80% economic interest and 40% legal interest in three mining tenements covering the Diwalwal Gold Project. These agreements are outlined as follows; 
    • Pacominco Investment Agreement: On 20 October 2017 Prometheus entered into the Pacominco Investment Agreement that will allow Prometheus to earn an economic interest of up to 80% in the Pacominco Gold Project and a legal interest in Pacominco of up to 40%. Pacominco in turn has a Joint Operating Agreement (“JOA”) with the Philippine Mining and Development Corporation (“PMDC”) that governs the tenure, reporting responsibilities, exploration, development, processing and utilization of resources on the project area. In accordance with Philippines Law, a Philippine owned company Perentie Mining Infrastructure Corp (“Perentie Infrastructure” or “PIMC”) will hold a 40% ownership on completion of the obligations of Prometheus under this Investment Agreement. Prometheus in turn has an agreement to receive all cash distributions from the Investment Agreement therefore giving Prometheus an aggregate 80% economic interest in the Pacominco Investment Agreement (on completion of Prometheus obligations). 
    • JB Management Joint Venture: On 20 October 2017, Prometheus executed a Joint Venture Agreement with JB Management covering 452.29 hectares (Contract Area) on the Diwalwal Mineral Reservation that will allow Prometheus to earn an economic interest of up to 80% in the Contract Area and a legal interest of up to 40% in the joint venture company (to be incorporated). JB Management also have a JOA with the National Resource Development Corporation (“NRDC”). Perentie Infrastructure will hold a 40% ownership on completion of the joint venture obligations of Prometheus. Prometheus in turn has an agreement to receive all cash flows from the Joint Venture therefore giving Prometheus an aggregate 80% economic interest in the JB Management Joint Venture (on completion of Prometheus obligations). 
  • The Philippine Mining and Development Corporation (“PMDC”) completed 21 diamond drill holes in 2006 and outlined significant gold mineralisation immediately adjacent to and below the JBMMC lease boundary. Note that these drill holes are beneath the agreement area which has a boundary based on an elevation of 600m ASL1.
  • The Diwalwal Gold Project is situated along the Philippine fault approximately 80 kilometres south of Medusa Mining Limited’s (ASX: MML) Co-O Gold project (JORC Inferred and Indicated Resources of 1.34 million ounces) (ASX: MML announcement "Annual Mineral Resources and Ore Reserves Update Statement" 07/08/2017) with annual production of approximately 90,000 ounces of gold. 
  • There are numerous adits that cross cut significant gold mineralisation throughout the areas covered by the Pacominco Investment Agreement and the JB Management Joint Venture areas that should provide relatively easy access for the commencement of underground exploration drilling. 
  • Underground diamond drilling is currently being planned for execution in April 2018 at the Balite and Buenas Tinago veins with a view to confirming historical high-grade gold mineralisation in addition to identifying additional mineralisation. 
  • MRD would like to thank the PMDC, in particular, Chairman Atty Alberto Sipaco for his support in assisting with the completion of these agreements in order to advance the Diwalwal Gold Project. In particular we would like to thank him for his invaluable assistance with the local community and other interested parties.

FIGURE 1: Chief Geologist Martin Dormer at the JB Management adit.

FIGURE 2: Clemente Arguanta (Pacominco), Rueben Arbaquez (Pacominco), Martin Dormer (Prometheus), Robert McKenna (Prometheus), Kabir Osman (Prometheus), Chr. Joselito Brillantes (JBMMC), Manuel Brillantes (JBMMC), Karen Brillantes (JBMMC), Chay Kee Tan (Prometheus).

FIGURE 3: Robert McKenna (Prometheus), Kabir Osman (Prometheus), Attny. Alberto Sipaco (PMDC), Esmeraldo Salvana (PACOMINCO)

Click here to view the full announcement

Exploration Update: Mt Ridley Project, Albany - Fraser Ridge
7 February 2018

Mount Ridley Mines Ltd (ASX: MRD) (or "the Company") is pleased to announce an exploration update at its 100% owned Mt Ridley Project in the Albany Fraser Range Province (WA).

  • New HP FLTEM geophysics to commence at Keith's and Winston's
  • Broken Hill style gold target geochemistry infill
  • Deeper drilling on new defined anomalies

Geophysics Update:

The Company's long awaited HP FLMTEM geophysics survey is due to commence late this week. The Company, along with other explorers, has been in a long list of proejcts awaiting availability of the highly sought-after, arrival of the updated HP MLTEM survey equipment.

Two new project areas previously untested by EM have been selected. These targets are at Keith's and Winston's targets.

Figure 1. Mount Ridley regional gravity completed May 2017.

The Keith's target has been selected due to anomalies arising from magnetic and gravity surveys that have been followed up with Air Core drilling, geochemistry and infill further gravity surveys.

Click here to view the full announcement

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