ALICANTO MINERALS LIMITED
ASX ANNOUNCEMENT & MEDIA RELEASE 29 January 2016
CAPITAL STRUCTURE Shares on Issue
57.6m
Options on Issue
15.1m
Market Cap
~$2.3m
ASX Code: AQI BOARD & MANAGEMENT Didier Murcia | Non-Exec Chairman Travis Schwertfeger | Managing Director Matthew Bowles | Non-Exec Director Brett Dunnachie | CFO & Co. Secretary Marcus Harden | Chief Geologist
QUARTERLY REPORT FOR THE PERIOD ENDED 31 DECEMBER 2015 Overview of the Arakaka Gold Project | Guyana The Arakaka Gold Project is made up of a number of permits, subject to underlying agreements and licences held by Alicanto’s 100% owned Guyanese subsidiary, that cover a total area of over 300km 2 within the Northern Guyana Shield. These projects cover volcano-sedimentary Paleoproterozoic greenstone rocks of the Barama-Mazaruni supergroup which are highly prospective for large tonnage, orogenic gold deposits. Figure 1 | Location Map – Arakaka Gold Project
ARAKAKA GOLD PROJECT, GUYANA Regional scale project Highly prospective North West Guiana Shield Greenstone Belt Over 12km strike along major mineralised structural corridor Less than 5% of the +12km of the Arakaka Trend drill tested Multiple untested, high priority targets Underexplored and multiple saprolite pits Arakaka Trend one of the oldest and most prolific gold districts in Guiana Shield Mining friendly jurisdiction
REGISTERED OFFICE Alicanto Minerals Limited ACN 149 126 858 288 Churchill Avenue Subiaco Western Australia 6008 T: +61 8 6489 0700 F: +61 8 6489 0710 E:
[email protected]
Arakaka Gold Project (100%) During the December quarter Alicanto Minerals Ltd (“Alicanto” or “the Company”) (ASX: AQI) exploration activity included compilation of geological datasets collected during the recent surface geochemistry campaign at the Arakaka Gold Project, which included previously announced surface lithology and structural mapping, various surface soil sampling, rock chip sampling, and stream sediment sampling programs, and structural analysis of historical diamond core material programs completed over the course of 2015.
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AX REVIEW OF ACTIVITIES | QUARTER ENDING 31 DECEMBER 2015
A L I C A N T O MI NE RALS L IMI TE D
Figure 2 | Target Area and Prospect locations within the >300km2 land position
Eyelash Area The Eyelash mineralised corridor is located in the Southwest portion of Alicanto’s >300km 2 landholding in northwestern Guyana (Refer to Figure 2), situated at the upstream extent of more than 20 kilometres of alluvial workings. The target area is host to significant historical gold production including substantial artisanal underground workings. The target area is defined by a >5km long anomalous gold corridor displaying consistent soil anomalism exceeding 100ppb Au hosting multiple peak soil values exceeding 1g/t Au including 9.93g/t Au soil at the Devi Prospect and 6.9g/t Au Soil at the Kelly Prospect (refer to Figure 3). Exploration results reported during the previous quarter at the Eyelash Area significantly expanded the footprint of high grade gold mineralisation within the extensive corridor of anomalism, and nine discrete targets within the Eyelash area have been defined by auger, soil and surface rock chip sampling that returned peak values of 142g/t, 41.8g/t, and 27.1g/t Au (refer to ASX release dated 14 July 2015). Compilation work in the December quarter has resulted in the definition of several drill ready targets at Eyelash.
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AX REVIEW OF ACTIVITIES | QUARTER ENDING 31 DECEMBER 2015
A L I C A N T O MI NE RALS L IMI TE D
The reported exploration results support Alicanto’s geological and structural model for the Eyelash area where new targets for drill testing are being generated and emphasize the significance of previously unidentified northeast striking mineralised structures coincident with ankerite-sericite-pyrite alteration at Eyelash, which spur off of the previously mapped dominant north-south structural control to mineralisation as defined in the Alicanto release dated 25 February 2015.
Figure 3 | Plan map of the Eyelash Area showing existing drill collars, interpreted geology and defined Prospect Area’s including the newly identified Devi and Kid prospect areas (New results in red).
Limited historical drilling totalling 837m in six holes (refer to ASX release dated 25 February 2015) completed in 2009 was focused on the north-south trending soil anomalies, and ineffectively tested the high grade northeast trending vein sets oriented sub-parallel to the drill direction. The newly identified northeast trending zones integrated with mapping, rock chip sampling and auger results have identified nine discrete targets at Eyelash that are un-drilled, or have not been effectively drill tested located on the highly prospective zones where the two controls on mineralisation are projected to intersect.
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Purple Heart Area The Purple Heart area is host to multiple saprolite pits on hill slopes adjacent to extensive alluvial workings in the Arakaka valley. Mineralisation potential extends beyond the existing workings along multiple parallel zones of anomalous Au geochemistry where un-drilled anomalies inclusive of peak soil results of up to 8.1g/t, 6.45g/t, and 3.55g/t Au are associated with favourable geological settings defined in limited historical drilling with encouraging results located proximal to exiting shallow pits and surface mapping. Drilling by previous explorers that confirms the potential of the Purple Heart area to host a bulk tonnage gold deposit, but further drilling is required to assess continuity and extent of mineralisation for the purpose of mineral resource definition.
Figure 4 | Plan map of the Purple Heart Area showing outlines of anomalous soil geochemistry, existing drill collars, interpreted geology and defined Prospect Area’s including the newly identified Green Heart and Brazo Camp drill targets.
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Historical drilling targeted only three of the multiple parallel lodes within the 1.5km wide corridor of anomalism, with limited drilling amounting to two single drill sections located 750m apart over the three lodes with visible gold and significant gold assay results encountered in many of the holes. Better drill intercepts from the limited drilling include;
13.5m @ 7.36g/t gold from 87m – PHD0801
1.9m @ 30.66g/t gold from 86m – PHD0802
10.8m @ 1.66g/t gold from 17m – PHD0805
10m @ 3.10 g/t gold from surface – ARD04
48m @ 1.84g/t gold from surface – ARD05
20.5m @ 1.43g/t gold from 65m – ROD0803
The Purple Heart target Area has been incorporated into an extensive, detailed mapping campaign of the entire Arakaka Main Trend at 1:2,000 scale geology which, integrated with an assessment of historical gradient array IP datasets, has resulted in a revised geological and structural interpretation for the prospects. The historical drilling re-logged by Alicanto personnel is in context of a revised definition of the stratigraphic column generated from detailed and regional mapping campaigns. This updated geological work, integrated with a re-assessment of historical surface geochemical datasets in context of regolith and landform mapping has resulted in the identification of numerous untested targets across more than 1.5km of width and >2.4km of strike within the Purple Heart area, and in the December quarter, the refined geological interpretation has been compiled with regional scale geological mapping efforts to re-define the wider geologic understanding and structural architecture of the greenstone belt. All zones of gold anomalism are focused on shear zones located in and around diorite intrusions of various composition. Mineralisation ranges from bonanza style gold intercepts of visible gold in quartz veins to broad zones of disseminated mineralisation associated with arsenian-pyrite and pyrrhotite. Encouragingly both types of mineralisation are found within the same geological setting and so exhibit significant potential for bulk tonnage targets. During the recent re-logging, samples were collected from core for thin section petrographic studies and polished section ore microscopy. Further detailed surface sampling is planned for the Purple Heart Target Area to determine favourable vein orientations of high grade gold mineralisation for defining an optimal drill orientation to better assess the full 2.4km extent of the anomalous gold corridor to effectively drill test the identified prospects.
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Xenopsaris Area The Xenopsaris target area is the southern extension of the 11km long Gomes Trend gold anomalism (Refer to Figure 1), which is host to the Gomes Hill Prospect where significant drilled mineralisation requiring additional extension drilling includes better intercepts of 19.19m @ 3.4g/t Au from 65m, incl. 6m @ 6.25g/t Au in hole MD008, 17m @ 2.11g/t Au from 46m, incl. 4.25m @ 6.12g/t Au in hole MD002 and 11.0m @ 3.43g/t Au from 62m in TAK9717 (Refer to ASX release dated 9 February 2015).
Figure 2: Plan map of the Gomes Hill Prospect and Xenopsaris Area targets showing existing drill collars, significant reported drill results, auger drilling locations, updated soil anomaly outlines, and interpreted geology. (*Refer to ASX release dated 11March 2015, **Refer to ASX release dated 9 February 2015)
Mineralisation has been identified in soil and confirmed in auger drill sampling along the interpreted Temberlin Shear Zone, where on numerous zones of +500ppb Au soils highlighted in previously reported results including multiple +1g/t Au results with peak values of 6.0g/t Au, 2.84g/t Au, and 1.65g/t Au (refer to ASX release dated 11 March 2015), Alicanto has intersected peak auger results including 10g/t and 3.7g/t Au (refer to ASX release dated 27 May 2015), with better auger results closely associated with higher grade soil assays on each line with anomalism continuing along the projection of the Temberlin Shear.
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A L I C A N T O MI NE RALS L IMI TE D
Proposed Work - March Quarter Exploration The Company continues to focus on conserving cash and operates exploration programs utilising the minimum staffing required to maintain the Company’s assets at its Monosse Field Camp. Alicanto continues to progress expansion of the Company’s geochemical coverage of the region with additional stream sediment sampling work in progress.
About Guyana Guyana is located in the north east coast of South America, the official language is English and it is a member of the Commonwealth of Nations. The legal system of Guyana is based on English common law and it has a modern and transparent mining code and a Government that is supportive of mining. Geologically Guyana is underlain by the Guiana shield a Proterozoic aged craton that before the opening of the Atlantic Ocean was contiguous with the Leo Mann Shield of West Africa. As such there is significant geological continuity between the Guiana Shield and Birimian Shield of West Africa however, while Guyana hosts extensive greenstone coverage it remains significantly underexplored relative to West Africa. The Guiana Shield hosts numerous “World Class” (+3 million ounce) gold deposits with the majority of the known gold deposits located within a portion of the Shield that lies in greenstone belts within 200km of the coast.
Corporate Cash and working capital As at 31 December 2015 the Company had cash of approximately $339,000. Dispute over B22 and B23 Permits The Company continues to advance negotiations to resolve the dispute over the ownership of B-22 and B-23 permits. These discussions are well advanced but at this time remain confidential and incomplete. Exclusivity Agreement The Company has entered into an Exclusivity Agreement relating to a proposed investment in the Arakaka Gold Project by an unrelated party. Alicanto has initially received a refundable USD$175,000 payment in relation to the exclusivity period and has subsequently received a further payment of USD$75,000 that is non-refundable. The contemplated agreement is anticipated to allow Alicanto to continue as operators on the Arakaka Project, and is geared toward providing increasing exploration activity and news flow while avoiding substantial dilution to the Company’s share structure.
Project Generation The acquisition of the Arakaka Gold Project in 2013 delivered a core strategic asset in one of the most underexplored greenstone belts in the world. The Company intends to continuously evaluate additional projects within Guyana for potential joint venture or acquisition. In addition the Company shall also continue to evaluate projects in Australia and overseas, in gold, copper and other commodities to grow shareholder value. Page 7 of 11
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A L I C A N T O MI NE RALS L IMI TE D
For detailed information on www.alicantominerals.com.au
all
aspects
of
the
company
and
its
project
please
visit:
Alicanto Minerals Limited
Travis Schwertfeger – Managing Director +61 8 6489 0700
Page 8 of 11
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AX REVIEW OF ACTIVITIES | QUARTER ENDING 31 DECEMBER 2015
A L I C A N T O MI NE RALS L IMI TE D Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Marcus Harden, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr Harden is a full time employee as Chief Geologist for the company. Mr Harden has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Harden consents to their inclusion in the report of the matters based on his information in the form and context in which it appears.
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Appendix 1 – Tenements Mining tenements held at the end of December 2015 quarter Project
Location
Tenement
Interest at end of December 2015 qtr
Tassawini
Guyana Guyana Guyana Guyana Guyana Guyana
PL 01/2005, GS14: S-15 PL 34/2005, GS14: S-16 V-04/MP/000, MP 47/98 V-5/MP/000, MP 23/01 V-5/MP/001, MP 24/01 V-5/MP/002, MP 25/01
100% 100% 100% 100% 100% 100%
Arakaka
Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana
Y-33/000/04, PPMS/680/04 Y-33/001/04, PPMS/681/04 Y-31/000/04, PPMS/463/04 Y-31/001/04, PPMS/464/04 J-81/000/02, PPMS/884/02 J-81/001/02, PPMS/885/02 J-81/002/02, PPMS/886/02 J-59/000/2000, PPMS/1057/2002 J-59/001/2000, PPMS/1058/2002 J-59/002/2000, PPMS 1059/2002 J-59/003/2000, PPMS/1060/2002 J-59/004/2000, PPMS/1061/2002 J-59/005/2000, PPMS/1062/2002 J-59/006/2000, PMS/1063/2002 J-59/007/2000, PPMS/1064/2002 J-59/008/2000, PPMS/1065/2002 J-59/009/2000, PPMS/1066/2002 J-59/010/2000, PPMS/1067/2002 J-59/011/2000, PPMS/1068/2002 J-59/012/2000, PPMS/1069/2002 J-59/013/2000, PPMS/1070/2002 J-59/014/2000, PPMS/1071/2002 51/002/94, Ituni #1 51/003/94, Ituni #2 51/324/74, May P-109/000/2000, PPMS/809/2001 P-109/001/2000, PPMS/810/2001 P-109/002/2000, PPMS/811/2001 P-109/003/2000, PPMS/812/2001 P-109/004/2000, PPMS/813/2001 P-109/005/2000, PPMS/814/2001 P-128/000/02, PPMS/707/02 P-128/001/02, PPMS/708/02 P-128/002/02, PPMS/709/02 P-128/003/02, PPMS/710/02 P-128/004/02, PPMS/711/02 P-17/000, PPMS/0222/1994 P-17/001, PPMS/0223/1994 P-8/000/94, PPMS/0074/1994 P-8/001, PPMS/73/1994
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
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AX REVIEW OF ACTIVITIES | QUARTER ENDING 31 DECEMBER 2015
A L I C A N T O MI NE RALS L IMI TE D
Mining tenements held at the end of December 2015 quarter (continued) Project
Location
Tenement
Interest at end of December 2015 qtr
Arakaka
Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana Guyana
P-8/002, PPMS/75/1994 51/2005/235, Dennis #1 51/2005/236, Dennis #2 51/2005/237, Dennis #3 51/2005/238, Dennis #4 51/1983/034, Wintime 51/1983/035, Intime 51/1984/028, Ester aka Esta S-267/000/07, PPMS/629/07 S-269/000/07, PPMS/631/07 P-9/000, PPMS/76/94 P-9/001, PPMS/77/94 P-9/002, PPMS/78/94 Y-1/MP/000/06, MP 91/2007 K-132/000/09, PPMS/1310/09 K-132/001/09, PPMS/1311/09 PL 10/2014, GS14: S-62 PL 11/2014, GS14: S-63 PL 12/2014, GS14: S-64 P-633/000, PPMS/1190/2015 P-633/001, PPMS/1191/2015 P-633/002, PPMS/1192/2015 P-633/003, PPMS/1193/2015 P-633/004, PPMS/1194/2015 P-633/005, PPMS/1195/2015
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Mining tenements acquired and disposed during the December 2015 quarter Project
Location
Tenement
Interest acquired during December 2015 qtr
Mining tenements acquired Nil Mining tenements relinquished Nil
Beneficial percentage interests in joint venture agreements at the end of the December 2015 quarter Nil
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the December 2015 quarter Nil
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
ALICANTO MINERALS LIMITED ABN
Quarter ended (“current quarter”)
81 149 126 858
31 December 2015
Consolidated statement of cash flows Cash flows related to operating activities 1.1
Receipts from product sales and related debtors
1.2
Payments for
1.3 1.4 1.5 1.6 1.7
1.8
1.9
1.10 1.11 1.12a 1.12b
1.13
Current quarter $A’000
Year to date (6 months) $A’000 -
-
(a) exploration & evaluation (b) development (c) production (d) administration Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other – Refundable deposit received
(269) (94) 1
(533) (181) 3
240
240
Net Operating Cash Flows
(122)
(471)
-
-
-
-
-
-
(122)
(471)
Cash flows related to investing activities Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets Loans to other entities Loans repaid by other entities Other – Acquisition of Subsidiary Other – Environmental Performance Bonds Net investing cash flows Total operating and investing cash flows (carried forward)
+ See chapter 19 for defined terms. 01/05/2013 Appendix 5B Page 1
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report 1.13
1.14 1.15 1.16 1.17 1.18 1.19
Total operating and investing cash flows (brought forward)
(122)
(471)
Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other (provide details if material)
-
-
Net financing cash flows
-
-
(122)
(471)
Net increase (decrease) in cash held 1.20 1.21
Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20
461 -
810 -
1.22
Cash at end of quarter
339
339
Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities Current quarter $A'000 1.23
Aggregate amount of payments to the parties included in item 1.2
61
1.24
Aggregate amount of loans to the parties included in item 1.10
1.25
Explanation necessary for an understanding of the transactions Payments to Directors Salaries, fees and superannuation
51
Payments to Director related entities Murcia Pestell Hillard Pty Ltd (legal advice) Gryphon Minerals Limited (Recharge of shared resources)
6 4
Non-cash financing and investing activities 2.1
Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Nil
2.2
Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Nil
+ See chapter 19 for defined terms. Appendix 5B Page 2
01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Financing facilities available Add notes as necessary for an understanding of the position.
Amount available $A’000
Amount used $A’000
3.1
Loan facilities
-
-
3.2
Credit standby arrangements
-
-
Estimated cash outflows for next quarter $A’000 4.1
Exploration and evaluation
186
4.2
Development
-
4.3
Production
-
4.4
Administration
87
Total
273
Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. 5.1
Cash on hand and at bank
5.2
Current quarter $A’000
Previous quarter $A’000 339
461
Deposits at call
-
-
5.3
Bank overdraft
-
-
5.4
Other (provide details)
-
-
339
461
Total: cash at end of quarter (item 1.22)
+ See chapter 19 for defined terms. 01/05/2013 Appendix 5B Page 3
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Changes in interests in mining tenements and petroleum tenements Tenement reference and location 6.1
Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed
Nil
6.2
Interests in mining tenements and petroleum tenements acquired or increased
Nil
Nature of interest (note (2))
Interest at beginning of quarter
Interest at end of quarter
Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number
7.1
7.2
7.3
7.4
7.5
Preference +securities (description) Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions +Ordinary securities Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks +Convertible debt securities (description)
Number quoted
Issue price per security (see note 3) (cents)
Amount paid up per security (see note 3) (cents)
-
-
-
-
-
-
-
-
-
-
-
-
57,629,001
57,629,001
-
-
-
-
-
-
-
-
-
-
+ See chapter 19 for defined terms. Appendix 5B Page 4
01/05/2013
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report 7.6
7.7
7.8 7.9 7.10 7.11 7.12
Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted Options (description and conversion factor)
Issued during quarter Exercised during quarter Expired during quarter Debentures (totals only) Unsecured notes (totals only)
+ See chapter 19 for defined terms. 01/05/2013 Appendix 5B Page 5
-
-
-
-
-
-
-
-
3,550,000 1,250,000 8,300,000 2,000,000
-
Exercise price 20.0 cents 32.0 cents 23.0 cents 6.5 cents
Expiry date 31 May 2016 21 November 2017 7 September 2018 25 March 2019
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Compliance statement 1
2
This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5). This statement does give a true and fair view of the matters disclosed.
Sign here: Print name:
Date: 29 January 2016 Company secretary Brett Dunnachie
Notes 1
The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2
The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3
Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4
The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
5
Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == ==
+ See chapter 19 for defined terms. Appendix 5B Page 6
01/05/2013
