Member Info for AGEOS

Continuation:

The previously reported DD23COS001, drilled at 60 degrees to the W and intersecting the host sandstones dipping at c60 degrees to the E, confirms a true thickness [the dimension at 90 degrees to the stratification] of c140m for the high grade [ie average 5.76%] TiO2 mineralised sequence. Importantly however, although the average grade below 191m downhole is less than 5% the core-log shows a succession of TiO2 grades in the 6-8% range alternating with others in the 2-4% range down to 300m continuing at 2-3% to bottom-hole at 400m. All of this sequence is described as being within the Beaconsfield Conglomerate Formation. With reference to the high grade sequence alone, with a true thickness of c140m and proven down-dip depth of at least c170m, based on 100m of strike a JORC compliant ore resource of 6.4M tonnes at 2.7 sp gr can be calculated for this single hole. The Beaconsfield has a strike of 9km within this central area so if the high grade thickness of 140m is contiguous with the sandstone lithology an ore resource of c64M tonnes per km is feasible.

What the most recent assays add, in RC hole COS004, is an additional high grade sandstone source 1km west of the DD hole detailed above, which is either a repeat of the Beaconsfield sequence, that to the east having been overthrust in that direction, or is a stratigraphically different sandstone sequence beneath and therefore probably older than the Beaconsfield. If the latter, older deposit, the c200m thick Enokurra Sandstone is most likely as suggested in previous posts. Confirmation of preferential high grade TiO2 mineralisation of the Enokurra would open the possibility of a very substantial ore resource along an 18km strike length southward. The other two RC holes in the central region, COS002 and COS003 confirm c4% grade into the Mount Scratch Siltstone Formation and therefore continuation of TiO2 mineralisation for 4km+ E-W. This is a highly encouraging initial investigation of the central target area.

The remaining two RC holes ie KAD001 and KAD002 both drilled to full depth of 148m assayed at 3.40% and 3.28% respectively, from surface to BH, appear to have been collared in the Mount Scratch Siltstone [low magnetic; low/variable conductive sequence] at the northern limit of the SW target area and 5-6km north of the TOM001 DD hole and subject of the c30M tonne ore resource mentioned earlier. Further RC drill assays are anticipated to expand that high grade resource considerably.

Whilst the above will no doubt be largely incomprehensible to those who have no understanding of the structure and stratigraphy of Pitfield, I hope those who do will be reassured of the continuing positive results from the ongoing drill program.

AGEOS.

The most recent RNS confirms an increase in the potential high-grade TiO2 resource at the central target at Pitfield and announces a significant research alliance with CSIRO, which together with mineralogical test work by AXT Ltd will lead to an indication of the ore processing options and economic assessment of the asset. I have referred briefly to the potential involvement of CSIRO, in several previous posts [eg 11.06.2023 re the TiRO and Tivan+ Processes] , as indicative of the national government's stated policy of “encouraging industry to develop enhanced metallurgical extraction processes for Titanium”. This alone should alert investors to the probability of the Pitfield TiO2 resource being a potential strategic national asset. I need add no more in that regard.

The RNS reference to “a new shallow zone of bedded higher grade TiO2 mineralisation” does however perhaps require further explanation as there is no discussion of the resource consequences arising from this statement on this or any other chat-board, and recent share price movement suggests a lack of understanding of the implications. On 03.12.2023, I posted details of a resource estimate for the diamond drill [DD] hole [TOM001] in the 3 sq km SW target area, of c30M tonnes of ore per 100m of strike length and 420m down-dip, and added that “a comparable calculation can be made for [the DD hole in] the 6sq km target area 12km to the north”. Such a calculation has now been significantly enhanced by these latest assays.

Three of the RC holes reported are within this central area, that of RC23COS004 with 154m @ 5.51% TiO2 from surface and collared c1km west of DD23COS001which intersected 173.3m @ 5.76% TiO2 from 18.6m, being the most instructive. The other two RC holes ie COS002 and COS003 were collared c2.5 – 3km further east and intersected 90m @ 4.02% and 60m @ 3.97% respectively, both from near-surface to bottom-hole, terminated due to unfavourable drilling conditions.

To be continued

Andii, a JORC compliant ore resource for the DD23TOM001 hole of c30M tonnes is derived from 420m [the proven down-dip depth] x 260m [the true thickness of high-grade mineralisation ie at 90 degrees to the stratification] x 100m ['strike' ie the direction at 90 degrees to the maximum dip, and the maximum permitted for JORC calculation, which is 50m each side of the drill plane] x 2.7 [average specific gravity of a mineralised sandstone]; so 420 x 260 x 100 [which gives the total volume in cu.m.] x 2.7 = 29,484,000 tonnes. That c30M tonnes is for 100m along 'strike' so if the mineralisation proves to be continuous and the thickness and down-dip depth is maintained, the resource tonnage increases at the rate of c30M tonnes for every 100m of 'strike'. Apologies for the technical jargon but it is essential for clarification, so hope you can make sense of it.

Thanks for your interest.

Manlord: almost envious of your location and viewpoint for the imminent Empire sunrise.

Continuation:

The assay results from the current RC drills are therefore awaited with considerable interest as they could reveal an even higher grade TiO2 resource than that already identified. That would then presumably be a significant target for the second RC drill program scheduled for Q1 next year and as stated under “Future Work” in this latest RNS, initiate “the beginning of a mineral resource development phase”.

AGEOS

For those who have acquired some understanding of the 3D structure of Pitfield the recent 29.11.23 RNS provides further insight into the likely form of the two high-grade TiO2 targets currently under investigation. This builds on the structural interpretations previously posted.

SB in his comments on page 1 of the RNS states “The easterly dipping sedimentary beds that carry the higher grades come to surface to the west of our DD collars” thus confirming that the two DD holes have the same orientation as the Mnt Scratch DD hole, which from the depth data can be calculated as being at approximately 60 degrees and at azimuth 270 degrees ie due west. This also implies that the stratification of the sandstone host rocks is approximately at 60 degrees inclination at azimuth 90 degrees, ie due east, which conforms with a 58 degree due east field record from 1979 by the W Australia Geol Survey.

From the above data it is possible to calculate that the true thickness [ie the metric at 90 degrees to the stratification] in the SW DD hole [DD23TOM001], of the “297m @ 6.10% TiO2 from 111m downhole” is approximately 260m, and if proven by current RC drilling to continue to surface and subsequently proven to extend in depth beyond the 420m down-dip metric established by this DD core, provides the basis for estimating ore tonnage once a strike length is determined within the 3sqkm target area. An indication of the anticipated tonnage can however be calculated even at this early stage, on the assumption that JORC compliance could be based on a 100m wire-frame 3D model which assumes continuity of mineralisation for 50m along strike each side of the drill-plane. For the SW DD hole, that produces an ore tonnage of c30M on the basis of 2.7 sp gr, That tonnage would be repeated for every additional 100m of mineralisation along strike assuming the other metrics remain constant. A comparable calculation can be made for the central 6 sq km target area 12km to the north, on the basis of the DD23COS001 core log.

Whilst the above begins to provide some indication of the potential resource in the two target areas it should be borne in mind that the host sandstones within the Beaconsfield Conglomerate Formation will be deltaic or estuarine in origin and therefore likely to vary in thickness along strike and may be discontinuous. It should also be noted that the TiO2% in both DD cores was remarkably consistent and uniform thus indicating that the mineralisation is strongly controlled, presumably by the permeability of the sandstone. Since only 3 assay samples from the two cores exceeded 10% [10.31, 10.38 & 10.54] it is also highly likely that the ongoing RC drill program will intercept other sandstone horizons from which the numerous 10 -20% TiO2 rock-chip samples reported in the 12.11.23 RNS originated. In a 13.11.23 post I suggested that the stratigraphically adjacent c200m thick Enokurra Sandstone might host such an ultra high grade resource.

To be

Correction paragraph 3: at 2.7 sp gr. End of a tiring week!!

ML you can add to your list of positives from the cruxunvestor interview, Shaun's reference to having a “target product of $2000 per tonne not $300 per tonne”. That is as good as saying that the mineralogy supports “synthetic rutile grade” which was the basis of my 14.09.23 calculations, reiterated on 14.11.23. I quoted the $2500 per tonne value at which this feedstock was selling in the US in Q2 2023 during a depressed market [it has hit nearer $5000 per tonne in the EU at times] and concluded:

“Based on these criteria 1M tonnes of Pitfield ore would produce [26,225 tonnes @ 95% TiO2] synthetic rutile grade feedstock valued at $65.5million, which implies a forward value of many billions of dollars for the potential total feedstock resource.”

If the 9sq km of the central and southern high grade areas alone are developed, that equates to 2.43 billion tonnes of ore at 2.43 sp gr [sp gr of average mineralised siltstone] for every 100m of depth mined.

I'm not so naïve as to believe that such calculations are generally accepted, even less understood, since they are rarely if ever quoted by others, or challenged, as an incorrect 6.48M tonnes instead of 648M tonnes for the Mt Scratch area in a 06.06.23 post should have been. However, perhaps today's interview will help alter that perception. As SB intimated, the scale of this potential resource is almost beyond comprehension let alone calculation.

AGEOS.

Kongolasse, in response to your post of the 15th, although I agree it would be useful to have comparative costs for extraction and processing of the TiO2 component, the fact that Pitfield is unique in many respects and is still within the 'discovery phase' of development with far too many 'unknowns', renders this difficult if not impossible to achieve at this stage. Several West Australian V/Ti/Fe hard-rock projects for which I have detailed information do provide some comparative data which I may post when and if appropriate. In the meantime it is perhaps best to await the imminent information flow due from the company from which the project 'development curve' and anticipated costings should become clearer.

My expectation is that EEE will not be directly involved in advancing the development curve to “processed feedstock” production as it is a highly technical and customer specific production process which often involves the blending of concentrate feedstock from different sources each with different chemical characteristics. The characteristics of the Pitfield TiO2 [assumed to be primarily from ilmenite FeTiO3] has still to be ascertained and will determine for which feedstock process, sulphate, chloride or synthetic rutile it is most suited. I posted details of the “synthetic rutile grade” production process for, as stated “illustrative purposes”, as a means of providing an indication of potential value of the Pitfield resource translated into “processed feedstock”.

I anticipate that EEE will restrict its involvement in development of the Pitfield TiO2 mineral resource up to the stage when it signs a take-off agreement with one or more chemical processing companies, with which it has previously cooperated in bulk testing of concentrates from processed ore. The extraction, crushing/screening and milling/gravity-separation of ore to produce a marketable concentrate is likely to be undertaken locally, under contract, with parallel or subsequent planning and pilot-plant testing for an on-site concentrator plant, thus keeping initial capital investment requirements to a minimum. There are two sale points within this development curve, sale of crushed/screened ore and sale of concentrate. If the scale and characteristics of the mineral reserve is such that the Australian Government sees it as being of strategic national interest, that economic model might be upgraded significantly as the TiRO Process referred to in my 14.11.23 post might come into play.

Whilst not providing precise answers to your questions as posed, I hope this response is of some relevance at least.

AGEOS.

Kongolasse, thanks for your appreciative response. I will try and answer your queries during the weekend.

To clarify. My reference in yesterday's post to “synthetic rutile grade” does not imply that I am assuming that the Pitfield titanium mineralogy is such that it will necessarily be subject to the Becher process [ an Australian patented process] or the consequent product applications as outlined in the wikipedia page which has been posted as a source. I placed the words in inverted commas and referred to my post of 14.09.23 for details, as in paragraph five I describe for illustrative purposes, the calculations leading to a valuation of the resource based on ore processing leading to a marketable “feedstock” equivalent to “synthetic rutile grade” [ie 95% TiO2] as titanium feedstock of equivalent grade is traded internationally as “synthetic rutile grade”.

For those unable to access paragraph five of the 14.09.23 post it is copied below:

For illustrative purposes, 1M tonnes of ore @ 5% TiO2 grade [>10% is possible within the core] equals 50K tonnes of unprocessed feedstock, which if of ilmenite with 50% TiO2 [the Yandanooka HM Sands ilmenite contains >55% TiO2] would ideally produce a “processed feedstock” at “synthetic rutile grade” of approximately 26,225 tonnes @ 95% TiO2. Feedstock of equivalent grade has been selling in the US at around $2500 per ton during Q2 2023 in what was described as a depressed market. Based on these criteria 1M tonnes of Pitfield ore would produce synthetic rutile grade feedstock valued at $65.5million, which implies a forward value of many billions of dollars for the potential total feedstock resource.

For further clarification. In a 11.06.23 post mainly relating to aspect of the Australian titanium industry, I wrote the following: “in accordance with national policies of reducing exports of critical minerals especially to China and of maximising the processing and utilization of such materials in-country, industry is developing enhanced metallurgical extraction processes for Titanium including two developed by, or in association with, CSIRO [Commonwealth Scientific & Industrial Research Organization] in Australia.” One of those, the TiRO Process produces Ti [Titanium in powder form] at very high purity, and at greater efficiency and reduced operating and capital cost when compared to the industry standard Kroll Process. There are however many other processes, some still under development in what is a very complex and fast moving field of industrial development much of it aimed at reducing the cost of titanium metal production and thereby increasing its potential applications.

It is not until exhaustive metallurgical tests of the potential mineral ores from Pitfield are completed that it will be possible to determine which of these feedstock production processes is most appropriate..

AGEOS

PS. Jeligknight if you wish to copy this to the “other chat-site” do so.

Continuation:

As discussed in my 01.10.23 post, Pitfield hosts a regional scale probably two-phase mineral province of which titanium prospects may only be part. The two high-grade TiO2 prospects must take priority but assessment of the regional potential for other localised mineral concentrations will not be neglected.

AGEOS

On 07.11.23 in a post entitled 'Pitfield RC drilling', I gave details of the proposed RC drilling program at Pitfield as disclosed in a drill-hole location map included in the October Presentation, and commented on possible implications which could be drawn from superimposing this data onto a geological map of the region. In particular I noted the concentration of drilling in the central area east of the historical Baxter copper mines, and both on and within the vicinity of, the Thomas property in the SW. With regard to the latter I suggested that “excessively high” TiO2 values might be a factor influencing the concentration of 13 drill locations around the DD hole [DD23TOM001]. That it is the sandstone component within the Beaconsfield Conglomerate sequence which hosts the highest intensity Fe-Ti mineralisation in both that and the central DD bore-hole, is an interesting feature, as the stratigraphically adjacent Enokurra Sandstone is c200m thick and could therefore provide a significant increase to the high-grade resource.

Today's RNS [and SB interview] confirms that the next RC drill program is indeed targeting “two new high-grade TiO2 drill targets covering 3 sq km and 6 sq km”, the former in the central area, the latter in the SW, and both strongly evidenced by recent rock-chip sample analysis in addition to the DD core XRF measurements. With release of the assay geochemical data and associated “mineralogy, grades and geological controls interpretation” from the DD cores, it should be possible, utilising a preliminary stratigraphic and structural model, to estimate approximate potential ore resources for the two areas and on that basis calculate a potential “processed feedstock” at “synthetic rutile grade” [95% TiO2] as detailed in my 14.09.23 post. Although still 'early days' it is these two areas which on present evidence have the potential for large scale opencast mining of the TiO2 resource, albeit within a regional scale mining prospect.

Whilst today's RNS understandably prioritises these two high-grade TiO2 areas which as SB states, reinforces the view “that we have discovered a primary titanium asset of perhaps unparalleled size and scale”, there is much more of potential significance within this update. It is Andrew Faragher who compiles the content of these reports and as a fellow geologist I note that he is very astute in his choice of technical input. On page 4 he reiterates reference to local elevated copper and zinc values after stating “local areas with appreciable quartz veining are present, particularly along the eastern flank of the regional geophysical anomaly, broadly correlating to the gravity high domain.” I indicated on the 7th Nov that a few RC holes might have objectives additional to confirmation of TiO2, including Cu/Ag near Mt Scratch and Cu 1-2km east of the Baxter Mine, but today's reference is to additional areas along the eastern flank of the high-gravity zones.

To be co

Manlord, yes receiving you. Have just arrived and read today's RNS. Good to see TiO2 grades of 10%+ confirmed as anticipated in 2 areas. Will maybe post later this evening or tomorrow. Any specific questions from you or anyone else?

Jeligknight, yes ok to copy with acknowledgement, anytime. Thanks for your interest.

The latest, October Presentation, includes on page 15 a map which shows the location of the holes for the next RC drill program due to begin shortly. From this it appears that 5 holes are widely scattered in the area around Mount Scratch in the north, 19 are within the 10 x 4km central zone east of the Arrino and Baxter historical copper mining region, and 27 in an 8 x 2km area in the SW, from the Thomas property northwards. Superimposing this data onto an interpretative geology and structural map of the region it is possible to infer limited conclusions regarding the potential inherent in this program.

Of the Mount Scratch vicinity holes, 2 are c2km south of the group of maiden RC holes and thus apparently testing the southward continuation of the Mount Scratch Magnetic TiO2 unit, whilst the other three holes are 2-4km NE within an extension of the high density core coincidental with the Mount Scratch Siltstone unit. At least one of those three appears to be on or near a thrust fault, the potential significance of which, with regard to Cu/Ag mineralisation, I outlined in paragraph four of my 01.10.2023 post.

Of the 19 holes within the central 10 x 4km section, at least 8 appear to be testing the southward continuation of the Mount Scratch Magnetic TiO2 unit and 6 appear to target the high density core along the eastern margin and again coincidental with the Mount Scratch Siltstone low magnetic/low-variable conductivity unit. Interestingly 2 or 3 holes appear to target the Beaconsfield Conglomerate, stratigraphically below the Mount Scratch Magnetic unit and west of the high density core, whilst a further 3 appear to be aligned along a localised unit of the Enokurra Sandstone, mapped by field-geologists in 1984 as age-equivalent to the Beaconsfield. These holes, west of the high density core will not only test for continuation of the TiO2 regional mineralisation but, being 1-2km east of the historical Baxter mines, will also be a test for copper accumulation albeit at a higher stratigraphic level.

The preponderance of holes in the SW is somewhat unexpected but with 13 of those within 1-2km of the second priority diamond drill hole, on the Thomas property, it implies that there is more significance to the results from that DD hole than was disclosed in the most recent October 25th RNS. The titanium mineralisation was confirmed from visual inspection of the cores, hosted by conglomerate and sandstone, but unless excessively high in TiO2, it is possible that the assays will reveal more. Of those 13 holes, 8 appear to be within the Mount Scratch Magnetic unit and 4 in the Mount Scratch Siltstone. North of that 13 hole group there are a further 7 targeting the Mount Scratch Magnetic unit, presumably primarily aimed at testing continuity of TiO2, and 5 within the Beaconsfield Conglomerate and Enokurra Sandstone which again I suspect are as much testing for copper as for titanium.

With RC drilling due soon there is much to anticipate.

AGE

As the 18.09.2023 RNS “Drilling update for Cottesloe Project” provided information sufficient to construct a 3D structural model of the system, it is possible from that to estimate the potential ore tonnage which is targeted by the ongoing drilling program. NE-SW cross-sections through the syncline, as shown in figure 4 [section A] and figure 5 [section B] indicate the “target zones” within the “Pyritic Black Shale” horizons, whilst figure 6 [section C] provides data confirming the SE extension of the target zone primarily into a synclinal substructure on the northern limb of the main syncline. The map shown in figure 3 confirms a further SE continuation of the target zones mainly within the Pyritic Black Shale and concentrated in the closing axial-plane of the syncline.

The targeted zone is therefore approximately 3000m [NW-SE] x 800m [section A] tapering down to 600m near the closure of the syncline, ie 2.1M sq/m in area, and if we accept the thickness as shown in sections A and B as 60m average, the total target zone volume can be estimated as 126M cu/m. Calculating the tonnage is more problematic. However, the 01.11.2023 RNS referring to assays, indicates a base metal sulphide ore with a specific gravity of around 4.0, which assumes an average somewhere in the mid-range for hydrothermal base-metal sulphide ores. On that basis the target zone comprises approximately 500M tonnes of ore.

In comparison, as of 2022 Nifty [Cyprium Metals Ltd] had 79M tonnes of sulphide ore [total measured, indicated & inferred but 95M/t including oxide and chalcocite and the Maroochydore [Cyprium] copper/cobalt prospect had in 2016, a JORC estimate of 48M tonnes of oxide/ sulphide ore [total M+I+I]. From that the potential value of a multi-element base-metal mineral system at Cottesloe should be apparent to all and providing the initial assay results are at least maintained and the target zone is proven with ongoing drilling, that value should be eventually reflected in a substantially higher market capitalization than is current, and that is irrespective of Red Setter.

AGEOS.

Jeligknight,

yes, I have held shares in EEE for a year. The number varies but always well within a 7-figure total.

For information: the automatic cut-off to my initial attempts at posting was the character which means "up to the value of", very strange since the character meaning "greater than the value of" is apparently acceptable.

Continuation:

The precise age of formation of the Yandanooka sediments is not known but it can be inferred that they post-date the c1083-1024 Ma [million years] age Pinjarra Orogeny during which time the underlying Mullingara rocks were formed, and probably pre-date the Leeuwin Orogeny of c780-515 Ma which may be the time when the Yandanooka rocks were compressed E-W into a syncline. Hydrothermal Fe-Ti mineralisation may also date from the Leeuwin Orogeny, either contemporaneous with or later than the compressive phase, fed either from the Darling Fault [ active for c2.5 Ga (billion years) and c20km in depth] or from the Yandanooka-Cape Riche Lineament. The latter also known as the SWSZ [south-west seismic zone] is a NNW-SSE oriented zone of earthquake epicentres, the most active in Australia, which intersects the Darling Fault at the Yandanooka Basin. The SWSZ is interpreted on the basis of seismic refraction profiling to be a crustal-scale NE dipping suture zone of thrust faults extending down through the rocks of the Yilgarn Orogen into mafic/ultramafic rocks at over 30km depth. Decompression melting of those mafic-ultramafic rocks during the Leeuwin Orogeny could have provided the primary source of the Pitfield Fe-Ti mineralisation.

For those unfamiliar with geological processes and the huge scale, both in mass and time, which they encompass, this account as well as being a challenge to understand may also seem to be of little relevance to the Pitfield prospect. The context of what is outlined here is after all that of the breakup of the ancient continent of Rodinia and the reassembly of some of those components into the super-continent of Gondwana, events spanning half a billion years. Perhaps the statement by the Chairman in Fridays RNS will however support the adoption of such a context, ie “Pitfield is now thought to have the potential to develop into one of the largest primary titanium mineral deposits ever discovered.”, a potential which will we hope begin to unfold in the coming months.

AGEOS.

Continuation:

High gravity/ high density anomalies also do not necessarily imply Fe-Ti alone. Other metals, including Cu and Ag, which as I mentioned in a 18.09.2023 post was identified by CRA in a copper/silver 7km N-S anomaly in the south, along the western boundary, are a distinct possibility. The copper/silver association is further evidenced by discovery of “a malachite bearing silicified breccia rock-sample from near Mt Scratch with 17.88% Cu and 125.48 g/t Ag” associated with a 4km N-S Cu-Ag anomaly south of the historical Cu workings. If the silicified breccia is of tectonic origin it suggests the possibility of mineralisation along one or more of the N-S thrust faults which cut through this area, a target presumably for the phase 2 Q1 2024 RC drill program.

With regard to the Fe-Ti mineralisation event, the primary origin of most deposits of this kind in the world, is the result of late stage magmatic differentiation of anorthositic or mafic-ultramfic magmas, hence the almost exclusive occurrence of Fe-Ti deposits [with mineralogy of titanomagnetite, ilmenite, silicates +/- apatite] within layered igneous rock complexes. For regional scale Fe-Ti mineralisation of the Yandanooka sedimentary-rock basin to have occurred it is inferred that a fractionated liquid rich in Fe and Ti must have migrated into the basin from such a magmatic source. However such magmas are known to be of extremely deep origin, often associated with interaction of mantle plumes and melting of the lithospheric mantle at tens of kilometre depth. The Yandanooka Basin has never been buried at anything approaching such extremes. Given this huge disparity between depth of primary origin and depth of mineralisation, the most likely mechanism of emplacement appears to be that of hydrothermal remobilization, involving capture, concentration and transport of the Fe-Ti by hot aqueous fluids subsequent to their original formation.

To be continued