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G
T
Peter Iro
Peter Mc
E: inf
A
Issued Sha
Cash Ba
ABN
Geoff Dono
Jacques Ba
Thomas Hill
onside ‐ No
cIntyre ‐ No
168 S
Western A
T: +6
fo@zamanc
ASX Code: Z
res: 64,550
alance: A$6
34 124 782
Direc
ohue ‐ Chair
adenhorst ‐
l ‐ Exec Dire
on‐Exec Dire
on‐Exec Dire
Head O
Stirling High
Nedla
Australian 6
1 (8) 9423 5
cominerals.
ZAM
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Qufor th
Zamanco Mi
quarterly rep
HIGHLIGHTS
BankableProject co
Geophysiconducte
The apprsubsidiar
the releva
The geoptargets th
Current c
During the Q
as the com
proposed Se
With the ge
commence
increase the
activities inc
of delineatin
During the
trenching for
uartere perioinerals Limit
port for the p
S
e Feasibility
ommenced w
ical survey
ed during the
roval for th
ry has been
ant Zambian
physical surv
hat will be te
cash on hand
Quarter, the
mmencement
erenje Ferrom
eophysical s
and the BF
e level of n
cluding drillin
ng sufficient
March qua
r the propos
rly Acod endited (ASX: ZA
period ended
Study for
with key ten
s over thr
e December
he transfer
received, w
n approval a
veys have i
ested in the
d of A$6.3m
Company fo
t of the Ba
manganese P
surveys com
FS underway
ewsflow rel
ng and trenc
resources to
rter, the fo
sed Serenje F
ctiviting 31 DAM; “Compa
d 31 Decemb
the propos
nders awarde
ree priority
quarter;
of license 1
with more tra
uthority res
dentified a
March quart
and no debt
ocused on th
nkable Feas
Project in Zam
mplete in so
y, the Com
ated to the
hing are abo
o justify the p
ocus will be
Ferromangan
ies ReDecemany”) is plea
ber 2012.
sed Serenje
ed during th
y exploratio
12897‐HQ‐L
ransfer appr
umes its fun
number of
rter;
t;
he exploratio
sibility Stud
mbia.
ome areas,
pany expec
e Serenje pr
out to comm
project.
e on explor
nese Project.
Page 1
eportber 201sed to pres
e Ferromang
he quarter;
on targets
PL to a Zam
ovals to foll
nction;
high‐priorit
on program a
y (“BFS”) fo
drilling abo
cts to signif
roject. Explo
mence with th
ration drillin
.
t 12 ent its
ganese
were
manco
low as
ty drill
as well
or the
out to
ficantly
oration
he aim
ng and
Quarterly Activities Report period ending 31 December 2012
Page 2
ZAMBIAN GEOPHYSICAL SURVEYS
In order to better focus exploration drilling over the Company’s tenements, geophysical surveys were completed over three priority areas. These areas were chosen as there were known manganese outcrops and occurrences.
The geophysical surveys consisted of various types of geophysical methods including ground magnetics, ground gravity, electrical resistivity and conductivity. As there are different manganese mineralisation styles in Zambia, the various methods were employed to determine which gives the best response for each different mineralisation style.
Whilst there were outcrops and trenching data available for the priority exploration projects, the geophysical surveys were used to better map the manganiferous ore zones prior to drilling. Manganese mineralisation in the project areas usually occurs as tabular bodies, however it is known to pinch and swell along strike as well as to have differing down dip extensions. This program was designed to assist the Company in targeting the resource drilling program, which is to commence in the March quarter.
The following section describes the work undertaken and the results at each of the target areas.
Phase I Phase II Tenement Ground Magnetics Ground Gravity Resistivity Conductivity Chinsali Project Yes ‐ ‐ ‐ Kampumba (14340‐SPP)
Yes Yes Yes Yes
Mkushi (15836‐SPL)
Yes Yes Yes Yes
Quarterly Activities Report period ending 31 December 2012
Page 3
Figure 1: Project focus areas in Zambia over the past quarter
Kampumba (14340‐HQ‐SPP)
The Kampumba deposit represents a vein type manganese deposit with manganese mineralisation being concentrated by localised trap sites such as faults. There is a possibility of the traps or pockets repeating on a larger scale.
The Phase I magnetic (TMI) results for Kampumba shows significant magnetic anomalies in the vicinity of the existing pit and outcrop position. There is a very strong magnetic feature located to the south of the existing pit as well as some smaller features towards the north.
MKUSHI PROJECT
Quarterly Activities Report period ending 31 December 2012
Page 4
Figure 2: Kampumba Magnetics (Total Magnetic Intensity)
The Phase II ground conductivity results show increased electrical conductivity in the existing pit east of the exposed manganese veins and also in the area north of the existing pit. The response in mS/m is however very small and increased conductivities may be related to scattered waste rock with high iron content.
The Phase III gravity results featured a prominent anomaly that correlates with the location of the exposed vein and which extends to the east and also south of the existing pit. The anomalous high gravity feature is well‐defined and appears to correlate well with existing mineralisation.
Two Phase II electrical resistivity traverses were done, the first being conducted a few metres north of the vein (perpendicular to strike) and the second that was conducted on the exposed vein (thus parallel to the strike). The resistivity results are characterized by low resistivity anomalies that appear to correlate with the existing vein and its projection to the north.
A number of target areas were developed using the magnetics and gravity data. The Company is proposing a drilling and trenching program that will incorporate a step‐out from the existing open pit as well as reconnaissance testing of the geophysical anomalies.
Drilling at Kampumba is expected to commence in February 2013.
QpQuarterperiod end
Mkushi
The Mkenrichmmanganfor furth
Mkushi The ove
The Phacorrelatelocated the strikalso obs
ly Actividing 31 De
(15836‐HQ‐S
kushi deposment throughese bearing her mangane
appears to rall grade of
ase I magnees with the kto the southke as well asserved.
ities Repecember 2
Fi
SPP)
it is classifih faulting. Thorizons indese enrichme
have a relatf the mangan
etic (TMI) reknown stratih‐west part os to the nort
port 2012
igure 3: Kampu
ed as a stThe presencdicates the pent.
ively low Fenese occurre
esults for Mgraphy. The of the permith‐west of th
umba recomme
ratiform dece of largeprobable pos
e content, wnces in the t
Mkushi showsexisting occt area. Furthehe existing o
ended borehole
posit that r meta‐quarition of a fau
ith a relativetenement is
s a strong scurrence (veier geophysicutcrop wher
e locations
has experiertzitic conglult, which co
ely low magrelatively low
south‐west tns located incal exploratiore anomalou
enced extenomerates aould have act
netic signatuw.
to north‐easn trenches) oon should beus magnetic
Page 5
sive supergdjacent to ted as a cond
ure anticipat
st trend, whof manganese targeted alvariations w
ene the duit
ted.
hich se is ong
were
QpQuarterperiod end
Two areexisting
Area A: not showgravity rresistivit
Area B: correlatecorrelatcorrelatresults, known m
ly Actividing 31 De
Figure 4
eas were invexposure of
The Phase Iw any trendresults showty data was a
The Phase ed with expion and addion with thehowever, shmineralisatio
ities Repecember 2
4: Mkushi Mag
vestigated af manganese
II ground cod that can bewed a more pacquired in A
II conductivpected mineditional grave manganesehow very ston on three p
port 2012
gnetics (Total M
t Mkushi as veins and o
nductivity ree correlated promising hiArea A.
vity results eralisation. Tvity data cole mineralisarong and hiparallel trave
Magnetic Intens
s part of Phutcrop.
esults have awith the anigh gravity a
were disappThe Phase llected at a ation, which gh conductierses.
sity) with existi
ase II invest
a very low rnticipated stanomaly with
pointing witII gravity re2 m stationwas clearlyvity anomal
ing trenches an
tigations wit
esponse as mrike of the mh a south‐we
h no anomaesults also dn spacing alvisible in thies which co
nd Phase II area
th Area B in
measured inmineralisatioest to north
alous featurdid not sholso failed tohe trenchesorrelate very
Page 6
as
n the vicinity
n mS/m and on. The Phas‐east strike.
res that canw any posito show posit. The resistiy well with
y of
did se II No
be tive tive vity the
QpQuarterperiod end
Chinsali
The manintensitythe vein
The Phacontacts
There arpossibleinvestiga
An anomto the kn
ly Actividing 31 De
Project
nganese occy and occurrs along the s
ase I magnets between th
re certain aree increased mation.
malous occurnown vein a
ities Repecember 2
Figure 5: Mkus
currences werence along tstrike.
tic (TMI) resuhe different r
eas with anomineralizatio
rrence (‘B’) lnd should be
port 2012
shi Resistivity s
ere expectedthe 4.5 km s
ults show strrock types.
omalous magon and thes
ocated northe further inve
ections showin
d to be magstrike. There
rong south‐w
gnetic variatie areas sho
h of the outcestigated.
ng correlation w
netic and mappeared to
west to nort
ions (anomaould be targe
crop show ve
with vein mine
ineralisationo be lateral v
th‐east trend
lies ‘A’) whiceted with a
ery similar m
ralisation
n appeared tvariation in t
ds that are a
ch may indicnext phase
magnetic feat
Page 7
to be varyingthe thicknes
aligned with
ate faulting of geophys
tures compa
g in s of
the
and sical
ared
QpQuarterperiod end
It has beat Chinslength owith foll
Due to tresearchregion.
ly Actividing 31 De
een recommsali. Outcropof 2.1km at Clow up geop
the extent oh, the Compa
ities Repecember 2
Figure 6: Tota
mended that fps of mineraChinsali. It is hysics during
of the mangaany is in the
port 2012
al Magnetic Int
further geopalisation of 1planned thag or at the en
anese minerprocess and
tensity image s
physics inclu10‐90m widtt the next phnd of the dri
alisation ided assessing te
showing anoma
ding gravity th (averaginghase of explolling program
entified durinenement con
alous areas at C
and electricg 67m) haveoration will bm.
ng the Geopnsolidation o
Chinsali
cal resistivitye been notebe trenching
physical studopportunities
Page 8
be undertaked over a strg and RC dril
y and histors in the Chin
ken rike ling
rical sali
Quarterly Activities Report period ending 31 December 2012
Page 9
BANKABLE FEASIBILITY STUDY
Zamanco’s management, in association with its consultants, have been investigating and assessing the processing plant requirements for the Serenje Manganese Project for over a year. At each stage of the process, the proposed configuration has been calibrated against the available power, water and resource availability to determine a project that is economically robust and able to be built using these constraints.
The Bankable Feasibility Study (“BFS”) involves the assessment of a number of variables from the objective of minimising risk and maximising project value. During the BFS, several alternative production scenarios will be assessed on the basis of meeting these objectives.
Work to be completed as part of the BFS includes:
Resource Drilling and Estimation – Geophysical surveys have been completed on three priority exploration projects in Zambia with the aim of firming up resource drilling targets. The data from these surveys is currently being interpreted with drilling expected to start in January 2013 with a maiden JORC‐compliant resource estimate to be completed based on these results, if warranted. Further geophysical surveys are scheduled on two other priority targets in Q1 of 2013.
Pyrometallurgical Studies – Following on from the Option Analysis, this study will look in detail at the requirements for the production of medium‐carbon ferromanganese and/or high‐carbon ferromanganese and silica manganese. The study will assess the alternatives of staging the development of the various smelters versus the construction of the plant in one go. Environmental and Process Solutions (“EPS”), based in South Africa, has been appointed to manage the smelter and smelter infrastructure components of the BFS. EPS has extensive experience in ferromanganese smelting and processing, including completing a Pre‐Feasibility Study for Kalahari Resources and the appointment by BHP Billiton for engineering and design of environmental projects at its Meyerton works.
Mining Studies – Whilst the mining studies require a resource block model as a starting point, the mining study will look at the mining equipment and personnel requirements for an open pit mining operation and beneficiation plant for the production of about 200,000t of ore per annum.
Haulage Studies – This study will look at the haulage requirements from the mine to the proposed smelter site at Serenje, as well as haulage requirements to and from Serenje to Beira or Dar es Salaam. It is currently anticipated that 200,000t of ore will be hauled to Serenje and ~66,000t (56,250t of MCFeMn and 9,600t of Si Mn) of product will be trucked to port each year.
Environmental, Permitting and Social Studies – The environmental and social aspects of the study will commence for the Serenje component of the project, with the studies relating to the mine areas to commence once the mining studies are underway. These studies will look at the environmental impact of the proposed activities, ways of minimising disturbance as well as ways to increase the social participation rate for stakeholders in the vicinity of the project.
Economics and Optimal Financing Strategies – It is expected that the BFS will result in at least two different development strategies based on either the construction of the project in one go or as a staged approach with subsequent components financed out of cashflow. In conjunction with project financiers, the Company will assess the route that maximises the benefits and minimises risks for the Zamanco shareholders.
Aurecon Group (“Aurecon”) has been appointed by the Company to prepare the BFS components relating to mining, haulage, environmental, permitting and social studies. Aurecon is a global integrated engineering and mining group with offfices in 25 countries. The Aurecon project team for the Serenje Project is based in South Africa and has significant experience in managing Bankable Feasibility Studies for African mining projects.
Quarterly Activities Report period ending 31 December 2012
Page 10
CORPORATE
Cash Position
As at 31 December 2012, the Company had A$6.3m in cash.
NEXT QUARTER
Following the completion of the geophysical program on the Zambian JV tenements, the Company plans to significantly increase activities in the March quarter including:
Mobilise and commence trenching/drilling at Kampumba and Chinsali; Completion of the signing of Exploration and Mining Access agreements as well as registration of securities over tenement areas;
Continuation of the BFS for the proposed Serenje Ferromanganese Project. Actively pursue the increase of Zamanco’s tenement portfolio through tenements that are currently under investigation.
Should you require further information please contact:
Geoff Donohue Jacques Badenhorst Chairman Managing Director Ph: +61 8 9423 5925 Ph: + 27 82 780 8443 Certain information in this announcement refers to the intentions of Zamanco Minerals Limited, but these are not intended to be forecasts, forward looking statements, or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Zamanco Minerals Limited’s actual results, performance or achievements to differ from those referred to in this announcement. Competent Person Statement The information in this report that relates to Exploration Results including exploration data and geological interpretations within Zambia is based on information compiled by Mr Johann Altenburg du Plessis, an independent consulting Geophysicist. Mr du Plessis is a member in goodstanding of the South African Council for Natural Scientific Professions which is a “Recognised Overseas Professional Organisation” (ROPO). A ROPO is an accredited organisation to which Competent Persons must belong for the purpose of preparing reports on Exploration Results, Mineral Resources and Ore Reserves for submission to the ASX. Mr du Plessis has sufficient experience, which 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 2004 Edition of The JORC Code. Mr du Plessis consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Exploration Targets in this report have been developed based on surface and trenching exploration only at this stage. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. 01/06/2010 Appendix 5B Page 1
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
Zamanco Minerals Limited
ABN Quarter ended (“current quarter”)
54 093 278 436 31 December 2012
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter $A’000
Year to date (6 months) $A’000
1.1 Receipts from product sales and related debtors ‐ ‐
1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration
(692) ‐ ‐
(74)
(1,037)‐‐
(169) 1.3 Dividends received ‐ ‐1.4 Interest and other items of a similar nature
received 26 42
1.5 Interest and other costs of finance paid ‐ ‐1.6 Income taxes paid ‐ ‐1.7 Other (GST) 9 15
Net Operating Cash Flows
(731) (1,149)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets
‐ ‐ ‐
‐‐‐
1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets
‐ ‐ ‐
‐‐‐
1.10 Loans to other entities ‐ ‐1.11 Loans repaid by other entities ‐ ‐1.12 Other (provide details if material) ‐ ‐
Net investing cash flows ‐ ‐
1.13 Total operating and investing cash flows (carried forward) (731) (1,149)
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. Appendix 5B Page 2 01/06/2010
1.13 Total operating and investing cash flows (brought forward) (731) (1,149)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. (net of costs) 3,923 5,625
1.15 Proceeds from sale of forfeited shares ‐ ‐1.16 Proceeds from borrowings ‐ ‐1.17 Repayment of borrowings ‐ ‐1.18 Dividends paid ‐ ‐1.19 Other (provide details if material) ‐ ‐ Net financing cash flows 3,923 5,625
Net increase (decrease) in cash held
3,192 4,476
1.20 Cash at beginning of quarter/year to date 3,116 1,8321.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 6,308 6,308
Payments to directors of the entity and associates of the directors Payments to 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 1.2 112
1.24
Aggregate amount of loans to the parties included in item 1.10 ‐
1.25
Explanation necessary for an understanding of the transactions
• payment of consulting fees to Executive Directors.
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 N/A
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 N/A
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. 01/06/2010 Appendix 5B Page 3
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
1,885
4.2 Development ‐
4.3 Production ‐
4.4 Administration/Corporate 101
Total 1,986
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.
Current quarter $A’000
Previous quarter $A’000
5.1 Cash on hand and at bank 5,088 1,896
5.2 Deposits at call 1,220 1,220
5.3 Bank overdraft ‐ ‐
5.4 Other (provide details) ‐ ‐
Total: cash at end of quarter (item 1.22) 6,308 3,116
Changes in interests in mining tenements Tenement
reference Nature of interest (note (2))
Interest at beginning of quarter
Interest at end of quarter
6.1 Interests in mining tenements relinquished, reduced or lapsed
See attachedSchedule of Tenements
See attached Schedule ofTenements
6.2 Interests in mining tenements acquired or increased
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. Appendix 5B Page 4 01/06/2010
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 Number quoted Issue price per
security (see note 3) (cents)
Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description)
7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3 +Ordinary securities 64,550,000 64,550,000 Fully paid
7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
20,890,000
20,890,000
Fully Paid
7.5 +Convertible debt securities (description)
7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor)
1,000,000 ‐ Exercise price
$0.25 Expiry date
30 June 2013
7.8 Issued during quarter
7.9 Exercised during quarter 20,890,000 20,890,000 $0.20 30 September 2012
7.10 Expired during quarter
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. 01/06/2010 Appendix 5B Page 5
Compliance statement 1 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 4).
2 This statement does /does not* (delete one) give a true and fair view of the matters
disclosed.
Sign here: ............................................................ Date: 31 January 2013
(Director/Company secretary) Print name: PETER R IRONSIDE 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 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, 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 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International
Accounting 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.
== == == == ==
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. Appendix 5B Page 6 01/06/2010
Zamanco Minerals Limited ABN 34 124 782 038
Notes to and forming part of Appendix 5B
Mining exploration entity quarterly report as at 31 December 2012 Note 1 – Mining Tenement Schedule
ZAMBIAN TENEMENTS
1. Mkushi
Tenement Registered Holder or Applicant % Interest held 15836‐HQ‐SPP transfer to Zamanfour pending Jack Stuart Zamanfour Minerals Ltd ‐ 49%
Jack Stuart – 51% 17585‐HQ‐LPL application pending Zamanfour Minerals Ltd Zamanfour Minerals Ltd ‐ 49%
Jack Stuart – 51%
2. Mansa
Tenement Registered Holder or Applicant % Interest held 15817‐HQ‐LPL transfer to Zamantwo pending Jack Stuart Zamantwo Minerals Ltd ‐ 49%
Jack Stuart – 51%
3. Milenge
Tenement Registered Holder or Applicant % Interest held 12897‐HQ‐LPL transfer to Zamanone pending Albert Malama Zamanone Mining Ltd ‐ 80%
Albert Malama – 20% 17584‐HQ‐LPL application pending Zamanone Mining Ltd Zamanone Mining Ltd ‐ 80%
Albert Malama – 20%
4. Evaristo Kampumba
Tenement Registered Holder or Applicant % Interest held 14340‐HQ‐SPP transfer to Zamanthree pending Evaristo Mutambo Zamanthree Minerals Ltd ‐ 49%
Evaristo Mutambo – 51%
5. Serenje/Milenge – (Subject to due diligence)
Tenement Registered Holder or Applicant % Interest held 14553‐HQ‐LPL Edith Lukwesa 100%
6. Chinsali – (Subject to due diligence)
Tenement Registered Holder or Applicant % Interest held 13487‐HQ‐SPP Sunday Sinyangwe 100%
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms. 01/06/2010 Appendix 5B Page 7
7. EML Kabwe – (Subject to due diligence)
Tenement Registered Holder or Applicant % Interest held 7713‐HQ‐SML Epimax Mining Ltd 100%
8. EML Mansa ‐ (Subject to due diligence)
Tenement Registered Holder or Applicant % Interest held 14369‐HQ‐LPL Epimax Mining Ltd 100%