Manus Island Gold/Copper Project PNG Corporate For personal … · Manus Island Gold/Copper Project PNG • Newcrest has advised the results from the last two holes of diamond core

Quarterly Activities Reportfor the Quarter Ending 31 March 2013

Nambi South Prospect - Redcliffe Gold Project • The Company completed the first phase of RC drilling at Nambi South Prospect with nine of the ten holes

returning anomalous gold intervals from composite sampling, including:

27m @ 3.55g/t inc. 20m @ 4.56g/t

10m @ 1.59g/t inc. 5m @ 2.79g/t

15m @ 1.08g/t

10m @ 1.23g/t

• Mineralisation open at depth.

• Further sampling of single metre splits has been undertaken. Results are awaited.

Manus Island Gold/Copper Project PNG• Newcrest has advised the results from the last two holes of diamond core drilling at Arie copper gold

prospect have been received and included anomalous mineralisation;

AD0002 111m @ 0.10g/t Au, 0.26% Cu from 116m

AD0003 40m @ 0.12g/t Au, 0.48% Cu from 309m

Corporate• Trident Capital has been appointed as corporate advisor to the Company.

• Rights Issue raised approximately $0.65million to fund ongoing exploration and development works.

• Joe Holloway was appointed to the board as Non-Executive Director as of 15 April 2013.

New Project The Company entered into an option over the Tunduru Copper Project in southern Tanzania in a move to

portfolio diversification. Artisanal mining in the area has been exploiting recently discovered high grade copper

mineralisation in a region subjected to little previous exploration. Due diligence is continuing with assays of

samples from the area awaited.

Western Australia Office:Suite 20, Riseley Corporate Centre135 Riseley Street, Booragoon Western Australia, 6154 P: (08) 9315 3339

ASX Code: RCF www.redclifferesources.com.au www.pacrimenergy.com.au

RedcliffeResources Limited

Victorian Office:523 Ligar Street, Ballarat Victoria, 3355P: (03) 5333 3200F: (03) 5333 3650

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Quarterly Activities Report for the Quarter Ending 31 March 2013

2Redcliffe ResourcesLimited

REDCLIFFE GOLD PROJECT

Project Description

The Company’s 100% owned Redcliffe Gold Project (“RGP”) is located 40-70km north-east of Leonora and

around 230km north of Kalgoorlie in Western Australia. The Project tenements cover a substantial strike

length of the Mertondale Shear Zone where currently estimated gold resources of 278,000 ounces have been

discovered in a number of deposits. All of which are contained within granted mining leases.

The focus of activity at RGP has shifted from development of larger targets to higher grade near surface

mineralisation with the potential for short lead time, low cost development to generate cash flow. Prospects

being advanced include 727, Nambi South and Kelly High Grade. Activity in the quarter focused on work on the

Kelly and Nambi South Prospects. A summary of this activity is outlined below.

Kelly Deposit

The gold mineralisation at Kelly has been interpreted to be comprised of a large number of stacked parallel

lodes, moderately dipping to the east. The mineralised zone is approximately 150 metres wide in plan-view

and strikes approximately north. These primary lodes do not appear to be controlled or constrained by the

lithological units, nor the weathering profile and are therefore assumed to be structurally emplaced via brittle

deformation events.

Development Approach

Considering the issues facing the Company in seeking to advance the Golden Terrace South deposit, the

directors are reviewing available options in pursuing mine development. With the advancement of the Kelly

prospect and the nature of mineralisation associated with this prospect options being considered include toll

treatment of a higher grade zone within the deposit and processing options that include heap leach processing

of the larger mineralised system.

A series of selected sample intervals have been retrieved from the coarse reject RC drill samples stored in the

Leonora sample farm and submitted to on site laboratories for analytical and metallurgical test-work aimed

at assessing amenability to gold extraction by heap leaching. Column leach tests are to be undertaken to

determine leach parameters including gold recoveries versus time.

The Company is considering proposals from consultants to assist in this process. If the outcome of the scoping

work is positive it will lay the foundation for the development of an independent gold production facility

potentially capable of processing the multi- million tonne gold mineralisation at Kelly.

The substantial Kelly mineralised shear system remains open in all directions with depth extensions and

potential high grade feeder zones yet to be tested. Planning for deeper drilling to include RC and diamond drill

core holes to target potential high-grade feeders for gold mineralisation and increase confidence in resource

modeling.

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Nambi south pit aND em CoNDuCtor

The Nambi and Nambi South Prospects are located in the northern sector of the RGP tenure, approximately

60km north-east of Leonora, WA. They lie within a granted mining lease where several small open pits were

mined in the early 1990s to produce approximately 90,000 ounces.

Nambi South was the focus of a drilling programme in the quarter as the Company sought near surface higher

grade mineralisation suitable for development in the near term. The Nambi South Pit is a shallow (26m)

exploratory test pit, that is believed to have been excavated in the final stages of the mining operation at the

close by Nambi Pit to investigate an historic RC drill-hole intercept of 30m @ 4.86g/t gold (RERC127).

Redcliffe Resources rock chip sampling within the pit yielded supportive results with 22 samples averaging

5.03g/t, cut channel sampling was then carried out. Located data from this work, with approximated true width

intervals, is shown in accompanying figures and includes:

9m @ 4.74g/t

7m @ 5.32g/t

5.5m @ 4.96g/t

Gold from the main Nambi Pit, was mined from a mylonite shear zone which is a fresh silicified sulphide lode

zone where the pit terminated. The Nambi South Prospect pit is located approximately 400 metres along strike

from the Nambi Pit. It also lies on the projected path of a substantial EM conductor identified by the Company’s

electromagnetic survey.

The Nambi South Prospect RC drilling programme targeted this zone of gold mineralisation with the objective

of outlining extensions potentially exploitable by extending the existing shallow pit.

Zones of gold mineralisation and anomalism were identified by Redcliffe’s RC drilling from composite sampling

and geological observation.

The first phase of RC drilling at Nambi South Prospect consisted of 10 holes for a total of 847 metres for which

composite sample assays have been received. Nine of the ten holes returned anomalous gold intervals and

included the better results of 27m @ 3.55g/t including 20m @ 4.56g/t, 10m @ 1.59g/t, including 5m @ 2.79g/t,

15m @ 1.08g/t, and 10m @ 1.23g/t. High grade mineralisation is open at depth. A full listing of results is shown

on an accompanying table.

Mineralisation in the pit is associated with sheared and mylonitic rocks with limonitic stained oxidation.

The zone narrows to the north into more discrete shear zones in less altered intermediate to mafic schists.

Cardonaceous sediments are recognisable in the wall rocks along with green epidote clays. Drilling intersected

highly foliated mafic and intermediate schists and included zones of strong silicification with accompanying

sulphide mineralisation, often hosted by siliceous black shales.

Following receipt of assay data from the single metre splits, Redcliffe will review results and the exploration

potential in order to accelerate estimation of a quantifiable resource at Nambi South.

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??

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27m @ 3.55g/tinc. 20m @ 4.56g/t

20m @ 0.46g/tinc. 5m @ 1.23g/t

15m @ 0.17g/t

9m @ 4.74g/t

7m @ 5.32g/t

5.5m @ 4.96g/t

4m @ 0.91g/t

4m @ 1.21g/t

15m @ 0.14g/t

10m @ 0.17g/t

5m @ 0.40g/t

5m @ 0.28g/t

8m @ 1.79g/t

30m @ 4.86g/t

5m @ 6.0g/t

30m @ 0.52g/tinc. 10m @ 1.22g/t 10m @ 1.59g/t

inc. 5m @ 2.79g/t

Approx. pit outline

Redcliffe Pit Channel Samples (approx. true width)

Historic RC (position approx. - down hole width)

Redcliffe RC Composite Assays (5m - down hole width)

Intercept labels

0 20m10

REDCLIFFE GOLD PROJECT

Nambi South Prospect Pit Collar Plan April 2013 GDA94 Zone 51

0.1 to 0.5

0.5 to 1

1 to 5

> 5

MineralisationGold (g/t)

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Nambi South Pit RC Drilling 5m composite Assay Results

Hole IDNorth

(m)East (m)

RL (m)

Dip Azimuth

Depth (m)

From (m)

To (m)

Interval g/t Au

NBRC101 6857580 358515 510 -60 090 78 60 70 10m @ 0.17

NBRC102 6857600 358512 513 -60 150 49 5 35 30m @ 0.52

15 25 inc 10m @ 1.23

NBRC103 6857600 358493 521 -55 090 90 35 55 20m @ 0.46

50 55 inc 5m @ 1.23

NBRC104 6857600 358480 521 -55 090 108 60 70 10 m @ 1.59

65 70 inc 5m @ 2.79

NBRC105 6857580 358480 521 -55 090 108 35 55 20m @ 0.91

40 55 inc 15m @ 1.08

NBRC106 6857560 358510 521 -60 090 96 60 65 5m @ 0.40

NBRC107 6857560 358480 521 -60 090 102 – – – –

NBRC108 6857620 358500 521 -55 090 72 45 72 27m @ 3.55

45 65 inc 20m @ 4.56

NBRC109 6857640 358512 521 -55 090 72 40 55 15m @ 0.14

NBRC110 6857660 358520 521 -55 090 72 40 55 15m @ 0.17

Grid GDA94 Zone 51 Coordinates & RLs approx. * Down-hole surveys complete, collar surveys awaited. Samples speared & composited nominal 5m. * Down-hole widths quoted. * Assays Kalassay Leonora 40g Fire Assay Assays above 0.1g/t Au quoted. Bold = +1g/t Au intercepts

358500mE 358580mE358560mE358540mE

520mRL

500mRL

460mRL

480mRL

358520mE

NBRC

108|

0 20m10

Section looking North +/- 10m April 2013 GDA94 Zone 51

0.1 to 0.5

0.5 to 1

Mineralisation

Gold (g/t)

26m

27m @ 3.55g/t(0.5g/t cut)

20m @ 4.56g/t(1.0g/t cut)

Approx. pit outline

Approx. surface

Redcliffe channels in pit (true width)

0.8m @ 17.1g/t 9m @ 4.47g/t 4m @ 1.21g/t

Nambi South Prospect Section 6857620mN

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358500mE 358580mE358560mE358540mE

520mRL

500mRL

460mRL

480mRL

358520mE

0 20m10


0.1 to 0.5

0.5 to 1

Mineralisation

Gold (g/t)

RERC127|

26m

15m @ 4.10g/t(0.5g/t cut)

16m @ 5.39g/t(0.5g/t cut)

Approx. pit outline

Approx. surface


Historic RC drillhole. Position approximate. No downhole survey data.

9m @ 4.47g/t

30m @ 4.86g/t(1g/t cut incl. max

2m consecutive <0.1)

30m @ 4.86g/t(1g/t cut incl. max

2m consecutive <0.1)

+0.5g/t halo+0.5g/t halo

?

?

?

?

358500mE 358580mE358560mE358540mE

520mRL

500mRL

460mRL

480mRL

358520mE

NB

RC

104|

NBRC

103|

NBRC

102|

Oblique hole projected onto section

26m

Approx. pit outline

Approx. surface


0 20m10


0.1 to 0.5

0.5 to 1

1 to 5

> 5

Mineralisation

Gold (g/t)

5.5m @ 4.96g/t7m @ 5.32g/t

30m @ 0.52g/tincl. 10m @ 1.22g/t

+0.1g/t halo+0.1g/t halo

?

?

20m @ 0.46g/tincl. 5m @ 1.23g/t

10m @ 1.59g/tincl. 5m @ 2.79g/t



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aliso, CaNjaDa, aND hortoN

Limited confirmatory soil sampling is to be conducted at these and other anomalies in the region to better

define targets prior to drill testing.

GolDeN terraCe south

While likely to follow lower cost short term target development the strategy of developing the Golden Terrace

South resource continues to be pursued with contact made with mill operators within reasonable trucking

distance (~140km). With the preferred processing pathway to development of this resource being by toll

treatment, the Company is encouraged by indications of increased potential mill availability in the region in the

near future.

OTHER

maNus islaND Copper GolD projeCt (pNG – NewCrest 64.8% paCrim 10%)

Newcrest PNG Exploration Limited (Newcrest), a subsidiary of Newcrest Mining Limited, is manager of the

Manus Island Project Joint Venture. Newcrest can earn a participating interest by funding A$6 million of project

expenditure. Pacrim has a 10% free carried interest to decision to mine.

Results of drilling at the Arie gold copper porphyry target, has returned anomalous mineralisation, including:

AD0002 111m @ 0.10g/t Au, 0.26% Cu from 116m

AD0003 40m @ 0.12g/t Au, 0.48% Cu from 309m

These results suggest that the lower level of a porphyry system has been intersected with limited prospectivity.

Exploration continues at Mt Dremsel where potential for both high-sulphidation and porphyry mineralisation

has been identified.

Reporting Criteria: All intercepts refer to down-hole widths. Intercepts reported are intervals greater than

10m of >0.1g/t Au with up to 21m of internal waste. Au grade reported to two significant figures. Core is

photographed and logged by the geology team before being cut in half. Half core samples are sent for

assay and the other half is retained in the core farm for future reference. Each assay batch is submitted with

duplicates and standards to monitor lab quality. Samples analysed for gold using the fire assay (FA50) technique,

Cu and other elements via ICP OES & ICP – MS 4 Acid Digest).

Hole ID Hole Type Northing

UTM (m)

Easting

UTM (m)

Collar RL

(m)

Total

Depth (m)

Azimuth

(local)

Dip From

(m)

To

(m)

Interval

(m)

Au g/t Cu

%

AD0002 DDH 9,773,717 484,681 117 405.4 32 -61 70.0 94.0 24.0 0.10 0.27

116.0 227.0 111.0 0.10 0.26

252.0 263.0 11.0 0.10 0.45

AD0003 DDH 9,773,770 485,350 150 480.9 210 -63 261.0 274.0 13.0 0.13 0.42

309.0 349.0 40.0 0.12 0.48

Incl. 316.0 327.0 11.0 0.17 1.00

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tuNDuru Copper projeCt

The Tunduru Copper Project in Tanzania was selected as the first step in developing a diversified exploration

portfolio. During the quarter an option agreement was entered into with the project vendors. The presence

of high grade copper in the region has been determined from visual assessment of mineralised material and

through discussions with artisanal miners. The mineralisation appears to be shear zone related and whilst during

the past 18 months there has also been an increase in artisanal activity, previous exploration in the region has

been minimal.

As part of the due diligence process, the Company commissioned a site visit to verify information, gain a

better appreciation of artisanal activity, and open discussions with a number of key interest groups in the area.

Observation showed that artisanal activity is further advanced with one PML holder utilizing IP and shallow

diamond drilling to target continuations of high grade copper zones.

The Company considers that the licence may be prospective for gold in addition to copper. Assay results for

rock chip samples taken during the due diligence visit are awaited.

The due diligence on the project has been extended to May 2013 as the Company works with the vendor to

address a licence boundary matter prior to making a final decision to proceed.

Fosterville reGioNal joiNt veNture (loCKiNGtoN east el4552 viCtoria, paCrim 23%)

No work has been reported by the Operator, Timpetra, in respect to exploration of the joint venture area.

Corporate

Board of Directors

Joe Holloway, being a resident of PNG, was appointed as a Non-Executive Director

Capital Funding Programme

During the March Quarter the Company raised approximately $640,000 through a two for three non-

renounceable rights issue to meet the near term objectives including costs associated with drilling programmes.

mark maine

Executive Director

The information in this report, as it relates to Exploration Results and Resource Estimates, is based on information compiled and/or reviewed by Rodney Foster who is a Member of The Australasian Institute of Mining and Metallurgy. Rodney Foster is the Executive Chairman of the Company. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Rodney Foster consents to the 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 5B Mining exploration entity quarterly report

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 1

Rule 5.3

Appendix 5B

Mining 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

Name of entity

REDCLIFFE RESOURCES LIMITED

ABN Quarter ended (“current quarter”)

63-010-856-014 31 March 2013

Consolidated statement of cash flows

Cash flows related to operating activities

Current quarter $A’000

Year to date (3 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

(200) - -

(191)

(200) - -

(191) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature

received 1 1

1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - -

Net Operating Cash Flows (390) (390)

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)

(390) (390) For

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+ See chapter 19 for defined terms. Appendix 5B Page 2 17/12/2010

1.13 Total operating and investing cash flows

(brought forward) (390) (390)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc. 645 645 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 – Share Issue Costs (25) (25) Net financing cash flows 620 620

Net increase (decrease) in cash held

230

230

1.20 Cash at beginning of quarter/year to date 92 92 1.21 Exchange rate adjustments to item 1.20 - -

1.22 Cash at end of quarter 322 322

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

70

1.24

Aggregate amount of loans to the parties included in item 1.10

-

1.25

Explanation necessary for an understanding of the transactions

Consulting Fees $67 Rent $ 3 $70

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

None this quarter

Financing facilities available Add notes as necessary for an understanding of the position.

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Amount available $A’000

Amount used $A’000

3.1 Loan facilities

0 0

3.2 Credit standby arrangements

0 0

Estimated cash outflows for next quarter

$A’000 4.1 Exploration and evaluation

150

4.2 Development

0

4.3 Production

0

4.4 Administration

120

Total

270

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 12 32

5.2 Deposits at call 310 60

5.3 Bank overdraft 0 0

5.4 Other (provide details) 0 0

Total: cash at end of quarter (item 1.22) 322 92

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

6.2 Interests in mining tenements acquired or increased

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+ See chapter 19 for defined terms. Appendix 5B Page 4 17/12/2010

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)

Nil Nil

7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions

7.3 +Ordinary securities FP Ordinary securities CTG

98,199,832

400,000

98,199,832

Nil

$2.50

Fully Paid

2.5c

7.4 Changes during quarter (a) Increases through issues (b) Decreases through capital reconstruction

21,508,769

-

21,508,769

-

$0.03

Fully Paid

7.5 +Convertible debt securities (description)

Nil Nil

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

7.7 Options (description and conversion factor)

3,883,975 21,508,769

3,883,975 21,508,769

Exercise price

25c 5c

Expiry date

30 Nov 2013 31 Mar 2014

7.8 Issued during quarter

21,508,769 21,508,769 5c 31 Mar 2014

7.9 Exercised during quarter

Nil Nil

7.10 Expired during quarter

Nil Nil

7.11 Debentures (totals only)

Nil Nil

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7.12 Unsecured notes (totals only)

Nil Nil

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 5).

2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 30 APRIL 2013

(Chairman / CEO) Print name: Rodney Foster

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 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.

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Documents

Manus Island Gold/Copper Project PNG Corporate For personal … · Manus Island Gold/Copper Project PNG • Newcrest has advised the results from the last two holes of diamond core