Ann: Drilling Intersects Sulphides and Magnetite at Sortekap, page-2

https://www.asx.com.au/asxpdf/20210818/pdf/44zfdx8pf7sbgl.pdf

ACN 119 057 457

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
18 August 2021
DRILLING INTERSECTS SULPHIDES AND MAGNETITE
IN FIRST HOLE AT SORTEKAP
HIGHLIGHTS
 Drill-hole SODD001 at the Sortekap Prospect is complete and preliminary
investigations show the following zones of interest:
o From 59.2-112.2m downhole
 2% chalcopyrite
o 121.9-180.0m downhole
 80% magnetite + 5% disseminated sulphide (pyrrhotite + other)
o 180.7-193.4m downhole
 80% magnetite
o From 195.2-196.5m downhole
 30% pervasive sulphide (pyrrhotite + minor chalcopyrite)
o From 200.7-209.8m downhole
 90% magnetite + 10% disseminated sulphide (pyrrhotite + minor
chalcopyrite)
o 214.6-222.0m downhole
 60% magnetite
o 222.0-223.2m downhole
 1% disseminated? pentlandite
o 226.6-234.6m downhole
 2% disseminated? pentlandite
o 234.6-236.7m downhole
 80% magnetite
 The drill-hole targeted an Induced Polarisation (IP) anomaly from a survey
conducted in 2020. The anomaly was satisfied by the presence of sulphide
mineralisation identified at target depth.
 Drilling at SODD002 has commenced, targeting the IP anomaly and located 350m
south of SODD001.
 Drill-hole MIDD007 at the Miki Prospect is complete, having successfully intersected
the Miki Fjord Dyke and zones of copper sulphide mineralisation.
 The aeromagnetic-radiometric survey across the Ryberg Licence area is 100%
complete and has identified numerous areas of interest, some of which will be drill-
tested in the coming weeks.

survey is now 100% complete and has highlighted multiple areas of interest within the
4,521km2 Ryberg Project area.

Longland CEO Thomas Abraham-James said:
“The find at Sortekap is significant, we are seeing multiple styles of mineralisation all in
one drill-hole. The IP survey coupled with surface geochemistry has successfully
guided us to a very prospective location that also happens to have the most
magnetic readings of all the Ryberg Project area – as indicated by the recently
completed regional magnetic survey. This opens up a very large area of interest that
we will now be assessing in earnest.”

Drill-hole SODD001

Drill-hole SODD001 represents the first to ever occur at the Sortekap Prospect, targeting
nickel sulphide mineralisation as seen at surface, and a conductive anomaly seen in
the 2020 Induced Polarisation (IP) survey. The drill-hole intersected complex geology
with preliminary investigations identifying mineralisation in the form of sulphides and
massive magnetite (Fig.7).

The collar of the hole was located on serpentinised ultramafic rock, transitioning to
massive units of magnetite containing ~5-10% disseminated sulphide most of which is
chalcopyrite with subordinate pyrrhotite (Fig.1). The massive magnetite begins at
121.9m where it then persists to 236.7m downhole with intermittent pauses in between,
after which it then only reappears intermittently. Given the geological setting and
preliminary textural analysis, the magnetite is interpreted to be a product of
hydrothermal activity overprinting serpentinised ultramafic rock, with extensive
remobilisation and recrystallisation of metal-rich phases.

Further down the hole the massive magnetite unit contains relic enclaves of
mineralised metavolcanics that host sulphide mineralisation in the form of visible
pyrrhotite and chalcopyrite and other unidentified sulphide minerals (Fig.5). Within the
massive magnetite unit, the metavolcanics reappear and host semi-massive
pyrrhotite, chalcopyrite and possible other sulphide minerals persisting over 1.3m (Fig.2
& 3).

Toward the end of the hole, the magnetite is interspersed with metavolcanics that
have undergone significant hydrothermal alteration, resulting in leaching of the host
metavolcanic rock and mineralised veins containing sulphides and phyllosilicates
(Fig.6).

At 239m the contact between the metavolcanic/ultramafic package and gneiss was
reached. Accordingly, the hole was terminated at 287m downhole and drilling of
SODD002 has since commenced.