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PROOF OF A DEPOSIT EXISTING
The first exploration of IMP was an intensive surface feature and outcrop mapping process guided by and Induced Polarization survey. That led to the Phase I drilling program using 27 boreholes identifying three vein zones ("N", "M" and "S" in the diagram to the right).
Subsequently, we used a Ground Magnetic Survey to identify more faults (possible veins), including the predicted source of the deposit (called the Anomaly or "Site A"), and a vein zone (called "Site B"), which ultimately led to the Phase II drilling program with 25 boreholes. See Drilling for details.
The clearest proof of the existence of a deposit has been provided by a group of unlicensed outside miners who opened the second cross-vein area of Ore down from the anomaly (see vein "B" adjacent), exposing a rich cross vein with 20% to 30% metal content Ore (65% Pb & 35% Zn) running an estimated 1+ km east to west, and having a width of 1 to 4 meters combined metal per vein zone with a predicted depth of 100 meters based on the Geomagnetic Survey. This vein area was later explored by our team with borehole drilling to confirm the deposit.
Also exposed from the unlicensed mining was a previously unidentified (though predicted) north-south vein of similar Ore running an estimated 2.5 km, with a width of 1 to 3 meters combined per vein zone and related materials with a predicted depth in excess of 100 meters, again with 20% to 30% metal content, according to IMP's geologist. This vein has not yet been drilled and is not included in our inferred resource estimates prepared by our geologist.
Five primary vein zones were identified as having significant Ore held in tight veining structures, with a primary anomaly identified as the initial seismic event that caused the deposit. While this due diligence drilling does not prove the size of the resource nor of the average metal content, it does prove the existence of a significant Lead and Zinc Ore deposit, with a number of assays and metallurgical reports suggesting a high metal content will be found more broadly.
NOTE: The following diagrams and representations are generalizations of two reports provided by PT Anugerah International Mining Services (AIMS), based on two phases of Due Diligence drilling conducted by IMP using AIMS as the lead geological company under management of Miko intended to prove the existence of a significant deposit and its likely metal content, and is not based on a JORC compliant resource estimate. It is a professional opinion based on limited data as provided by AIMS.
A Pb: 5%
B Pb: 9%
ILLEGAL PIT B Pb: 9%
IMP FUTURE EXPLORATION
In November 2018, IMP received its final major mining permit, the land use permit (IPPKH) as granted by the Ministry of Environment and Forestry for 192 hectars.
In the first half of 2019, IMP has been pursuing final licensing and permitting activities, including the "DAS" for river management and tree replacement, and the RKAB mining plan, which must be approved locally, and which requires payment of a Reclamation Bond to be paid into a central fund to ensure that after mining reclamation occurs.
By the end of 2019, IMP MINERALS expects to receive its Export License, and will then begin mining and producing Concentrate Plant, first through a Third Party Treatment Charge Contract, and then through its own purpose built plants at the mine site.
By the end of 2019, once ore sales have begun, IMP will begin a fully JORC compliant exploration program focused on Site B where mining is currently occurring, to be completed by April 2020.
The remaining mineralization zones exploration reports would proceed thereafter in mid-2020, exploring theother identified veins and deposits as well as any other deposits that may later be identified (as shown in dotted blue lines below).
Such drilling, core testing and report writing would last around two years, extending to 100 meters of depth, requiring 200 boreholes (15,000 meters of drilling) and take approximately two years to complete. Combined, these two reports will represent a complete surface level (to 100 meters of depth) JORC compliant exploration report of the mineralization zone.
Once IMP has completed this full surface level JORC report, it will execute a second JORC compliant exploration report targeting deeper deposits below 100 meters targeting the anomaly and larger veins.
CURRENT INFERRED RESOURCE ESTIMATE (NON-JORC COMPLIANT)
As the development team was faced with whether to purchase the IMP mine, its primary question was whether there was a sufficient level of confidence in there being enough Ore to justify the investment. To determine this, the IMP geologist engaged in due diligence exploration that was limited by law to a relatively small number of holes (52) and other non-invasive methods of inferring resource. After such exploration, an illegal mine was established by a third party who was subsequently stopped from mining, but not before creating a pit to extract approximately 15,000 metric tons of Ore. While this illegal action was unwelcome, the positive outcome was to prove the viability of two veins running parallel in Site B that IMP geologists believe will provide sufficient Ore to generate income for the mine sufficient to build the Smelting & Purification Plant near Jakarta Indonesia. On this basis, the development team arranged the purchase of IMP.
Below is a map detailing the vein zones in pink for which AIMS, our geological consultancy, has provided a preliminary inferred resource estimate, based only on approximately 5 km of the vein zone length being partially drilled. AIMS is currently estimating a resource of 1.9 million metric tons for Site B (which will be IMP's first pit, and where the illegal pit was established prior to IMP control by the current owners).
The grey dashed lines indicate either extensions of the possible veins already identified, but which extend beyond 500 meters from the point of an intercept, or faults associated with outcrops that appear likely to be veins but have not been drilled. In the case of the north-south vein in tight grey dots, this vein has been identified at the point where it crosses the Site B veins, but has not been otherwise explored, and is thus represented only conceptually.
For the vein zones that have been explored, metal content varies based on intercept and to produce an expected average of 25% for the partial surface deposit considered in the analysis. Three assays of 2,500 metric tons of Ore that was mined illegally but then confiscated by the current owners at Site B and then moved by the new IMP owners to a nearby jetty for safe keeping, have shown Lead and Zinc metal content ranging from 25% to 29% with a consistent ratio of 35% Lead and 65% Zinc ratio of metals. This has been confirmed by a metallurgical test of the Ore conducted by Shanghai Daiwo mineralogical equipment company, by an assay from Intertek, and an assay from Geoservices on such Ore, all of which produce results in this range.
IMP cautions that while the current resource is directly inferred from drilling and outcrops, the metal content of the Ore remains a rough estimate based on a limited number of assays of boreholes and outcrops throughout the concession. The metal content projection is for the veins ranging in width from 30 cm to 4.2 meters including around 10 cm of surrounding materials on each side of the vein material. During mining, it may be determined that material between veins will be included in the ore delivered to the Concentrate Production Plant, which would increase the Ore quantity but decrease the metal content by diluting the pure vein materials with more surrounding non-metal material.