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ABN 18 124 462 826
ANNUAL
REPORT
FOR THE YEAR ENDED 31 MARCH 2022
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CONTENTS
DIRECTORS' REPORT ...................................................................................................................... | 13 |
AUDITORS' INDEPENDENCE DECLARATION ................................................................................... | 20 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ........ | 21 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION................................................................. | 23 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.................................................................. | 24 |
CONSOLIDATED STATEMENT OF CASH FLOWS.............................................................................. | 26 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................ | 27 |
DIRECTORS' DECLARATION ............................................................................................................ | 56 |
INDEPENDENT AUDITOR'S REPORT ............................................................................................... | 57 |
ADDITIONAL SECURITIES EXCHANGE INFORMATION ................................................................... | 60 |
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CORPORATE DIRECTORY
DIRECTORS/MANAGEMENT | SHARE REGISTRY | |
Tony Leibowitz | Non-Executive Chairman | Computershare Investor Services Pty Ltd |
John Young | Executive Director | GPO Box D182 |
Neil Biddle | Non-Executive Director | Perth WA 6841 |
Derek Marshall | Chief Executive Officer | AUSTRALIA |
Tel: +61 8 9323 2000 | ||
COMPANY SECRETARY | ||
Bermuda |
For personal use
Apex Corporate Services Ltd.
Vallis Building, 4th Floor
58 Par-la-Ville Road Hamilton HM 11 Bermuda
Australia
(Local Agent and Company Secretary)
Russell Hardwick
REGISTERED OFFICE OF INCORPORATION
Trinity Hall
43 Cedar Avenue
Hamilton HM 12
BERMUDA
REGISTERED OFFICE - AUSTRALIA
130 Stirling Highway
North Fremantle WA 6159
AUSTRALIA
Tel: +61 8 6215 0371
POSTAL ADDRESS
Locked Bag 4
North Fremantle WA 6159
AUSTRALIA
AUDITORS
Hall Chadwick WA Audit Pty Ltd
283 Rokeby Road
Subiaco
WA 6008
WEBSITE
www.trekmetals.com.au
TREK METALS LIMITED | ANNUAL REPORT 2022 | 2 |
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REVIEW OF OPERATIONS
The year to 31 March 2022 has delivered positive progress for Trek Metals Limited ("Trek" or "the Company") across its asset portfolio in the Pilbara region of Western Australia, with the completion of a successful drilling program at the Pincunah Project and reconnaissance and fieldwork programs at the Tambourah and Jimblebar Projects. In addition, the Company secured a new farm-in agreement with Buxton Resources providing an exciting high-impact IOCG exploration opportunity in the Great Sandy Desert.
PINCUNAH PROJECT
Trek completed its maiden Reverse Circulation drilling program at the 100%- owned Pincunah Project (E45/4909), 100km south of Port Hedland, in July 2021, delivering highly encouraging results and highlighting the potential for a large-scale VMS base metal system at Valley of the Gossans (VOG) prospect.
VALLEY OF THE GOSSANS DRILLING PROGRAM
Laboratory assay results from drilling at VOG confirmed the drilling intersected multiple horizons of classic VMS-style mineralisation and alteration, with highly anomalous zinc, copper and silver, plus multiple pathfinder elements indicating a very fertile volcanic environment.
Highlights from the assay results included:
- 88m @ 17.0g/t Ag from 0m VRC001 Inc. 4m @ 223g/t Ag from 20m
- 25m @ 6.70g/t Ag from 112m VRC006 Inc. 3m @ 0.75% Cu from 121m
-
20m @ 4.17g/t Ag & 1.48% Zn from 171m VRC006 Inc. 1m @ 5.99% Zn from 171m &
6m @ 3.76% Zn from 184m - 7m @ 0.99% Zn from 149m VRC008
-
70m @ 7.39g/t Ag from 0m VRC009
Inc. 2m @ 0.40% Cu & 0.2g/t Au from 46m
A three-holefollow-up program was undertaken to further test the base metal mineralised stratigraphy, as well as an Induced Polarisation chargeability anomaly.
Drill-hole VRC023, which was completed to test the IP chargeability anomaly, returned:
- 34m @ 99.8g/t Ag from 66m down-hole, including 10m @ 317g/t Ag from 73m
Given the extent of the surface geochemical anomaly and the encouraging results received from drilling to date, the VOG prospect is a high priority for Trek. The Company is planning to undertake deeper diamond drilling during 2022 given the excellent correlation seen between the modelled chargeability anomalism and the observed mineralisation (Figure 2). Significantly, the chargeability anomaly is modelled to extend and broaden at depth, providing a high-priority deep drill target (Figure 2).
TREK METALS LIMITED | ANNUAL REPORT 2022 | 3 |
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Figure 1: Valley of the Gossans drill collar locations with selected Significant Intercepts, highlighting the recent high grade
silver intercept in VRC023, which was drilled to test the modelled IP chargeability anomaly.
Figure 2: Drill-hole VRC023, drilled to test a chargeability anomaly, returned outstanding silver grades and thicknesses.
Significantly the chargeable response continues at depth, providing a clear drill target
TREK METALS LIMITED | ANNUAL REPORT 2022 | 4 |
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Trek Metals Ltd. published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 04:51:03 UTC.