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 QUARTERLY REPORT
Period ending 30 September 2014
ASX RELEASE
For personal use only
21 October 2014
HIGHLIGHTS:

ASX Code: DRM
Issued Capital
(30 September 2014)
165.8M outstanding Shares
10.5M unlisted Options
o
o

Substantial Shareholders

Peter Alexander
Non-Executive Chairman
o
o
o
Allan Kelly
Managing Director
o
Jay Stephenson
Non-Executive Director
Leigh Junk
Non-Executive Director

Judy Reserve replaces depletion from first year production
Further potential for future mine life extensions identified
Active exploration and business development programs
o
BOARD
18,265oz produced with record quarterly mill throughput
C1 cost of $773/oz and AISC of A$1,384/oz
Improvements in head grade and costs
Average gold price received A$1,508/oz
Stage 2 Open Pit permitting and approvals on track
Andy Well Resource and Reserve update
o
o

387 days LTI-free at Andy Well
No mining/processing-related LTI’s since commencement of
construction in November 2012
Andy Well gold production and costs in line with guidance
o
o
o
o
o
52Wk Share Price Range
$0.47 - $1.10
Directors/Management – 7.1%
SG Hiscock – 7.1%
Renaissance Asset Mgt – 6.3%
Colonial – 5.9%
Top 20 – 63.4%
Excellent safety record continues at Andy Well
Deep diamond drilling extends Wilber Lode by at least 200m
below current mine plan
Northern Murchison drilling campaigns
Purchase of Gnaweeda gold project announced
Maiden Horse Well JV drilling campaign completed –
diamond drilling intersects major gold bearing structure
Two soil anomalies identified for drill testing at Nuckulla Hill
Strengthening the Balance Sheet
o
o
o
Net debt (Debt Balance – DSRA) reduced to $12M
Hedge book contains 40koz @ A$1,505/oz equating to approx.
50% of 2015FY production forecast
$18.3M Cash and gold on hand (ex DSRA)
Peter Lester
Non-Executive Director
1
Units
Sept Qtr
oz
18,265
A$/oz
773
A$/oz
1,384
oz
18,962
Revenue from gold sales
A$M
28.6
Average price received
A$/oz
1,508
Gold produced
1
Cash Operating Cost (C1)
2
All-in Sustaining Cost (AISC)
Gold Sold
Includes mining, processing, site admin and refining costs less silver credits 2
As per World Gold Council guidelines ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Doray Minerals Limited (ASX: DRM, “Doray”, “the Company”) is pleased to announce its Quarterly
Activities Report for the period ended 30 September 2014.
The September Quarter’s gold production from Andy Well was 18,265 ounces with C1 cost of $773/oz and
All-In Sustaining Costs (AISC) of A$1,384/oz. A record total of 73,835 tonnes of ore were milled during the
Quarter with a head grade of 7.82g/t.
For personal use only
Doray’s Managing Director, Mr Allan Kelly, said the September Quarter gold production and costs were in
line with guidance forecasts for 2014-15.
“Doray continues to meet both its production and cost forecasts and is pleased the Quarter also produced
record mill throughput,” Mr Kelly said.
“Doray sold 18,962 ounces during the Quarter, at an average gold price received of A$1,508 per ounce,
producing revenue from gold sales of A$28.6M.
“Net debt was reduced to $12M, which is now repayable over 12 months to September 2015.”
Mr Kelly said production for 2014-15 financial year was expected to be in the range of 77,000-85,000oz,
with forecast average cash operating costs (C1) in the range of A$700-800/oz.
“The increase in forecast operating costs, compared with the 2014FY, results from lower grade material
being mined from underground in the second year, as predicted in the 2012 BFS,” he said.
“This increase in costs will be partially offset during the second half of the financial year by mining and
processing of high-grade ore from the Stage 2 Open Pit.”
During the Quarter, improvements in dilution control resulted in an increase in the head grade and a
subsequent decrease in operating costs.
During the Quarter, the high-grade Judy Lode Resource was converted into an initial Ore Reserve and
Doray announced an updated Resource and Reserve increasing the Resource inventory at Andy Well by
75,000 ounces, replacing the depletion of mining over the past 12 months.
“The maiden high-grade Judy Lode Reserve effectively replaces the depletion from the first year of
underground mining at Wilber,” Mr Kelly explained.
“This is a great result for the Company and we have identified further potential for future mine life
extensions. Recent drilling identified the potential for substantial depth extensions to the Wilber Lode
Resource and a third high-grade gold Resource within the Suzie Zone,” he said.
“Deep diamond drilling extended the Wilber Lode by at least 200m below the current mine plan and drilling
campaigns in the northern Murchison were also active. The maiden Horse Well JV drilling campaign was
completed with diamond drilling intersecting a major gold bearing structure.”
“The Quarter confirmed that Doray is delivering on stated gold production and costs, and is active in its
exploration programs which are providing significant potential to extend mine life at Andy Well. The
Company remains in a strong position and looks forward to providing further updates on exploration and
production success,” Mr Kelly said.
During the Quarter, Mr Peter Lester was appointed as a Non-Executive Director to the Doray Board. His
corporate and business development experience will complement the Board as the Company enters its
next period of growth.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 1. ANDY WELL GOLD PROJECT
The Andy Well Gold Project is located approximately 45km north of Meekatharra, in the northern
Murchison region of Western Australia and is the first new gold operation in the Murchison in over 10
years. Doray commenced mining and site works in November 2012 with first gold production in August
2013, approximately 3.5 years after the initial discovery of the high-grade Wilber Lode gold deposit in
March 2010.
For personal use only
The Company is targeting production in the order of 75,000-80,000 ounces per annum from Andy Well.
The discovery of depth extensions to the Wilber Lode and numerous parallel mineralised structures
provides confidence that the Project will surpass the initial 3.7 year mine life indicated in the Bankable
Feasibility Study (“BFS”).
1.1. Safety
The Andy Well Gold Project incurred no Lost Time Injuries (“LTI”) during the Quarter, and had achieved
387 consecutive days without an LTI to 30 September 2014. The Project has had no mining-related
LTI’s since the commencement of construction and mining in November 2012.
1.2. Wilber Lode Underground Gold Mine
During the Quarter, ore was hauled and processed exclusively from the high-grade Wilber Lode
underground gold mine. The Company continued with underground development and stoping to both
northern and southern panels of the Wilber Lode, as well as preparing for mining of the Stage 2 Open Pit
cut-back during the 2015 financial year.
Mining and Development
The Wilber northern decline advanced down to 1157RL, 283m below surface, with the southern decline
accessing Wilber ore lode south of the central dolerite dyke also advancing down to 1266RL, 174m
below surface (Figure 1). Mining through the central dyke from the north, approximately 100metres
below the current southern workings, started by month end in order to open up more areas for stoping.
Table 1. Summary of mine physicals for Sept Quarter.
Units
Sept Qtr
Underground Ore Mined
t
77,735
Underground Ore Grade
g/t
7.41
Contained gold
oz
18,531
Development drives were deepened to 6.5m deep by 3m wide replacing drives previously mined at 4m
deep by 3m wide. These were subsequently benched below the drives using development jumbo rigs in
order to place cemented rock fill (CRF) sill pillars below each level. Where geological faults and
structures occur adjacent to the ore veins, CRF sill pillars have proved successful in strengthening local
ground support required to decrease unplanned stoping dilution.
An updated geological model was completed during the quarter and used to reschedule the mining plan
for ore extraction from the Wilber Lode. This model incorporated the experience of the thickness and
grade variability and underground engineering conditions encountered during the first year’s production.
The plan also takes into account the increased milling capacity achieved through debottlenecking the
processing plant so that forecast gold production can be achieved even if more tonnes are required to
be treated as a result of unplanned dilution.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 1. Wilber Lode underground progress as at 30 September 2014.
1.3. Stage 2 Open Pit
Recent grade control drilling of the future Stage 2 Open Pit, combined with the experience from mining
the Stage 1 Open Pit, suggests the near surface lens of high grade ore contains more ounces than
forecast within the original BFS model.
Approvals to amend the original Mining Proposal submitted during FY14 and to approve the required
Project Management Plan for this work are expected early in October.
A tender process has commenced to appoint an open pit contractor to commence mining during the third
quarter.
A small length of the Great Northern Highway, adjacent to the pit area, will be realigned to allow this
open pit to proceed. Preliminary approval was received and final documentation submitted to the Main
Roads WA in order for this roadwork to be carried out starting early in the second quarter. Tenders for
the realignment were received and a preferred contractor appointed.
1.4. Processing and Gold Production
Gold production came from stoping of ore from the northern panel of the Wilber Lode, down to 1315RL,
and from the very high-grade “hanging wall” lode down to 1255RL. Development continued within the
southern panel in preparation for commencement of stoping.
A total of 75,817 tonnes were crushed during the Quarter at a rate of 66.9 tonnes/hr. A record total
73,835 tonnes were milled during the Quarter at a rate of 34.6 tonnes/hr (well above design capacity)
with availability of 98.9% and a reconciled mill head grade of 7.82g/t.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Recoveries continued to be very high with 79.1% recovered from the gravity circuit out of a total gold
recovery of 98.1%.Reagent consumptions continued generally at or below budgeted rates.
Table 2. Summary of Production for September Quarter.
Units
Sept Qtr
tonnes
73,835
Head grade
g/t
7.82
Recovery
%
98.1
Gold recovered
oz
18,203
GIC change
oz
-62
Gold produced
oz
18,265
A$M
14.1
Cash Operating Cost (C1)
A$/oz
773
Royalties
A$M
1.2
C1 plus royalties
A$/oz
840
Depreciation/Amortisation
A$M
9.2
C2 Cost
A$/oz
1,276
Total Production Costs
A$M
24.9
Total Cost (C3)4
A$/oz
1,366
All-in Sustaining Cost (AISC)5
A$/oz
1,384
oz
18,962
Revenue from gold sales
A$M
28.6
Average price received
A$/oz
1,508
For personal use only
Ore processed
Cash Operating Costs
3
Gold sold
1.5. Production and Cost Guidance for FY2015
Gold production and costs achieved during the Quarter were in line with forecasts for 2014-15.
Improvements in mining methods resulted in improved monthly operating costs (Figures 2 and 3) and an
average cash operating cost of A$773/oz for the Quarter. Average All-In Sustaining Costs (AISC) were
A$1,384/oz.
Doray expects production for 2014-15 financial year to be in the range of 77,000-85,000oz, including
approximately 14,000 ounces from the Stage 2 Open Pit. Forecast average cash operating costs (C1)
for the 2014-15 financial year will be in the range of A$700-800/oz. The increase in forecast operating
costs, compared with the 2014FY, results from lower grade material being mined from underground in
the second year, as predicted in the 2012 BFS. This increase in costs will be partially offset during the
second half of the financial year by mining and processing of high-grade ore from the Stage 2 Open Pit.
3
Includes mining, processing, site admin and refining costs less silver credits Includes depreciation and amortisation of mining development, royalties, net bank charges and attributable corporate costs 5
As per World Gold Council guidelines 4
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 8,000
1,800
1,691
1,600
7,000
1,426
6,000
1,400
1,200
For personal use only
5,000
1,111
1,000
905
4,000
812
800
3,000
637
2,000
600
400
1,000
200
0
0
Jul
Aug
gold produced
Sep
AISC
cash cost - C1
Figure 2. Monthly improvements in operating costs.
9.0
8,000
8.10
7,000
8.26
7.04
6,000
8.0
7.0
6.0
5,000
5.0
4,000
4.0
3,000
3.0
2,000
2.0
1,000
1.0
0.0
0
July
Aug
gold produced
Sept
head grade g/t
Figure 3. Monthly improvements in head grade.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 2. EXPLORATION AND NEW BUSINESS
For personal use only
Doray has an exploration tenement portfolio covering a total of approximately 4,000km2 in both Western
Australia (WA) and South Australia (SA). In the northern Murchison Region of WA, Doray is actively
exploring for gold mineralisation which has the potential to provide additional near-term development
opportunities for the Andy Well Gold Project. The Company continues to explore for large, stand-alone
development opportunities over its entire exploration portfolio in WA and SA.
2.1. Andy Well Exploration
2.1.1. Andy Well Footwall Corridor
Final results have been received from the Andy Well Corridor RC drill program drilled during the June
2014 quarter (see Figure 4 below). Drilling was designed to test the prospective structures identified in
the footwall to the Wilber and Judy Lodes. In the context of the broad spaced drilling over the majority of
the target area, results received to date are considered encouraging, with confirmation that the various
structures host gold mineralisation over a significant strike length. Significant intersections returned
include:


MNRC311 – [email protected]/t Au from 51-52mdh (Suzie Zone North)
MNRC309 – [email protected]/t Au from 283-284mdh (Suzie Zone North)
Infill drilling is planned along strike from MNRC311 which is interpreted to represent the northern
extension of the Suzie mineralised structure.
Drillhole details, along with significant intersections, are tabulated in Appendix A to this report, with
relevant technical details summarised in the attached JORC Code Table 1.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 4. Andy Well Project – Footwall Corridor RC Drilling.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 2.1.2. Suzie
For personal use only
During the quarter, five diamond holes were drilled to target the down dip extension of the Suzie Zone
mineralisation and following up on a previous RC intersection of [email protected]/t Au including [email protected]/t
Au (previously reported in the June 2014 Quarterly report) (Figure 5).. All 5 holes successfully
intersected the targeted Suzie structure with significant results including:



MNDD148 – [email protected]/t Au from 319.8-320.3mdh
MNDD150 – [email protected]/t Au from 413.5-414mdh
MNDD149 - [email protected]/t Au from 494-494.8mdh
The Suzie Zone is the third high-grade gold deposit to be discovered by Doray at Andy Well and is
located parallel to the Wilber Lode, currently being mined, and the Judy Lode, which contains a second
high-grade gold Reserve.
Figure 5. – Suzie Zone – Long section with recent diamond drilling results
The Suzie Zone is interpreted to continue to the south and is hosted within a similar structural setting to
that seen at the Judy South deposit. Drilling is currently being planned to test the southern extension
within an area that has not been previously explored. Drillhole details, along with significant intersections,
are tabulated in Appendix A to this report, with relevant technical details summarised in the attached
JORC Code Table 1.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 2.1.3. Resource and Reserve Update
Doray announced an updated Resource and Reserve during the Quarter, increasing the Resource
inventory at Andy Well by 75,000 ounces and replacing the depletion of mining over the past 12 months.
For personal use only
Additionally, the high-grade Judy Lode Resource was converted into an initial Ore Reserve and replaces
the first year of underground production from the Wilber Lode (ASX announcement on 6 August 2014).
Potential for substantial depth extensions to the Wilber Lode Resource and a third high-grade gold
Resource within the Suzie Zone have also been identified by recent drilling.
Total Mineral Resources at Andy Well are now estimated at 1.273 Mt @ 10.8g/t Au for 440,000
contained ounces. The revised Resource includes a re-estimation of the Wilber Lode deposit,
incorporating an increased understanding of the orebody after 12 months of mining as well as relevant
increased data density in parts.
This process has resulted in an increase in the Wilber Lode Resource of approximately 55,000 ounces
effectively maintaining the current high-grade underground Resource inventory of Andy Well at the preproduction level.
In addition, the increased data density in the currently active mining areas has allowed classification of a
higher-grade portion of the in-situ Wilber Resource into the Measured category for the first time.
Approximately 78% of the updated Wilber Lode Resource is now classified as “Measured and Indicated”.
Table 3. Doray Mineral Resource Inventory – 30 June 2014
Measured
Indicated
Inferred
Total
Tonnes
Grade
(g/t)
Ounces
Tonnes
Grade
(g/t)
Ounces
Tonnes
Grade
(g/t)
Ounces
Tonnes
Grade
(g/t)
Ounces
Andy Well Wilber
89,000
23.2
67,000
369,000
15.1
179,000
203,000
10.5
68,000
662,000
14.8
314,000
Andy Well –
Judy
-
-
-
405,000
7.6
99,000
206,000
4.1
27,000
611,000
6.4
126,000
TOTAL
RESOURCE
89,000
23.2
67,000
774,000
11.2
277,000
409,000
7.3
95,000
1,273,000
10.8
440,000
Note: Wilber Lode reported above a 0.1g/t Au, Judy Lode reported above 0.0g/t Au. Upper cut-off
grades vary, and are documented in JORC Table 1 (Wilber – attached; Judy - ASX release 6/8/14).
Rounding errors may occur. All Mineral Resources are inclusive of those used to determine Ore
Reserves.
Total Ore Reserves at Andy Well are estimated at 797Kt @ 8.6g/t Au for 220,000 contained ounces.
The updated total Reserve inventory encompasses a depletion of the in-situ Wilber Reserve due to
mining of the stage 1 open pit and underground depletion up to 30 June 2014.
The maiden high-grade Judy Lode Reserve effectively replaces the depletion from the first year of
underground mining at Wilber (ASX announcement on 6 August 2014).
Longer term, and scheduled within the current mine design, Doray expects the mine life will be extended
by mining additional underground Inferred Resources which are not included within the updated
Reserves as shown in Table 4.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Table 4. Doray Ore Reserve Inventory – 30 June 2014
For personal use only
Proven
Probable
Total
Tonnes
Grade
(g/t)
Ounces
Tonnes
Grade
(g/t)
Ounces
Tonnes
Grade
(g/t)
Ounces
Wilber - Open Pit
Stage 2
-
-
-
28,000
15.3
14,000
28,000
15.3
14,000
Wilber Underground
-
-
-
566,000
8.2
148,000
566,000
8.2
148,000
Judy Underground
-
-
-
203,000
8.8
58,000
203,000
8.8
58,000
TOTAL
RESERVE
-
-
-
797,000
8.6
220,000
797,000
8.6
220,000
Note: Open Pit Reserves are based on a nominal 1.4g/t Au lower cut-off grade. Rounding errors may
occur. Judy Reserve details can be found in the ASX announcement on 6 August 2014.
Several near-term targets exist for immediate extensions to the Resource and Reserve base at Andy
Well, through extensions to existing deposits. As illustrated in Figure 6 below, the revised Resource
estimate for the Wilber Lode, in conjunction with the ongoing diamond drilling campaign at the Wilber
Deeps target has highlighted several immediate targets for extensions to the current Resource and
defined Reserves:



The area of the Wilber Lode between 19450mN and 19700mN, and below 200m depth, has
highlighted a significant pod of mineralisation within the southern end of the Wilber Lode
Resource at a grade of +10g/t Au, equating to approximately 38,000ozs at an average grade of
20.2g/t Au (Indicated and Inferred only). This zone has not been evaluated as part of the
current Ore Reserve and subsequent underground mine design.
As reported to the ASX on the 6 August 2014, the current diamond drilling targeting the depth
extensions of the Wilber Lode has returned the first intercept from MNDD159 of 0.9m @ 57.0g/t
from 762.9mdh. Further results for this drilling will be released upon completion and receipt of
assays. As the current Ore Reserve finishes at the base of the Indicated Resource boundary
(see Figure 4), Doray is confident that with increased drilling in the Inferred portion of the Wilber
Lode and below, that the grade and width of mineralisation currently being mined will continue
at depth, allowing for further extensions to the underground mine life.
Work on the recently discovered Suzie Zone, located immediately east of the Judy Lode, is
continuing. Work being planned will focus on extensions to the known mineralisation, with the
aim of increasing the strike of defined mineralisation and enabling estimation of a maiden
Mineral Resource.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 6. Wilber Mineral Resource Estimate 2014, long section view.
Note the area estimated outside of the Inferred Resource boundary is not of sufficient confidence level
to allow classification according to the JORC Code (2012) and hence is not included in the Wilber
Mineral Resource.
2.1.4. Wilber Lode Extensional Drilling
During the Quarter, Doray commenced a six hole diamond drilling programme aimed at increasing the
depth of data coverage below the current Resource and current mine plan for the Wilber Lode deposit.
This programme was designed to test three identified depth extension target zones below the current
Resource with two holes each, testing a total depth of approximately 250m below previous drilling, or
greater than 700m below surface.
As at the end of the Quarter, five of the six planned holes had been drilled (see Figure 2). The target
structure has been intersected in all of these holes, with the intersections demonstrating the same
geological characteristics as material currently being mined from the Wilber Lode.
The results of the first hole, MNDD159, were received during the Quarter (see ASX release 6 August
2014), and returned an assay result of:

0.9m @ 57.0g/t Au from 762.9-763.8m.
Core processing and assaying of the remaining drill holes was still in progress as at the end of the
Quarter.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report This result from MNDD159 is considered highly significant, as it confirms the persistence of high-grade
mineralisation in the Wilber Lode at significant depth below the current mine plan, and thus the potential
for an extension to the current Ore Reserve and mine life at Wilber, which is the current mainstay of
mining activities at Andy Well.
2.2. Northern Murchison Exploration
For personal use only
Abbotts Project (E51/1277, E51/1043 Doray 100%)(E51/1334 Doray 80%)
Regional Aircore Drilling
Regional-scale, broad spaced aircore drilling across numerous previously untested or poorly tested
structural targets within the Abbotts Project area is ongoing with several significant intervals returned this
Quarter. To date, 416 holes have been completed for a total of 25,586 m, constituting approximately
90% of the first pass program. Infill drilling will follow once all results are returned, compiled and
interpreted.
Figure 7 below, along with Table 5, show the best of the intervals returned to date from the Jasper Star,
Garden Gully and Abbotts North areas. No results of significance have been returned so far from
Abbotts South or Abbotts West.
Table 5. Significant intercepts from the Abbotts Project regional aircore drilling programme.
Hole ID
Easting
Northing
RL
Dip
/Azimuth
Total Depth
(m)
From
(m)
To
(m)
Interval
(m)
Au Grade
(g/t)
JSAC013
643850
7068900
500
-60/090
102
56
57
1
12.35
JSAC014
643750
7068900
500
-60/090
102
32
33
1
0.51
61
62
1
1.37
88
90
2
2.69
JSAC029
643800
7068400
500
30
31
1
0.96
JSAC039
642799
7068398
500
54
55
1
0.68
JSAC041
642601
7068396
500
15
16
1
0.52
JSAC048
643300
7067400
500
57
58
1
0.53
JSAC050
643070
7067397
500
-60/090
133
127
128
1
1.23
JSAC057
643605
7067902
500
-60/090
117
65
66
1
1.04
JSAC066
642620
7067907
500
-60/090
89
68
74
6
1.42
Including
68
70
2
3.63
JSAC097
644590
7069902
500
-60/090
67
45
46
1
1.15
GGAC012
646150
7070299
500
-60/090
47
36
37
1
0.56
GGAC024
646271
7069294
500
-60/090
38
39
1
0.54
40
43
3
0.59
24
26
2
5.07
57
58
1
0.51
GGAC028
645855
7069305
500
-60/090
92
GGAC029
645750
7069300
ANAC017
640051
7069303
500
-60/270
100
84
85
1
1.08
ANAC018
640161
7069298
500
-60/270
97
47
48
1
1.81
64
65
1
3.09
78
79
1
0.84
83
89
6
3.03
86
89
3
5.46
93
94
1
0.57
-60/090
Including
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Hole ID
Easting
Northing
RL
Dip
/Azimuth
Total Depth
(m)
From
(m)
To
(m)
Interval
(m)
Au Grade
(g/t)
ANAC041*
640177
7069300
500
-60/270
127
84
92
8
2.06
112
116
4
0.83
For personal use only
Note: Intervals reported above 0.50 g/t Au with a maximum of 2m internal dilution.
Gold determined by Fire assay on single metre samples except as indicated (* - 4m composite samples
Au determined by ICP-MS using an Aqua Regia digestion).
Bourke’s Find Project (M51/831, M51/530 Doray 100%)
Drilling was completed at two prospects within the Bourke’s Find Project area. A total of 61 holes for
4992m were completed at the Golden Bracelet and Stillsons Prospects.
Golden Bracelet Prospect
The Golden Bracelet Prospect is based around a small shaft and associated workings. Historical drilling
indicated the potential for shallow, low-moderate grade Au mineralisation (Figure 8).
Deeper aircore holes recently drilled by Doray returned a number of significant intersections that suggest
the potential for a small resource to be delineated at Golden Bracelet remains. Further work including
additional aircore and RC drilling, is warranted.
Stillsons Prospect
Drilling at the Stillsons Prospect did not return any significant intervals and no further work will be
conducted.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 7. Abbotts project regional aircore drilling plan with significant intervals.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 8. Bourke’s Find project – Golden Bracelet Prospect significant intervals
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Table 6. Significant intercepts from the Bourke’s Find Project (Golden Bracelet Prospect) aircore drilling
programme.
Easting
Northing
RL
Dip
/Azimuth
Total Depth
(m)
From
(m)
To
(m)
Interval
(m)
Au Grade
(g/t)
GBAC002
660473
7048976
500
-60/270
84
22
23
1
11.58
GBAC003
660505
7048982
500
-60/270
87
61
63
2
3.62
GBAC008
660441
7049061
500
-60/270
87
45
50
5
2.33
GBAC009
660478
7049051
500
-60/270
120
25
28
3
1.97
GBAC011
660506
7049045
500
-60/270
103
78
79
1
4.64
GBAC018
660479
7049121
500
-60/270
130
55
56
1
1.21
64
66
2
2.87
113
114
1
2.65
For personal use only
Hole ID
GBAC020
660556
7049128
500
-60/270
94
34
38
4
2.32
GBAC021
660592
7049121
500
-60/270
114
20
21
1
1.17
65
66
1
1.07
29
30
1
1.40
41
42
1
2.04
51
52
1
1.61
59
60
1
2.19
73
75
2
1.21
59
65
6
1.11
GBAC027
GBAC031
660474
660589
7049175
7049172
500
500
-60/270
-60/270
90
102
Note: Intervals reported above a lower cut-off of 1.00 g/t Au with a maximum of 2m internal dilution.
Gold determined by Fire assay on single metre samples.
2.3. Regional Exploration
2.3.1. Horse Well JV (Doray earning up to 80%)
Dusk til Dawn Prospect (E69/2492)
Diamond Drilling
Diamond hole ACDD001, was collared between two previously drilled RC holes in order to increase the
understanding of the style and nature of alteration, mineralisation and structure within the Dusk til Dawn
system and to inform the subsequent aircore drilling program.
ACDD001 intersected an “envelope” of highly anomalous gold along much of its length with a semicontinuous interval of 120m @ 0.60 g/t Au being returned from 105-225m (Figure 9).
Mineralisation was accompanied by strong shearing and potassic alteration including biotite, feldspar,
quartz and pyrite and was hosted in both the meta-sedimentary package and also the accompanying
granitic intrusives, similar to the Crack of Dawn prospect to the south.
Structural data from ACDD001 indicates that the hole was drilled oblique (approximately 0450) to a
major gold bearing shear that could be a feeder to a significant gold deposit along the granite contact
further to the northwest. The structure is at least 50m in true thickness, has a northwest strike and subvertical dip.
Further details can be found in the ASX release dated 10/09/2014.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 9. Dusk til Dawn Prospect, Cross Section 263,200mE, looking east.
Aircore Drilling
Aircore drill testing at Dusk til Dawn to the northwest, along strike from ACDD001 has now been
completed. This program was part-funded through an Exploration Incentive Scheme (EIS) grant from the
Western Australian Government. Three lines were completed immediately northwest of ACDD001 at
approximately 200m intervals with holes collared “top to tail” along the lines in order to achieve 100%
drill coverage. A total of 64 holes were drilled for 2908m.
Many of the holes intersected strongly foliated intermediate volcanics adjacent to the granite contact,
with significant pyrite, biotite and silica alteration observed. Samples have been submitted for analysis
with results still pending.
Regional Program (E69/2492, E69/2820, E69/2765)
Aircore Drilling
As part of the EIS funded drilling programme, a series of traverses were completed more regionally,
targeting the granite contact on either side of the intrusion as well as a significant apparent
demagnetised target to the east of the main granite intrusion. A total of 83 holes for 4264m were drilled
(For further details of these targets refer to the DRM announcement of the 10/09/2014).
Significant alteration has been identified in chips on the eastern contact with mafic and ultramafic rocks
intersected adjacent to the granite with biotite, chlorite, pyrite and silica alteration prominent.
Drilling across the demagnetised target to the east indicated that talc-chlorite schists were dominant with
the subdued magnetic response possibly due to the interaction of carbonate dominated fluids with
serpentinised ultramafic rocks. These types of fluids are common during metamorphism but are also
typical in many hydrothermal systems that form gold deposits in the Yilgarn.
Assay results from the regional aircore program are pending.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 2.3.2. Central Gawler, South Australia
Nuckulla Hill
For personal use only
Doray has now completed surface geochemical sampling on all areas of regolith deemed amenable
within the Nuckulla Hill Project area. Sampling involved the collection of fine fraction material from
approximately 100mm – 200mm below the surface. This work followed on from orientation studies
completed during 2013 to determine the effectiveness of this method of sampling in the region.
Samples were initially collected on a nominal 400m x 100m grid with areas of anomalism infilled,
typically to 100m x 50m. The material was sieved in the field (however, where the sample was wet due
to rain, samples were sieved by Genalysis at the Adelaide Sample Prep facility) and the samples
analysed by a proprietary method by Genalysis Laboratory Services in Perth (details appear in JORC
2012 Summary Table 1 below).
Two significant anomalies have been defined as a result:
The Bluebush Prospect soil anomaly (Figure 10) is approximately 150m x 1400m N-S and is located
within a flexure in the same structure that hosts the Bimba Prospect 8km to the north. The Bluebush
anomaly peaks at approximately 7-10 times background (7.89 ppb Au). A single N-S line of shallow RAB
drilling was completed by previous workers in the vicinity of the southern end of the Bluebush anomaly.
This drilling targeted a magnetic feature and does not directly test the soil anomaly.
The Mulga Prospect soil anomaly (Figure 10) is situated approximately 4km to the south and along
strike from Bluebush. The anomaly is approximately 250m x 600m, peaks at 10 – 12 times background
(up to 8.9 ppb Au) and is truncated to the south, at its widest point, by overlapping aeolian sand dunes.
The regulatory and Native Title approvals processes are now underway to allow drill testing of these two
prospect areas and other, smaller anomalies.
2.4. Business Development
Doray maintains an active business development program and examined a number of potential
tenement, project and corporate-scale opportunities during the Quarter.
The program has so far resulted in the purchase of the majority interest in the Gnaweeda Gold Project
and negotiation of the Horse Well JV.
Gnaweeda JV Project Purchase
During the Quarter, Doray announced it had executed an agreement to purchase a majority interest in
the Gnaweeda Gold Project JV (“Gnaweeda”), located in the Northern Murchison region of Western
Australia. Doray will purchase 88% of the project for $500,000 and has the right to earn up to 100% of
the project (see ASX release 16 July 2014).
The Gnaweeda Project covers a largely buried greenstone belt located approximately 10 kilometres
south-east of Doray’s high-grade Andy Well Gold Mine (Figure 11), which is currently in production..
Exploration for gold mineralisation at the Project has been carried out by various companies since the
mid-1980s, including Dominion Mining Ltd, Newcrest Mining Ltd, Helix Resources Ltd, Teck and
Archean Star, with most explicitly targeting a stand-alone gold operation. The recent commissioning of
Doray’s nearby Andy Well Gold Mine has significantly altered the strategic importance of the Gnaweeda
Project. Several existing prospects have been identified and will be targeted by Doray’s exploration team
in the near term, with a view to delineating potential satellite mining operations for the Andy Well project.
To date, extensive gold mineralisation has been identified by previous explorers at two main prospects:
“Turnberry - St Annes”; and “Bunarra”.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 10. Nuckulla Project – Bluebush and Mulga Prospect soil anomalies
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Figure 11. Location of Gnaweeda Gold Project in relation to Andy Well.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 3. TENEMENT HOLDINGS
Table 3.1 Tenement Summary
For personal use only
Tenements Granted
Tenements Acquired
/Applied for
Tenements Relinquished
Tenement
Doray Interest
EL5457
EL5466 (Renewal of EL4302)
E51/1658
E51/1659
EL2014/179
P51/2891
P51/2892
P51/2893
P51/2894
P51/2895
P51/2896
P51/2897
P51/2898
P51/2899
P51/2900
P51/2901
P51/2902
P51/2903
P51/2904
P51/2905
EL5294
P21/696
P21/697
P21/698
P21/699
P21/700
E21/135
E21/139
E31/154
E51/1594
E51/1595
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 4. CORPORATE
4.1. Financial

For personal use only





Doray sold 18,962 ounces during the Quarter, at an average price received of A$1,508/oz,
producing revenue of A$28.6 million.
Doray’s cash position at 30 June 2014 was approximately $18.5 million; including $5 million
restricted cash in the Debt Service Reserve Account (“DSRA”) associated with the project finance
facility.
During the Quarter, the Company made a debt repayment of $2 million and transferred $16 million
from the DSRA to the project finance facility. The outstanding debt balance as at 30 September
2014 was $17 million with $5 million in the DSRA, resulting in a “Net Debt” position of approximately
A$12 million. The final $12 million of debt is repayable over 12 months, until September 2015.
Doray is not required to make any further transfers to the DSRA and it will now remain at $5 million
until the debt is fully repaid.
Doray made an “anniversary of commercial production” payment to BHP Billiton of $0.5 million
during the Quarter. The payment relates to a pre-existing royalty obligation to WMC Resources Ltd
upon commencement of production. Two further payments of $0.5 million are payable, one each in
Sept 2015 and 2016.
During the Quarter, Doray delivered 10,215 ounces into the hedge book at approximately
A$1,620/oz. Doray’s hedge book has 39,651 ounces from 1 October 2014 to 31 Sept 2015 at
A$1,505/oz. The mark to market value of this hedge book at 30 September 2014 was approximately
A$4.9 million.
Doray commenced discussions with a number of banks during the Quarter regarding conversion of
the remaining project finance facility balance to a more flexible corporate-style debt package.
Table 4.1 Significant non-production cash payments for the Quarter
Item
A$M
Debt repayment
2.0
Transfer from DSRA to Project Finance Facility
16.0
Exploration Expenditure
3.2
Production anniversary payment to BHPB
0.5
TOTAL
21.7
Table 4.2 Summary of cash, inventories and Net Debt at 30 Sept 2014
Item
A$M
Unrestricted Cash
13.5
Restricted Cash (DSRA)
5.0
Inventories (gold on hand)
4.8
TOTAL
23.3
“Net Debt”
(Debt Balance – DSRA Balance)
12.0
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report 4.2. Marketing and Investor Relations

Doray conducted an investor site visit to Andy Well during the Quarter and presented at the AMEC
Convention, Diggers and Dealers Mining Forum, The Precious Metals Summit and Denver Gold
Forum.
At the AMEC Convention, Managing Director Allan Kelly and former Director Heath Hellewell were
named the 2014 winners of the AMEC “Prospector Award” in recognition of the discovery of the
high-grade Wilber Lode gold deposit at Andy Well.
For personal use only

4.3. Board Appointment
During the Quarter, Doray announced that Mr Peter Lester had been invited to join the Board as a NonExecutive Director.
Allan Kelly
Managing Director
For further information, please contact:
Allan Kelly
Managing Director
Doray Minerals Limited
+61 (08) 9226 0600
[email protected]
Margie Livingstone
Associate
AMN Corporate
About Doray Minerals Limited
Doray Minerals Limited (ASX: DRM) is a high grade gold producer from its high-grade Andy Well Gold
Project in the northern Murchison region of Western Australia. Doray commenced production at Andy
Well in August 2013, approximately 3.5 years after the discovery of the high-grade Wilber Lode gold
deposit.
Doray has a strategic portfolio of gold exploration properties within WA and South Australia and each
presents multiple discovery opportunities. The Company's Board and management team has a track
record of successful discovery, development and production.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Competent Person Statements
For personal use only
The information in this announcement regarding Doray’s Mineral Resources or Ore Reserves has been
extracted from the Doray ASX announcement dated 25 September 2014 and is available on the Doray
website at www.dorayminerals.com.au or through the ASX website at www.asx.com.au (using ticker
code “DRM”). Doray confirms that it is not aware of any new information or data that materially affects
the information included in the original market announcement and that all material assumptions and
technical parameters underpinning the estimates in that market announcement continue to apply and
have not materially changed. Doray confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original market announcement.
The information in this announcement that relates to Exploration Results at Andy Well is based on
information compiled by Mark Cossom. Mr Cossom is a full time employee of Doray Minerals Ltd and is
a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Cossom has sufficient
experience, which is relevant to the style of mineralisation and type of deposit under consideration, and
to the activities, which he is undertaking. This qualifies Mr Cossom as a “Competent Person” as defined
in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves’. Mr Cossom consents to the inclusion of information in this announcement in the
form and context in which it appears. Mr Cossom holds shares and options in Doray Minerals Ltd.
The information in this announcement that relates to Exploration Results for Regional Exploration is
based on information compiled by Brad Drabsch. Mr Drabsch is a full-time employee of Doray Minerals
Ltd and is a Member of the Australian Institute of Geoscientists (AIG). Mr Drabsch has sufficient
experience, which is relevant to the style of mineralisation and type of deposit under consideration and
to the activities which he is undertaking. This qualifies Mr Drabsch as a “Competent Person” as defined
in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves’. Mr Drabsch consents to the inclusion of information in this announcement in the
form and context in which it appears. Mr Drabsch holds options in Doray Minerals Ltd.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report Appendix A
Table 1. Drillhole Summary Table – Andy Well Drilling, September Quarter 2014
For personal use only
Hole ID
MNDD148
MNDD149
MNDD150
MNDD151
MNDD152
MNDD153
MNDD154
MNDD155
MNDD156
MNDD156W1
MNDD157
MNDD158
MNDD159
MNRC301
MNRC302
MNRC303
MNRC304
MNRC305
MNRC306
MNRC307
MNRC308
MNRC309
MNRC310
MNRC311
Easting
Northing
RL
667086
667015
667079
667172
667076
667057
667001
667174
667096
667096
666891
666828
667174
667804
667740
667613
667549
667747
667705
667652
667598
667556
667450
667676
7097006
7097077
7097155
7097202
7097298
7098165
7098222
7098367
7098445
7098445
7097943
7098007
7098365
7097172
7097236
7097363
7097427
7096946
7096988
7097041
7097094
7097137
7097243
7097299
483
483
483
483
482
480
480
479
479
479
481
480
479
483
483
483
483
483
483
483
483
483
483
483
Dip/
Azimuth
-60/135
-60/125
-60/125
-60/135
-60/135
-60/135
-60/135
-60/130
-60/130
-60/130
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
-60/135
Total
Depth
376.06
525.9
500.2
393.83
545
798.5
900
51
297.3
950
799.2
948.96
801.95
285
249
249
255
201
213
213
249
297
183
320
And
MNRC312
MNRC313
667393
667422
7097653
7097625
483
483
-60/135
-60/135
243
183
320.3
494.8
414.0
370.4
512.1
Interval
(m)
0.5
0.8
0.5
0.8
1.1
762.9
763.8
0.9
71.0
72.0
1.0
283.0
284.0
1.0
51.0
52.0
1.0
20.65
3.89
7.89
0.86
0.22
Pending
Pending
NSA
Pending
Pending
Pending
Pending
57.0
NSA
NSA
NSA
NSA
NSA
NSA
1.84
NSA
13.63
NSA
41.58
Suzie
70.0
71.0
1.0
1.08
Judy
Judy
140.0
141.0
1.0
1.20
Target
Suzie
Suzie
Suzie
Suzie
Suzie
Wilber
Wilber
Wilber
Wilber
Wilber
Wilber
Wilber
Wilber
Kirsty
Margaret
Suzie
Suzie
Kirsty
Kirsty
Kirsty
Margaret
Suzie
Suzie
Suzie
From
(m)
319.8
494.0
413.5
369.6
511.0
To (m)
Au Grade (g/t)
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Judy
163.0
164.0
1.0
And
667446
7097600
483
-60/135
129
Judy
63.0
64.0
1.0
MNRC314
667422
7097554
483
-60/135
123
Judy
43.0
44.0
1.0
MNRC315
Judy
69.0
74.0
And
5.0
Judy
69.0
70.0
including
1.0
667398
7097589
483
-60/135
183
Judy
130.0
131.0
1.0
MNRC316
Judy
141.0
143.0
And
2.0
Judy
141.0
142.0
including
1.0
667365
7097611
483
-60/135
231
Judy
193.0
194.0
1.0
MNRC317
Judy
197.0
200.0
3.0
And
Judy
197.0
198.0
1.0
including
667365
7097540
483
-60/135
207
Judy
149.0
150.0
1.0
MNRC318
667397
7097508
483
-60/135
129
Judy
MNRC319
667365
7097540
483
-60/135
225
Judy
MNRC320
667535
7097653
483
-60/135
51
Judy
MNRC321
667522
7097666
483
-60/135
81
Judy
43.0
45.0
2.0
MNRC322
667502
7097616
483
-60/135
51
Judy
11.0
15.0
4.0
MNRC323
Judy
23.0
25.0
And
2.0
Judy
23.0
24.0
including
1.0
Judy
29.0
32.0
3.0
And
667487
7097630
483
-60/135
81
Judy
52.0
55.0
3.0
MNRC324
667478
7097356
483
-60/135
231
Suzie
13.0
14.0
1.0
MNRC325
667521
7097314
483
-60/135
123
Suzie
6.0
7.0
1.0
MNRC326
Note: All coordinates are MGA (GDA94 Zone 50). Azimuth is Magnetic Degrees.
Intervals reported using minimum 1g/t cut-off for multi-sample intersections with maximum 2 samples (i.e. 2m) of internal dilution.
All assays are 25g Fire Assay assayed at Minanalytical Laboratories, Perth.
NSA – No Significant Assay Returned
Pending – Assay pending as at End of September 2014 Quarter
1.27
1.59
1.17
6.20
13.28
1.95
6.81
11.01
1.84
2.83
5.33
2.35
NSA
NSA
NSA
2.55
4.96
14.7
27.1
1.80
1.56
4.24
1.21
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
JORC Code 2012 Edition Summary (Table 1) – Andy Well Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Sampling
techniques
 Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
 Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
Drilling
Commentary
 Reverse circulation (RC) percussion drill chips collected
through a cyclone and cone splitter. Samples are
collected on a 1m basis.
 Half core sampled diamond core, 0.5m to 1.3m down hole
length; defined by the geologist.
 RC chips undergo a mass decrease through cone splitting
to approximately 3kg. Splitter is levelled at the beginning
of each hole
 Drill core is measured by tape and compared to downhole
core blocks consistent with industry standards.

Mineralisation determined qualitatively through: nature
 Aspects of the determination of mineralisation that are
and abundance of sulphide/native gold in quartz; internal
Material to the Public Report.
structure (massive, brecciated, laminated) of quartz.
 Mineralisation determined quantitatively via fire assay.
 Diamond core samples crushed to 2mm and pulverized to
 In cases where ‘industry standard’ work has been done
75µm
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
 RC samples pulverized to 75 µm and
was pulverised to produce a 30 g charge for fire assay’).
 All samples analysed by 25g Fire Assay and AAS finish.
In other cases more explanation may be required, such as  When visible gold is observed in RC chips or diamond
where there is coarse gold that has inherent sampling
core, this sample is flagged by the supervising geologist
problems. Unusual commodities or mineralisation types
for the benefit of the laboratory.
(eg submarine nodules) may warrant disclosure of
detailed information.
 Drill type (eg core, reverse circulation, open-hole hammer,  PQ sized surface diamond drill core (standard tube) drilled
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
techniques
JORC Code explanation
Commentary
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).

Drill sample
recovery
 Method of recording and assessing core and chip sample
recoveries and results assessed.



 Measures taken to maximise sample recovery and ensure
representative nature of the samples.



Logging
 Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
 Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.

to a maximum vertical depth of 300m reduced to HQ sized
surface diamond drill core (standard tube) drilled to a
maximum vertical depth of 700m reduced to NQ sized
surface diamond drill core (standard tube) drilled to a
maximum vertical depth of 700m.
150mm Reverse Circulation drill chips, to a maximum
vertical depth of ~250m.
All core is oriented by Reflex system
Core assessed during drilling for loss, loss intervals
recorded on core blocks and logged by Geologist, and
stored in DRM database.
RC drill chip recoveries recorded at the time of logging
and stored in DRM database
Diamond holes have had RC pre-collars completed to
fresh rock, resulting in Diamond drill hole recovery
qualities being high due to the competent nature of the
ground.
RC Drilling: sample splitter is cleaned at the end of each
rod to ensure no sample hang-ups have occurred. Sample
bag weights are recorded and in general should be
approximately 3kg.
Wet samples due to excess ground water were noted
when present.
As sample recoveries are generally very high, there is no
known relationship between sample recovery and grade.
 Holes logged to a level of detail to support mineral
resource estimation: lithology; alteration; mineralization;
geotechnical (Diamond core only); structural.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
 Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
Sub-sampling
techniques
and sample
preparation
 The total length and percentage of the relevant
intersections logged.
 If core, whether cut or sawn and whether quarter, half or
all core taken.
 If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
 For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
 Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
 Measures taken to ensure that the sampling is
representative of the in situ material collected, including
for instance results for field duplicate/second-half
sampling.
 Whether sample sizes are appropriate to the grain size of
the material being sampled.
Commentary
 Qualitative: lithology, alteration, foliation
 Quantitative: vein percentage; mineralization (sulphide)
percentage; RQD measurement; structural orientation
angles; assayed for gold, density from water displacement
(4 holes);
 Drill core is photographed both wet and dry.
 All RC holes are chipped and archived.
 All holes logged for the entire length of hole.
 PQ, HQ and NQ Core sawn half core – one half sent for
analysis, and one half retained in the DRM core library.
 RC chips cone split, sampled dry where possible and wet
when excess ground water could not be prevented.
Sample condition (wet, dry or damp) is recorded at the
time of logging.
 Diamond core is crushed to 10mm by a jaw crusher then
the entire sample is pulverized to 75µm by a LM5 (85%
passing)
 The entire ~3kg RC sample is pulverized to 75µm (85%
passing)
 Gold analysis is determined by a 25g charge fire assay
with an AAS finish.
 Pulp duplicates taken at the pulverising stage and
selective repeats conducted at the laboratories discretion.
 RC chips: no field duplicates have been completed
 Core: quarter core taken as duplicate.
 Sample size appropriate for grain size of samples
material.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
Quality of
 The nature, quality and appropriateness of the assaying
assay data and
and laboratory procedures used and whether the
laboratory
technique is considered partial or total.
tests
 For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
 Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of
bias) and precision have been established.
Verification of
sampling and
assaying
 The verification of significant intersections by either
independent or alternative company personnel.
 The use of twinned holes.
 Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Commentary
 Fire assay (25g), total technique, appropriate for gold
 AAS determination, appropriate for gold.
 No geophysical data used.
 Certified reference material standards, 1 in 50 samples. 9
standard types between an Au grade range of 0.36 to
34.18 ppm.
 Blanks: A lab barren quartz flush is requested following a
predicted high grade sample (i.e. visible gold).
 Duplicates:
 Field: RC – none, Diamond Core – every 50th sample
quarter cored (minimum one duplicate per hole/sample
submission if total samples are less than 50)
 Lab: Random pulp duplicates are taken on average 1 in
every 10 samples.
 All sampling is routinely inspected by senior geological
staff. Significant intersections are inspected by senior
geological staff and DRM corporate staff.
 2% of samples returned > 0.1g/t Au are sent to an umpire
laboratory on a quarterly basis for verification.
 None
 DRM data is hard keyed into LogChief data capture
software and synchronized with Datashed SQL based
database on internal company server. Data is validated by
DRM Database Administrator, import validation protocols
in place.
 Visual checks of data is completed within Micromine or
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
Commentary
Surpac software by company geologists
 Discuss any adjustment to assay data.
Location of
data points
 Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
 Specification of the grid system used.
 Quality and adequacy of topographic control.
Data spacing
and
distribution
 Data spacing for reporting of Exploration Results.
 Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
 Whether sample compositing has been applied.
Orientation of
data in relation
to geological
structure
Sample
 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
 If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
 The measures taken to ensure sample security.
 No adjustments made to assay data. First gold assay is
utilized for any resource estimation.
 Collars: surveyed with RTK GPS with expected relative
accuracy of 0.02m E and N
 Downhole: surveyed with in-rod Reflex tool every 40m
 Holes are located on MGA Zone 50 initially; Plane
transformation from MGA Zone 50 to Wilber Local Grid
 Topographic control uses flight data obtained from data
capture conducted by Fugro Spatial Solutions PTY LTD in
September 2011. Resolution has produced 0.5m
contours.
 Drill hole spacing is nominally 25 x 50m at shallow depths
(0-175m) and 50x50m to 50m x 100m at deeper depths
(>175m)
 Data spacing for indicated material is approximately 50 x
50m. All other areas where sample data is greater than 50
x 100m is inferred.
 Samples taken on a 1m basis for RC drilling and 0.5 to
1.3m in Diamond core. No Sample composites taken.
 Drill holes oriented at right angles to strike of deposit, dip
optimized for drill capabilities and dip of orebody,
sampling believed to be unbiased.
 N/A
 All samples are selected, cut and bagged in a tied
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
security
Audits or
reviews
 The results of any audits or reviews of sampling
techniques and data.
Commentary
numbered calico bag, grouped into larger polyweave bags
and cable tied. Polyweave bags are placed into larger
Bulky Bags with a sample submission sheet and tied shut.
Consignment note and delivery address details are written
on the side of the bag and delivered to Toll Express in
Meekatharra. The bags are delivered directly to
MinAnalytical in Canning Vale, WA who are NATA
accredited for compliance with ISO/IEC17025:2005.
 Performance meetings held between a DRM and
MinAnalytical representative are conducted monthly.
QAQC data are reviewed with each assay batch returned,
and on regular monthly intervals (trend analysis).
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria
JORC Code explanation
Commentary
Mineral
tenement and
land tenure
status
 Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
 The security of the tenure held at the time of reporting
along with any known impediments to obtaining a licence
to operate in the area.
Exploration
done by other
parties
 Acknowledgment and appraisal of exploration by other
parties.
 M51/870 and E51/1217 is 100% owned by Andy Well
Mining Ltd, which is a wholly owned subsidiary of DRM.
M51/870 is located within the Yugunga-Nya Native Title
Claim. E51/1217 is located within the Wajarri Yamtji
Claim group.
 M51/870 Heritage surveys have been conducted over
active mining and exploration areas. E51/1217 Heritage
surveys have been conducted over exploration areas
 M51/870 is valid until 2033
 E51/1217 is valid until 2018
 No previous exploration had been completed at the Andy
Well Prospect.
Geology
 Deposit type, geological setting and style of
mineralisation.
Drill hole
Information
 A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material drill
holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o dip and azimuth of the hole
 Project scale geology consists of Archean aged high Mg
Basalt units intruded by north-south striking porphyry
intrusives. These are cross cut by east-west striking
Proterozoic dolerite dykes. The mineralized quartz vein
cross cuts the Archaen units but not the Proterozoic
dykes.
 Previous drillhole data for Andy Well has been
periodically released to the ASX since 30/03/2010
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation

Data
aggregation
methods



Relationship
between
mineralisation
widths and
intercept
lengths
Diagrams




o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should
be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(eg ‘down hole length, true width not known’).
Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should include,
but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Commentary
 No top-cuts have been applied when reporting results.
 The first assay from the interval in question is reported
(i.e. Au1).
 Intercepts are reported above 1g/t with a maximum 2m
internal dilution.
 No metal equivalent values are used for reporting
exploration results
 Drill holes oriented at right angles to strike of deposit, dip
optimized for drilling purposes and dip of ore body.
Mineralised intersections should approximate true widths.
 Strike of Judy, Wilber and Suzie Lodes is 45° dipping to
the west at 70-90°
 See attached long section
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Criteria
JORC Code explanation
Commentary
Balanced
reporting
 Where comprehensive reporting of all Exploration Results
is not practicable, representative reporting of both low and
high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
 Other exploration data, if meaningful and material, should
be reported including (but not limited to): geological
observations; geophysical survey results; geochemical
survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
 The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale stepout drilling).
 Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
commercially sensitive.
 All samples from current sampling program above 0.5m
@ 1g/t reported with maximum 2m of internal dilution
Other
substantive
exploration
data
Further work
 All meaningful and material data is previously reported
 Further drilling is to be conducted along strike to the north
and south of the Suzie Zone and south of the current
Wilber Lode Reserve.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
JORC Code 2012 Edition Summary (Table 1) – Abbotts, Bourkes Find Aircore Drilling
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Sampling
techniques
 Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
 Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
 Aircore chips scooped from single metre piles making a
composite sample of 4m.
 Follow-up samples (1m re-splits) consist of single metre
samples scooped from a single pile.
 Aspects of the determination of mineralisation that are
Material to the Public Report.
 Mineralisation determined qualitatively through rock type,
sulphide and quartz content and intensity of alteration.
 Mineralisation determined quantitatively via assay (aquaregia digest followed by ICP-MS for composites with
single metre re-splits undergoing a fire assay with AAS
finish).
 Aircore samples (approx. 2kg) crushed and pulverized to
75µm.
 4m composites – aqua-regia disgest with ICP-MS finish.
 1m re-splits – Fire assay with AAS finish.
Drilling
Commentary
 Scooping around and through each pile to maximize
sample representivity.
 In cases where ‘industry standard’ work has been done
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’).
In other cases more explanation may be required, such as
where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of
detailed information.
 Drill type (eg core, reverse circulation, open-hole hammer,  Abbotts and Bourkes Find - Aircore blade drilling (with
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Criteria
JORC Code explanation
techniques
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).
 Method of recording and assessing core and chip sample
recoveries and results assessed.
 Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Drill sample
recovery
Logging
Sub-sampling
techniques
and sample
preparation
 Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
 Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.
 Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
 The total length and percentage of the relevant
intersections logged.
 If core, whether cut or sawn and whether quarter, half or
all core taken.
 If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
 For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Commentary
occasional face sampling hammer) with a hole diameter
nominally of either 106mm or 87mm
 Recovery assessed qualitatively by the Geologist
supervising the drill rig.
 Cyclone is cleaned at the end of each rod to avoid sample
hang-up and minimize cross-contamination.
 Wet samples are noted where present.
 Sample recoveries are generally very high and there is no
known relationship between sample recovery and grade.
 Holes logged to a level of detail to support future mineral
resource estimation: lithology; alteration; mineralization;
vein content.
 Qualitative: lithology, alteration, foliation.
 Quantitative: vein percentage; mineralization (sulphide)
percentage; assayed for gold.
 All holes logged for the entire length of hole.
 N/A
 Samples are not split.
 All intervals are sampled with their moisture content
noted.
 All samples are crushed 10 -2mm, pulverized such that
85% passes 75µm. This method is industry standard and
considered appropriate.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
 Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
 Measures taken to ensure that the sampling is
representative of the in situ material collected, including
for instance results for field duplicate/second-half
sampling.
 Whether sample sizes are appropriate to the grain size of
the material being sampled.
Quality of
 The nature, quality and appropriateness of the assaying
assay data and
and laboratory procedures used and whether the
laboratory
technique is considered partial or total.
tests
Verification of
sampling and
assaying
Commentary
 Pulp duplicates taken at the pulverising stage and
selective repeats conducted at the laboratories discretion.
 No duplicate sampling has occurred as yet.
 Sample size appropriate for grain size of samples
material.
 4m composites – samples are digested via aqua-regia
with Au assays obtained with ICP-MS.
 1m re-splits – samples are fire assayed for Au with an
AAS finish.
 Both these methods are industry standard and
appropriate for the type of mineralization targeted.
 No geophysical data used.
 For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
 Certified reference material standards, 1 in 50 samples.
 Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)  Blanks: A lab barren quartz flush is requested following a
and whether acceptable levels of accuracy (ie lack of
predicted high grade sample (i.e. visible gold).
bias) and precision have been established.
 Lab: Random pulp duplicates are taken on average 1 in
every 10 samples.
 All sampling is routinely inspected by senior geological
 The verification of significant intersections by either
staff. Significant intersections are inspected by senior
independent or alternative company personnel.
geological staff and DRM corporate staff.
 No twinned holes were drilled during this drill program.
 The use of twinned holes.
 Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
 DRM data is hard keyed into LogChief data capture
software and synchronized with Datashed SQL based
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
protocols.
 Discuss any adjustment to assay data.
Location of
data points
 Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
 Specification of the grid system used.
 Quality and adequacy of topographic control.
Data spacing
and
distribution
 Data spacing for reporting of Exploration Results.
 Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
 Whether sample compositing has been applied.
Orientation of
data in relation
to geological
 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
Commentary
database on internal company server. Data is validated by
DRM Database Administrator, import validation protocols
in place.
 Visual checks of data is completed within Micromine or
Surpac software by company geologists.
 No adjustments made to assay data.
 Collars: surveyed with GPS with expected relative
accuracy of approximately 5m.
 Holes are located in MGA Zone 50 (Abbotts, Bourkes
Find)
 Estimated RLs were assigned during drilling and are to be
corrected using geophysical or topographic data at a later
stage.
 Holes are drilled at various spacing from “top to tail” to >
100m apart. This spacing is depndant upon a number of
factors including the target size and style and amount of
previous drilling in the area.
 N/A.
 4m sample composites have been taken.
 The orientation of key structures and any relationship to
mineralisation at all areas is preliminary and inferred using
competent person experience and interpretation at this
stage.
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Criteria
JORC Code explanation
structure
 If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
 The measures taken to ensure sample security.
 Not known at this stage.
 The results of any audits or reviews of sampling
techniques and data.
 Performance meetings held between a DRM and
MinAnalytical representatives are conducted monthly.
QAQC data are reviewed with each assay batch returned,
and on regular monthly intervals (trend analysis).
Sample
security
Audits or
reviews
Commentary
 All samples are selected, cut and bagged in a tied
numbered calico bag, grouped into larger polyweave bags
and cable tied. Polyweave bags are placed into larger
Bulker Bags with a sample submission sheet and tied
shut. Consignment note and delivery address details are
written on the side of the bag and delivered to Toll
Express in Meekatharra. The bags are delivered directly
to MinAnalytical in Canning Vale, WA who are NATA
accredited for compliance with ISO/IEC17025:2005.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria
JORC Code explanation
Commentary
Mineral
tenement and
land tenure
status
 Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
 The security of the tenure held at the time of reporting
along with any known impediments to obtaining a licence
to operate in the area.
 Acknowledgment and appraisal of exploration by other
parties.
 The Abbotts Project discussed in this report consists of
two parts: Abbotts JV (80% DRM) – E51/1334 and
Abbotts West (100% DRM) E51/1043 and E51/1277. The
Wajarri Yamatji native title claim group have a claim that
covers 100% of the Project area.
 The Bourkes Find Project comprises M51/531, M51/830
and M51/848 and is 100% DRM owned. A 1.5% NSR is
payable to the International Royalty Corporation.
 The Abbotts Project – Various companies including
WMC, Dominion and others have completed numerous
phases of work in the Abbotts Project area and have
included surface geochemistry, RAB/AC/RC and
diamond drilling and various geophysical methods. This
work was considered quality and has informed the work
completed by DRM.
 The Bourkes Find Project – Various companies including
Endeavour Resources, Dominion, St Barbara Mines and
Silver Swan Limited have completed exploration in the
area over many years and have included surface
geochemistry, Vacuum/RAB/AC/RC and diamond drilling
and various geophysical methods. This work was
considered quality and has informed the work completed
by DRM.
 Deposits targeted in all areas are Archean aged
mesothermal orogenic gold mineralisation as found
throughout the Yilgarn Craton of Western Australia.
 Refer to tables in the body of this announcement.
Exploration
done by other
parties
Geology
 Deposit type, geological setting and style of
mineralisation.
Drill hole
 A summary of all information material to the
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
Information

Data
aggregation
methods



Relationship
between
mineralisation
widths and
understanding of the exploration results including a
tabulation of the following information for all Material drill
holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should
be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
 These relationships are particularly important in the
reporting of Exploration Results.
 If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
Commentary
 No top-cuts have been applied when reporting results.
 The primary gold determination is reported where any
secondary assaying does not differ significantly from the
primary.
 Intervals referred to in this announcement for the Bourkes
Find project are calculated with a lower cut-off of 1 g/t Au
with a maximum of 2m internal dilution.
 Intervals referred to in this announcement for the Abbotts
project are calculated with a lower cut-off of 0.5 g/t Au
with a maximum of 2m internal dilution.
 No metal equivalent values are used for reporting
exploration results.
 The geometry of the mineralization referred to in this
report from all areas is not yet known due to insufficient
density of deep drilling in the targeted area. Broad
geological and mineralisation features have been
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Criteria
JORC Code explanation
intercept
lengths
 If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(eg ‘down hole length, true width not known’).
Diagrams
 Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should include,
but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
 Where comprehensive reporting of all Exploration Results
is not practicable, representative reporting of both low and
high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
Balanced
reporting
Other
substantive
exploration
data
Further work
 Other exploration data, if meaningful and material, should
be reported including (but not limited to): geological
observations; geophysical survey results; geochemical
survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
 The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale stepout drilling).
 Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
commercially sensitive.
Commentary
interpreted from generally wide spaced drilling sections,
hence the down-hole true width length is not known with
any certainty.
 Refer to body of this announcement.
 Intervals referred to in this announcement for the Bourkes
Find project are calculated with a lower cut-off of 1 g/t Au
with a maximum of 2m internal dilution.
 Intervals referred to in this announcement for the Abbotts
project are calculated with a lower cut-off of 0.5 g/t Au
with a maximum of 2m internal dilution.
 All meaningful and material information has been
included in the body of the text.
 No metallurgical assessments have been completed at
the date of this report.
 Further work is currently planned in all areas. This work is
likely to include extension AC/RC drilling to determine the
scope of any mineralization encountered.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
JORC Code 2012 Edition Summary (Table 1) – Nuckulla Hill Soil Sampling
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Sampling
techniques
 Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
 Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
 Samples dug using an aluminium scoop with sample
taken from 100mm – 200mm below the surface.
 Samples are passed through a 175µm sieve in the field if
dry
 Samples are passed through a 175µm sieve by Genalysis
laboratories following drying if wet
 Sample sites are selected to ensure representivity ie away
from drainages, tree bases, tracks etc
 Aspects of the determination of mineralisation that are
Material to the Public Report.
 N/A
Drilling
techniques
Commentary
 Sampled are pulverized to 80% passing 75µm
 In cases where ‘industry standard’ work has been done
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’).
In other cases more explanation may be required, such as
where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of
detailed information.
 Drill type (eg core, reverse circulation, open-hole hammer,  N/A
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
Drill sample
recovery
JORC Code explanation



Logging



Sub-sampling
techniques
and sample
preparation





tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).
Method of recording and assessing core and chip sample
recoveries and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
If core, whether cut or sawn and whether quarter, half or
all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
Measures taken to ensure that the sampling is
representative of the in situ material collected, including
for instance results for field duplicate/second-half
sampling.
Commentary
 N/A
 N/A
 N/A
 N/A
 N/A
 N/A
 N/A
 N/A
 All pulverized such that 85% passes 75µm. This method
is industry standard and considered appropriate.
 Pulp duplicates taken at the pulverising stage and
selective repeats conducted at the laboratories discretion.
 No duplicate sampling has occurred as yet.
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
 Whether sample sizes are appropriate to the grain size of
the material being sampled.
Quality of
 The nature, quality and appropriateness of the assaying
assay data and
and laboratory procedures used and whether the
laboratory
technique is considered partial or total.
tests
 For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
 Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of
bias) and precision have been established.
Verification of
sampling and
assaying
 The verification of significant intersections by either
independent or alternative company personnel.
 The use of twinned holes.
 Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
 Discuss any adjustment to assay data.
Location of
data points
 Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
 Specification of the grid system used.
Commentary
 Sample size appropriate for grain size of sample material.
 Samples are digested using Terraleach™ Partial Digest
(TL8) via with Au determined by ICP-MS
 N/A
 No standards were used.
 Blanks: A lab barren quartz flush is requested following a
predicted high grade sample (i.e. visible gold).
 Lab: Random pulp duplicates are taken on average 1 in
every 10 samples.
 Significant assays are inspected by senior geological staff
and DRM corporate staff.
 N/A
 DRM data is hard keyed into LogChief data capture
software and synchronized with Datashed SQL based
database on internal company server. Data is validated by
DRM Database Administrator, import validation protocols
in place.
 Visual checks of data is completed within Micromine or
Mapinfo software by company geologists.
 No adjustments made to assay data.
 Sample sites surveyed with GPS with expected relative
accuracy of approximately 5m.
 Holes are located in MGA Zone 53
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation
 Quality and adequacy of topographic control.
Data spacing
and
distribution
 Data spacing for reporting of Exploration Results.
 Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
 Whether sample compositing has been applied.
Orientation of
data in relation
to geological
structure
Sample
security
Audits or
reviews
 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
 If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
 The measures taken to ensure sample security.
 The results of any audits or reviews of sampling
techniques and data.
Commentary
 Estimated RLs were assigned and are to be corrected
using geophysical or topographic data at a later stage.
 Samples were initially collected on a nominal 400m x
100m grid with areas of anomalism infilled, typically to
100m x 50m.
 N/A
 N/A
 The orientation of key structures and any relationship to
mineralisation at all areas is preliminary and inferred using
competent person experience and interpretation at this
stage.
 N/A
 All samples are collected in brown kraft bags, boxed and
shipped to Genalysis Intertek Laboratories sample prep
facility in Adealaide then forwarded by them to Genalysis
Intertek Laboratories in Perth for assay.
 QAQC data are reviewed with each assay batch returned,
and on regular monthly intervals (trend analysis).
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria
JORC Code explanation
Commentary
Mineral
tenement and
land tenure
status
 Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
 The security of the tenure held at the time of reporting
along with any known impediments to obtaining a licence
to operate in the area.
 Acknowledgment and appraisal of exploration by other
parties.
 The Nuckulla Hill Project consists of numerous EL’s with
the work discussed in this report conducted upon EL5466
(formerly EL4302). The tenement is 100% owned by
DRM with no royalties payable.
 An ILUA (Indigenous Land Use Agreement) is in place
with the Gawler Ranges Aboriginal Corporation.
Geology
 Deposit type, geological setting and style of
mineralisation.
Drill hole
Information
 A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all Material drill
holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
 Deposits targeted are large, low-grade granite hosted Au
orebodies related to Hiltaba aged granite emplacement
and mineralization events.
 N/A
Exploration
done by other
parties
 The Nuckulla Hill has been the subject of exploration by
Equinox Resources and Minotaur Exploration. The work
by Equinox led to the delineation of the Bimba, Myall and
Sheoak Prospects. The previous work conducted is
considered to be of good quality and has informed
exploration conducted by DRM
ASX:DRM Doray Minerals Ltd – Sept 2014 Quarterly Report For personal use only
Criteria
JORC Code explanation

Data
aggregation
methods



Relationship
between
mineralisation
widths and
intercept
lengths



Diagrams

Balanced

o hole length.
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should
be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect to the
drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(eg ‘down hole length, true width not known’).
Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should include,
but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Where comprehensive reporting of all Exploration Results
Commentary
 No top-cuts have been applied when reporting results.
 The primary gold determination is reported where any
secondary assaying does not differ significantly from the
primary.
 N/A
 Refer to body of this announcement.
 N/A
ASX:DRM For personal use only
Doray Minerals Ltd – Sept 2014 Quarterly Report Criteria
JORC Code explanation
reporting
is not practicable, representative reporting of both low and
high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
 Other exploration data, if meaningful and material, should
be reported including (but not limited to): geological
observations; geophysical survey results; geochemical
survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
 The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale stepout drilling).
 Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
commercially sensitive.
Other
substantive
exploration
data
Further work
Commentary
 All meaningful and material information has been
included in the body of the text.
 Further work is currently planned in all areas. This work is
likely to include extension AC drilling to determine the
source of the anomalism.
ASX:DRM