Gibb River Diamonds Limited has pegged a two new tenements at the Company's NT Phosphate Project (GIB 100%), EL 33304 and EL33305 (Figure 1). These tenements are proximal to the Company's existing Highland Plains Phosphate Project and target the same embayment style of phosphate mineralisation to that found at Highland Plains. This extends the Phosphate Project area held by GIB by a further 818.9km These new tenements are adjacent to and complement the existing Highland Plains tenement EL25068. Highland Plains has a JORC (2004) Inferred Resource of 56 million tonnes at 16% P2O5, at a 10% P2O5 cut-off (POZ ASX release dated 31 March 2009).
Further Work: The Company is seeking a strategic investment partner to assist GIB to progress the Highland Plains Phosphate Project. The Company has recently received ongoing enquiries from two interested and credible parties with regards to a strategic partership. Non- disclosure agreements have been signed. Exploration of the new tenements for new phosphate deposits will consist of reconnaissance sampling and follow-up drilling, this work is currently contingent upon funding from a strategic partner. Further work to progress the Project through feasibility studies and into production would include: Additional drilling and assay work to upgrade the Highland Plains deposit to a JORC (2012) Indicated and Inferred Resource - Metallurgical Bench Scale testwork to assess beneficiation effects on lower head grade material and to determine the engineering properties of the material Metallurgical pilot plant testing of bulk samples for phosphate grade and purity enhancement - Geological modelling to define and constrain areas containing elevated impurities Further logistical studies and modelling Mine planning and optimisation - Budgeting, planning and timelines to production - Publishing a Scoping Study leading into a full Bankable Feasibility Study (if required) - Exploration of the new tenements for new phosphate deposits, reconnaissance sampling and follow-up drilling. Highland Plains Metallurgy: GIB has conducted and previously reported a number of beneficiation (upgrading) studies of the rock phosphate mineralisation at Highland Plains. The best of these flotation tests to date gives a beneficiated grade of 32.3% P2O5 (upgraded from 23.4% P2O5) at 76% recovery: By way of reference, in the international market, rock phosphate is commonly traded with grades of between 29% and 32% P2O5, with premium product grades above 34% P2O5. Highland Plains - Minor Elements: All phosphate deposits have varying levels of impurities. Previously reported work at Highland Plains has indicated impurity levels for a 22.9% P2O5 (un-beneficiated) rock as being: C (0.20%); S (0.06%); F (1.82%); Cl (112ppm); Cd (4ppm) and U (38ppm)2. The levels of these contaminants could be considered low. Pb: A limited number (74) of phosphate bearing sample pulps were previously assayed for further trace elements including Pb (POZ/GIB Quarterly Report to ASX dated 1 October 2012). Elevated lead values occurred in isolated areas proximal to the base of the lower phosphate beds where they directly overlie basement Proterozoic rocks; this effect is possibly related to post-mineralisation groundwater movement concentrating lead at the geological unconformity. These areas of elevated lead could potentially be mitigated through selective mining practices or beneficiation. Further drill and assay work is required to model these impurities within the overall resource. Impurity levels for specific elements for 34.8% P2O5 (beneficiated product) were reported in the GIB/POZ ASX Release dated 19 March 2010. Rock Phosphate Prices: There has been a significant re-rating in rock phosphate prices over the last twelve months.
The World Bank Pink Sheet average monthly price for August 2022, quotes the rock phosphate price as USD 320.0/tonne. This is significantly up from USD 107.50/tonne from the Pink sheet April-June 2021 price. (Phosphate rock price is for `f.o.b. North Africa'; grade is
not quoted). This price change is a very encouraging and welcome development for the Highland Plains Project. Edjudina Gold Project -
Neta Prospect Metallurgy: Metallurgical testing of the Neta Prospect is ongoing and the Company looks forward to reporting the results from this testwork once all the tests have been completed and have been assessed by GIB's metallurgical consultants Orway Mineral Consultants (`OMC'). Phase 8 Drilling Results Pending: The Phase 8 drilling results have not yet been received by GIB and are still pending. Delays
at assay laboratories have been well documented by the industry and GIB is doing all it can to expedite these results. The Company will report these results in a timely manner as soon as they become available and have been assessed. Lithium Generative Project: GIB has pegged a number of new licenses totaling 1,387km in area which the Company considers to be prospective for lithium. These recently pegged tenements are: These are large areas and are currently being assessed for reconnaissance mapping and sampling work which will follow.