Alkane Resources — Capital/Financing Update 2017

Aug 9, 2017

ASX and MEDIA RELEASE

10 August 2017

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Additional Gold Mineralisation Intersected in Tomingley Regional Exploration

• Additional encouraging reconnaissance air core gold intercepts were recorded at the El Paso prospect (previously called Eulinda Park) south of the Tomingley mine site:

• EPAC089 11 metres grading 2.82g/t Au from 32 metres incl 2 metres grading 12.39g/t Au from 32 metres and 10 metres grading 0.95g/t Au from 80 metres incl 4 metres grading 1.76g/t Au from 82 metres

• TGO mine stratigraphy and high grade gold mineralisation confirmed in drill core at El Paso:

• EPD002 2.1 metres grading 4.83g/t Au from 303.3 metres EPD001 0.7 metres grading 18.3g/t Au from 226.3 metres

• Mineralisation at El Paso identified over a strike length of 1,200 metres, and remains open to the north.

• This broad spaced drilling has confirmed that the mineralisation has the potential to host Tomingley style gold deposits, and similar tenor results led to the Tomingley discovery and current mining operation

Tomingley Gold Project (TGP)

Alkane Resources Ltd 100%

The TGP covers an area of approximately 270 km[2 ] stretching over 60 km north-south along the Newell Highway from Tomingley in the north, through Peak Hill and almost to Parkes in the south. Modern mining in the region commenced with the development of the Northparkes porphyry style copper-gold operations in 1994 to the present; the smaller London-Victoria gold mine near Parkes in 1990-1995; Alkane’s Peak Hill heap leach gold operation from 1996 to 2005 and the Tomingley Gold Mine (2014 to present).

Numerous prospects have been identified over the 60 km strike extent of complexly folded and faulted Ordovician aged volcanics, intrusives and sediments. Much of the belt is covered by younger, transported sand and clay sediments which mask the basement geology and mineralisation. Over several years Alkane geologists have developed techniques to distinguish targets below the cover.

CONTACT : IAN CHALMERS, MANAGING DIRECTOR, ALKANE RESOURCES LTD, TEL +61 8 9227 5677 INVESTORS : NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556 MEDIA : HILL KNOWLTON STRATEGIES, CONTACT: IAN WESTBROOK, TEL +61 2 9286 1225 OR +61 407 958 137

Ground Floor, 89 Burswood Road, Burswood WA 6100, AUSTRALIA (PO Box 4384, Victoria Park WA 6979, AUSTRALIA) Telephone: +61 8 9227 5677 Facsimile: +61 8 9227 8178 www.alkane.com.au mail@alkane.com.au

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Regional air core drilling recommenced in May 2017 to infill previous air core drilling traverses to 400 m apart where elevated gold and/or arsenic geochemistry had been intersected (see 10 April 2017 ASX announcement). The drilling consisted of 46 holes totaling 3,582 m and intersected alteration and veining hosted within the prospective Mingelo Volcanic belt consistent with the previous air core drilling results at the El Paso (previously named Eulinda Park) and Buddong prospects.

Mineralisation at El Paso has been identified over a strike length of at least 1200 metres being open to the north where land access difficulties hampered the regional air core program. Approximately 2.5 km of the prospective belt within 5 km of the TGO remains untested.

Significant air core results include:

El Paso Prospect

EPAC089 11 metres grading 2.82g/t Au from 32 metres (base of alluvium) incl 2 metres grading 12.39g/t from 32 metres and 10 metres grading 0.95g/t Au from 80 metres incl 4 metres grading 1.76g/t Au from 82 metres

A planned 3,500 m RC drilling program, designed to test the oxide mineralisation in fresh rock at El Paso, was terminated after completing just 464 m. The alluvial cover sequence is approximately 25 – 65 m deep and provides challenging drilling conditions with four of the five holes attempted not reaching target depth. RC drilling remains a priority and further drilling options are being considered. Significant RC results include:

EPP002 5 metres grading 0.71g/t Au from 197 metres EPP004 6 metres grading 1.07g/t Au from 48 metres (base of alluvium) EPP005 3 metres grading 1.68g/t Au from 66 metres and 3 metres grading 1.02g/t Au from 147 metres (to end of hole)

Two diamond core drill holes totaling 791 m tested the stratigraphy and structures at depth at El Paso. The core drilling confirmed that the same volcanic stratigraphy which hosts the ore deposits at TGO (Mingelo Volcanics) is present at El Paso. The TGO orogenic style gold mineralisation is focused on structural zones generated by a competency contrast between ‘brittle’ porphyritic andesite sills and the ‘ductile’ volcaniclastic sediments. El Paso core drilling (EPD002) also intersected a magnetic porphyritic andesite hosting a broad zone of magnetite destructive quartz veining, carbonate-sericite alteration and sulphides (pyrite and arsenopyrite). Numerous thin zones of mineralisation were also intersected within the ‘ductile’ volcaniclastic sediments. Significant diamond core results include:

EPD001 0.7 metres grading 18.3g/t Au from 226.3 metres EPD002 8.0 metres grading 0.60g/t Au from 225 metres (within porphyry andesite host) and 2.1 metres grading 4.83g/t Au from 303.4 metres

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		TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT AC DRILLING – 10 August 2017(>0.25g/t Au)
Hole ID	Easting	Northing	Dip	Azimuth	Total	Interval	Interval	Intercept	Au	Depth of	Prospect
	(MGA)	(MGA)		(Grid)	Depth	From(m)	To(m)	(m)	(g/t)	Cover
BDAC015	611733	6383500	-60	270	70	56*	58	2	1.01	57	Buddong
EPAC087	613109	6387798	-60	270	104	45	47	2	1.04	38	El Paso
and						52	53	1	0.31
and						80	81	1	4.23
EPAC088	613150	6387798	-60	270	97	50	51	1	0.35	31
and						57	60	3	0.82
EPAC089	613188	6387798	-60	270	101	32*	43	11	2.82	32.5
incl						32	34	2	12.39
and						46	47	1	0.53
and						80	90	10	0.95
EPAC091	613268	6387798	-60	270	110	91	94	3	0.70	39
and						107	108	1	0.32
EPAC094	613390	6387799	-60	270	119	71	72	1	0.70	45

• at base of alluvium

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		TOMINGLEY GOLD PROJECT RC DRILLING – 10 August	TOMINGLEY GOLD PROJECT RC DRILLING – 10 August	TOMINGLEY GOLD PROJECT RC DRILLING – 10 August	TOMINGLEY GOLD PROJECT RC DRILLING – 10 August	TOMINGLEY GOLD PROJECT RC DRILLING – 10 August	TOMINGLEY GOLD PROJECT RC DRILLING – 10 August	2017(>0.25g/t Au)	2017(>0.25g/t Au)
Hole ID	Easting	Northing	Dip	Azimuth	Total	Interval	Interval	Intercept	Au	Depth of	Prospect
	(MGA)	(MGA)		(Grid)	Depth	From(m)	To(m)	(m)	(g/t)	Cover
EPP002	613211	6387998	-60	270	222	162	168	6	0.27	81	El Paso
and						197	202	5	0.71
EPP003	613135	6387998	-60	270	111	78	81	3	0.75	42
EPP004	613319	6387997	-60	270	84	48*	54	6	1.07	48
EPP005	613259	6388396	-60	270	150	66	69	3	1.68	58
and						147	150**	3	1.02

• at base of alluvium ** bottom of hole

	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)	TOMINGLEY GOLD PROJECT CORE DRILLING – 10 August 2017(>0.25g/t Au)
	Easting	Northing	Dip	Azimuth	Total	Interval	Interval	Intercept	Au
Hole ID										Prospect
	(MGA)	(MGA)		(Grid)	Depth	From(m)	To(m)	(m)	(g/t)
EPD001	613338	6388200	-55	270	366.7	117.0	119.0	2.0	1.04	El Paso
and						203.0	204.0	1.0	1.09
and						226.3	227.0	0.7	18.3
and						280.7	281.8	1.1	0.3
EPD002	613523	6388606	-58	270	424.05	217.1	217.8	0.7	1.38
and						225.0	233.0	8.0	0.60
and						303.3	305.4	2.1	4.83
and						319.25	320.3	1.05	0.3
and						321.4	322.35	0.95	1.45
and						334.0	335.0	1.0	0.37
and						348.0	349.0	1.0	0.57

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Competent Person

Unless otherwise advised above, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify 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 Chalmers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears

Disclaimer

This report contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.

ABOUT ALKANE ‐ www.alkane.com.au - ASX: ALK and OTCQX: ANLKY

Alkane is a multi-commodity company focused in the Central West region of NSW, Australia. Currently Alkane has two advanced projects - the Tomingley Gold Operations (TGO) and the nearby Dubbo Project (DP). Tomingley commenced production early 2014. Cash flow from the TGO has provided the funding to maintain the project development pipeline and will assist with the pre-construction development of the DP.

The NSW Planning Assessment Commission granted development approval for the DP on 28 May 2015 and on 24 August 2015 the Company received notification that the federal Department of the Environment gave its approval for the development. Mining Lease 1724 was granted on 18 December 2015 and the Environment Protection Licence was approved on 14 March 2016. Financing is in progress and this project should make Alkane a strategic and significant world producer of zirconium, hafnium and rare earth products with production targeted for 2019.

Alkane’s most advanced gold copper exploration projects are at the 100% Alkane owned Bodangora, Wellington and Elsienora prospects Wellington has a small copper-gold deposit which can be expanded, while at Bodangora a large monzonite intrusive complex has been identified with porphyry style gold copper mineralisation. Gold and base metal mineralisation has been identified at Elsienora.

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The following tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of exploration results.

JORC Code, 2012 Edition – Table 1 TOMINGLEY GOLD PROJECT

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary
Sampling techniques	• Nature and quality of sampling (e.g. 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.	Air Core (AC) and RC samples are collected at one metre intervals via a cyclone on the rig. The cyclone is cleaned regularly to minimise any contamination. Half core samples collected at generally 1m intervals
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Drilling, sampling and QAQC procedures are carried out to industry standards.
	• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information.	AC Drilling – the total sample (~15-20kg) is delivered via cyclone into a large plastic bag which is retained for future use if required. A sub-sample of approximately 1kg is spear sampled from each plastic bag and composited to make a 3 metres sample interval. The 1m intervals forming composite samples assaying ≥0.20 g/t Au or with high As are manually resplit using a Jones riffle splitter and re-submitted to the laboratory for re-assay. RC Drilling – the total sample (~20-30kg) is delivered via cyclone into a large plastic bag which is retained for future use if required. A sub-sample of approximately 1kg is spear sampled from each plastic bag and composited to make a 3 metres sample interval. The 1m intervals forming composite samples assaying ≥0.20 g/t Au or with high As are manually resplit using a Jones riffle splitter and re-submitted to the laboratory for re-assay. Core is cut in half using an Almonte diamond cutting saw All samples sent to laboratory are crushed and/or pulverised to produce a ~100g pulp for the assay process. Gold was determined by fire assay fusion of a 50g charge with an AAS analytical finish. A multi-element suite was determined usinga aqua regia digest with a ICP-AES,ICP-MS analytical finish.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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).	AC drilling using either 100mm or 75mm rods. All holes drilled to refusal. RC drilling using 100mm rods and 144mm face sampling hammer Core drilling completed using PQ and HQ to maximise core recovery
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed.	Sample quality is assessed by the sampler by visual approximation of sample recovery and if the sample is dry, damp or wet.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples.	AC drilling completed using rig with high volume air capacity in attempt to maintain sample return and achieve hole depth. A high capacity RC rig was used enabling dry samples collected. Drill cyclone and sample buckets are cleaned between rod changes and after each hole to minimise cross-hole contamination. Core drillingcompleted usingPQand HQto maximise core recovery.

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Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary
	• 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.	There is no known relationship between sample recovery and grade.
Logging	• 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.	Each one metre interval is geologically logged for characteristics such as lithology, weathering, alteration (type, character and intensity), veining (type, character and intensity) and mineralisation (type, character and volume percentage).
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	All logging is qualitative with visual estimates of the various characteristics. A representative sample of each one metre interval is retained in chip trays for future reference. Half core samples are retained in trays for future reference
	• The total length and percentage of the relevant intersections logged.	All samples have been geologically logged by qualified geologists.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken.	Core is cut with half core submitted to the laboratory.
	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Initially each one metre interval is spear sampled with 3m composite samples collected in a calico sample bag and forwarded to the laboratory. The 1m intervals forming composite samples assaying ≥0.20 g/t Au or with high As are manually resplit using a Jones riffle splitter and re-submitted to the laboratory for re-assay. Laboratory Preparation – the entire AC sample (~3kg) is dried and pulverised in an LM5 (or equivalent) to ≥85% passing 75µm. Bulk rejects for all samples are discarded. A pulp sample (±100g) is stored for future reference.
	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.	ALK sampling techniques are of industry standard and considered adequate.
	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Field duplicate samples collected at every stage of sampling to control procedures - ~1:50 alternating with CRM.
	• 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.	Duplicate samples are collected for both composite intervals and re-split intervals. Duplicates generally show excellent repeatability.
	• Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are industry standard and considered appropriate.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Gold is determined using a 50g charge fused at approximately 1100°C with alkaline fluxes, including lead oxide. The resultant prill is dissolved in aqua regia with gold determined by flame AAS. For other geochemical elements, samples are digested by aqua regia with each element determined by ICP Atomic Emission Spectrometry or ICP Mass Spectrometry. These additional elements are generally only used for geological interpretation purposes, are not of economic significance and are not routinely reported.
	• 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.	No down hole geophysical logging or hand held XRF analyses undertaken.

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Criteria	JORC Code explanation	Commentary
	• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision _have been established. _	Commercially prepared Certified Reference Materials (CRM) are inserted at 1 in 50 samples. CRM’s are not identifiable to the laboratory. Field duplicate samples are inserted at 1 in 50 samples (alternate to CRM’s). Laboratory QAQC sampling includes insertion of CRM samples, internal duplicates and screen tests. This data is reported for each sample submission. Failed standards result in re-assaying of portions of the affected sample batches.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel.	Drill data is compiled and collated, and reviewed by senior staff. External consultants do not routinely verify exploration data until resource estimation procedures are deemed necessary.
	• The use of twinned holes.	No twinned holes have been drilled at this early stage of exploration.
	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All drill hole logging and sampling data is entered directly into field data entry spreadsheets for transfer and storage in an industry standard access database with verification protocols in place. All primary assay data is received from the laboratory as electronic data files which are imported into sampling database with verification procedures in place. QAQC analysis is undertaken for each laboratory report. Digital copies of Certificates of Analysis (COA) are stored in a central database with regular (daily) backup. Original survey data is stored on site. Data is also verified on import into various software packages.
	• Discuss any adjustment to assay data.	No assay data was adjusted.
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.	Drill holes are laid out using hand held GPS (accuracy ± 2m) then DGPS surveyed accurately (± 0.1m) by licenced surveyors on completion.
	• Specification of the grid system used.	MGA (Zone 55), GDA94
	• Quality and adequacy of topographic control.	As noted above, all drill holes DGPS surveyed accurately (± 0.1m) by licenced surveyors on completion.
Data spacing and distribution	• Data spacing for reporting of Exploration Results.	At this early exploration stage, the data spacing is variable as the focus is on geological mapping and identifying new zones of mineralisation.
	• 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.	Reconnaissance drilling only, no resource estimations being undertaken.
	• Whether sample compositing has been applied.	3m sample composites collected as described above
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	First phase of drilling in many areas but care is given to attempt to intersect structure at an optimal angle.
	• 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.	It is not thought that drilling direction will bias assay data significantly.

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Criteria	JORC Code explanation	Commentary
Sample security	• The measures taken to ensure sample security.	All samples are bagged in tied numbered calico bags, grouped into larger tied polyweave bags and transported 1.5 hour to ALS in Orange by Alkane personnel. All sample submissions are documented via ALS tracking system and all assays are reported via email. Sample pulps are returned to site and stored for an appropriate length of time (minimum 3 years). The Company has in place protocols to ensure data security.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	The Company does not routinely have external consultants verify exploration data until resource estimation procedures are deemed necessary.

Section 2 Reporting of Exploration Results (Criteria listed in theprecedingsection also applyto this section.)	Section 2 Reporting of Exploration Results (Criteria listed in theprecedingsection also applyto this section.)	Section 2 Reporting of Exploration Results (Criteria listed in theprecedingsection also applyto 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 nationalpark and environmental settings.	Drilling completed on exploration licence number 5675 owned 100% by Alkane.
	• 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.	All exploration licences are in good standing. EL5675 expires on 17 January 2023
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Significant exploration has been completed in the area by Alkane since 2001 and the Tomingley Gold Mine was commissioned in 2014. Minor work was completed in the areas covered by this announcement but many holes did not penetrate the cover sequence
Geology	• Deposit type, geological setting and style of mineralisation.	Geological nature of the Tomingley Deposits is well documented elsewhere. Mineralisation is associated with quartz veining and alteration focused within porphyritic sub-volcanic andesite sills and adjacent volcaniclastic sediments. The deposits appear to have formed as the result of a competency contrast between the porphyritic sub-volcanic sills and the surrounding volcaniclastic sediments, with the sills showing brittle fracture and the sediments ductile deformation, and have many similarities to well documented orogenic - lode-style gold deposits. Geological nature of Peak Hill is well documented elsewhere. Gold mineralisation is associated with vuggy silica and advanced argillic alteration zones hosted by a predominantly volcaniclastic sequence although alteration and weathering have destroyed primary chemistry and texture of the volcanics. Peak Hill is classified as a gold rich high sulphidation epithermal system and is a possible lithocap to a copper-gold porphyry system of similar nature to Northparkes.
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	See body of announcement and figures

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Criteria	JORC Code explanation	Commentary
	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.	The drilling program is reconnaissance in nature with 53 holes completed. Only drill holes with samples assaying ≥0.25g/t Au have been reported. Impractical to list all holes completed.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Exploration results reported – for uncut gold grades; grades are calculated by length weighted average.
	• 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.	Reported intercepts are calculated using a lower cut of 0.25g/t Au . No top cut has been used.
	• The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	• 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 (e.g. ‘down hole length, true width not known’).	Drilling is reconnaissance in nature and there is currently no understanding of the true widths. Down hole lengths reported – true widths 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.	Plans showing geology with drill collars are included in the body of the announcement.
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.	The drilling program is reconnaissance in nature with 53 holes completed. Only drill holes with samples assaying ≥0.25g/t Au have been reported. Impractical to list all holes completed.
Other substantive exploration data	• 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.	No other exploration data is available to assist in interpretation
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	It is recommended that further drilling be undertaken within the licences to further define the targets
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	See figures included in the announcement.

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