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AUSGOLD LIMITED Interim / Quarterly Report 2012

Apr 29, 2012

64457_rns_2012-04-29_f951bf10-5401-44b9-8edf-8c46e798905f.pdf

Interim / Quarterly Report

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ASX Code:

AUC

Directors and Management:

Dr. Andrew Tunks Chief Executive Officer

Robert Pett Chairman

Simon Trevisan Non-Executive Director

Richard Lockwood Non-Executive Director

QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 31 MARCH 2012

HIGHLIGHTS

Exploration:

  • 21,000 metres of RC drilling completed within the Jinkas and Dingo Corridors targeting three parallel lodes – significant high-grade gold results reported;

  • 1,290 metres of diamond drilling completed for geological, metallurgical and bulk density testing, assays pending;

  • 8,530 metres of aircore drilling, coupled with a significant soil sampling program at the Katanning Gold Project (“KGP”) resulting in:

  • Lukin Prospect – 2km long multi-zone gold target

  • Extension of Dingo Prospect 750 metres to the south

Christopher Kelsall Non-Executive Director

Mark Di Silvio CFO & Company Secretary

Russell Birrell Chief Geologist

Registered Office:

80 Churchill Avenue Subiaco WA 6008

  • Confirmation of strong gold anomalism at Datatine Prospect

  • The KGP gold anomalies now extend over 20km and remain open to north and south

  • Completion of initial aircore drill program within the Quadrio Joint Venture (AUC 60%) to the southwest and south east of the Katanning Gold Project with detailed analysis pending;

  • Mapping of the Katanning Greenstone Belt continued using geophysical and geochemical data with over 5,000 multi-element soil samples assayed:

  • 54 gold targets identified with target ranking for future drilling underway

Share Registry:

Security Transfer Registrars 770 Canning Highway, Applecross WA 6153

Issued Capital: (30 Apr 12) Ordinary Shares: 125.2M Listed Options: 78.4M Unlisted Options: 7.0M

Key Shareholders:

CQS: 10% JP Morgan: 8% Capital Group: 4% Fidelity: 2%

Investor Relations:

Andrew Tunks, CEO T: +61 8 9466 9555 E: [email protected]

Victoria Thomas, Six Degrees Media T: +61 3 9674 0347 E: [email protected]

  • Ausgold’s ground holding extended to over 9,000 square kilometres encompassing the majority of the greenstone belt;

  • Geological mapping completed at Cracow identifies 5 gold targets with characteristics of low-sulfidation epithermal gold mineralisation.

Corporate:

  • Appointment of Dr Andrew Tunks as Chief Executive Officer.

Commenting on the quarterly results, Dr Andrew Tunks, CEO of Ausgold Limited said: “Undoubtedly the gold discoveries within the Katanning Gold Project form part of a major mineralised structural corridor. Further high-grade intercepts have been encountered in RC drilling and visual logging of the diamond core suggests the gold mineralisation is strongly related to sulphide alteration of the host rocks making the high grade zones amenable to geophysical targeting. Work during the quarter has identified new anomalies that extend the strike of the known gold mineralised system at Katanning to over 20km. Throughout 2012 we be focussing on a three fold strategy: Firstly to deliver our maiden mineral resource estimate late in 2012, secondly to grow our resources and explore for high-grade shoots within the Katanning Structural Corridor, third to rank and then test the 50 plus other gold targets within the greenstone belt we control. It’s an exciting time for Ausgold."

80 Churchill Avenue, Subiaco, Western Australia 6008 T +61 8 9466 9555 | F +61 8 9466 9566 | E [email protected] | W www.ausgoldlimited.com

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SUMMARY OF EXPLORATION ACTIVITIES

Ausgold Limited (“ Ausgold ” or the “ Company ”) ( ASX: AUC ) is pleased to release its Quarterly Activities Report for the period ended 31 March 2012.

Katanning Gold Project, Western Australia (AUC 100%)

The Katanning Gold Project is located 275 kilometres southeast of Perth. Ausgold holds over 9,000 square kilometres of tenure within the region (see Figure 1).

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Figure 1: Location map of Ausgold’s Katanning Gold Project

Ausgold’s exploration at Katanning has identified a gold mineralised corridor with a strike length in excess of 20 kilometres which constitutes the Katanning Gold Project. This zone is currently being drill tested within the Jinkas Corridor (refer Figure 2).

DRILLING

Drilling continued during the quarter in the Jinkas and Dingo Corridors within the Katanning Gold Project (refer Figure 2). Up to five RC rigs, a diamond rig and an aircore rig were utilised in completing approximately 30,800 metres of drilling during the quarter targeting the continuity of high-grade gold mineralisation within these zones along strike and at depth.

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The Jinkas Corridor consists of at least three stacked gold mineralised zones, namely the Jinkas, White Dam and Jackson lodes. These gold mineralised zones occur in close proximity to the foot and hanging wall of granitic (adamellite) sills. Results from RC drilling include the following significant gold assays: (Refer Appendix 1 for further assays)

  • 9m @ 2.49 g/t Au from 231m in Hole BSRC0578

  • 4m @ 4.53 g/t Au from 294m and 11m @ 1.98 g/t Au from 216m in Hole BSRC0581

  • 3m @ 8.61 g/t Au from 120m in Hole BSRC0606

  • • * 11m @ 2.57 g/t Au from 114m in Hole BSRC0621

  • • * 2m @ 7.40 g/t Au from 64m in Hole BSRC0624

  • 4m @ 8.25 g/t Au from 177m in Hole BSRC0577

  • 3m @ 18.81 g/t Au from 116m in Hole BSRC0629

  • • 13m @ 10.40 g/t Au from 86m in Hole BSRC0562

  • 8m @ 5.80 g/t Au from 174m in Hole BSRC0469

  • 3m @ 8.30 g/t Au from 43m in Hole BSRC0516

  • 9m @ 2.20 g/t Au from 198m in Hole BSRC0492

  • • 2m @ 10.48 g/t Au from 106m in Hole BSRC0573

  • 20m @ 3.15 g/t Au from 99m in Hole BSRC0565

  • • 3m @ 5.89 g/t Au from 67m in Hole BSRC0524

  • • 5m @ 3.16 g/t Au from 230m in Hole BSRC0532

  • • 3m @ 5.28 g/t Au from 168m in Hole BSRC0496

  • • 10m @ 3.62 g/t Au from 131m in Hole BSRC0466

*denotes new drilling results not previously announced

Continuity of gold mineralisation within the Jinkas lode is now confirmed to be at least 270 metres north of previously reported drilling, advancing the known strike of the Jinkas high-grade shoot 600m since the commencement of drilling in late 2011 (Refer Figure 3 & 4). Drilling progressed generally on 40 metre section lines with drill holes 40 metres apart with a number of deep holes to scope mineralisation at depth.

Large diameter diamond drilling (PQ diameter) of the northern strike of the Jinkas corridor commenced during the December 2011 quarter, primarily to provide metallurgical, geotechnical, geological and bulk density data. Interpretation of the core indicates there are two generations of gold mineralisation. In the earliest event gold is associated with intense zones of sulphide alteration (pyrrhotite, pyrite ± chalcopyrite) in the later gold is associated with magnetite. Importantly both mineralisation styles potential have strong geophysical signatures, consequently planning for a comprehensive geophysical program is now underway. Assay results for the diamond program remain pending.

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Figure 2: The KGP Gold Anomaly Map . This figure illustrates the 20km strike length of strongly anomalous gold results that make up the Katanning Gold Project. To date a total of 5,250 multi-element soil samples have been collected at 200m by 50m sampling intervals along the 20km strike of the KGP. The extent of very significant anomalism is considered outlined by the plus 25 times anomaly to background value for gold.

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Figure 3: Significant gold intercepts - Jinkas Section 18900mN

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Figure 4: Significant gold intercepts - Jinkas Section 19000mN

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DINGO CORRIDOR DRILLING

To the south of Jinkas, approximately 5,800 metres of wide spaced (200m x 100m) aircore geochemical drilling within the Dingo Corridor have identified four gold lodes (A, B, C and D detailed in Figure 5) associated with mafic rocks defined by geochemical signatures. There is strong correlation between magnetic trends that reflect specific geological units and the presence of anomalous gold zones intersected by the Lukin air core drilling, suggesting a similar association of gold mineralisation and accompanied by pyrrhotite alteration already observed at Jinkas.

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Lukin Prospect
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Figure 5. Aircore Drilling at the Lukin Prospect, Bottom of Hole Gold Responses. The location of sections shown in figure three is indicated on the map. This 3.5 km long anomaly has been named the Lukin Prospect

The aircore drilling within the Dingo Corridor has successfully:

  1. Extended the Dingo mineralisation a further 750m to the south of the current RC testing.

  2. Resolved the Lukin soil geochemical anomaly into four discrete parallel anomalies and identified aircore anomalies over 1.7km long and nearly 2km in width, which remain open to the south.

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Both aircore drilling and multi-element soil analysis suggests a major break in the vicinity of 6281400N with the southern block possibly faulted with an apparent displacement of 500m east. Further aircore drilling is now planned to define the continuation of the two eastern zones.

The southernmost line of reconnaissance aircore drilling at Dingo along section 6279600N has confirmed continuity of the gold zone (interpreted as Lode B). Recent soil sampling suggests that this zone continues at least a further 2km south of the current aircore drilling.

GEOCHEMISTRY STRATEGY

The application of partial leach Ionic surface soil geochemistry coupled with aircore drilling and bottom-hole field XRF analyses at the contact between the weathered and fresh rock interface remains a cost effective exploration protocol to concisely identify priority targets for RC drilling.

The above methodology can now identify gold mineralised zones and targets including specific styles of gold mineralisation. In addition, the technique is defining previously unrecognised mineral systems within the Katanning greenstone belt.

During the current program, approximately 5,200 multi-element soil samples have been collected at 200m by 50m sampling intervals across the 20km strike of the Katanning Gold Project. Results are interpreted in Figure 2 above, with the extent of significant anomalism outlined by the plus 25 times anomaly to background value for gold (orange to red contours within Figure 2).

During the March quarter, sampling within the Katanning Gold Project has defined:

  • Extensions of the Jackson/Olympia gold mineralisation, approximately 2.5km further north;

  • As described earlier, extensions to the Lukin prospect with a newly defined zone over 1.5km in length open to the south and at the limit of soil sampling;

  • A southern extension to the Datatine prospect to the north of the Jinkas Corridor of approximately 1km length;

  • Confirmed the prospectivity of the Datatine and Jackson prospects and;

  • Defined 12 new interest areas within the KGP warranting RC drilling.

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KATANNING REGIONAL PROJECT, WA (AUC 100% & Quadrio JV)

Ausgold has increased its tenement position to over 9,000 square kilometres in south Western Australia covering a strike length of 250 kilometres east and south of the 30 million ounce Boddington Gold Deposit and surrounding the Katanning Gold Discovery.

KATANNING GREENSTONE BELT

Geological interpretation continued using the Company’s growing regional stream and soil multielement geochemical database. To date, over 8,700 soil and 750 stream samples have been collected for multi-element analyses, supplemented by open file sources which has expanded the data set to over 60,000 samples. Interpretation to date has:

  • Identified 54 regional gold targets (Refer Figure 6);

  • Defined a major mineralised greenstone belt over 200 kilometres in length similar to other greenstone belts within the Yilgarn Province with attributes of the Giant Archaean gold camps;

  • Highlighted regional geochemical provinces within the belt characterised by base metal anomalism;

  • Related single and multi-element trends indicative of major structures and associated local and regional alteration halos.

Preliminary data from detailed geochemical analysis of RC chips and diamond core has confirmed that the rocks hosting gold mineralisation at Katanning are typical of Yilgarn greenstone composition ranging from ultra-mafic (komatiitic), high-MgO mafic units, low-MgO mafic units (tholeiites) through to more felsic compositions. Further analyses are continuing along with detailed petrological examination to identify primary mineralogy alteration assemblages, and structural history.

Quadrio JV (Ausgold 60%)

Ausgold has now completed 28,000 aircore drill metres within the Quadrio Joint Venture where Ausgold has now earned 60% of the joint venture interest.

Results from this program continue to be assessed, however anomalous gold responses are more widespread than initially expected, and similar to the gold mineralisation within the Katanning Gold Project, have a strong association with apparent mafic lithologies within the host rock sequence. A strong Tellurium (Te) and gold association in the Nanicup Bridge area is interpreted as similar to mineralisation within the Kalgoorlie belt where telluride minerals have close association with the major gold deposits (eg. Mt Charlotte). The element associations suggest similarities to classic Eastern Goldfields shear zone hosted deposits, typical of the Yilgarn block of Western Australia. Interpretation of results continues and a full report on this program will be released shortly.

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Figure 6: Katanning Regional Project tenement holding with greenstone derivative lithologies and gold targets highlighted

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2012 KATANNING EXPLORATION STRATEGY

Under new CEO Dr Andrew Tunks, Ausgold is developing a three-fold approach to exploration at Katanning which is based upon:

  • RESOURCE DEFINITION : Follow up known high grade intersections and develop a maiden Mineral Resource Estimate for the Katanning Gold Project; the maiden resource produced in compliance with the JORC Code will be available towards the end of 2012.

  • RESOURCE EXTENSION : Utilise geochemistry, geophysics and drilling to extend the Katanning gold system beyond the current 20km area and to target high-grade gold mineralisation within the main structural corridor.

  • TEST REGIONAL TARGETS : Use geochemical and geophysical data to rank and prioritise the existing 54 targets for drilling.

The Company has appointed Optiro to assist with 3D geological modelling and independent evaluation of resource estimates. An initial JORC resource is expected during the second half of the year.

Air core drilling and soil geochemistry is set to continue in the June 2012 quarter to test extensions of the Katanning gold system, specifically:

  • Southerly extensions of the Lukin prospect within the Dingo Corridor;

  • Northerly extensions of the Datatine Corridor;

  • Investigating the presence of additional parallel zones of gold mineralization adjacent to the Jinkas, Dingo and Datatine corridors.

Activities shall also include airborne, surface and down-hole geophysics to target high-grade gold lodes. Ahead of continued RC drilling within the Katanning gold system.

Regional exploration activities are also scheduled to include:

  • Continuation of regional soil sampling and aircore drilling activities with a focus on prioritising and ranking the 54 regional gold targets, for RC drilling;

  • Commencement of airborne magnetic, radiometric and electromagnetic surveys, and acquisition of satellite gravity data of the entire Katanning greenstone belt;

  • Finalisation of the regional geochemical database and integration with new geophysical data interpretation.

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Cracow, Queensland (AUC 100%)

The Cracow project covers 1,200 square kilometres enclosing highly prospective Camboon Volcanics, host to the greater than 1 million ounce Cracow gold mine 16km south of Ausgold’s area of interest (Refer Figure 7). The project is located 375 kilometres northwest of Brisbane.

Activity to date has included geological mapping to investigate five anomalous gold and multielement catchment targets showing surface quartz/sericite/sulfide alteration, sulfide stockworks, quartz breccias and silica veining, all considered characteristic of epithermal systems capable of hosting substantial gold deposits. Initial results indicate that Ausgold’s tenement have identical geological setting and chemical/alteration characteristics to that of other major epithermal gold systems including the Cracow gold field immediately south.

Continued mapping, in conjunction with geochemical and geophysical analysis is planned for the June 2012 quarter with a view to drilling priority targets late in 2012.

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Figure 7: Cracow Project tenement holding underlain by magnetic imagery with new targets highlighted

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Yamarna, Western Australia (AUC 100%)

The Yamarna Project is located approximately 125 kilometres north-east of Laverton in central Western Australia on Exploration Licence (“EL”) 38/2129. It comprises approximately 600 square kilometres of prospective ground over the eastern-most Archaean greenstone belt of the Yilgarn Craton – the Yamarna belt. The Winchester Copper-Nickel Discovery was originally identified from Ausgold’s 2010 drilling campaign which returned a significant copper, nickel and cobalt intervals.

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Figure 8: Winchester Prospect Discovery Section, Yamarna

It is the Company’s intention to drill adjacent sections at Winchester during the 2012 field season to determine the extent of the mineralising system. In addition, Ausgold is planning drilling solutions for targets generated from the recently completed downhole EM surveys.

Corporate Activities

Ausgold announced the appointment of Dr Andrew Tunks as CEO during the quarter. Prior to his appointment, Dr Tunks was CEO of ASX listed uranium company A-Cap Resources Limited (ASX: ACB), where as CEO he was responsible for the successful exploration and growth of the Letlhakane Uranium Project into one of the world’s largest undeveloped uranium resources.

Dr. Tunks, who holds B.Sc. (Hons) from Monash University and a Ph.D. in geology from the University of Tasmania, has over 25 years of experience primarily in gold exploration and mining in Australia, Africa and South America. Dr. Tunks’ core expertise is in structural and economic geology relating to gold deposits. As a former Senior Lecturer in Geology at the University of Tasmania, Dr. Tunks has been published in peer-reviewed journals and presented at various international conferences on the structural controls of gold mineralisation.

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CONTACT DETAILS

Registered Office 80 Churchill Avenue Subiaco WA 6008 Tel: +61 8 9466 9555 Fax: + 61 8 9466 9566

For further information, shareholders and media please contact:

Andrew Tunks Victoria Thomas CEO Six Degrees Investor Relations Ph: +61 8 9466 9555 Ph: +61 3 9674 0347 Email: [email protected] Email: [email protected]

or visit: www.ausgoldlimited.com

About Ausgold Limited

Ausgold Limited was formed to utilise some of the latest innovations in geosciences to target areas in Australia prospective for the discovery of gold and copper-gold ore bodies. This work was initially carried out by the Centre for Exploration Targeting, an internationally renowned group affiliated with the University of Western Australia and Curtin University, using a team of highly qualified geoscientists with extensive experience in gold mineralised systems and exploration targeting.

The result was Ausgold's acquisition of tenements covering 17,500 km² of ground prospective for gold and copper mineralisation. These tenements cover a range of mineralised systems in known and emerging mineral provinces throughout Australia, where potential exists for new gold and copper discoveries.

Ausgold has identified a major new greenstone belt 200 km in length within south Western Australia similar to other greenstone belts in the Yilgarn and with attributes of other Giant Archaean gold camps.

This successful targeting by Ausgold has led to the unearthing of the Katanning Gold Discovery, 275 km south west of Perth. The discovery sits within the greater Katanning Regional Project covering an impressive 7,500 km² in the Yilgarn to the southeast of Newmont's Boddington Gold Mine.

The Katanning Gold Discovery demonstrates similar geological and structural characteristics to Newmont’s sizeable 26 million ounce Boddington Gold Mine, and also shows the potential to host its own multi-million ounce deposit.

A major reverse circulation drilling program undertaken by Ausgold has identified multiple gold mineralised horizons at Katanning within a corridor having a strike length in excess of 20 kilometres. To date, three main zones have been uncovered within the confines of the Katanning Gold Discovery, those being Jackson, Jinkas and Dingo with gold mineralisation at a fourth prospect, Fraser, also being discovered.

In addition to the burgeoning Katanning Gold Discovery and Boddington South Exploration Project, highly prospective ground has also been identified and acquired at Doolgunna Station, Yamarna, Paterson and Cracow.

Competent Persons Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Andrew Tunks, who is a Member of the Australian Institute of Geoscientists. Dr Tunks is the CEO and full-time employee of Ausgold Limited, and has sufficient experience relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Tunks consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Quoted co-ordinates are in MGA Zone 50 GDA94. All holes are drilled on an azimuth of 243 and dip at -60 degrees unless otherwise noted. Intercepts calculated using a 0.5 g/t Au lower cut, no upper cut, and a maximum 2 metre internal dilution. All assays determined by 1 metre split samples using fire assay by Ultra Traces and Quantum Analytical Services in Perth, Western Australia.

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Appendix 1: Summary of New RC Drill results, all holes 60 degree inclined unless indicated

Hole
PROSPECT SECTION HOLEID Easting Northing RL Depth From To Interval
**Aug/t **
JINKAS 19270 BSRC0563 584343
6289192
350		 274 240 241 1 2.69
247 248 1 1.22
251 252 1 0.60
JINKAS 19050 BSRC0564 584212
6288877
353		 126 73 74 1 1.70
77 78 1 0.63
99 101 2 1.26
103 104 1 1.68
JINKAS 19040 BSRC0566 584416
6288971
359		 286 204 205 1 1.78
214 215 1 1.35
219 235 16 1.09
247 248 1 0.74
257 258 1 0.68
JINKAS 18960 BSRC0568 584128
6288741
351		 264 8 9 1 0.69
23 24 1 0.78
151 153 2 1.23
JINKAS 18870 BSRC0569 584418
6288782
361		 238 115 116 1 0.68
151 153 2 2.22
172 173 1 1.40
178 179 1 0.67
188 189 1 1.26
208 214 6 0.61
JINKAS 18850 BSRC0571 584637
6288868
356		 502 369 370 1 0.66
444 447 3 0.64
JINKAS 19080 BSRC0572 584328
6288972
359		 220 158 159 1 4.85
186 197 11 1.32
199 202 3 0.60
JINKAS 18960 BSRC0574 584159
6288755
352		 276 10 11 1 2.39
42 43 1 0.94
168 173 5 1.11
JINKAS 19080 BSRC0575 584362
6288989
358		 268 171 172 1 0.64
183 184 1 1.12
201 202 1 0.99
205 207 2 1.09
211 212 1 1.38
219 220 1 0.69
248 251 3 1.88
JINKAS 18980 BSRC0579 584252
6288823
354		 138 52 53 1 2.88
62 67 5 1.49
71 77 6 0.56
82 83 1 2.33
87 89 2 0.73
106 109 3 1.48

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Hole
PROSPECT SECTION HOLEID Easting Northing RL Depth From To Interval
**Aug/t **
JINKAS 18940 BSRC0577 584354
6288828
360		 214 102 103 1 0.66
119 121 2 0.86
147 149 2 0.82
157 158 1 6.90
164 165 1 7.75
167 168 1 0.76
171 172 1 1.27
177 181 4 8.25
192 194 2 2.05
JINKAS 19080 BSRC0578 584398
6289007
358		 292 208 210 2 1.23
220 224 4 0.87
231 240 9 2.49
250 251 1 0.86
253 254 1 0.75
258 260 2 0.80
264 269 5 1.55
JINKAS 19000 BSRC0580 583888
6288664
344		 138 6 7 1 0.66
60 61 1 0.53
63 64 1 1.38
JINKAS 18960 BSRC0581 584392
6288871
361		 418 191 193 2 2.72
211 212 1 0.58
216 227 11 1.98
234 235 1 1.28
237 238 1 0.51
294 298 4 4.53
308 309 1 0.53
365 366 1 2.99
JINKAS 18980 BSRC0582 584290
6288841
357		 168 70 71 1 1.41
78 79 1 0.51
88 89 1 0.93
JINKAS 18980 BSRC0582 584290
6288841
357		 168 95 96 1 0.53
104 106 2 0.71
135 140 5 1.47
JINKAS 18920 BSRC0583 584348
6288803
363		 190 106 107 1 0.55
119 120 1 0.79
126 129 3 1.01
139 143 4 0.91
153 154 1 1.04
158 159 1 3.99
172 175 3 1.39

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Hole
PROSPECT SECTION HOLEID Easting Northing RL Depth From To Interval
**Aug/t **
JINKAS-LT 18900 BSRC0584 583928
6288572
346		 144 49 50 1 0.51
61 66 5 1.01
79 82 3 1.11
JINKAS 18980 BSRC0585 584326
6288859
358		 212 157 167 10 1.00
172 174 2 0.54
JINKAS 19040 BSRC0586 584316
6288923
358		 346 140 141 1 0.53
157 159 2 0.55
167 179 12 0.94
183 184 1 0.96
277 278 1 0.98
281 288 7 1.67
292 293 1 2.88
JINKAS 18980 BSRC0587 584182
6288788
352		 78 20 21 1 0.53
25 27 2 0.58
60 65 5 1.08
JINKAS 19000 BSRC0589 583974
6288706
347		 210 35 36 1 1.28
46 50 4 0.62
JINKAS 19230 BSRC0590 584216
6289084
363		 190 76 77 1 0.68
112 113 1 1.79
139 140 1 1.69
JINKAS-LT 18900 BSRC0591 584021
6288619
352		 232 109 110 1 0.81
117 118 1 0.55
121 124 3 0.74
JINKAS 19040 BSRC0592 584003
6288765
348		 232 67 69 2 0.88
72 73 1 1.00
84 85 1 2.25
88 89 1 2.06
126 127 1 1.31
132 136 4 1.14
JINKAS-LT 18900 BSRC0593 584109
6288663
353		 280 115 118 3 0.80
121 124 3 1.03
129 130 1 13.24
134 135 1 0.92
JINKAS-LT 19110 BSRC0594 583813
6288754
341		 118 48 49 1 0.81
53 54 1 0.87
56 57 1 0.65
JINKAS-LT 19109 BSRC0595 583872
6288779
345		 148 29 30 1 0.72
82 83 1 1.27
86 90 4 0.47
JINKAS-LT 18980 BSRC0597 583864
6288630
342		 120 41 52 11 0.62
118 119 1 1.02

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Hole
PROSPECT SECTION HOLEID Easting Northing RL Depth From To Interval
**Aug/t **
JINKAS-LT 19200 BSRC0598 583779
6288831
341		 118 48 55 7 0.63
58 61 3 0.56
70 71 1 0.51
JINKAS 18960 BSRC0599 583975
6288663
348		 202 30 31 1 0.77
71 72 1 0.51
103 104 1 0.82
158 159 1 1.16
JINKAS-LT 19190 BSRC0600 583832
6288854
344		 148 23 24 1 0.70
78 87 9 0.84
91 92 1 7.10
JINKAS-LT 18940 BSRC0601 584314
6288810
357		 172 96 98 2 1.61
112 113 1 2.19
129 135 6 0.58
143 151 8 0.55
JINKAS-LT 18980 BSRC0602 583895
6288645
343		 132 4 6 2 2.819
60 64 4 0.677
JINKAS-LT 19260 BSRC0603 583748
6288881
340		 130 52 57 5 0.89
64 65 1 0.90
JINKAS-LT 18920 BSRC0604 583877
6288570
344		 114 35 36 1 0.71
49 50 1 0.79
JINKAS-LT 19260 BSRC0605 583793
6288906
343		 142 19 20 1 7.07
77 84 7 0.83
JINKAS 18995 BSRC0606 584067
6288748
351		 238 110 111 1 0.66
120 123 3 8.61
175 176 1 0.51
JINKAS-LT 19010 BSRC0607 584165
6288813
349		 292 10 11 1 0.52
13 14 1 0.56
17 18 1 0.70
29 30 1 2.28
55 56 1 2.81
177 178 1 0.99
185 189 4 1.58
236 237 1 0.84
JINKAS-LT 18982 BSRC0608 583940
6288670
346		 162 85 92 7 1.17
JINKAS-LT 19460 BSRC0609 583629
6289050
337		 118 55 56 1 1.00
112 113 1 0.57
JINKAS-LT 19460 BSRC0610 583664
6289068
339		 130 0 1 1 4.73
57 58 1 0.73
JINKAS-LT 19320 BSRC0611 583720
6288936
341		 114 42 43 1 0.95
53 59 6 0.89
JINKAS-LT 19320 BSRC0612 583764
6288958
344		 144 16 17 1 0.54
67 68 1 0.93

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Hole
PROSPECT SECTION HOLEID Easting Northing RL Depth From To Interval
**Aug/t **
JINKAS-FR 17100 BSRC0613 584783
6286987
385		 220 65 66 1 0.74
169 171 2 0.52
177 179 2 0.60
JINKAS-LT 19460 BSRC0614 583700
6289084
341		 148 NSI
JINKAS-LT 19540 BSRC0615 583575
6289113
336		 112 10 11 1 0.80
JINKAS-FR 17100 BSRC0616 584818
6287004
387		 238 29 32 3 0.54
68 70 2 0.62
89 90 1 0.72
93 97 4 0.68
180 181 1 0.60
195 196 1 0.66
JINKAS-LT 19380 BSRC0617 583682
6288987
339		 114 51 57 6 0.54
JINKAS-LT 19540 BSRC0618 583611
6289131
339		 123 65 66 1 2.29
73 74 1 5.12
JINKAS-LT 19540 BSRC0619 583648
6289149
340		 148 NSI
JINKAS-LT 19780 BSRC0620 583466
6289328
338		 120 NSI
JINKAS-FR 17100 BSRC0621 584890
6287040
392		 286 56 57 1 0.71
93 94 1 3.88
100 101 1 0.67
104 106 2 0.66
109 112 3 1.58
114 125 11 2.57
205 206 1 0.57
212 214 2 0.59
235 236 1 1.62
JINKAS-LT 19780 BSRC0622 583505
6289345
340		 162 NSI
JINKAS-LT 19620 BSRC0623 583542
6289185
336		 118 11 12 1 0.73
42 46 4 2.09
107 108 1 3.36
JINKAS-LT 19620 BSRC0624 583582
6289205
338		 130 11 12 1 0.52
64 66 2 7.40
JINKAS-LT 19860 BSRC0625 583398
6289382
340		 84 NSI
JINKAS-LT 19620 BSRC0626 583611
6289220
341		 148 29 30 1 0.99
75 77 2 0.91
JINKAS-FR 16900 BSRC0627 585017
6286876
386		 292 50 53 3 0.70
67 69 2 0.60
84 85 1 0.86
215 217 2 0.88
243 244 1 2.89
JINKAS-LT 19860 BSRC0628 583467
6289417
342		 150 50 54 4 0.85

==> picture [121 x 66] intentionally omitted <==

Hole
PROSPECT SECTION HOLEID Easting Northing RL Depth From To Interval
**Aug/t **
JINKAS-LT 19780 BSRC0629 583611
6289399
347		 220 26 30 4 0.74
37 38 1 0.55
95 96 1 0.55
116 119 3 18.81
JINKAS-LT 19700 BSRC0630 583504
6289256
337		 114 54 57 3 0.79
JINKAS-LT 19700 BSRC0631 583539
6289273
339		 90 67 72 5 0.87
JINKAS-FR 16800 BSRC0632 584898
6286708
381		 250 17 20 3 0.74
23 26 3 0.59
JINKAS-LT 19780 BSRC0633 583646
6289416
347		 226 59 60 1 0.67
67 68 1 0.96
88 89 1 0.55
134 136 2 0.99
JINKAS-LT 19700 BSRC0634 583574
6289291
342		 102 21 22 1 0.54
JINKAS-FR 16900 BSRC0635 585097
6286920
386		 324 85 87 2 0.75
96 97 1 1.42
107 108 1 1.59
111 112 1 0.75
229 230 1 2.12
256 260 4 0.55
JINKAS-LT 19940 BSRC0636 583360
6289453
338		 108 33 34 1 0.50
42 43 1 0.60
63 64 1 0.64
JINKAS-FR 16900 BSRC0637 585190
6286964
381		 400 286 287 1 0.60
302 303 1 0.52
328 329 1 0.59
147 148 1 0.68
156 157 1 0.54
166 169 3 0.51
JINKAS-LT 19940 BSRC0638 583396
6289471
340		 120 37 39 2 0.67
43 46 3 0.60
JINKAS-FR 19940 BSRC0639 583468
6289506
343		 162 18 25 7 2.55
54 58 4 0.57
64 65 1 0.54
67 69 2 0.65
146 150 4 0.59
157 162 5 0.54
JINKAS-FR 16800 BSRC0640 585193
6286857
380		 370 222 223 1 0.61
149 150 1 0.55
JINKAS-FR 16800 BSRC0641 585105
6286811
385		 328 212 213 1 0.93
269 271 2 0.51

==> picture [121 x 66] intentionally omitted <==

Appendix 2: Summary of previously announced RC Drill Results during the March 2012 quarter

PROSPECT SECTION HOLEID Easting Northing RL Hole Depth From To Interval **Aug/t **
JINKAS
18960
BSRC0457
584245
6288797
354
136		 35
36
1
1.00
48
49
1
0.63
52
56
4
1.30
61
62
1
1.60
73
74
1
0.65
81
83
2
1.84
100
101
1
0.80
JINKAS
18920
BSRC0460
584325
6288802
359
160		 103
106
3
1.50
113
114
1
0.89
138
139
1
1.28
143
145
2
2.08
154
159
5
0.87
163
165
2
2.03
JINKAS
18980
BSRC0463
584219
6288797
353
112		 27
28
1
3.49
34
37
3
0.62
41
42
1
1.72
45
46
1
0.53
48
49
1
1.62
63
64
1
0.69
71
72
1
0.59
JINKAS
19040
BSRC0464
584244
6288885
356
148		 64
65
1
2.03
68
69
1
0.65
82
83
1
0.94
87
89
2
1.23
100
101
1
0.57
115
121
6
0.55
JINKAS
19040
BSRC0465
584221
6288762
354
96		 24
25
1
2.42
39
42
3
0.43
78
79
1
2.69
JINKAS
18900
BSRC0466
584328
6288766
359
160		 71
72
1
0.94
92
93
1
4.80
97
100
3
0.48
131
141
10
3.62
143
145
2
0.92
JINKAS
18900
BSRC0467
584262
6288725
357
110		 52
53
1
1.78
59
60
1
0.53
75
76
1
1.66
94
95
1
1.07
JINKAS
18980
BSRC0468
584147
6288770
352
216		 164
165
1
1.08

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval		 **Aug/t **
JINKAS
18900
BSRC0469
584363
6288783
360
196		 107
108
1		 0.51
124
129
5		 1.36
134
135
1		 0.73
154
156
2		 1.19
174
182
8		 5.80
JINKAS
19020
BSRC0470
584120
6288797
352
66		 5
6
1		 1.97
JINKAS
19000
BSRC0471
584150
6288797
353
72		 28
29
1		 0.88
39
40
1		 0.58
59
60
1		 1.11
JINKAS
18870
BSRC0472
584343
6288755
360
190		 115
117
2		 0.68
118
119
1		 7.49
127
128
1		 0.61
131
132
1		 0.84
166
173
7		 0.87
JINKAS
19040
BSRC0473
584171
6288850
353
96		 33
34
1		 0.89
59
60
1		 9.90
JINKAS
19000
BSRC0474
584138
6288797
354
84		 33
34
1		 0.53
44
45
1		 1.22
JINKAS
18850
BSRC0475
584346
6288729
361
184		 91
92
1		 0.73
96
101
5		 2.86
134
135
1		 0.65
156
157
1		 0.51
JINKAS
19070
BSRC0476
584174
6288897
355
108		 31
32
1		 0.54
51
52
1		 0.65
56
57
1		 0.50
64
66
2		 0.61
68
69
1		 1.53
74
75
1		 0.65
JINKAS
18960
BSRC0477
584066
6288708
352
46		 NSI
JINKAS
18850
BSRC0478
584382
6288746
361
202		 109
110
1		 0.55
117
118
1		 0.62
129
131
2		 1.04
136
137
1		 0.53
152
153
1		 0.58
159
160
1		 1.20
170
171
1		 0.72
178
181
3		 0.71
186
189
3		 1.38
JINKAS
18920
BSRC0479
584227
6288743
352
58		 6
7
1		 3.13
27
30
3		 0.91
JINKAS
18920
BSRC0480
584263
6288761
352
64		 11
15
4		 1.48
24
25
1		 0.92
27
28
1		 1.64

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval		 **Aug/t **
JINKAS
18920
BSRC0480
584263
6288761
352
64		 11
15
4		 1.48
24
25
1		 0.92
27
28
1		 1.64
JINKAS
18960
BSRC0481
584173
6288762
352
88		 15
16
1		 1.17
41
42
1		 0.85
49
50
1		 4.06
54
56
2		 2.31
JINKAS
19000
BSRC0482
584111
6288893
354
72		 38
39
1		 0.76
58
59
1		 0.57
JINKAS
18920
BSRC0483
584113
6288686
353
40		 NSI
JINKAS
18920
BSRC0484
584150
6288703
353
64		 0
2
2		 1.44
4
5
1		 0.85
10
13
3		 0.67
19
20
1		 0.71
28
29
1		 0.83
38
40
2		 1.07
44
45
1		 0.68
JINKAS
19150
BSRC0485
584093
6288926
355
72		 8
9
1		 2.34
33
34
1		 0.57
40
41
1		 0.59
43
44
1		 0.99
47
48
1		 0.58
JINKAS
18870
BSRC0486
584114
6288636
355
34		 NSI
JINKAS
18830
BSRC0487
584362
6288713
362
202		 89
90
1		 1.09
102
105
3		 0.48
130
131
2		 1.02
134
135
1		 4.58
140
141
1		 0.70
162
165
3		 0.56
JINKAS
18920
BSRC0488
584078
6288669
352
232		 105
107
2		 1.10
110
112
2		 1.33
154
158
4		 2.18
191
192
1		 1.54
JINKAS
18900
BSRC0489
584395
6288798
361
238		 168
173
5		 1.33
176
177
1		 2.17
193
196
3		 0.83
202
203
1		 0.92
207
208
1		 1.34
JINKAS
19150
BSRC0490
584129
6288943
356
96		 21
22
1		 0.70
51
52
1		 0.75
57
58
1		 0.53
72
73
1		 0.75
81
82
1		 0.87

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval
**Aug/t **
JINKAS
18920
BSRC0491
583913
6288586
347
154		 58
62
4
0.98
JINKAS
18850
BSRC0492
584417
6288765
362
226		 172
174
2
0.55
198
207
9
2.20
JINKAS
19150
BSRC0493
584165
6288960
357
114		 80
81
1
0.59
101
103
2
1.79
JINKAS
18920
BSRC0494
583948
6288604
348
154		 80
85
5
1.28
97
99
2
0.94
145
146
1
0.52
JINKAS
19080
BSRC0495
584291
6288953
358
192		 136
137
1
1.95
143
144
1
1.30
159
160
1
1.03
162
163
1
0.64
165
166
1
1.40
171
173
2
1.47
JINKAS
19000
BSRC0496
584320
6288877
358
202		 118
119
1
0.54
154
162
8
1.10
165
166
1
0.69
168
171
3
5.28
174
175
1
0.84
JINKAS
19190
BSRC0497
584047
6288950
355
72		 31
32
1
1.52
48
49
1
6.62
JINKAS
19190
BSRC0498
584088
6288969
356
84		 44
47
3
0.57
54
55
1
0.56
64
65
1
0.59
JINKAS
18920
BSRC0499
584387
6288821
360
250		 139
140
1
1.21
143
145
2
0.65
148
149
1
1.59
174
178
4
1.04
187
189
1
0.95
192
193
1
0.71
JINKAS
19000
BSRC0526
584227
6288833
353
114		 37
38
1
0.54
48
49
1
0.63
53
54
1
0.81
61
63
2
0.78
65
66
1
2.03
79
80
1
0.73
JINKAS
19000
BSRC0527
584362
6288899
360
244		 178
180
1
0.90
186
187
1
1.08
192
193
1
0.77
196
197
1
1.30
211
213
2
1.07
218
225
7
0.74

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval		 **Aug/t **
JINKAS
19000
BSRC0528
584263
6288851
355
138		 89
90
1		 0.55
120
124
4		 1.09
JINKAS
18960
BSRC0529
584353
6288850
360
220		 57
58
1		 9.08
112
113
1		 0.60
130
132
2		 0.93
165
168
3		 0.70
181
183
2		 3.60
186
187
1		 0.87
189
190
1		 0.80
JINKAS
18900
BSRC0530
584592
6288896
358
466		 323
324
1		 0.67
338
339
1		 2.67
427
428
1		 0.59
JINKAS
19040
BSRC0531
584281
6288904
358
168		 97
98
1		 0.53
123
124
1		 0.98
140
141
1		 0.58
146
147
1		 1.94
149
150
1		 0.80
JINKAS
18850
BSRC0532
584498
6288805
361
388		 223
224
1		 0.81
226
227
1		 4.70
230
235
5		 3.16
241
242
1		 0.50
252
253
1		 2.37
258
261
3		 0.53
265
266
1		 0.55
287
289
2		 1.31
295
297
2		 0.92
305
306
1		 0.88
310
313
3		 2.26
316
317
1		 0.50
363
364
1		 0.68
JINKAS
19070
BSRC0533
584221
6288919
357
144		 93
95
2		 1.19
JINKAS
18900
BSRC0534
584480
6288841
362
220		 NSI
JINKAS
18960
BSRC0535
584415
6288881
362
268		 171
172
1		 1.19
203
204
1		 0.64
216
217
1		 2.10
228
231
3		 1.48

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval
**Aug/t **
JINKAS
18770
BSRC0536
584498
6288715
363
268		 179
181
2
0.88
192
193
1
1.33
196
197
1
0.70
201
204
3
1.35
206
207
1
0.76
225
226
1
0.73
235
236
1
0.61
241
243
2
2.25
249
250
1
2.29
252
254
2
1.32
261
262
1
0.64
JINKAS
19040
BSRC0537
584344
6288935
360
238		 171
172
1
1.15
177
178
1
1.29
181
192
11
1.26
194
199
5
0.96
201
202
1
0.63
204
207
3
1.10
214
215
1
8.50
224
225
1
0.75
JINKAS
19150
BSRC0538
584223
6289000
358
160		 143
145
2
1.40
JINKAS
19040
BSRC0539
584380
6288953
360
268		 214
223
9
1.07
234
235
1
0.59
238
239
1
0.89
250
251
1
4.93
JINKAS
19230
BSRC0540
584173
6289057
355
148		 81
83
2
0.52
103
104
1
0.51
108
109
1
0.55
113
114
1
1.49
122
124
2
6.09
130
131
1
0.82
139
140
1
1.38
JINKAS
19110
BSRC0541
584286
6288985
359
198		 139
140
1
0.67
168
169
1
0.88
172
174
2
0.79
180
181
1
1.72
JINKAS
19110
BSRC0542
584322
6289002
358
210		 99
100
1
0.50
130
131
1
0.52
133
134
1
0.66
136
137
1
4.05
JINKAS
19150
BSRC0543
584251
6289012
357
140		 138
139
1
0.74
141
142
1
0.87

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval		 **Aug/t **
JINKAS
19110
BSRC0544
584358
6289020
358
230		 191
192
1		 0.64
216
226
10		 0.95
230
231
1		 13.07
JINKAS
19150
BSRC0545
584287
6289029
357
204		 112
113
1		 1.69
187
188
1		 0.52
JINKAS
19150
BSRC0546
584398
6289086
355
310		 229
230
1		 1.46
255
256
1		 0.52
262
263
1		 2.03
272
274
2		 0.77
288
289
1		 0.52
JINKAS
19230
BSRC0547
584324
6289137
352
263		 234
235
1		 1.40
238
239
1		 1.60
242
243
1		 1.22
JINKAS
19270
BSRC0548
584270
6289155
352
244		 172
178
6		 1.80
JINKAS
19110
BSRC0549
584392
6289037
356
300		 231
232
1		 0.55
239
246
7		 1.79
250
253
3		 0.64
JINKAS
19270
BSRC0550
584306
6289173
350
256		 200
203
3		 0.52
JINKAS
19230
BSRC0551
584358
6289154
352
280		 220
221
1		 2.37
225
226
1		 0.74
258
259
1		 0.54
JINKAS
18870
BSRC0552
584384
6288765
361
214		 117
120
3		 0.74
126
127
1		 1.09
134
135
1		 5.68
144
145
1		 1.44
153
154
1		 1.34
159
160
1		 1.88
162
165
3		 0.75
181
182
1		 0.99
186
190
4		 1.83
JINKAS
19190
BSRC0553
584219
6289046
356
168		 61
63
2		 1.95
80
81
1		 1.61
JINKAS
19110
BSRC0554
584430
6289056
356
395		 258
272
14		 0.56
346
351
5		 1.07
JINKAS
19270
BSRC0555
584339
6289191
350
46		 NSI
JINKAS
19230
BSRC0556
584394
6289171
351
322		 229
230
1		 0.93
259
267
17		 0.86
280
281
1		 1.78
296
297
1		 0.53
JINKAS
19150
BSRC0557
584298
6289016
357
46		 NSI
JINKAS
19040
BSRC0558
583878
6288707
344
144		 13
14
1		 0.57
68
69
1		 1.05
72
73
1		 0.96
93
94
1		 1.98

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval
**Aug/t **
JINKAS
19150
BSRC0559
584322
6289047
355
238		 205
206
1
0.55
209
215
6
2.32
JINKAS
19000
BSRC0560
584393
6288916
361
268		 202
203
1
0.51
210
211
1
1.89
215
219
4
1.33
230
236
6
2.52
237
239
2
0.65
JINKAS
18710
BSRC0561
584284
6288537
365
60		 39
42
3
0.98
45
46
1
0.86
58
59
1
0.74
JINKAS
18710
BSRC0562
584286
6288539
365
126		 2
5
3
0.50
51
52
1
0.59
80
82
2
1.31
86
99
13
10.40
JINKAS
18750
BSRC0565
584313
6288597
362
132		 10
11
1
0.74
32
33
1
1.73
50
52
2
0.97
56
58
2
2.46
62
65
3
1.97
70
71
1
1.55
96
97
1
1.18
99
119
20
3.15
JINKAS
18710
BSRC0567
584319
6288562
366
138		 58
59
1
0.55
66
67
1
1.61
99
102
3
1.1
121
123
2
4.48
JINKAS
18690
BSRC0570
584237
6288492
364
120		 23
24
1
0.96
51
54
3
1.12
JINKAS
18810
BSRC0573
584395
6288712
362
220		 106
108
2
10.48
112
113
1
0.7
134
135
1
2.34
138
139
1
0.97
157
165
8
0.54
172
173
1
0.55
184
186
2
1.88
JINKAS
18690
BSRC0576
584280
6288513
360
144		 42
47
5
0.54
54
55
1
3.58
72
75
3
1.63
79
86
7
1.56
88
89
1
0.52
JINKAS
17000
BSRC0503
584595
6286782
374
120		 32
36
4
1.17
54
57
3
1.57
70
71
1
1.07

==> picture [121 x 66] intentionally omitted <==

PROSPECT
SECTION
HOLEID
Easting
Northing
RL
Hole Depth		 From
To
Interval
Aug/t
JINKAS
17000
BSRC0515
584702
6286835
378
154		 10
13
3
0.67
26
35
9
1.11
40
41
1
0.75
88
89
1
0.59
JINKAS
17200
BSRC0516
584668
6287039
384
54		 43
46
3
8.30
47
49
2
0.61
51
52
1
0.59
JINKAS
17200
BSRC0519
584672
6287041
384
150		 46
48
2
0.81
69
70
1
0.67
138
140
2
0.94
JINKAS
16900
BSRC0520
584725
6286734
376
142		 92
96
4
0.75
105
109
2
0.63
JINKAS
16900
BSRC0521
584764
6286755
378
172		 6
7
1
0.71
78
79
1
0.52
107
108
1
1.31
112
113
1
3.19
122
123
1
1.09
135
136
1
0.71
JINKAS
17200
BSRC0522
584662
6287036
384
179		 56
57
1
0.60
125
126
1
1.02
129
132
3
0.67
JINKAS
17200
BSRC0523
584703
6287059
385
130		 4
5
1
0.50
9
11
2
0.96
33
37
4
0.53
61
62
1
3.99
65
66
1
0.68
JINKAS
16900
BSRC0524
584944
6286843
386
256		 11
12
1
1.09
16
19
3
0.56
23
24
1
0.64
67
70
3
5.89
204
209
5
1.25
244
245
1
1.68
JINKAS
16900
BSRC0525
584800
6286772
380
172		 20
21
1
1.50
57
58
1
0.64
72
73
1
0.63
121
122
1
0.75
133
136
3
0.70

Quoted co-ordinates are in MGA Zone 50 GDA94. All holes are drilled on an azimuth of 243 and dip at -60 degrees unless otherwise noted. Intercepts calculated using a 0.5 g/t Au lower cut, no upper cut, and a maximum 2 metre internal dilution. All assays determined by 1 metre split samples using fire assay by Quantum Analytical Services in Perth, Western Australia.

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