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AVIRA RESOURCES LTD Capital/Financing Update 2016

Apr 18, 2016

64473_rns_2016-04-18_618cfc00-b906-45e6-ac64-0476c393c7c0.pdf

Capital/Financing Update

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ASX Announcement 19 April 2016

MGT INCREASES DALCOUTH MINERAL RESOURCE TONNAGE BY 385%

ASX CODE MGS

HIGHLIGHTS

  • The Dalcouth mineral resource tonnage has been increased by 385% to 495,000 t @ 0.31% Sn

  • The confidence level has increased from Inferred Resource with over 80% of the mineral resource now classified as Measured Resource and the remainder classified as Indicated Resource in accordance with the 2012 edition of the JORC Code.

REGISTRY

Computershare

SHARES ON ISSUE

342,157,040

  • Geological modelling using Leapfrog[TM] has increased understanding of the controls of mineralisation and identified areas that could be drilled to extend mineralised zones.

  • � Mineralisation in the main Dalcouth deposit remains open to the northwest, southeast and down-dip.

Dalcouth Mineral Resource Summary (0.1% Sn lower cut off)

Tin Price: US$17,089/t Gold Price: US$1,232.4/oz

ktonnes Sn % Sn tonnes
Measured Resource 408 0.32 1306
Indicated Resource 87 0.24 209
Total Resource 495 0.31 1535

Executive Chairman Jonathan Back said:

“This is an excellent result, and MGT is very pleased that we have both increased the resource by such a substantial amount, and also that the detailed work conducted has resulted in an upgrade in JORC confidence for the entire prospect.

The majority of the Dalcouth resource estimate (more than 80%) is now classified as a Measured Resource, which gives us confidence that the project can be developed to production given more favourable tin price conditions.”

MGT Resources Limited 13.05/109 Pitt Street Sydney NSW 2000 Australia

T: 61 2 9262 1122 F: 61 2 9299 5175

www.mgt.net.au [email protected] ABN: 38 131 715 645

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OVERVIEW

MGT Resources Limited (MGT or The Company; ASX:MGS), through its 89.48% owned subsidiary MGT Mining Limited is pleased to announce an updated Mineral Resource estimate for the Dalcouth Prospect (located within the Summer Hills Mining Lease, ML20547). The new estimate was updated to include extensive infill and expansion drilling that MGT has conducted at the prospect. The combined Dalcouth Measured and Indicated Mineral Resource now stands at 495,000 t @ 0.31% Sn , an increase of 341% contained tin over the 2011 Mineral Resource.

Dalcouth Mineral Resource Summary (0.1% Sn lower cut off)

ktonnes Sn % Sn tonnes
Measured Resource 408 0.32 1306
Indicated Resource 87 0.24 209
Total Resource 495 0.31 1535

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Figure 1 . Dalcouth block model on topography (Sn cut-off >0.1%)

Modelling and estimation was provided by Tim Callaghan, who calculated the previous 2011 resource estimate: 102,400 t @ 0.34% Sn Inferred Resource. The mineral resource estimate is

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classified in accordance with the JORC (2012) guidelines. Full details of the resource estimate can be found in Appendix 1.

The mineralisation of the main Dalcouth deposit occurs over a strike length of 350m, with a maximum width of 130m in the southeast narrowing to the northwest. Close-spaced drilling has defined the deposit to a depth of 100m from the surface. The mineralisation remains open along strike to the northwest and southeast, as well as down dip. Further drilling could potentially expand the Dalcouth resource in these areas. There are also possibilities to develop mineralisation to the east of the main Dalcouth line (Dalcouth Northeast No. 1 and No.2 – see figure 2).

A rotated block modelled resource estimation was calculated using an ordinary kriged algorithm (see figure 1). The resource estimation is based on 227 RC drillholes, 4 diamond holes and surface geological mapping. The resource is well-defined from close spaced drilling and the structural controls on mineralisation and continuity above a 0.1% Sn hard boundary are well understood and well-defined. The resource has been classified as Measured Resource where the drill spacing is 20m or less, and this makes up more than 80% of the Dalcouth deposit. The remainder of the resource that was within 60m of drill intersections has been classified as Indicated Resource.

This improvement in the resource confidence level, from the 2011 Inferred Resource, is a result of work undertaken by MGT to increase the geological understanding of the Dalcouth area through drilling of diamond core holes, detailed geological mapping, geological modelling, petrographic studies and bulk density measurements. In addition, MGT conducted extensive QAQC work including independent laboratory analyses to verify results.

In the Dalcouth Western, Central and Eastern Zones, and Dalcouth Northwest (see figure 2) where there is a high level of confidence in the geological model and grade estimation, the resource has been defined as Measured Resource.

Although there is no reason to suggest that mineralisation is not continuous, where there was a drill spacing greater than 40m, including along strike of the main Dalcouth deposit to the northwest and below 660mRL, resources have been classified as Indicated Resource.

There is a moderate level of confidence in the Dalcouth Northeast No.1 and No. 2 resource estimation, Mineralised domains are defined by a limited number of drillholes, and the deposits remain open along strike and down dip. These resources have been classified as Indicated Resource and require further drilling.

Approximately 35% of the resource is within the oxidised zone and is likely to be free digging for conventional open cut development.

Improved geological model of Dalcouth

The geological model of the Dalcouth deposit is much improved since the 2011 resource estimation. A significantly increased amount of accurate geological information derived from 10m sectional RC drilling has greatly assisted the geological understanding of the deposit. The drilling

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programs have been complimented by detailed surface mapping, petrographic and metallurgical studies and a Leapfrog[TM] geological interpretation.

Tin mineralisation of the Dalcouth deposit is hosted in Hodgkinson Formation turbiditic sandstones and siltstones. The sediments have been strongly deformed into complexly faulted northwest-southeast, north-south and northeast-southwest trending folds. A rhyolite intrusive is spatially associated with the three main mineralised zones, and is clearly important to the formation of the deposit, although a genetic association has not yet been established.

Mineralisation is hosted in fine anastomosing quartz-cassiterite veins and fractures associated with strong chlorite alteration of the host rock. Chlorite alteration presents as strong hematite development within the weathered zone. Quartz veining, rhyolite intrusives and mineralisation are associated with a northwest trending, steeply southwest dipping fracture zone.

Mineralisation extends northwest over 350m in length and achieves a maximum width of 130m at the southeast end, possibly representing a dilation zone. The main Dalcouth area consists of three main structural zones of mineralisation, the Western Zone, Central Zone and Eastern Zone (see figure 2). Each zone consists of multiple stacked lenses of mineralisation. The three zones merge in the centre of the deposit at approximately 8055830N 304050E. Mineralisation is less complex and more constrained northwest of this point, but this may possibly be a function of broader drillhole spacing.

A small area of close spaced drilling has defined the Dalcouth Northwest domain approximately 150m directly along strike from the main Dalcouth deposit. It is very likely that mineralisation is continuous through this zone, and further drilling is required. The deposit remains open along strike both northwest and southeast, as well as down dip, and future resource extensions are likely with further exploration.

In addition to the Dalcouth deposit, other targets exist on MGT’s tenements, and further exploration will delineate further resources.

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Figure 2 . Dalcouth Mineralised domains and drillhole location in plan view.

Next Steps

MGT Resources is seeking further funding for the Mt Garnet Project, and the increase in size and confidence in the Dalcouth JORC resource will assist in MGT securing a funding partner.

Further exploration/infill drilling at Dalcouth is warranted, to test extensions to mineralisation to the north-west, south-east, as well as further exploration of the Dalcouth Northeast deposits to increase their size and confidence level. Greater geological understanding has identified a number of key areas that could be exploited. MGT also plans to conduct follow-up drilling at the Summer Hill prospect, which was drilled in 2014 and returned encouraging results.

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ABOUT THE MT GARNET TIN PROJECT

MGT’s flagship Mt Garnet Tin Project is located approximately 100km (3 hours’ drive on sealed road) south west of Cairns in far North Queensland.

MGT’s Mining Lease ML 20547 (Summer Hills ML) was granted in early February 2013. The Summer Hills ML, the main tenement within MGT's flagship Mt Garnet Tin Project, is 1170 Ha in area making it one of the largest mining leases in the region. The mining lease was granted for a period of 21 years from 1[st] February 2013.

ML 20547 Contains Tin Processing Plant Plus Mining And Exploration Targets

The Mt Veteran Tin processing plant is located on ML4349; wholly surrounded by the Summer Hills ML 20547. A number of tin mining and exploration targets, including the Dalcouth and Summer Hill prospects, are located within the Summers Hills mining lease.

Dalcouth is MGT’s first priority open pit mining target. The mineral resource estimate update presented here brings MGT one step closer to developing this project.

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Figure 3 - The Summer Hills Mining Lease contains the Mt Veteran Tin Processing Plant, dams, power, roads and a nearby skilled workforce.

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APPENDIX 1: Technical Memorandum

TECHNICAL MEMORANDUM

Tim Callaghan – Resource and Exploration Geology

DALCOUTH RESOURCE ESTIMATION 2016

MGT Resources Ltd (MGT) has refurbished the historic Mt Veteran tin processing plant on their Summer Hills Project near Mt Garnet in northern Queensland. Numerous hard rock and alluvial tin prospects surrounding the mill provide possible ore sources. The Dalcouth deposit is the most advanced at this stage, with over 10,000m of mostly RC drilling completed since 2009.

The Dalcouth Deposit is hosted in folded and faulted quartz turbidite sediments of the Hodgkinson Formation. Quartz-cassiterite-pyrite mineralisation is associated with Permian granitic intrusions and associated silicic volcanics. Mineralisation is hosted in northwest-southeast trending, steeply southwest dipping anastomosing zones of fine quartz veins and fractures. The fracture zones and mineralisation are spatially associated with small rhyolite intrusions.

Mineralisation of the main Dalcouth deposit extends over 350m in strike length, attaining a maximum width of 130m in the southeast narrowing to the northwest. It has been drill defined to a depth of 100m from surface. The mineralisation remains open along strike northwest and southeast and down dip.

This resource estimation is based on 227 RC drillholes, 4 diamond holes and surface geological mapping. The drillhole data has been provided in digital format by MGT. Drillhole data and geological interpretation has been acquired through industry standard procedures by experienced personnel and is assessed to be of good quality.

The estimation is based on geology solid models created from 10m spaced sections and a 2m @ 0.1% Sn minimum grade contour. Drillhole data was composited on 1m intervals. Univariate statistical analysis was completed on all domains. Variogram modeling was completed on the larger mineralised domains. Variogram models typically had low nugget effect and a short range of 12-16m to the sill.

A rotated block modeled resource estimation was calculated using an ordinary kriged algorithm. The resource is reported in accordance with the 2012 edition of the JORC Code (Table 1).

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Table 1. Dalcouth Mineral Resource(cutoff> 0.1% Sn) Table 1. Dalcouth Mineral Resource(cutoff> 0.1% Sn) Table 1. Dalcouth Mineral Resource(cutoff> 0.1% Sn) Table 1. Dalcouth Mineral Resource(cutoff> 0.1% Sn)
ktonnes Sn % Sn tonnes
Measured Resource 408 0.32 1306
Indicated Resource 87 0.24 209
Total Resource 495 0.31 1535

The resource is well defined from close spaced drilling and is well understood. The resource has been classified as Measured Resource where the drill spacing is 20m or less. The remainder of the resource that was within 60m of a drill intersection has been classified as Indicated Resource. Approximately 35% of the resource is within the oxidised zone and is likely to be free digging for conventional open cut development.

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Figure 4. Dalcouth Resource Blockmodel Plan View.

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Figure 5. Dalcouth Oblique Section DD.

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APPENDIX 2: JORC tables

JORC Table 1 Section 1. Sampling Techniques and Data

APPENDIX 2: JORC tables APPENDIX 2: JORC tables APPENDIX 2: JORC tables
JORC Table 1 Section 1. Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling Techniques •
Nature and Quality of sampling (e.g. cut
channels, random chips or specific specialized
industry
standard
measurement
tools
appropriate to the minerals under investigation,
such as downhole gamma sondes, or hand held
XRF instruments etc).
•
Include reference to measures taken to ensure
sample representivity and the appropriate
calibration of any measurement tools or
systems used.
•
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 1m
samples from which 3kg was pulverized to
produce 30g 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
sampling types (e.g. submarine nodules) may
warrant disclosure ofdetailedinformation.		 •
Dalcouth drilling programs were mostly conducted
by reverse circulation percussion drilling using a
125-130mm diameter hammer bit to produce chip
samples. Six drilling campaigns were completed
between 2009 and 2014. Four HQ diamond drill
holes were completed in the 2013 campaign.
•
227 RC drill holes for 10,593m
•
4 HQ diamond drillholes for 230m.
•
reverse circulation percussion drilling was used to
obtain bulk samples over 1m intervals, from which
3-6kg were riffle-split off for analysis.
•
samples collected through a cyclone with the
assay sample being collected via a 1/8th – 7/8th
riffle splitter mounted beneath the cyclone
•
RC chips were logged for lithology, weathering,
alteration and mineralisation
•
Mineralised HQ diamond drill core split with a
diamond saw on 1m intervals.
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, where core is
oriented and if so by what method		 •
Reverse circulation percussion was conducted
using a face-sampling bit producing a 125-130mm
diameter hole. Shallower holes (<75m) were
drilled with a rig with 600cfm/300psi air capacity
while deeper holes were drilled using a rig with
750cfm/350psi
air
capacity.
An
auxiliary
compressor of 900cfm/350psi and booster of
1000psicapacitywas usedfor most deepholes

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and some of the shallower holes.
•
HQ diamond drilling
Sample recovery •
Method of recording and assessing core and
chip sample recoveries and results assessed.
•
Measures taken to maximize 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.		 •
Weights of sample collected from the cyclone are
recorded on a 1m basis with the exception of
some 2009-2011 drill holes. Sample recovery
median 88% with over 80% of the samples
between 80 and 100%
•
All sample obtained by the face-sampling drilling
was collected via a cyclone attached to the drill rig
with the laboratory assay sample being collected
directly beneath the cyclone using a 1/8th-7/8th
riffle splitter
•
No relationship between recovery and grade was
observed
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.
•
Whether logging is qualitative of quantitative in
nature. Core (or costean, channel etc)
photography.		 •
Geological logging has been carried out on all
holes. The holes have been logged for lithology,
weathering, alteration and mineralisation.
•
The logging of RC chips is both qualitative and
quantitative.
Alteration,
weathering
and
mineralisation
contain
both
qualitative
and
quantitative fields.
•
Photographs of chip trays have yet to be taken.
•
The entire length of all drill holes has been
geologically logged.
•
Standardlithology codes used.
Sub-Sample techniques
and sample preparation		 •
If core, whether cut or sawn and whether
quarter of half 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 maximize representivity of
samples.
•
Measures taken to ensure that the sampling is		 •
Samples were riffle split to obtain weights suitable
for analysis at ALS. All holes were dry above an
approximate vertical depth of 25m. Below 25m
vertical, minor to occasionally strong water flows
were encountered in some parts of the prospect
area; however the drilling contractor was largely
able to ensure a dry sample for sampling
purposes. Less than 1% of all samples were
affected by water.
•
The sample preparation was conducted according
to industry best practice.

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representative of the insitu material collected,
including
for
instance
results
of
field
duplicate/second half sampling.
•
Whether sample sizes are appropriate to the
grain size of the material being sampled		 •
Quality control procedures involved use of
certified reference materials and limestone blanks
inserted at regular intervals into the assay sample
sequence. Quality control samples are included
at a nominal 1 sample per 15-20 assay samples.
•
Assay sample weights between 3 and 6kg are
considered appropriate with respect to any coarse
tinthatmay be present.
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.
•
For geophysics tools, spectrometers, hand held
XRF instruments, etc, the parameters used in
determining the analysis including instrument
make and model, reading times, calibration
factors applied and their derivation etc.
•
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.		 •
Assays were conducted at ALS Laboratories
using a fused disc XRF technique, which is the
current industry standard for ore-grade tin. Fused
disc XRF is considered a total technique, as it
extracts and measures the whole of the element
contained within the sample.
•
No geophysical tools were used. An FXL
laboratory XRF was used on site to identify
anomalous intervals for phase 3 and 4 drilling,
which were then sent for more precise analysis at
ALS.
•
Certified
geochemical
standards
and
blank
samples are inserted into the assay sample
sequence at a nominal rate of one QC sample per
15-20 assay samples. Laboratory assay results
for these quality control samples are within 5% of
acceptedvalues.
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		 •
Independent laboratory analyses completed at
SGS
laboratories
with
excellent
correlation
between the two laboratories.
•
One twinned hole has been drilled during Phase
Four. DAL167 is a twin RC hole to DDHDAL112.
A comparison study has yet to be undertaken.
•
Data is collected by qualified geologists and
experienced field assistants and entered into
excel spreadsheets. Spreadsheets are then
checked by head office geologists for potential
errors. DataisimportedintoMicrosoft access

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tables from the excel spreadsheets with validation
checks set on different fields. Data is then
checked thoroughly by the Operations Geologist
for errors. Accuracy of drilling data is then
validated when imported into MapInfo. Data is
stored on a server in the Company’s head office,
with regular backups and archival copies of the
database made.
•
No adjustments are made to the data. Data is
imported into the database in its original raw
format.
Location of data points •
Accuracy and quality of surveys used to locate
drill holes (collar and downhole surveys)
trenches, mine workings and other locations
used in mineral resource estimation
•
Specification of grid system used
•
Quality and accuracy of topographic control.		 •
All hole collar surveys post 2010 surveyed by
licensed surveyor using a differential GPS. Where
identifiable, selected collars from 2009-2010
drilling campaigns surveyed by licensed surveyor
using differential GPS. All other 2009-2010 drill
collars picked up hand held GPS
•
2009 campaign collars picked up by hand held
GPS were not used for geology modelling or
resource estimation.
•
Downhole surveys taken with a Globaltech
pathfinder downhole camera
•
Coordinate system is UTM Zone 55 and datum is
GDA94
•
The Digital Terrain Model of the Summer Hills
mining lease was derived by photogrammetry
obtained by consultant surveyors with contours
provided at1m intervals.
Data Spacing and
distribution		 •
Data spacing for exploration results
•
Whether data spacing and distribution is
sufficient to establish the degree of geological
and grade continuity appropriate for Mineral
Resource
and
Ore
Reserve
estimation
procedures and classifications applied.
•
Whether sample compositing has been applied		 •
Sample spacing approximately 10 sections with
holes generally 10-15m on sections for much of
the resource.
•
Drill spacing is considered to be appropriate for
the estimation of Measured and Indicated Mineral
resources.
•
Samples have been composited on 1m intercepts
fortheresource estimation.

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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.
•
If the relationship between drilling orientation
and the orientation of key mineralised structures
is considered to have introduced sampling bias,
this should be assessed and reported if
material.		 •
The majority of DDH have been drilled southwest-
northeast
sub-perpendicular
to
the
steeply
southwest dipping mineralisation. Some of the
earlier drill holes were drilled vertically. Some
holes were drilled Northeast-southwest to confirm
no other orientations of mineralisation were
present.
•
Drill hole orientation is not considered to have
introduced any material sampling bias.
Sample Security •
The measures taken to ensure sample security		 •
Chain of custody is managed by MGT from the
drill site to Atherton. Samples are then handed to
Followmont, a local transport company, who
transport them to the ALS laboratory in Townsville
where samplepreparation takesplace.
Audits or Reviews •
The results of any audits or reviews of sampling
techniques and data		 •
No audits or reviews of sampling data and
techniques completed.
JORC Table 1 Section 2. Reporting of Exploration Results
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 oftenureheld at the time of		 •
ML20547 and ML4349 in Northern Queensland
are 100% owned by MGT Mining, which is a
subsidiary of MGT Resources Ltd with 89.48%
ownership. MGT has an ILUA Agreement with the
Native Title claimants in the area, the Bar Barrum
People. There are no sites of cultural heritage
significance listed within the MLs.

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reporting along with known impediments to
obtaininga license to operate the area		 •
ML20547 and ML4349 are held for periods of, 21
years and14yearsrespectively.
Exploration done by
other parties		 •
Acknowledgement and appraisal of exploration
by other parties		 •
Historic mining activity commenced in the Mt
Garnet-Herberton area in the 1880’s. Numerous
historical hard rock and alluvial workings are
present on the lease which continued until 1989.
Noranda completed underground exploration at
Summer Hill, including drilling six diamond holes
in the 1960’s. Tin Australia NL conducted surface
exploration, including rock chip sampling in the
1990s.
Geology •
Deposit type, geological setting and style of
mineralisation		 •
The Dalcouth Tin Deposit is a granite related
quartz-cassiterite-lode style deposit hosted in the
Hodgkinson
Formation
sediments
overlying
Siluro-Permian Granite intrusions. Mineralisation
is fracture controlled and is associated with strong
chlorite alteration. The tin lodes are hosted in
southeast-northwest trending, steeply southwest
dipping veins and fracture controlled zones over a
strikelengthof350m.
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
•
easting and northing of the drill hole collar
•
elevation or RL of the drill hole collar
•
dip and azimuth of the hole
•
downhole length and interception depth
•
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		 •
Not applicable. This announcement refers to the
Resource Estimation of the Dalcouth Deposit and
is not a report on Exploration Results. See MGT’s
website for ASX reports on exploration results as
well as appendix 3 of this report:
-
‘Phase One of the Summer Hills Drilling Program
Complete’,_26thJune 2013
-
‘_Phase Two of 2013 Summer Hills Drilling
Program Completed’, 27thAugust, 2013
-
‘Phase Three of 2013 Summer Hills Drilling
Completed’,_10thDecember, 2013.
-
‘Results from the Final Phase of the 2013_
Summer Hills Drilling Program’, 31stMarch, 2014
Data aggregation •
In reportingof Exploration Results,weighting		 •
Exploration results are not included in this

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methods averaging
techniques,
maximum
and/or
minimum grade truncations (e.g. cutting of high
grades) and cutoff grades are usually material
and should be stated.
•
Where aggregate intercepts include short
lengths of high grade results and longer lengths
of low grade results, the procedure used for
aggregation should be stated and some
examples of such aggregations should be
shown in detail
•
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.		 resource estimation report.
•
A lower cut-off grade of 0.1% Sn has been applied
for mineralised domain modelling. Domain models
include internal dilution (i.e. 1m grading <0.1%
Sn) provided the average grade of any intercept
that includes the 1m internal dilution is greater
than 0.1% Sn.
•
No metal equivalents have been used.
Relationship between
mineralisation widths
and intercept lengths		 •
These relationships are particularly important in
the reporting of Exploration Results with respect
to the drill hole angle is known, its nature should
be reported.
•
If it is not known and only the downhole lengths
are reported, there should be a clear statement
to this effect (e.g. down hole length, true width
notknown)		 •
Exploration results are not included in this
resource estimation report.
Diagrams •
Appropriate maps and sections (with scales)
and tabulated intercepts should be included for
any significant discovery being reported. These
should include, but not be limited to a plan view
of drill collar locations and appropriate sectional
views.		 •
See body of the announcement for relevant plan
and sectional views.
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		 •
Not applicable
Other substantive
exploration data		 •
Other exploration data, if meaningful and
material, should be reported including (but not
limited to); geological observations, geophysical		 •
Not applicable

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survey results, geochemical survey results, bulk
samples – size and method of treatment,
metallurgical results, bulk density, groundwater,
geochemical and rock characteristics, potential
deleterious orcontaminating substances.		 •
Resource extension drilling northwest and south
east of the Dalcouth Resource is warranted.
Numerous other deposits in the locality require
exploration and infill drilling.
Further work •
The nature and scale of planned further work
(e.g. test for lateral extensions or depth
extensions or large scale step out 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.

JORC Table 1, Section 3, Estimation and Reporting of Mineral Resources.

JORC Table 1, Section 3, Estimation and Reporting of Mineral Resources. JORC Table 1, Section 3, Estimation and Reporting of Mineral Resources. JORC Table 1, Section 3, Estimation and Reporting of Mineral Resources.
Criteria Explanation Status
Database Integrity •
Measures to ensure the data has not been
corrupted by, for example transcription or
keying errors, between its initial collection and
its use for Mineral Resource estimation.
•
Data Validation and procedures used.		 •
Data provided by MGT as access database
•
Data integrity validated with Surpac Software for
EOH depth and sample overlaps and transcription
errors.
•
Data validated against plans and sections
•
1m composite statistical analysis checked for
significantvariations oranomalousfigures
Site Visits •
Comment on any site visits by the competent
person and the outcome of any of those visits.
•
If no site visits have been undertaken indicate
why thisis the case.		 •
A site visit was made in December 2010 prior to a
review and earlier resource estimation.
•
Periodic
advice
on
infill
drilling
and
QAQC
procedureshas beenprovided.
Geological
Interpretation		 •
Confidence in (or conversely the uncertainty of)
the geological interpretation of the mineral
deposit.		 •
High confidence in the geological model. Simple
geology and mineralisation style
•
Leapfroginterpretation used to assistgeological

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•
Nature of the data used and any assumptions
made.
•
The effect if any of alternative interpretations on
Mineral Resource estimation
•
The use of geology in guiding and controlling
the Mineral Resource estimation
•
The factors effecting continuity of both grade
and geology		 domaining from drillhole data.
•
No alternative geological interpretations were
attempted.
•
Geology model used for mineralised domain
modelling.
•
Mineralised trends well defined from drilling and field
mapping.		 Page18
Dimensions •
The extent and variability of the mineral
resource expressed as length (along strike or
otherwise) plan width and depth below surface
to the upper and lower limits of the Mineral
Resource		 •
Northwest-southeast trending, steeply southwest
dipping structurally controlled mineralised domains.
•
Mineralisation extends 350m in strike length,
attaining a maximum width of 150m and down dip
extent of 100m from surface.
•
Mineralised domains generally1-5m in width.
Estimation and
Modelling techniques		 •
The
nature
and
appropriateness
of
the
estimation
technique(s)
applied
and
key
assumptions, including treatment of extreme
grade
values,
domaining,
interpolation
parameters
and
maximum
distance
of
extrapolation from data points. If a computer
assisted estimation method was chosen include
a
description
of computer
software
and
parameters used.
•
The availability of check estimates, previous
estimates and/or mine production records and
whether the Mineral Resource estimate takes
appropriate account of such data.
•
The assumptions made regarding recovery of
by products
•
Estimation of deleterious elements or other
non-grade variables of economic significance
(e.g.
sulphur
for
acid
mine
drainage
characterization).
•
In the case of blockmodel interpolation the
block size in relation to the average sample
spacing and search employed.		 •
A rotated block modelled estimation completed with
SurpacTMsoftware licensed to Tim Callaghan.
•
Wire-framed solid models created from drillholes on
generally 10m sectional interpretation.
•
Solid models snapped to drill holes
•
Minimum mining width of 2m @ 0.1% Sn
•
Internal dilution restricted to 2m with allowances for
geological continuity
•
Data composited on 1m intervals including Sn only
•
Top cutting based on CV and grade histograms.
•
Insufficient data for metal association analysis.
•
The block model is rotated to 3150from an origin
point at 8,055,500N, 304,100E. The blockmodel
extends 600m in the y direction, 600m in the x
direction and between 550 to 800m RL. Block sizes
were set at 5m x 5m x 5m with sub-celling to 1.25m
in the x direction and 2.5m in the y and z and
directions.
•
Variogram models well-constructed with low nugget
effect (10%) and short range of 12 to 16m to sill for
major geological domains.
•
Searchellipse set at40mspherical rangewith

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•
Any assumptions behind modeling of selected
mining units
•
Any assumptions about correlation between
variables
•
Description of how the geological interpretation
was used to control the resource estimates.
•
Discussion of the basis for using or not using
grade cutting or capping
•
The process of validation, the checking process
used, the comparison of model data to drill hole
data, and the use of reconciliation data if
available.		 maximum of 60m to ensure >95% of blocks
populated with minor anisotropy of 1:2
•
Ordinary kriged model estimated model constrained
by geology solid model
•
Block grades validated visually against input data
•
Excellent grade correlation with previous estimation.
Moisture •
Whether the tonnages were estimated on a dry
basis or with natural moisture, and the method
ofdeterminationof moisture content.		 •
The estimate based on a dry tonnage
Cut-off Parameters •
The basis of the adopted cutoff grades or cutoff
parameters		 •
Cut off grades have been based on the natural
breakof mineralised domains.
Mining Assumptions •
Assumptions made regarding possible mining
methods, minimum mining dimensions and
internal (or if applicable external) mining
dilution. It is always necessary as part of the
process of determining reasonable prospects
for eventual economic extraction to consider
potential mining methods, but the assumptions
made
regarding
mining
methods
and
parameters made when estimating Mineral
Resources may not always be rigorous. When
this is the case, this should be reported with an
explanation
of the
basis of the
mining
assumptionsmade.		 •
Amenable to conventional load, blast haul open cut
mining.
•
Depth of oxidation suggests 35% of the resource will
be free digging.
•
Typical ore loss and dilution factors for this type of
mining are anticipated.
Metallurgical
assumptions		 •
The basis for assumptions or predictions
regarding metallurgical amenability. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic
extraction to consider potential metallurgical
methods, but the assumptionsmaderegarding		 •
Early test work suggests crushing-grinding circuit
followed by a gravity concentration circuit will
recover 60-70% of the mineralisation with potential
for increases. Concentrate grades should exceed
50%.
Low
bond
work
index
for
oxidised
mineralisation.

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metallurgical
treatment
processes
and
parameters made when estimating Mineral
Resources may not always be rigorous. When
this is the case, this should be reported with an
explanation of the basis of the metallurgical
assumptionsmade.
Environmental
assumptions		 •
Assumptions made regarding possible waste
and process residue disposal options. It is
always necessary as part of the process of
determining reasonable prospects for eventual
economic extraction to consider the potential
environmental impacts of the mining and
processing operation. While at this stage the
determination
of
potential
environmental
impacts, particularly for a greenfields project,
may not always be well advanced, the status for
early
consideration
of
these
potential
environmental impacts should be reported.
Where these aspects have not been considered
this should be reported with an explanation of
the environmentalassumptionsmade.
•
Historic mine site with existing mill and tailings
facilities.
Bulk Density •
Whether assumed or determined. If assumed
the basis for the assumptions. If determined
the methods used, whether wet or dry, the
frequency of measurements, the nature size
and representativeness of the samples.
•
The bulk density for bulk materials must have
been measured by methods that adequately
account for void spaces (vughs, porosity etc.),
moisture and difference between rock and
alteration zones within the deposit.
•
Discuss assumptions for bulk density estimates
used in the evaluation process of the different
materials.		 •
Bulk density derived from diamond drill core using
the Archimedes method.
•
Independent checks made by ALS using the
Archimedes method and pycnometer.
•
Oxide = 2.6
•
Transitional = 2.7
•
Fresh = 2.8
Classification •
The basis for the classification of the Mineral
Resourceintovarying confidence categories.		 •
Confidence in the geological model, data quality and
interpolation is considered to be sufficientfor

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•
Whether appropriate account has been taken of
all relevant factors (i.e. relative confidence in
continuity of Geology and metal values, quality,
quantity and distribution of the data).
•
Whether the result appropriately reflects the
CompetentPersonsviewofthe deposit.		 Mineral Resource located within 20m of sample data
to be classified as Measured Resource.
•
Resource estimated 20-60m of drilling data has
been classified as Indicated Resource.
•
The resource classification appropriately reflects the
views ofthe CompetentPerson
Audits or Reviews •
The results of any Audits or Reviews of the
Mineral Resource estimates.		 •
No audits or reviews have been completed for this
estimation
Discussion of relative
accuracy/confidence		 •
Where appropriate a statement of the relative
accuracy and confidence level in the Mineral
Resource Estimate using an approach or
procedure
deemed
appropriate
by
the
Competent
Person.
For
example,
the
application
of
statistical
or
geostatistical
procedures to quantify the relative accuracy of
the resource within stated confidence limits, or,
if such an approach is not deemed appropriate,
a qualitative discussion of the factors that could
affect the relative accuracy of the estimate.
•
These statements of relative accuracy and
confidence of the estimate should be compared
withproductiondata,where available.		 •
The geological model and data quality within 10m
spaced drill sections is well understood and
modelled.
•
The effect of localised brittle faulting is well
understood from mapping and drilling.
•
No production data is available for reconciliation.

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APPENDIX 3: Drill collar and intersections table

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL01 304172 8055859.6 756.508 DGPS 30 194 -60 8 11 3 0.26
14 16 2 0.19
DAL02 304164 8055877.2 755.475 DGPS 30 36 -60 10 11 1 0.12
13 14 1 0.12
DAL03 304147 8055862 762 HHELD 30 NR NR 25 27 2 0.39
29 30 1 0.12
DAL04 304206 8055721.6 735.972 DGPS 50 25 -60 34 38 4 0.40
DAL05 304237 8055746.1 741.231 DGPS 25 238 -60 11 12 1 0.22
DAL06 304177 8055773.1 745.695 DGPS 31 213 -60 14 18 4 0.40
20 22 2 0.34
24 29 5 0.30
DAL07 304156 8055798 753 HHELD 31 217 -60 0
25 29 4 0.36
DAL08 304159 8055774 750 HHELD 30 354 -60 5 9 4 0.21
DAL09 304168 8055830 755 HHELD 30 25 -60 8 9 1 0.12
21 23 2 0.37
DAL10 304104 8055794 750 HHELD 30 205 -60 6 8 2 0.45
9 13 4 0.54
17 19 2 1.35
21 29 8 0.34
DAL11 304107 8055772 750 HHELD 30 210 -60 1 2 1 0.12
5 8 3 0.56
10 11 1 1.27
13 14 1 0.17
19 20 1 0.48
22 24 2 0.18
25 26 1 0.22
DAL12 304111 8055763 748 HHELD 31 218 -60 13 17 4 0.77
26 27 1 0.24
DAL13 304117 8055736 746 HHELD 30 228 -60 24 30 6 0.74
DAL14 304083 8055762 747 HHELD 30 51 -60 2 3 1 0.64
16 17 1 0.15
25 27 2 0.13
28 30 2 0.21
DAL15 304093 8055747 746 HHELD 30 25 -60 3 8 5 0.25
16 17 1 0.55
18 21 3 0.44
22 23 1 0.24
27 28 1 0.56
DAL16 304097 8055732 746 HHELD 30 26 -60 3 4 1 0.27

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Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL16 304097 8055732 746 HHELD 30 26 -60 5 6 1 0.19
7 9 2 0.26
13 15 2 0.31
21 22 1 0.12
DAL17 304136 8055717 740 HHELD 30 210 -60 17 18 1 0.40
DAL18 304145 8055704 738 HHELD 30 210 -60 7 8 1 0.28
18 19 1 0.75
DAL19 304111 8055713 743 HHELD 30 31 -60 3 6 3 0.83
8 9 1 0.19
11 13 2 0.70
17 18 1 0.19
DAL20 304123 8055699 739 HHELD 30 30 -60 16 19 3 1.84
25 26 1 0.13
DAL21 304145 8055678 747 HHELD 30 29 -60 23 24 1 0.30
25 26 1 0.10
DAL22 304134 8055624 748 HHELD 30 207 -60
DAL23 304158 8055633 744 HHELD 30 265 -60 2 3 1 0.12
DAL24 304170 8055606 744 HHELD 30 250 -60
DAL25 304184 8055555 735 HHELD 30 217 -60
DAL26 304062 8055775 744 HHELD 34 15 -60 24 27 3 0.16
28 31 3 0.31
DAL27 304046 8055827.4 741.174 DGPS 30 28 -60 1 5 4 0.29
11 14 3 0.16
18 19 1 0.17
DAL28 304019 8055853.2 738.822 DGPS 30 32 -60 5 7 2 0.51
12 14 2 0.22
DAL29 304001 8055867 738 HHELD 30 41 -60 4 5 1 0.72
8 10 2 0.14
12 14 2 0.11
DAL30 303983 8055883.8 733.622 DGPS 30 40 -60 1 3 2 0.27
7 10 3 0.14
26 28 2 0.51
DAL31 303938 8055913.2 728.921 DGPS 30 45 -60 4 6 2 0.41
DAL32 303909 8055925.7 727.313 DGPS 30 25 -60 5 6 1 0.86
16 20 4 0.26
DAL33 304309 8056069 758 HHELD 30 NR -60
DAL34 304305 8055957 750 HHELD 30 215 -60 11 12 1 0.23
17 18 1 0.12
19 30 11 0.24
DAL35 304315 8055912.9 748.691 DGPS 30 140 -60 0 1 1 0.11

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Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL36 303995 8055338 727 HHELD 30 190 -60
DAL37 304287 8055919.4 748.982 DGPS 30 54 -60 29 30 1 0.30
DAL38 303764 8055442.7 722.198 DGPS 30 NR -60
DAL39 303817 8055698.9 721.418 DGPS 25 303 -60 22 23 1 0.17
DAL40 303800 8055709.8 719.773 DGPS 30 111 -60
DAL41 304123 8055719.7 742.392 DGPS 50 0 -90 5 6 1 0.29
7 9 2 0.23
DAL42 304134 8055706.3 737.941 DGPS 52 0 -90 1 4 3 0.80
6 7 1 0.14
49 50 1 0.16
DAL43 304129 8055700.4 738.201 DGPS 50 0 -90 9 12 3 0.26
14 15 1 0.44
18 19 1 0.33
DAL43 304129 8055700.4 738.201 DGPS 50 0 -90 22 24 2 0.79
26 28 2 0.11
DAL44 304107 8055727.2 745.183 DGPS 50 0 -90 0 1 1 0.16
7 8 1 0.18
10 11 1 0.11
12 13 1 0.25
20 21 1 1.30
22 30 8 0.64
DAL45 304109 8055737 746 HHELD 52 0 -90
DAL46 304112 8055743.5 746.102 DGPS 50 0 -90
DAL47 304110 8055756 747.45 DGPS 55 0 -90
DAL48 304098 8055756 746.888 DGPS 54 0 -90 2 12 10 0.57
16 30 14 0.70
DAL49 304104 8055764.6 747.777 DGPS 54 0 -90 8 10 2 0.92
18 19 1 0.12
22 25 3 0.67
35 36 1 0.60
37 38 1 0.27
39 40 1 0.15
42 44 2 0.26
DAL50 304098 8055775 749 HHELD 50 0 -90 3 4 1 0.13
5 6 1 0.10
13 16 3 0.52
18 26 8 1.09
33 34 1 0.18
37 39 2 0.60

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL50 304098 8055775 749 HHELD 50 0 -90 40 42 2 0.13
45 47 2 0.14
DAL51 304089 8055781.9 747.174 DGPS 50 0 -90 0 9 9 0.38
10 12 2 0.66
27 30 3 0.36
32 34 2 0.11
DAL52 304083 8055782.9 746.968 DGPS 50 0 -90 1 3 2 0.35
4 7 3 0.16
8 14 6 0.27
15 22 7 0.53
31 33 2 0.13
45 46 1 0.21
DAL53 304086 8055791.6 747.327 DGPS 52 0 -90 7 8 1 0.35
30 31 1 0.11
36 38 2 0.13
46 48 2 0.52
DAL54 304130 8055709 739 HHELD 30 0 -90 7 11 4 1.04
16 18 2 0.31
19 21 2 0.13
DAL55 304106 8055707.6 741.954 DGPS 30 0 -90 10 11 1 0.47
18 26 8 0.96
DAL56 304126 8055740.1 744.846 DGPS 30 0 -90 0 2 2 0.82
6 7 1 0.13
8 9 1 0.11
12 13 1 0.18
DAL57 304112 8055719.2 742.825 DGPS 30 0 -90 2 5 3 0.52
6 7 1 0.12
8 9 1 0.21
10 13 3 0.84
19 25 6 0.43
27 28 1 0.23
DAL58 304105 8055717.7 742.784 DGPS 30 0 -90 21 24 3 0.36
29 30 1 0.19
DAL59 304096 8055724.1 743.395 DGPS 30 0 -90 12 13 1 0.11
DAL60 304121 8055736.2 744.762 DGPS 30 0 -90
DAL61 304116 8055734.1 744.905 DGPS 30 0 -90 1 2 1 0.35
DAL62 304116 8055748.9 746.951 DGPS 30 0 -90 9 10 1 0.15
DAL63 304087 8055737.5 744.162 DGPS 30 0 -90 18 21 3 0.31
DAL64 304104 8055755.6 747.13 DGPS 30 0 -90 0 1 1 0.13

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Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL64 304104 8055755.6 747.13 DGPS 30 0 -90 7 10 3 0.22
13 14 1 0.32
21 22 1 1.22
DAL65 304110 8055768.7 748.249 DGPS 30 0 -90 3 4 1 0.16
6 9 3 0.46
11 12 1 0.21
14 22 8 1.79
DAL66 304081 8055751.2 744.436 DGPS 60 0 -90 15 21 6 0.19
24 27 3 0.24
28 33 5 0.95
36 40 4 0.17
59 60 1 0.12
DAL67 304068 8055757.8 743.888 DGPS 30 0 -90 24 29 5 0.22
DAL68 304096 8055768.6 747.218 DGPS 30 0 -90 0 3 3 0.20
5 12 7 0.13
13 26 13 0.34
28 30 2 0.20
DAL69 304097 8055767 749 HHELD 30 0 -90 4 5 1 0.27
8 9 1 0.12
12 13 1 0.11
16 17 1 0.41
DAL70 304078 8055775.6 745.025 DGPS 30 0 -90 3 11 8 0.92
12 13 1 0.53
16 17 1 0.11
DAL71 304086 8055771 747 HHELD 30 0 -90 1 15 14 0.28
17 19 2 0.19
23 26 3 0.24
DAL72 304098 8055788.3 748.162 DGPS 30 0 -90 17 18 1 0.61
21 23 2 0.80
DAL73 304089 8055787.2 747.315 DGPS 30 0 -90 2 6 4 0.20
13 14 1 0.11
25 27 2 0.26
DAL74 304095 8055739.5 744.346 DGPS 60 0 -90 0 4 4 0.31
5 7 2 0.24
17 18 1 0.21
19 22 3 0.27
23 24 1 0.12
25 26 1 0.13
27 30 3 1.40

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL74 304095 8055739.5 744.346 DGPS 60 0 -90 35 37 2 0.22
39 40 1 0.23
DAL75 304073 8055764 744.419 DGPS 30 0 -90 7 8 1 0.25
13 14 1 0.11
15 17 2 0.31
26 27 1 1.39
28 30 2 0.25
DAL76 304096 8055731 744.035 DGPS 30 0 -90 3 8 5 0.31
10 18 8 0.33
24 30 6 0.35
DAL77 304077 8055757.5 744.675 DGPS 30 0 -90 11 12 1 0.65
13 17 4 0.27
20 21 1 0.10
25 26 1 0.14
27 28 1 0.17
DAL78 304086 8055748 744.925 DGPS 60 0 -90 0 1 1 0.11
14 16 2 0.10
17 20 3 0.13
23 54 31 0.64
DAL79 304081 8055743.3 744.185 DGPS 30 0 -90 23 24 1 0.32
DAL80 304113 8055696.3 739.973 DGPS 30 0 -90
DAL81 304139 8055723.3 738.85 DGPS 30 0 -90 0 1 1 0.13
DAL82 304100 8055771 749 HHELD 30 0 -90 5 7 2 0.22
9 11 2 0.20
12 18 6 0.57
19 29 10 0.33
DAL83 304100 8055713.8 742.455 DGPS 30 0 -90 13 14 1 0.19
15 17 2 0.16
DAL84 304087 8055769 748 HHELD 30 0 -90 14 21 7 0.45
29 30 1 0.15
DAL85 304116 8055756 748 HHELD 30 0 -90 0 1 1 0.14
2 5 3 1.34
6 11 5 0.57
17 25 8 0.43
DAL86 304097 8055796.3 748.098 DGPS 30 0 -90 8 9 1 0.10
18 19 1 0.16
DAL87 304105 8055787.7 749.008 DGPS 30 0 -90 0 2 2 0.30
5 6 1 0.11
11 14 3 0.83
21 22 1 0.11

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Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL88 304108 8055781 749.015 DGPS 30 0 -90 0 3 3 0.37
5 13 8 0.60
14 15 1 0.18
DAL89 304101 8055777.1 748.072 DGPS 30 0 -90 0 8 8 0.81
11 14 3 0.60
21 26 5 0.34
DAL90 304079 8055680.1 739.27 DGPS 97 45 -60 0 2 2 0.18
28 29 1 0.21
34 35 1 0.56
37 38 1 0.31
61 62 1 0.45
64 65 1 0.12
DAL91 304138 8055724 739.111 DGPS 50 225 -65 0 2 2 0.15
11 12 1 0.21
DAL92 304126 8055788.2 750.976 DGPS 60 228 -60 6 8 2 0.18
10 11 1 0.14
18 19 1 0.11
34 35 1 0.10
54 55 1 0.14
59 60 1 0.11
DAL93 304068 8055742.5 741.988 DGPS 100 47 -60 22 24 2 0.18
28 38 10 0.56
43 45 2 0.21
49 50 1 0.18
54 56 2 0.45
68 69 1 0.11
73 76 3 0.20
78 79 1 0.27
DAL94 304155 8055779.2 750.658 DGPS 80 210 -60 37 39 2 0.19
40 41 1 0.21
DAL95 304129 8055687.6 735.838 DGPS 36 41 -55 13 14 1 0.14
22 24 2 0.34
26 28 2 0.15
DAL96 304128 8055679 734.902 DGPS 30 39.7 -55
DAL97 304110 8055675 736.926 DGPS 45 39.7 -55 4 6 2 0.18
11 12 1 0.27
17 18 1 0.11
DAL98 304108 8055685.7 738.978 DGPS 45 39.7 -55 41 42 1 0.17
DAL99 304112 8055701.4 740.401 DGPS 40 39.7 -55 19 23 4 2.24
DAL100 304090 8055700 740.991 DGPS 55 39.7 -55 21 22 1 0.22

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL100 304090 8055700 740.991 DGPS 55 39.7 -55 24 25 1 0.13
33 35 2 0.56
39 43 4 0.32
DAL101 304081 8055707.6 740.984 DGPS 50 39.7 -55 10 11 1 0.11
37 38 1 0.15
39 40 1 0.53
41 43 2 0.26
47 50 3 0.35
DAL102 304087 8055725.9 742.876 DGPS 40 39.7 -55 12 17 5 0.50
20 22 2 0.28
27 31 4 0.42
DAL103 304078 8055713.5 741.253 DGPS 60 39.7 -55 48 49 1 0.55
57 58 1 0.16
DDHDAL104 304086 8055735.6 744.156 DGPS 50 38.2 -56.4 12 13 1 0.14
17 17.7 0.7 0.72
17.9 19 1.1 0.13
19 21 2 0.39
30 31 1 0.50
DAL105 304108 8055757.5 747.439 DGPS 40 39.7 -55 0 2 2 0.23
9 10 1 0.14
11 19 8 1.10
30 31 1 0.31
DAL106 304135 8055781.4 750.888 DGPS 45 39.7 -55 0 2 2 0.16
14 21 7 0.23
DAL107 304067 8055733 741.584 DGPS 65 39.7 -55 14 15 1 0.12
29 30 1 0.16
36 37 1 0.35
38 46 8 0.56
51 52 1 0.12
59 60 1 0.20
62 63 1 0.96
DDHDAL108 304080 8055743.9 744.233 DGPS 60 39.4 -55.2 19 20 1 0.13
33 38 5 0.42
55 56 1 0.57
DAL109 304106 8055770.9 748.079 DGPS 40 39.7 -55 0 3 3 0.58
5 8 3 0.61
15 17 2 0.24
21 22 1 0.15
DDHDAL110 304057 8055734 740.767 DGPS 70 39.7 -55 4 5 1 0.10

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DDHDAL110 304057 8055734 740.767 DGPS 70 39.7 -55 33 36 3 0.26
37 38 1 0.11
40 41 1 0.18
42 43 1 0.16
49 50 1 0.70
53 54 1 1.03
58 59 1 0.45
59 60 1 0.15
DAL111 304071 8055746.3 742.845 DGPS 45 39.7 -55 18 19 1 0.38
22 23 1 0.41
24 25 1 0.12
44 45 1 0.27
DDHDAL112 304091 8055779.5 747.064 DGPS 50 39.7 -55 2.2 2.6 1 0.11
3.5 4.5 1 0.21
13 13.7 0.7 0.19
14.6 15 0.4 0.34
27 28 1 0.17
DAL113 304057 8055745.3 741.473 DGPS 60 39.7 -55 35 36 1 0.57
38 39 1 0.20
42 48 6 1.20
51 52 1 0.18
DAL114 304121 8055807.2 750.019 DGPS 35 39.7 -55 16 19 3 1.78
31 32 1 0.12
DAL115 304056 8055762.8 741.997 DGPS 60 39.7 -55 22 23 1 0.52
26 28 2 0.37
30 32 2 0.16
35 49 14 0.29
52 56 4 0.32
DAL116 304049 8055765.6 740.986 DGPS 79 39.7 -55 27 28 1 0.20
33 35 2 0.27
36 37 1 0.16
38 41 3 0.23
42 48 6 0.34
49 52 3 0.24
53 56 3 0.28
57 58 1 0.30
DAL117 304043 8055808.8 739.653 DGPS 40 39.7 -55 39 40 1 0.16
DAL118 304000 8055825.8 736.098 DGPS 75 40 -48 21 22 1 0.25
36 38 2 0.22

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL118 304000 8055825.8 736.098 DGPS 75 40 -48 51 52 1 0.40
DAL119 304035 8055779.7 739.305 DGPS 80 40 -55 34 37 3 0.15
39 47 8 0.47
50 52 2 0.51
75 77 1 0.21
DAL120 304039 8055771 739.824 DGPS 100 40 -55 31 33 2 0.13
43 44 1 0.12
47 54 7 0.21
55 57 2 0.26
58 59 1 0.17
DAL121 304037 8055753.2 738.826 DGPS 90 40 -55 36 37 1 0.21
41 43 2 0.12
44 51 7 0.63
52 56 4 0.22
59 61 2 0.34
62 64 2 0.46
65 73 8 0.95
76 77 1 0.16
DAL122 304048 8055734.6 739.198 DGPS 76 40 -55 41 42 1 0.12
47 49 2 0.17
50 52 2 0.21
53 56 3 0.40
61 62 1 0.30
67 70 3 0.54
DAL123 304057 8055719.4 739.554 DGPS 90 40 -55 28 29 1 0.14
45 46 1 0.21
DAL123 304057 8055719.4 739.554 DGPS 90 40 -55 48 50 2 0.16
53 55 2 0.21
65 67 2 0.18
DAL124 304105 8055695.2 740.708 DGPS 50 40 -55 26 27 1 0.17
29 31 2 1.37
32 33 1 0.74
DAL125 304109 8055807.3 748.702 DGPS 30 40 -55 4 7 3 0.62
18 19 1 0.38
22 23 1 0.22
DAL126 304119 8055816.7 749.673 DGPS 34 40 -55
DAL127 304129 8055814.7 750.681 DGPS 34 41 -55 9 10 1 0.12
13 14 1 0.19
DAL128 304122 8055791.6 750.66 DGPS 52 40 -55 10 11 1 0.12

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL128 304122 8055791.6 750.66 DGPS 52 40 -55 14 22 8 0.41
DAL129 304137 8055794.7 751.64 DGPS 40 39 -55 21 22 1 0.12
31 34 3 0.25
35 36 1 0.12
DAL130 304141 8055769.9 749.072 DGPS 30 40 -55 20 26 6 0.20
DAL131 304158 8055755.9 745.306 DGPS 40 41 -55 14 18 4 0.46
19 21 2 0.17
25 30 5 0.30
DAL132 304145 8055788.3 752.017 DGPS 45 39 -56 11 12 1 0.11
DAL133 304127 8055770 748.555 DGPS 40 39.5 -55 3 5 2 0.40
30 31 1 0.13
32 36 4 0.60
DAL134 304117 8055760.2 747.901 DGPS 75 40 -55 2 3 1 0.58
10 11 1 0.12
23 24 1 0.92
27 28 1 0.14
53 55 2 0.25
DAL135 304110 8055779.7 748.661 DGPS 50 40 -55 0 4 4 0.38
35 40 5 0.41
DAL136 304102 8055787.1 748.068 DGPS 60 38 -52 22 23 1 0.14
25 35 10 0.51
39 40 1 0.23
41 43 2 0.28
DAL137 304087 8055786.5 747.152 DGPS 60 40 -55 0 1 1 0.15
2 5 3 0.46
10 11 1 0.13
21 22 1 0.23
24 25 1 0.14
29 32 3 2.28
35 39 4 0.38
40 45 5 0.41
DAL138 304086 8055771.4 746.663 DGPS 70 40 -55 3 4 1 0.13
5 19 14 0.52
22 23 1 0.20
27 28 1 1.13
DAL138 304086 8055771.4 746.663 DGPS 70 40 -55 47 50 3 0.48
52 53 1 0.21
64 66 2 0.19
DAL139 304070 8055785.5 743.208 DGPS 84 40 -55 6 12 6 0.27

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL139 304070 8055785.5 743.208 DGPS 84 40 -55 14 16 2 0.22
22 23 1 0.19
25 28 3 1.19
29 31 2 1.19
33 34 1 0.10
48 52 4 0.62
53 55 2 0.46
66 67 1 0.21
DAL140 304067 8055753.6 742.652 DGPS 75 39 -52 16 18 2 0.30
19 27 8 0.72
30 31 1 0.10
37 40 3 0.14
47 48 1 0.30
49 50 1 0.49
54 56 2 0.16
64 66 2 0.13
67 68 1 0.50
DAL141 304079 8055751.7 743.748 DGPS 64 41 -54 6 7 1 0.15
8 9 1 0.26
15 18 3 0.12
28 29 1 0.15
34 37 3 0.43
38 39 1 1.15
48 50 2 0.13
58 59 1 0.32
60 61 1 0.53
DAL142 304048 8055750.9 740.19 DGPS 84 39 -55 36 38 2 0.51
39 44 5 0.58
47 48 1 0.75
50 53 3 0.25
54 55 1 0.21
56 57 1 0.55
60 63 3 0.21
64 65 1 0.55
67 68 1 0.15
69 70 1 0.12
72 73 1 0.33
79 80 1 0.18
DAL143 304095 8055741.1 744.705 DGPS 45 40 -55 1 3 2 0.12
5 6 1 0.17
9 10 1 0.12
11 13 2 0.24
DAL144 304077 8055721.3 742.178 DGPS 64 40 -55 29 32 3 0.20

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==> picture [102 x 42] intentionally omitted <==
Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL144 304077 8055721.3 742.178 DGPS 64 40 -55 33 34 1 0.17
42 44 2 0.19
DAL145 304075 8055691.8 739.539 DGPS 75 40 -54 7 8 1 0.14
11 12 1 0.18
37 39 2 0.32
45 47 2 0.19
55 56 1 0.36
DAL146 304120 8055710.9 742.051 DGPS 30 40 -55 6 7 1 0.11
8 12 4 1.03
26 27 1 0.53
DAL147 304133 8055707.7 738.407 DGPS 25 40 -55 0 3 3 0.63
DAL148 304098 8055797.9 748.416 DGPS 54 40 -55 1 4 3 0.51
10 11 1 0.27
20 26 6 0.24
30 32 2 0.19
33 36 3 0.31
DAL149 304024 8055740.9 736.293 DGPS 105 40 -55 50 53 3 0.23
55 59 4 0.25
64 66 2 0.19
67 73 6 0.45
79 86 7 0.40
95 97 2 0.26
DAL150 304104 8055708 741.92 DGPS 40 40 -55 12 16 4 0.27
19 20 1 0.27
21 25 4 0.56
DAL151 304115 8055718.6 742.868 DGPS 30 40.5 -55 0 1 1 0.23
3 5 2 0.36
8 11 3 0.24
DAL152 304105 8055722.8 743.638 DGPS 39 40 -55 1 4 3 0.52
5 7 2 0.18
14 16 2 0.23
35 36 1 0.24
37 38 1 0.30
DAL153 304056 8055785.1 742.595 DGPS 63 39.5 -58 14 15 1 0.27
20 22 2 0.16
25 32 7 0.34
33 34 1 0.45
45 47 2 0.28
48 52 4 0.18
56 59 3 0.12
61 62 1 0.38
DAL154 304100 8055754.6 746.466 DGPS 78 39 -55 9 16 7 0.40

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL154 304100 8055754.6 746.466 DGPS 78 39 -55 18 29 11 0.56
46 47 1 0.16
47 48 1 0.41
67 68 1 0.17
73 74 1 0.11
DAL155 304115 8055768.3 748.632 DGPS 60 41 -55 3 4 1 0.20
43 48 5 0.85
DAL156 304066 8055768 743.134 DGPS 90 40 -55 9 11 2 0.27
14 17 3 0.24
18 20 2 0.29
27 29 2 0.18
31 32 1 0.11
DAL157 304049 8055793.5 741.081 DGPS 80 40 -55 15 17 2 0.55
19 23 4 0.25
24 26 2 0.18
28 29 1 0.39
31 32 1 0.18
41 42 1 0.31
48 56 8 0.55
63 64 1 0.13
78 79 1 0.14
DAL158 304059 8055774.9 742.564 DGPS 78 40.5 -55 17 19 2 0.22
24 31 7 0.27
32 34 2 0.28
35 39 4 0.35
52 53 1 0.11
DAL159 304098 8055687.4 740.162 DGPS 50 41 -55 12 14 2 0.57
DAL160 304085 8055800.1 747.261 DGPS 60 39 -54 11 12 1 0.58
26 33 7 0.35
36 38 2 0.12
39 40 1 0.14
42 45 3 0.14
48 49 1 0.22
58 59 1 0.21
DAL161 304127 8055784.9 750.649 DGPS 60 41 -54 13 19 6 0.43
35 36 1 0.15
DAL162 304123 8055807.8 750.17 DGPS 46 0 -90 0 1 1 0.12
14 16 2 0.33
17 19 2 0.59
29 31 2 0.17
DAL163 304069 8055796.6 742.687 DGPS 70 39.5 -55 1 4 3 0.57
5 8 3 0.23
15 16 1 0.13
34 35 1 0.12

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL163 304069 8055796.6 742.687 DGPS 70 39.5 -55 37 39 2 0.21
40 43 3 0.51
DAL164 304084 8055810.6 745.986 DGPS 60 40 -50 5 8 3 0.23
10 17 7 0.26
35 36 1 0.52
44 50 6 0.47
DAL165 304021 8055765.9 737.158 DGPS 116 40 -57 42 48 6 0.14
57 58 1 0.22
59 63 4 0.18
67 68 1 0.21
74 75 1 0.20
DAL166 304064 8055806.1 742.239 DGPS 70 40 -55 31 35 4 0.19
39 40 1 0.13
41 42 1 0.10
57 58 1 0.35
DAL167 304091 8055778.6 747.104 DGPS 50 41 -56 0 6 6 0.28
7 9 2 0.29
12 19 7 0.53
45 46 1 0.30
DAL168 304156 8055798.6 751.916 DGPS 27 220 -50 4 7 3 0.17
18 21 3 0.28
25 27 2 0.50
DAL169 304145 8055789 751.976 DGPS 29 219 -50 0 2 2 0.19
3 5 2 0.28
DAL170 304136 8055793.6 751.268 DGPS 50 220 -50 1 3 2 0.12
42 43 1 0.46
DAL171 304121 8055806.8 750.011 DGPS 39 219.5 -50 2 3 1 0.12
32 33 1 0.10
DAL172 304128 8055814.8 750.655 DGPS 25 219 -50 5 6 1 0.11
15 16 1 0.14
21 22 1 0.13
24 25 1 0.58
DAL173 303999 8055896.7 733.768 DGPS 25 223 -48 2 7 5 0.30
DAL174 304114 8055732.8 744.973 DGPS 30 220 -50 1 3 2 0.25
17 18 1 0.56
DAL175 304166 8055808.2 752.945 DGPS 30 221 -50 9 10 1 0.12
16 17 1 0.11
DAL176 304116 8055693.1 739.764 DGPS 50 40 -55 23 25 2 0.30
48 49 1 0.35
DAL177 304127 8055703.6 738.814 DGPS 35 40 -55 7 10 3 2.40
DAL178 304088 8055692.6 740.364 DGPS 64 40 -60 26 27 1 0.93
33 34 1 0.20
38 39 1 0.21

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL178 304088 8055692.6 740.364 DGPS 64 40 -60 61 63 2 0.17
DAL179 304156 8055754.2 745.062 DGPS 52 40 -68 26 27 1 1.65
31 37 6 0.23
39 40 1 0.11
44 45 1 0.33
DAL180 304175 8055769.4 745.647 DGPS 25 220 -45 4 5 1 0.18
6 9 3 0.43
12 13 1 1.01
DAL181 304146 8055763.1 747.973 DGPS 45 40 -55 3 4 1 0.15
5 6 1 0.20
23 24 1 0.33
26 27 1 0.14
28 29 1 0.12
DAL182 304099 8055729 744.228 DGPS 28 40 -55 0 2 2 0.26
4 7 3 0.28
DAL183 304132 8055761.9 748.382 DGPS 55 40 -55 2 3 1 0.19
41 42 1 0.76
DAL184 304152 8055779.3 750.058 DGPS 35 41.5 -55 5 6 1 0.14
23 24 1 0.12
DAL185 304084 8055740.3 744.347 DGPS 70 38 -55 13 16 3 0.24
17 18 1 0.37
21 22 1 0.12
26 31 5 0.72
33 34 1 0.35
49 51 2 0.37
52 53 1 0.44
55 56 1 0.14
59 60 1 0.38
DAL186 304129 8055798.1 751.117 DGPS 35 40 -55 2 4 2 0.44
12 13 1 0.10
DAL187 304094 8055765.8 747.065 DGPS 73 40 -55 3 4 1 0.40
5 6 1 0.12
10 14 4 0.76
15 16 1 0.19
19 21 2 0.47
24 25 1 0.12
27 28 1 0.22
39 40 1 0.13
41 42 1 0.15
61 62 1 0.39
63 64 1 0.11
68 69 1 0.24
DAL188 304092 8055805.9 747.358 DGPS 54 40 -45 12 14 2 0.26

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL188 304092 8055805.9 747.358 DGPS 54 40 -45 30 32 2 0.17
46 49 3 0.15
DAL189 304029 8055811.5 738.857 DGPS 60 40 -55 21 23 2 0.38
54 55 1 0.21
DAL190 303985 8055856.9 734.322 DGPS 60 40 -55 19 20 1 0.11
26 27 1 0.11
29 31 2 0.16
DAL191 303970 8055867.3 733.131 DGPS 64 40 -55 21 22 1 0.18
23 24 1 0.15
25 26 1 0.19
29 34 5 0.21
46 48 2 0.19
DAL192 304117 8055749.7 747.121 DGPS 45 40 -55 8 9 1 0.25
38 40 2 0.22
44 45 1 0.15
DAL193 304078 8055777.2 745.032 DGPS 65 40 -50 4 5 1 0.14
6 7 1 0.19
9 10 1 0.12
11 12 1 1.24
14 16 2 0.19
17 18 1 0.37
DAL193 304078 8055777.2 745.032 DGPS 65 40 -50 58 60 2 0.13
DAL194 304112 8055741.9 746.27 DGPS 30 40 -55 19 20 1 0.15
22 24 2 0.30
DAL195 304097 8055714 742.607 DGPS 60 40 -55 9 10 1 0.27
19 21 2 0.15
22 23 1 0.17
24 29 5 0.42
DAL196 304033 8055736.2 737.176 DGPS 120 40 -55 50 51 1 0.26
72 73 1 0.15
84 86 2 0.25
91 93 2 0.63
95 96 1 0.14
DAL197 304011 8055728.1 734.054 DGPS 140 40 -57 69 70 1 0.10
71 73 2 0.19
74 77 3 0.13
108 110 2 0.35
115 116 1 0.14
DAL198 304024 8055756.2 736.989 DGPS 135 40 -55 41 42 1 0.12
46 51 5 0.49
55 56 1 1.38
59 61 2 0.16
63 64 1 0.26

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
DAL198 304024 8055756.2 736.989 DGPS 135 40 -55 69 74 5 0.98
75 79 4 0.53
80 81 1 0.60
82 83 1 0.10
DAL199 304168 8055752.1 744.828 DGPS 50 40.5 -55 19 20 1 0.23
22 25 3 0.29
DAL200 304171 8055765.7 746.075 DGPS 20 216.5 -45
DAL201 304077 8055762.6 745.043 DGPS 93 40 -53 5 8 3 0.12
10 11 1 0.21
12 13 1 0.12
20 21 1 0.12
23 24 1 0.91
26 27 1 0.15
30 31 1 0.19
33 35 2 0.35
38 40 2 0.30
42 43 1 0.14
48 49 1 0.58
62 63 1 0.17
86 87 1 0.34
DAL202 304055 8055823 742.628 DGPS 30 40 -50 13 14 1 0.58
20 22 2 0.29
DAL203 304174 8055757.3 745.275 DGPS 20 40 -55 8 9 1 0.10
12 14 2 0.15
DAL204 304151 8055735.5 738.443 DGPS 55 40 -45 48 49 1 0.15
50 51 1 0.14
DAL205 303895 8055915.2 727.186 DGPS 56 40 -55 34 39 5 2.59
46 47 1 0.14
48 50 2 0.14
55 56 1 0.13
DAL206 304038 8055792.9 739.678 DGPS 76 40 -55 24 25 1 0.12
30 32 2 0.14
34 36 2 0.15
37 40 3 0.19
52 53 1 0.14
61 65 4 0.31
DAL207 304168 8055867.8 755.832 DGPS 27 220 -45 2 4 2 0.15
7 8 1 0.19
17 18 1 0.50
20 22 2 0.19
DAL208 304156 8055855.7 754.935 DGPS 35 0 -90 0 1 1 0.10
DAL209 304048 8055816.6 740.847 DGPS 55 40 -50 6 7 1 0.30
8 10 2 0.24

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==> picture [102 x 42] intentionally omitted <==

Drill Hole Easting Northing Elevation Method Total
Depth		 Azimuth
(Mag)		 Dip Depth
From		 Depth
To		 Interval Sn %
**average **
29 32 3 0.21
37 39 2 0.17
47 48 1 0.16
DAL210 304179 8055878 755.702 DGPS 52 220 -45 0 6 6 0.13
20 21 1 0.48
25 26 1 0.16
29 31 2 0.14
DAL211 304080 8055795.8 746.432 DGPS 60 40 -56 0 1 1 0.15
27 28 1 0.34
32 33 1 0.48
35 41 6 0.42
43 45 2 1.31
51 52 1 0.12
DAL212 304062 8055748.9 742.158 DGPS 64 40 -52 19 20 1 0.13
22 24 2 0.55
26 27 1 0.12
29 33 4 0.47
36 37 1 0.24
43 46 3 0.45
54 58 4 0.30
60 64 4 0.38
DAL213 304311 8055941.4 750.624 DGPS 40 220 -50 2 11 9 0.37
12 13 1 0.16
14 16 2 0.11
25 26 1 0.15
DAL214 304284 8055937 750.244 DGPS 35 40 -45 8 9 1 0.18
22 23 1 0.27
24 30 6 0.27
DAL215 304299 8055952.6 750.207 DGPS 20 219 -45 0 6 6 0.21
12 13 1 0.28
DAL216 304282 8055965.8 750.725 DGPS 28 40 -45 9 12 3 0.21
DAL217 304261 8056006.7 748.886 DGPS 20 41 -45 13 15 2 0.23
DAL218 304069 8055674.8 738.654 DGPS 30 41 -60
DAL219 304089 8055679.4 739.425 DGPS 40 41 -60 24 25 1 0.27
31 32 1 0.27
DAL220 304102 8055666.7 737.167 DGPS 40 40 -56 15 16 1 0.13
23 25 3 1.05
34 35 1 0.38
DAL221 304121 8055737.9 744.749 DGPS 28 40 -55
DAL222 304094 8055698.1 740.773 DGPS 45 40 -53 27 30 3 0.43
31 33 2 0.30
38 40 2 0.12
DAL223 303903 8055922.9 727.334 DGPS 60 40 -57 12 15 3 0.43

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==> picture [102 x 42] intentionally omitted <==

22 25 3 0.19
26 27 1 0.11
DAL224 303922 8055901 728.477 DGPS 60 40 -55
DAL225 303886 8055906.2 726.815 DGPS 90 40 -59 65 66 1 0.10
74 75 1 0.24
DAL226 303882 8055924.7 724.874 DGPS 70 41 -54 25 27 2 0.37
33 35 2 0.12
36 37 1 0.68
DAL227 303910 8055905.7 727.844 DGPS 60 39 -55 30 31 1 1.04
40 41 1 0.24
DAL228 303903 8055909.4 727.407 DGPS 50 40 -55 27 28 1 0.36
32 33 1 0.15
35 38 3 0.56
DAL229 303888 8055922.3 725.062 DGPS 50 40 -55 23 26 3 0.24
35 36 1 0.63
46 47 1 0.19
DAL230 303914 8055919.6 727.483 DGPS 30 40 -55 7 9 2 0.31
10 11 1 0.19
16 18 2 0.13
DAL231 303898 8055932.1 724.956 DGPS 30 40 -55 6 9 3 0.24

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www.mgt.net.au [email protected]

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COMPETENT PERSON’S STATEMENT

This Mineral Resource Estimation report was prepared in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) by Tim Callaghan. Mr Callaghan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserve. Mr Callaghan consents to the inclusion in the report of matters based on his information in the form and context it appears.

FORWARD LOOKING STATEMENTS

Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include but are not limited to, statements concerning the Company’s exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as “expected”, “planned”, “target”, “scheduled”, “intends”, “potential”, “prospective” and similar expressions.

ENDS

Investor and media enquiries:

Gary Kuo Managing Director T: +61 2 9262 1122 [email protected]

ASX RELEASE

www.mgt.net.au [email protected]

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