CATALINA RESOURCES LTD — Capital/Financing Update 2020

Nov 2, 2020

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ASX Announcement 3 November 2020.

ASX Code SHH

ACN 130 618 683

COMPANY DIRECTORS

Sanjay Loyalka Director and Company Secretary

Amu Shah Non-Executive Director

Davide Bosio Non-Executive Director

CONTACT DETAILS

Principal & Registered Office Unit 38 18 Stirling Highway NEDLANDS WA 6009

www.shreeminerals.com

T +61 8 61181672

SHREE MINERALS LTD

GOLD PROJECT ACQUIRED IN THE EAST LACHLAN FOLD BELT, NSW

• New Exploration Licence Application lodged over historical gold workings in the East Lachlan Fold Belt near Cooma, NSW.

• Previous RC drilling and ground geophysics at the highly prospective Rock Lodge prospect indicates potential below and along strike of the historic gold workings.

• Previous drill results include up to 5.36 g/t Au, 55.6 g/t Ag, 0.12% Bi, 0.8% Cu and 1.46% Zn.

• Rock chip sampling of outcropping quartz veins returned gold values up to 11.1g/t Au.

• Reported rock chip sampling 100m west of previous drilling identified a parallel gossan with up to 2.52g/t Au, 10.2g/t Ag and a coincident IP anomaly that remains undrilled.

• The polymetallic sulphide rich mineralisation has possible affinity with Intrusion Related Gold Systems (IRGS).

Shree Minerals Ltd (“Shree” or the “Company”) is pleased to announce it has lodged a new Exploration Licence Application (ELA 6147) over the historic Rock Lodge gold workings near Cooma in NSW (Figure 1). The Rock Lodge Project covers an area of 75 km² and is located 35km south of Cooma. It is prospective for orogenic, Intrusion Related Gold Systems (IRGS) and skarn related gold mineralisation. It extends Shree’s presence in the Lachlan Fold Belt beyond its Turondale Project which was acquired a few months earlier (ASX announcement of 31/7/2020).

The Rock Lodge prospect exhibits high-grade gold mineralisation associated with structurally controlled epigenetic massive sulphide veins. The grades intercepted during historical drilling show the area to be highly mineralised and the mineral assemblages are synonymous with other major mineral deposits within the Canberra to Cooma region of the Lachlan Fold Belt.

Mr. Sanjay Loyalka, Executive Director of Shree Minerals said " The new tenement application over the Rock Lodge Project in the Lachlan Fold Belt is a very exciting opportunity for Shree Minerals and reaffirms Shree's strategy of building a high-quality portfolio of exploration projects in prospective terranes in Australia. The Rock Lodge prospect has proven prospectivity with significant drill intersections of gold mineralisation reported previously that remain open along strike and at depth "

SHREE MINERALS LIMITED | ACN 130 618 683 www.shreeminerals.com

The East Lachlan Fold Belt has a long history of mineral production including gold (80 Mozs), copper (13 Mt), lead, zinc, silver and tin. It contains several large operating copper and gold mines including Evolution Mining’s Lake Cowal Gold Mine, Newcrest Mining Ltd’s giant Cadia Mine. Also located within the East Lachlan Fold Belt is Alkane Resources’ 2019 Boda discovery (502 metres at 0.2% copper and 0.48 g/t gold from 211 metres).

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Figure 1. Regional location of Shree’s tenements within the East Lachlan Fold Belt.

Within the East Lachlan region, a chemical rock sequence has been intruded by various magmas, that create a highly prospective environment for mineralisation. These deposits display a range of different gold mineralisation styles, including orogenic, porphyry, skarn and volcanogenic massive sulphide. While there are similar mineralisation types across northern Australia, Indonesia, Papua New Guinea, the East Lachlan region is different in age and chemistry, making it globally unique and very prospective.

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The Rock Lodge Project (ELA6147) covers a folded sequence of Ordovician aged Adaminaby Group shales/siltstones and Gungoandra Siltstones (Figure 2). At the Rock Lodge prospect there is a steeply dipping sequence of predominantly siltstone with sandstone interbeds to the west and strongly carbonaceous shales to the east, Figure 3. The siltstones and shales have been locally silicified and disseminated pyrite is common throughout the rocks.

Previous Exploration at Rock Lodge

The Rock Lodge prospect has been explored by only two companies in the last fifty years. Their exploration programs progressed to RC and diamond drilling but significant intersections were not followed up. In addition, consideration was not given to the regional geology away from the old workings and several target areas generated from geochemical and geophysical surveys at Rock Lodge were also not followed up.

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Figure 2. Regional geology and mineral occurrences within the application area.

Rock chip sampling of outcropping quartz veins at Rock Lodge by Southern Gold NL returned assay results of up to 11.1g/t Au[6] . Follow up diamond drilling (SGDH01 to SGDH011) in 1985 targeted the historic workings. The holes intersected up to 8m of massive sulphide with recorded grades up to 4.28g/t Au, 35g/t Ag, 0.79% Cu and 13.5% Zinc ¹. Diamond hole SGDH08 intersected 12m @ 1.2 g/t Au, 9.8 g/t Ag and 0.2% Cu . The location of these holes is illustrated in Figure 3.

‐ ‐ ‐ The mineralisation is associated with massive and disseminated pyrite arsenopyrite chalcopyrite sphalerite sulphides and quartz, within host phyllites and sandstone of the Adaminaby group. This is exposed on the surface as a distinct gossan and ironstone. Sulphide mineralisation is associated with silica alteration and minor quartz veining, indicating that a significant volume of mineralising fluid has passed through the rock.

Six RC holes (MYRC001 to MYRC006) were also drilled underneath old workings at Rock Lodge by Alt Resources in 2018. This drilling is illustrated in Figure 3. Their drilling also intercepted massive sulphides in four holes². Significant drilling intercepts by Alt Resources included:

• MYRC001, 3m @ 2.1 g/t Au, 3.7 g/t Ag and 174 g/t Bi from 17m and

• 2m @ 2.7 g/t Au, 11.8 g/t Ag, 300 g/t Bi and 0.48% Cu from 62m.

• MYRC003, 1m @ 5.4 g/t Au, 55.6 g/t Ag, 212 g/t Bi and 0.11% Zn.

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• MYRC005, 2m @ 1.6 g/t Au, 9.5 g/t Ag, 903 g/t Bi from 19m and

1m @ 1.4 g/t Au, 375 g/t Ag, 163 g/t Bi, 1.6% Pb from 23m and 1m @ 4.8 g/t Au, 0.48% Pb, 1.46% Zn from 57m.

Cross sections of the drilling by Alt Resources and Southern Gold NL is illustrated in Figures 4 and 5.

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Figure 3. Historical exploration summary diagram showing the main geological features of the Rock Lodge prospect. Past drill hole locations, anomalous rock chip sampling and IP chargeability anomalies are also illustrated.

Geophysical surveys (IP and EM) by Alt Resources in 2016-2017, outlined deeper and parallel targets that were not tested by the drilling program. The IP data, as illustrated in Figure 3, defined both the eastern zone of gossan and sulphide mineralisation as a chargeability anomaly, along with a second (western) zone of similar extent and width to the eastern zone. Follow up field investigation of this zone identified a zone of outcropping, but narrow boxwork gossans and ironstones, to the west of cross section C – C’ (Figure 3).

A number of rock chips were taken from the length of this western zone with assays up to 2.52 g/t Au, 10.2 g/t Ag[6] , as well as anomalous arsenic, bismuth and copper. These results stand out from anomalous background levels of 0.2 g/t Au for the remaining rock chip samples. This western gossan zone remains undrilled³ and represents an outstanding drill ready target. There are numerous other rock chip samples with anomalous gold assays recorded throughout the prospect³, as illustrated in Figure 3.

The historical workings at nearby Bobundara (Figure 2) have a recorded production of 575g Au (18.5oz) with an average grade of 21 g/t Au (Herzberger and Barnes, 1978⁴). Mining occurred during two periods from 1928-30 and 1948-49. The mineralisation occurs as disseminated sulphide minerals in a narrow, discontinuous quartz-chlorite lode parallel to the host slates’ cleavage. The workings consist of 3 or 4 shafts, an adit and shallow pits.

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Figure 4. Cross sections of historical drilling at Rock Lodge. Section locations are shown in Figure 3.

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Figure 5. Cross sections of historical drilling at Rock Lodge. Section locations are shown in Figure 3.

IRGS Models.

The polymetallic sulphide rich mineralisation at Rock Lodge has possible affinity with the Intrusion Related Gold System (IRGS) group of deposits, indicated by anomalous Au, Ag, Bi, Cu, Pb, Zn. Trace element enrichment may include Sn, W, Mo, As, Te, Sb ± (Pb, Cu). Alt Resources noted the elevated bismuth (<0.12%) in drill holes MYRC001-6 as evidence for an affinity with the IRGS group. A NSW Government radiometric survey in 2003 also raised the possibility of intrusive rocks to the southwest of the project area.

IRGS deposits are commonly within a large hydrothermal system with potential for large tonnage, low grade (1 – 2 g/t) gold mineralisation in disseminated systems or higher grades in vein systems.

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Deposit sizes range from 700K ozs at Timbara to 140 tonnes Au at Kidston in North Queensland. Production is typically for gold only. Metallurgical credits can include Ag, Cu and Zn, (e.g. Red Dome). Many mines overseas typically contain greater than 3 Moz. High-grade examples include Pogo (9.98 Mt at 17.8 g/t Au; quoted in Lang et al., 2000⁵).

Preferred economic targets include greisens, veins, breccias and skarns associated with high level felsic volcanics and granites. Plutons are usually only just being unroofed or still shallowly buried.

Next Steps.

Shree Minerals plans to conduct a systematic and detailed exploration program. Initial work will include a compilation of all previous exploration, including geological, geochemical and geophysical data sets available. Field work will include geological mapping and rock chip sampling with an initial focus on the historic workings. The Rock Lodge prospect is in hilly country with good drainage that is suitable for regional stream sediment sampling. Geochemical anomalies generated by the stream sediment sampling will be followed up with soil sampling.

IRGS deposits are commonly associated with aeromagnetic signatures, either as magnetic lows or highs depending on the type of alteration of the intrusive rocks. Consideration will be given to conducting detailed (100m flight lines) aerial magnetic surveys. Induced polarisation (IP) surveys will also be considered to generate targets for drilling following the success of surveys conducted by previous exploration companies.

The application for another tenement in the Lachlan Fold Belt is in line with Shree’s strategy to acquire ground in highly prospective mineral fields. Shree will continue to acquire additional tenements as opportunities arise.

Cautionary Statement

• The Exploration Results for the Rock Lodge Project have been reported by former owners;

• The source and date of the Exploration Results reported by the former owners have been referenced in the body of this announcement where Exploration Results have been reported;

• • The historical Exploration Results have not been reported in accordance with the JORC Code 2012;

• A Competent Person has not done sufficient work to disclose the historical Exploration Results in accordance with the JORC Code 2012;

• It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under the JORC Code 2012;

• That nothing has come to the attention of the acquirer that causes it to question the accuracy or reliability of the historical Exploration Results; but

• Shree has not independently validated the historical Exploration Results and therefore is not to be regarded as reporting, adopting or endorsing those results

• A summary of the work programs on which the Exploration Results quoted in this announcement are included in Table 1 and 2;

• There are no more recent Exploration Results or data relevant to the understanding of the Exploration Results;

• An assessment of the additional exploration or evaluation work that is required to report the Exploration Results in accordance with JORC Code 2012 will be undertaken following acquisition & will be funded by the Company.

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Competent Person Statement

The review of historical exploration activities and results contained in this report is based on information compiled by Michael Busbridge, a Member of the Australian Institute of Geoscientists and a Member of the Society of Economic Geologists. He is a consultant to Shree Minerals Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Michael Busbridge has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

Where the Company refers to the Mineral Resources in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed.

References

1 Sourced from NSW Geological Survey Open File: Report GS1984_166. Southern Gold NL Annual Report.

² Alt Resources (ASX: ARS) announcement, 23 March 2018. Alt Resources reports polymetallic gold, copper, lead, and zinc at Myalla Project, NSW.

³ Alt Resources (ASX: ARS) announcement, Quarterly Activities Report June 2016.

⁴ Herzberger, G.A., Barns, R.G. 1978. Bega 1:250K Metallogenic Map. Geol Surv NSW.

⁵ Lang, J. R., Baker, T., Hart, C. J. R., and Mortensen, J. K., 2000. An exploration model for intrusion-related gold systems. Society of Economic Geology Newsletter, 40.

6 Sourced from NSW Geological Survey Open File: Alt Resources EL8416 Final Report including the Fourth Annual Report – Rock Lodge Project, Myalla, 2019.

The release of this document to the market has been authorised by the Board.

Sanjay Loyalka Executive Director

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	•Various parts of the Rock Lodge Project
techniques	channels, random chips, or specific		application have been periodically
	specialised industry standard		explored over the last fifty years. Most of
	measurement tools appropriate to the		the exploration programs were cursory
	minerals under investigation, such as		and never systematic. Due consideration
	down hole gamma sondes, or		was not given to the regolith and its effect
	handheld XRF instruments, etc). These		on dispersion of metals.
	examples should not be taken as		•Some results are generated from rock
	limiting the broad meaning of sampling.		chip sampling, stream sediment sampling
	• Include reference to measures taken to		and drilling. The scope of most of this
	ensure sample representivity and the		work is at a reconnaissance nature and
	appropriate calibration of any		the reader should consider this when
	measurement tools or systems used.		reading the document.
	• Aspects of the determination of		•The Rock Lodge prospect, within the
	mineralisation that are Material to the		application area, has had the most
	Public Report.		exploration activity with Southern Gold
	• In cases where ‘industry standard’		NL from 1983 to 1986 and Alt Resources
	work has been done this would be		from 2015-2018.
	relatively simple (e.g. ‘reverse		•These companies conducted diamond
	circulation drilling was used to obtain 1		and RC drilling respectively.
	m samples from which 3 kg was		•The samples are considered to effectively
	pulverised to produce a 30 g charge for		represent the rock at the point of
	fire assay’). In other cases, more		collection. However, the reports from
	explanation may be required, such as		Southern Gold NL did not provide any
	where there is coarse gold that has		details on how the samples were
	inherent sampling problems. Unusual		processed.
	commodities or mineralisation types		•Details if samples were split or halved
	(e.g. submarine nodules) may warrant		and the preparation in the lab was not
	disclosure of detailed information.		provided.
			•Whether rock samples were concentrated
			in any way, nature of the sample site,
			sample weights, wet or dry samples, are
			not provided.
			• Analysis details (digestion, pulverizing,
			measurement)were provided.
Drilling	• Drill type (e.g. core, reverse circulation,	•	The Rock Lodge prospect has had the
techniques	open-hole hammer, rotary air blast,		most exploration activity, with Southern
	auger, Bangka, sonic, etc.) and details		Gold NL from 1983 to 1986 and Alt
	(e.g. core diameter, triple or standard		Resources from 2015-2018.
	tube, depth of diamond tails, face-	•	These companies conducted diamond
	sampling bit or other type, whether		and RC drilling programs respectively.
	core is oriented and if so, by what	•	Drilling by Alt Resources was carried out
	method, etc).		by Budd Exploration Drilling Pty Ltd,
			based in Echunga South Australia,
			utilising a customised Track Rig 21.
			Samples were obtained from the cone
			splitter below the rig cyclone and were
			collected at one metre intervals.
Drill sample	• Method of recording and assessing	•There is no record of core and RC
recovery	core and chip sample recoveries and		recovery percentages.
	results assessed.
	• Measures taken to maximise sample
	recovery and ensure representative
	nature of the samples.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Whether a relationship exists between
	sample recovery and grade and
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarse material.
Logging	• Whether core and chip samples have	•	Geological logging of drilled lithologies
	been geologically and geotechnically		and rock chip lithologies was reported by
	logged to a level of detail to support		both companies.
	appropriate Mineral Resource	•	Rock Sample locations were provided by
	estimation, mining studies and		GPS coordinates using a hand-held GPS
	metallurgical studies.		unit.
	• Whether logging is qualitative or
	quantitative in nature. Core (or
	costean, channel, etc.) photography.
	• The total length and percentage of the
	_relevant intersections logged. _
Sub-	• If core, whether cut or sawn and	•	Assaying was conducted by ALS
sampling	whether quarter, half or all core taken.		Laboratories in Brisbane, Queensland
techniques	• If non-core, whether riffled, tube		using methods Au AAS25 (30g fire assay
and sample	sampled, rotary split, etc. and whether		and AAS finish) and ME‐ICP61 (4‐acid
preparation	sampled wet or dry.		digest with ICP finish). Assay results
	• For all sample types, the nature, quality		exceeding 1000ppm Pb and 1000ppm Zn
	and appropriateness of the sample		triggered an ore grade dilution routine
	preparation technique.		(method Pb_OG62 or Zn‐OG62).
	• Quality control procedures adopted for	•	QAQC protocols included the use of
	all sub-sampling stages to maximise		Standards (certified reference material),
	representivity of samples.		blanks (quartz wash or un‐mineralised
	• Measures taken to ensure that the		waste) and field duplicates.
	sampling is representative of the in-situ	•	Standards have been sourced from
	material collected, including for		Geostats Pty Ltd, WA.
	instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate
	to the grain size of the material being
	_sampled. _
Quality of	• The nature, quality and	•	Assaying was conducted by ALS
assay data	appropriateness of the assaying and		Laboratories in Brisbane, Queensland
and	laboratory procedures used and		using methods Au AAS25 (30g fire
laboratory	whether the technique is considered		assay and AAS finish) and ME‐ICP61
tests	partial or total.		(4‐acid digest with ICP finish). Assay
	• For geophysical tools, spectrometers,		results exceeding 1000ppm Pb and
	handheld XRF instruments, etc., the		1000ppm Zn triggered an ore grade
	parameters used in determining the		dilution routine (method Pb_OG62 or
	analysis including instrument make and		Zn‐OG62).
	model, reading times, calibrations	•	Selected samples were analysed for Au,
	factors applied and their derivation, etc.		Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr,
	• Nature of quality control procedures		Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni,
	adopted (e.g. standards, blanks,		P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W
	duplicates, external laboratory checks)		and Zn.
	and whether acceptable levels of	•	N/A
	accuracy (i.e. lack of bias) and
	precision have been established.
Verification	• The verification of significant	•	N/A
of sampling	intersections by either independent or	•	N/A
and assaying	alternative company personnel. • The use of twinned holes.	•	It is expected that, due to the nature of data collection procedures in the 1970s,
	• Documentation of primary data, data		Southern Gold’s sample data was
	entry procedures, data verification,		recorded by hand into a paper note book
	data storage (physical and electronic)		and then transferred to a filing system in
	protocols.		the office.
	• _Discuss any adjustment to assay data. _	•	AltResources utilizedmodernday digital

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Criteria	JORC Code explanation	Commentary
		data entry methods using personal
		computers
		•No assay datawas adjusted.
Location of	• Accuracy and quality of surveys used	•Rock Sample and drill hole locations were
data points	to locate drill holes (collar and down-	provided by a hand-held GPS device
	hole surveys), trenches, mine workings	•Sample location accuracy is +/-10m.
	and other locations used in Mineral	•The grid system used is MGA94 Zone 55
	Resource estimation.	(GDA94).
	• Specification of the grid system used.	•Topographic control is maintained by the
	• Quality and adequacy of topographic	use of topographic maps and aerial
	control.	imagery.
Data	• Data spacing for reporting of	•Data spacing is suitable for the
spacing and	Exploration Results.	exploration stage, which is at the
distribution	• Whether the data spacing and	reconnaissance level.
	distribution is sufficient to establish the	•The work completed by Alt Res and
	degree of geological and grade	Southern Gold was appropriate for the
	continuity appropriate for the Mineral	exploration stage.
	Resource and Ore Reserve estimation	•N/A as no resource estimate is made.
	procedure(s) and classifications	•No sample compositing has been applied.
	applied.
	• Whether sample compositing has been
	_applied. _
Orientation	• Whether the orientation of sampling	•No bias introduced.
of data in	achieves unbiased sampling of	•N/A
relation to	possible structures and the extent to
geological	which this is known, considering the
structure	deposit type.
	• If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered to
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample	•Historical reports did not document the
security	security.	chain of security to ensure sample
		integrity.
Audits or	• The results of any audits or reviews of	•At this stage of exploration, no external
reviews	sampling techniques and data.	audit or review has been undertaken.

Section 2 Reporting of Exploration Results.

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	•The licence application ELA6147 has
tenement and	location and ownership	been accepted by the NSW Division of
land tenure	including agreements or	Resources and Geoscience.
status	material issues with third	•Upon grant, Shree will hold 100% interest
	parties such as joint ventures,	and all rights in the Rock Lodge Project.
	partnerships, overriding	•Shree is not aware of any impediments to
	royalties, native title interests,	the granting of the licence by the NSW
	historical sites, wilderness or	government.
	national park and
	environmental settings.
	• The security of the tenure held
	at the time of reporting along
	with any known impediments
	to obtaining a licence to
	_operate inthe area. _

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Criteria	JORC Code explanation	Commentary	Commentary
Exploration	• Acknowledgment and	•	Various parts of the Rock Lodge Project
done by other	appraisal of exploration by		application have been periodically
parties	other parties.		explored over the last fifty years.
		•	Within the application area, the Rock
			Lodge prospect has been explored by
			only two companies over the last fifty
			years. Their exploration programs
			reached the diamond and RC drilling
			stages.
		•	Within the application area, the Rock
			Lodge prospect has had the most
			exploration activity with Southern Gold NL
			from 1983 to 1986 and Alt Resources
			from 2015-2018.
Geology	• Deposit type, geological	•	The Rock Lodge application area
	setting and style of		(ELA6147) covers a steeply folded
	mineralisation.		sequence of Ordovician aged Adaminaby
			Group shales/siltstones and Gungoandra
			Siltstones (Figure 2).
		•	Locally the Rock Lodge prospect is
			hosted in a steeply dipping sequence of
			predominantly siltstones with sandstone
			interbeds to the west and strongly
			carbonaceous shales to the east. The
			sediments are folded by a regional scale,
			north striking anticline. The siltstones and
			shales have been locally silicified and
			disseminated pyrite is common
			throughout therocks.
Drill hole	• A summary of all information	•	Historical diamond drilling (SGDH01 to
Information	material to the understanding		SGDH011) at Rock Lodge by Southern
	of the exploration results		Gold NL in 1985.
	including a tabulation of the	•	Six RC holes (MYRC001 to MYRC006) by
	following information for all		Alt Resources in 2018.
	Material drill holes:	•	Details of these drill holes are provided in
	o easting and northing of the		the text of this report.
	drill hole collar o elevation or RL (Reduced	•	For further information (GPS coordinates, elevation, dip, azimuth etc.) the reader is
	Level – elevation above		referred to the relevant references
	sea level in metres) of the		provided in the list of references, in the
	drill hole collar		text of this announcement.
	o dip and azimuth of the hole
	o down hole length and
	interception depth
	o hole length.
	• If the exclusion of this
	information is justified on the
	basis that the information is
	not Material and this exclusion
	does not detract from the
	understanding of the report,
	the Competent Person should
	clearly explain why this is the
	_case. _
Data	• In reporting Exploration	•	No weightings or manipulation of the data
aggregation	Results, weighting averaging		have been made.
methods	techniques, maximum and/or
	minimum grade truncations
	(e.g. cutting of high grades)
	and cut-off grades are usually
	Material and should be stated.
	• Where aggregate intercepts

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Criteria	JORC Code explanation	Commentary
	incorporate short lengths of
	high-grade results and longer
	lengths of low-grade results,
	the procedure used for such
	aggregation should be stated
	and some typical examples of
	such aggregations should be
	shown in detail.
	• The assumptions used for any
	reporting of metal equivalent
	values should be clearly
	_stated. _
Relationship	• These relationships are	•NA.
between	particularly important in the
mineralisation	reporting of Exploration
widths and	Results.
intercept	• If the geometry of the
lengths	mineralisation with respect to
	the drill hole angle is known,
	its nature should be reported.
	• If it is not known and only the
	down hole lengths are
	reported, there should be a
	clear statement to this effect
	(e.g. ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections	•The pertinent maps for this stage of the
	(with scales) and tabulations of	project are included in the release.
	intercepts should be included	•Coordinates are in MGA94Zone 55.
	for any significant discovery
	being reported These should
	include, but not be limited to a
	plan view of drill hole collar
	locations and appropriate
	_sectional views. _
Balanced	• Where comprehensive	•The report has relied on the information in
reporting	reporting of all Exploration	the public domain released by previous
	Results is not practicable,	explorers, and neighbouring companies
	representative reporting of	such as Alt Resources and Southern
	both low and high grades	Gold.
	and/or widths should be
	practiced to avoid misleading
	reporting of Exploration
	_Results. _
Other	• Other exploration data, if	•Geophysical data (IP and EM,
substantive	meaningful and material,	government aerial magnetic and
exploration	should be reported including	radiometric surveys) for the project area
data	(but not limited to): geological	are available in the public domain.
	observations; geophysical	•Thorough compilation and interpretation
	survey results; geochemical	of the historical data sets is necessary.
	survey results; bulk samples –
	size and method of treatment;
	metallurgical test results; bulk
	density, groundwater,
	geotechnical and rock
	characteristics; potential
	deleterious or contaminating
	_substances. _
Further work	• The nature and scale of	•Data acquisition and compilation into a
	planned further work (e.g. tests	digital data base is currently on going.
	for lateral extensions or depth	•The pertinent maps for this stage of the
	extensions or large-scale step-	project areincludedintherelease. They

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Criteria	JORC Code explanation	Commentary
	out drilling).	show initial target areas generated from
	• Diagrams clearly highlighting	publicly released information.
	the areas of possible	•Planned further work is included under the
	extensions, including the main	section ‘Next Steps’ in the announcement.
	geological interpretations and	•On ground exploration will commence
	future drilling areas, provided	upon granting of the tenement by the
	this information is not	NSW Mines Dept, due in 2-3 months.
	_commercially sensitive. _

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