CODRUS MINERALS LIMITED — Regulatory Filings 2021

Aug 23, 2021

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ASX ANNOUNCEMENT
24th August 2021
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EXPLORATION ADVANCING RAPIDLY ACROSS KEY CODRUS PROJECTS IN WA

Maiden diamond drilling completed to test prospective gold and nickel targets at Silver Swan South with assays awaited and EM surveys planned

Highlights

• Initial diamond drilling completed beneath transported cover at Silver Swan South with prospective ultramafic and volcanic sequences intersected.

• Final core processing underway with sample submission imminent and assays awaited.

• Down-hole electromagnetic (DHEM) surveys to be completed on all holes.

• Geology encountered in the drilling fits the geological model and supports the prospectivity of the Company’s targets.

• Preparations well advanced for drilling at the Red Gate Gold Project in the Edjudina Mining Centre, with 4,000m of Reverse Circulation (RC) drilling to commence next month.

Codrus Minerals (ASX: CDR , Codrus or the Company ) is pleased to provide an update on exploration activities across its highly prospective Western Australia portfolio, which continue to gain momentum following its successful $8 million IPO and ASX listing in June.

The Company has now completed its maiden diamond drilling program at the Silver Swan South Project , located ~40km north of Kalgoorlie in WA. The program, comprising ~1,464m of diamond drilling, was designed to test both nickel and gold targets along the Fitzroy Fault (the geological structure that hosts the mineralisation at the nearby >5Moz Kanowna Belle gold mine) (see Figure 2).

The drilling, completed by DDH1 (see Figure 1), intersected prospective ultramafic and volcanic sequences (see photos below) with core processing and sample submission imminent. Initial assay results are expected in early October.

Preparations are well advanced for the next phase of exploration, with a down-hole electromagnetic (DHEM) crew currently on site, and surveying of all holes to be completed.

Codrus Managing Director Shannan Bamforth commented: “We are pleased to have completed our maiden drill program at Silver Swan South on time and on budget, and we are now looking forward to receiving assay results. The drilling has intersected prospective rock sequences which reinforce the prospectivity of our ground package in this premier district along strike from the world-class Kanowna Belle gold mine.

“The combination of assay results and down-hole EM surveys should give us a clear picture of the next steps at this exciting project. In the meantime, we are gearing up for the start of our next drilling campaign, with 4,000m of RC drilling planned to commence next month at the Red Gate Project at Edjudina. This will ensure we continue to maintain a high level of exploration momentum across our portfolio.”

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Figure 1 . DDH1 Diamond drill rig in operation at Silver Swan South.

Silver Swan South

The Silver Swan South Project is a gold and nickel project located approximately 40km north-east of Kalgoorlie that consists of seven granted tenements covering a total area of 45.2km[2] (see Figure 2).

The Project lies approximately 10km north-east of the Kanowna Belle Gold Mine operated by Northern Star Resources Limited and lies along the structural trend of the Fitzroy Fault (the primary control on mineralisation at Kanowna Belle).

The Project has had historic exploration by numerous previous tenement holders, including Blackstone Minerals. Historic work that supported the gold and nickel exploration targeting at the project includes rotary air blast (RAB), air-core (AC) and Reverse Circulation (RC) drilling and several airborne and ground geophysical surveys.

A significant portion of the historical work is interpreted to have not effectively tested the geological opportunity due to not penetrating into bedrock as a result of the presence of thick surficial cover.

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Figure 2 . Silver Swan South Project location.

The Company’s initial drilling program at Silver Swan South targeted the Black Eagle, Black Falcon, Black Hawk, and Venus prospects (see Figure 3).

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Figure 3 . Plan of drilling areas at Silver Swan South.

Geological Observations

At Black Eagle , Hole SNDD001 was targeted beneath historic drilling that intersected encouraging gold mineralisation including SNAC070: 10m at 3.2g/t Au from 68m at the interpreted base of transported cover and into weathered bedrock.

The hole intersected:

• 0m – 78m: sand, clays (transported cover)

• 78m – 145m: saprolitic sediments, gabbro, and minor felsic tuff

• 145m – 149m: sheared talc-serpentinite, with a thin band of felsic tuff

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• 149m – 382.2: (End of Hole(EOH)) package of interbedded sediments, mud-, silt- and sandstone with extensive quartz veining (1-20mm), from 172m there was disseminated pyrite (see Photo 1 below)

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Photo 1
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Photo 1 . SNDD001 from 222.3m to 226.9m, showing sediments, veining, and minor pyrite

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Figure 4. Schematic section of drilling (SNDD001) completed at Black Eagle.

At Black Hawk , hole SNDD003 was targeted at recent bottom-of-hole intercepts from SNAC027: 7m at 1.3g/t Au in felsic stratigraphy adjacent to the interpreted trend of the Fitzroy Shear Zone.

Diamond drill hole SNDD003 encountered:

• 0m – 72m: sand, clay and minor saprolite

• 72m – 82m: saprolitic silicic felsic volcaniclastics; and then from

• 82m – 283m (EOH): sericite altered porphyritic felsic volcaniclastics with trace disseminated pyrite (128 – 179m and 223 – 283m), minor quartz+pyrite veinlets (see Photos 2 and 3 below):

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Photo 2
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Photo 3
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Photos 2 and 3 . Core from SNDD003 from 257.2m to 266.2m showing lithology and alteration observed.

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Figure 5. Schematic section of drilling completed at Black Hawk (SNDD003) and Black Falcon (SNDD002).

At Black Falcon , drill hole SNDD002 targeted an ultramafic sequence that was overlain by a zone of elevated nickel in the in-situ clay zone (SNAC019: 24m at 0.6% Ni, 115ppm Cu and 468ppm As).

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Diamond drill-hole SNDD002 intersected:

• 0m – 27m sand: clays (transported cover)

• 27m to 215m: carbonated and quartz veined ultramafic rocks

• 215m – 226m: mudstone and siltstone

• 226m – 235m: mafic to ultramafic rocks

• 235m – 429m: a thick sequence of bedded siltstone & black shale.

• 429m – 450m: strongly altered (quartz-sericite) felsic volcaniclastic breccia, including intervals of milled hydrothermal breccia with quartz porphyry clasts, a zone of disseminated pyrite was observed from 431 – 450m (see Photos 4 and 5):

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Photo 4
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Photo 4 . SNDD002 from 428.7m to 432.7m

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Photo 5
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Photo 5 . SNDD002 from 446m altered and veined (quartz) felsic volcanics with minor disseminated pyrite.

At Venus, approximately 4.5km north of SNDD003 , drill-hole SNDD004 targeted historically reported sulphide (pyrite) mineralisation (KSC2181) and a MLEM geophysical plate. SNDD004 intersected:

• 0m – 96m: sand, clays (transported cover)

• 96m – 131m: strongly sheared and altered felsic schist and fragmental volcanics

• 131m – 203m: graphitic black shale with variable shearing and pyrite

• 203m – 236m: coarse lithic rich felsic fragmentals with alteration (quartz-epidote) increasing downhole to 227m’s, and trace pyrite (203 – 212m)

• 236m – 238m: dolerite

• 238m – 285m: felsic volcaniclastics and conglomerates with chlorite+epidote+carbonate alteration, trace pyrite (265 – 283), minor quartz+carbonate veins (see Photo 6 below)

• 285m – 349.6m: felsic volcaniclastics and conglomerates with chlorite and sericite alteration zones, trace pyrite (and common thin faults and quartz+carbonate veins:

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Photo 6
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Photo 6 . SNDD004 at 136.2: Sheared graphitic black shale with pyrite (with minor sheaared siltstone with pyrite at start of interval).

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Figure 6 . Schematic section of drilling (SNDD004) completed at Venus.

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Assay results are keenly awaited from the laboratory to allow supplementary targeting at Silver Swan South. Our next drill program, at the Red Gate Project is planned and also keenly anticipated.

This announcement was authorised for release by the Board of Codrus Minerals.

ENDS

Investor Inquiries: Media Inquiries: Shannan Bamforth, Managing Director Nicholas Read Codrus Minerals Read Corporate

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APPENDIX 1

Collar Table

Collar Table	Collar Table	Collar Table	Collar Table	Collar Table	Collar Table	Collar Table	Collar Table
Silver Swan South Project - Diamond Drillhole information(AGD94 zone 51)
Prospect	Hole_ID	East_m	North_m	Rl_m	Dip	Azi	EOH_m
Black Eagle	SNDD001	370,033	6,622,341	343	-60	270	382
Black Falcon	SNDD002	370,050	6,620,900	340	-60	270	450
Black Hawk	SNDD003	369,400	6,620,895	342	-60	270	283
Venus	SNDD004	370,100	6,625,435	345	-60	270	349

Logged Sulphide Interval Summary

				Logged Sulphide Interval Summary
Hole	From (m)	To (m)	Interval (m)	Lithological summary	Logged pyrite %
SNDD001	172	382	210	sandstone and black shale, locally faulted, with numerous thin quartz veins to 20cm thick, disseminated pyrite	2-5
SNDD002	431	450	19	locally brecciated porphyritic felsic volcaniclastics with moderate silica+sericite alteration & trace disseminated pyrite & veinlets of pyrite	<1
SNDD003	128	176	48	sericite altered porphyritic felsic volcaniclastics with trace disseminated pyrite, minor quartz+pyrite veinlets	<1
SNDD003	223	283	60	sericite altered porphyritic felsic volcaniclastics with trace disseminated pyrite, minor quartz+pyrite veinlets	<1
SNDD004	131	143	12	graphitic shale with brecciated sandstone beds and graphitic mylonite with incoherent clasts of sandstone, minor thin quartz+pyrite veins and clusters of coarse grained pyrite	5
SNDD004	143	203	60	graphitic shale with faulted zones, thin quartz+pyrite veins and coarse grained pyrite	2-5
SNDD004	203	212	9	felsic volcaniclastics with chlorite+carbonate alteration, trace pyrite, minor quartz veins	<1
SNDD004	265	283	18	felsic volcaniclastics and conglomerates with chlorite+epidote+carbonate alteration, trace pyrite, minor quartz+carbonate veins	<1
SNDD004	287	350	63	felsic volcaniclastics and conglomerates with chlorite and sericite alteration zones, trace pyrite and common thin faults and quartz+carbonate veins	<1

In relation to the disclosure of visual estimates of sulphide abundance, the Company cautions that visual estimates of sulphide mineral abundance should never be considered a proxy for mineralisation or substitute for a laboratory analysis. Assay results are required to determine the widths and grade of any mineralisation that may be present. The Company will update the market when laboratory analytical results become available.

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Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Shannan Bamforth who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bamforth is a permanent employee of Codrus Minerals and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bamforth consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this announcement that relates to previous exploration results for the Projects is extracted from the following ASX announcement:

• “Codrus Minerals Limited Prospectus” 21st June 2021

• “Drilling commences at Silver Swan South” 19[th] July 2021

The above announcement is available to view on the Company’s website at codrusminerals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the information and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Exploration and Resource Targets

Any discussion in relation to the potential quantity and grade of Exploration and Resource Targets is only conceptual in nature. While Codrus is continuing exploration programs aimed at reporting additional JORC compliant Mineral Resources, there has been insufficient exploration to define mineral resources and it is uncertain if further exploration will result in the determination of maiden JORC compliant Mineral Resources.

Forward-Looking Statements

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Codrus. There is continuing uncertainty as to the full impact of COVID-19 on Codrus’s business, the Australian economy, share markets and the economies in which Codrus conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on Codrus’s business or the price of Codrus securities. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forwardlooking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Codrus does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

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JORC Code, 2012 Edition – Table 1 report template

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Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips,	•All drilling and sampling was undertaken in an industry standard manner.
techniques	or specific specialised industry standard measurement tools	•Core samples were collected with a diamond drill rig with HQ and NQ
	appropriate to the minerals under investigation, such as down	diameter core.
	hole gamma sondes, or handheld XRF instruments, etc). These	•After logging and photographing, the drill core was sampled with quarter core
	examples should not be taken as limiting the broad meaning of	cut to be sent for assay. Holes were sampled over intervals up to 4m to
	sampling.	geological boundaries.
	• Include reference to measures taken to ensure sample	•Sample weight ranged up to 5kg.
	representivity and the appropriate calibration of any	•The independent laboratory will pulverise entire sample to be analysed as
	measurement tools or systems used.	described below.
	• Aspects of the determination of mineralisation that are Material to the Public Report.	•Commercial industry prepared independent standards are inserted about every 25 samples.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was	•Sample sizes are considered appropriate for the core sampled.
	used to obtain 1 m samples from which 3 kg was pulverised to
	produce a 30 g charge for fire assay’). In other cases more
	explanation may be required, such as where there is coarse gold
	that has inherent sampling problems. Unusual commodities or
	mineralisation types (eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary	•Diamond core diameters are: HQ3 (61mm) and NQ2 (51mm).
techniques	air blast, auger, Bangka, sonic, etc) and details (eg core	•A ACT Mk3 NQ/HQ Core Orientation kit was used to orient all core.
	diameter, triple or standard tube, depth of diamond tails, face-
	sampling bit or other type, whether core is oriented and if so, by
	_what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample	•Core recovery is measured by the driller for each run and later checked by
recovery	recoveries and results assessed.	Codrus geological team during mark up and logging.
	• Measures taken to maximise sample recovery and ensure	•No sample bias has been observed.
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and

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Criteria	JORC Code explanation	Commentary
	grade and whether sample bias may have occurred due to
	preferential loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•The entire hole has been geologically and structurally logged (including visual
	geotechnically logged to a level of detail to support appropriate	estimates of sulphide abundance) and the core was photographed by the
	Mineral Resource estimation, mining studies and metallurgical	Codrus geological team, with sampling undertaken based on rock type and
	studies.	mineral alteration observed.
	• 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-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•Core samples were collected with a diamond drill rig with HQ and NQ
techniques	taken.	diameter core.
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	•After logging and photographing, the drill core was sampled with quarter core
preparation	whether sampled wet or dry.	cut to be sent for assay. Holes were sampled over intervals up to 4m to
	• For all sample types, the nature, quality and appropriateness of	geological boundaries.
	the sample preparation technique.	•Sample weight ranged up to 5kg.
	• Quality control procedures adopted for all sub-sampling stages	•Commercial industry prepared independent standards are inserted about
	to maximise representivity of samples.	every 25 samples.
	• Measures taken to ensure that the sampling is representative of	•Sample sizes are considered appropriate for the core sampled.
	the in situ material collected, including for 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 appropriateness of the assaying and	•The independent laboratory will pulverize entire sample to be analysed as
assay data	laboratory procedures used and whether the technique is	described below.
and laboratory	considered partial or total.	•The diamond core samples will be analysed for AU by a 50g fire assay and
tests	• For geophysical tools, spectrometers, handheld XRF	multi element by 4 acid digest both with ICP-OES finish.
	instruments, etc, the parameters used in determining the	•The analysis techniques are considered quantitative in nature
	analysis including instrument make and model, reading times,	•Certified reference standards were inserted by the Codrus geological team,
	calibrations factors applied and their derivation, etc.	and the laboratory also utilises internal standards for individual batches.
	• Nature of quality control procedures adopted (eg standards,	•The standards are considerate satisfactory.
	blanks, duplicates, external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of bias) and precision
	_have been established. _
Verification of	• The verification of significant intersections by either independent	•No assay results are reported in this release.
sampling and	or alternative company personnel.	•Geological data has been uploaded into the Codrus geological database.
assaying	• The use of twinned holes.

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Criteria	JORC Code explanation	Commentary
	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar	•The diamond drill hole collars are located with handheld GPS to an accuracy
data points	and down-hole surveys), trenches, mine workings and other	of +/- 3m.
	locations used in Mineral Resource estimation.	•The locations are given in GDA94 zone 51 projection.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•The diamond drill hole targeted 4 different prospects, due to being first pass
and	• Whether the data spacing and distribution is sufficient to	exploration beneath the transported cover in these projects.
distribution	establish the degree of geological and grade continuity
	appropriate for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications applied.
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling	•The drill holes are approximately perpendicular to the strike of the geological
data in relation	of possible structures and the extent to which this is known,	trends, but drilling is not at right angles to the dip of observed minereralised
to geological	considering the deposit type.	structures and therefore true widths are less than observed widths. The
structure	• If the relationship between the drilling orientation and the	geological interpretation is at an early stage and future drilling, if warranted,
	orientation of key mineralised structures is considered to have	will aim for the best angle of intersection with mineralization.
	introduced a sampling bias, this should be assessed and
	reported if material.
Sample	• The measures taken to ensure sample security.	•Samples were collected and processed and dispatched to the laboratory by
security		the Codrus geological team.
Audits or	• The results of any audits or reviews of sampling techniques and	•No audits have been completed. Review of QAQC will be caried out by the
reviews	data.	Codrus geological team.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•Drilling at Silver Swan South was on the tenements are 100% held by Codrus
tenement and	agreements or material issues with third parties such as joint	Minerals.
land tenure	ventures, partnerships, overriding royalties, native title interests,	•The tenements at Silver Swan South are: P27/2191, P27/2192, P27/2193,
status	historical sites, wilderness or national park and environmental	P27/2194, P27/2195, P27/2196 and E27/545
	settings.	•The tenements are located approximately 40km NE of Kalgoorlie on the Mt
	• The security of the tenure held at the time of reporting along with	Vetters pastoral lease.
	any known impediments to obtaining a licence to operate in the
	_area. _
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•The tenements have had various level of exploration by a number of
done by other		companies over the last 70 years. The level of attention varied from nickel to
parties		gold explorers. Which led to discovery the Kanowna Bell gold mine to the
		south and the Black/Silver Swan nickel mine to the north.
		•Historical work did not test bedrock geology
Geology	• Deposit type, geological setting and style of mineralisation.	•Gold is typically hosted related to narrow structures related to the Scotia-
		Kanowna dome. Nickel is komatiite hosted within felsic volcanic and
		volcaniclastic sequences.
Drill hole	• A summary of all information material to the understanding of the	•SNDD001- 370033mE, 6622341mN, 343mRL, -60/270 dip/azi, 382m EOH
Information	exploration results including a tabulation of the following	•SNDD002- 370050mE, 6620900mN, 340mRL, -60/270 dip/azi, 450m EOH
	information for all Material drill holes:	•SNDD003- 369400mE, 6620895mN, 342mRL, -60/270 dip/azi, 283m EOH
	o easting and northing of the drill hole collar	•SNDD004- 370100mE, 6625435mN, 345mRL-60/270 dip/azi, 349m EOH
	o elevation or RL (Reduced Level – elevation above sea level
	in metres) of the drill hole collar
	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. _

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Criteria	JORC Code explanation	Commentary
Data	• In reporting Exploration Results, weighting averaging	•No Assay results are reported in this release.
aggregation	techniques, maximum and/or minimum grade truncations (eg
methods	cutting of high grades) and cut-off grades are usually Material
	and should be stated.
	• Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the
	procedure used for such aggregation should be stated and some
	typical examples of such aggregations should be shown in
	detail.
	• The assumptions used for any reporting of metal equivalent
	_values should be clearly stated. _
Relationship	• These relationships are particularly important in the reporting of	•The drill holes are approximately perpendicular to the strike of the geological
between	Exploration Results.	trends, but drilling is not at right angles to the dip of observed minereralised
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	structures and therefore true widths are less than observed widths. True
widths and	angle is known, its nature should be reported.	widths however are not known at this time.
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole
	_length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Plans and Cross Sections are provided in this report.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view
	_of drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All holes drilled in this program are reported and traces are shown on the
reporting	practicable, representative reporting of both low and high grades	plans and sections provided with this report.
	and/or widths should be practiced to avoid misleading reporting
	_of Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be	•The drilling program is widely spaced and was aimed to explore bedrock
substantive	reported including (but not limited to): geological observations;	below the up to 70m thick paleo channels based on previous shallow drill
exploration	geophysical survey results; geochemical survey results; bulk	hole results and modelled conductive plates following a geophysical EM
data	samples – size and method of treatment; metallurgical test	survey.
	results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	_substances. _
Further work	• The nature and scale of planned further work (eg tests for lateral	•Follow up down hole EM surveys for all 4 holes.
	extensions or depth extensions or large-scale step-out drilling).	•RC and diamond drilling programs may be initiated depending on assay
	• Diagrams clearly highlighting the areas of possible extensions,	results from this drilling campaign
	including the maingeological interpretations and future drilling

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Criteria	JORC Code explanation	Commentary
	_areas, provided this information is not commercially sensitive. _

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