CORE LITHIUM LTD — Capital/Financing Update 2014

Jun 16, 2014

ASX ANNOUNCEMENT

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ASX : CXO
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17[th] June 2014

High grade silver lead intersections from maiden drilling program

Albarta Project, NT

• 1m intercept @ 1,070g/t silver (Ag) and 8% lead (Pb) drilled at Blueys

• 2m intercept @ 843 g/t Ag and 5.9% Pb in a broader halo of 17m @116 g/t Ag and 0.83% Pb at Blueys

• 4m intercept @ 195 g/t Ag, 5.24% Pb and 2.49% Zn from 111m including 1m @ 354 g/t Ag, 11.13 % Pb and 6.51% Zn at Inkheart

• Two high-grade prospects part of the same big system

• Follow-up Q3 drilling with the objective of expanding the Blueys and Inkheart discoveries

Core Exploration Ltd (ASX:CXO) is pleased to announce that the maiden drilling program at the Albarta Project in the Northern Territory has intersected high grade silver at the Blueys Prospect with values of up to 1,070g/t silver and discovered high grade silver-lead mineralisation at the nearby Inkheart Prospect with values of up to 354g/t silver (Ag) and 11% lead (Pb).

The results from the recently completed reverse circulation (RC) drilling program at Blueys and Inkheart Silver Prospects validate management’s belief in the prospectivity of the Albarta Project as a potential new silver and base metal province.

16 out of Core’s 17 drillholes hit anomalous silver levels (> 10g/t silver) (Table 1 & Figure 2).

High grade silver and lead mineralisation has been intersected in structurally controlled veins surrounded by broad lower grade mineralisation and alteration in the shales and dolomites of the Bitter Springs Formation (Figure 2).

The drilling assays and downhole geology have also confirmed that mineralisation at Blueys and Inkheart Prospects are part of the same mineralising system depositing metals in the Bitter Springs Formation. This opens up tenement wide potential of the Bitter Springs Formation for the discovery of economic base-metal deposits (Figures 2 and 3).

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 1. Cross-section of all RC drillholes showing significant intersections, Inkheart Prospect, NT

Core is currently planning a second drilling program designed to test the full strike extent of the 2 km long Inkheart Prospect and its connection to high grade mineralisation at Blueys as well as to conduct regional exploration over the surrounding Bitter Springs Formation target geology (Figure 3). Then next drilling program is planned to commence Q3 2014.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

Managing Director Stephen Biggins commented on these exciting results “The value of Core’s strong tenement position in the NT has been enhanced by the discovery of a new high grade system at Inkheart especially considering that this is the Company’s first drill program at the Albarta Project. Exceptional initial drill hits at both Blueys and Inkheart are shaping up the Project as a new, potentially big system which warrants a key focus for the future.”

Inkheart Prospect

Core’s drilling has discovered high grade silver, lead and zinc mineralisation at the Inkheart Silver Prospect, which is defined by a 2 km long silver in soil anomaly to the north east of the Blueys Prospect (Figure 2). The Inkheart Prospect had not been drill tested prior to this drill program.

Drill hole IKRC002 hit high grade silver lead and zinc mineralisation at 112m down hole with a 4m intercept @ 195 g/t Ag, 5.24% Pb and 2.49% Zn from 111m including 1m @ 354 g/t Ag, 11.13 % Pb and 6.51% Zn . This higher grade mineralisation is within a broad lower grade halo of 36m @ 29 g/t Ag from 90m down hole (Figure 1).

Mineralisation was also hit in both holes either side of IKRC002. Drillhole IKRC001 hit 31m @ 10g/t Ag including 1m @ 102g/t Ag and 2% lead from 108m. Drillhole IKRC003 drilled 45m to the east of IKRC002 intersected 4m @ 60g/t Ag and 1.6% Pb from 60m with further intervals down hole of 14m @10 g/t Ag from 131m including 1m @ 120 g/t Ag from 131m (Figure 1).

All five holes drilled in a single traverse at Inkheart intersected anomalous silver mineralisation. Further intersections are detailed in Table 1 and Figures 1 & 2.

The mineralisation discovered by the first ever drilling at Inkheart is significant in that it confirms the source of the 2km long silver in soil anomaly at Inkheart. Rock chip samples from surface had only identified low levels of silver, lead and zinc.

Importantly the mineralisation intersected at Inkheart is believed to be primary epigenetic mineralisation associated with structurally controlled quartz-carbonate veining with broad lower grade mineralisation associated with alteration of the host sediments of the Bitter Springs Formation. Mineralisation at Inkheart is well below the zone of supergene enrichment encountered at Blueys. This confirms the potential for a large silver-lead-zinc mineralised system at Inkheart.

Blueys Prospect

Drilling at the Blueys Prospect was designed to confirm the source of extremely anomalous silver in soils and high-grade mineralisation at surface and induced polarisation (IP) targets identified by Core.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

Drill hole BLRC011 intersected 1m @ 1070 g/t Ag and 8.21% Pb from 24m down hole in a broader halo of 7m @ 166 g/t Ag and 1.27% Pb (Figure 2). Drill hole BLRC010 drilled from the same pad as BLRC011 intersected 2m @ 843 g/t Ag and 5.9% Pb in a broader halo of 17m @ 116 g/t Ag and 0.83% Pb .

Drill holes BLRC001 and BLRC006 designed to test the main IP chargeability anomaly intersected 10m @ 28 g/t Ag from 50m which is above the main zone of chargeability. The main chargeability feature is believed to be caused by pyritic black shale intersected further down hole.

BLRC008 and BLRC009 were drilled at the western end of the Blueys Prospect to test for mineralisation beneath a high grade silver rock chip. Results included 10m @ 19 g/t Ag from 15m in BLRC008.

The near surface silver and lead mineralisation at the Blueys Silver Prospect is believed to be enhanced by supergene processes with the majority of high grade mineralisation at the base of oxidation of the Bitter Spring Formation sediments. At depth, the epigenetic veins, mineralisation and broader alteration appear to have a primarily structurally controlled with some secondary influence by rock type. The best mineralised intercepts at the Blueys Prospect occur at the eastern end of the prospect beneath surficial historical workings.

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Figure 2. Significant RC drillhole intersections, Inkheart and Blueys Prospects, NT.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

Next Steps

Figure 3 highlights Core’s planned drill traverses to drill test the extent of the 2km Inkheart silver in soil anomaly and its connection with Blueys. The coincident silver, copper and lead in soils at the northern end of the Inkheart anomaly where recent phase 1 Inkheart drilling was completed would be the primary focus with the objective of extending the strike length and extent of the mineralisation.

Core anticipates this phase 2 program would involve 2500-3000m of reverse circulation drilling and would commence in Q3 2014.

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Figure 3.Proposed follow-up drill traverses and silver in soils, Inkheart and Blueys Prospects, NT

For further information please contact:

Stephen Biggins John Field Managing Director Field Public Relations Core Exploration Ltd 08 7324 2987 08 8234 9555 info@coreexploration.com.au john@fieldpr.com.au

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Prospect	Hole_ID	Depth_From	**Depth_To **	Interval	Ag g/t	Cu %	Pb %	Zn %	Pb + Zn %
	Inkheart	IKRC001*	108	139	31	10	0.02	0.15	0.00	0.15
	Inkheart	including	108	109	1	102	0.15	2.01	0.03	2.04
	Inkheart	including	132	139	7	14	0.01	0.30	0.01	0.31
	Inkheart	IKRC002	42	46	4	18	0.01	0.07	0.01	0.08
	Inkheart	IKRC002**	90	126	36	29	0.03	0.67	0.29	0.96
	Inkheart	including	111	115	4	195	0.20	5.24	2.49	7.73
	Inkheart	with	112	113	1	354	0.35	11.13	6.51	17.64
	Inkheart	including	122	123	1	40	0.05	0.61	0.01	0.62
	Inkheart	including	125	126	1	48	0.06	0.56	0.02	0.58
	Inkheart	IKRC002	148	150 EOH	2	32	0.06	0.08	0.01	0.09
	Inkheart	IKRC003	60	64	4	59	0.05	1.63	0.02	1.65
	Inkheart	IKRC003***	123	137	14	14	0.01	0.07	0.01	0.08
	Inkheart	including	131	132	1	120	0.26	0.03	0.02	0.05
	Inkheart	IKRC004	82	84	2	42	0.03	1.02	0.03	1.05
	Inkheart	IKRC005	34	42	8	22	0.04	0.07	0.02	0.09
	Blueys	BLRC001	5	10	5	14	0.01	0.18	0.01	0.19
	Blueys	BLRC001	31	39	8	16	0.01	0.34	0.02	0.36
	Blueys	BLRC002	4	14	10	30	0.07	0.04	0.01	0.05
	Blueys	including	11	12	1	192	0.26	0.04	0.04	0.08
	Blueys	BLRC003	5	11	6	15	0.07	0.04	0.02	0.06
	Blueys	BLRC003	24	27	3	15	0.02	0.13	0.02	0.15
	Blueys	BLRC004****	2	22	20	11	0.01	0.03	0.01	0.04
	Blueys	BLRC004	111	114	3	19	0.02	0.16	0.02	0.18
	Blueys	BLRC005	1	6	5	10	0.03	0.01	0.02	0.03
	Blueys	BLRC006	50	60	10	28	0.04	0.30	0.01	0.31
	Blueys	BLRC007	38	43	5	67	0.06	1.39	0.09	1.48
	Blueys	including	40	42	2	125	0.11	2.67	0.14	2.81
	Blueys	BLRC008	15	25	10	19	0.02	0.38	0.00	0.38
	Blueys	BLRC008	74	76	2	10	0.01	0.28	0.09	0.37
	Blueys	BLRC009	9	11	2	11	0.02	0.26	0.00	0.26
	Blueys	BLRC010	22	39	17	116	0.09	0.83	0.02	0.85
	Blueys	including	22	24	2	843	0.61	5.90	0.05	5.95
	Blueys	BLRC011	24	31	7	166	0.06	1.27	0.01	1.28
	Blueys	including	24	25	1	1070	0.26	8.21	0.01	8.22
	Blueys	BLRC012	No significant assays

Table 1. Significant drill assays of from all 17 RC drillholes, Inkheart and Blueys Prospects, NT (>2m @ 10g/t silver). includes 13m internal dilution includes 7m internal dilution and 2m composites includes 1 missing sample, 2m composite, 6m internal dilution **includes 2m & 3m composite (refer Section 1 for details of sampling and assays).

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

	Project	Drill Type	Hole_Id	Prospect	Tenement	Easting	Northing	RL	Total Depth	Azimuth	Dip
	Blueys	RC	BLRC001	BLUEYS	EL28136	474544	7400431	601	156	315	75
	Blueys	RC	BLRC002	BLUEYS	EL28136	474493	7400474	615	90	000	60
	Blueys	RC	BLRC003	BLUEYS	EL28136	474493	7400473	615	66	000	75
	Blueys	RC	BLRC004	BLUEYS	EL28136	474409	7400517	625	120	000	60
	Blueys	RC	BLRC005	BLUEYS	EL28136	474409	7400516	625	72		90
	Blueys	RC	BLRC006	BLUEYS	EL28136	474584	7400404	601	186	315	60
	Blueys	RC	BLRC007	BLUEYS	EL28136	474620	7400458	601	114	315	60
	Blueys	RC	IKRC001	INKHEART	EL28136	475097	7401353	620	150	315	60
	Blueys	RC	IKRC002	INKHEART	EL28136	475097	7401352	620	150	315	75
	Blueys	RC	IKRC003	INKHEART	EL28136	475116	7401316	620	144	315	60
	Blueys	RC	IKRC004	INKHEART	EL28136	475116	7401316	620	114		90
	Blueys	RC	IKRC005	INKHEART	EL28136	475052	7401423	615	90	315	60
	Blueys	RC	BLRC008	BLUEYS	EL28136	474126	7400427	625	90	000	60
	Blueys	RC	BLRC009	BLUEYS	EL28136	474129	7400451	625	90	000	60
	Blueys	RC	BLRC010	BLUEYS	EL28136	474628	7400496	601	120	315	60
	Blueys	RC	BLRC011	BLUEYS	EL28136	474628	7400496	601	90	315	75
	Blueys	RC	BLRC012	BLUEYS	EL28136	474629	7400535	601	120	315	60

Table 2. Reverse circulation drillhole information, Blueys and Inkheart Prospects, NT.

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration Ltd who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Biggins consents to the inclusion in the report of the matters based on his information in the form and context in which it appears . This report includes exploration information that was prepared and first disclosed by Core under the JORC Code 2004 in the ASX release on 22/7/2013. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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JORC Code, 2012 Edition

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, or	Core Exploration used reverse circulation drilling to collect 1m
techniques	specific specialised industry standard measurement tools appropriate	samples including a bulk sample ~10kg as well as a ~3kg sample
	to the minerals under investigation, such as down hole gamma	split by a riffle splitter connected to the drill rig. Samples were
	sondes, or handheld XRF instruments, etc). These examples should	collected from the split ~3kg sample as 1m sample as well as
	not be taken as limiting the broad meaning of sampling.	composite samples ranging from 2m to 6m intervals without crossing
	 Include reference to measures taken to ensure sample representivity	lithology types as recorded by the onsite logging of chips. Composite
	and the appropriate calibration of any measurement tools or systems	samples were prepared on site by using a mobile hand splitter to
	used.	prepare a ~3kg sample with equal amounts of each metre included in
	 Aspects of the determination of mineralisation that are Material to the	the composite interval. Core had a hand held XRF tool onsite which
	Public Report.	was used to maximise the efficiency of any composite samples that
	 In cases where ‘industry standard’ work has been done this would be	were collected.
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	The drill rig was leveled at each drill location ensuring a consistent
	m samples from which 3 kg was pulverised to produce a 30 g charge	sample split throughout the program.
	for fire assay’). In other cases more explanation may be required,	Core sent all samples to Intertek (Genalysis) for analysis who dried
	such as where there is coarse gold that has inherent sampling	and crushed the ~3kg samples and prepared a 25 gram charge for
	problems. Unusual commodities or mineralisation types (eg	fire assay as well as a 4 acid digestion for 4A/MS 4 Acid Digest Mass
	submarine nodules) may warrant disclosure of detailed information.	Spectrometry: and 4A/OE 4 Acid Digest Inductively Coupled Plasma
		Optical Emission Spectrometry.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Core engaged Coughlans Drilling to undertake Reverse Circulation
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	drilling.
	or standard tube, depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what method, etc).

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Criteria JORC Code explanation Commentary
	Drill sample recovery  Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise 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 due to preferential loss/gain of fine/coarse material. Chip sample recovery was visually estimated and digitally recorded. During the drilling the hammer is lifted at each metre to ensure full sample recovery up the drill string. When composite samples were collected a mobile hand riffle splitter was used to ensure equal volumes of each composite metre is represented in the composite samples. No relationship has been identified between sample recovery and grade.
	Logging  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.  The total length andpercentage of the relevant intersections logged. Drill samples were logged at the rig for lithology, alteration, mineralisation, weathering, and other features at a level of detail that is deemed appropriate for geological modeling and any future resource modeling. Geological logging is generally qualitative except when mineral percentages are visually estimated which is quantitative. The full length of all holes weregeologicallylogged.
	Sub- sampling techniques and sample preparation  If core, whether cut or sawn and whether quarter, half or all core 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 maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled. Non-core samples were 1m split using a riffle splitter off the rig. Composite samples were prepared using a mobile hand riffle splitter to ensuring representative samples are collected. Field duplicate samples were collected every 25m metres drilled using a hand spear additionally an OREAS standard was added every 50m.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Criteria JORC Code explanation Commentary
	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 geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision have been established. RC samples were sent to Genalysis for FA25, Fire Assay for Au, 4A/MS 4 Acid Digest Mass Spectrometry: and 4A/OE 4 Acid Digest Inductively Coupled Plasma Optical Emission Spectrometry. Core hired a DP 6000 C, Delta Innovex portable XRF instrument and used it to test every metre, in soil mode, primarily to analyse for Pb as an indicator element for silver. This data was used to assist in determining what composite sample intervals are appropriate
	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. No independent geologists were engaged to verified results. A number of drillholes were drilled at different dips from the same drill pads. This was done in part to attempt to gain evidence to solve the complexity of the geology, particularly the folding of the beds within the Bitter Springs Formation which are interpreted to be the bulk of the sedimentary package intersected at both Blueys and Inkheart. Assay results are not adjusted.
	Location of data points  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control. All coordinate information was collected using hand held GPS utilising GDA 94, Zone 53.
	Data spacing and distribution  Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.  The locations of the drillholes are displayed in figure 2 and table 2.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Criteria JORC Code explanation Commentary
	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 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. The orientation of the drillholes relationship to the orientation of the geological bedding at depth at both Blueys and Inkheart is currently unknown. The majority of the sedimentary packages intersected are attributed to the Bitter Springs Formation which is known to be complexly folded. Core believes that it is likely that the drillholes have crossed multiple lithological contacts that may represent limbs or hinges of complex folds. Drillholes at Inkheart were drilled to the NW as it is interpreted that the major contact between the Heavitree Quartzite and the Bitter Springs Formation is orientated NE/SW, additionally the Inkheart soil anomaly is orientated NE/SW. Drillholes at Blueys were orientated either to the north or to the northwest either attempting to drill traverses across lithological contacts interpreted from surface mappingand Core’s IP investigation.
	Sample security  The measures taken to ensure sample security. Samples were labeled and bagged and sent straight to the geochemistry laboratory.
	Audits or reviews  The results of any audits or reviews of sampling techniques and data. Not applicable as no audits or reviews of sampling techniques have been undertaken.

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	Blueys and Inkheart prospects are located within EL 28136. EL 28136
tenement	agreements or material issues with third parties such as joint	is held 100% by Core Exploration Ltd, with Core having recently
and land	ventures, partnerships, overriding royalties, native title interests,	bought out the previous joint venture partners. The EL was granted
tenure status	historical sites, wilderness or national park and environmental	on 16/2/2011 and has a current expiry of 15/2/2017. EL28136 covers
	settings.	part of Loves Creek, an old pastoral lease that is now owned by the
	 The security of the tenure held at the time of reporting along with any	Central Land Council.
	known impediments to obtaining a licence to operate in the area.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Criteria JORC Code explanation Commentary
	Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.  The Blueys prospect was discovered during regional mapping by Geopeko in 1983. Two phases of relatively shallow drilling has been undertaken at the prospect since then. An airtrack percussion 9 hole for 178m program was undertaken by Petrocarb Exploration in 1986. A reverse circulation drilling program was undertaken by Silver Standard in 2001 consisting of 11 holes for 433m. Both airborne and ground based electromagnetic surveys have been collected by previous explorers.
	Geology  Deposit type, geological setting and style of mineralisation.  The geology of EL 28136 is dominated by rocks of the Aileron Province and basal units of the Neoproterozoic Amadeus Basin. At Blueys amphibolites are common as the Aileron Province unit which contacts dolomites, dolomitic silt and sandstones of the Neoproterozoic Bitter Springs Formation. Heavitree Quartzite is also present making up the western contact of the Inkheart soil anomaly. The area was deformed during the Alice Springs Orogeny (300- 400Ma)formingNappe structuresinthe area.
	Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole 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.  See table 2 and this report body for details of the drillholes.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Criteria JORC Code explanation Commentary
	Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg 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.  Core has used internal cut offs in determining mineralised intervals. These internal dilutions are 1m unless stated in the supporting notes to table 1.
	Relationship between mineralisatio n widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).  Core is still determining the relationship between mineralisation widths and intercept lengths due to the complexity of the folding in the main host sedimentary package, the Bitter Springs Formation. At Inkheart mineralisation is interpreted to be hosted within altered sedimentary units or at contacts but the orientation of the folding or structures controlling alteration at depth can only be interpreted from the RC drilling intercepts and is the geology known to be complexly folded, therefore whether or not the drilling intercepts represent the true with of mineralisation is unknown.
	Diagrams  Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. See figures in release
	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.  See body of release and tables 1 & 2 and figure 1-3 for full details of results.
	Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. See release details

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

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	Criteria JORC Code explanation Commentary
	Further work  The nature and scale of planned further work (eg tests 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. Core plans to further interpret the results from this phase 1 drilling before preparing a follow up drill program planned for the 3rdquarter of 2014.

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