CORE LITHIUM LTD — Capital/Financing Update 2017

Aug 24, 2017

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ASX ANNOUNCEMENT

ASX: CXO

25[th] August 2017

Appointment of General Manager Project Development and Finniss Lithium Project Update

HIGHLIGHTS

• Key appointment of Blair Duncan to role of General Manager Project Development

• DSO development studies advancing on Grants Lithium Resource

• Preparations for lodgement of Mining Lease Application advanced

• Offtake discussions maturing with potential project offtake partners

• RAB and RC drilling to commence around Grants in early September

• Drill results for initial round of RC drilling at the large-scale Ringwood pegmatite swarm expected in September

Core Exploration Limited ( ASX:CXO ) (“ Core ” or the “ Company ”) is pleased to provide an update for activities at its Finniss Lithium Project and to announce the appointment of Mr Blair Duncan as General Manager Project Development to spearhead development of its Finniss Lithium Project near Darwin the Northern Territory.

Core’s appointment of Mr Duncan marks a key step in Core’s goal to progress as quickly as possible into mining operations at its Finniss Lithium Project, initially with a focus on generating cash flow from its high grade Grants lithium deposit through export of high grade DSO spodumene.

Mr Duncan is a Mining Engineer with more than 30 years’ operations (open pit and underground across multiple commodities), and senior management experience.

Most recently Mr Duncan was the Chief Operating Officer for BC Iron Limited (ASX:BCI) where he successfully managed the feasibility and expedited development of its Nullagine Iron Ore Project.

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Blair has previously held senior management positions with Otter Gold Limited, Straits Resources Limited and Lionore Australia Limited.

Mr Duncan is a Member of the Australasian Institute of Mining and Metallurgy, and has a Bachelor of Engineering degree in Mining Engineering and Masters in Business Administration.

Stephen Biggins, Core’s Managing Director commented:

“We are very fortunate to have attracted someone of Blair’s calibre to our team. Blair’s experience in management of feasibility studies and mine development will be of great value to Core as we transition from pure explorer into a mine developer, starting with our high grade Grants deposit, where Core is seeking to establish the first lithium mine in the Northern Territory”.

Finniss Lithium Project Update

Core’s immediate objective is to capitalise on the robust pricing that can potentially be achieved from selling a high grade DSO product, with a view to generating cashflow to fund continued exploration to define large scale spodumene resources, and ultimately development of a long life lithium spodumene concentrate operation from its hub at the Finniss Project in the Bynoe pegmatite field of the Northern Territory.

Core completed a Preliminary Mining Study into the development of the Grants deposit in May 2017, which demonstrated strongly positive outcomes from the development of a simple open pit DSO spodumene mining operation based on the modest scale Grants Resource (refer ASX announced dated 8 May 2017).

Since completing its positive Preliminary Mining Study, Core has continued to make solid progress on its path towards DSO production including:

• Environmental baseline studies underway;

• Appointment of Blair Duncan as General Manager Project Development;

• Discussions being matured with potential project offtake partners;

• Synergies being evaluated with domestic lithium battery supply chain;

• Heads of Agreement for potential future use of key port facilities at the East Arm Wharf with the port operator to export up to 1Mtpa DSO product; and

• Preparations for lodgement of the Mining Lease Application, which is expected to be lodged in due course.

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Core’s plan to develop the Finniss Lithium Project is supported by arguably the best logistic chain to China of any Australia Lithium Project being within 25km of Darwin Port - Australia’s nearest port to China.

The Project also has substantial infrastructure advantages, including being close to sealed road, grid power, gas and rail infrastructure and less than 1 hour drive from the skills, trades, workshops and services in suburban Darwin.

Core expects to lodge its Mining Lease Application in due course, which will be a key step in the timetable towards development.

In the interim, the Company is commencing the next step of its feasibility studies, and it continues to mature its discussions with potential offtake and project partners to assist in funding development and sale of product from the Grants deposit.

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Figure 1: Simple sealed road access to East Arm Wharf of Darwin Port.

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2017 Exploration Programme Update

Grants Region

A RAB drilling program is planned to commence in early September in the region around the high-grade Grants Lithium Resource. RC drilling of new pegmatite targets defined by RAB near Grants will follow shortly thereafter.

A component of this RAB program will be assigned to testing for pegmatite bodies identified adjacently west of Grants, which had been highlighted by recent ground radar surveys.

An update on current exploration and proposed drilling in the Grants area is planned shortly.

Ringwood Prospect

Core’s early work to date suggests that the Ringwood Pegmatite Swarm extends over an area of more than 4 km long and 2 km wide – an area 10 times larger than Zola.

Core has recently completed a series of shallow (<10m depth) reconnaissance RAB drilling traverses at Ringwood. Early drilling has discovered several broad pegmatite zones in excess of 100m wide at the large-scale Ringwood Pegmatite Swarm (Figure 2).

Of note, a 150m wide pegmatite zone has been confirmed by shallow RAB drilling at the northern end of the large Mastotermes Pegmatite target - the corresponding Mastotermes magnetic feature which is 1,200m long (Figure 2).

The large scale of the pegmatite targets and system at Ringwood is likely to require a number of phases of drilling to effectively assess.

Core’s first phase of RC drilling at Ringwood that comprised 37 holes for 5170m of RC was completed last week. Inspection of RC chips has shown the pegmatites to be made up of quartz, feldspar, mica and minor fluorescent minerals interpreted to be lithium minerals.

Assays results are expected 4 weeks after completion of drilling.

Zola Prospect

Core’s recent drilling has confirmed that the central outcropping “core zone” of the Zola Pegmatite Swarm covers a large area more than 1,000m long and over 400m wide representing a significant volume of pegmatite with elevated lithium contents.

Core is encouraged by the large scale and lithium fertility of the pegmatites intersected in initial drilling at Zola and the Company’s immediate plan is to RC drill test the additional mapped pegmatites on the fringe of the first-pass drilling area commencing in early September.

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Figure 2. Pegmatite intersections in RAB drilling, pegmatite interpreted targets and RC drill location overlain on magnetic image, central Ringwood Prospect, Finniss Lithium Project NT.

For further information please contact:

Stephen Biggins Managing Director Core Exploration Ltd 08 7324 2987 info@coreexploration.com.au

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Figure 3. Grants, Zola and Ringwood regional drill target locations Finniss Lithium Project near Darwin, 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. The Company is not aware of any new information that materially affects the information included in this announcement. This announcements contains exploration results released on 4 April 2017 as “New Magnetic Survey Adds Sizeable Targets to Ringwood”.

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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, or	•Drilling geology results reported herein relate to RRC001 to RRC015
techniques	specific specialised industry standard measurement tools appropriate	at Ringwood Prospect, EL31127.
	to the minerals under investigation, such as down hole gamma	•Sub surface chip samples have been collected by reverse circulation
	sondes, or handheld XRF instruments, etc). These examples should	(RC) drilling and Rotary Air Blast (RAB) techniques.
	not be taken as limiting the broad meaning of sampling.	•Drill holes are oriented approximately perpendicular to the interpreted
	• Include reference to measures taken to ensure sample representivity	strike of the mineralised trend.
	and the appropriate calibration of any measurement tools or systems	•Samples submitted for assay typically weigh 2-3kg.
	used.	•RC samples are to be homogenised by cone splitting prior to
	• Aspects of the determination of mineralisation that are Material to the	sampling and are then submitted for to the laboratory for assay. RAB
	Public Report.	samples are speared directly from the spoils bags.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was 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	• Soil samples were collected on grids on a regional basis via the digging of a hole to >30 cm to retrieve B horizon soil (or A horizon in the absence of B). This was sieved on site to -5mm and put into a kraft pack weighing approx. 150 g.
	problems. Unusual commodities or mineralisation types (eg	•Soil Sample locations were determined with a hand held GPS,
	submarine nodules) may warrant disclosure of detailed information.	coordinates and geological descriptions were noted for each sample.
		•Soil Samples were collected during various campaigns, the most
		recent being in May-June 2017. Data has been gridded collectively.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Drilling technique used at Ringwood and reported herein comprises
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	standard Reverse Circulation (RC) 4 and 3/4 inch face sampling
	or standard tube, depth of diamond tails, face-sampling bit or other	hammer (5.5 inch diameter bit).
	type, whether core is oriented and if so, by what method, etc).	•The rig used is a multipurpose wheel mounted UDR1000 and running
		a 1700 CFM 500 psi compressor/booster combo.

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Criteria	Criteria	JORC Code explanation	Commentary
Drill	sample	• Method of recording and assessing core and chip sample recoveries	•Sample recoveries are visually estimated and recorded for each
recovery		and results assessed.	metre. To date sample recoveries have averaged >95%.
		• Measures taken to maximise sample recovery and ensure	•Contamination is monitored regularly. No issues have been
		representative nature of the samples.	encountered in this program.
		• Whether a relationship exists between sample recovery and grade	•The cyclone and splitter are regularly cleaned, especially in wet
		and whether sample bias may have occurred due to preferential	intervals.
		loss/gain of fine/coarse material.	•Drill collars are sealed to prevent sample loss and holes are normally
			drilled dry to prevent poor recoveries and contamination caused by
			water ingress. Wet intervals are noted in case of unusual results.
Logging		• Whether core and chip samples have been geologically and	•Standard sample logging procedures are utilised by the company,
		geotechnically logged to a level of detail to support appropriate	including logging codes for lithology, minerals, weathering etc.
		Mineral Resource estimation, mining studies and metallurgical	•Geology of the RC drill chips is logged on a metre basis with attention
		studies.	to main rock forming minerals within the pegmatite intersections.
		• 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	•RC samples are collected as 1 metre samples, cone split at the
techniques		taken.	cyclone and then calico-bagged. Usually these weigh 2-3 kg.
and	sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	Samples may also be composited from the green bags (below) via a
preparation		whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the	spear. •A 30-40 kg primary sample is collected in green bags and retained
		sample preparation technique.	until assays have been returned and deemed reliable for reporting
		• Quality control procedures adopted for all sub-sampling stages to	purposes.
		maximise representivity of samples.	•Most samples are dry, but wet or damp samples are recorded.
		• Measures taken to ensure that the sampling is representative of the in	•Duplicate sample regime is used to monitor sampling methodology
		situ material collected, including for instance results for field	and homogeneity.
		duplicate/second-half sampling.	•A powder chip tray for the entire hole is completed. A separate sub-
		• _Whether sample sizes are appropriate to the grainsize of the material _	sample is sieved from the large RC bags at site into chiptrays over

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Criteria		JORC Code explanation	Commentary
		being sampled.	the pegmatite interval to assist in geological logging.
			• Soilsamples are approx. 150 g in size and orientation programs have
			determined that the size, seive size fraction and depth collected are
			sufficient to discern trends for regional assessment purposes.
			•Duplicates were collected at roughly 1 in 20 sites to monitor sampling
			variability. No discernable variations have been noted in the data.
			•Replicates of soil samples are also collected on a 1 in 20 basis to
			determine local variability and to modify grid size if needed.
			Replicates are behaving in a manner that is expected for the
			geochemical system present.
			•No other quality control procedures were considered necessary for
			this reconnaissance style sampling program.
Quality	of	• The nature, quality and appropriateness of the assaying and	•No drilling assays are reported here.
assay	data	laboratory procedures used and whether the technique is considered	•After sample preparation (see above),soilsample pulps were then
and		partial or total.	analysed via 4A/MS 4 Acid Digest ICP-MS: and 4A/OE 4 Acid Digest
laboratory tests		• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument	ICP-OES for a broad element suite including Li. The lower and upper detection range for Li by this method are 1 ppm and 5000 ppm
		make and model, reading times, calibrations factors applied and their	respectively.
		derivation, etc.	•Other elements beyond Li that are routinely analysed are: Cs, Rb, Sr,
		• Nature of quality control procedures adopted (eg standards, blanks,	Nb, Sn, Ta, Bi, Mo, U, Sb and As.
		duplicates, external laboratory checks) and whether acceptable levels	•Samples collected in early campaigns were also analysed for Al, K, P,
		of accuracy (ie lack of bias) and precision have been established.	Cu, Pb, Zn, Ag and Be. These were eliminated subsequently as they
			did not prove to add sufficiently to the exploration effort for the extra
			costs incurred.
			• Goldwas analysed in soils only in selected areas, such as Ringwood,
			where there is geological evidence to suggest this analysis was
			required.
			•NALutilised standardinternalquality control measuresincluding the

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Criteria		JORC Code explanation	Commentary
			use of Certified Lithium Standards and duplicates.
			•Repeats of gold analysis were run on anomalous samples at the
			laboratory routinely, given the low level of detection required.
			•CXO-implemented quality control procedures are outlined above and
			include duplicates and replicates.
Verification	of	• The verification of significant intersections by either independent or	•Core’s experienced project geologists are supervised by Core’s
sampling and		alternative company personnel.	Exploration Manager.
assaying		• The use of twinned holes.	•All field data is manually collected, entered into excel spreadsheets
		• Documentation of primary data, data entry procedures, data	and validated.
		verification, data storage (physical and electronic) protocols.	•Hard copies are stored in the local office and electronic data is stored
		• Discuss any adjustment to assay data.	on the Core server.
			•Forsoils, the Sample ID, location (east/north), position (in situ vs
			transported), rocktype and detailed description were entered into a
			spreadsheet. Additional information to the above is collected,
			including depth collected, soil colour and soil type.
			•Metallic Lithium percent was multiplied by a conversion factor of
			2.15283 to report Li2O%
Location	of	• Accuracy and quality of surveys used to locate drill holes (collar and	•All coordinate information was collected using hand held GPS utilizing
data points		down-hole surveys), trenches, mine workings and other locations	GDA 94, Zone 52.
		used in Mineral Resource estimation.	•RC holes were surveyed by down hole Camera tool and the collar is
		• Specification of the grid system used.	oriented a clinometer tool.
		• Quality and adequacy of topographic control.	•Drill hole deviation has been minor to moderate, but acceptable for
			regional exploration.
Data spacing		• Data spacing for reporting of Exploration Results.	•Soil samples collected on regular grids, ranging from 400x200m to
and		• Whether the data spacing and distribution is sufficient to establish the	50x25m. Several programs of infill took place where anomalous
distribution		degree of geological and grade continuity appropriate for the Mineral	results could be followed up.
		Resource and Ore Reserve estimation procedure(s) and	•Assays results are not referred to herein.

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Criteria		JORC Code explanation	Commentary
		classifications applied.
		• _Whether sample compositing has been applied. _
Orientation	of	• Whether the orientation of sampling achieves unbiased sampling of	•Drilling is typically oriented perpendicular to the interpreted strike of
data	in	possible structures and the extent to which this is known, considering	mineralisation as mapped or predicted by the geological model.
relation	to	the deposit type.
geological structure		• 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 security.	•Company geologist supervises all sampling and subsequent storage
security			in field.
Audits	or	• The results of any audits or reviews of sampling techniques and data.	•No audits or reviews have been undertaken.
reviews

Section 2 Reporting of Exploration Results

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

Criteria	Criteria	JORC Code explanation	Commentary
Mineral		• Type, reference name/number, location and ownership including	• Soilsamples were collected in 4 tenements (see below). Drilling took
tenement and		agreements or material issues with third parties such as joint	place in EL31127.
land	tenure	ventures, partnerships, overriding royalties, native title interests,	•EL29698 is currently held by Lithium Developments Pty Ltd, a fully
status		historical sites, wilderness or national park and environmental	owned subsidiary of Core Exploration. The tenement lies exclusively
		settings.	within Vacant Crown Land. Core is the nominated Operator in respect
		• The security of the tenure held at the time of reporting along with any	of the NT Government.
		known impediments to obtaining a licence to operate in the area.	•EL31279, EL31127 and EL31126, including Mt Finniss Mine, are held
			by Core Exploration via it’s 100% owned subsidiary Lithium
			Developments Pty Ltd. These tenements comprise Vacant Crown
			land,NTGovernment ownedland and privatefreehold.

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Criteria	JORC Code explanation	Commentary
		•There are no registered heritage sites covering the areas sampled.
		•All tenements are in good standing with the NT DME Titles Division.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•The history of mining in the Bynoe Harbour – Middle Arm area dates
done by other		back to 1886 when tin was discovered by Mr C Clark.
parties		•By 1890 the Leviathan Mine and the Annie Mine were discovered and
		worked discontinuously until 1902.
		•In 1903 the Hang Gong Wheel of Fortune was found and 109 tons of
		tin concentrates were produced in 1905. In 1906, the mine produced
		80 tons of concentrates, but it was exhausted and closed down the
		following year after a total of 189 tons of concentrates had been won.
		•By 1909 activity was limited to Leviathan and Bells Mona mines in the
		area with little activity in the period 1907 to 1909.
		•Renewed activities in 1925 coincided with the granting of exclusive
		prospecting licences over an area of 26 square miles in the Bynoe
		Harbour – West Arm section but once again nothing eventuated.
		•The records of production for many mines are not complete, and in
		numerous cases changes have been made to the names of the mines
		and prospects which tend to confuse the records still further. In many
		cases the published names of mines cannot be linked to field
		occurrences.
		•In the early 1980s the Bynoe Pegmatite field was reactivated during a
		period of high tantalum prices by Greenbushes Tin which owned and
		operated the Greenbushes Tin and Tantalite (and later spodumene)
		Mine in WA. Greenbushes Tin Ltd entered into a JV named the
		Bynoe Joint Venture with Barbara Mining Corporation, a subsidiary of
		Bayer AG of Germany.
		•Greenex (the exploration arm of Greenbushes Tin Ltd) explored the
		Bynoe pegmatitefield between 1980 and1990 and produced tinand

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Criteria	JORC Code explanation	Commentary
		tantalite from its Observation Hill Treatment Plant between 1986 and
		1988.
		•They then tributed the project out to a company named Fieldcorp Pty
		Ltd who operated it between 1991 and 1995.
		•In 1996, Julia Corp drilled RC holes into representative pegmatites in
		the field, but like all of their predecessors, did not assay for Li.
		•Since 1996 the field has been defunct until recently when exploration
		has begun on ascertaining the lithium prospectivity of the Bynoe
		pegmatites.
		•The NT geological Survey undertook a regional appraisal of the field,
		which was published in 2004 (NTGS Report 16, Frater 2004).
Geology	• Deposit type, geological setting and style of mineralisation.	•The tenements sampled cover the northern and southern portions of
		a swarm of complex zoned rare element pegmatite field, which
		comprises the 55km long by 10km wide West Arm – Mt Finniss
		pegmatite belt (Bynoe Pegmatite Field; NTGS Report 16). The main
		pegmatites in this belt are: Mt Finniss, Grants, BP33, Bilato’s
		(Picketts) and Hang Gong.
		•The Finniss pegmatites have intruded early Proterozoic shales,
		siltstones and schists of the Burrell Creek Formation which lies on the
		northwest margin of the Pine Creek Geosyncline. To the south and
		west are the granitoid plutons and pegmatitic granite stocks of the
		Litchfield Complex. The source of the fluids that have formed the
		intruding pegmatites is generally accepted as being the Two Sisters
		Granite to the west of the belt, and which probably underlies the
		entire area at depths of 5-10 km.
		•Lithium mineralisation has been identified as occurring at Bilato’s
		(Picketts), Saffums 1 (amblygonite), and more recently at Grants,
		BP33, Ah Hoy, Far West and Hang Gong (spodumene).
		•TheBurrellCreek Formation increasesin metamorphic grade

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Criteria		JORC Code explanation	Commentary
			westward from sub-greenschist facies siltstone, phyllite and siltstone,
			to upper greenschist facies gneiss and schist. Sedimentary features
			and lithologies, typical of the lower grade units of the Burrell Creek
			Formation, can be recognised until the sillimanite isograd is
			approached, whereafter these features are obliterated by
			recrystallisation.
Drill	hole	• A summary of all information material to the understanding of the	•RAB and RC drill hole traverse locations are shown on the figures in
Information		exploration results including a tabulation of the following information	the report.
		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. _
Data		• In reporting Exploration Results, weighting averaging techniques,	•No data aggregation report
aggregation		maximum and/or minimum grade truncations (eg cutting of high
methods		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. _

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Criteria		JORC Code explanation	Commentary
Relationship		• These relationships are particularly important in the reporting of	•As the soil geochemical results reported here that were collected by
between		Exploration Results.	Core Exploration are from surface, any potential depths of
mineralisation		• If the geometry of the mineralisation with respect to the drill hole	mineralisation or orientations can only be inferred from geological
widths	and	angle is known, its nature should be reported.	observations on the surface and hence are speculative in nature.
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’). _	•No drillhole assay data is presented here.
Diagrams		• Appropriate maps and sections (with scales) and tabulations of	•See figures in release
		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	•Reporting in report is balanced
reporting		practicable, representative reporting of both low and high grades
		and/or widths should be practiced to avoid misleading reporting of
		_Exploration Results. _
Other		• Other exploration data, if meaningful and material, should be reported	•See release details
substantive		including (but not limited to): geological observations; geophysical
exploration		survey results; geochemical survey results; bulk samples – size and
data		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 planned further work (eg tests for lateral	•Core is continuing this first pass reverse circulation drill program on
		extensions or depth extensions or large-scale step-out drilling).	EL31127 to test the soil geochemical results from 2016 and 2017
		• Diagrams clearly highlighting the areas of possible extensions,	sampling campaigns, and magnetic targets.
		including the main geological interpretations and future drilling areas,	•Further infill soil sampling, rockchips follow-up and general
		provided this information is not commercially sensitive.	prospecting are on going.
			•Assays from drill samples are pending.

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