CZR RESOURCES LTD — Capital/Financing Update 2017

Nov 27, 2017

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Coziron Resources Limited

ABN: 91 112 866 869 Level 24, 44 St George’s Terrace Perth Western Australia 6000 PO Box Z5183 Perth WA 6831 Phone: +61 8 6211 5099 Facsimile: +61 8 9218 8875 Website: www.coziron.com

The Company Announcements Office ASX Limited Via E Lodgement

28[th] Nov 2017

SIGNIFICANT HISTORICAL EXPLORATION RESULTS AT CTCP REVEALS CONGLOMERATE AND ADVANCED STRUCTURAL GOLD TARGETS

HIGHLIGHTS

• Croydon Top Camp Project (CTCP) has extensive areas of historical alluvial and eluvial gold recovery that commenced in the 1880’s.

• The western block of CTCP is prospective for gold from both Witwatersrand-style conglomerate at the base of the Fortescue Group and turbidite-hosted mineralisation in the underlying basement of the De Grey Superbasin.

• The base of the Fortescue Group requires mapping to delineate intervals of conglomerate beneath the Mt Roe Basalt, but available drainage and soil sample results indicate prospectivity for gold over some 25 km of strike length

• CZR has outlined 3 advanced approaching drill-ready structural gold prospects using historical gold results with supporting pathfinder element anomalism in arsenic and antinomy in a basement of carbonate-silica altered turbidites within CTCP where:

• Top-Camp prospect with auger bottom samples to 8.5g/t and historical rock-chips from veins and intercepts in an RC-hole reporting anomalous gold.

• Middle Valley prospect with soils to 0.5g/t and historical rock-chips of veins reporting anomalous gold.

• Golden Valley prospect with a breccia showing extensive prospector activity and a historical RAB-hole reporting anomalous gold.

• The eastern block of CTCP where granitic and gabbroic rocks intrude sediments of the De Grey Superbasin represents a target for massive sulphide and intrusionrelated gold and base-metals.

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The Company’s Chairman Adam Sierakowski commented as follows: “Years of exploration by the Creasy Group on the CTCP has enabled CZR to assess significant amounts of historical data and prioritise areas and work programmes that will generate basement targets for drilling and intervals of conglomerate at the base of the Fortescue Group for larger scale sampling.”

Background

This announcement provides further details of historical exploration activities and results on E45/2150 - known as the Croydon Top-Camp project (CTCP). CZR has signed a binding conditional Term Sheet for the purchase of a 70% interest in CTCP from the Creasy Group (Fig 1). Details of the historical exploration activities are presented in Appendix 1 and publically available material is referenced in the text. Reported results being used by CZR to outline and prioritise exploration prospects for follow-up work that will confirm their prospectivity. (Comment: Throughout the history of exploration that is documented in the publically available reports to the WA DMIRS that pre-date JORC-2102 compliance and the more recent activities documented in Appendix 1, location recorded are plotted onto and sampling methods are reported and all the assay data has been acquired from independent laboratories using standards and duplicates)

Witwatersrand-style Conglomerate Opportunity

Based on aerial imagery, the western portion of CTCP has extensive areas of disturbance along the streams and valley floors that have been produced by small-scale alluvial and eluvial mining, which commenced in the late 1800’s and has been ongoing. All these workings are proximal to and downslope of the approximately 25km long, low-angle, unconformable contact between the Fortescue Group and the underlying basement of deformed turbiditic metasediments (Fig 2). The conglomerates at the base of the Fortescue Group have become the preferred target for the source of detrital gold in a Witwatersrand-style deposit ( As documented in recent announcements by Novo Resources Corp TSX.V:NOV; De Grey Minerals Ltd ASX:DEG; DGO Mining Ltd ASX:DGO Venturex Resources Ltd ASX:VGR and Kairos Minerals Ltd ASX:KAI) .

The c. 2.77 to 2.63Ga Fortescue Group that retains a relatively flat-lying attitude, has an irregular valley-fill conglomerate at the base. These features provide an opportunity to preserve outlies of conglomerate for perhaps several kilometres across the tenement. Evidence that the basal portion of the Fortescue Group is prospective is shown by anomalous gold results that range from 5 and 2000 ppb in historical drainage samples collected in proximity to the mapped contact (Fig 2; CZR:ASX announcement on 22-11-2017 ).

Structural Gold Opportunities

In addition to the prospectivity for Witwatersrand-style detrital gold mineralisation, CTCP also contains three more advanced prospects known as Top-Camp, Middle Valley and Golden Valley where historical results indicate potential for gold mineralisation within the basement of the De Grey Superbasin (Fig 2).

First Advanced Prospect - Top-Camp

This prospect covers a structurally complex area of carbonate-silica altered turbiditic silts and sands within a broad NE-trending shear-zone (Fig 2; Smithies, 1998). On the available aerial imagery ( Bing and Google ), the valley floors and drainages are extensively disturbed by historical small-scale mining activities and a historical vein sample results were the first encouragement for further work ( WAMEX Reports: A49997 ). The first drilling in 1994 consisted of 15 shallow RC-holes that

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intersected bedrock beneath some areas of surface workings with the best intercept reported in TC7 of 4 m @ 10.6 g/t (Table 2; Fig 3; WAMEX Report A40741 ). The drilling was followed by the completion of 11 trenches to 132m long that crossed some areas of historical disturbance and the bedrock was sampled at 2m interval with anomalism reported ( WAMEX Report: A47365 ). After the drilling and costeaning, a 40 by 40m gridded soil-sampling programme produced a coherent gold and arsenic anomaly some 1.5km in length and 500m wide that covered and extended from the historical workings (WAMEX Report: A44169 ).

In 2012, a 20m by 20m gridded auger programme was used to further determine whether the metasedimentary basement in the Top Camp area was generating the anomalism in gold and arsenic reported in the work from the 1990’s ( Full details presented in Appendix 1 ). Geochemical results from the end-of-hole samples reported gold to 8.5 g/t gold (Fig 3), arsenic from 50 to 300ppm and antinomy from 3 to 33 ppm, confirming that the area is anomalous in both gold and gold-pathfinder elements. This prospect thus represents a high priority for follow-up work.

Table 1. Summary of historical exploration activities at the Top-Camp prospect.

Year	Activity
1994	Rock-chips from veins at the entrance of a historical adit reportedgold to 12.7g/t
Feb 1994	RC drilling of 15 holes for 706m, sampled on 4m intervals returned a best result of 4m@10.6g/t from 16 to 20 meters(WAMEX Report: A40741).
1996	Costeans through colluvium into bedrock and sampled on 2m intervals detected gold anomalism,with a best result of 4m@3.1g/t(WAMEX Report: A47365)
1997	Soil Sampling on 40 by 40 m grid outline a 1.5km long and 500m wide zone of gold and arsenic anomalism(WAMEX Report: A44169)
2012	Auger sampling on 20 by 20m grid over the core of the historic soil grid reports a maximum gold of 8.5g/t, arsenic to 300ppm and antimony to 33ppm. (Full details available and reported in Appendix 1)

Second Advanced Prospect - Middle Valley

This prospect covers an interval of about 500m by 500m in carbonate and silica altered metasediments along the crest of a regional anticline with an axial-plane that is overturned slightly to the east and disrupted by NE-trending faults (Fig 2; Smithies, 1998 ). The prospectivity was identified by following up a cluster of stream-sediment samples (Fig 2, 4; WAMEX reports: A60212 and A65099 ). In this area, rock-chip sampling during mapping in 1999 and 2000 reported mineralisation in steeply dipping quartz veins ( WAMEX Report: A60212 ). These results were followed up more recently in 2016 with a 40m gridded soil-sampling program, with results showing that the area with anomalous gold is supported by arsenic up to 100 ppm and antinomy to 5 ppm, suggesting a bed-rock source. ( See Details in Appendix 1 )

Table 2. Summary of historical exploration activity by Creasy Group on the Middle Valley prospect.

Year	Activity
1999-2000	Stream sediment sampling that reported gold up to 20.7 g/t (WAMEX reports: A60212 and A65099.
2000	Mapping, rock-chip and soil sampling across structures with quartz veining with the veins reporting gold upto 28.6g/t(WAMEX Report: A60212).

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2016 Gridded 40, by 40m soil sampling covering 1km[2] that reported gold to 0.5g/t ( Full details are available and are reported in Appendix 1 ).

Third Advanced Prospect - Golden Valley

This area covers faults and splays with carbonate and silica alteration in turbiditic sediments that are located near a major NE-trending structure (Fig 2, Smithies, 1998 ). In the early 1980’s, Golden Valley Mines NL undertook a programme of bulk-sampling to determine the grade of alluvial and eluvial prospects in the area and this work provides documented evidence of gold anomalism ( WAMEX Report: A44997 ). The Company also noted a spatial association between alluvial gold distribution, prospector pitting and an outcrop of a gossanous breccia. The breccia ranged in thickness from 0.5 to 5m and extended for over 2km. Follow-up work included the drilling of 15 vertical RAB holes to a depth of 30m and one RAB/RC hole to 56 m located near the breccia and selectively sampled where sulphide was observed and anomalism in gold and arsenic was reported ( WAMEX Report: A49977 ). Further work is required.

Table 3. Summary of historical exploration activities at the Golden Valley prospect.

Year	Activity
Pre-1980	Evidence of historical alluvial mining was mapped along the drainage systems by Golden ValleyNL(WAMEX Report: A44997).
1983	Detailed structural and stratigraphic mapping of the turbidite sequence that interpreted carbonate as a primary sedimentological feature rather than as evidence ofpotential metasomatic activity (WAMEX Report: A44997).
1984	Completion of 15 vertical RAB to 30m and one RAB/RC to 56m with gold from intervals with sulphide reporting a maximum of 2 m at 2.5g/t and arsenic to 2000 ppm(WAMEX Report: A44997).
1999	Programme of wide-spaced drainage sampling as reported with results in Mehri, 2000(WAMEX Report: A60212)and Mehri 2001(WAMEX Report: A62100).

Comments and Future Work

The Croydon Top-Camp (E47/2150) acquisition contains prospectivity for at least two styles of gold mineralisation. The western boundary of the tenement has exposure of the low-angle basal contact of the Fortescue Group and opportunities to preserve outliers across the tenement that are prospective for melon-seed detrital gold in Witwatersrand-style conglomerate. In addition, there are three advanced gold exploration targets with an extensive history of prospector activity that potentially reflect mineralisation in carbonate and silica altered turbidites from the De Grey Superbasin.

Future work will include detailed mapping and sampling along the lower contact of the Fortescue Group. An airborne magnetic survey will also be completed to delineate any structural features that potentially act as controls for mineralisation within the De Grey Superbasin sequence. Follow-up sampling of the advanced prospects will be undertaken to locate and orient the first round of drilling.

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A review of the tenor and setting of gold and base-metal anomalism on the eastern portion of E47/2150 is also progressing. In contrast to the folded turbidites in the west, the east has a largescale NE-trending shear zone with granitic and mafic rocks intruding the sedimentary rocks.

Any significant results will be reported when they are available.

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Fig 1. Regional geological setting of the Croydon Top-Camp project (E47/2150 in yellow) with other Coziron projects (Yarraloola, Shepherds Well and Yarrie in blue) showing their spatial relationship to the major geological units in the Pilbara using the Geological Survey of Western Australia 2.5millionscale map and the reported conglomerate-hosted gold occurrences.

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Fig 2 –Croydon Top Camp area on the 1:100K Mt Wohler digital geology from the Geological Survey of Western Australia outlining the gold-prospect names and the distribution of historical stream samples from Merhi 2000 (A60212) and Merhi 2001 (A62100) reporting gold greater than 5ppb. (Note: the gold content reported from these reconnaissance-phase samples is used to focus follow-up exploration into areas that show a more consistent distribution of anomalism that may be a reflection of an eroding source rock within the catchment zone.)

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Fig 3 – Top Camp prospect showing the distribution of gold from gridded auger samples completed in 2012 (fully documented in Appendix 1) and the location of the 1997 RC hole that reported an intercept of 4 m @ 10.6g/t from 16 to 20m as per WAMEX Report: A40741.

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Fig 4 Middle Valley Prospect showing the distribution of gold in drainage, soil and rock-chip samples along the crest of a regional anticline in turbiditic metasediments using gridded soil results (documented in appendix 1) and pre-JORC 2012 drainage and rock-chip results from Merhi 2000 (WAMEX Report: A60212), Merhi 2001 (WAMEX Report: A62100).

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For further information regarding this announcement please contact Adam Sierakowski or Rob Ramsay on 08 6211 5099.

References

SMITHIES, R. H., 1998, Geology of the Mount Wohler 1:100000 sheet. Western Australia Geological Survey, 1:100000 Geological Series Explanatory Notes, 19p.

WAMEX Report No	Author, Year, Title	Comment
A49977	Thomas, B.D. 1984. Croydon Gold Prospect Middle Valley and Bottom Camp Scout Drilling Program on M47/171 and E47/154, Pilbara WA	Pre JORC-2012 compliance
A40741	Younger, A.H., and Bright, D.V. 1994. Report to M Creasy on the Reverse Circulation drilling of the Top Camp locality in the Croydon Area,Western Australia.	Pre JORC 2102
A44169	Mehri, G. 1995. Annual report for E47/625, Pilbara Mineral Field. Stream and soil sampling programme in the Croydon area.	Pre JORC-2012 compliance
A47365	Merhi, G. 1996. Annual report for E47/625, Pilbara Mineral Field. Costean, rock-chip and stream sediment sampling programmes in the Croydon area.	Pre JORC-2012 compliance
A57864	Merhi, G. 1999. Annual report for E47/625, Pilbara Mineral Field. Costean channel, drill-chip and rock sampling in the Croydon area.	Pre JORC-2012 compliance
A60212	Merhi, G. 2000. Annual report for E47/625, Pilbara Mineral Field. Stream sediment, soil and rock sampling programmes in the Croydon area.	Pre JORC-2012 compliance
A62100	Merhi, G. 2001. Annual report for E47/625, Pilbara Mineral Field. Stream sediment, soil and rock sampling programmes in the Croydon area.	Pre JORC-2012 compliance
A65099	Merhi, G. 2002. Annual report for E47/625, Pilbara Mineral Field. Stream sediment sampling programme in the Croydon area.	Pre JORC-2012 compliance

Competent Persons Statement

The information in this report that relates to mineral resources and exploration results is based on information compiled by Rob Ramsay (BScHons, MSc, PhD) who is a Member of the Australian Institute of Geoscientists. Rob Ramsay is a full-time Consultant Geologist for Coziron and has sufficient experience which is relevant to the style of mineralisation and type of deposit 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”. Rob Ramsay has given his consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Cautionary Statements

The exploration results have not been reported in accordance with the JORC Code 2012 and the Competent Person has not done sufficient work to disclose the exploration results in accordance with JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results in accordance with JORC Code 2012. However, there is nothing that has come to the attention of the acquirer that causes it to question the accuracy or reliability of the former owner’s Exploration Results but the acquirer has not independently validated the former owners Exploration Results and therefore is not to be regarded as reporting, adopting or endorsing those results. The announcement is not otherwise misleading.

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Appendix 1 – Reporting of exploration results from the Croydon Project - JORC 2012 requirements.

	Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	At Top Camp in 2012 truck-mounted auger sampling was completed over areas with extensive disturbance by prospectors to recover material from the uppermost part of the bedrock on a nominal 20x20 metre grid pattern with a total of 1595 shallow holes drilled either to 1m depth or through the soil and colluvium to bedrock. A 2 to3 kg grab sample was collected by Colchis Pty Ltd at the bottom of the hole. In 2016 a soil sampling programme was completed by Colchis Pty Ltd over the Middle Valley area collecting 250g of -250micron screened material on a 40m grid over the prospective area. 2-3kg of rock-chip samples have also been collected from veins and any other rocks that potentially offerprospectivityforgoldmineralisation.
	 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	The auger programme included 10 duplicate samples that were collected for QAQC purposes. Samples were despatched to Intertek Laboratories for multi-element analyses.
	 Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (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 problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	A 2-3 Kg sample from the bottom of an auger hole was collected as an alternative to a soil sample from the areas of soil and transported cover that are extensively disturbed by prospector activity. The 250g of -250micron material from areas that have not been disturbed by prospector activity is regarded as a representative sample to reflect soil geochemistry. All samples were transported to Perth and submitted to Intertek Laboratories, pulverised and then analysed by aqua-regia digest with gold (AR25) and multi-element ICP.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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).	No drill samples were included in this phase of exploration
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.	No drill chips or drill core have been recovered in this phase of exploration.
	 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.
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.	No drill core or drill chips were logged in this part of the exploration
	 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Rock-chips are described for colour, rock-type, and grainsize.
	 The total length and percentage of the relevant intersections logged.	No core was obtained in this phase of exploration
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.	No core was collected for this study
	 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	No core drill material was collected for this study

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	 For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Soil and rock-chip sampling is a method of providing representative surface samples to outline areas that are prospective for mineralization to high-light lithologies which require future drill assessment. Soil samples are 250gm of -250microns that are field screened material that was collected 5 to 10 cm beneath the surface. Rock-chips are 2-3kg of representative material.
	 Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Multiple samples are collected from each lithology
	 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.	In early stage exploration, a number of 2-3kg rock-chip samples are collected at different outcrops to provide an indication of compositional variations associated with each lithology.
	 Whether sample sizes are appropriate to the grain size of the material being sampled.	In finer grained rocks, 2-3kg is sufficient to provide an indication of lithological composition.
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.	All analyses are from Intertek Laboratories in Perth using an aqua-regia digest on a pulverised 25gm sample with ICP finish to a detection limit of 1ppb and suite of trace- elements are reported the ICP suite.
	 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.	No hand-held geophysical tools or hand-held analytical tools were used for the reported results.
	 Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Laboratory QAQC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of their in-house procedures. Results highlight that sample assay values are accurate and that contamination has been contained.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.	No intersections are reported.
	 The use of twinned holes.	No drillingwas undertaken
	 Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Assay data is received electronically and uploaded into an access database. All hand-held GPS locations are checked against the field logs.
	 Discuss any adjustment to assay data.	No adjustment or calibrations were made to any assay data presented.
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.	Sample locations were determined using hand held Garmin 72h GPS units, with an average accuracy of ±3m.
	 Specification of the grid system used.	The grid system is either Latitude-longitude or MGA GDA94, zone 50, local easting's and northings are in MGA
	 Quality and adequacy of topographic control.	SRTM90 is used to provide topographic control and is regarded as being adequate for early stage exploration.
Data spacing and distribution	 Data spacing for reporting of Exploration Results.	Reconnaissance auger, rock-chip and soil sampling is being used to examine prospects with the potential for mineralisation.
	 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.	Auger, rock-chip and soil sampling data is not being used to generate either Mineral Resources or Ore Reserve estimations.
	 Whether sample compositing has been applied.	No data compositing has been applied.

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Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Mineralization is lithologically and structurally controlled and sampling collects representative material from different lithologies.
	 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.	No drilling was undertaken
Sample security	 The measures taken to ensure sample security.	Samples are collected and labelled by Colchis Pty Ltd Geologists, packed into bags and transported by contractor from Karratha near the tenement directly to Intertek laboratories in Perth.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.
	Section 2 Reporting of Exploration Results
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	E47/2150 is held by 100% by Colchis Pty Ltd with Coziron purchasing a 70% interest.
	 The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenement is in good standing and no known impediments exist.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	2002 – Samples collected in 2001 were analysed for Au and diamond indicators by De Beers Australia Exploration Limited.
		2001 – Stream Sediments – Ten sites assessed and one sample taken by De Beers Exploration Australia Limited. Assayed for Au by Cyanide Leach and Mass Spectrometry.
		In 2000, Bann Geological Services were employed to collect 8 stream sediment samples (split into coarse and fine fractions) 11 soil samples (split into coarse and fine fractions) and 16 rock chips. These samples were assayed for Au by BLEG, B/ETA and B/AAS as well as As by B/AAS].
		In 1999, Creasy Group contracted Bann Geological Services to collect 62 streams, 72 soil, 10 rock chips to be assayed for Au by BLEG, Cu, Zn, As, Mo, Ag, Sb, W, Pb by B/MS. An additional 147 streams, 142 soils were collectedlater inthe year
		1998 6 costean samples, 15 RC re assays, 1 rock chip were collected and assayed for Au by fire assay and Fe, Cu, Zn, As, Ag, Sb & Pb by B/AAS.
		1994 – Costeaning program undertaken by Geochemex on behalf of Creasy Group. 11 Costeans, orientated East- West, were dug in the Top Camp area, totalling 1080 metres. Samples were taken in 2m composites using 1m half PVC pipe. Samples were sent to Genalysis for Au analysis by aqua regia digest with B/ETA, B/AAS, and V, Cr, Mn, Fe, Co, Ni, Cu, Zn, As, Mo, Ag, Cd, Sb, Te, Tl, Pb, Bi by B/AAS. 15 RC holes were drilled at Top Camp for 704m. 760 soil samples on a 40m x 40m grid on Top Camp. Assayedfor AuBLEG,AuB/eta,

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		1988 – Dry blowing of surface material, 0.25m to 0.5m below surface, where significant nugget gold was found but total gold recovered was not recorded.
		1986 – Golden Valley Mines N.L undertook drilling at Golden Valley testing quartz-carbonate breccia in turbidite sequence rocks. 16 holes were drilled for 506m, samples assayed for Au and select samples for As.
		1983 – Alluvial testing by Ingram for Golden Valley Mines N.L where 9*10^6 tonnes of alluvial material was evaluated to have Au grade ranging between 0.5 to 1.5 g/t Au. It was concluded gold is also present in carbonate- quartz veins in carbonate-BIF cores of the anticlines and postulated exhalative style disseminated gold present in the turbidite sequence.
		The tenement has a basement of Archaean-age turbiditic metasediments of the Roebourne Group which is intruded by granite and overlain by the Fortescue Flood basalt. The tenement is prospective for gold in the basement metasediments as well as the overlying unconformable sandstone of the Fortescue group and pegmatite related mineralisation in the granites.
		No drill holes are reported
Geology	 Deposit type, geological setting and style of mineralisation.	No drill holes are reported No weighting or truncation has been applied to the geochemical data and no intercept values are reported.
Drill hole	 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:	No drill holes are reported No weighting or truncation has been applied to the geochemical data and no intercept values are reported. No weighting or truncation has been applied to the geochemical data and no intercept values are reported. No metal equivalents are presented.
	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
Information	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 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.	No weighting or truncation has been applied to the geochemical data and no intercept values are reported. No metal equivalents are presented. Gold mineralization is hosted within bedded sandstone, quartz-carbonate veins and turbiditic basement sediments. The style and geometry of other styles of mineralization have yet to be determined. No drill-hole intercepts are reported.
	 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.	Gold mineralization is hosted within bedded sandstone, quartz-carbonate veins and turbiditic basement sediments. The style and geometry of other styles of mineralization have yet to be determined. No drill-hole intercepts are reported. RefertoFigures… inbody oftext

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Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.	Gold mineralization is hosted within bedded sandstone, quartz-carbonate veins and turbiditic basement sediments. The style and geometry of other styles of mineralization have yet to be determined. No drill-hole intercepts are reported. Refer to Figures… in body of text All relevant samples on the maps and in the text are reported
	 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’).
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.	Relevant geological information is reported on the maps and analysis tables in the text.
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.	Mapping, soil and rock-chip sampling of the gold targets and an airborne magnetic survey is proposed.
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.	Relevant geological information is reported on the maps and analysis tables in the text.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Mapping, soil and rock-chip sampling, 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.

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