DIATREME RESOURCES LIMITED — Capital/Financing Update 2019

Mar 24, 2019

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ASX ANNOUNCEMENT

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25 M arch 2019

Large silica exploration target boosts Galalar prospects

• Galalar Silica Project located in world‐class silica exploration province, adjacent to world’s largest operating silica mine at Cape Flattery

• Potential major resource extension targets identified at Elim Road North Prospect and Elim Road South Prospect

• Current exploration program maiden Exploration Target set in range of 210 million tonnes (Mt) to 2.1 billion tonnes (Bt) of silica

• New program follows recent upgrade of Galalar’s Inferred Mineral Resource estimate and amid solid demand for premium‐quality silica

• Preliminary sample testing program underway to define and select priority targets for further exploration and drilling programs (commencing from second quarter 2019)

Emerging silica sands explor e r and devel o per, Diatre m e Resourc e s Limited ( A SX:DRX) an n ounced today an initial silica san d s Exploration Target (se e Table 1 an d Figure 1 b e low) and pl a ns for further explorati o n activity a t its Galalar S ilica Proj e ct in North Queensland, amid solid demand growth for pre m ium‐qualit y silica from A sian mark e ts.

Located around 2 00km nort h of Cairns, the Galalar S i lica Project lies within t h e same san d dune syst e m and in cl o se pro x imity to the world’s largest operating silica min e at Cape Fla t tery (owne d by Mitsubi s hi Corporation).

The Exploration T arget follo w s the recent upgrade o f Galalar’s Inferred Mineral Resourc e estimate t o 26.4 millio n ton n es (Mt) > 9 9 % SiO2 (sili c on dioxide) (refer ASX a n nounceme n t 7 March 2019). Bulk t e sting result s have demonstrated a n ability to produce pre m ium‐grade s ilica using s t andard pro c essing tech n iques, meeting the req u irements fo r high‐end g l ass and sol a r panel ma n ufacturing and capable o f attracting premium p r ices (refer A SX ann o uncement 9 January 2019).

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Table 1: Exploration Target, Galalar Silica Project

Prosp ects	Sur face Area	Ave Dune Height (m)	Resource T From arget Range To (Mt)	Resource T From arget Range To (Mt)
Elim R North oad	6 3 ,000m x ,000m	40	100	1,0 00
Elim R South oad	4 ,000m x 800m	20	10	10 0
Other Regio Targe nal ts	See f Table 2 inA or more info ppendices rmation		100	100 0
Comb ined			210	2,1 00

Note: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration completed to date to estimate a Mineral Resource in accordance with the JORC 2012 Edition Guidelines. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

Cautionary Statement : An E x ploration T a rget is a st a tement or estimate of t h e explorati o n potential of a mineral dep o sit in a defi n ed geologi c al setting w h ere the sta t ement or estimate, quo t ed as a ran g e of tonnes and a rang e of gra d e (or qualit y ), relates to mineralisati o n for whic h there has been insuffici e nt explorat i on to estim a te a Miner a l Res o urce.

Diat r eme’s CEO, Neil McIntyre said: “Th e recent res o urce upgra d e (7 March 2 019) has d e monstrated the project ’ s pot e ntial to bec o me a sourc e of premiu m ‐quality sili c a, giving th e Company c onfidence i n our invest m ent in furt h er expl o ration at G a lalar. In ad d ition, the maiden Explo r ation Targe t announce d today furt h er outlines t he targeted size and scale of the potential in ‐ situ silica re s ource in a w orld‐class silica explora t ion provinc e .

“We plan to test each of the targets quickly and furt h er delineat e resource e x tensions a n d prioritise t hose areas cap a ble of genuine economi c return.”

“No r th Queensl a nd needs n e w jobs and investment a nd that is exactly what w e aim to d e liver, working closely with our p artners, traditional ow n ers Hopeva l e Congress, with a goal o f increasin g value for a l l stakehold e rs.”

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Regional Setting
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Figure 1. Galalar Exploration Tenement and Resource Area

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Figure 2: Sand Dune at Casuarina West

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Regional Setting

Located around 2 00km nort h of Cairns, the Galalar project lies within the sa m e sand dun e system an d in close pro x imity to the world’s largest operating silica min e at Cape Fla t tery.

The C ape Bedfo r d/Cape Flat t ery region o f North Qu e ensland is dominated b y an extensi v e Quaterna r y sand mas s and dun e field that s t retches inl a nd from the present co a st for approximately 10 k m and exte n ds 50km fr o m north to south.

The large transg r essive elon g ate parabolic sand dun e s were likel y initiated b y blowouts o f beach rid g es and have evol v ed under c o nditions of persistent s o uth‐easterl y winds on a n exposed coastal aspe c t, with sand supplies continually prov i ded by an erosional shoreline durin g marine tra n sgressions. Multiple ep i sodes of dune building a re evid e nt.

Hist o rical explor a tion is limited in the pr o ject area d u e to the rel a tive remot e ness and la c k of vehicle tracks within the dun e system. Coupled with l o cally steep terrain and d ense vegetation cover i n places, only cursory investigation s of the d unes have b een compl e ted.

Methodology/Testing

In March 2019, D iatreme co m pleted an initial helico p ter sampling program of all the tar g et sand dunes. Samplin g was completed usin g a sand aug e r to vertically drill test a nominal 1 m sample int e rval below t he identifiable topsoil l a yer. A 1 m sample was deemed s u fficient for a first pass program.

Gen e rally, at lea s t 2 sample s were collected at most sample loca t ions, at lea s t 100m apa r t to determine potential vari a tion in the s and dune. B agged samples were dis p atched to i n dependent laboratory A LS in Town s ville for detailed anal y sis.

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Analysis will det e rmine SiO2, heavy minerals, iron an d for selecti v e samples f u rther parti c le size distribution anal y sis will a lso be und e rtaken.

Diat r eme has id e ntified six parameters t o focus and p rioritise ex p loration target areas:

1. Geolog y – preserve d older dun e systems wi t h well‐developed podz o lisation and preservation of the A2 horizon hosting the leached sand;

2. Sand Q u ality ‐ identification of > 99% SiO2 and other con t ained heav y minerals;

3. Size – i d entify exploration targe t s in excess o f 20 Mt;

4. Access – close to existing road i n frastructur e and proxi m ity to pote n tial export p oints; 5. Environmental – no t overlappin g identified e nvironmen t ally signific a nt areas.

5. Cultural – ensuring a ny potenti a l disturbance is complia n t with traditional owners values

Cap e Flattery silica sand pro d uct is reco g nised as a g l obal bench m ark for quality silica sa n d and is wi d ely used fo r industrial purpo s es through o ut Asia and the world. T he global silica sand ma r ket is seen r eaching ne a rly US$10 b i llion in a n nual reven u es by 2022, with a com p ound annu a l average growth rate o f 7.2% (sour c e: IMARC Group).

Next Steps

Foll o wing receip t of testing r esults withi n the next 3 ‐ 4 weeks which will conf i rm the silic a in situ grade range and any furt h er contained trace min e ral assembl a ge, Diatre m e will priori t ise its furth e r explorati o n activity with focus on areas of highest value to the Company.

The s e activities w ill include f urther targeted drilling t o undertak e a selective deeper sam p ling progra m and testi n g of bulk sample mineralogy, wit h a particular focus on i d entifying th e silica deposits that are capable of m eeting the stan d ards requi r ed for the h i gh value pr o duct.

Neil McIntyre Greg Starr Chief Executive O fficer Chairman

Cont a ct – Mr Neil McIntyre ‐ Ph – 0 7 33972222 Web s ite ‐ diatreme. c om.au E‐ma i l ‐ manager@ d iatreme.com. a u

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Table 2: Silica Sand Targets

	P riority	De scription	Surfa Area ce	Av Du He (m e ne ight )	Res T R ource arget ange (Mt)
Elim Nort Road h	H igh	No fo alo du rth of ElimR rest covered ng western ne field. oad, very la dune system edge of the rge	6,000 3,000 m x m	40	100	1,000
Elim Sou Road th	H igh	So co Du uth of Elim ntinuation o ne System Road, northe f Nob Point rn	4,000 800m m x	20	10	100
Othe Regi Targ Cas Hill r onal ets uarina	H igh	Im wo fa mediately so rking pit and cilities. uth of CFSM closest toP ort	1,200 800m m x	30	5	50
Cas Wes Dun uarina t e	M ed	Lo CF ng Sand du SM minew ne south of orkings	2,000 250m m x	20	2	20
Big Bertha	M ed	Lo du of La ngitudinal a ne systema Elim Beach rge exposed nd exposed bout 10kmN . dune W	1,200 600m m x	20	2.5	25
Silic a 01	M ed	La du sta rge Area of nes clustere ined sandi exposed san d together. ncolour. d Iron	6,000 1,000 M x m	30	30	300
Silic a 02	M ed	La rge Sand D une system	8,000 1,250 m x m	30	50	500
Gub Ran bins ge	M ed	La as du Ra of rge Parabol sociated elo nes. Interse nge basem McIvor Rive ic dune with ngate parab cts Gubbins ent Rocks so r olic uth	6,000 200m m x	20	4	40
Wra Wes ight t		Du of is ne systemi ML 7069 Mt northernSa mmediately Wraight wh telliteML west ich	1,000 800m m x	20	2.5	25
Gray Hill		Lo fro la ad ngitudinal d m Coloured rge parabolic jacentknow une running Sands, with sand dune nas Grey H NW a ill.	6,000 200m m x	20	4	40
					210	2,100

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Sample Program

Sam ple_ID	Easting	Northin g	RL	From		To	Prospect
19 0301	304477	834915 6	69	0	1		Wraig h West
19 0302	307560	835804 3	10	0	1		Looko ut Point
19 0303	302273	835610 7	29	0	1		North Sand Hill
19 0304	302531	835594 0	12	0	1		North Sand Hill
19 0305	316678	833834 7	30	0	1		Casua rina Hill Sout h
19 0306	316755	833828 1	16	0	1		Casua rina Hill Sout h
19 0307	312706	833976 6	54	0	1		Casua rina West
19 0308	312759	833972 0	43	0	1		Casua rina West
19 0309	314063	830847 0	37	0.8	1.8		Elim R d South
19 0310	314129	830841 5	39	0.8	1.8		Elim R d South
19 0311	314022	830843 2	28	1	1.7		Elim R d South
19 0312	310682	831292 5	166	0.4	1.2		Elim R d North
19 0313	310699	831284 8	166	0.4	1.2		Elim R d North
19 0314	311600	831551 4	25	0	1		Grey H ill
19 0315	311497	831560 9	37	0	1		Grey H ill
19 0316	306188	831522 3	51	0.6	1.4		Elim R d North
19 0317	306183	831515 7	55	0.7	1.4		Elim R d North
19 0318	306354	831532 8	41	0.5	1		Elim R d North
19 0319	306253	831535 9	44	0.7	1.2		Elim R d North
19 0320	308258	831668 6	88	0.7	1.3		Si Targ et 3
19 0321	308333	831663 4	77	0.7	1.2		Si Targ et 3
19 0322	308224	831676 5	90	0.5	1.2		Si Targ et 3
19 0323	308907	832211 0	49	0.8	1.5		Gubbi ns Range
19 0324	308843	832220 3	38	0.5	1		Gubbi ns Range
19 0325	308985	832205 5	43	0.6	1		Gubbi ns Range
19 0326	308395	833240 4	89	0	0.8		Si Targ et 1
19 0327	308567	833242 0	88	0	0.8		Si Targ et 1
19 0328	312283	833523 4	114	0	1		Si Targ et 2
19 0329	312357	833515 3	111	0	1		Si Targ et 2
19 0330	305550	833591 7	61	0	1		Si Targ et 1
19 0331	305928	833594 4	62	0	1		Si Targ et 1
19 0332	316907	833942 3	29	0	1		Casua rina Hill East
19 0333	314708	833858 4	46	0	1		Casua rina Hill
19 0334	306423	832646 0	70	0	1		Gubbi ns Range

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Sam ple_ID	Easting	Northin g	RL	From		To	Prospect
19 0335	306519	832637 8	67	0	1		Gubbi ns Range
19 0336	306219	832521 6	83	0	1		Gubbi ns Range
19 0337	305858	832033 6	155	0	1		BigBe rtha
19 0338	306056	832029 7	145	0	1		BigBe rtha
19 0339	307217	832400 5	83	0	1		Gubbi ns Range
19 0340	307147	832409 1	82	0	1		Gubbi ns Range
19 0341	307296	832391 6	80	0	1		Gubbi ns Range
19 0342	308456	833427 9	66	0	1		Si Targ et 1
19 0343	308430	833434 7	73	0	1		Si Targ et 1
19 0344	307157	834004 5	47	0	1		Si Targ et 2
19 0345	307091	834002 6	51	0	1		Si Targ et 2
19 0346	302806	834418 2	47	0	1
19 0347	302928	834425 6	47	0	1
19 0348	308151	832374 7	79	0.4	1.2		Gubbi ns Range
19 0349	308229	832365 2	80	0	1		Gubbi ns Range
19 0350	308081	832381 8	75	0.5	1.3		Gubbi ns Range
19 0351	306720	831968 1	58	0.3	0.8		BigBe rtha
19 0352	311262	831313 7	155	0	1		KnobH ill
19 0353	311343	831307 0	155	0	1		KnobH ill
19 0354	312609	831165 2	107	0	1		KnobH ill
19 0355	308521	831053 7	55	0.5	1		ElimN orth
19 0356	308467	831055 8	58	0.5	1		ElimN orth
19 0357	314497	830750 3	27	1	1.6		Elim S outh
19 0358	313767	830802 2	54	1	1.6		Elim S outh
19 0359	313650	830815 6	59	0.8	1.6		Elim S outh
19 0360	313555	830818 8	64	1	1.8		Elim S outh

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Competent Person Statement

Competent Person Statements - Silica

The informatio n in this re p ort that r e lates to Exploration R e sults from the Cape B edford Project is bas e d on info r mation reviewed and c ompiled by Mr. Neil Mackenzie‐Forbes, a Co m petent Per s on who is a Member o f the Australian Instit u te of Geo s cientists. M r. Mackenz i e‐Forbes is a director o f Sebrof P r ojects Pty L td (a cons u ltant geol o gist to Dia t reme Reso u rces Limite d ). Mr. Mackenzie‐Forb e s has suffi c ient experi e nce which i s relevant to the styl e of mineralisation and t ype of dep o sit under c o nsideration and to the activity bei n g undertak e n to qualif y as a Competent Per s on as defin e d in the 2 0 12 Edition of the ‘Australasian Code for Rep o rting of Ex p loration R e sults, Min e ral Resour c es and Ore Reserves’. M r. Macken z ie‐Forbes c o nsents to t h e inclusion in the report of the m a tters bas e d on his inf o rmation in t he form an d context in w hich it app e ars.

The c orrespondi n g JORC 20 1 2 Table 1 is a ttached to t his report.

The information in this repo r t that relat e s to Silica M ineral Reso u rces is base d on inform a tion compiled by Brice Mut t on from Au s rocks Pty L t d who has significant e x perience in I ndustrial M i nerals and Q uarry Reso u rce assessments. Brice Mutton h as sufficien t experience which is rel e vant to the style of min e ralisation a nd type of dep o sit under c o nsideration and to the a ctivity for w hich he is u n dertaking t o qualify as a Competen t Person as defi n ed in the 2 0 12 edition o f the Austr a lasian Code for Reporti n g of Exploration Results , Mineral Re s ources and Ore Res e rves (The J O RC Code).

Bric e Mutton co n sents to th e inclusion i n the report on the matt e rs based o n their infor m ation in th e form and context in which it appears.

Forward looking statements: This docu m ent may c o ntain forward looking s t atements. F orward loo k ing statem e nts are o ften, but n o t always, id e ntified by t h e use of w o rds such as “seek”, “ind i cate”, “targ e t”, “anticipate”, “forec a st”, “bel i eve”, “plan ” , “estimate ” , “expect” and “intend” and statem e nts that an event or result “may”, “ w ill”, “shoul d ”, “co u ld” or “mig h t” occur or b e achieved and other similar expre s sions. Indic a tions of, a n d interpret a tions on, fu t ure exp e cted explor a tion results or technica l outcomes, p roduction, earnings, fi n ancial posit i on and perf o rmance ar e also for w ard‐looking statements. The forwa r d‐looking st a tements in this presentation are based on curr e nt inte r pretations, e xpectation s , estimates, assumptio n s, forecasts and projections about Diatreme, Di a treme’s pro j ects and assets and t h e industry in which it o p erates as w ell as other f actors that manageme n t believes t o be relevan t and reas o nable in th e circumsta n ces at the date that suc h statements are made. The forwar d ‐looking st a tements ar e subj e ct to techn i cal, busines s , economic, competitiv e , political a n d social un c ertainties a n d continge n cies and m a y involve known a n d unknow n risks and u n certainties. The forward‐looking st a tements m a y prove to b e incorrect. Many known an d unknown f actors coul d cause actu a l events or r esults to differ material l y from the e stimated o r anti c ipated eve n ts or results expressed o r implied b y any forwar d ‐looking st a tements. All forward‐l o oking stat e ments mad e in this pre s entation ar e qualified b y the foregoing caution a ry stateme n ts.

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Disclaimer: Dia t reme and it s related bo d ies corpora t e, any of their directors, officers, e m ployees, a g ents or contractors do not make an y representa t ion or warr a nty (either express or i m plied) as t o the accura c y, correctn e ss, completeness, a d equacy, reliability or li k elihood of f u lfilment of a ny forward ‐ looking sta t ement, or any events o r results expresse d or implied in any forw a rd looking statement, e x cept to the extent required by law. Diatreme a n d its rela t ed bodies c o rporate an d each of th e ir respectiv e directors, o fficers, em p loyees, age n ts and contractors discl a ims, to t h e maximum extent per m itted by la w , all liability and respon s ibility for a n y direct or indirect loss or damage w hich may be suffered by any pers o n (includin g because o f fault or ne g ligence or o t herwise) th r ough use o r reliance on anything contai n ed in or om i tted from t h is presenta t ion. Other t han as required by law a nd the ASX Listing Rule s , Diat r eme disclai m s any duty to update f o rward looking stateme n ts to reflect new developments.

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		JOR C COD E, 20 12 EDI TION– TABL E 1	JOR C COD E, 20 12 EDI TION– TABL E 1	JOR C COD E, 20 12 EDI TION– TABL E 1
SEC TION	1 S AMPLING TECHNIQ UES AND DATA
(Crit eria in this		section app lyto all suc ceedingse ctions.)
Cri teria		JO RC Code e xplanation		Comm entary
Sam pling	•	Nature and quality of sa mpling (egc ut channels,	•	Hand Auger sam ples of ~1m down
techn iques		random chip s, or specifi c specialised industry		hole intervals wer e collected below
		standard me asurement tools approp riate to the		the in terpreted to psoil horizon on
		minerals un der investiga tion, such a s down hole		sand dune..
		gamma son des, or hand held XRF in struments,	•	Sam ple was subm itted to
		etc.). These exampless hould not be taken as		comm ercial labor atory for dry ing,
		limiting theb road meani ng of sampli ng.		splitt ing (if require d),
	•	Include refe rence to mea sures taken to ensure		pulve risation ina tungsten
		sample repr esentivity an d the approp riate		carbi de bowl, and XRF analys is
		calibrationo f any measu rement tools or systems	•	Sam pling techniq ues are
		used.		mine ral sands “in dustry
	•	Aspects oft he determina tion of mine ralisation		stand ard’ for dry beach
		that are Mat erial to theP ublic Repor t.		sand s with low le vels of
	•	In cases wh ere ‘industry standard’w ork has		indur ation and sli me.
		been donet his would be relatively si mple (eg	•	As th e targetedm ineralisation is
		‘reverse circ ulation drillin g was used to obtain 1		silica sand, geolo gical logging of the
		m samplesf rom which3 kg was pulv erised to		auge r material is a primarym ethod
		produce a3 0 g chargef or fire assay ’). In other		for id entifying min eralisation
		cases more explanation may be requ ired, such
		as where th ere is coarse gold that ha s inherent
		sampling pr oblems. Unu sual commo dities or
		mineralisatio n types (eg submarinen odules) may
		warrant disc losure of de tailed inform ation.
Drilli ng	•	Drill type (e g core, rever se circulatio n, open-hole	•	Samp ling utilized a hand held sand auger	of
techn iques		hammer, ro tary air blas t, auger, Ba ngka, sonic,		50mm diameter to collect sam ples belowt he
		etc) and standard sampling details (egc tube, depth bit or other ore diamete of diamond type, wheth r, triple or tails, face- er core is	•	topso il horizon
		oriented and if so,b y what meth od, etc).
Drill	•	Method of re cording and assessingc ore and	•	Sand augering wa s used to co llect a fresh
samp le		chip sample recoveriesa nd resultsa ssessed.		samp le below the soil horizon and sand sa mples
reco very	• •	Measures ta and ensure Whether ar recovery an may have o ken to maxi representati elationshipe d grade and ccurred due mise sample ve nature of xists betwee whether sam to preferenti recovery the samples n sample ple bias al loss/gain .	•	was r onto The s wasn etrieved from clean plastic ampling is pr ot considere the sanda sheet eliminary an d and expec uger by spil d sampling ted to be	ling bias
		of fine/coars e material.		neglig ible.
			•	At thi s preliminary stage, nor elationshipi s
				evide nt between sample reco very and gra de
Logg ing	•	Whether cor e and chips amples hav e been	•	Geolo gical logging of the total hole by field
		geologically and geotech nically logg ed to a level		geolo gist,
		of detail tos upport appr opriate Mine ral Resource	•	The to tal auger ho le is logged ; logging inc	ludes
		estimation,m ining studie s and meta llurgical		colou r, grain size, sorting, indu ration and
		studies.		estim ates of HM,

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	Cri teria JO RC Code e xplanation Comm entary
	• • Whether log nature. Core photography The total len intersections ging is quali (or costean . gth and per logged. tative or qua , channel,e centage of th ntitative in tc) e relevant •Loggi daily updat ng is capture update of fie e of master d in Excels ld database database. preadsheets and regular , with
	Sub- samp techn and samp prep n ling iques le aratio • • • • • • If core, whe half or all co If non-core, split, etc and For all samp appropriaten technique. Quality cont sampling sta samples. Measures ta representati including for duplicate/se Whether sam grainsize o ther cut or sa re taken. whether riffl whether sa le types, the ess of thes rol procedur ges to max ken to ensu ve of the in-s instance re cond-half sa ple sizesa fthe materia wn and whe ed, tube sam mpled weto nature, qua ample prepa es adoptedf imise repres re that thes itu material sults for field mpling. re appropria lbeing samp ther quarter pled, rotary r dry. lity and ration or all sub- entivity of ampling is collected, te to the led. , • No su were • Samp mate • Wher this p mate b‐samplingw submitted fo le size is con rial sampled e topsoil wa rogram as it rial below in as complet r sample pr sidered app . s present, it wasn’t repr the sand du ed, all samp eparationw ropriate for was discard esentativeo ne les hole. the ed for f the
	Qual assa and labor tests ity of y data atory • • • The nature, assaying an whether the total. For geophys XRF instrum determining make andm factors appl Nature of qu standards,b checks) and accuracy (ie been establ quality anda d laboratory technique is ical tools, sp ents, etc, th the analysis odel, readin ied and their ality control lanks, dupli whether ac lack of bias ished. ppropriaten procedures considered ectrometers e parameter including in g times, cali derivation,e procedures cates, extern ceptable lev ) and precisi ess of the used and partial or , handheld s used in strument brations tc. adopted (eg al laboratory els of on have • Drillin Town split. • Analy utilizi XRF2 GRA • Parti gradi g samplesw sville, where sis will beu ng a Tungst 6 (whole ro 05 (H2O/LOI cle Size Dist ng purposes ere submitt they were ndertakenb en Carbidep ck by Fusion by TGA fur ribution (PS on a sub-se ed to ALS dried, weigh y ALS Brisba ulverization /XRF) andM nace) D) analysisf t of samples ed and ne , ME- E- or .
	Verif of samp and assa ication ling ying • • • • The verifica either indep personnel. The use oft Documenta procedures, (physical an Discuss any tion of signif endent or al winned hole tion of prima data verifica d electronic) adjustment icant intersec ternative com s. ry data, data tion, data st protocols. to assay da tions by pany entry orage ta. •Signif geolo mode • Samp to con to des quant • All da ande icant interse gical logging l. ling is prelim firm the exi ign an explo ify silica san ta captured lectronic for ctions valida and local g inary and th stence of sil ration prog d quantitya and storedi mat ted against eology / geo e results ar ica sand and ram to bette nd quality. n both hard logical e used used r copy
	Loca data tion of points • • • Accuracy an drill holes (c trenches,m used in Min Specification Quality and d quality of ollar and do ine workings eral Resourc of the grid adequacy o surveys use wn-hole surv and other lo e estimation system used f topographic d to locate eys), cations . . control. •All sa witha •UTM •Topog Stere contro surfac mple were lo n accuracyo coordinates, raphic surfa o WorldView l points, col e to ensure cated using f 5m for X,Y Zone 55L,G ce generate -3 satellite i lar RL’s leve consistency handheldG . DA94 datu d from proce magery and lled against in the datab PS m. ssing DGPS this ase.
	Data spac ing • • Data spacin Whether the g for reportin data spacin g of Explora g and distrib tion Results ution is . • Prelim test t inary samp he Target are ling pattern agenerate was designe d usingaeria d to l

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	Cri teria JO RC Code e xplanation Comm entary
	and distri bution • sufficient to and gradec Resource an procedure(s Whether sam establish the ontinuity app d Ore Rese ) and classif ple compo degree ofg ropriate for rve estimatio ications app siting has be eological the Mineral n lied. en applied. photo • All Ta locati • Addit tenem graphy. rget areasw on. ional sampli ent where ere tested i ng was com access wasa n at least on pleted acros vailable. e s the
	Orien of da relat geol struc tation ta in ion to ogical ture • • Whether the unbiased sa extent to wh deposit type If the relatio and the orie is considere bias, this sh material. orientation mpling of po ich this is kn . nship betwe ntation of ke d to have in ould be asse of sampling ssible struct own, consid en the drillin y mineralise troduced as ssed and re achieves ures and the ering the g orientation d structures ampling ported if •Thed 320° •Thed parall samp ridges une field has - 330°. rill access tr el to dune rid ling, somec were alsod ridges dom acks typicall ges whichs ross dune tr rilled. inantly trend y run alongo uggests unb acks linking ing r sub- iased the
	Sam secu ple rity • The measur es taken to ensure samp le security. •Samp wasu comp •Samp Town le collection ndertakenb any procedu les were del sville by DRX and transpo y companyp res. ivered direc personnel rt from thef ersonnel fo t to ALS in . ield llowing
	Audi revie ts or ws • The results techniquesa of any audits nd data. or reviews of sampling •There techn has beenn iques and da o audit or re ta at this tim view of sam e. pling

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SECTION 2 REPORTING OF EXPLORATION RESULTS (Cri t eria listed in the prec e ding section also appl y to this se c tion.)

	Cr iteria		JO RC Code explanatio n			Comme ntary
	Min eral	•	Type, refer ence name/ number, loca tion and		•	TheC ape Bedfor d Project oc curs
	ten ement		ownership including ag reements or material			within EPM17795 in Queensl and
	and land		issues with third parties such as join t ventures,			and i s held by Dia treme Reso urces.
	ten ure		partnership s, overriding royalties,n ative title		•	Thet enement isi n good stan ding
	sta tus		interests,h istorical site s, wilderness or national		•	A Co mpensation and Conduc t Agreemen	t, and a
			park and e nvironmenta l settings.			Cultu ral Heritage Agreement is in placew ith the
		•	The securi ty of the tenu re held at th e time of			landh older and na tive title pa rty (Hopevale
			reportinga long with an y known imp ediments to			Cong ress)
			obtaining a licence to o perate inthe _area. _
	Exp loratio	•	Acknowled gment anda ppraisal ofe xploration		•	Previo us explorat ion has been carried out		in the
	n d one by		by other pa rties.			aread uring the 19 70’s by Oce an Mininga nd
	oth er					1980’ s by BreenO rganisation .
	par ties				•	Theh istorical exp loration data is of limited use
						since it comprises shallow han d auger dril ling and
						is typ ically not acc urately loca ted.
	Geo logy	•	Deposit typ e, geologica l setting and style of		•	Theg eology comp rises variab ly re-worked aeolian
			mineralisat ion.			sand dune deposi ts associate d with a Qua ternary
						age s and dune co mplex.
					•	Miner alisation occ urs within a eolian dune		sands.
	Dril l hole	•	A summary of all inform ation mater ial to the		•	A tab ulation of the sand auger sample site s is
	Info rmatio		understand ing of the ex ploration re sults			prese nted in them ain body of this report.
	n		includinga tabulationo f the followin g		•	All au ger holes we re drilled ve rtically (‐90		°)
			information o easting for all Mate and northing rial drill hole of the drillh s: ole collar		•	No to psoil was sa mpled
			o elevatio n or RL (Red uced Level – elevation
			aboves ea level inm etres) of the drill hole
			collar
			o dip and azimuth oft he hole
			o down ho le length an d interceptio n depth
			o hole len gth.
		•	If the exclu sion of thisi nformation is justified on
			the basis th at the inform ation is not Material and
			this exclusi on does not detract from the
			understand ing of the re port, the Co mpetent
			Person sho uld clearlye xplain whyt his is the
			_case. _
	Dat a	•	In reporting Exploration Results, we ighting		•	Thea ssay data is presented.
	agg regatio		averaging techniques, maximum an d/or
	nm ethods		minimumg rade truncat ions (eg cutt ing of high
			grades) an d cut-off gra des are usua lly Material
			and should be stated.
		•	Where agg regate interc epts incorpo rate short
			lengths ofh igh grade re sults and lo nger lengths
			of low grad e results, th e procedure used for
			such aggre gation shou ld be stated and some
			typical exa mples of suc h aggregatio ns should
			be showni n detail.
		•	The assum ptions used for any repo rting of
			metal equiv alent values should bec learly
			stated.

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	Cr iteria JO RC Code explanatio n Comme ntary
	Rel ipb min ion and inte leng ationsh etween eralisat widths rcept ths • • • These rela the reportin If the geom respect to nature sho If it is notk are reporte to this effec not known’ tionships are g of Explora etry of them the drill hole uld be repor nown and on d, there sho t (eg ‘down ). particularly tion Results ineralisation angle is kno ted. ly the down uld be a clea hole length, important in . with wn, its hole lengths r statement true width •As the dune horizo dune •All dri essen miner mineralisat sands them ntal, somev edges andfa lling is vertic tially equiva alisation. ion is assoc ajority will b ariability wil ces. al; hence th lent to the tr iated with ae e essentially l be apparen e drill interse ue width of olian t on ction is
	Dia grams • Appropriate and tabula for any sign These sho plan viewo appropriate maps and tions of inter ificant disco uld include,b f drill hole c sectional v sections (wit cepts should very beingr ut not be lim ollar location iews. h scales) be included eported ited to a s and •A ma with t •No se limited p of the drill he main bod ctions have to near sur collar locatio y of the ann been genera face. ns is incorpo ouncement. ted as all da rated ta is
	Bal rep anced orting • Where com Exploration representa grades and avoid misle Results. prehensive Results isn tive reporting /or widths s ading repor reporting of ot practicab of both low hould be pra ting of Explo all le, and high cticed to ration •All ex this ti ploration ass me. ay resultsh ave been re ported at
	Oth sub e exp dat er stantiv loration a • Other explo material, sh limited to): survey resu samples – metallurgic groundwat characteris contaminat ration data, ould be rep geologicalo lts; geochem size and me al test result er, geotechn tics; potentia ing substanc if meaningfu orted includi bservations; ical survey thod of treat s; bulk dens ical and rock l deleterious es. l and ng (but not geophysica results; bulk ment; ity, or l •Geolo aeolia •No bu under •Them •There time. • There this ti • No m prelim •Metal nearb the ex sand. gical observ n dune mine lk densitym taken ineralisation are no know are no know me. etallurgicalt inary stage lurgical test y in the sam istence ofa ations arec ralisation easurement is unconso n deleteriou n deleterio est work isp results from e geologica high-quality onsistent wit s have been lidated sand s substance us substanc lanned at th the Nob Hill l units demo glass grade h s at this es at is Deposit nstrate silica
	Fur wor ther k • • The nature (eg tests fo extensions Diagramsc possible ex geological areas, prov commercia and scaleo r lateral exte or large-sca learly highlig tensions, in interpretatio ided this inf lly sensitive. f planned fu nsions or de le step-outd hting the ar cluding them ns and future ormation isn rther work pth rilling). eas of ain drilling ot •Furth on res •Explo sand for bo •Positi cored •Thea to be andn er work is be ults. ration will ini auger workt th sand qua ve results w rilling. reas of poss potentiallyp ot appropria ing planned tially be limi o further tes lity and dept ill result in tr ible extensio olitically and te for publish and will be ted to additio t priority san h. ack clearing ns are cons culturally se ing at this ti based nal d dunes and Air- idered nsitive, me.

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