EQ RESOURCES LIMITED — Regulatory Filings 2021

Jun 9, 2021

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10 June 2021

Alex Sutton Adviser, Listings Compliance ASX Compliance Pty Limited 20 Bridge Street, Sydney, NSW 2000

By email only: alex.sutton@asx.com.au

Dear Alex

Clarification on Results Released for Mt Carbine Drilling

EQ Resources Limited ( EQR or the Company ) advises and clarifies the methodology and background information on the sampling procedures used in our previous press release dated 8[th] June, 2021 titled ‘EQR HITS SHALLOW HIGH-GRADE TUNGSTEN ZONES IMMEDIATELY BELOW OPEN PIT’ and the details associated with the drilling in the form of the JORC tables 1 & 2, as set out below in Appendix 3 to this announcement.

The original ASX Release content is set out from page 2 for reference.

Released on authority of the Board by:

Kevin MacNeill Chief Executive Officer

Further Enquiries:

Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au

REGISTERED OFFICE: Level 4, 100 Albert Road, South Melbourne, VIC 3205 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 ABN: 77 115 009 106 (ASX: EQR) T: (07) 4094 3072 | F: (07) 4094 3036 | W: eqresources.com.au

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EQR HITS SHALLOW HIGH-GRADE TUNGSTEN ZONES IMMEDIATELY BELOW OPEN PIT

EQ Resources Limited is the 100% owner of the Mt Carbine Tungsten Mine near Cairns, Australia’s only primary tungsten producer.

Highlights:

• Assays from first three drill holes of extended 17-hole drill program confirm shallow high-grade zones immediately below the Andy White open pit

• High-grade intercepts in shallow Iolanthe and Bluff zones include:

• 4.35m @ 1.31% WO3 from 123.37m, incl. 0.54m @ 8.03% WO3*

• 4.27m @ 1.27% WO3 from 164.73m, incl. 0.10m @ 50.07% WO3*

• 6.06m @ 0.54% WO3 from 185.07m, incl. 0.17m @ 17.40% WO3*

• 6.72m @ 0.53% WO3 from 202.02m, incl. 0.76m @ 3.87% WO3*

• Strip back of open pit to be considered in mine planning as part of ongoing Bankable Feasibility Study

* Individually assayed intervals

EQ Resources Limited ( EQR or the Company ) is pleased to announce the first results from an upgraded 17hole resource drilling at the 100%-owned Mt Carbine Tungsten Mine in Far North Queensland. The drilling was designed to intersect multiple high-grade zones immediately below the previously-mined open pit. The target was to examine tungsten bearing quartz structures in the interval down to 250m (65m below the existing pit floor).

EQR has launched a Bankable Feasibility Study to re-open Mt Carbine (see Company’s 25 May 2021 announcement). The study includes the current drilling which after the first return assays opens the possibility of a strip back of the existing pit to access high-grade tungsten ore early in the mine plan.

DRILLING HIGHLIGHTS OF EQ001, EQ002 & EQ006:

Intercepts show continuation of high-grade mineralization in the major quartz zones, i.e. the Iolanthe, Bluff and Johnson (see plan and section view in appendix):

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Zone EQ001 22798E / 26177N	Main Zones of Mineralization
	From To Interval Grade %
Iolanthe	164.73 169.00 4.27 1.27
Bluff 1 Bluff 2	185.07 191.13 6.06 0.54 202.02 208.74 6.72 0.53
Wayback Wayback	221.06 221.41 0.35 2.13 228.84 231.37 2.53 0.48
Johnson	296.51 305.63 9.12 0.48
Summary of Entire Hole 29.05 0.64

Zone EQ002 22798E / 26177N	Main Zones of Mineralization
	From To Interval Grade %
Bluff	207.2 211.55 4.35 0.26
Wayback	262.5 263.13 0.63 0.50
Johnson	308.67 313.94 5.27 0.38
Summary of Entire Hole 10.25 0.34

Zone EQ006 22873E / 26202N	Main Zones of Mineralization
	From To Interval Grade %
Iolanthe Iolanthe	123.37 127.72 4.35 1.31 131 135.12 4.12 0.53
Bluff 1 Bluff 2	150.3 152.41 2.11 0.56 162.3 163.65 1.35 1.60
Wayback	253.06 253.39 0.33 2.48
Johnson Johnson Johnson	267.31 270.19 2.88 0.38 278.28 281.98 3.70 0.78 287.17 290.44 3.27 0.33
Summary of Entire Hole 22.11 0.77

(see full tables of drill intercepts and depths in appendix)

EQR CEO, Mr Kevin MacNeill commented, “The positive results of the current drill program have also led to a change of geological thinking about the Mt Carbine deposit which was discovered more than 100 years ago.” “Narrow high-grade King-Veins are important to understanding the deposit at Mt Carbine, where those veins appear to overprint existing lower grade quartz veins and show continuation through the deposit.”

“Although they are often on the margins of broader zones, they can be traced individually through the deposit and will form an important part of the definition for the reserves at Mt Carbine. Mt Carbine sits on a world class hard rock resource, where the identification of these higher-grade zones shall enable early mineable reserves to be defined.”

“We are very happy with this first phase of the BFS and look forward to presenting further assay results as they come to hand over the course of coming weeks. Drilling has just about concluded thanks to the DDH1 team and our geologists.”

Released on authority of the Board by:

Kevin MacNeill Chief Executive Officer

Further Enquiries:

Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au

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APPENDIX 1

Plan view and cross sections:

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APPENDIX 2

Significant drill results from the first three drill holes (EQ001, EQ002, EQ006):

Hole #	East	North	Rl	EOH	Dip	Azm(TN)	From	From	To	**Interval **	WO3 %	Zone
EQ001	22,798	26,177	389.5	309.1	-49	50		164.73	169.00	4.27	1.27	Iolanthe
							Incl.	166.47	166.57	0.10	50.07
								185.07	191.13	6.06	0.54	Bluff 1
							Incl.	187.82	187.99	0.17	17.40
								202.02	208.74	6.72	0.53	Bluff 2
							Incl.	202.02	202.78	0.76	3.87
								221.06	221.41	0.35	2.13	Wayback
								228.84	231.37	2.53	0.48	Wayback
								296.51	305.63	9.12	0.48	Johnson
							Incl.	296.51	297.75	1.24	2.64
							Incl.	305.12	305.63	0.51	2.07
EQ002	22,798	26,177	389.5	341.8	-57	50		207.20	211.55	4.35	0.26	Bluff
							Incl.	207.20	207.62	0.42	1.95
								308.67	313.94	5.27	0.38	Johnson
							Incl.	308.67	308.86	0.19	1.92
							Incl.	312.77	313.94	1.17	1.42
EQ006	22,873	26,202	383.9	309.3	-48	50		123.37	127.72	4.35	1.31	Iolanthe
							Incl.	124.08	124.62	0.54	8.03
							Incl.	127.26	127.72	0.46	2.71
								131.00	135.12	4.12	0.53	Iolanthe
							_Incl. _	131.00	132.24	1.24	1.00
								150.30	152.41	2.11	0.56	Bluff 1
							Incl.	152.36	152.41	0.05	20.05
								162.30	163.65	1.35	1.60	Bluff 2
							Incl.	162.30	162.41	0.11	1.82
							Incl.	163.17	163.65	0.48	6.14
								253.06	253.39	0.33	2.48	Wayback
								267.31	270.19	2.88	0.38	Johnson
							Incl.	267.31	267.50	0.19	3.83
								278.28	281.98	3.70	0.78	Johnson
							Incl.	281.77	281.98	0.21	12.93
								287.17	290.44	3.27	0.33	Johnson
							Incl.	287.17	287.32	0.15	7.14

• Intervals represent downhole depths, not true thickness with no applied upper cut

 Results are shown where weighted averages are greater than 2m @ 0.25% WO3

Highlighted ( bold ) intervals represent where King-Veins (see Company’s 16 October 2020 announcement) have been intersected above 1% WO3 grade.

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About the Company

EQ Resources Limited is an ASX-listed company transforming its world-class tungsten assets at Mt Carbine in North Queensland; leveraging advanced technology, historical stockpiles and unexploited resource with the aim of being the preeminent tungsten producer in Australia. The Company also holds gold exploration licences in New South Wales. The Company aims to create shareholder value through the exploration and development of its current portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector.

Competent Person’s Statements

EQ Resources’ exploration and resource work is being managed by Mr. Tony Bainbridge, AusIMM, AIG. Mr. Bainbridge is engaged as a contractor by the Company and is not "independent" within the meaning of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Bainbridge has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in JORC Code 2012.

The technical information contained in this announcement relating exploration results are based on, and fairly represents, information compiled by Mr. Bainbridge. Mr. Bainbridge has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The diamond core samples are assayed at the ALS Laboratory in Brisbane, Australia. Mr. Bainbridge has consented to the inclusion in this release of the matters based on his compiled information in the form and context in which it appears in this announcement.

Mr. Bainbridge confirms there is no new information or data in this announcement that materially affects the historical results from the report issued by the Company (formerly known as Icon Resources Limited) titled, ‘Mt Carbine Project Resource Estimate by Geostats Services, October 2010’. The information included in this announcement and all material assumptions and technical parameters underpinning this interpretation do not change this 2010 global resource estimate.

Forward-looking Statements

This announcement may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this announcement include risks associated with planned production, including the ability of the Company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement.

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APPENDIX 3 - JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria	JORC	Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random chips, or		All zones of potential mineralization were logged and sampled by
techniques		specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down		cutting the core interval selected in half and the complete half core being sent to ALS Laboratories in Brisbane Australia for analysis.
		hole gamma sondes, or handheld XRF instruments, etc.). These		Prior to cutting and sampling the core is logged with zones of
		examples should not be taken as limiting the broad meaning of		visual minerals of wolframite and scheelite recorded by their
		sampling.		percentages. Scheelite glows under ultraviolet light and although
		Include reference to measures taken to ensure sample		difficult to distinguish under ordinary light from quartz-carbonate it
		representivity and the appropriate calibration of any measurement		is clearly visual under the shortwave 254nm UV light with a
		tools or systems used.		common technique to estimate grade being to trace out individual
		Aspects of the determination of mineralisation that are Material to		crystals and determine overall percentage shown on the face of
		the Public Report.		the core. Often the mineralization is manifested as very coarse
		In cases where ‘industry standard’ work has been done this would		tungsten mineral crystals of up to 10cm in size.
		be relatively simple (eg ‘reverse circulation drilling was used to		The method used for analysis of Tungsten was ME-XRF15b
		obtain 1 m samples from which 3 kg was pulverised to produce a		where the sample was fused into a disk in a furnace and then
		30 g charge for fire assay’). In other cases more explanation may		analysed by a Bruker X-ray Fluorescent machine. ALS is a
		be required, such as where there is coarse gold that has inherent		registered laboratory that conducts internal and external round
		sampling problems. Unusual commodities or mineralisation types		robin analysis to maintain its certification and to ensure that the
		(eg submarine nodules) may warrant disclosure of detailed		machine being used for analysis is correctly calibrated. The
		information.		Assaying is completed at 10ppm accuracy, It is important in this
				process that the sample is homogenous, and as such the sample
				is prepared by crushing and grinding to less than 200 microns to
				ensure homogeneity.
				All quartz veins intersected in the drilling have been assayed as
				separate samples. Where the veins are more than 1m in downhole
				length then the sample is broken into two or more samples each
				with a maximum of 1m intervals. The minimum vein assayed is
				5cm in width. Since the mineralization at Mt Carbine often occurs
				in narrow widths of 5-500cm then it is important to assay each
				such narrow zones. Either side of the mineralized zone,samples

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Criteria	JORC	Code explanation	Commentary	Commentary
				are also taken of the host rock on intervals of 1m to ascertain if
				the mineralization has extended into the host rocks.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer, rotary		Drilling at Mt Carbine was completed by HQ and NQ sized
techniques		air blast, auger, Bangka, sonic, etc) and details (eg core diameter,		diamond drilling rig that used both double and triple tube-drilling
		triple or standard tube, depth of diamond tails, face-sampling bit		techniques, HQ was drilled down until the South Wall Fault was
		or other type, whether core is oriented and if so, by what method,		intersected and then cased off before continuing in NQ drill size.
		etc).		The footwall of this fault has no mineralization as noted under
				geology section and this fault truncates all observed
				mineralization. The full core being collected and marked for its
				depth and orientation. The core was drilled using a digital
				orientation method and the Reflex Act III tool system. Recording
				hole orientation and hole survey that are wirelessly transmitted to
				back end computer for recording.
Drill sample		Method of recording and assessing core and chip sample		Core was marked with core blocks typically at 1.5 & 3.0m intervals
recovery		recoveries and results assessed. Measures taken to maximise sample recovery and ensure		by the drilling company using stick up techniques that ensure measurement to 1cm accuracy.
		representative nature of the samples.		The core showed very high recoveries with 99% recovered on the
		Whether a relationship exists between sample recovery and grade		entire campaign to date. With the extreme hardness of the quartz
		and whether sample bias may have occurred due to preferential		zones no loss from drilling has been recorded to date,
		loss/gain of fine/coarse material.		nevertheless each interval is measure to ensure this is the case.
				The core is hard and competent and all sampling in this program
				is below the base of oxidation. Host rocks are metasediments that
				have been silicified and then crosscut by a sheeted white quartz
				veins.
Logging		Whether core and chip samples have been geologically and		The core has been re-joined into long sticks and photographed
		geotechnically logged to a level of detail to support appropriate		using a high resolution camera for both dry and wet images. The
		Mineral Resource estimation, mining studies and metallurgical		core has a geotechnical log completed and core marked up and
		studies.		measured for recovery etc. Using the marks provided during the
		Whether logging is qualitative or quantitative in nature. Core (or		drilling an orientation line is marked down the full length of the
		costean, channel, etc) photography.		core. Post sampling, core has been selected for alteration
		The total length and percentage of the relevant intersections		mapping and petrographic studies but have yet to be sent to the
		_logged. _		relevant consultancy’s.

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Criteria	JORC	Code explanation	Commentary	Commentary
				Logging is quantitative in its description of alteration intensity,
				mineral types in percentages using geological percentage charts.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core		Core is cut in	half using a diamond saw along the centre line
Techniques		taken. If non-core, whether riffled, tube sampled, rotary split, etc and		marked referred above being the mark for the orientation of the core. Half core was used in all sampling collection.
and sample		whether sampled wet or dry.		Each sample was weighed and marked correctly in consecutive
preparation		For all sample types, the nature, quality and appropriateness of the sample preparation technique.		order with a space left for insertion of standards and this was done every 10thsample for 10% checks and balances. No samples
		Quality control procedures adopted for all sub-sampling stages to	were combined for assay with each sample assayed separately
		maximise representivity of samples.	and is either a vein or host rock.
		Measures taken to ensure that the sampling is representative of		EQ Resources	completed a comprehensive assessment of past
		the in situ material collected, including for instance results for field	core including		duplicates and repeats to establish that the ALS
		duplicate/second-half sampling.	assaying shows consistency and accuracy and historical results
		Whether sample sizes are appropriate to the grain size of the	were accurate.		EQ Resources inputs 10% of the samples sent to
		material being sampled.	the laboratory as either a blank or predetermined assay standard. With each batch of results sent there is a minimum of 5 check
			samples inserted.
Quality of		The nature, quality and appropriateness of the assaying and		Tungsten best corresponds to X-ray Fluorescence assay
assay data		laboratory procedures used and whether the technique is		techniques and the best of these techniques uses a fusion disk
and		considered partial or total.		where a representative sample of the core is taken after fine
laboratory		For geophysical tools, spectrometers, handheld XRF instruments,		grinding until a	homogenous sample is obtained (<200 microns)
tests		etc, the parameters used in determining the analysis including		and then melted in a arc furnace to produce a clear fused disc.
		instrument make and model, reading times, calibrations factors		This disk is then x rayed with the fluorescence recorded by way of
		applied and their derivation, etc.		spectral peaks. The machine needs to be calibrated to record
		Nature of quality control procedures adopted (eg standards,		quantitative results. The instrument is Bruker multi-shot XRF
		blanks, duplicates, external laboratory checks) and whether		machine with a	X-ray scan of 1 minute applied to each disk to get
		acceptable levels of accuracy (ie lack of bias) and precision have		the light and heavy elements. All checks are also assayed in each
		been established.		batch in their order with 10% check samples submitted
				alternatively being either a blank, a tungsten standard or a repeat
				sample with a known grade. Precision is 10ppm for this technique
				with our samples noted as being significant above 1000ppm. Only
				in one instance do the results not match visual in sample no.
				100216 and 100217, which are vein and host rock. By the weights
				of each of these samples it was determined that the grade of
				0.72% was in the vein not the host rock ie samples at the lab have
				beenswitched.

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Criteria	JORC	Code explanation	Commentary	Commentary
Verification of		The verification of significant intersections by either independent		Each mineralized interval is recorded by the Site Resource
sampling and		or alternative company personnel. The use of twinned holes.		geologist and then checked for accuracy by the company’s chief geologist prior to cutting and sampling occurs.
assaying		Documentation of primary data, data entry procedures, data		No twinned holes have been completed in this program
		verification, data storage (physical and electronic) protocols.		Data is completed using a paper log sheet with the information
		Discuss any adjustment to assay data.		then transferred to a digital database holding all the information
				on drilling, surveying, assays, recovery, geotech info etc.
				No upper cuts were applied in reporting exploration results and
				only results where a individual assay was taken are used. No
				partial intervals or subset were used.
Location of		Accuracy and quality of surveys used to locate drill holes (collar		Surveying of the drill holes were completed using a Garmin
data points		and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.		GPS61 model GPS for locating the collar coordinates in WGS84 Datum system. Downhole surveys were conducted each 30m
		Specification of the grid system used.		down the hole with the exception of the pre collar zones. These
		Quality and adequacy of topographic control.		zones reached up to 120m in depth with HW casing being installed
				prior to continuing drilling in NQ sized core. All survey data was
				input into the database and then plotted using Leapfrog Mining
				Software to determine any swings in the hole.
				Topography has in 2020 been upgraded to10cm accuracy using
				a LIDAR Drone survey technology with the topography having
				high resolution photography overlaid.
Data spacing		Data spacing for reporting of Exploration Results.		Drilling is currently designed to complete the testing of the zone
And		Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the		beneath the historical pit at a spacing of 50 x 50m. In several locations, drilling spacing’s were completed down to
distribution		Mineral Resource and Ore Reserve estimation procedure(s) and		25m to provide additionally data and confirm the grade and widths
		classifications applied.		of zones etc.
		Whether sample compositing has been applied.		Sampling compositing has occurred in the reporting of results of
				this press release using weighted averages for the assay result
				and a total distance for the length of the geological interval.
Orientation of		Whether the orientation of sampling achieves unbiased sampling		The drilling was done at right angles to trend of the mineralization
data in		of possible structures and the extent to which this is known, considering the deposit type.		on a localized grid that has been used since the 1960’s and this local grid has been used to orientate all 90+ drill holes completed
relation to		If the relationship between the drilling orientation and the		on the property. This allows for regular spacing and interpretations
geological		orientation of key mineralised structures is considered to have		of the deposit veins.

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Criteria	JORC	Code explanation	Commentary	Commentary
structure		introduced a sampling bias, this should be assessed and reported		Depending on the hole angle and attitude of the vein the released
		if material.		results which are down hole intervals will report a longer interval
				than the true width of the vein. No bias has been determined for
				the mineralization as the mineralized veins show remarkable
				parallel zones and it is deemed that the drilling has been
				completed at the best angle to give a true indication of the zones.
Sample		The measures taken to ensure sample security.		Our core is transported daily to our fenced core shed yard. This
security				yard remains locked after work hours and contains a roofed shed within which core racks are installed the house the core. On a
				more permanent basis each hole is cling wrapped and put on a
				separate pallet and put in its number place at the core farm.
				All samples are taken and bagged and placed in this locked
				enclosure in larger 1 tonne bags. Rejects from the sampling are
				also stored should check be required or further element analysis
				be needed. The larger bags are inspected on arrival at ALS to
				ensure no tampering has occurred to the samples.
Audits or		The results of any audits or reviews of sampling techniques and		An internal audit of techniques was completed to check any
reviews		data.		sample bias or variances being introduced to the samples. No bias were encountered.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

	Criteria	JORC Code explanation	Commentary	Commentary
	Mineral	 Type, reference name/number, location and ownership including		All 16 holes completed to date have been located within ML4919
		agreements or material issues with third parties such as joint		andML4867owned byMtCarbine QuarriesPtyLtdwhich is a

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Criteria	JORC	Code explanation	Commentary	Commentary
tenement and		ventures, partnerships, overriding royalties, native title interests,		100% wholly owned subsidiary of EQ Resources. All licenses are
land tenure		historical sites, wilderness or national park and environmental settings.		in good standing. ML4867 (358.5Ha) is up for renewal on 31/7/2022 and ML4919
status		The security of the tenure held at the time of reporting along with		(7.891Ha) is up for renewal on 31/8/2023. No impediments exist
		any known impediments to obtaining a licence to operate in the		at the current point for operations on these licenses.
		_area. _
Exploration		Acknowledgment and appraisal of exploration by other parties.		Historical drilling is extensive with the history of previous mining
done by other				and drilling outlined in the Company’s Annual reports available on the Company’s website.
parties				In reference to this drilling all historical holes with their
				intersections compiled using the same criteria as current drilling
				has been reported in previous press announcements(High-grade
				structural zones extend for 1.2km: Mt Carbine historical drilling
				reinterpretation – 16thOctober, 2020)has been recorded on all
				sections and plans and this has been completed by various
				companies over the past 25 years.
Geology		Deposit type, geological setting and style of mineralisation.		The deposit falls into the sheeted hydrothermal tungsten vein style
				that is associated with the Mareeba Granodiorite. The veins are
				narrow from 5 to 500cm in width and extend for up to 1.2km along
				strike as currently understood. They have been drilled over a
				400m vertical extent and occur in groups designated as zones and
				referred to as Iolanthe, Bluff, Wayback, Johnson, Dazzler and Iron
				Duke. The veins with higher grade mineralization occur as late
				veins and overprints on a extensive early vein system that has
				weaker tungsten mineralization or no mineralization. This late
				overprint is what EQ Resources is chasing in the current drill
				program.
Drill hole		A summary of all information material to the understanding of the		Included in the sections and plans are all the relevant information
Information		exploration results including a tabulation of the following information for all Material drill holes:		required to show the hole location and the mineralized sample location.
	o	easting and northing of the drill hole collar		Any zones from historical drilling are also shown on the sections
	o	elevation or RL (Reduced Level – elevation above sea level in		and included in any interpretation presented. To be complete, the
		metres) of the drill hole collar		table here shows the hole status to date. This release refers only
	o	dip and azimuth of the hole		to Holes EQ001,002 & 006. Other results will be reported in the
	o	down hole length and interception depth		same manner as theycome to hand.

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Criteria	JORC	Code explanation	Commentary	Commentary
	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,		Weighted averages are used for any results combined with no
Aggregation		maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be		upper cuts applied. A zone reported may contain results with no grade provided it is the same zone used on other sections, so as
methods		stated.		to maintain geological uniformity between the sections.
		Where aggregate intercepts incorporate short lengths of high		Only those zones where the combined metal factor being the
		grade results and longer lengths of low grade results, the		‘grade x interval’ is above 2m@0.25%ie* i.e. a metal factor of 0.5)
		procedure used for such aggregation should be stated and some		Tungsten Trioxide (WO3) are reported as being significant in this
		typical examples of such aggregations should be shown in detail.		release. e.g. 0.3 @ 8.0% WO3 has a metal factor of 2.4 and
		The assumptions used for any reporting of metal equivalent		qualifies but 4m @ 0.1% with metal factor of 0.4 does not qualify.
		_values should be clearly stated. _
Relationship		These relationships are particularly important in the reporting of		.The results reported are downhole intercepts’ and not true widths.
Between		Exploration Results. If the geometry of the mineralisation with respect to the drill hole		Although all drilling has been completed at right angles to the strike of the veins, the holes may intercept the vein at an angle
Mineralization		angle is known, its nature should be reported.		given that the veins generally are from 60-90 degrees in dip. To
widths and		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		determine true width requires the individual veins to be orientated in space and the surveyed hole to also be known at that point.
intercept		length, true width not known’).		For orientation, all veins are being measured for both Alpha and
				Beta angelsto enablethe absolute dip and directionofeach vein

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Criteria	JORC	Code explanation	Commentary	Commentary
lengths				to be determined in the orientated core. The veins do vary in their
				strike and dip and until the orientations have been entered into the
				database along with the surveyed hole angles, and run through
				the leapfrog mining software true widths are not known.
				Interception true widths may vary from being 0.3 of the downhole
				interval to no change to the downhole intervals. The point of
				interception of the vein and the attitude of the hole at this point
				determines the true width and this calculation has not been done.
				It should also be noted that in quite a few instances the angles of
				the same vein varies significantly on either margin. In these
				instances true width will be calculated on the average dip and
				strike When any resources will be calculated in the future only
				true width intervals will be used.
Diagrams		Appropriate maps and sections (with scales) and tabulations of		A local grid is used in the drilling to ensure the drilling has been
		intercepts should be included for any significant discovery being		completed at right angles to the strike of the mineralization. The
		reported These should include, but not be limited to a plan view of		local grid is at a 51 degree rotation westwards to true north; i.e.
		drill hole collar locations and appropriate sectional views.		Local Grid North-South is aligned at 51 degrees true north. .
				The two sections included in this press release show both of the
				sections where results have been received and also shows the
				current interpretation of the geology for these section including
				faults, surveyed hole traces including any historical old holes
				traces and their results. As the spacing of the current holes is
				nominally 50m, each section represents a slice that is 25m either
				side of the reported drill hole for completeness. The sections are
				shown looking grid west with a true north arrow indicating the lock
				grid offset. North and South is shown on the sections to orientate
				the reader as well as the Easting of the section clearly shown at
				the top of each section. Too show how the sections relate to each
				other and to other holes completed in this program a plan is
				provided with grid sale and each section has been marked byA-
				A’ andB-B’ which is also shown on the sections. Scale is shown
				in meters by a 50 x 50m grid pattern over both plans and sections.
				On both plans and sections the present geological interpretation
				is indicative to give the reader guidance on the zones being drilled.
				Holes with no assay information are shown in blue.

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Criteria	JORC	Code explanation	Commentary	Commentary
Balanced		Where comprehensive reporting of all Exploration Results is not		All zones that meet the criteria of significant as defined above
reporting		practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of		have been recorded and shown on the associated cross-sections. Where there is a blank it means no results met with the criteria
		Exploration Results.		used as significant results. At this point only the data is
				represented with the most recent geological interpretation but no
				resource association is implied with the release of these results.
Other		Other exploration data, if meaningful and material, should be		The mineralization occurs as narrow late quartz veins overprinting
Substantive		reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk		an earlier phase of quartz veining that reaches up to 30% of the zones marked on the sections. Although all quartz veins are
Exploration		samples – size and method of treatment; metallurgical test results;		sampled to be complete, most are from the earlier event that has
data		bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.		no mineralization associated with it. The interpretation is cantered on those veins that do carry tungsten and what is perceived as the
				controls to these zones.
				More than 100 bulk densities have been completed at the project
				and the host rock and mineralized zones record bulk densities of
				2.6 and 2.7 respectively.
				The South Wall Fault marked on the maps has truncated much of
				the veining as shown on the sections. Current interpretation of this
				fault is that is a reverse thrust fault with the footwall dropping an
				unknown distance.
Further work		The nature and scale of planned further work (eg tests for lateral		The company continues to drill to outline the limits of the
		extensions or depth extensions or large-scale step-out drilling).		mineralization in both strike and depth constraints. The target is
		Diagrams clearly highlighting the areas of possible extensions,		limited to what might be considered in an open cut extension of
		including the main geological interpretations and future drilling		the pit but several holes were extended to look at the potential of
		areas, provided this information is not commercially sensitive.		additional veins such as Iron Duke for a future underground
				operation.

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