GBM RESOURCES LIMITED. — Investor Presentation 2017

Feb 28, 2017

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ABN 91 124 752 745

ASX Release

1 March 2017

ASX Code: GBZ

Mt Coolon Gold Project Update

• Glen Eva drillhole GLD0001 intersected a zone of strong epithermal veining and mineralisation over a downhole interval from 146.0 metres of 13.0 metres averaging 3.6 g/t Au and 13.7 g/t Ag, including 4.4 metres averaging 9.5 g/t Au and 34.5 g/t Ag. These results are in line with expectations for this high grade deposit.

COMPANY DIRECTORS

Peter Thompson Managing Director/ Executive Chairman

Neil Norris Exploration Director – Executive Hun Seng Tan Non- Executive Director

• The Koala Gold Mine Stage 2 infill diamond drilling remains on track to be completed during the March quarter.

• Results from both Stage 1 & 2 drilling is to support the reestimation of the resource for the central Koala Gold Mine area.

• All exploration activities at Mt Coolon Gold Project are designed to provide supporting data for the evaluation of options for the recommencement of mining operations at the Koala and Glen Eva Gold Mines.

Australian Resources company GBM Resources Limited (ASX: GBZ ) (“ GBM ” or “ the Company ”) wishes to advise that a two-hole drilling programme designed to provide samples and data to support further investigation of the geotechnical, geochemical and metallurgical characteristics of the Glen Eva Deposit was completed during January 2017

CONTACT DETAILS

Principal & Registered Office Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153

Exploration Office 10 Parker Street, Castlemaine, Victoria 3450

Website

www.gbmr.com.au

Email info@gbmr.com.au Phone +61 (8) 9316 9100

Fax

+61 (8) 9315 5475

Phone (Exploration Office) +61 (3) 5470 5033

Assay results of the second hole (GLDOOO2) are expected to be received in March 2017.

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Glen Eva Deposit

Analytical results for the first of the two holes drilled at Glen Eva have been received. The drillhole intersected a zone of strong epithermal veining and mineralisation within a very wide alteration zone which included a downhole interval from 146.0 metres of 13.0 metres averaging 3.6 g/t Au and 13.7 g/t Ag , including 4.4m averaging 9.5 g/t Au and 35.7 g/t Ag (Based on a 0.5 g/t Au cut-off).

These results are in line with expectations for this high-grade deposit. Results for the second hole, which also intersected significant alteration and mineralisation are expected to be received during March 2017.

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Photograph: GLD0001: Best assays from rubbly quartz vein at top of tray and from banded vein at the bottom (0.75m @ 22 g/t Au and 77 ppm Ag from 150m).

Future work

Koala phase 2 infilling drilling programme remains on track and is expected to be completed during the March Quarter. Both Phase 1&2 drilling programme will provide key inputs to support the re-estimation of the resource adjacent to the old underground workings of the Koala underground and detailed mine design (refer ASX announcement 20 December 2016 for further details of the Phase 1 drill program at Koala).

A further round of environmental monitoring was completed in January 2017 over the Koala and Glen Eva mine areas as part of the Company’s commitment to establishing a sound basis for future rehabilitation of the Mount Coolon Project area.

Also progressing is the re-evaluation of the Glen Eva Resource model to reflect open pit mining parameters. This should be completed upon receipt of results from the confirmatory drilling recently completed at Glen Eva. The Company has submitted for geochemical analyses samples from these holes and completed sampling and logging to provide information on the metallurgical, geotechnical and environmental characteristics of the deposit to support a mine design of the Glen Eva deposit.

Desktop analyses of surface and groundwater characteristics of the area, in addition to sampling of available groundwater and surface waters is currently in progress.

Discussions with potential toll milling service providers continue and remain positive. The metallurgical data now being generated from test work currently in progress will be critical to advancing the toll milling options and design treatment flow sheets for the Koala and Glen Eva deposits.

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Figure: Glen Eva Open Pit gold mine aerial view from GBM Lidar survey 2016 showing the location of recent drillholes GLD001 and GLD002. (Grid MGA84 Zone 54)

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Figure : Koala Central area drill hole plan showing drill hole locations for Phase 1 drillholes and planned Phase 2 drillholes including shallow (‘upstope’) holes. Underlying high resolution image is from 2016 LIDAR survey. Grid is a local non-earth grid.

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Figure: Mt Coolon Gold Project tenement group location plan.

For Further information please contact:

Peter Thompson Karen Oswald Managing Director Marko Communications GBM Resources Limited Tel: 0423 602 353 Tel: 08 9316 9100 Email: Karen.oswald@markocommunications.com.au

About GBM Resources

GBM Resources Ltd (ASX: GBZ) is an Australian resource company that listed on the ASX in 2007, headquartered in Perth WA, with exploration operations in Queensland and Victoria.

The Company’s primary focus is in key commodities of gold and copper-gold, assets in Australia. GBM tenements cover an area greater than 3,200 square kilometres in eight major projects areas in Queensland and Victoria.

GBM is prioritising the exploration and development of the Mount Coolon Gold Project and Mount Morgan Gold Copper Project.

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Mt Coolon Project Resource Summary (ASX announcement 23 August 2016)

Project	Location	Resource Category	Resource Category	Resource Category	Resource Category	Resource Category	Resource Category	Resource Category	Resource Category	Resource Category	000' t Aug/t Au ozs Total	000' t Aug/t Au ozs Total	000' t Aug/t Au ozs Total	Cut-off
		000' t Aug/t Au ozs Measured			000' t Aug/t Au ozs Indicated			000' t Aug/t Au ozs Inferred
Koala	Open Pit				370	2.8	33,500	750	2.1	51,700	1,110	2.4	85,000	0.4
	Underground Extension				50	3	5,100	230	3.9	28,500	280	3.7	33,700	2.0
	Tailings	114	1.6	6,200	9	1.6	400				124	1.6	6,600	1
	Total	114 1.7 6,200 429 2.8 39,000 980 2.5 80,200 1,514 2.6 125,300
Eugenia	Oxide				1,305	0.9	39,300	219	0.7	5,100	1,524	0.9	44,400	0.4
	Sulphide				2,127	0.9	62,300	1,195	1.2	45,500	3,322	1.0	107,800	0.4
	Total	3,432 0.9 101,600 1,414 1.1 50,600 4,846 1.0 152,200 0.4
Glen Eva	Belowpit.				132	7.8	33,200	21	5.9	4,000	154	7.5	37,200	3.0
Total		114 1.7 6,200 3,993 1.4 173,800 2,415 1.7 134,800 6,514 1.5 314,700

Table: Current global resource table for Mt Coolon Gold Project. Please note rounding; tonnes (1,000t), grade (0.1g/t) and contained gold (100 ounces).

Notes

The information in this report that relates to Mineral Resources, Exploration Targets and Exploration Results is based on information compiled by Neil Norris, who is a Member of The Australasian Institute of Mining and Metallurgy and The Australasian Institute of Geoscientists. Mr Norris is a full-time employee of the company, and is a holder of shares and options in the company. Mr Norris 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’. Mr Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the respective announcements and all material assumptions and technical parameters underpinning the resource estimate with those announcements continue to apply and have not materially changed

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JORC Code, 2012 Edition – Table 1 Glen Eva Gold Deposit, Mt Coolon Project Section 1 Sampling Techniques and Data

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

Important Note:

This Table 1 refers to drilling completed at the Glen Eva Project by MCGM in 2016 and 2017 only. Drilling and exploration has been carried out at Glen Eva over a long period by a variety of companies. Table 1 data has previously been reported for Glen Eva in January 2017, including a summary of previous company drilling, sampling and assaying methods.

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Diamond core drilling was used to obtain WL66 (NQ2 equivalent) size
techniques	specific specialised industry standard measurement tools appropriate	drill core. Core was cut at nominal 1m interval lengths or at distinctive
	to the minerals under investigation, such as down hole gamma	geological boundaries (e.g major quartz vein margins) then half-sawn
	sondes, or handheld XRF instruments, etc). These examples should	lengthways using a Corewise core saw. Half-core interval length
	not be taken as limiting the broad meaning of sampling.	samples were then bagged in labelled calico bags for laboratory
	• Include reference to measures taken to ensure sample representivity	shipment.
	and the appropriate calibration of any measurement tools or systems
	used.
	• 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.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•All drilling was completed using the Diamond Core method by an
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	Onram 1000/3 track mounted drill rig.
	or standard tube, depth of diamond tails, face-sampling bit or other	•Diamond core was recovered in a standard wireline core barrel using
	type, whether core is oriented and if so, by what method, etc).	standard WL66 size equipment with a single-tube barrel assembly.
		•Samples were pushed out from the core barrel using a plastic tipped
		steel rod.
		•Alldiamond corewas oriented usingReflexdigitalorientationtools.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Short (1.5m) core barrels were used where required for short drill
recovery	and results assessed.	runs to assist recovery.
	• Measures taken to maximise sample recovery and ensure	•Diamond drill recovery was recorded run by run using the aggregate
	representative nature of the samples.	of all >10cm corepiecesper run method. Recoverywas very good in

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Criteria	JORC Code explanation	Commentary
	• Whether a relationship exists between sample recovery and grade	competent lithology but was compromised in heavily fractured or
	and whether sample bias may have occurred due to preferential	puggy fault sheared ground close to the existing pit base.
	loss/gain of fine/coarse material.	•The relationship between grade and drilling recovery will be
		investigated at the conclusion of the drilling program.
Logging	• Whether core and chip samples have been geologically and	•All diamond core was logged in detail for lithology, weathering,
	geotechnically logged to a level of detail to support appropriate	veining, quartz percentage, alteration, structure, colour and basic
	Mineral Resource estimation, mining studies and metallurgical	geotechnical parameters (RQD).
	studies.	•Logging of a selection of holes was also completed to advanced
	• Whether logging is qualitative or quantitative in nature. Core (or	geotechnical industry standards for pit design and mine planning.
	costean, channel, etc) photography.	•The logging has been carried out to an appropriate level for resource
	• The total length and percentage of the relevant intersections logged.	estimation.
		•All holes werephotographed from surface to EOH,both wet and dry.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	•All diamond core samples were cut with a diamond brick saw to 1.0 m
sampling	taken.	or geological intervals and half sampled using a Corewise core-
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and	cutting saw.
and sample	whether sampled wet or dry.	•Laboratory sample preparation for all samples followed the respective
preparation	• For all sample types, the nature, quality and appropriateness of the	laboratories standard methodologies for gold fire assay and multi-
	sample preparation technique.	element techniques.
	• Quality control procedures adopted for all sub-sampling stages to	•Quality control procedures for sampling were implemented
	maximise representivity of samples.	systematically; blanks and field duplicates were inserted every 10
	• Measures taken to ensure that the sampling is representative of the in	core samples (focused in mineralized zones), and standards were
	situ material collected, including for instance results for field	inserted every consecutive 20 sample run.
	duplicate/second-half sampling.	•Field duplicates consisted of quarter-cut core of equal interval length
	• Whether sample sizes are appropriate to the grain size of the material	to the primary half-core sample.
	being sampled.	•No additionalmeasures were taken to ensure the representivity of the
		samples.
Quality of	• The nature, quality and appropriateness of the assaying and	•ALS Laboratories Au-AA25: A prepared sample is fused with a
assay data	laboratory procedures used and whether the technique is considered	mixture of lead oxide, sodium carbonate, borax, silica and other
and	partial or total.	reagents as required, inquarted with 6 mg of gold-free silver and then
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	cupelled to yield a precious metal bead. The bead is digested in 0.5
tests	the parameters used in determining the analysis including instrument	mL dilute nitric acid in the microwave oven. 0.5 mL concentrated
	make and model, reading times, calibrations factors applied and their	hydrochloric acid is then added and the bead is further digested in the
	derivation, etc.	microwave at a lower power setting. The digested solution is cooled,
	• Nature of quality control procedures adopted (eg standards, blanks,	diluted to a total volume of 10 mL with de-mineralized water, and
	duplicates, external laboratory checks) and whether acceptable levels	analyzed by atomic absorption spectroscopy against matrix-matched
	of accuracy (ie lack of bias) and precision have been established.	standards.
		•ALS Laboratories ME-MS61: a 0.5g sample is subjected to near-total
		digestion by a four-acid mixture and finished with a combination of
		ICP Mass Spectrometry (MS) and Atomic Emission Spectroscopy
		(AES).

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Criteria	JORC Code explanation	Commentary
		•Laboratory QAQC involves the use of internal lab standards using
		certified reference material, blanks, splits and replicates as part of the
		in house ALS procedures.
		•No handheld tools were used with all assays performed at external
		laboratories
		•Quality control procedures for sampling were implemented
		systematically; blanks and field duplicates were inserted every 10
		core samples (focused in mineralized zones), and standards were
		inserted everyconsecutive 20 sample run.
Verification	• The verification of significant intersections by either independent or	•External data verification is not required at this time.
of sampling	alternative company personnel.	•No verification samples (including twinned holes) have been taken
and assaying	• The use of twinned holes. • Documentation of primary data, data entry procedures, data	•All Data, data entry procedures, data verification and data storage has been carried out by GBM staff in accordance with GBM Standard
	verification, data storage (physical and electronic) protocols.	Operating Procedures (SOPs). GBM SOP’s meet industry best
	• Discuss any adjustment to assay data.	practice standards. Final Data verification and data storage has been
		managed by GBM Data Management staff using industry standard
		Data Shed software. Field duplicates are reviewed to ensure they fall
		within acceptable limits.
		•No adjustments or calibrations were made to anyassaydata used.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•All collar locations were pegged by GBM personnel using handheld
data points	down-hole surveys), trenches, mine workings and other locations	GPS units.
	used in Mineral Resource estimation.	•At the conclusion of the drilling program, all collars will be surveyed
	• Specification of the grid system used.	by Licenced Surveyor.
	• Quality and adequacy of topographic control.	•Downhole drill surveys were carried out at nominally 25m intervals
		using a Reflex mutli-shot digital survey tool.
		•All work was carried out in the Map Grid of Australia (MGA Zone 55)
		using the GDA94 datum.
		•The topographic surface was generated from Lidar airborne DTM
		data. The Lidar survey was commissioned by GBM and flown in
		November 2016. The horizontal and vertical accuracy of the survey is
		10 cm.
Data spacing	• Data spacing for reporting of Exploration Results.	•The two drill-hole program at Glen Eva was designed as a multi-
and	• Whether the data spacing and distribution is sufficient to establish the	purpose program to generate geotechnical, metallurgical, waste rock
distribution	degree of geological and grade continuity appropriate for the Mineral	and resource assay data. Collars were sited and holes designed to
	Resource and Ore Reserve estimation procedure(s) and	best meet these requirements.
	classifications applied.	•The suitability of spacing and orientation of the sampling for grade
	• Whether sample compositing has been applied.	and geological continuity will be established by variography at the
		resource calculation stage. Should further infill drilling be required to
		meet resource requirements, this will be completed in due course.
		•The samples were not compositedprior to submission to the

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Criteria	JORC Code explanation	Commentary
		laboratory
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•The spacing and orientation of the sampling is generally appropriate
of data in	possible structures and the extent to which this is known, considering	to the main mineralized zone.
relation to	the deposit type.	•GLD0001 was drilled on existing drilling sections and intersected
geological	• If the relationship between the drilling orientation and the orientation	mineralisation at a high angle. Due to the design restrictions for waste
structure	of key mineralised structures is considered to have introduced a	rock and geotechnical data collection and limitations on collar site
	sampling bias, this should be assessed and reported if material.	selection due to pit geometry, GLD0002 intersected mineralisation at
		an oblique angle. True mineralisation widths will be calculated upon
		receipt of GLD0002 assayresults.
Sample	• The measures taken to ensure sample security.	•All drill core is transported from drill sites to the Company core
security		processing facility in Mt Coolon by Company personnel. Prepared
		samples are then transported to a commercial courier in Moranbah by
		Company personnel where they are on-shipped directly to ALS
		Laboratories in Townsville.
		•Core, coarse chip rejects and pulps are stored at the GBM core
		facility.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No audits of either the data or the methods used in this drilling
reviews		program have been undertaken to date.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Glen Eva deposit is located within ML10227, approximately 12
tenement	agreements or material issues with third parties such as joint	km SE of the Mt Coolon township and 10 km SE of the Koala gold
and land	ventures, partnerships, overriding royalties, native title interests,	mine.
tenure status	historical sites, wilderness or national park and environmental	•The ML is 100% owned by Mt Coolon Gold Mines Pty Ltd, a
	settings.	subsidiary of GBM Resources Ltd. ML10227 expires on 31/1/24.
	• The security of the tenure held at the time of reporting along with any	•GBM is not aware of any material issues with third parties which may
	known impediments to obtaining a licence to operate in the area.	impede current or future operations at Glen Eva
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• BHP Minerals Exploration (1985-1989):
done by		BHP held an extensive belt of tenements over the Mt. Coolon region,
other parties		extending up to 80km north, 30km south and 50km west of the Mt.
		Coolon township. The main target of exploration was epithermal style
		precious metal mineralisation within the Bulgonunna Volcanics.
		Grass roots exploration utilising stream sediment sampling and
		reconnaissance prospecting located the Hill 273 (Glen Eva) prospect.
		A sinter was identified at theprospect within weaklysiliceous,argillic

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Criteria	JORC Code explanation	Commentary
		altered rhyolite tuffs. Subsequent BLEG soil sampling on a 100m x
		100m spaced grid produced a peak value of 11.4 ppb within a 1.25km
		x 450m gold anomaly (>5ppb Au). Rock chipping returned a best
		value of 0.11 ppm Au. Follow up drilling of 11 open percussion holes
		to 24m depth failed to return any gold values greater than 0.05ppm.
		• Aberfoyle Resources Ltd. (1990-1992):
		Focused on demagnetisation zones associated with hydrothermal
		alteration. Geological traversing delineated an area of subdued
		magnetics associated with rhyolite sub-crop covered by epithermal
		quartz float along a boundary fence line (Eastern Siliceous Zone
		prospect).
		• Austwhim Resources Ltd. (1992-1998)
		Extensive exploration work concentrated on four main prospects and
		included lag, soil and rock chip sampling, gridding and mapping,
		followed by considerable RC, open hole percussion, RAB and NQ
		diamond drilling of four prospects. Drill testing of the Fence and
		Arsenic Anomalies delineated by surface geochemistry, failed to
		intersect any significant mineralisation. Encouraging results from RC
		percussion drilling on the margins of an intensely silicified rhyolite
		complex at the Eastern Siliceous Zone returned a best intersection of
		15m @ 1.92g/t Au from 56m. A NQ2 diamond hole (243m TD) was
		drilled to test the marginal breccia zones of the complex and failed to
		intersect any significant intersections at depth. Austwhim withdrew
		from a JV with Ross in August 1998.
		• Dominion (1993-1995)
		Extensive RAB, RCP and diamond core (NQ2) drilling program was
		completed following up on a previous intersection of 33m @ 0.22g/t
		Au in a percussion hole near an outcropping sinter at Glen Eva. An
		indicated-inferred gold-silver resource was outlined at the Glen Eva
		prospect based on 50m x 50m drill hole spacing over a 300 m strike
		length. Using manual polygonal interpretation, Dominion estimated
		an indicated and inferred resources of 425,000 t @ 4.7 g/t Au cut to
		20 g/t Au (64,220 oz), or 424,775 t @ 5.39 g/t Au uncut (73,786 oz)
		both with approximately 177,300 oz of associated silver.
		• Ross Mining Limited (1996-1999)
		Extensive orientation geochemical surveys verified a coherent 1.6km
		x 350m E-W trending +5ppb gold in soil anomaly (-2mm BCL) above
		the main mineralized lode, with the peak (+10ppb Au) displaced
		400m to the west. Ross completed three additional resource
		estimates after subsequent stages of drilling:

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Criteria	JORC Code explanation	Commentary
		•541,600 t @ 4.37 g/t Au for 76,200 oz Au undiluted resource above
		a 0.50 g/t cutoff and cut to 30 g/t Au (Ruxton).
		• Measured 220,000 t @ 6.80 g/t Au 15.6 g/t Ag, Indicated 120,000 t
		@ 3.20 g/t Au 8.60 g/t Ag for a total of 340,000 t @ 5.50 g/t Au 13.10
		g/t Ag containing 60,100 oz Au and 140,000 oz Ag.
		• In 1996 Vigar estimated 450,000 t @ 4.90 g/t Au for 70,800 oz Au.
		The Glen Eva deposit was mined by Ross mining NL over a period of
		nine months in 1997. The mine produced 24,185 ounces of gold,
		recovered from 156,000 t of ore. No prospect scale work was
		conducted from July 1999. Delta Gold Ltd took over Ross Mining in
		April 2000, so Delta Gold Ltd are now the active JV partners on the
		Glen Eva EPM 9981.
		• Drummond Gold (2005-2015)
		Drummond drilled two RC holes for a total of 626 m in 2010 to test
		mineralisation below the current Glen Eva pit. No further work was
		undertaken by Drummond at Glen Eva.
Geology	• Deposit type, geological setting and style of mineralisation.	•Glen Eva represents a epithermal low sulphidation quartz adularia
		pyrite gold system located in the basal sequences of the Late
		Devonian to Early Carboniferous Drummond Basin ( Cycle 1 -Silver
		Hills Volcanics) which through prolonged deformation and recent
		erosion now occur as ‘windows’ generally adjacent to the Early
		Palaezoic Anakie Inlier.
		The Drummond Basin is structurally controlled by north-north-west
		faults which were initiated in the early development of the basin.
		Glen Eva mineralisation primarily occurs as epithermal colloform and
		crustiform quartz veins within tectonic and hydrothermal brecciated
		zones of the Silver Hill dacitic volcanics. Mineralisation is typically
		overlain by a 20 m to 30 m thick sinter horizon and unconformably
		overlain by up to 10 m of lateritised Tertiary sediments.
		The entire volcanic sequence dips gently to the south-west at
		approximately 25 ◦. The main quartz lenses strike west-north-west
		and dip to the north-east at 20 ◦ just below the sinter cap.
		The topography in the Glen Eva area is gently undulating with poor
		drainage development and outcrop is restricted to the small zone of
		sinter 100 m south-west of the concealed mineralisation.
		Alteration adjacent to the main lodes is dominated by sericite and
		pyrite which grades outwards into chlorite, calcite and pyrite.
		The main fault trends strike west-north-west to north-west,dipsteeply

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Criteria	JORC Code explanation	Commentary
		south-west and bound the mineralisation on the north-east side.
Drill hole	• A summary of all information material to the understanding of the	•Included in table below.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques,	•All quoted drill intercepts have been length-weighted where required.
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•Intercepts were calculated using a 0.3 g/t Au cutoff grade and a
methods	grades) and cut-off grades are usually Material and should be stated.	maximum 2m internal dilution. No high-grade cut was applied.
	• 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.
Relationship	• These relationships are particularly important in the reporting of	•True widths are not reported and will be calculated upon receipt of
between	Exploration Results.	assay results for the second and last hole of the program at Glen
mineralisatio	• If the geometry of the mineralisation with respect to the drill hole	Eva.
n widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported, there
lengths	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	•A collar plan with all collar locations and intercept callouts is included
	intercepts should be included for any significant discovery being	in the report body.
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•Downhole length weighted average grades have been reported for all
reporting	practicable, representative reporting of both low and high grades	drillholes where above the defined cutoff. Where values are below
	and/or widths should be practiced to avoid misleading reporting of	this no significant intersection (NSI) is noted.
	Exploration Results.

13

Criteria	JORC Code explanation	Commentary
Other	• Other exploration data, if meaningful and material, should be reported	•Not applicable at this time. This programme comprises only drilling.
substantive	including (but not limited to): geological observations; geophysical	Further work will be completed and reported in due course.
exploration	survey results; geochemical survey results; bulk samples – size and
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	•Infill drilling may be completed if the assessment of geological
	extensions or depth extensions or large-scale step-out drilling).	continuity is considered unsatisfactory for Indicated resource
	• Diagrams clearly highlighting the areas of possible extensions,	classification.
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

Project	Hole Location	Hole Location	Hole Location	Hole Location	Hole Orientation(Local Grid)	Hole Orientation(Local Grid)	Hole Orientation(Local Grid)	Mineralisation Intersection	Mineralisation Intersection	Mineralisation Intersection	Mineralisation Intersection	Mineralisation Intersection	Mineralisation Intersection
	Hole_ID	MGA_E	MGA_N	RL_m	**Azimuth⁰ **	Dip⁰	**EOH Depth_m **	m_From	m_To	DH Length_m	True Width_m	**Gradeg/t Au **	G*M DH Length
Glen Eva	GLD0001	546585	7630419	259	180	-37	200.4	146	159	13	-	3.6	46.6
								147	151.4	4.4	-	9.5	41.8
Glen Eva	GLD0002	546761	7630184	258	300	-35	217.69	Results Pending

Table. Summary of Glen Eva drill holes. Please note that co-ordinates are preliminary and subject to minor change on final survey pickup. Intersections are based on a 0.3g/t Cut-off and a maximum of 2 metres of included sub-grade material.

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