Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

GOLDARC RESOURCES LIMITED Capital/Financing Update 2017

Sep 21, 2017

64961_rns_2017-09-21_77455b0c-db59-499a-bc93-ee7d728c8af8.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [242 x 91] intentionally omitted <==

ASX RELEASE 22 SEPTEMBER 2017

DRILLING TO COMMENCE AT MALCOLM

1. HIGHLIGHTS

  • Preparations underway for an RC drilling program at Malcolm;

  • The drilling program will focus on the 100% owned Calypso prospect;

  • Calypso was acquired for its geological similarities to the world class Sunrise Dam deposit (+15Moz);

  • Torian’s planned drill program at Calypso will commence shortly.

Torian Resources Ltd ( ASX:TNR ) ( Torian or Company ) is pleased to announce that preparations for its next drilling program at Calypso are underway. Torian’s Calypso target is located approximately 25km southeast of Leonora and is a high priority target for the company.

The Calypso prospect was acquired in 2016 due to its geological similarities to the world class Sunrise Dam deposit ( + 15Moz). Both deposits are hosted by altered banded iron formation ( BIF ) rocks where the iron has been altered from oxide facies (hematite or magnetite) to sulphide facies (pyrite) amid an overall carbonate-quartz-pyrite alteration.

The BIF at Calypso has dimensions of at least 130m wide by 500m long with drilling extending to a maximum of 340m down hole (about 300m vertical). The mineralisation remains open in all directions.

Past exploration at Calypso has been hampered by selective sampling of the previous diamond drill holes, despite gold grades above 1g/t Au being recorded in a variety of rocks (not just the BIF).

Best intersections to date include:

  • 5.32m @ 4.78g/t Au from 10.98m;

  • 5.00m @ 4.56g/t Au from 102m;

  • 8.00m @ 1.55g/t Au from 36m;

  • 7.35m @ 1.66g/t Au from 29.65m;

  • 7.00m @ 1.69g/t Au from 269m;

  • 6.40m @ 2.06g/t Au from 34m; and

  • 5.70m @ 1.97g/t Au from 13m.

ABN: 72 002 261 565 Ground Floor, 104 Colin St, West Perth, 6004 Australia Phone +61 8 6216 0424 Fax +61 8 9322 4130

[email protected] www.torianresources.com.au

==> picture [89 x 34] intentionally omitted <==

==> picture [441 x 346] intentionally omitted <==

Figure 1: Calypso section showing historic drilling, geology and mineralisation.

The previous drilling is very broad spaced, with holes as far apart as 150m. The holes were drilled in a variety of directions.

The current proposal is to drill 80m by 80m holes to "normalise" the drill direction and spacings. The target is very large and this drilling won't test the limits of the target. The drilling is designed to simply infill the central mineralised area.

2

==> picture [89 x 34] intentionally omitted <==

==> picture [409 x 327] intentionally omitted <==

Figure 2: Torian’s Calypso Drill Plan showing historic drilling and mineralisation.

2. CALYPSO

Torian’s Calypso target lies approximately 25km southeast of Leonora. The local geology at Calypso is concealed by a 5-40m thick blanket of alluvium. This is likely to have masked the response from previous soil sampling. This target is associated with a folded and highly altered banded iron formation (BIF) that strikes north-north-easterly.

Previous exploration in this area was completed between the early 1970s and mid 1990s and consisted of vertical RAB and aircore drilling on a 200m by 40m pattern. Several +1g/t Au intersections were located in these historic holes. Later follow up drilling has consisted of angled RC drilling and a number of diamond drill holes. Most of these holes were angled towards the southeast and east, but some were drilled vertically. Virtually no exploration has taken place at Calypso since the 1990s.

The original discovery was made in the early 1980s following the resampling of a historic (1970s) diamond drill hole that was drilled to test a “bullseye” magnetic target that was drilled by a previous explorer in the hope of discovering base metals (Cu-Zn). RC drilling at expected to commence shortly.

Table 1 below lists all the holes drilled to date and highlights the anomalous (+1g/t Au) values from historic drilling at Calypso. Several other holes intersected values between 0.5 and 5g/t Au. Many holes ended in mineralisation. The challenge at Calypso is that the previous sampling of the diamond holes was selective based on a limited understanding of the geology. Many holes drilled into the BIF were never sampled at all.

3

==> picture [89 x 34] intentionally omitted <==

3. OTHER PROJECTS

The company is in ongoing corporate and project level discussions with a number of third parties. These discussions are of a commercially sensitive nature and the market will be advised if and when anything transpires.

Torian is currently planning exploration programs at a number of other high priority target. Information on these programs will be released once complete.

4. NEXT STEPS

Over the next few months Torian plans the following work:

  • Complete the current RC drilling program at Calypso;

  • Carry out further interpretation of current and historical drilling;

  • Plan the next reconnaissance RAB drilling program at Paradigm; and

  • Plan additional RC drilling to determine the extent of the mineralisation.

5. COMMENTARY

Matthew Sullivan, Torian’s MD comments:

“The historic results at Calypso demonstrate that mineralisation associated with the BIF is extensive and poorly explored.

It would appear that some of the structures that are associated with the Calypso mineralisation are poorly tested and have remained so since the initial discovery in the early 1980s. Further exploration will be required over coming months to better understand this system.

This is a very exciting target for Torian and we look forward to reporting the results once received.”

For further information, please contact:

==> picture [141 x 37] intentionally omitted <==

Matthew Sullivan Managing Director

(08) 6216 0424 [email protected]

4

==> picture [89 x 34] intentionally omitted <==

About Torian:

Torian Resources Ltd ( ASX:TNR ) is a highly active gold exploration and development company. Following the acquisition of Cascade Resources, the Company has a large and strategic landholding comprising eight projects and over 500km² of tenure located in the Goldfields Region of Western Australia.

Torian’s flagship project, Zuleika, is located along the world class Zuleika Shear. The Zuleika Shear is the fourth largest gold producing region in Australia and consistently produces some of the country’s highest grade and lowest cost gold mines. Torian’s Zuleika project lies north and partly along strike of several major gold deposits including Northern Star’s (ASX:NST) 7.0Moz East Kundana Joint Venture and Evolutions (ASX:EVN) 1.8Moz Frogs Legs and White Foil deposits.

The Zuleika Shear has seen significant corporate activity of late with over A$1 Billion worth of acquisition in the region by major mining companies. Since May 2015, Torian has increased its landholding by approximately 86% along the Zuleika Shear via eight separate acquisitions. The total land position at the Zuleika project is now approximately 223km² making Torian the second largest landholder in this highly sought after region.

Torian’s exploration team has an enviable track record of exploration success which includes the discovery of some of Australia’s largest gold mines. Last year Torian drilled 59,345m for a total of 1,319 holes across its projects. The large drilling campaign tested 26 exploration targets and, importantly, made four gold discoveries. This makes Torian one of the most active gold explorers on the ASX.

2017 is set to be another big year for the company. Torian’s exploration plans will focus on determining the size of these discoveries and will also test a number of other high priority targets. As one of the ASX’s most active gold explorers we offer new shareholders significant leverage to exploration success. We look forward to keeping you informed in what we believe will be another exciting year for our company.

5

==> picture [89 x 34] intentionally omitted <==

Calypso Historic Drilling

Table 1 – Significant Historic Drill Intersections (+1g/t Au) at Calypso

Hole N E Depth Az Dip From To m Au
CD002 11752 10341 339 93 -56 221 223 2 1.45
and 226 227 1 1.40
and 230 231 1 9.40
and 234 240 6 1.53
and 269 276 7 1.69
CD003 11780 10491 183.5 90 -60 108 109 1 1.14
and 127 131 4 4.74
and 138 141 3 4.60
CD004 11799 10589 152.6 90 -60 95 101 6 2.78
CD006 11836 10787 150 90 -60 45 46 1 2.15
and 50 54 4 4.04
including 52 53 1 10.40
and 100 104 4 1.71
CPRC009 11534 10324 150 135 -60 65 66 1 2.08
and 105 107 2 2.46
CPRC010 11902 10539 141 45 -60 102 107 5 4.56
CAC061 11837 10786 92 0 -90 36 44 8 1.55
MAD001 11665 10503 260 111 -60 206 207 1 1.07
MAD003 11715 10485 220 111 -60 76.4 76.5 0.1 1.29
and 101.1 0.4 2.97
and 100.7 103 2.3 2.04
and 106 114.9 8.9 1.04
and 122.5 124.4 1.9 5.06
and 133 141 7.2 2.37
and 145.8 146.3 0.5 9.17
and 190.5 204.5 14 1.63
MAD004 11707 10506 266 0 -90 76.9 77.25 0.35 5.08
and 87 87.4 0.4 2.25
and 190 196.4 6.4 1.23
MAD005 12059 10481 186 0 -90 6 18.7 12.7 1.35
MAD006 11754 10502 247 118 -60 68.7 69.2 0.5 3.58
and 161.5 167.5 6.5 1.50
MAD009 12083 10456 77.53 135 -60 10.98 16.3 5.32 4.78
and 26.75 31.33 4.58 1.20

6

==> picture [89 x 34] intentionally omitted <==

MAD012 12071 10468 51.65 135 -60 14.5 16.5 2 1.75
MAD013 12102 10438 99.96 135 -60 35 38.5 3.5 1.55
and 41 42.5 1.5 1.27
and 47 48 1 1.13
MAD014 12078 10501 54.34 128 -60 5 8.8 4.8 1.14
MAD015 12082 10479 77.12 135 -60 8 10.61 2.61 1.50
and 22.5 40.4 17.9 1.40
MAD016 12119 10421 114.04 135 -60 16 17 1 1.01
and 25 27 2 1.36
and 38 40 2 1.67
and 52 53 1 1.03
and 65 66 1 1.01
and 67 68 1 1.23
MAD017 12073 10466 170 315 -60 11 15.75 4.75 2.27
and 29.65 37 7.35 1.66
and 46.5 49.5 3 1.45
MAD018 12099 10480 73.48 180 38.4 39.5 1.1 1.19
MAD020 12094 10428 81 135 -60 31 35 4 1.03
and 51 53 2 3.29
MAD023 11697 10534 229.51 111 -60 186 187 1 1.66
OD002 11600 10540 207 360 -60 187.5 197.7 10.2 1.06

Table 2 – Collar Details of Historic Drill Holes at Calypso

Hole E N RL Depth Dip Az Company Type
MAD001 10503 11665 430 260 -60 111 Minplex DD
MAD002 10601 11700 430 104 -60 90 Minplex DD
MAD003 10485 11715 430 220 -60 111 Minplex DD
MAD004 10506 11707 430 266 -90 0 Minplex DD
MAD005 10481 12059 430 186 -90 0 Minplex DD
MAD006 10502 11754 430 247 -60 118 Minplex DD
MAD007 10800 11906 430 131 -90 0 Minplex DD
MAD008 10499 12042 430 44 -60 315 Minplex DD
MAD009 10456 12083 430 77.53 -60 135 Minplex DD
MAD010 10402 12077 430 75 -60 135 Minplex DD
MAD011 10432 12050 430 60 -60 135 Minplex DD
MAD012 10468 12071 430 51.65 -60 135 Minplex DD
MAD013 10438 12102 430 99.96 -60 135 Minplex DD
MAD014 10501 12078 430 54.34 -60 128 Minplex DD

7

==> picture [89 x 34] intentionally omitted <==

MAD015 10479 12082 430 77.12 -60 135 Minplex DD
MAD016 10421 12119 430 114.04 -60 135 Minplex DD
MAD017 10466 12073 430 170 -60 315 Minplex DD
MAD018 10480 12099 430 73.48 -57.5 180 Minplex DD
MAD019 10505 12100 430 60 -60 180 Minplex DD
MAD020 10428 12094 430 81 -60 135 Minplex DD
MAD021 10446 12075 430 71.65 -60 135 Minplex DD
MAD022 10463 12057 430 40 -60 135 Minplex DD
MAD023 10534 11697 430 229.51 -60 111 Minplex DD
SCOUT01 13540 11100 430 28 -90 0 Minplex RAB
SCOUT02 12500 10280 430 38 -90 0 Minplex RAB
SCOUT03 9240 11100 430 43 -90 0 Minplex RAB
SCOUT04 7900 12600 430 62 -90 0 Minplex RAB
MAR001 10560 11840 430 42 -90 0 Minplex RAB
MAR002 10560 11820 430 44 -90 0 Minplex RAB
MAR003 10560 11800 430 32 -90 0 Minplex RAB
MAR004 10560 11780 430 30 -90 0 Minplex RAB
MAR005 10560 11760 430 40 -90 0 Minplex RAB
MAR006 10560 11740 430 28 -90 0 Minplex RAB
MAR007 10560 11720 430 40 -90 0 Minplex RAB
MAR008 10560 11700 430 29 -90 0 Minplex RAB
MAR009 10560 11680 430 20 -90 0 Minplex RAB
MAR010 10560 11660 430 18 -90 0 Minplex RAB
MAR011 10560 11640 430 18 -90 0 Minplex RAB
MAR012 10560 11620 430 20 -90 0 Minplex RAB
MAR013 10560 11600 430 24 -90 0 Minplex RAB
MAR014 10560 11580 430 26 -90 0 Minplex RAB
MAR015 10560 11560 430 24 -90 0 Minplex RAB
MAR016 10560 11540 430 44 -90 0 Minplex RAB
MAR017 10560 11520 430 56 -90 0 Minplex RAB
MAR018 10600 11600 430 44 -90 0 Minplex RAB
MAR019 10600 11620 430 20 -90 0 Minplex RAB
MAR020 10600 11640 430 44 -90 0 Minplex RAB
MAR021 10600 11660 430 28 -90 0 Minplex RAB
MAR022 10600 11680 430 28 -90 0 Minplex RAB
MAR023 10600 11700 430 20 -90 0 Minplex RAB
MAR024 10600 11720 430 41 -90 0 Minplex RAB
MAR025 10560 11650 430 29 -90 0 Minplex RAB

8

==> picture [89 x 34] intentionally omitted <==

MAR026 10560 11610 430 38 -90 0 Minplex RAB
MAR027 10560 11570 430 53 -90 0 Minplex RAB
MAR028 10600 11670 430 16 -90 0 Minplex RAB
MAR029 10640 11760 430 23 -90 0 Minplex RAB
MAR030 10640 11740 430 20 -90 0 Minplex RAB
MAR031 10600 11690 430 56 -90 0 Minplex RAB
MAR032 10640 11780 430 37 -90 0 Minplex RAB
MAR033 10640 11720 430 50 -90 0 Minplex RAB
MAR034 10640 11680 430 60 -90 0 Minplex RAB
MAR035 10640 11640 430 50 -90 0 Minplex RAB
MAR036 10640 11600 430 22 -90 0 Minplex RAB
MAR037 10720 11800 430 35 -90 0 Minplex RAB
MAR038 10720 11760 430 42 -90 0 Minplex RAB
MAR039 10720 11720 430 26 -90 0 Minplex RAB
MAR040 10800 11820 430 68 -90 0 Minplex RAB
MAR041 10800 11860 430 72 -90 0 Minplex RAB
MAR042 10480 11520 430 38 -90 0 Minplex RAB
MAR043 10480 11480 430 20 -90 0 Minplex RAB
MAR044 10520 11520 430 41 -90 0 Minplex RAB
MAR045 10520 11480 430 22 -90 0 Minplex RAB
MAR046 10560 11480 430 54 -90 0 Minplex RAB
MAR047 10640 11660 430 72 -90 0 Minplex RAB
MAR048 10680 11640 430 68 -90 0 Minplex RAB
MAR049 10720 11620 430 54 -90 0 Minplex RAB
MAR050 10720 11680 430 32 -90 0 Minplex RAB
MAR051 10680 11680 430 71 -90 0 Minplex RAB
MAR052 10680 11720 430 20 -90 0 Minplex RAB
MAR053 10680 11760 430 43 -90 0 Minplex RAB
MAR054 10760 11760 430 26 -90 0 Minplex RAB
MAR055 10760 11720 430 80 -90 0 Minplex RAB
MAR056 10600 11560 430 37 -90 0 Minplex RAB
MAR057 10600 11520 430 44 -90 0 Minplex RAB
MAR058 10320 11560 430 20 -90 0 Minplex RAB
MAR059 10520 11600 430 20 -90 0 Minplex RAB
MAR060 10520 11640 430 20 -90 0 Minplex RAB
MAR061 10520 11700 430 18 -90 0 Minplex RAB
MAR062 10480 11710 430 43 -90 0 Minplex RAB
MAR063 10440 11730 430 43 -90 0 Minplex RAB

9

==> picture [89 x 34] intentionally omitted <==

MAR064 10400 11740 430 26 -90 0 Minplex RAB
MAR065 10360 11760 430 43 -90 0 Minplex RAB
MAR066 10320 11700 430 43 -90 0 Minplex RAB
MAR067 10480 11730 430 43 -90 0 Minplex RAB
MAR068 10520 11720 430 18 -90 0 Minplex RAB
MAR069 10520 11740 430 26 -90 0 Minplex RAB
MAR070 10520 11760 430 47 -90 0 Minplex RAB
MAR071 10600 11760 430 20 -90 0 Minplex RAB
MAR072 10600 11740 430 34 -90 0 Minplex RAB
MAR073 10760 11600 430 28 -90 0 Minplex RAB
MAR074 10800 11960 430 62 -90 0 Minplex RAB
MAR075 10800 12010 430 50 -90 0 Minplex RAB
MAR076 10800 12060 430 56 -90 0 Minplex RAB
MAR077 10520 11680 430 22 -90 0 Minplex RAB
MAR078 10520 11780 430 54 -90 0 Minplex RAB
MAR079 10600 11780 430 45 -90 0 Minplex RAB
MAR080 10640 12020 430 42 -90 0 Minplex RAB
MAR081 10640 12070 430 64 -90 0 Minplex RAB
MAR082 10640 12120 430 83 -90 0 Minplex RAB
MAR083 10640 12170 430 83 -90 0 Minplex RAB
MAR084 10480 12160 430 8 -90 0 Minplex RAB
MAR085 10480 12110 430 8 -90 0 Minplex RAB
MAR086 10480 12060 430 6 -90 0 Minplex RAB
MAR087 10480 12110 430 47 -90 0 Minplex RAB
MAR088 10480 12210 430 9 -90 0 Minplex RAB
MAR089 10480 12260 430 11 -90 0 Minplex RAB
MAR090 10320 12120 430 27 -90 0 Minplex RAB
MAR091 10640 11970 430 31 -90 0 Minplex RAB
MAR092 10640 11920 430 27 -90 0 Minplex RAB
MAR093 10640 11870 430 18 -90 0 Minplex RAB
MAR094 10800 11910 430 53 -90 0 Minplex RAB
MAR095 10660 11700 430 26 -90 0 Minplex RAB
MAR096 10640 11820 430 36 -90 0 Minplex RAB
MAR097 10480 12030 430 10 -90 0 Minplex RAB
MAR098 10480 11820 430 60 -90 0 Minplex RAB
MAR099 10360 11900 430 56 -90 0 Minplex RAB
MAR100 10480 12045 430 12 -90 0 Minplex RAB
MAR101 10400 12240 430 12 -90 0 Minplex RAB

10

==> picture [89 x 34] intentionally omitted <==

MAR102 10400 12200 430 12 -90 0 Minplex RAB
MAR103 10400 12160 430 11 -90 0 Minplex RAB
MAR104 10400 12120 430 7 -90 0 Minplex RAB
MAR105 10400 12040 430 13 -90 0 Minplex RAB
MAR106 10400 12000 430 21 -90 0 Minplex RAB
MAR107 10400 11960 430 26 -90 0 Minplex RAB
MAR108 10400 11920 430 17 -90 0 Minplex RAB
MAR109 10400 11880 430 54 -90 0 Minplex RAB
MAR110 10400 11840 430 54 -90 0 Minplex RAB
MAR111 10320 11840 430 54 -90 0 Minplex RAB
MAR112 10320 11880 430 19 -90 0 Minplex RAB
MAR113 10320 11920 430 20 -90 0 Minplex RAB
MAR114 10320 11960 430 38 -90 0 Minplex RAB
MAR115 10320 12000 430 30 -90 0 Minplex RAB
MAR116 10320 12040 430 29 -90 0 Minplex RAB
MAR117 10320 12080 430 23 -90 0 Minplex RAB
MAR118 10320 12160 430 39 -90 0 Minplex RAB
MAR119 10320 12200 430 13 -90 0 Minplex RAB
MAR120 10320 12240 430 27 -90 0 Minplex RAB
MAR121 10320 12280 430 37 -90 0 Minplex RAB
MAR122 10320 12320 430 42 -90 0 Minplex RAB
MAR123 10240 12320 430 18 -90 0 Minplex RAB
MAR124 10240 12280 430 48 -90 0 Minplex RAB
MAR125 10240 12240 430 20 -90 0 Minplex RAB
MAR126 10240 12200 430 42 -90 0 Minplex RAB
MAR127 10240 12160 430 56 -90 0 Minplex RAB
MAR128 10240 12120 430 26 -90 0 Minplex RAB
MAR129 10240 12080 430 19 -90 0 Minplex RAB
MAR130 10240 12040 430 30 -90 0 Minplex RAB
MAR131 10240 12000 430 21 -90 0 Minplex RAB
MAR132 10240 11960 430 39 -90 0 Minplex RAB
MAR133 10240 11920 430 53 -90 0 Minplex RAB
MAR134 10320 12020 430 29 -90 0 Minplex RAB
MAR135 10320 12060 430 24 -90 0 Minplex RAB
MAR136 10340 12040 430 22 -90 0 Minplex RAB
MAR137 10300 12040 430 29 -90 0 Minplex RAB
MAR138 10240 11880 430 51 -90 0 Minplex RAB
MAR139 10240 11840 430 44 -90 0 Minplex RAB

11

==> picture [89 x 34] intentionally omitted <==

MAR140 10160 11840 430 32 -90 0 Minplex RAB
MAR141 10160 11880 430 23 -90 0 Minplex RAB
MAR142 10160 11920 430 16 -90 0 Minplex RAB
MAR143 10160 11960 430 26 -90 0 Minplex RAB
MAR144 10160 12000 430 36 -90 0 Minplex RAB
MAR145 10160 12040 430 43 -90 0 Minplex RAB
MAR146 10160 12080 430 45 -90 0 Minplex RAB
MAR147 10160 12120 430 60 -90 0 Minplex RAB
MAR148 10160 12160 430 70 -90 0 Minplex RAB
MAR149 10160 12240 430 60 -90 0 Minplex RAB
MAR150 10160 12320 430 45 -90 0 Minplex RAB
MAR151 10080 12320 430 30 -90 0 Minplex RAB
MAR152 10080 12280 430 13 -90 0 Minplex RAB
MAR153 10080 12280 430 61 -90 0 Minplex RAB
MAR154 10080 12200 430 61 -90 0 Minplex RAB
MAR155 10080 12160 430 27 -90 0 Minplex RAB
MAR156 10080 12120 430 59 -90 0 Minplex RAB
MAR157 10080 12080 430 40 -90 0 Minplex RAB
MAR158 10080 12040 430 68 -90 0 Minplex RAB
MAR159 10080 12000 430 62 -90 0 Minplex RAB
MAR160 10080 11960 430 54 -90 0 Minplex RAB
MAR161 10080 11920 430 24 -90 0 Minplex RAB
MAR162 10080 11880 430 43 -90 0 Minplex RAB
MAR163 10080 11840 430 46 -90 0 Minplex RAB
MAR164 10040 12000 430 14 -90 0 Minplex RAB
MAR165 10040 11960 430 15 -90 0 Minplex RAB
MAR166 10100 11980 430 59 -90 0 Minplex RAB
MAR167 10100 12020 430 58 -90 0 Minplex RAB
MAR168 10120 12000 430 30 -90 0 Minplex RAB
MAR169 10120 11960 430 16 -90 0 Minplex RAB
MAR170 10160 12140 430 74 -90 0 Minplex RAB
MAR171 10130 12160 430 68 -90 0 Minplex RAB
MAR172 10160 12180 430 80 -90 0 Minplex RAB
MAR173 10180 12160 430 73 -90 0 Minplex RAB
MAR174 10400 12220 430 10 -90 0 Minplex RAB
MAR175 10380 12240 430 12 -90 0 Minplex RAB
MAR176 10400 12260 430 19 -90 0 Minplex RAB
MAR177 10420 12240 430 15 -90 0 Minplex RAB

12

==> picture [89 x 34] intentionally omitted <==

MAR178 10360 12320 430 30 -90 0 Minplex RAB
MAR179 10360 12280 430 24 -90 0 Minplex RAB
MAR180 10360 12240 430 20 -90 0 Minplex RAB
MAR181 10360 12200 430 16 -90 0 Minplex RAB
MAR182 10360 12160 430 20 -90 0 Minplex RAB
MAR183 10400 12280 430 20 -90 0 Minplex RAB
MAR184 10400 12320 430 26 -90 0 Minplex RAB
MAR185 10410 12320 430 23 -90 0 Minplex RAB
MAR186 10440 12280 430 24 -90 0 Minplex RAB
MAR187 10440 12240 430 15 -90 0 Minplex RAB
MAR188 10440 12200 430 7 -90 0 Minplex RAB
MAR189 10440 12160 430 5 -90 0 Minplex RAB
MAR190 10480 12280 430 20 -90 0 Minplex RAB
MAR191 10480 12320 430 15 -90 0 Minplex RAB
MAR192 10520 12320 430 18 -90 0 Minplex RAB
MAR193 10520 12280 430 18 -90 0 Minplex RAB
MAR194 10520 12240 430 11 -90 0 Minplex RAB
MAR195 10520 12200 430 8 -90 0 Minplex RAB
MAR196 10520 12160 430 6 -90 0 Minplex RAB
MAR197 10520 12120 430 6 -90 0 Minplex RAB
MAR198 10560 12320 430 19 -90 0 Minplex RAB
MAR199 10560 12280 430 13 -90 0 Minplex RAB
MAR200 10560 12240 430 10 -90 0 Minplex RAB
MAR201 10560 12200 430 11 -90 0 Minplex RAB
MAR202 10560 12160 430 10 -90 0 Minplex RAB
MAR203 10560 12120 430 13 -90 0 Minplex RAB
MAR204 10560 12080 430 15 -90 0 Minplex RAB
MAR205 10560 12040 430 24 -90 0 Minplex RAB
MAR206 10560 12000 430 30 -90 0 Minplex RAB
MAR207 10560 11960 430 36 -90 0 Minplex RAB
MAR208 10560 11920 430 19 -90 0 Minplex RAB
MAR209 10560 11880 430 13 -90 0 Minplex RAB
MAR210 10400 11800 430 50 -90 0 Minplex RAB
MAR211 10400 11760 430 41 -90 0 Minplex RAB
MAR212 10400 11720 430 40 -90 0 Minplex RAB
MAR213 10400 11680 430 38 -90 0 Minplex RAB
MAR214 10400 11640 430 19 -90 0 Minplex RAB
MAR215 10400 11600 430 20 -90 0 Minplex RAB

13

==> picture [89 x 34] intentionally omitted <==

MAR216 10400 11550 430 33 -90 0 Minplex RAB
MAR217 10400 11500 430 19 -90 0 Minplex RAB
MAR218 10400 11450 430 20 -90 0 Minplex RAB
MAR219 10400 11400 430 28 -90 0 Minplex RAB
MAR220 10400 11360 430 28 -90 0 Minplex RAB
MAR221 10320 11360 430 23 -90 0 Minplex RAB
MAR222 10320 11400 430 22 -90 0 Minplex RAB
MAR223 10320 11440 430 69 -90 0 Minplex RAB
MAR224 10320 11480 430 62 -90 0 Minplex RAB
MAR225 10320 11520 430 21 -90 0 Minplex RAB
MAR226 10320 11560 430 22 -90 0 Minplex RAB
MAR227 10320 11600 430 40 -90 0 Minplex RAB
MAR228 10320 11640 430 49 -90 0 Minplex RAB
MAR229 10320 11680 430 48 -90 0 Minplex RAB
MAR230 10320 11720 430 50 -90 0 Minplex RAB
MAR231 10480 11560 430 30 -90 0 Minplex RAB
MAR232 10480 11600 430 22 -90 0 Minplex RAB
MAR233 10480 11640 430 24 -90 0 Minplex RAB
MAR234 10480 11680 430 33 -90 0 Minplex RAB
MAR235 10440 11680 430 38 -90 0 Minplex RAB
MAR236 10440 11640 430 27 -90 0 Minplex RAB
MAR237 10440 11600 430 30 -90 0 Minplex RAB
MAR238 10440 11560 430 22 -90 0 Minplex RAB
MAR239 10440 11520 430 20 -90 0 Minplex RAB
MAR240 10440 11800 430 34 -90 0 Minplex RAB
MAR241 10240 11760 430 39 -90 0 Minplex RAB
MAR242 10240 11720 430 29 -90 0 Minplex RAB
MAR243 10240 11680 430 26 -90 0 Minplex RAB
MAR244 10240 11640 430 36 -90 0 Minplex RAB
MAR245 10240 11600 430 47 -90 0 Minplex RAB
MAR246 10240 11560 430 45 -90 0 Minplex RAB
MAR247 10240 11520 430 20 -90 0 Minplex RAB
MAR248 10240 11480 430 24 -90 0 Minplex RAB
MAR249 10240 11440 430 22 -90 0 Minplex RAB
MAR250 10240 11400 430 25 -90 0 Minplex RAB
MAR251 10240 11360 430 68 -90 0 Minplex RAB
MAR252 10160 11440 430 28 -90 0 Minplex RAB
MAR253 10160 11480 430 22 -90 0 Minplex RAB

14

==> picture [89 x 34] intentionally omitted <==

MAR254 10160 11520 430 27 -90 0 Minplex RAB
MAR255 10160 11560 430 63 -90 0 Minplex RAB
MAR256 10160 11600 430 60 -90 0 Minplex RAB
MAR257 10160 11640 430 48 -90 0 Minplex RAB
MAR258 10160 11680 430 42 -90 0 Minplex RAB
MAR259 10160 11720 430 54 -90 0 Minplex RAB
MAR260 10160 11760 430 44 -90 0 Minplex RAB
MAR261 10160 11800 430 20 -90 0 Minplex RAB
MAR262 10080 11800 430 46 -90 0 Minplex RAB
MAR263 10080 11760 430 66 -90 0 Minplex RAB
MAR264 10080 11720 430 64 -90 0 Minplex RAB
MAR265 10080 11680 430 56 -90 0 Minplex RAB
MAR266 10080 11640 430 54 -90 0 Minplex RAB
MAR267 10080 11600 430 40 -90 0 Minplex RAB
MAR268 10080 11560 430 66 -90 0 Minplex RAB
MAR269 10080 11520 430 77 -90 0 Minplex RAB
MAR270 10080 11740 430 16 -90 0 Minplex RAB
MAR271 10080 11780 430 58 -90 0 Minplex RAB
MAR272 10480 11840 430 23 -90 0 Minplex RAB
MAR273 10480 11800 430 66 -90 0 Minplex RAB
MAR274 10480 11920 430 58 -90 0 Minplex RAB
MAR275 10480 11960 430 62 -90 0 Minplex RAB
MAR276 10640 12200 430 32 -90 0 Minplex RAB
MAR277 10640 12240 430 40 -90 0 Minplex RAB
MAR278 10640 12280 430 16 -90 0 Minplex RAB
MAR279 10640 12320 430 30 -90 0 Minplex RAB
MAR280 10720 12160 430 58 -90 0 Minplex RAB
MAR281 10720 12120 430 84 -90 0 Minplex RAB
MAR282 10720 12080 430 58 -90 0 Minplex RAB
MAR283 10720 12040 430 75 -90 0 Minplex RAB
MAR284 10720 12000 430 40 -90 0 Minplex RAB
MAR285 10720 11960 430 20 -90 0 Minplex RAB
MAR286 10720 11920 430 12 -90 0 Minplex RAB
MAR287 10720 11880 430 12 -90 0 Minplex RAB
MAR288 10720 11840 430 8 -90 0 Minplex RAB
MAR289 10800 11760 430 34 -90 0 Minplex RAB
MAR290 10800 11680 430 4 -90 0 Minplex RAB
MAR291 10800 11600 430 8 -90 0 Minplex RAB

15

==> picture [89 x 34] intentionally omitted <==

MAR292 10800 11520 430 30 -90 0 Minplex RAB
MAR293 10800 11440 430 8 -90 0 Minplex RAB
MAR294 10720 11440 430 6 -90 0 Minplex RAB
MAR295 10720 11520 430 22 -90 0 Minplex RAB
MAR296 10640 11520 430 26 -90 0 Minplex RAB
MAR297 10640 11440 430 18 -90 0 Minplex RAB
MAR298 10520 11440 430 22 -90 0 Minplex RAB
MAR299 10480 11440 430 22 -90 0 Minplex RAB
MAR300 10360 11480 430 48 -90 0 Minplex RAB
MAR301 10360 11520 430 20 -90 0 Minplex RAB
MAR302 10360 11560 430 32 -90 0 Minplex RAB
MAR303 10560 11600 430 34 -90 0 Minplex RAB
MAR304 10360 11640 430 44 -90 0 Minplex RAB
MAR305 10360 11680 430 28 -90 0 Minplex RAB
MAR306 10280 11480 430 22 -90 0 Minplex RAB
MAR307 10280 11520 430 20 -90 0 Minplex RAB
MAR308 10280 11560 430 32 -90 0 Minplex RAB
MAR309 10280 11600 430 36 -90 0 Minplex RAB
MAR310 10280 11640 430 42 -90 0 Minplex RAB
MAR311 10280 11680 430 48 -90 0 Minplex RAB
MAR312 10280 11720 430 46 -90 0 Minplex RAB
MAR313 10280 11760 430 28 -90 0 Minplex RAB
MAR314 10280 11800 430 18 -90 0 Minplex RAB
MAR315 10200 11800 430 66 -90 0 Minplex RAB
MAR316 10200 11760 430 48 -90 0 Minplex RAB
MAR317 10200 11720 430 30 -90 0 Minplex RAB
MAR318 10200 11680 430 36 -90 0 Minplex RAB
MAR319 10280 11840 430 40 -90 0 Minplex RAB
MAR320 10280 11880 430 46 -90 0 Minplex RAB
MAR321 10280 11920 430 42 -90 0 Minplex RAB
MAR322 10280 11960 430 14 -90 0 Minplex RAB
MAR323 10280 12000 430 42 -90 0 Minplex RAB
MAR324 10360 12120 430 24 -90 0 Minplex RAB
MAR325 10360 12080 430 22 -90 0 Minplex RAB
MAR326 10360 12040 430 28 -90 0 Minplex RAB
MAR327 10360 12000 430 40 -90 0 Minplex RAB
MAR328 10680 12000 430 38 -90 0 Minplex RAB
MAR329 10680 11960 430 28 -90 0 Minplex RAB

16

==> picture [89 x 34] intentionally omitted <==

MAR330 10680 11920 430 14 -90 0 Minplex RAB
MAR331 10680 11880 430 12 -90 0 Minplex RAB
MAR332 10680 11840 430 20 -90 0 Minplex RAB
MAR333 10680 11800 430 23 -90 0 Minplex RAB
MAR334 10600 11800 430 22 -90 0 Minplex RAB
MAR335 10600 11840 430 36 -90 0 Minplex RAB
MAR336 10600 11800 430 36 -90 0 Minplex RAB
MR341 10720 12320 430 50 -90 0 BHP RAB
MR342 10720 12360 430 31 -90 0 BHP RAB
MR343 10720 12400 430 28 -90 0 BHP RAB
MR344 10720 12440 430 34 -90 0 BHP RAB
MR345 10720 12480 430 40 -90 0 BHP RAB
MR346 10640 12480 430 14 -90 0 BHP RAB
MR347 10640 12440 430 28 -90 0 BHP RAB
MR348 10640 12400 430 22 -90 0 BHP RAB
MR349 10640 12360 430 34 -90 0 BHP RAB
MR350 10560 12360 430 14 -90 0 BHP RAB
MR351 10560 12400 430 38 -90 0 BHP RAB
MR352 10560 12440 430 20.5 -90 0 BHP RAB
MR353 10560 12480 430 32 -90 0 BHP RAB
MR354 10480 12480 430 14 -90 0 BHP RAB
MR355 10480 12440 430 13 -90 0 BHP RAB
MR356 10480 12400 430 16 -90 0 BHP RAB
MR357 10480 12360 430 13 -90 0 BHP RAB
MR358 10400 12360 430 23 -90 0 BHP RAB
MR359 10400 12400 430 16 -90 0 BHP RAB
MR360 10400 12440 430 14 -90 0 BHP RAB
MR361 10400 12480 430 12 -90 0 BHP RAB
MR362 10120 11600 430 64 -90 0 BHP RAB
MR363 10120 11560 430 70 -90 0 BHP RAB
MR364 10120 11520 430 72 -90 0 BHP RAB
MR365 10120 11480 430 56.5 -90 0 BHP RAB
MR366 10120 11440 430 21 -90 0 BHP RAB
MR367 10080 11440 430 72 -90 0 BHP RAB
MR368 10080 11480 430 72 -90 0 BHP RAB
MR369 10200 11600 430 40 -90 0 BHP RAB
MR370 10200 11560 430 30.5 -90 0 BHP RAB
MR371 10200 11440 430 47 -90 0 BHP RAB

17

==> picture [89 x 34] intentionally omitted <==

MR372 10880 12000 430 70 -90 0 BHP RAB
MR373 10960 12000 430 57 -90 0 BHP RAB
MR374 11040 12000 430 26 -90 0 BHP RAB
MR375 11040 11920 430 35 -90 0 BHP RAB
MR376 10880 11920 430 72 -90 0 BHP RAB
MR377 10880 11840 430 37 -90 0 BHP RAB
MR378 10880 11760 430 72 -90 0 BHP RAB
MR379 11040 11760 430 72 -90 0 BHP RAB
MR380 12600 10240 430 7 -90 0 BHP RAB
MR381 12550 10240 430 67 -90 0 BHP RAB
MR382 12500 10240 430 59 -90 0 BHP RAB
MR383 12450 10240 430 56 -90 0 BHP RAB
MR384 8000 12600 430 66 -90 0 BHP RAB
MR385 7950 12600 430 64 -90 0 BHP RAB
MR386 7900 12600 430 57.5 -90 0 BHP RAB
MR387 7850 12600 430 58 -90 0 BHP RAB
MR388 7800 12600 430 42 -90 0 BHP RAB
MR389 7850 12700 430 73 -90 0 BHP RAB
MR390 7850 12523 430 52 -90 0 BHP RAB
MR391 7950 12400 430 30 -90 0 BHP RAB
MR392 8000 12300 430 49.5 -90 0 BHP RAB
MR393 10320 12360 430 40 -90 0 BHP RAB
MR394 10320 12400 430 19 -90 0 BHP RAB
MR395 10320 12440 430 16 -90 0 BHP RAB
MR396 10320 12480 430 11 -90 0 BHP RAB
MR397 10320 12520 430 11 -90 0 BHP RAB
MR398 10320 12560 430 12 -90 0 BHP RAB
MR399 10400 12560 430 19.5 -90 0 BHP RAB
MR400 10400 12520 430 12 -90 0 BHP RAB
MR401 10480 12520 430 18 -90 0 BHP RAB
MR402 10480 12560 430 24 -90 0 BHP RAB
MR403 10560 12560 430 44 -90 0 BHP RAB
MR404 10560 12520 430 25 -90 0 BHP RAB
MR405 10640 12520 430 73 -90 0 BHP RAB
MR406 10640 12560 430 67.5 -90 0 BHP RAB
MC001 9150 11100 430 87 -90 0 BHP AC
MC002 9150 11200 430 100 -90 0 BHP AC
MC003 9150 11000 430 104 -90 0 BHP AC

18

==> picture [89 x 34] intentionally omitted <==

MC004 9150 10900 430 108 -90 0 BHP AC
MC005 9150 10800 430 93 -90 0 BHP AC
MC006 10960 11920 430 100 -90 0 BHP AC
MC007 10960 11840 430 102 -90 0 BHP AC
MC008 10960 11760 430 102 -90 0 BHP AC
MC009 11040 11840 430 94 -90 0 BHP AC
MC010 10800 11880 430 73 -90 0 BHP AC
MC011 10800 11600 430 90 -90 0 BHP AC
MC012 10800 11500 430 90 -90 0 BHP AC
MC013 10800 11700 430 100 -90 0 BHP AC
MC014 10800 12200 430 35 -90 0 BHP AC
MC015 10800 12300 430 40 -90 0 BHP AC
MC016 10800 12400 430 24 -90 0 BHP AC
MC017 10800 12500 430 17 -90 0 BHP AC
MC018 10800 12900 430 20 -90 0 BHP AC
MC019 10800 13100 430 21 -90 0 BHP AC
MC020 10800 13300 430 13.5 -90 0 BHP AC
MC021 10800 13500 430 30 -90 0 BHP AC
MC022 11200 11600 430 69 -90 0 BHP AC
MC023 11200 11700 430 83 -90 0 BHP AC
MC024 11200 11800 430 96 -90 0 BHP AC
MC025 11200 12000 430 102 -90 0 BHP AC
MC026 11200 12100 430 108 -90 0 BHP AC
MC027 11200 12200 430 111 -90 0 BHP AC
MC028 11200 12300 430 103 -90 0 BHP AC
MC029 11200 12400 430 106 -90 0 BHP AC
MC030 11200 12500 430 111 -90 0 BHP AC
MC031 11200 12600 430 88 -90 0 BHP AC
MC032 11200 12900 430 76 -90 0 BHP AC
MC033 11600 11600 430 91 -90 0 BHP AC
MC034 11600 11500 430 72 -90 0 BHP AC
MC035 11600 12000 430 93 -90 0 BHP AC
MC036 11600 12200 430 72 -90 0 BHP AC
MC037 11600 12400 430 98 -90 0 BHP AC
MC038 11600 12600 430 114 -90 0 BHP AC
MC039 11600 12900 430 102 -90 0 BHP AC
MC040 11600 13200 430 24 -90 0 BHP AC
MC041 11850 13860 430 40 -90 0 BHP AC

19

==> picture [89 x 34] intentionally omitted <==

MC042 12000 13200 430 18 -90 0 BHP AC
MC043 12000 13000 430 54 -90 0 BHP AC
MC044 12000 12800 430 50 -90 0 BHP AC
MC045 12000 12600 430 92 -90 0 BHP AC
MC046 12000 12400 430 104 -90 0 BHP AC
MC047 12000 11600 430 102 -90 0 BHP AC
MC048 12400 11600 430 93 -90 0 BHP AC
MC049 12400 11300 430 90 -90 0 BHP AC
MC050 13200 11600 430 68 -90 0 BHP AC
MC051 13200 12100 430 99 -90 0 BHP AC
MC052 13200 11100 430 36 -90 0 BHP AC
MC053 12180 14780 430 44 -90 0 BHP AC
MD024 10420 12320 430 59.7 BHP DD
MD025 10400 12245 430 50 BHP DD
MD026 10105 11540 430 122 BHP DD
MD027 10650 11990 430 178.3 BHP DD
MC054A 10650 11600 430 76 -90 0 BHP RC
MC055 10630 11500 430 66.5 -90 0 BHP RC
MC056 10720 11500 430 82 -90 0 BHP RC
MC057 10720 11600 430 88 -90 0 BHP RC
MC058 10720 11700 430 100 -90 0 BHP RC
MC059 11000 12500 430 22 -90 0 BHP RC
MC060 11000 12400 430 46 -90 0 BHP RC
MC061 11000 12300 430 50 -90 0 BHP RC
MC062 11000 12200 430 46 -90 0 BHP RC
MC063 8000 12700 430 45 -90 0 BHP RC
MC064 8000 12800 430 62 -90 0 BHP RC
MC065 8000 12900 430 69 -90 0 BHP RC
MC066 8000 13000 430 60 -90 0 BHP RC
MC067 8800 12800 430 48 -90 0 BHP RC
MC068 8800 12600 430 72 -90 0 BHP RC
MC069 8800 12500 430 54 -90 0 BHP RC
MC070 8800 12400 430 39 -90 0 BHP RC
MC071 9600 12500 430 38 -90 0 BHP RC
MC072 9600 12400 430 37 -90 0 BHP RC
MC073 9600 12300 430 52 -90 0 BHP RC
MC074 7200 13200 430 98 -90 0 BHP RC
MC075 7200 13050 430 79 -90 0 BHP RC

20

==> picture [89 x 34] intentionally omitted <==

MC076 8800 12550 430 41 -90 0 BHP RC
MC077 8400 12500 430 70 -90 0 BHP RC
MC078 8400 12600 430 70 -90 0 BHP RC
MC079 8400 12700 430 50 -90 0 BHP RC
MC080 8400 12800 430 53 -90 0 BHP RC
MC081 8400 12900 430 53 -90 0 BHP RC
MC082 9200 12300 430 76 -90 0 BHP RC
MC083 9200 12400 430 53 -90 0 BHP RC
MC084 9200 12500 430 42 -90 0 BHP RC
MC085 9200 12600 430 48 -90 0 BHP RC
MC086 9600 13100 430 99 -90 0 BHP RC
MC087 9600 12900 430 121 -90 0 BHP RC
MC088 9600 12700 430 57 -90 0 BHP RC
MC089 10000 12100 430 82 -90 0 BHP RC
MC090 10000 12200 430 78 -90 0 BHP RC
MC091 10000 12300 430 72 -90 0 BHP RC
MC092 10000 12400 430 60 -90 0 BHP RC
MC093 10000 12700 430 20 -90 0 BHP RC
MC094 10000 12900 430 42 -90 0 BHP RC
MC095 10000 13100 430 102 -90 0 BHP RC
MC096 10400 12700 430 45 -90 0 BHP RC
MC097 10400 12900 430 60 -90 0 BHP RC
MC098 10400 13100 430 11 -90 0 BHP RC
MC099 13200 11300 430 60 -90 0 BHP RC
MC100 13200 11400 430 45 -90 0 BHP RC
MC101 13200 11500 430 72 -90 0 BHP RC
MC102 13600 11200 430 36 -90 0 BHP RC
MC103 13580 11300 430 52 -90 0 BHP RC
MC104 13600 11400 430 23 -90 0 BHP RC
MC105 13600 11500 430 52 -90 0 BHP RC
MC106 14000 11100 430 55 -90 0 BHP RC
MC107 14000 11200 430 9 -90 0 BHP RC
MC108 14000 11300 430 50 -90 0 BHP RC
MC109 14000 11400 430 5 -90 0 BHP RC

Work Completed by Torian:

The company has acquired all available historic data and has entered this into the company’s extensive digital database. The company has also acquired geophysical data from available sources and has

21

==> picture [89 x 34] intentionally omitted <==

commenced interpretation of the data. Once completed drilling will be planned to test the extent of the mineralisation to a vertical depth of approximately 100m.

References

Anon, 1995. Annual Report, E37/340 Calypso Project for the Period 11[th] February 1994 to 10[th] February 1985. Black Mountain Gold NL, March 1995.

Gwatkin, C. G., 1984. Report on Operations to 30[th] September 1984, Malcolm Joint Venture. RAB holes MR1-336, Diamond Holes MD1-23. BHP Ltd, November 1984.

Gwatkin, C. G., 1985. Report for the Period 1[st] May 1985 to 31[st] July 1985, Malcolm Joint Venture. BHP Ltd, August 1985.

Jephcott, C., 1984. Annual Report of Operations on P37/80, 4[th] May 1983-3[rd] May 1984. Minplex Resources Pty Ltd, June 1984.

Taylor, G. J., 1986. Annual Mineral Exploration Report on E37/205 Calypso, Leonora District for the Period 26[th] September 1995 to 25[th] September 1996. North Ltd, October 1986.

Information in this report pertaining to mineral resources and exploration results was compiled by Mr MP Sullivan who is a member of AusIMM Mr Sullivan is the chief geologist of Jemda Pty Ltd, geological consultants to the company. Mr Sullivan has sufficient experience which is relevant to the style of mineralisation and the type of deposit that is under consideration and to the activity that 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 Sullivan consents to the inclusion in the report of the matters based on his information in the form and context in which is appears.

22

==> picture [88 x 34] intentionally omitted <==

Appendix 1 Malcolm Project, Calypso Prospect

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Sampling Nature and quality of sampling (eg cut channels, random chips, or specific All data and results referred to in this report are historic or new, and date from the
techniques specialised industry standard measurement tools appropriate to the minerals under late 1970s to the present day. This data has been judged to be reliable following
investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). independent research, including discussions with previous operators and explorers
These examples should not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used.
in person.
Samples were collected via Rotary Air Blast (RAB) Aircore (AC) and Reverse
Aspects of the determination of mineralisation that are Material to the Public Circulation (RC) drill chips, with a smaller amount of diamond core drilling (DD).
Report. All drilling yielded samples on a metre basis. RAB drilling samples were commonly
In cases where ‘industry standard’ work has been done this would be relatively composited into intervals of 4 or 5m, with selected individual or 2m resamples
simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 collected. Some of the earlier RAB drilling was sampled as bottom of hole samples
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.
only. Reverse Circulation (RC) drilling is utilised to obtain 1 m samples which are
cone split, from which approx. 2-3 kg is pulverised to produce a 40 g charge for fire
assay. Diamond core was sampled typically on a metre by metre basis, but the
earlier diamond drillholes were sampled on a half metre basis.
Sample preparation method was total material dried and pulverized to nominally
85% passing 75 µm particle size. Gold analysis method for diamond a d RC drilling
was generally by 40g Fire Assay, with Atomic Absorption Spectrometry (AAS) finish
(DL 0.01 – UL 50 ppm Au). Samples exceeding the upper limit of the method were
automatically re-assayed utilizing a high grade gravimetric method. The RAB and
aircore drilling was assayed via aqua regia and AAS finish on 40 or 50 gram sub
samples. This is industry standard assaying.
Drilling Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, RAB and AC holes were typically 100mm in diameter, RC drilling usually 155mm in
techniques Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diameter. RC drilling was via a face sampling hammer. Diamond drilling utilised
diamond tails, face-sampling bit or other type, whether core is oriented and if so, by various sizes – HQ (63.5mm), NQ (47.6mm) and a lesser amount of BQ (36.4mm)
_what method, etc). _ sizes.
Drill sample Method of recording and assessing core and chip sample recoveries and results Recoveries were logged onto paper logs during drilling. Recoveries were visually
recovery assessed. assessed.
Measures taken to maximise sample recovery and ensure representative nature of Sample recoveries were maximised in RAB, AC and RC drilling via collecting the
the samples. samples in a cycloneprior to sub sampling. RAB drillholes were stopped if

23

==> picture [88 x 34] intentionally omitted <==

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Whether a relationship exists between sample recovery and grade and whether significant water flows were encountered. Diamond drilling sample recoveries were
sample bias may have occurred due to preferential loss/gain of fine/coarse material. typically controlled via penetration rates, and the pumping rates of drill fluids.
No relationship appears from the data between sample recovery and grade of the
samples.
Logging Whether core and chip samples have been geologically and geotechnically logged to All drillholes were geologically logged. This logging appears to be of high quality and
a level of detail to support appropriate Mineral Resource estimation, mining studies suitable for use in further studies.
and metallurgical studies. Logging is qualitative in nature.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, All samples / intersections are logged. 100% of relevant length intersections are
etc) photography. logged.
The total length andpercentage of the relevant intersections logged.
Sub-sampling If core, whether cut or sawn and whether quarter, half or all core taken. Non-core RC drill chip sample material is riffle split, where sample is dry. In case of
techniques and If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet wet sample a representative ‘grab’ sample method is utilized. Core was sawn in
sample or dry. half.
preparation For all sample types, the nature, quality and appropriateness of the sample The sample preparation technique is total material dried and pulverized to
preparation technique. nominally 85% passing 75 µm particle size, from which a 40g or 50g charge was
Quality control procedures adopted for all sub-sampling stages to maximise representatively riffle split off, for assay.
representivity of samples. Standard check (known value) sample were not used in all cases. Where used the
Measures taken to ensure that the sampling is representative of the in situ material known values correspond closely with the expected values. A duplicate (same
collected, including for instance results for field duplicate/second-half sampling. sample duplicated) were commonly inserted for every 20 or 30 samples taken.
Whether sample sizes are appropriate to the grain size of the material being There is no reported coarse gold at Calypso. This is reflected in the good
sampled. repeatability of some samples and also was noted on the drill logs and historic
petrologyreports.
Quality of assay The nature, quality and appropriateness of the assaying and laboratory procedures Various independent laboratories have assayed samples from the project over the
data and used and whether the technique is considered partial or total. years. In general they were internationally accredited for QAQC in mineral analysis.
laboratory tests For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters
No geophysical down hole tools have been used to date.
used in determining the analysis including instrument make and model, reading The laboratories inserted blank and check samples for each batch of samples
times, calibrations factors applied and their derivation, etc. analysed and reports these accordingly with all results.
Nature of quality control procedures adopted (eg standards, blanks, duplicates,
external laboratory checks) and whether acceptable levels of accuracy (ie lack of
bias) andprecision have been established.
Verification of The verification of significant intersections by either independent or alternative Selected significant intersections were resampled from original remnant sample
sampling and company personnel. material and analysed again.
assaying The use of twinned holes. No twinned holes have been used to date.
Documentation of primary data, data entry procedures, data verification, data Documentation of primary data is field log sheets (hand written). Primary data is
storage (physical and electronic) protocols. entered into application specific data base. The data base is subjected to data
Discuss any adjustment to assay data. verification program, erroneous data is corrected. Data storage is retention of
physical logsheet,two electronic backupstorage devices andprimaryelectronic

24

==> picture [88 x 34] intentionally omitted <==

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
database.
Location of data Accuracy and quality of surveys used to locate drill holes (collar and down-hole Survey control used is hand held GPS for historic holes and differential GPS for the
points surveys), trenches, mine workings and other locations used in Mineral Resource new holes. Apart from the diamond drilling, no down hole surveys were completed
estimation. to date. As these areas contain few RC drillholes to more than 100m significant
Specification of the grid system used. deviations are not expected in these holes. In the diamond holes the larger
Quality and adequacy of topographic control. diameter holes (HQ and NQ) were relatively straight. The BQ sections of holes
commonly showed some deviation in azimuth but not dip to a large extent.
Grid systems is a local grid converted to MGA coordinates.
Topographic control is accurate to +/- 0.5 m for the historic holes.
Data spacing Data spacing for reporting of Exploration Results. The drill spacing of the historic drilling is variable but generally no greater than
and distribution Whether the data spacing and distribution is sufficient to establish the degree of 200m by 400m, with some areas infilled to 80m by 40m. The diamond drilling is
geological and grade continuity appropriate for the Mineral Resource and Ore 20m by 20m or 20m by 40m spaced.
Reserve estimation procedure(s) and classifications applied. The areas do not have drilling density sufficient for JORC Inferred category. Further
Whether sample compositing has been applied. infill will be required.
Sample compositing has been used in areas where mineralisation is not expected to
be intersected. If results return indicate mineralisation, 1m split samples will be
submitted for analysis.
Orientation of Whether the orientation of sampling achieves unbiased sampling of possible Apart from some reconnaissance RAB and aircore drilling, the orientation of the
data in relation structures and the extent to which this is known, considering the deposit type. drilling is approximately at right angles to the known mineralisation and so gives a
to geological If the relationship between the drilling orientation and the orientation of key fair representation of the mineralisation intersected.
structure mineralised structures is considered to have introduced a sampling bias, this should No sampling bias is believed to occur due to the orientation of the drilling.
be assessed and reported if material.
Sample security The measures taken to ensure sample security. Samples were delivered to the laboratory in batches at regular intervals. These are
temporarilystored in a secure facilityafter drillingand before delivery
Audits or reviews The results of any audits or reviews of sampling techniques and data. The company engages independent consultants who regularly audit the data for
inconsistencies and other issues. None have been reported to date.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Mineral Type, reference name/number, location and ownership including agreements or The Calypso Prospect is wholly contained within P37/7414-16. These applications
tenement and material issues with third parties such as joint ventures, partnerships, overriding are held 100% by the company. The company believes that these applications were
land tenure royalties, native title interests, historical sites, wilderness or national park and made in accordance with the WA Mining act and sees no reason why they would not
status environmental settings. be granted in due course.
The security of the tenure held at the time of reporting along with any known
impediments to obtaining a licence to operate in the area.

25

==> picture [88 x 34] intentionally omitted <==

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Exploration done
Acknowledgment and appraisal of exploration by other parties. All work relating to previous exploration contained within this report was completed
by other parties by other parties. Details are included in the references.
Geology Deposit type, geological setting and style of mineralisation. Details of the geology are found elsewhere in this report.
Drill hole A summary of all information material to the understanding of the exploration Details of the drilling, etc are found within the various tables and diagrams
Information results including a tabulation of the following information for all Material drill holes: elsewhere in this report.
o easting and northing of the drill hole collar No material information, results or data have been excluded.
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, maximum and/or Weighted averages were calculated by a simple weighting of from and to distances
aggregation minimum grade truncations (eg cutting of high grades) and cut-off grades are down each hole. Most samples are 1 metre samples. No top cuts were applied.
methods usually Material and should be stated. Lower cut-offs used were 1.0g/t Au.
Where aggregate intercepts incorporate short lengths of high grade results and The inclusion of up to 2m of internal waste (less than 1g/t Au) has been included in
longer lengths of low grade results, the procedure used for such aggregation should some intersections reported. The overall grade of the intersections needed to be
be stated and some typical examples of such aggregations should be shown in detail. +1g/t Au overall for addition into the table above.
The assumptions used for any reporting of metal equivalent values should be clearly
No metal equivalent values are used
stated.
Relationship These relationships are particularly important in the reporting of Exploration Results.
Details of geology, and a typical cross section are given elsewhere in this report
between If the geometry of the mineralisation with respect to the drill hole angle is known, its
At Calypso the folded nature of the mineralisation means that steeply inclined
mineralisation nature should be reported. holes give variable but approximately true widths. This means that some drill
widths and If it is not known and only the down hole lengths are reported, there should be a widths are exaggerated. These are shown in the tables above.
intercept lengths clear statement to this effect (eg ‘down hole length, true width not known’).
The tables above show drill widths not true widths..
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be Details of geology, and a typical cross section are given elsewhere in this report.
included for any significant discovery being reported These should include, but not be
limited to aplan view of drill hole collar locations and appropriate sectional views.
Balanced Where comprehensive reporting of all Exploration Results is not practicable, Details of the results, drilling, etc are reported elsewhere in this report.
reporting representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.

26

==> picture [88 x 34] intentionally omitted <==

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Other Other exploration data, if meaningful and material, should be reported including Details of geology, and selected cross sections are given elsewhere in this report.
substantive (but not limited to): geological observations; geophysical survey results; geochemical
exploration data survey results; bulk samples – size and 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 extensions or depth
Proposed work included drilling of selected twin holes followed by infill and step out
extensions or large-scale step-out drilling). RC drilling across all resources. The aim of such work is to increase confidence in
Diagrams clearly highlighting the areas of possible extensions, including the main the data and also to test for extensions to the known resources. Budgets are being
geological interpretations and future drilling areas, provided this information is not prepared for this work at present.
commercially sensitive. In addition a significant number of additional prospects are known to exist within
the projects as defined by previous RAB and RC drilling intersections. These will
form the second phase of exploration.
Various maps and diagrams are presented elsewhere in this report to highlight
possible extensions and new targets.

27

==> picture [89 x 34] intentionally omitted <==

28