GOLDARC RESOURCES LIMITED — Capital/Financing Update 2017

Jul 24, 2017

25 JULY 2017

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ASX RELEASE

TORIAN CONFIRMS HIGH GRADE MINERALISATION AT PARADIGM EAST

1. HIGHLIGHTS

• Infill RC drilling now completed (7 holes, 526m) at Paradigm East;

• Best intersection 4m @ 9.32g/t Au from 24m;

• Paradigm East has been tested along a strike of 250m;

• There is evidence of a second parallel zone lying about 50m south; and

• Both zones remain open along strike to the southeast.

Torian Resources Ltd ( ASX:TNR ) ( Torian or Company ) is pleased to provide an update on the recent RC drilling program at Paradigm East; part of the Company’s Zuleika Project. The drill program comprised seven holes for a total of 526 metres and was designed to infill the central portion of Paradigm East to a spacing of 20m by 40m. The holes were sampled as 4m composites however single metre samples have now been submitted to the lab for assay.

Results to date show that gold mineralisation continues from Northern Star’s (ASX:NST) Paradigm Prospect onto Torian’s Zuleika Project tenure at Paradigm East and remains open at depth and along strike to the south east. There are also several other high priority targets surrounding Paradigm, particularly to the north and south, that have only been lightly explored. Further exploration is warranted and the Company has already commenced planning for the next exploration program.

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Figure 1: RC drill rig on site at Paradigm East.

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

info@torianresources.com.au www.torianresources.com.au

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2. ZULEIKA PROJECT

2.1 Introduction

The Company’s 100% owned Zuleika Project consists of 125 tenements covering approximately 223km[2] north, and partly along strike, of several major gold deposits. The Zuleika Project is located 40km northwest of Kalgoorlie and is accessed by well-maintained bitumen and all weather gravel roads.

The southern boundary of the Project lies some 8km NW of the Kundana Gold Mine where in excess of 7 million ounces of gold has been discovered at an average grade of approximately 10 g/t. This region has experienced unprecedented exploration and corporate activity of late. This activity has been led by Northern Star Resources and Evolution Mining, two of Australia’s largest ASX listed gold miners. Additionally, Zijin, China’s largest gold producer, is extremely active with mining operations in this region, two of which immediately adjoin Torian’s tenements

2.2 Regional Geology

The Zuleika Project is located in the central part of the Archaean Norseman-Wiluna greenstone belt in Western Australia. The greenstone belt is approximately 600 kilometres in length, and is characterised by thick sequences of ultramafic, mafic, and felsic volcanics, as well as various intrusives and sedimentary rocks. Generally the mafic and ultramafic units occur at the base of the sequence, overlain by the felsic volcanic to volcaniclastic rocks.

Research by the Geological Survey of Western Australia indicates that coarse grained sandstones and conglomerates unconformably overlie, or are in fault contact with, greenstones in synclinal basins adjacent to or overlying major regional faults.

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Figure 2: Map showing Torian’s Zuleika Project, the Paradigm mine (Red Circle) and other major gold miners.

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2.3 Mineralisation

Gold mineralisation along the Zuleika Shear occurs in all rock types, although historical and recent production is dominated by two predominant styles:

• Laminated quartz veins containing high grade gold (5-30g/t Au) and associated base metal sulphides (galena, sphalerite, and chalcopyrite) and other minerals (such as scheelite). Examples of this are the high grade deposits at Kundana; and

• Quartz vein stockworks developed within granophyric gabbro within the Powder Sill and other intrusives. An example is the very high grade Raleigh Deposit (5-100g/t Au).

Mineralisation styles vary slightly from mine to mine along the Zuleika Shear indicating localised differences due to various rocks and associated minerals. Historically the previous mines have been of a medium to high grade (3-30g/t Au) and occur in clusters, for example the Hornet / Rubicon / Pegasus / Drake / Centenary / North Pit strike line at Kundana which has produced more than 5 million ounces to date.

As previously announced, Torian has developed an extensive digital database of historic and current drill results in the region. The digital data compilation remains incomplete at present, however work continues.

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Figure 3: Map showing Torian’s Paradigm tenements and regional geology.

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3. PARADIGM EAST

Torian’s Paradigm East target forms part of the Company’s 100% owned Zuleika Project. Paradigm East lies approximately 2km east of Northern Star Resources Ltd’s (ASX:NST) Paradigm Prospect. The local geology at Paradigm East is concealed by a 5-20m thick blanket of alluvium and soil. This is likely to have masked the response from previous soil sampling. This target is associated with a sheared gabbro/epiclastic sedimentary contact that strikes approximately east-west.

Previous exploration in this area was completed between 2000 and 2016 and consisted of auger soil sampling, followed up by vertical RAB drilling on a 200m by 40m pattern. Several +1g/t Au intersections were located in these historic holes. More recent follow up drilling has consisted of angled RC drilling and a single diamond drill hole. Most of these holes were angled towards the south, but some were angled towards 025[O] magnetic.

The previous drilling was successful in identifying a saprolite gold target with the best intersection being 4m @ 16.11g/t Au from 42m in hole DQRC004. Field inspection of this hole shows this mineralisation is hosted in a quartz veined highly sheared and weathered gabbro. Several other intervals in this hole contained 0.5-5g/t Au values, with other historic holes ending in mineralisation.

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Figure 4: Map showing a plan view of Torian’s Paradigm East Prospect.

The Company recently completed an infill drilling programme designed to better define the central portion of the mineralised zone. Figure 4, above shows recent and historic drilling at Paradigm East.

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Figure 5: Cross section at Paradigm East.

3.1 Current Drilling Results:

The table below lists 4m composite assays from the new holes drilled showing significant (+1g/t Au) values from the recent drilling at Paradigm East. Several other holes intersected values between 0.5 and 1g/t Au. Many holes ended in mineralisation. These results represent 4m composite samples and individual 1m samples have now been submitted to the lab for fire assay for these and other anomalous intervals.

Hole	From	To	M	g/t Au
ZJVRC010	36	44	8	2.28
ZJVRC011	24	28	4	9.32
ZJVRC015	44	52	8	2.42

Table 1: Significant drill results from Paradigm East.

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3.2 Historic Drilling Results:

Hole	From	To	M	g/t Au
DQDD001	77	79	2	1.69
	82	83	1	1.20
	92	93	1	4.97
DQRC004	33	34	1	1.04
	35	38	3	1.07
	42	46	4	16.11
	42	44	2	30.90
	48	49	1	4.35
	56	57	1	1.13
DQRC005	119	120	1	2.30
	125	126	1	1.87
DQRC009	58	59	1	1.14
DQRC010	95	96	1	1.46
CERB0072	48	52	4	1.06
CERB0075	36	44	8	1.93
DQRC15005	44	45	1	1.66
DQRC15008	75	76	1	1.99

Table 2: Significant drill results from Paradigm East’s historic drilling.

The Paradigm East lies to the east of Northern Star’s (ASX:NST) Paradigm Prospect. On 14 November 2016, Northern Star announced some outstanding intersections at Paradigm including:

• 3.2m @ 207.00g/t Au from 189m

• 5.2m @ 156.00g/t Au from 92m

• 10m @ 54.30g/t Au from 165m

• 15m @ 15.20g/t Au from 72m

• 14m @ 14.8g/t Au from 98m

• 15m @ 7.30g/t Au from 57

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Figure 6: Northern Star’s recent drilling results adjacent to Torian’s tenure.

The Paradigm area contains a small open pit and underground operation that was active before 2000. Torian’s Zuleika Project has possible strike extensions of approximately 4.5km north and up to 1km south of Paradigm. There is no drilling known in the northern zone and very wide spaced drilling in the south. This wide spaced drilling has outlined several anomalous zones in the 0.5-1g/t Au range, with a best hole from historic drilling being SGRC005 which intersected 1m @ 2.75g/t Au from 38m (5792mE, 16355mN, 411mRL, the hole was drilled to 150m at minus 60 degrees towards 225 degrees magnetic).

This target will receive further drilling once the present geophysical interpretation is completed.

4. INTERPRETATION

Based upon the assays received to date, Torian’s preliminary interpretations are:

• Gold mineralisation continues onto Torian’s tenure at Paradigm East;

• The mineralisation discovered remains open at depth and along strike to the south east;

• There are several other high priority targets surrounding Paradigm, particularly to the north and south, that have only been lightly explored; and

• Further exploration is warranted to test these and other targets.

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Geological interpretation is showing the rocks in this area to be more complex than previously understood. This added complexity is encouraging and suggests potential for additional mineralisation styles to be present away from the main vein structure.

5. NEXT STEPS

Over the next few months Torian plans the following work:

• Carry out further interpretation of current and historical drilling;

• Plan and seek approval for reconnaissance RAB drilling at Paradigm North; and

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

6. COMMENTARY

Matthew Sullivan, Torian’s MD comments:

“These results reinforce Torian’s geological interpretation of the region, especially the definition of the target at Paradigm East.

Planning for the next drilling programs to the North, South and East of Paradigm have now commenced. These areas represent exciting prospects for the Company.

The wide spaced nature of the holes means that these results are very encouraging and further work will be planned for Phase 2 exploration of these targets.”

For more information please contact:

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Matthew Sullivan Managing Director

(08) 6216 0424 info@torianresources.com.au

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About Torian:

Torian Resources Ltd (ASX:TNR) is a highly active gold exploration and development company. Following the acquisition of Cascade Resources Ltd on 23 May 2017, 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. As one of the ASX’s most active gold explorers we offer new shareholders significant leverage to exploration success.

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Drilling Collar Details:

Hole	E	N	RL	Depth	Dip	Azimuth
ZJVRC010	5701	18677	418	60	-60	180
ZJVRC011	5715	18691	418	78	-60	180
ZJVRC012	5725	18655	418	60	-60	180
ZJVRC013	5752	18684	418	78	-60	180
ZJVRC014	5754	18628	418	60	-60	180
ZJVRC015	5781	18657	418	90	-60	180
ZJVRC016	5813	18691	418	100	-60	180

Table 3: Paradigm East drill collar details and results.

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.

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Appendix Zuleika Project

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		Samples were collected via face sampling Reverse Circulation (RC) drill chips.
techniques		specialised industry standard measurement tools appropriate to the minerals under		All drilling yielded samples on a metre basis. The RC drilling samples were
		investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.		composited into intervals of 4m, from which approx. 2-3 kg is pulverised to produce a 40 g charge for fire assay. Sample preparation method is total material dried and pulverized to nominally 85%
		Aspects of the determination of mineralisation that are Material to the Public		passing 75 µm particle size. Gold analysis method is by 40g Fire Assay, with Atomic
		Report.		Absorption Spectrometry (AAS) finish (DL 0.01 – UL 50 ppm Au) for the samples.
		In cases where ‘industry standard’ work has been done this would be relatively		Samples exceeding the upper limit of the method were automatically re-assayed
		simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3		utilizing a high grade gravimetric method.
		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 blast, auger,		The RC holes were 125mm using industry standard methods.
techniques		Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of
		diamond tails, face-sampling bit or other type, whether core is oriented and if so, by
		_what method, etc). _
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 the RC drilling via collecting the samples in a
		the samples.		cyclone prior to sub sampling. No significant water flows were encountered.
		Whether a relationship exists between sample recovery and grade and whether		No relationship appears from the data between sample recovery and grade of the
		sample bias may have occurred due topreferential loss/gain of fine/coarse material.		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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core taken.		Non-core drill chip sample material is riffle split, where sample is dry. In case of wet
techniques and		If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet		sample a representative ‘grab’ sample method is utilized.
sample		or dry.		The sample preparation technique is total material dried and pulverized to
preparation		For all sample types, the nature, quality and appropriateness of the sample		nominally 85% passing 75 µm particle size, from which a 50g charge was
		preparation technique.		representatively riffle split off, for assay. In the case of diamond core the samples
		Quality control procedures adopted for all sub-sampling stages to maximise		were crushed as a prior sample preparation step.
		representivity of samples.		Standard check (known value) sample were commonly used in all drilling. Where
		Measures taken to ensure that the sampling is representative of the in situ material		used the known values correspond closely with the expected values. A duplicate
		collected, including for instance results for field duplicate/second-half sampling.		(same sample duplicated) were commonly inserted for every 30 samples taken.
		Whether sample sizes are appropriate to the grain size of the material being		The sample size is industry standard and appears suitable for the current
		sampled.		programme.
Quality of assay		The nature, quality and appropriateness of the assaying and laboratory procedures		The samples were submitted to a commercial independent laboratory in Kalgoorlie.
data and		used and whether the technique is considered partial or total.		This lab is internationally accredited for QAQC in mineral analysis.
laboratory tests		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters		No geophysical tools have been used to date.
		used in determining the analysis including instrument make and model, reading		The laboratory inserted blank and check samples for each batch of samples analysed
		times, calibrations factors applied and their derivation, etc.		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 log sheet, two electronic backup storage devices and primary electronic
				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. No down hole surveys were completed. As
points		surveys), trenches, mine workings and other locations used in Mineral Resource		this drilling is to depths of no more than 100m significant deviations in the RC holes
		estimation.		are not expected.
		Specification of the grid system used.		Grid system is a local grid coordinates.
		Quality and adequacy of topographic control.		Topographic control is accurate to +/- 0.5 m.
Data spacing		Data spacing for reporting of Exploration Results.		The drill spacing is variable but generally no greater than 20m by 40m. Historic
and distribution		Whether the data spacing and distribution is sufficient to establish the degree of		holes extend on a nominal 40m by 80m away from the areas drilled.
		geological and grade continuity appropriate for the Mineral Resource and Ore		The area does have drilling density sufficient for JORC Inferred category. Further
		Reserve estimation procedure(s) and classifications applied.		infill will be required.
		Whether sample compositing has been applied.		The initial results reflect 4m composite samples. Individual 1m samples have been

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				submitted to the lab.
Orientation of		Whether the orientation of sampling achieves unbiased sampling of possible		The orientation of the drilling is approximately at right angles to the known
data in relation		structures and the extent to which this is known, considering the deposit type.		mineralisation and so gives a fair representation of the mineralisation intersected.
to geological		If the relationship between the drilling orientation and the orientation of key		No sampling bias is believed to occur due to the orientation of the drilling.
structure		mineralised structures is considered to have introduced a sampling bias, this should
		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 Zukleika Project is contained within a large number of tenements. Generally,
tenement and		material issues with third parties such as joint ventures, partnerships, overriding		these are Prospecting Licences, but some Mining Leases are part of the tenement
land tenure status		royalties, native title interests, historical sites, wilderness or national park and environmental settings. 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.		package. The tenement details have been previously announced to the market. The company has a 100% interest in the Project following the recent successful takeover of its former JV Partner, Cascade Resources Ltd..
Exploration done		Acknowledgment and appraisal of exploration by other parties.		Work relating to previous exploration contained within this report was completed
by other parties				by other parties. These companies were Placer Dome from 2000-2008, Barrick 2008
				till 2014,and Northern Star Resources 2014 till 2016..
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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
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 4 metre samples, with a limited number of
methods		usually Material and should be stated.		shorter intervals, such as at the end of a hole, etc. No top cuts were applied. Lower
		Where aggregate intercepts incorporate short lengths of high grade results and		cut-offs used were 1.0g/t Au.
		longer lengths of low grade results, the procedure used for such aggregation should		No aggregations of higher grade mineralisation have been used.
		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.		No metal equivalent values are used
Relationship		These relationships are particularly important in the reporting of Exploration Results.		Details of geology, and selected cross sections are given elsewhere in this report
between mineralisation		If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		The tables above show drill widths not true widths.
widths and		If it is not known and only the down hole lengths are reported, there should be a
intercept lengths		clear statement to this effect (eg ‘down hole length, true width not known’).
Diagrams		Appropriate maps and sections (with scales) and tabulations of intercepts should be		Details of geology, and selected cross sections 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.
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 targets. The aim of such work is to increase confidence in the
		Diagrams clearly highlighting the areas of possible extensions, including the main		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.

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