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GOLDEN DEEPS LIMITED. Capital/Financing Update 2012

Dec 18, 2012

64977_rns_2012-12-18_f5322c1c-2f68-43c5-b2a0-3bcee1d6e937.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT & MEDIA RELEASE

19 December 2012

HIGH- G RADE R ESUL T S CONTINUE AT CH R ISTIA N A

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S u rface channel s ampling team i n action at Christiana

HI G HLIGH T S

  • Highly successful surface and underground sampling and mapping programmes completed at Christiana historical mine site

  • Sampling has defined unexploited high grade zinc-lead-vanadium mineralisation extending over 500m of strike, up to 70m in apparent thickness and over 30m in vertical extent. Mineralisation appears to be open at depth and along strike in both directions.

  • Best surface channel sampling results include: ABCS 0 008 11 m e tres @ 1 5 .30% Pb+Zn and 0.02% V 2 O5 ABCS 0 023 16 m e tres @ 9 . 84% Pb+Zn and 0 .02% V2 O 5 ABCS 0 024 10 m e tres @ 1 4 .34% Pb+Zn and 0.01% V 2 O5

  • Best underground channel sampling results include: ABUG0027 3 m etres @ 15.93% P b+Zn a n d 0.04% V2O5 ABUG0019 6 m etres @ 1 4.01% P b+Zn an d 0.28% V 2O5

  • RC drilling is planned to delineate a maiden JORC resource and to initiate a scoping study into re-opening a mining operation

Golden Deeps Ltd (ABN 12 054 5 7 0 777) www.golde n 1[st] Flo o r, 8 Parliament Pl a ce, West Perth, W A 6005  PO Box 1618, West Pe r th, WA 6872  t : +61 8 9481 7833  f: +61 8 9481 77835  e: [email protected] m

www.golde n deeps.com

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CHANNEL S AMPLIN G

Gol d en Deeps is pleased t o announc e the compl e tion of a key phase i n the explor a tion of the Christiana P rospect at its Grootfo n tein Base M etals Project in Namib i a. The Co m pany’s exp l oration te a m has n o w receive d the maj o rity of th e results f r om an e x tensive underground a n d surface channel sa m pling pro g ramme at t he historic a l Christiana ZincLead-Vanadiu m Mine. Sa m pling inclu d ed all acc e ssible underground de v elopment o n three min e levels do w n to the 2 0 0ft level a s well as op e n pits and surface ex p osures, identifying wid e zones of h igh grade m ineralisati o n (See Ap p endix 1). T he channel sampling s pacing of 2 0m roughl y matches t h e undergr o und cross-cut spacing and provi d es a high l evel of sa m pling detail for the planning of futu r e explorati o n program m es.

Ap p roximately 5 00 metres of strike ha s now been effectively s ampled at s urface and on the 50ft, 100ft and 200ft level s . Almost e v ery chann e l sample has returned highly anomalous zin c , lead and v anadium m i neralisatio n .

The results are extremely e ncouraging as they ind i cate the fol l owing;

  • The willemite (Zn 2 SiO4) and descloizite ((Pb,Zn)2( O H)VO4) ric h mineralis a tion is extrem e ly high gr a de in plac e s (up to 5 0 .4% Zn ov e r 1m in t h e channel sample ABUG 0 019 on the 50ft level, a nd 38.28% Z n over 3m in ABCS00 2 4 on surfa c e).

  • Minera l isation is predominantly silicate-oxide with lesser sul p hides (sp h alerite, galena ) and carbo n ates (cerru s ite and sm i thsonite).

  • Exclud i ng the shallow open pits, which e xtend in some places t o the 50ft l evel, a large a m ount of th e Christiana zinc miner a lisation re m ains intact a nd unmine d .

  • Signifi c ant zones o f higher gr a de minera l isation occ u r within m u ch wider z o nes of lower grade Zn-Pb - V minerali s ation.

  • Many o f the und e rground cr o ss-cuts d o not reach the interp r eted ore position, indicating mineralisation is m ore perva s ive than s hown only by the ol d mine workin g s (this relates to high grade mini n g practice s when the mine was o pen in 1947-1958).

  • The underground w orkings ar e in good c o ndition, indicating a ve r y deep wat e r table and go o d geotech n ical ground conditions

  • The mineralised z o ne remain s open alo n g strike in both directi o ns and below the old wo r kings and developmen t .

  • The new resul t s demonst r ate the en o rmous pot e ntial of th e Christian a Prospect. A full listi n g of the si g nificant intercepts and c hannel sa m ple details are found i n Appendix 1 .

So m e detail of t he better r e sults of the channel sa m pling is as follows:

Su r face

ABCS0008 47m @ 4.52% Pb+Zn (4.37% Zn and 0.15% Pb) and 0.02% V2[O] 5 including 11m @ 15.30% Pb+Zn (14.94% Zn and 0.36% Pb) and 0.02% V2O ABCS0010 20m @ 3.84% Pb+Zn (3.03% Zn and 0.81% Pb) and 0.26% V2[O] 5 including 5m @ 12.02% Pb+Zn (9.49% Zn and 2.54% Pb) and 0.88% V2O5 ABCS0023 16m @ 10.03% Pb+Zn (9.84% Zn and 0.19% Pb) and 0.02% V2O5

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ABCS0024 10m @ 14.34% Pb+Zn (14.15% Zn and 0.20% Pb) and 0.01% V2O5 including 3m @ 33.58% Pb+Zn (33.28% Zn and 0.3% Pb) and 0.01% V2[O] 5

Un d ergroun d

  • ABUG0019 6m @ 14.01% Pb+Zn (13.08% Zn and 0.93%Zn) and 0.28% V2[O] 5 including 2m @ 33.71% Pb+Zn (33.15% Zn and 0.56% Pb) and 0.01% V2O5 ABUG0027 3m @ 15.93% Pb+Zn (15.79% Zn and 0.14% Pb) and 0.04% V2O5 ABUG0034 10m @ 10.39% Pb+Zn (9.51% Zn and 0.88% Pb) and 0.08% V2O5 ABUG0036 10m @ 4.96% Pb+Zn (4.44% Zn and 0.52% Pb) and 0.13% V2[O] 5 including 3m @ 11.05% Pb+Zn (10.55% Zn and 0.50% Pb) and 0.00% V2O5**

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Figure 1 – Ultra high resolution ae r ial photograph y overlain by n e w surface channel sampling r e sults. Open pi t outlines are shown in grey a n d interpreted m ineralisation footprint in red.

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Figure 2 – Schem a tic cross secti o n through the C hristiana deposit showing the depth of surfa c e mining, unde r ground develo p ment, outline f r om sampling i n formation and p lanned drilling .

BACKGRO U ND

The Christiana zinc prosp e ct and min e is located in Golden D eeps’ nort h ernmost te n ement (EPL 3543) of its Grootfo n tein Base Metals project, in nort h ern Nami b ia. Christia n a was for m erly known as “Abena b West”.

Chr i stiana was mined between 1947 a n d 1958, wi t h extensive level devel o pment car r ied out ove r at least 1, 0 00 metres of strike. S o me 540,00 0 t was min e d during th e period fro m open cut s and the u pper level s of the m ine. Exten s ive capital developm e nt in the f orm of underground d r ives and c r oss cuts w ere constr u cted in preparation fo r additional deeper min i ng. The mi n e was clo s ed in 1958 leaving the development accessi b le. Broad z o nes of sha l low high-gr a de zinc, le a d and van a dium mineralisation re m ain in situ.

The 540,000t m ined from Christiana produced the followin g concentra t es, predo m inantly usi n g simple gr a vity conce n tration met h ods;

  • 73,739t of vanadiu m concentrates grading 72% Pb an d 13% V2O 5 ,

  • 6,000t o f lead conc e ntrates gr a ding 72% P b

  • 8,500t o f zinc conc e ntrates grading 55% Z n

Chr i stiana’s hi s tory supports the successful us e of gravity separation technique s which rep r esent a rel a tively low capital expe n diture opti o n for future mine devel o pment, as well as offering a shor t lead time t o producti o n. This co u ld greatly e nhance th e economic s of the Chr i stiana Proj e ct.

Pre v ious miner s targeted the lead-va n adium des c loizite rich mineralisat i on and left behind mu c h of the ve r y high grad e zinc wille m ite rich mi n eralisation. The remna n t mineral r e source is e xpected to be higher in zinc and lower in l e ad and vanadium in c ontrast to historic pro d uction figu r es.

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Figure 3 – Location of the Christia n a Zinc Mine & Prospect

Mo d ern day analogues of t he mineral o gy observ e d at Christi a na occur a t Skorpion Mine in Na m ibia and B e ltana Mine in South Australia. At B eltana, a direct shippi n g zinc prod u ct was pro d uced by t h e blending of high gr a de willemite ores. At S korpion a special ult r a-pure, pre m ium priced zinc catho d e is produ c ed by solvent extractio n and electr o winning fr o m ores of s m ithsonite, h ydrozincit e , tarbuttite a nd willemit e .

O N GOING E XPLORA T ION AT CHRISTI A NA

A s u rvey of the undergrou n d workings and open p its is underway and is due for co m pletion in D ecember, w ith process e d results a v ailable in January 201 3 . The surv e y will provi d e a 3D voi d model of t h e undergr o und mine w orkings an d the open p its, and wi l l provide the basis for f ully deplet e d 3D mod e lling of th e mineralisation. This w ill enable t h e estimati o n of a likely mineral r e source and to accurately target fut u re resourc e drilling pr o grammes.

A p rogramme of shallow RC drilling is planned to estimate a JORC compliant mineral res o urce for C h ristiana. T h e drilling w ill initially t a rget nomin a l open pit d epths of less than 100m. The dril l ing will als o provide re p resentative bulk sampl e s for preli m inary metallurgical test work. See F igure 2.

For further information please contact:

Mr L uke Marsh a ll, General Manager - E xploration Phone (08 ) 9481 783 3

Or consult our website: www.golde n deeps.co m

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----- Start of picture text -----

ABOUT GOLDEN DEEPS LIMITED
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Figure 4 – Th e Grootfontein B ase Metal Proj e ct, Otavi Mountain Land, Na m ibia

Gol d en Deeps L imited is a n ASX listed company ( A SX: GED) f ocused on e xploration for gold and base metal s . The com p any has pr o jects in Vict o ria, Western Australia a nd the Republic of Na m ibia.

The Company’ s current focus is its 1, 1 00km[2 ] Gro o tfontein Ba s e Metal Pr o ject locate d in the Ota v i Mountain Land (OM L ) of Northern Namibia, an area r o ughly bou n ded by a t riangle linking the tow n s of Tsumeb, Grootf o ntein and O tavi. The region hos t s several g lobally sig n ificant cop p er, zinc, lead, silver and vanadium mines, i n cluding th e Tsumeb, Khusib Springs, Abenab, Berg Aukas & Kombat mines.

The region is w ell served b y sealed r o ads, rail t o port, high voltage po w er, teleph o ne and wat e r and is close to maj o r towns a n d mining processing f a cilities, including the K ombat cop p er concen t rator and T sumeb Sm e lter compl e x (one of o nly five op e rating sm e lters in Afri c a).

The Grootfonte i n Project h as a num b er of signi f icant prosp e cts near h istorical pr o duction cen t res located on its licenc e package. T hese prospects include the Askevold Copper tr e nd, the Abenab/Christiana Zinc-Vanadium Lead trend and t h e Khusib S p rings Copp e r prospect.

The Company p lans to ac t ively explor e its Projec t area with a view to d efinition of mineral res o urces.

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Competent Person Declaration

The information in t his report that relates to Ex p loration Resul t s, Mineral Re s ources or Ore Reserves is b ased on infor m ation compile d by Luke Mars h all, who is a m ember of The A ustralasian Institute of Geosc i entists. Mr Marshall has suffi c ient experienc e that is releva n t to the style o f mineralisation and type of d eposit under c onsideration a n d to the activ i ty that he is un d ertaking to qu a lify as a Com p etent Person a s defined in the 2004 Edition o f the “Australasian Code for Reporting of Ex p loration Result s , Mineral Res o urce and Ore R eserves”. Mr M arshall conse n ts to the inclusion in the repo r t of the matter s based on his i n formation in the form and con t ext in which it a ppears.

Forward-Looking Statements

This document ma y include forward-looking stat e ments. Forwa r d-looking stat e ments include , but are not limited to, statements concerning Golden D e eps Limited’s p lanned explo r ation program m e and other s tatements tha t are not histo r ical facts. Wh e n used in this document, the words such a s "could," "plan , " "estimate," " e xpect," "intend," "may”, "pot e ntial," "should, " and similar e x pressions are f orward-looking statements. Al t hough Golden Deeps Limited believes that i ts expectation s reflected in these forward-lo o king statements are reasona b le, such state m ents involve r isks and uncertainties and n o assurance ca n be given that a ctual results w i ll be consistent with these for w ard-looking st a tements.

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Appendix 1 Christiana channel sampling results

L
evel		 Hole ID Length Collar Lo c

ation WGS84 Z33		 c

ation WGS84 Z33

Dip
Azimuth
F
ro
m
m		 To
m		 Pb+
%		 Z

n		 Width
m		 Intersection Descrip t
ion
East North RL
Surfac e ABCS0001 40 824991 7
863821		 1295 0 330 2 9 0. 3 7 7m@ 0 .
18%Zn, 0.12%Pb, 0.02		 %
V2O5**
1
3		 37 0.2 7 24 24m@ 0
.21% Zn,0.06% Pb,0.0		 2
% V2O5**
ABCS0002 49 825018 7
863790		 1297 0 330 1
1		 21 1.7 3 10 10m@ 1
.24% Zn,0.50% Pb,0.0		 8
% V2O5
ABCS0003 50 825033 7
863817		 1296 0 330 6 18 1.3 3 12 12m@ 1
.01%Zn, 0.33%Pb, 0.0		 3
%V2O5
2
5		 33 1.8 3 8 8m@1 .
49% Zn,0.35% Pb,0.02		 %
V2O5*
ABCS0004 43 825055 7
863827		 1296 0 330 0 20 5.2 1 20 20m@ 3
.48%Zn,1.73%Pb, 0.2		 7
%V2O5
2 9 9.6 8 7 7m@ 5 .
51%Zn,4.18%Pb, 0.56		 %
V2O5
2
4		 33 0. 7 9 9m@ 0 .
44%Zn, 0.26%Pb, 0.06		 %
V2O5
2
4		 28 1.1 2 4 4m@0 .
64% Zn,0.48% Pb,0.10		 %
V2O5
ABCS0005 47 825075 7
863839		 1295 0 330 7 22 0. 8 15 15m@ 0
.53%Zn, 0.27%Pb, 0.0		 2
%V2O5
1
1		 15 1.3 5 4 4m@0 .
92% Zn,0.43% Pb,0.06		 %
V2O5
ABCS0006 65 825097 7
863823		 1295 0 330 1
9		 28 0.3 9 9 9m@0 .
32% Zn,0.07% Pb,0.01		 %
V2O5
ABCS0007 46 825102 7
863848		 1295 0 330 2 19 1.4 3 17 17m@ 1
.28% Zn,0.14% Pb,0.0		 3
% V2O5
ABCS0008 53 825117 7
863855		 1295 0 330 3 50 4.5 2 47 47m@ 4
.37%Zn, 0.15%Pb, 0.0		 2
%V2O5
3
9		 50 15 .3 11 **11m@ ** 1
4.94% Zn, 0.36% Pb, 0		 .
02% V2O5
ABCS0010 53 825150 7
863873		 1295 0 330 5 25 3.8 4 20 20m@ 3
.03%Zn, 0.81%Pb, 0.2		 6
%V2O5
1
7		 22 12. 0
2		 5 5m @ 9 .
49% Zn, 2.54% Pb, 0.8		 8
% V2O5
3
4		 53 2. 4 19 19m@ 1
.87%Zn, 0.53%Pb, 0.0		 2
%V2O5
3
4		 40 6.2 1 6 6m@5 .
12% Zn,1.08% Pb,0.01		 %
V2O5
ABCS0012 69 825177 7
863896		 1296 0 330 0 32 3.2 1 32 32m@ 2
.64%Zn, 0.60%Pb, 0.1		 5
%V2O5*
2
3		 24 23. 4
4		 1 1m@ 2 2
.42% Zn, 1.02% Pb, 0.		 1
6% V2O5**
ABCS0013 14 825173 7
863956		 1294 0 250 0 13 6.0 4 13 13m@ 4
.56%Zn,1.48%Pb, 0.1		 3
%V2O5
1
1		 13 13. 9
3		 2 2m@ 1 1
.30% Zn, 2.63% Pb, 0.		 1
2% V2O5
ABCS0014 58 825193 7
863904		 1294 0 330 0 47 0.8 2 47 47m@ 0
.52% Zn,0.30% Pb,0.0		 5
% V2O5
ABCS0015 56 825205 7
863920		 1294 0 330 1
0		 53 0.2 6 43 43m@ 0
.14% Zn,0.12% Pb,0.0		 3
% V2O5
ABCS0016 25 825257 7
863914		 1294 0 330 9 15 0.7 2 6 6m@0 .
62% Zn,0.10% Pb,0.01		 %
V2O5
ABCS0017 35 825276 7
863921		 1294 0 330 1
4		 21 0.8 0 7 7m@0 .
70% Zn,0.10% Pb,0.01		 %
V2O5
ABCS0018 18 825296 7
863926		 1294 0 330 1
6		 17 0.3 1 1 1m@0 .
16% Zn,0.14% Pb,0.15		 %
V2O5**
ABCS0019 56 825314 7
863936		 1295 0 330 2
2		 25 0.4 4 3 3m@0 .
40% Zn,0.04% Pb,0.00		 %
V2O5
ABCS0020 57 825334 7
863946		 1295 0 330 1
1		 22 2.1 9 11 11m@ 1
.84% Zn,0.35% Pb,0.0		 0
% V2O5
ABCS0021 56 825354 7
863955		 1296 0 330 9 37 1.2 2 28 28m@ 1
.05%Zn, 0.16%Pb, 0.0		 1
%V2O5
2
3		 25 6.3 4 2 2m@6 .
06% Zn,0.28% Pb,0.00		 %
V2O5
ABCS0022 47 825371 7
863962		 1296 0 330 5 12 1.8 3 7 7m@1 .
68%Zn, 0.15%Pb, 0.02		 %
V2O5
2
8		 31 3.2 6 3 3m@2 .
29% Zn,0.97% Pb,0.00		 %
V2O5
ABCS0023 52 825391 7
863970		 1296 0 330 1
8		 34 10. 0
3		 16 **16m@ ** 9
.84% Zn, 0.19% Pb, 0.		 0
2% V2O5
ABCS0024 47 825411 7
863987		 1297 0 330 5 15 14. 3
4		 10 **10m@ ** 1
4.15% Zn, 0.20% Pb, 0		 .
01% V2O5
ABCS0025 48 825427 7
863995		 1297 0 330 0 16 0.1 5 16 16m@ 0
.08% Zn,0.07% Pb,0.0		 7
% V2O5**
ABCS0026 30 824973 7
863774		 1298 0 330 5 7 0.7 7 2 2m@0 .
11% Zn,0.67% Pb,0.09		 %
V2O5
200 Ft L
evel		 ABUG0001 28 825025 7
863875		 1229 0 190 3 22 0.3 7 19 19m@ 0
.31% Zn,0.06% Pb,0.0		 0
% V2O5
ABUG0002 108 825021 7
863876		 1229 0 236 5
9		 64 1.3 0 5 5M@0 .
93% Zn,0.37% Pb,0.00		 %
V2O5
ABUG0003 30 824979 7
863844		 1229 0 210 9 17 0.5 4 8 8m@0 .
43% Zn,0.11% Pb,0.00		 %
V2O5
ABUG0004 10 824959 7
863832		 1229 0 180 5 6 0.7 2 1 1m@0 .
44% Zn,0.28% Pb,0.00		 %
V2O5
ABUG0005 50 825159 7
863913		 1229 0 240 2
6		 40 1.0 1 14 14m@ 0
.82% Zn,0.19% Pb,0.0		 0
% V2O5
ABUG0006 39 825162 7
863916		 1229 0 330 3
0		 31 0.4 5 1 1m@0 .
40% Zn,0.05% Pb,0.00		 %
V2O5
ABUG0007 30 825162 7
863916		 1229 0 90 1
4		 25 0.5 1 11 11m@ 0
.45% Zn,0.05% Pb,0.0		 0
% V2O5
ABUG0008 21 825192 7
863916		 1229 0 320 0 17 0.4 0 17 17m@ 0
.33% Zn,0.07% Pb,0.0		 0
% V2O5
50 Ft L e
vel		 ABUG0009 11 824990 7
863793		 1275 0 340 7 11 0.4 7 4 4m@0 .
34% Zn,0.13% Pb,0.09		 %
V2O5**
ABUG0010 13 825016 7
863807		 1275 0 315 NSI
ABUG0011 14 825033 7
863819		 1275 0 335 9 13 0.4 7 4 4m@0 .
28% Zn,0.19% Pb,0.10		 %
V2O5**
ABUG0012 23 825040 7
863823		 1275 0 346 1
2		 23 4.4 5 11 11m@ 3
.64%Zn, 0.81%Pb, 0.		 27
%V2O5
2
2		 23 14. 2
7		 1 1m@ 1 1
.20% Zn, 3.07% Pb, 0.		 6
4% V2O5
ABUG0013 8 825055 7
863829		 1275 0 338 1 6 0.4 0 5 5m@0 .
34% Zn,0.06% Pb,0.12		 %
V2O5
ABUG0014 17 825077 7
863836		 1275 0 314 1
0		 16 0.7 8 6 6m@0 .
55% Zn,0.23% Pb,0.05		 %
V2O5
ABUG0015 17 825088 7
863843		 1275 0 330 0 4 1.2 8 4 4m@0 .
92% Zn,0.36% Pb,0.15		 %
V2O5
ABUG0016 23 825101 7
863851		 1275 0 330 1
6		 20 5.5 7 4 4m@4 .
87% Zn,0.70% Pb,0.16		 %
V2O5
ABUG0016A 5 825091 7
863868		 1275 0 60 1 4 9.7 4 3 3m@6 .
91% Zn,2.83% Pb,0.14		 %
V2O5
ABUG0018 18 825114 7
863859		 1275 0 344 4 12 1.1 0 8 8m@0 .
90% Zn,0.20% Pb,0.04		 %
V2O5
ABUG0019 40 825134 7
863866		 1275 0 317 1
3		 35 5.7 8 22 22m@ 5
.42%Zn, 0.35%Pb, 0.1		 0
%V2O5
2
1		 27 14. 0
1		 6 6m@ 1 3
.08% Zn, 0.93% Pb, 0.		 2
8% V2O5
ABUG0020 20 825147 7
863879		 1275 0 336 5 20 7.3 4 15 15m@ 6
.74%Zn, 0.60%Pb, 0.1		 9
%V2O5
1
6		 20 18. 8
0		 4 4m@ 1 8
.36% Zn, 0.44% Pb, 0.		 0
3% V2O5
ABUG0021 13 825159 7
863886		 1275 0 331 0 12 5.3 6 12 12m@ 3
.08%Zn,2.28%Pb, 0.8		 5
%V2O5
1
0		 11 28. 3
5		 1 1m@ 8 .
65% Zn, 19.70% Pb, 7.		 0
2% V2O5
ABUG0022 44 825168 7
863892		 1275 0 337 0 44 22. 1
1		 44 **44m@ ** 2
0.39% Zn, 1.71% Pb, 0		 .
53% V2O5
1
6		 28 39. 6
6		 12 **12m@ ** 3
7.52% Zn, 2.15% Pb, 0		 .
70% V2O5
ABUG0023 7 825179 7
863898		 1275 0 333 3 5 0.8 7 2 2m@0 .
49% Zn,0.38% Pb,0.16		 %
V2O5**
ABUG0024 7 825180 7
863899		 1275 0 9 2 6 0.4 7 4 4m@0 .
23% Zn,0.24% Pb,0.10		 %
V2O5**
ABUG0025 21 825185 7
863902		 1275 0 0 3 20 0.3 6 17 17m@ 0
.26% Zn,0.10% Pb,0.0		 3
% V2O5**
ABUG0026 6 825200 7
863905		 1275 0 0 1 6 0.3 2 5 5m@0 .
24% Zn,0.08% Pb,0.06		 %
V2O5**
ABUG0027 18 825216 7
863905		 1275 0 357 1
3		 16 15. 9
3		 3 3m@ 1 5
.79% Zn, 0.14% Pb, 0.		 0
4% V2O5**
ABUG0028 15 825231 7
863906		 1275 0 326 5 14 0.8 7 9 9m@0 .
75% Zn,0.12% Pb,0.02		 %
V2O5
ABUG0029 7 825244 7
863914		 1275 0 342 4 7 1.5 5 3 3m@1 .
44% Zn,0.12% Pb,0.01		 %
V2O5
ABUG0030 13 825258 7
863921		 1275 0 331 3 9 1.3 6 6 6m@1 .
19% Zn,0.18% Pb,0.03		 %
V2O5
ABUG0031 10 825272 7
863928		 1275 0 331 1 2 0.5 4 1 1m@0 .
40% Zn,0.14% Pb,0.11		 %
V2O5**
ABUG0032 7 825296 7
863935		 1275 0 333 2 6 1.0 9 4 4m@0 .
99% Zn,0.09% Pb,0.01		 %
V2O5
ABUG0033 39 825327 7
863944		 1275 0 342 1
2		 38 0.6 7 26 26m@ 0
.44% Zn,0.23% Pb,0.0		 7
% V2O5

8

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L
evel		 Hole ID Length Collar Lo c
ation WGS84 Z33		 c
ation WGS84 Z33		 Dip Azimuth F ro
m
m		 To
m		 Pb+
%		 Z

n		 Width
m		 Intersection Descrip t
ion
East North RL
Vertic a
l channels		 ABUG0034 11 825107 7
863875		 1286 ‐90 0 0 10 10. 3
9		 10 **10m@ ** 9
.51% Zn, 0.88% Pb, 0.		 0
8% V2O5
ABUG0035 11 825118 7
863895		 1286 ‐90 0 0 6 4.2 9 6 6m@4 .
00% Zn,0.29% Pb,0.00		 %
V2O5
ABUG0036 11 825146 7
863889		 1286 ‐90 0 0 10 4.9 6 10 10m@ 4
.44%Zn, 0.52%Pb, 0.1		 3
%V2O5
7 10 11. 0
5		 3 3m@ 1 0
.55% Zn, 0.50% Pb, 0.		 0
0% V2O5
ABUG0037 4 825175 7
863907		 1279 ‐90 0 0 4 4.2 6 4 4m@3 .
50% Zn,0.76% Pb,0.29		 %
V2O5
ABUG0038 15 825258 7
863919		 1290 ‐90 0 0 15 2.2 4 15 15m@ 2
.08% Zn,0.15% Pb,0.0		 1
% V2O5
ABUG0039 6 825162 7
863947		 1294 ‐90 0 0 6 5.6 9 6 6m@4 .
22% Zn,1.47% Pb,0.05		 %
V2O5
ABUG0040 17 825162 7
863947		 1288 0 152 0 17 5.9 7 17 17m@ 3
.93% Zn,2.05% Pb,0.3		 2
% V2O5
ABUG0047 12 825156 7
863887		 1275 ‐90 0 0 12 2.3 8 12 12m@ 1
.89% Zn,0.50% Pb,0.2		 0
% V2O5
100 ft le
vel		 ABUG0048 16 825156 7
863887		 1260 0 143 1 5 1.0 7 4 4m@0 .
81% Zn,0.26% Pb,0.10		 %
V2O5
ABUG0049 59 825152 7
863867		 1260 0 351 1
9		 21 2.3 7 2 2m@1 .
78% Zn,0.59% Pb,0.00		 %
V2O5
ABUG0050 25 825138 7
863862		 1260 0 333 1
7		 18 0.5 7 1 1m@0 .
42% Zn,0.15% Pb,0.00		 %
V2O5**
ABUG0051 13 825135 7
863861		 1260 0 293 5 13 1.6 9 8 8m@1 .
46% Zn,0.23% Pb,0.13		 %
V2O5
ABUG0052 28 825124 7
863858		 1260 0 337 1
8		 19 1.4 8 1 1m@1 .
40% Zn,0.08% Pb,0.00		 %
V2O5**
ABUG0053 16 825110 7
863854		 1260 0 338 3 5 2.1 2 2 2m@1 .
52% Zn,0.60% Pb,0.15		 %
V2O5**
ABUG0054 13 825095 7
863850		 1260 0 347 8 12 2.0 1 4 4m@1 .
52% Zn,0.49% Pb,0.00		 %
V2O5
ABUG0055 13 825074 7
863845		 1260 0 347 3 11 0.8 7 8 8m@0 .
77% Zn,0.10% Pb,0.03		 %
V2O5
ABUG0056 6 825059 7
863843		 1260 0 353 3 6 0.5 5 3 3m@0 .
49% Zn,0.05% Pb,0.00		 %
V2O5
ABUG0057 16 825044 7
863837		 1260 0 334 2 16 1.5 8 14 14m@ 1
.18% Zn,0.40% Pb,0.1		 1
% V2O5
ABUG0058 2 825029 7
863829		 1260 0 333 NSI
ABUG0059 3 825011 7
863823		 1260 0 342 0 3 1.6 2 3 3m@1 .
36% Zn,0.26% Pb,0.08		 %
V2O5
ABUG0060 4 824995 7
863814		 1260 0 326 0 2 0.6 3 2 2m@0 .
34% Zn,0.29% Pb,0.04		 %
V2O5

  • Intervals are a combination of handheld X R F and laboratory assays

  • ** Intervals are b y handheld X R F only

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APPENDIX 2 Underground Level Plans showing sample locations .
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Figure 5 – 50ft l e vel plan showing channel sa m ple locations and interpreted m ineralisation f o otprint in red outline
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9

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Figure 6 – 100ft level plan sho w ing channel sa m ple locations a nd interpreted mineralisation f ootprint in red o utline

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Figure 7 – 200ft level plan sho w ing channel sa m ple locations a nd interpreted mineralisation f ootprint in red o utline

10

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