GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2017

Mar 28, 2017

29 March, 2017

First assays return 1.7% copper plus nickel and cobalt at Mt Venn prospect Strong result comes from edge of 2km-long conductor at the Yamarna project near Laverton in WA

• First assays from Mt Venn shows bedrock sulphide copper-nickel-cobalt mineralisation is the source of a large EM anomaly

• Assays return grades up to 1.7% Cu, 0.2% Ni and 528ppm Co from a single drill hole

• Two distinct lenses of sulphide mineralisation identified:

• Upper lens returned 6m at 0.5% Cu, 0.1% Ni and 244ppm Co (inc 1m at 1.5% Cu, 0.1% Ni and 341ppm Co

• Lower lens returned 3m at 0.9% Cu, 0.1% Ni and 360ppm Co (inc 1m at 1.7% Cu, 0.1% Ni and 235ppm Co)

• Ground EM and follow-up drilling programs now being planned

Great Boulder Resources (ASX: GBR) is pleased to announce highly promising copper, nickel and cobalt intersections from the first hole drilled at the Mt Venn prospect within its Yamarna project 130km east of Laverton in WA.

Anomalous mineralisation is intersected throughout the hole, with two higher-grade sulphide

lenses from 67m to 73 m and 85 to 88m.

The hole was drilled by Gold Road Resources in Exploration Licence E38/2320 ( Licence ), which Great Boulder recently acquired through the Yamarna Joint Venture. Great Boulder is earning an initial 75% interest in the Yamarna JV through the expenditure of $2m over 5 years[1] . The Licence acquired from Gold Road borders the Yamarna JV’s tenements.

Importantly, the hole is drilled on the eastern edge of a significant EM conductor. The conductor straddles the border between the recently acquired Licence and the original Yamarna JV tenements. The centre of the conductor, which returned the strongest EM response, is located 450m south of the drill hole within the original Yamarna JVs tenements.

With the acquisition of E38/2320, Great Boulder now holds 9km of the prospective horizon of the Mt Venn Igneous complex.

Drill testing of priority targets will follow completion of a ground EM survey which will be used to better define the conductor plates.

1. E38/2320 has been incorporated in the Yamarna Joint Venture on the same terms as described in the Great Boulder Prospectus and summarised in the Ownership section of this announcement

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The Yamarna Project

The Yamarna Project is known to host the southern extensions of the Mt Venn Igneous Complex (Figure 5) where recent drilling has established the presence of a mineralised magmatic sulphide system.

Tenement E38/2320 hosts the northern extension of a strong EM conductor than extends south into Great Boulder’s Yamarna Project. The source of the conductor was unknown until recent water monitoring drilling by Gold Road into the edge of the XTEM-1 conductor returned encouraging hand-held XRF grades of +1% Cu and +0.3% Ni.

Great Boulder has subsequently assayed the hole (results in Appendix A) and confirmed that the EM anomaly relates to primary bedrock sulphide mineralisation, with peak assay results of 1.7% Cu, 0.2% Ni, 528ppm Co, 0.3g/t Au and 6.5g/t Ag (over 1m intervals).

Significantly, the peak of the XTEM-1 conductor is located 450m south of the RC drill hole (Figure 1 and 2) on Great Boulder’s Yamarna Project. Another strong EM conductor (XTEM2) is located a further 2km south along the same magnetic trend and also within Great Boulder’s Yamarna Project (Figure 1).

The magnetic signature of the prospective Mt Venn Complex extends for 9km into the Yamarna Project and appears to represent a series of thrust stacked repetitions. The Thatcher’s Soak paleochannel (Figure 1) masks possible bedrock conductors south through the Yamarna Project and further blind targets may exist, though this will need to be assessed by ground and down-hole EM.

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0 1 2 0 1 2
kilometre kilometre
Paleochannel
XTEM-1 XTEM-1
XTEM-2 XTEM-2
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Figure 1. Late-time XTEM (LHS) and regional aeromagnetic image (RHS). The location of XTEM-1 and XTEM-2 conductors are plotted on both showing the coincident EM and RTP 1VD magnetic response

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Great Boulder Managing Director Stefan Murphy said the combination of the strong initial assays and the conductor showed Mt Venn is a highly promising target.

“We now recognise that this sulphide mineralisation is the source of the large conductor and that there is another very similar conductor just 2km away,” Mr Murphy said.

“Identifying the source of the EM conductors and their association with certain magnetic trends in the Mt Venn Complex is a critical advancement in our understanding of the mineralised system and allows us to apply this knowledge throughout the Yamarna Project”.

The EM anomalies within the Yamarna Project were first identified by Gold Road as part of an airborne XTEM survey undertaken to define the Thatcher’s Soak paleochannel as a source of process water for the Gruyere mine. During this survey, several coincident EM-magnetic anomalies were detected within the Mt Venn complex. A study commissioned to assess the potential of late time EM anomalies to represent bedrock conductors identified two potential bedrock conductors (XTEM-1 and XTEM-2)

Maxwell plate modelling of the northern XTEM-1 anomaly indicated the source is likely to be a shallow, moderately east dipping body, approximately 4050m below surface in the south and central plates of the conductor, and plunging to 100m below surface to the north where the response weakens (Figure 2).

Gold Road drilled a single 120m vertical water monitoring borehole which intersected the edge of XTEM-1. Sulphide mineralisation is observed throughout the hole and hand-held XRF analysis returned very encouraging copper, nickel and cobalt grades.

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15GYWB0004
E38/2320
GBR Yamarna
Project
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Figure 2. XTEM-1 conductor draped over RTP 1VD magnetic image with Maxwell plate modelling and drill hole 15GYWB0004 location (pink dots represent peak EM response).

Great Boulder assayed each sample interval for a multi-element suite of precious and base metals as well as indicator elements (Appendix A). The results indicate the presence of a fertile Cu-Ni-Co magmatic system on Great Boulder’s Yamarna Project.

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Two distinct lenses of higher grade mineralisation have been identified in the geochemistry data from drill hole 15GYWB0004:

Zone	From (m)	To (m)	Interval (m)	Cu (%)	Ni (%)	Co (ppm)
Upper	67	73	6	0.54	0.08	244
including			1	1.53	0.12	341
Lower	85	88	3	0.85	0.12	360
including			1	1.71	0.07	235

Table 1. Upper and Lower mineralised lenses identified in drill hole 15GYWB0004

Comparison to Early-Stage Nova-Bollinger

For scale comparison, the original Nova-Bollinger discovery was drilled over a coincident magnetic, soil and EM anomaly of a similar scale to the Mt Venn prospect.

Figure 3 : Images to the same scale Top : Initial Late time EM response at Sirius Resources’ Nova nickel-copper discovery[2]

Right : Late time XTEM response draped over RTP 1VD magnetic image along the Mt Venn trend at Great Boulder’s Yamarna Project

The discovery at XTEM-1 is still in its infancy and based on airborne EM and a single suboptimally located drill hole. However, the tenor of mineralisation on the edge of the conductor and the potential strike and plunge extents remain highly encouraging.

XTEM-1 and 2 are considered high priority targets, and additional lower tenor EM-magnetic coincident prospects will also now be assessed. The presence of the Thatcher’s Soak paleochannel cutting the Mt Venn complex may mask further bedrock conductors which could be identified by ground and downhole EM.

1. Sirius Resources NL – ASX Announcement 18 April 2012 (http://www.asx.com.au/asxpdf/20120418/pdf/425p6kpjhr74bf.pdf)

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Yamarna Next Steps

• Ahead of a maiden drill programme by Great Boulder, a ground EM survey will be undertaken to better define the primary XTEM 1 and 2 conductors, and assess other moderate response XTEM targets coincident with the primary magnetic trend.

• Down hole EM of drill hole 15GYWB0004 may be possible as the hole is cased to 109m.

• Field reconnaissance, mapping and soil sampling will also be undertaken to assess the extent of the mineralised system.

Other Active Projects

Jundee South

• Drilling at Jundee has now been completed, with all samples now in Perth for analysis.

• The programme was extended to 3,700m to test additional structures identified during the initial drilling programme.

• The additional drilling and some weather disruptions delayed the programme by approximately two weeks.

Tarmoola

• The ground gravity survey has now been completed.

• The data is currently being integrated and processed with a larger dataset acquired from a third party.

• 3D inversion modelling is being undertaken to model the granite intrusion architecture which combined with the 2D gravity and auger geochemistry will enable Great Boulder to prioritise targets and finalise plans for the next exploration campaign.

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Yamarna Background

Location

The Yamarna project is located 130 km east of Laverton in the Eastern Goldfields District of Western Australia and straddled by both the White Cliffs Road and the Great Central Highway. The recentlydiscovered Gruyere gold deposit (Gold Road – Gold Fields Joint Venture) is located 25 km to the northeast of GBR’s tenements.

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Yamarna
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Figure 4 : Great Boulder Project Location Map

Ownership

The Yamarna Project consists of six granted exploration licences (including E38/2320) and one granted prospecting license. GBR has executed a JV agreement with EGMC to earn a 75% interest in the Yamarna project through a minimum expenditure of $2,000,000 in exploration over five years. Once GBR has met this minimum expenditure commitment, EGMC will have the right to contribute 25% to all future exploration expenditure and retaining its interest level or choose to convert to a 2% Net Smelter Royalty (NSR). Should EGMC choose to convert its remaining interest into a 2% NSR then GBR will have a 100% interest in the project.

Geological Setting

The Yamarna Project lies immediately west of the Yamarna greenstone belt and covers the southern extensions of the Mt Venn igneous complex which intrudes at the southern end of the Jutson Rocks greenstone belt. A poorly-explored greenstone enclave, interpreted to represent a previously unrecognised portion of the Mt Venn igneous complex, has been interpreted on the project tenements. Major structural corridors associated with the Yamarna and Jutson Rocks greenstone belts traverse the project area. Several NW and NE trending cross-cutting faults transect these regional structural corridors.

The majority of the project tenements are dominated by Tertiary to Recent cover comprising aeolian and alluvial material with locally well-developed calcrete horizons. The Thatcher’s Soak palaeochannel extends NE-SW across the project tenements. The surficial cover overlies a dissected sequence of Permian glacial deposits of variable thickness as well as masking the Archaean granitoid-greenstone bedrock.

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The thickness of both the transported cover and lower saprolite is poorly defined due to very limited drilling but where drilling has been completed the transported cover thickness varies from approximately 0-20m and the thickness of the saprolite between approximately 0-50m.

The Mt Venn igneous complex is known to host anomalous Ni-Cu mineralisation associated with pyrrhotite along the Mt Venn corridor. The anomalous Ni-Cu zones are electrically conductive and EM has been used along this trend to explore for Ni-Cu mineralised zones. Interpretation of regional aeromagnetic and airborne EM data and recently acquired drill hole and analytical data from E38/2320 indicates that the Ni-Cu anomalous corridor extends under cover onto the GBR tenements with a number of magnetic and EM anomalies evident on the GBR tenements that remain untested by drilling.

Significant gold mineralisation has been recognised immediately east of the GBR tenements along the Attila-Alaric trend (Yamarna greenstone belt) and along the Gruyere trend (Dorothy Hills greenstone belt). The Jutson Rocks greenstone belt, which includes the Mt Venn igneous complex, also hosts gold mineralisation and a number of regolith gold anomalies have been defined therein.

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Figure 5 : Yamarna Project Geology Map

Previous Exploration Activity[3]

Only limited exploration has been completed to date by previous explorers over the Yamarna Project.

Crusader Resources Limited completed a broad-spaced aircore drilling program during 2011 targeting an extension of the Thatcher’s Soak uranium mineralisation to the southwest onto the area now covered by GBR’s tenement E38/2685. This program failed to detect any significant uranium anomalism based on XRF analyses however no geochemical analyses were completed.

Kilkenny Gold NL completed a wide-spaced (800 m x 80 m) shallow set-depth (max depth 39m) RAB drilling program over a portion of the greenstone enclave in 1994-1995. This drilling only partially tested the regolith profile with many holes terminated before reaching the bedrock interface. Where bedrock was encountered, a mixture of gabbroids together with tonalitic to granodioritic porphyry and granitoid were logged. No significant gold anomalies were identified in the composites. Only Au was assayed with no other pathfinder elements for Au or Ni-Cu being analysed.

Eleckra Mines Limited (now Gold Road Resources Limited) completed two shallow scout RC holes in 2008 testing the southern extension of a linear magnetic anomaly following the trend of the Mt

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Venn igneous complex. The drill samples were analysed using a handheld XRF machine and both holes failed to return any significant sulphides or anomalism.

GBR has completed reconnaissance geological survey of the Yamarna project tenements, completing mapping and sampling of surface outcrops over the greenstone enclave and re-sampling old drill cuttings where these are preserved. This mapping and re-logging of old drill cuttings identified a range of rock types in the greenstone enclave including olivine cumulate peridotite, melanocratic pyroxenite, gabbro, leucocratic gabbro and quartz gabbro, intruded by felsicintermediate porphyry and granitoid.

Low-detection multi-element analysis of these surface and old drill-cutting samples revealed the presence of highly fractionated felsic intrusions potentially similar to the porphyry intrusions associated with the Gruyere gold deposit. These fractionated porphyritic intrusions are unusual in the Archaean and commonly show a close association with gold mineralisation. Some moderately anomalous tellurium and bismuth results were returned, being common pathfinder elements associated with gold mineralisation. The assaying also revealed scandium-rich rocks interpreted to reflect strongly Cu-Ni depleted magmas left over after exsolution of a sulphide melt.

3. Please refer to Great Boulders IPO Prospectus for further detail

( http://www.asx.com.au/asxpdf/20161116/pdf/43cyl0fqsmgg7y.pdf )

Competent Person’s Statement- Exploration Results

Exploration information in this Announcement is based upon work undertaken by Mrs Melanie Leighton whom is a Member of the Australasian Institute of Geoscientists (AIG). Mrs Melanie Leighton has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’ (JORC Code). Mrs Melanie Leighton is a non-executive director of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Forward Looking Statements

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, nickel, cobalt, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.

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Appendix A – Drill Hole 15GYWB0004 Assay Results

Cu Ni Co From To Int % % ppm 0 1 1 0.00 0.00 15 1 2 1 0.03 0.02 82 2 3 1 0.13 0.09 160 3 4 1 0.09 0.03 107 4 5 1 0.07 0.03 101 5 6 1 0.06 0.03 94 6 7 1 0.13 0.09 281 7 8 1 0.17 0.05 202 8 9 1 0.24 0.07 236 9 10 1 0.19 0.05 137 10 11 1 0.11 0.04 111 11 12 1 0.12 0.04 141 12 13 1 0.11 0.06 196 13 14 1 0.08 0.03 120 14 15 1 0.12 0.03 120 15 16 1 0.06 0.02 75 16 17 1 0.09 0.03 90 17 18 1 0.07 0.02 67 18 19 1 0.09 0.02 90 19 20 1 0.11 0.02 93 20 21 1 0.11 0.03 112 21 22 1 0.09 0.02 99 22 23 1 0.10 0.02 104 23 24 1 0.11 0.03 111 24 25 1 0.16 0.02 96 25 26 1 0.13 0.03 134 26 27 1 0.10 0.03 124 27 28 1 0.06 0.02 79 28 29 1 0.02 0.01 58 29 30 1 0.07 0.02 90 30 31 1 0.06 0.02 73 31 32 1 0.06 0.02 65 32 33 1 0.11 0.03 98 33 34 1 0.12 0.03 99 34 35 1 0.15 0.05 154 35 36 1 0.22 0.06 193 36 37 1 0.23 0.07 232 37 38 1 0.11 0.03 124 38 39 1 0.11 0.04 143 39 40 1 0.17 0.06 219 40 41 1 0.18 0.06 206 41 42 1 0.18 0.06 209 42 43 1 0.14 0.04 165 43 44 1 0.17 0.05 185 44 45 1 0.15 0.05 190 45 46 1 0.16 0.06 199 46 47 1 0.14 0.04 128	Cu Ni Co From To Int % % ppm
	47 48 1 0.18 0.06 201 48 49 1 0.24 0.08 259 49 50 1 0.21 0.07 239 50 51 1 0.22 0.06 195 51 52 1 0.09 0.04 137 52 53 1 0.11 0.06 191 53 54 1 0.06 0.02 84 54 55 1 0.18 0.16 528 55 56 1 0.14 0.07 264 56 57 1 0.20 0.08 292 57 58 1 0.31 0.03 112 58 59 1 0.07 0.03 110 59 60 1 0.04 0.01 69 60 61 1 0.04 0.02 83 61 62 1 0.02 0.01 49 62 63 1 0.07 0.03 122 63 64 1 0.08 0.02 179 64 65 1 0.05 0.02 76 65 66 1 0.05 0.01 65 66 67 1 0.28 0.07 218
	67 68 1 0.69 0.04 144 68 69 1 0.22 0.05 172 69 70 1 0.27 0.06 180 70 71 1 0.25 0.07 229
	71 72 1 0.27 0.14 398
	72 73 1 1.53 0.12 341
	73 74 1 0.22 0.06 187 74 75 1 0.06 0.02 77 75 76 1 0.05 0.02 52 76 77 1 0.17 0.03 89 77 78 1 0.08 0.03 90 78 79 1 0.03 0.02 69 79 80 1 0.04 0.01 47 80 81 1 0.03 0.01 27 81 82 1 0.07 0.01 20 82 83 1 0.38 0.01 24 83 84 1 0.13 0.01 28 84 85 1 0.01 0.01 23
	85 86 1 0.14 0.16 471
	86 87 1 1.71 0.07 235
	87 88 1 0.72 0.13 373
	88 89 1 0.13 0.02 65 89 90 1 0.13 0.02 57 90 94 4 0.01 0.01 21 94 98 4 0.00 0.00 19 98 102 4 0.00 0.01 25 102 106 4 0.01 0.01 34 106 110 4 0.01 0.01 42 110 114 4 0.00 0.01 30 114 118 4 0.01 0.01 36 118 120 2 0.01 0.01 29

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Appendix B - 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
Sampling	•	Nature and quality of sampling (eg cut	The single Reverse Circulation (RC) drill hole was
techniques		channels, random chips, or specific	undertaken by Gold Road Resources in 2015, and
		specialised industry standard measurement	puliversied (pulp) samples were provided to Great
		tools appropriate to the minerals under	Boulder Resources in 2017.
		investigation, such as down hole gamma
		sondes, or handheld XRF instruments, etc).	Drilling samples were taken on either 1m, 2m, or 4m
		These examples should not be taken as	intervals.
		limiting the broad meaning of sampling.
			Spear sampling was used to collect approximately 2kg
	•	Include reference to measures taken to	samples from the RC drilling.
		ensure sample representivity and the
		appropriate calibration of any	All samples were prepared at the Intertek Laboratory in
		measurement tools or systems used.	Kalgoorlie. Samples were dried, and the whole sample
			pulverised to 80% passing 75um, and a sub-sample of
	•	Aspects of the determination of	approx. 200g retained
		mineralisation that are Material to the
		Public Report.	Great Boulder submitted the pulp samples for multi-
	•	In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation	element geochemical analysis via a four acid digest with a mass spectroscopy finish (ALS method ME-MS61), and also platinum group metals (PGM) analysis using an industry standard lead oxide collection fire assay (30g charge) with a mass spectroscopy finish (ALS method PGM-MS23)
		may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or	The sampling techniques used are deemed appropriate for the style of exploration.
		mineralisation types (eg submarine
		nodules) may warrant disclosure of detailed
		information.
Drilling	•	Drill type (eg core, reverse circulation, open-	Reverse circulation (RC) drilling with a 5.25 inch (133mm)
techniques		hole hammer, rotary air blast, auger,	diameter drill bits.
		Bangka, sonic, etc) and details (eg core
		diameter, triple or standard tube, depth of	RC face-sample bit used to minimise sample loss. Drilling
		diamond tails, face-sampling bit or other	airlifted the water column above the bottom of the hole
		type, whether core is oriented and if so, by	to ensure dry sampling as much as possible. RC samples
		what method, etc).	are collected through a cyclone, and deposited in a large
			plastic bag, and the samples for the lab collected to a total
			mass optimised to ensure full sample pulverization (<3kg)
Drill sample	•	Method of recording and assessing core and	Dust suppression was to minimise sample loss. Drilling
recovery		chip sample recoveries and results assessed.	airlifted the water column above the bottom of the hole
			to ensure dry sampling as much as possible. RC samples
	•	Measures taken to maximise sample	were collected through a cyclone, and deposited in a large
		recovery and ensure representative nature	plastic bag, and the samples for the lab collected to a total
		of the samples.	mass optimised to ensure full sample pulverization (<3kg)
	•	Whether a relationship exists between	No quantitative analysis of samples weights, sample
		sample recovery and grade and whether	condition, recovery or repeatability has been undertaken.
		sample bias may have occurred due to

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		preferential loss/gain of fine/coarse
		material.
Logging	•	Whether core and chip samples have been	A summary log for the entire hole was compiled by Gold
		geologically and geotechnically logged to a	Road.
		level of detail to support appropriate
		Mineral Resource estimation, mining
		studies and metallurgical studies.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or costean,
		channel, etc) photography.
	•	The total length and percentage of the
		relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether	The single Reverse Circulation (RC) drill hole was
techniques		quarter, half or all core taken.	undertaken by Gold Road Resources in 2015, and
and sample			puliversied (pulp) samples were provided to Great
preparation	•	If non-core, whether riffled, tube sampled,	Boulder Resources in 2017.
		rotary split, etc and whether sampled wet or
		dry.	Spear sampling was used to collect approximately 2kg
			samples from the RC drilling.
	•	For all sample types, the nature, quality and
		appropriateness of the sample preparation	RC samples were collected generally as dry samples (3-4
		technique.	one metre samples were recorded as wet).
	•	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	While RC recoveries have not been estimated, qualitative visual assessment of the samples at the time of drilling was considered acceptable.
	•	Measures taken to ensure that the sampling
		is representative of the in situ material	All samples were submitted to ALS Minerals (Perth) for
		collected, including for instance results for	analyses. The sample preparation included:
		field duplicate/second-half sampling.	 Analysis was undertaken for Platinum Group
			Metals (PGM) using, 30g charge for fire assay
	•	Whether sample sizes are appropriate to	and ICP-MS (ALS method PGM-MS23), and also
		the grain size of the material being sampled.	a 4 acid digest and ICP-MS (ALS method; MS-
			ME61) for the multi elements.
			Sample collection and size are deemed appropriate for
			the style of exploration.
Quality of	•	The nature, quality and appropriateness of	All samples were assayed by industry standard methods
assay data		the assaying and laboratory procedures	through commercial laboratories in Australia (ALS
and		used and whether the technique is	Minerals, Perth).
laboratory		considered partial or total.
tests			Typical analysis methods used;
	•	For geophysical tools, spectrometers,	 Analysis was undertaken for Platinum Group
		handheld XRF instruments, etc, the	Metals (PGM) using, 30g charge for fire assay
		parameters used in determining the	and ICP-MS (ALS method PGM-MS23), and also
		analysis including instrument make and	a 4 acid digest and ICP-MS (ALS method; MS-
		model, reading times, calibrations factors	ME61) for the multi elements.
		applied and their derivation, etc.
	•	Nature of quality control procedures	Due to the early nature of exploration and uncertainties
		adopted (eg standards, blanks, duplicates,	related to drilling sample creation, no standards or
		external laboratory checks) and whether	blanks were submitted by Great Boulder.

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		acceptable levels of accuracy (ie lack of bias)	The analytical laboratories provided their own routine
		and precision have been established.	quality controls within their own practices. No
			significant issues were noted.
Verification of	•	The verification of significant intersections	No verification of sampling and assaying has been
sampling and		by either independent or alternative	undertaken.
assaying		company personnel.
			Limited adjustments were made to returned assay data;
	•	The use of twinned holes.	values returned lower than detection level were set to
			the methodology’s detection level.
	•	Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of	•	Accuracy and quality of surveys used to	The collar location was collected using a differential GPS.
data points		locate drill holes (collar and down-hole
		surveys), trenches, mine workings and other	The MGA94 UTM zone 51 coordinate system was used
		locations used in Mineral Resource	for all undertakings.
		estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic
		control.
Data spacing	•	Data spacing for reporting of Exploration	The reported hole is the only drilling proximal to the
and		Results.	target.
distribution
	•	Whether the data spacing and distribution	The spacing and location of data is currently only being
		is sufficient to establish the degree of	considered for exploration purposes.
		geological and grade continuity appropriate
		for the Mineral Resource and Ore Reserve	1m samples for assayed for the majority of the hole.
		estimation procedure(s) and classifications applied.	Composite samples were taken at the base of the hole
			• Seven 4m composites
	•	Whether sample compositing has been	• One 2m composite to end of hole
		applied.
Orientation of	•	Whether the orientation of sampling	The orientation of mineralisation is unknown but is
data in		achieves unbiased sampling of possible	considered possibly sub-horizontal to moderately
relation to		structures and the extent to which this is	dipping. The RC drilling was vertical which would
geological		known, considering the deposit type.	nominally cut perpendicular to potential mineralisation.
structure
	•	If the relationship between the drilling	Considering the nature of exploration and potential
		orientation and the orientation of key	mineralisation styles at the project, the sampling
		mineralised structures is considered to have	orientations is deemed to be representative for
		introduced a sampling bias, this should be	exploration reporting purposes.
		assessed and reported if material.
Sample	•	The measures taken to ensure sample	The security of sample security is unknown prior to Great
security		security.	Boulder’s receipt of the puliverised samples.
Audits or	•	The results of any audits or reviews of	None completed.
reviews		sampling techniques and data.

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Section 2 Reporting of Exploration Results

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

Criteria	JORC	Code explanation				Commentary	Commentary
Mineral	•	Type, reference name/number, location				Great Boulder Resource Ltd (GBR) is comprised of
tenement and		and ownership including agreements or				several projects with associated tenements;
land tenure		material issues with	third parties such as
status		joint ventures, partnerships, overriding				Yamarna Project tenements and details;
		royalties, native title interests, historical					Exploration licences E38/2685, E38/2952,
		sites, wilderness or national park and					E38/2953, E38/5957, E38/2958 and
		environmental settings.					prospecting licence P38/4178 where,
	•	The security of the tenure held at			the		Great Boulder has executed a JV agreement
		time of reporting along with any known					to earn 75% interest through exploration
		impediments to obtaining a license to					expenditure of $2,000,000 AUD over five
		operate in the area.					years. Following satisfaction of the
							minimum expenditure commitment by
							GBR, EGMC (current tenement owner) will
							have the right to contribute to expenditure
							in the project at its 25% interest level or
							choose to convert to a 2% Net Smelter
							Royalty (NSR). Should EGMC choose to
							convert its remaining interest into a 2%
							NSR, then GBR will have a 100% interest in
							the project.
							Exploration license E38/2320 where, a 1.5%
							NSR is retained by Gold Road Resources.
Exploration	•	Acknowledgment	and	appraisal	of	Previous explorers included:
done by other		exploration by other	parties.				1990’s. Kilkenny Gold NL completed wide-
parties							spaced, shallow, RAB drilling over a limited
							area. Gold assay only.
							2008. Elecktra Mines Ltd (now Gold Road
							Resources Ltd) completed two shallow RC
							holes targeting extension to Mt Venn
							igneous complex. XRF analysis only, no
							geochemical analysis completed.
							2011. Crusader Resources Ltd completed
							broad-spaced aircore drilling targeting
							extensions to Thatcher’s Soak uranium
							mineralisation. XRF anlaysis only, no
							geochemical analysis completed.
							2015. Gold Road completed several water
							bores on E38/2320
Geology	•	Deposit type, geological setting and style				The Yamarna Project is located immediately west of
		of mineralisation.				the Yamarna greenstone belt and host the southern
						extensions of the Mt Venn igneous complex as well as
						greenstone and felsic-intermediate porphyritic
						lithologies similar to adjacent Archean occurrences of
						known	gold mineralisation.
						Major	structural corridors associated with the
						Yamarna and Jutson Rocks greenstone belts traverse
						the project area.

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Drill hole	•	A summary of all information material to	The follow summaries the reported drill hole:	The follow summaries the reported drill hole:
Information		the understanding of the exploration
		results including a tabulation of the		Collar location: 550471mE, 6887955mN,
		following information for all Material drill		411mRL (MGA94 Zone 51)
		holes:		Drill depth: 120m
				Drill orientation: vertical
	o	easting and northing of the drill hole		Significant results are reported in the main
		collar		report body
	o	elevation or RL (Reduced Level – elevation	No other drilling results are reported.
		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,	In reported exploration results, length weighted
aggregation		weighting averaging techniques,	averages are used for any non-uniform intersection
methods		maximum and/or minimum grade	sample lengths. Length weighted average is (sum
		truncations (eg cutting of high grades)	product	of interval x corresponding interval assay
		and cut-off grades are usually Material	grade),	divided by sum of interval lengths and
		and should be stated.	rounded	to one decimal place
	•	Where aggregate intercepts incorporate	No top cuts have been considered in reporting of
		short lengths of high grade results and	grade results, nor was it deemed necessary for the
		longer lengths of low grade results, the	reporting of significant intersections.
		procedure used for such aggregation
		should be stated and some typical	No metal equivalent values have been reported.
		examples of such aggregations should be
		shown in detail.
	•	The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.
Relationship	•	These relationships are particularly	True width is not known, as such mineralisation
between		important in the reporting of Exploration	intercepts are reported as downhole lengths only.
mineralisation		Results.
widths and
intercept	•	If the geometry of the mineralisation with
lengths		respect to the drill hole angle is known, its
		nature should be reported.
	•	If it is not known and only the down hole
		lengths are reported, there should be a
		clear statement to this effect (eg ‘down
		hole length, true width not known’).

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Diagrams	•		Appropriate maps and sections (with	Refer to figures in announcement. A plan view of
			scales) and tabulations of intercepts	reported drill hole is included.
			should be included for any significant
			discovery being reported These should
			include, but not be limited to a plan view
			of drill hole collar locations and
			appropriate sectional views.
Balanced	•		Where comprehensive reporting of all	It is not practical to report all exploration results as
reporting			Exploration Results is not practicable,	such unmineralised intervals. Low or non-material
			representative reporting of both low and	grades have not been reported.
			high grades and/or widths should be
			practiced to avoid misleading reporting of
			Exploration Results.
Other	•		Other exploration data, if meaningful and	A XTEM conductivity survey was undertaken in 2012
substantive			material, should be reported including	which covered parts of Yamarna tenements. This was
exploration			(but not limited to): geological	part of the Thatcher’s Soak palaeochannel survey,
data			observations; geophysical survey results;	which highlighted EM conductivity anomalies with
			geochemical survey results; bulk samples	the potential for Ni-Cu-PGE and uranium
			– size and method of treatment;	mineralisation.
			metallurgical test results; bulk density,
			groundwater, geotechnical and rock
			characteristics; potential deleterious or
			contaminating substances.
Further work		•	The nature and scale of planned	Potential work across the project may include
			further work (eg tests for lateral	detailed geological mapping and surface sampling,
			extensions or depth extensions or	further ground or airborne geophysics as well as
			large-scale step-out drilling).	confirmatory, exploratory or follow-up drilling.
		•	Diagrams clearly highlighting the
			areas of possible extensions,
			including the main geological
			interpretations and future drilling
			areas, provided this information is not
			commercially sensitive.