HIGHFIELD RESOURCES LIMITED — Capital/Financing Update 2015

Jun 18, 2015

ASX Release 19 June 2015

HIGHFIELD RESOURCES ADDS SUBSTANTIAL EXPLORATION TARGET TO MUGA MINE PROJECT AREA

Highlights

• Substantial Exploration Target* calculated for north western extension of flagship Muga Mine project area of:

• Tonnes – 127 to 255 million tonnes of sylvinite

• Grade – 12 to 16% K2O

• Exploration Target is supported by gravimetric survey demonstrating continuity of the potash bearing evaporite into the north western extension of the Project area

• Exploration Target covers only two of five possible seams identified within the total Project area

• Mineralisation in the north western area would provide options to significantly increase mine life and / or operational scale

• Exploration Target and gravimetric survey works support potash bearing evaporite extending into adjoining Vipasca Project area

• Drilling of the Exploration Target is expected to commence in Q4 2015

• Targeted commencement of Muga Mine construction remains on track for Q4 2015

Spanish potash developer Highfield Resources Limited (HFR: ASX) (“Highfield” or “the Company”) is pleased to announce an Exploration Target for the north western extension of its flagship Muga Project (the “Project”). Highfield’s Managing Director, Anthony Hall, commented:

“We are encouraged by the addition of this Exploration Target to the Muga Project. Our focus remains commencing construction of the Muga Mine DFS project this year, and in the backdrop, it is important that we continue our exploration work to demonstrate the veracity of likely Muga Mine extensions and the additional four projects under our control.

Our stated aim of becoming a significant global potash producer depends on the strength and measured development of our pipeline. We believe that all our projects are likely to be low capex, high margin long life mines – as we are proving our flagship Muga Project to be.”

*The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The reader is cautioned that a Mineral Resource is an estimate only and not a precise and completely accurate calculation, being dependent on the interpretation of limited information on the location, shape, and continuity of the occurrence and on the available sampling results. Actual mineralisation can be more or less than estimated depending upon actual geological conditions. The Mineral Resource statement includes Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there can be no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No Mineral Reserves are being stated.

Highfield Resources Ltd. ACN 153 918 257 ASX: HFR Issued Capital 310.3 million shares 51.5 million performance shares 41.3 million options

Registered Office Head Office Directors Company Secretary C/– HLB Mann Judd Avenida Carlos III, Derek Carter Donald Stephens 169 Fullarton Road 13 - 1°B, 31002 Richard Crookes Dulwich, SA 5065 Pamplona, Anthony Hall Australia Spain Owen Hegarty –––––––––––––––––– –––––––––––––––––– Pedro Rodriguez Tel: +61 8 8133 5098 Tel: +34 948 050 577 Fax: +61 8 8431 3502 Fax: +34 948 050 578

Muga Potash Project

The Company’s flagship Muga Potash Project is targeting the relatively shallow sylvinite beds in the Muga Project area that covers an area of around 80km[2] . Mineralisation commences at depths from surface of less than 200m and appears ideal for a relatively low-cost conventional mine accessed via a dual decline as demonstrated in the Company’s DFS that was completed in March 2015.

The Company is proceeding with detailed design and engineering and other development and contracting work preparatory to full site construction start after final permitting expected later in 2015. A total of 38 exploration drill holes (11 historic, 27 completed by Highfield Resources) have been completed within the Project area, providing a high level of confidence with respect to continuity of the evaporite horizon, decline access and mineralisation grade across the ore body.

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Figure 1: Muga Project area showing permits, current and historical exploration drill holes, JORC Mineral Resource estimate and Exploration Target

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Exploration Target

The Exploration Target encompasses the Capa 1 and Capa 2 seams (two of five seams encountered across the Project) and excludes any of the other project areas contiguous with the Muga Project. The Company chose to exclude the Capa 0, Capa A and Capa B from the Exploration Target, however, it believes continuity could exist in these three seams, mainly the Capa B. These seams do not appear to be as thick nor as high grade as the Capa 1 and Capa 2.

Table 1: Muga Project Exploration Target

	Tonnage (million tonnes) Grade (% K20)
	Low Base High Low Base High 63 95 127 12 14 16 63 95 127 12 14 16
Capa 1
Capa 2
Total	127 191 255 12 14 16

Project Geology

The depositional basin bounds are defined to the south-west at the east-south east/west-north west trending Rocaforte Syncline near the margin of the Aragón River. To the north-west is the Sierra de Leyre anticlinal structure that overthrusts the Pamplona Marls Formation, the underlying unit of the evaporite. This thrust and two reverse faults run approximately east-west.

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Figure 2: Muga Project area focusing on Exploration Target area showing selected regional structure and drill hole locations

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The first fault in the north is within the Pamplona Marls over Yesa turbidites. The second is coincident with the Liedena Sandstone, which overlays the evaporite. These faults are considered the extension of the Loiti Fault towards the east which also corresponds to the synsedimentary line between marine sediments within the Basin to the Eocene-Oligocene continental sediments at the thrust front.

The south boundary of the Exploration Target is an important fault running north-west / south-east that extends towards the east acting as limit to Magdalena anticline, considered the southern limit of southeastern section of the Muga Project area. In the west, the fault converges to the Loiti structure beyond the investigated area.

Geophysical Surveys

In this geological context the Company completed a gravimetric survey which seeks to identify low density salt materials in relation to the density of the surrounding lithologies. The initial survey was made in the northern part of the Goyo Permit area, where recent positive results in drill holes showed a thick salt interval and important sylvinite intersections. The results of this initial survey were positive with a clear, broad negative gravimetric anomaly open towards the north western extent of the Project area.

These initial positive gravimetric survey results led the Company to complete a further electromagnetic (TDEM) survey which defined the depth of the salt unit, based on the high resistivity response of salt in relation to others materials.

With these results, the Company launched a second survey campaign to the west of the Aragón River into the north-western extension of the Muga Project area. A detailed gravimetric survey has been completed in this area covering about 15 km[2 ] which includes 353 measurement points on a grid of 200m x 200 m. This survey shows an important negative anomaly consistent with that seen in the Goyo permit area. The anomaly is open towards the north and north-west suggesting continuity of the potash bearing evaporite unit into these areas.

A complementary TDEM profile has also been completed in the central position of gravimetric anomaly. The profile shows the presence of a thick salt unit at shallow levels in the northern section at depths below surface of between 200m and 600m depth. The profile shows the continuity of the salt unit towards the north below a resistive unit interpreted as sandstones.

The map on the next page shows the results of the geophysical surveys. Importantly it also demonstrates the evaporite unit commences in the Exploration Target region at depths below surface of less than 200m.

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Figure 3: Muga Project area showing geophysical surveys and Exploration Target Area

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Drill Hole References

Drilling across the Project area indicates strong continuity of the evaporite unit towards the west in the key potash seams within this unit including the Capa 1 and Capa 2 (P1 and P2 below). The Company has used the drilling results from exploration holes J13-06 and J13-09, which are outside of the Exploration Target, as the basis for estimating the potential ranges of true thickness and grades of the key potash bearing seams. The presence of Capa B is not discounted, but it is not included in the Exploration Target given the Capa 1 and Capa 2 appear to be generally thicker and higher grade and as a result the likely mining target.

Drill holes J13-06 and J13-09 are critical holes as they intersected mineralisation at the base of the syncline structure that appears to extend into the north western area of the Project and further into the Vipasca Project area. These drill holes intersected the most complete ore intervals in the base of the syncline structure and as a result are believed to represent the most appropriate references for estimating the continuity of potash mineralisation into the Exploration Target area.

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Figure 4: Muga Project area highlighting Exploration Target with key reference drill holes J13-06 and J13-09 and assay results for seams Capa 1 and Capa 2 (P1 and P2)

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Potential Exploration Target Upside

The Company chose to exclude the Capa 0, Capa A and Capa B from the Exploration Target, however, it believes continuity could exists in these three seams, mainly Capa B. As such, upside potential exists with respect to these three seams.

Exploration Work

The Company anticipates commencing a drilling campaign in Q4 of the current calendar year to test the Exploration Target.

Muga Mine Construction Update

The tender process for the construction works of the two declines is in progress with an initial six tenders received and a further two expected. The Company anticipates commencing detailed negotiations with short listed tenderers in late June 2015 to ensure it is in a position to commence construction in Q4 of the current calendar year.

For more information:

Company

Anthony Hall Managing Director Ph: + 34 617 872 100 Hayden Locke Head of Corporate Development Ph: +34 609 811 257

Investor Relations Executives

Simon Hinsley APAC Investor Relations Ph: +61 401 809 653 Nuala Gallagher / Simon Hudson UK Investor Relations Ph: +44 207 920 3150

www.highfieldresources.com.au

Competent Persons’ Statement

This ASX release was prepared by Mr. Anthony Hall, Managing Director of Highfield Resources. The information in this release that relates to Ore Reserves, Mineral Resources and Exploration Results is based on information prepared by Mr. José Antonio Zuazo Osinaga, Technical Director of CRN, S.A.; Mr. Jesús Fernández Carrasco. Managing Director of CRN, S.A. and Mr Manuel Jesus Gonzalez Roldan, Geologist of CRN, S.A. Mr. José Antonio Zuazo and Mr. Jesús Fernández, are licensed professional geologists in Spain, and are registered members of the European Federation of Geologists, an accredited organisation to which the Competent Person (CP) under JORC Code Reporting Standards must belong in order to report Exploration Results, Mineral Resources, or Ore Reserves through the ASX. Mr. José Antonio Zuazo-Osinga has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

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ABOUT HIGHFIELD RESOURCES

Highfield Resources is an ASX-listed potash company with five 100%-owned projects located in Spain.

Highfield’s Muga, Vipasca, Pintano, Izaga and Sierra del Perdón potash projects are located in the Ebro potash producing basin in Northern Spain covering a project area of over 550km[2] . The Sierra del Perdón project includes two former operating mines.

The Company has recently completed a definitive feasibility study for its flagship Muga Project and is working towards commencing construction in the fourth quarter of 2015.

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Figure 5: Location of Highfield´s Muga, Vipasca, Pintano, Izaga and Sierra del Perdón Projects in Northern Spain

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Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (e.g. cut		Exploration Diamond Core (DD) drilling was completed. Core was recovered and
techniques		channels, random chips, or specific		sampled on 0.3 metre downhole intervals. Each segment of core was logged,
		specialised industry standard		photographed and, following being marked and numbered, each sample was halved,
		measurement tools appropriate to the		with a quarter core sent to be assayed.
		minerals under investigation, such as down hole gamma sondes, or handheld		Drilling was completed using a saturated brine to limit core loss as a result of water based fluid contact with the salt horizons.
		XRF instruments, etc.). These examples
		should not be taken as limiting the broad
		meaning of sampling.
		Include reference to measures taken to		Drill hole locations were surveyed using GPS, and by a professional surveyor prior to
		ensure sample representivity and the		commencement and post the completion of drilling.
		appropriate calibration of any measurement tools or systems used.		Certified Reference Materials (CRM) are inserted on a ratio of 1:20 and blanks are inserted on a ratio of 1:50 into sample streams to assess the accuracy, precision and
				methodology of the external laboratories used. In addition, duplicate samples were
				inserted on a ratio of 1:20 for Quality Assurance purposes.
				ALS laboratories undertook their own duplicate, CRM and blank sample insertion.
				Examination of the QA/QC sample data indicates satisfactory performance of field
				sampling protocols and assay laboratories providing acceptable levels of precision
				and accuracy.
		Aspects of the determination of		Core is cut using hydraulic oil as the lubricating agent to minimise core loss. Half core
		mineralisation that are Material to the		is retained and shrink wrapped to ensure it is well preserved should further assaying
		Public Report. In cases where ‘industry		be required.
		standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g sample for final assay’). In other cases more		Quarter core for assaying was bagged and secured with plastic ties for shipping to external laboratory for assaying. Samples were crushed, ground and split in Seville, Spain prior to being shipped to ALS Labs in Galway, Ireland. Cored samples were assayed using inductively coupled plasma-optical emission spectrometry and X-ray fluorescence (XRF).
		explanation may be required, such as
		where there is coarse gold that has
		inherent sampling problems. Unusual
		commodities or mineralisation types
		(e.g. submarine nodules) may warrant
		disclosure of detailed information.
Drilling		Drill type (e.g., core, reverse circulation,		Drilling was completed by DD method.
techniques		open-hole hammer, rotary air blast,
		auger, Bangka, sonic, etc.) and details
		(e.g., 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		Core was boxed at the rig and transported to the core shed at Beriain for logging,
recovery		and chip sample recoveries and results		photographing, halving and shrink wrapping. Sample quality and recovery were
		assessed.		considered to be suitable.
		Measures taken to maximise sample		The drilling was completed using HQ core to maximise core recovery.
		recovery and ensure representative nature of the samples		Drilling through the evaporite horizon was conducted with a saturated brine drilling mud, which aims to minimise dissolution due to the use of water based drilling fluids.
		Whether a relationship exists between		The core recovery is of an acceptable level and no bias is expected from any sample
		sample recovery and grade and whether		losses.
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Logging		Whether core and chip samples have		Core has been logged for lithology, alteration, mineral assemblage and structure.
		been geologically and geotechnically
		logged to a level of detail to support
		appropriate Mineral Resource
		estimation, mining studies and
		metallurgical studies.
		Whether logging is qualitative or		Logging is qualitative in nature. All core was photographed and remaining half core
		quantitative in nature. Core (or costean,		shrink wrapped for preservation.
		channel, etc.) photography
		The total length and percentage of the		Core was logged and photographed at 0.3 metre intervals.
		relevant intersections logged.
Sub-		If core, whether cut or sawn and whether		Half core was shrink wrapped and retained in storage.
sampling techniques and sample		quarter, half or all core taken.	 	Quarter core was sent for assaying. Quarter core was retained for metallurgical testing purposes.
preparation
		If non-core, whether riffled, tube		Not applicable.
		sampled, rotary split, etc. and whether
		sampled wet or dry.
		For all sample types, the nature, quality		Samples were quarter core taken at 0.3 metre intervals downhole. All samples were
		and appropriateness of the sample		sent to an external laboratory for preparation and assaying.
		preparation technique.
		Quality control procedures adopted for		Sawing of core was conducted using oil based lubricant to minimise dissolution.
		all sub-sampling stages to maximise
		representivity of samples.
		Measures taken to ensure that the		Duplicate samples were taken on a 1:20 basis and submitted to the laboratory with the
		sampling is representative of the in situ		other samples. These showed acceptable levels of variation and repeatability.
		material collected, including for instance
		results for field duplicate/second-half
		sampling.
		Whether sample sizes are appropriate to		Samples are appropriate for the mineralisation type.
		the grain size of the material being
		sampled.
Quality of		The nature, quality and appropriateness		Assaying was conducted using ICP-OES and XRF, which are modern industry
assay data		of the assaying and laboratory		standards
and laboratory		procedures used and whether the technique is considered partial or total.		These are considered to be total mineral measurements.
tests
		For geophysical tools, spectrometers,		No handheld devices were used to estimate the grade or mineralogical composition of
		handheld XRF instruments, etc., the		the assays for the purposes of this release.
		parameters used in determining the
		analysis including instrument make and
		model, reading times, calibrations
		factors applied and their derivation, etc.
		Nature of quality control procedures		Both Highfield and ALS maintained independent QA/QC programs including the
		adopted (e.g. standards, blanks,		insertion of Certified Reference Material (CRM), duplicates and blanks.
		duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	 	In addition, check samples were submitted to an additional laboratory – Saskatoon Research Centre (SRC), for independent validation purposes. Duplicates showed acceptable levels of internal agreement.
				Accuracy and precision of the CRM, duplicate and blanks are within acceptable levels.
Verification		The verification of significant		DD core limits potential for in hole contamination.
of sampling and assaying		intersections by either independent or alternative company personnel.		ALS assayed all samples using both the ICP-OES methodology and XRF. These methods showed acceptable levels of agreement to support the precision of the testing program.
		The use of twinned holes.		No holes were required to be twinned in this program.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Documentation of primary data, data		Highfield receives all assay data directly from the laboratories in electronic format (xls
		entry procedures, data verification, data		or csv). This is transferred to a master database and is monitored for QA/QC
		storage (physical and electronic)		purposes.
		protocols.
		Discuss any adjustment to assay data.		No adjustments were made to assay data.
Location of		Accuracy and quality of surveys used to		All new locations were surveyed before and after drilling by a licenced surveyor.
data points		locate drill holes (collar and down-hole
		surveys), trenches, mine workings and
		other locations used in Mineral
		Resource estimation.
		Specification of the grid system used.		Grid systems used were European Datum 50, updated to European Terrestrial
				Reference System 1989 (ETRS89) for compatibility with modern survey information.
		Quality and adequacy of topographic		All new locations were surveyed before and after drilling by a licenced surveyor.
		control.
Data		Data spacing for reporting of Exploration		The results reported are within 500 metres of other drilling and are considered to be
spacing and		Results.		“infill” in nature.
distribution
		Whether the data spacing and		Not applicable.
		distribution is sufficient to establish the
		degree of geological and grade
		continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
		Whether sample compositing has been		Samples have been composited over the thickness of the identified potash bed for
		applied.		reporting purposes.
Orientation		Whether the orientation of sampling		The general strike of geology in the basin is NW-SE orientation.
of data in relation to geological		achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.		Drilling was conducted vertically, logging noted the orientation of the structure to ensure adjustments were made to determine “true thickness”.
structure
		If the relationship between the drilling		Drilling was vertical. This was taken into account to calculate the “true thicknesses” of
		orientation and the orientation of key		the mineralisation intersected.
		mineralised structures is considered to
		have introduced a sampling bias, this
		should be assessed and reported if
		material.
Sample		The measures taken to ensure sample		Chain of custody is managed by Highfield. Core is boxed at the rig and transported to
security		security.		a secure facility for logging, photographing and quartering. Following this, samples for
				assay were bagged and secured with zip locks to be shipped to ALS.
Audits or		The results of any audits or reviews of		Audits and reviews are ongoing. These consistently show the methods applied by the
reviews		sampling techniques and data.		Company are acceptable.

Section Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation			Commentary
Mineral		Type, reference name/number, location		The Muga tenement was issued as an Investigation Permit (PI) by the Spanish
tenement		and ownership including agreements or		authorities under reference number 3500 on 7/04/2014. Muga Sur is a pending
and land		material issues with third parties such as		application.
tenure status		joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and		Highfield owns the rights 100%. There are no JVs, partnerships, royalties or other relating to the Investigation Permit.
		environmental settings.

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Criteria	JORC Code explanation	JORC Code explanation				Commentary
		The security of the tenure held at the		Highfield has completed a legal review which concluded its tenure to be secure.
		time of reporting along with any known
		impediments to obtaining a license to
		operate in the area.
Exploration		Acknowledgment and appraisal of		Historical exploration was completed by E.N. Adaro in 1989-1990, however, potash
done by		exploration by other parties.		was	first discovered as early as 1927.
other parties				Historical production occurred at the Potasas de Subiza and Potasas de Navarra
				mines, located close to the Sierra del Perdón Project.
Geology		Deposit type, geological setting and		The	deposit is an evaporite or chemical sedimentary type deposit. Its genesis is that
		style of mineralisation.		of a	restricted marine sedimentary basin influenced by eustacy, sea floor subsidence
				and/or uplift of sedimentary units.
				The	potash deposits are Upper Eocene, with evaporites accumulating in an elongated
				basin, trending NW-SE, at the southern foreland of the Pyrenean mountain range. The
				deposit		includes thick zones of alternating claystone (marls) and evaporite with well-
				formed		footwall and hanging wall salts.
				Potash		mineralisation is predominantly in the form of sylvinite (KCl + NaCl) with some
				minority carnallite (KCl.MgCl2.6H2O). It is typically founded interbedded with halite
				(NaCl) and insoluble materials in the form of lutite.
Drill hole		A summary of all information material to		Selected assay information is shown in the body of this release in Figure 4.
information		the understanding of the exploration results including a tabulation of the		Holes		are drilled at vertically and reported in true thickness.
		following information for all Material drill
		holes:
		o easting and northing of the drill
		hole collar
		o elevation or RL (Reduced
		Level—elevation above sea
		level in metres) of the drill hole
		collar
		o dip and azimuth of the hole
		o down hole length and
		interception depth
		o hole length.
		If the exclusion of this information is
		justified on the basis that the information
		is not Material and this exclusion does
		not detract from the understanding of the
		report, the Competent Person should
		clearly explain why this is the case.
Data		In reporting Exploration Results,		Composites by weighted average were made from the geochemical data to optimise
aggregation		weighting averaging techniques,		grade and thickness of the mineralised seams in both the new and historical data.
methods		maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut off grades are usually Material		All grades are presented in percentage of K2O over a selected interval, which is industry standard.
		and should be stated.
		Where aggregate intercepts incorporate
		short lengths of high grade results and
		longer lengths of low grade results, the
		procedure used for such aggregation
		should be stated and some typical
		examples of such aggregations should
		be shown in detail.
		The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.

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Criteria	JORC Code explanation	JORC Code explanation			Commentary
Relationship		These relationships are particularly		All drill holes are drilled vertically as this is the best orientation to intersect the
between		important in the reporting of Exploration		expected mineralisation in a perpendicular manner.
mineralisati on widths and intercept lengths	 	Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole	 	Data on bed angle and orientation were incorporated into geological database to calculate the true thickness of the beds intersected. Relevant true thickness is reported in Figure 4.
		lengths are reported, there should be a
		clear statement to this effect (e.g. ‘down
		hole length, true width not known’).
Diagrams		Appropriate maps and sections (with		Appropriate maps and diagrams are included in the body of this release.
		scales) and tabulations of intercepts
		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		All results are included in the body of this release.
reporting		Exploration Results is not practicable,
		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		Not applicable.
substantive		material, should be reported including
exploration		(but not limited to): geological
data		observations; geophysical survey
		results; geochemical 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		One further drill hole, for geotechnical purposes, that is expected to intersect the
		work (e.g. tests for lateral extensions or		evaporite horizon, will be completed in the Project area.
		depth extensions or large-scale step-out drilling).		Ongoing exploration work is planned for the interpreted extensional areas of the deposit, which are in the north western extent of the Muga Project and in the Vipasca
		Diagrams clearly highlighting the areas		Project area.
		of possible extensions, including the
		main geological interpretations and
		future drilling areas, provided this
		information is not commercially
		sensitive.

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