IONEER LTD — Capital/Financing Update 2012

Sep 18, 2012

Global

Geoscience

NEWS RELEASE 19 September, 2012 ASX Code: GSC

OSISKO-FUNDED NEVADA DRILL PROGRAM IN FULL SWING

	Global Geoscience Ltd ABN 76 098 564 606 ASX Code:GSC Current share price:$0.05 52 week range:$0.03-$0.08 Issued Shares:148M Directors Holdings: 12% Top 20 Holdings: 48% Market Cap:$7M Cash:$0.8M Key Projects Excelsior Au (NV, USA) Lone Mt Au (NV, USA) Bartlett Cu-Au (NV, USA) Sara Sara Cu-Mo-Ag (Peru) Mancha Pampa Cu-Au (Peru) Board of Directors Robert Reynolds Non-Executive Chairman Bernard Rowe Managing Director Peter Nicholson Executive Director Patrick Elliott Non-Executive Director Registered Office Suite 203, 161 Walker Street North Sydney NSW 2060 AUSTRALIA T: +61 2 9922 5800 F: +61 2 9922 4004 Contact Bernard Rowe T: +61 4 1944 7280 e-mail: browe@globalgeo.com.au	HIGHLIGHTS • First-pass drill programs completed on two of four gold projects in Nevada, USA. • Drilling underway on two other projects by the end of this week. • Seven drill holes already completed at Global’s Lone Mt project and assay results show significant potential for Carlin- type and related gold, silver and base metal mineralisation. • Five RC drill holes completed at Bartlett project and assay results pending. • Drilling has commenced at nearby Orovada project. • Drilling scheduled to commence at Excelsior later this week. • Second phase drill program being planned at Lone Mt. • All programs fully-funded by Canadian gold producer, Osisko Mining Corporation. Australian exploration company, Global Geoscience Ltd (“Global”) (ASX: GSC), today provided an update on its comprehensive exploration program in Nevada, USA. Global is currently focussing its exploration on four gold projects in Nevada, all of which is being fully-funded by Canadian gold producer, Osisko Mining Corporation (TSX: OSK). “The 2012 field season continues to be a busy time for Global with first- pass drill programs completed on two of four projects, and drilling scheduled to be underway on two more projects by the end of this week,” Global Geoscience Managing Director, Mr Bernard Rowe, said today. “We are very encouraged by the results from the first-pass drill program at Lone Mt, and we expect to be back there drilling later in the season,” he said. “Lone Mt represents a major mineralised system that, despite its location and geology, is under-explored and Global is only in the early days of exploration,” he said.

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Lone Mountain Gold Project

Lone Mountain is a typical intrusion-centred, precious and base metal mineral district in which copper-gold skarn, breccia-hosted and replacement lead-zinc-silver-gold and sediment-hosted (Carlin-type) gold ± silver mineralization is zoned outwards from a central intrusive body.

Seven Reverse Circulation (RC) drill holes (2200m) have been completed at the Rip Van Winkle (3 holes) and South Jasperoid (4 holes) prospects. Assays results have been received for the seven holes.

At Rip Van Winkle (RVW), all three holes intersected breccia-hosted Pb-Zn-Ag-Au mineralisation. The best result came from Hole LM12-1 which intersected 72 metres at 0.5% Pb, 1.3% Zn and 34 g/t Ag, including 17 metres at 1.23% Pb, 3.5% Zn and 78 g/t Ag (ASX Announcement 9 August, 2012). Hole LM12-3 intersected the same breccia, 500 metres north of holes LM12-1 and LM12-2 and contained multiple zones of low-grade mineralisation (1-10g/t Ag, 0.1-1% Pb or Zn).

The recently identified breccia body has potential for a large, shallow Pb-Zn-Ag deposit. The breccia also contains elevated levels of gold indicating potential for gold-rich zones within it. Drill intersects with Pb-Zn-Ag contain up to 0.1g/t gold and rock chip samples collected from mine dumps at RVW contain up to 5.8g/t gold.

Global has traced the breccia on surface over a distance of 3km, and at RVW it is more than 200m wide. Away from RVW, only one other drill hole has been drilled into the breccia. That hole intersected and ended in breccia including an interval of 6.1 metres at 0.14g/t Au, 33g/t Ag, 0.9% Pb and 0.6% Zn at the bottom of the hole.

Global drilled four RC holes at the South Jasperoid prospect targeting sediment-hosted (Carlintype) mineralisation. The best result came from hole LM12-5: 44m at 0.3g/t Au from 38m including 14m at 0.8g/t Au. Gold mineralisation is hosted within fine-grained calcareous sediments and is coincidental with anomalous Ag-As-Hg-Sb (pathfinder elements for Carlin-type mineralisation). This intersection, together with similar mineralisation in neighbouring drill holes at South Jasperoid, confirms the presence of Carlin-type gold mineralisation.

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A second phase of drilling is currently being planned for Lone Mt and is scheduled to be completed over the next two to three months. Targets to be tested include the large breccia zone at RVW and a number of gold-copper bearing skarn bodies. The RVW breccia will be drilled with relatively shallow holes to test for gold-rich portions. The skarn bodies are readily defined by magnetic data and surface mapping, and range in length from 100 metres to 1.1 kilometres. The magnetic skarn bodies are highly anomalous in Au-Cu-Ag-Bi-Te and none have been previously tested by drilling. Global has completed high resolution ground magnetic surveys and modelling of the skarn bodies in preparation for drilling.

Bartlett Gold Project

Surface gold anomalism at Bartlett defines a zone at least 2000m long and 400m wide, with related alteration and quartz veining. Previous drilling within this zone consists of four holes drilled in the early 1980s. All four holes intersected and ended in broad zones of low-grade gold mineralisation (eg. 72m at 0.2g/t Au). Rock chip sampling by Global in the vicinity of these holes returned a result of 42m at 0.44g/t Au (ASX Announcement 19 July 2012). The interval includes a 12m section that could not be sampled due to lack of outcrop.

Five RC drill holes have been completed at Bartlett and assay results are pending. The five holes were drilled on wide-spaced fences over a total strike length of 1.5km. The five holes intersected varying amounts of quartz veining, sulphide (mostly pyrite) and alteration that is typical of this style of mineralisation.

Orovada Gold Project

Drilling has commenced at the Orovada Gold Project in north-western Nevada, where gold and silver mineralisation is associated with orogenic quartz veins that occur over at least 4km strike length. Au-Ag-As anomalies (soil and rock) occur in a favourable syncline axis setting. The firstpass program will consist of three to five RC holes for a total of 1000-1500m.

Excelsior Gold Project

Drilling is scheduled to commence at Excelsior in southern Nevada later this week. Gold mineralisation here occurs within a generally east-west trending zone that is 200-400m wide and at least 4km long.

Drilling by previous companies has mostly focussed on the area around the small, historic mine known as the Buster zone. All previous drilling has been shallow (<100m depth) and mineralised intersections are within the oxide zone. Previous drill intersections in the Buster zone include:

• EX02: 33.5m at 2.7g/t Au from 70.1m

• EX04: 42.6m at 0.5g/t Au from 36.6m

• EX15: 48.8m at 0.8g/t Au from 19.8m

• EX30: 47.3m at 1.5g/t Au from 71.6m

In 2010, Global completed a first-pass program of wide-spaced drilling aimed at extending the zone of mineralisation along strike and testing for significant size potential (ASX Announcement 28 September, 2011). Angled (-60 degrees) holes were drilled on wide-spaced fences up to 1.5km to the east and 0.5km to the west of the Buster zone. Drill intersections from this program include:

• GE08: 12.2m at 3.3g/t Au from 93m

• GE14: 24.4 at 1.1g/t Au from 9m

• GE15: 20m at 0.6 g/t Au from 61m

• GE18: 18m at 0.5g/t Au from 81m

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• GE19: 6.1m at 1.9g/t Au from 117m

The current drill program will follow up these results and test other targets within the trend.

About Global Geoscience

Global Geoscience is a Sydney-based greenfield exploration company targeting gold, copper and silver on its mostly 100%-owned projects in Nevada and Arizona in the United States, and Peru in South America.

Global is in partnership with Osisko Mining Corporation in Nevada. Osisko is funding exploration on Global’s five Nevada gold projects. Osisko may earn an initial 45% ownership interest in any or all of the projects by funding US$8 million over a maximum of four years. Global is operator and manager during this phase. Osisko may increase its ownership in any nominated project from 45% to 70% by sole-funding through to completion of a bankable feasibility study. Global retains 100% of its interest in any projects that Osisko elects not to fund. Osisko is Global’s largest shareholder.

References

Global Geoscience Ltd company announcements:

Date	Title
9/08/2012	LoneMtDrill Results
19/7/2012	Nevada GoldProjectsExplorationUpdate
28/09/2011	Excelsior Drill Results

The information in this report that relates to Exploration Results is based on information compiled by Peter Nicholson BSc(Hons) FAusIMM CP(geo). Mr Nicholson is a full time employee of Nicholson Geologist Pty Ltd and Technical Director of Global Geoscience Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Nicholson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

MEDIA CONTACT:

Bernard Rowe Managing Director Global Geoscience Ltd +61 2 9922 5800 +61 4 1944 7280

Sean Whittington Field Public Relations (08) 8234 9555 0412 591 520

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