IONEER LTD — Capital/Financing Update 2012

Jul 18, 2012

Global Geoscience

NEWS RELEASE 19 July, 2012 ASX Code: GSC

NEVADA GOLD PROJECTS EXPLORATION UPDATE: GLOBAL

	Global Geoscience Ltd ABN 76 098 564 606 ASX Code:GSC Current share price:$0.066 52 week range:$0.03-$0.08 Issued Shares:148M Listed Options:27M ($0.25, expiring 31/08/12) Directors Holdings: 12% Top 20 Holdings: 48% Market Cap:$10M Cash:$1.2M 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 • Two deep RC drill holes completed at the Rip Van Winkle prospect, Lone Mt, Nevada, USA. • Both holes intersected broad zones of sulphide-rich breccia. • Samples have been submitted for analysis with results expected within a fortnight. • Phase 2 detailed gravity survey at Lone Mt identifies additional Carlin-style gold targets. • Channel sampling at Bartlett gold-copper project returns 42m wide zone averaging 0.44g/t Au (interval includes 12m section not sampled due to lack of outcrop). • Upcoming drill programs at the Bartlett, Orovada and Excelsior gold projects in Nevada. • Program fully-funded by Canadian gold producer, Osisko Mining Corporation. Australian exploration company, Global Geoscience Ltd (“Global”) (ASX: GSC), today provided an update on its exploration activity in Nevada, USA, which is being fully-funded by Canadian gold producer, Osisko Mining Corporation (TSX: OSK). Global is targeting Carlin-style gold mineralisation at the Lone Mt project in northern Nevada. Previous work, including detailed gravity surveys by Global, highlighted two high priority targets: Rip Van Winkle (RVW) and South Jasperoid (SJ). Two deep RC holes (totalling 977m) have been completed at RVW, while a third hole is in progress and will be followed by up to four holes at SJ. Samples for the first two holes at RVW are currently being processed with results expected in the next couple of weeks. A new and extensive gravity survey at Lone Mt has identified additional gravity “lows” coincidental with alteration and geochemical anomalies characteristic of Carlin-style mineralisation (gold-arsenic-antimony). Drill programs at Global’s Bartlett, Orovada and Excelsior projects – also in Nevada - are scheduled for August and September.

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Lone Mountain Gold Project

Two drill holes have been completed at the Rip Van Winkle prospect. Hole LM12-1 (489m) and LM12-2 (488m) were drilled beneath old mine workings targeting prospective carbonate rock units at depth. Both holes intersected wide zones of pyrite-rich sulphidic breccia. The brecciation varied in intensity and composition ranging from mudstone-rich to porphyry-rich. Several intervals of more massive (>10m) porphyry were intersected within the breccia. The mudstone is a carbonatetype, dark grey to black in colour and contains 1-10% sulphide. Pyrite is the dominant sulphide mineral. Based on these holes the breccia zone is at least 200m wide.

Following the success of detailed gravity surveys at RVW and SJ early in 2012, a larger gravity survey was conducted covering most of the remainder of the property (approx. 24 square kilometres). The survey was conducted to delineate structures, brecciation and related zones of alteration within the carbonate rocks. Such features are intimately related to gold mineralisation in this environment.

Several new areas of gravity “low” (low density) were identified by the survey. These are areas where a slight reduction in the rock density occurs. Such areas can be produced by brecciation and/or decalcification/alteration, both of which are commonly associated with Carlin-style gold deposits. The most significant of these “lows” was a large oval shaped area at North Jasperoid and an embayment coinciding with the Monarch Au-As-Sb anomaly.

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Figure 1. Location of the Lone Mountain gold project relative to nearby large gold deposits. Carlin-style mineralisation, shown in red, is hosted within “windows” of favourable carbonate rocks shown in blue.

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LM12-1
Dip: -65
Depth: 489m
LM12-2
Dip: -65
Depth:488m
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Figure 2. Rip Van Winkle prospect at Lone Mt. Current drill holes in red. Underground workings in blue. Structures interpreted from gravity in black dashed line. Lithic tuff (volcanic) in yellow, mudstone breccia in grey. Both holes intersected broad zones of pyrite-rich sulphidic breccia over most of their length. The breccia comprises fragments of black mudstone-carbonate and porphyry.

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New Gravity
Low Target
New Gravity New Gravity
Low Target Low Target
Current Drill
Program
New Gravity
Low Target
Current Drill
Program
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Figure 3. Lone Mt residual gravity image showing structures interpreted from the gravity and main prospect locations. Red to yellow are areas of higher density rocks (eg. carbonate rocks such as limestone) and green to blue are areas of lower density rock (eg. non-carbonate sediment and felsic volcanic). Local zones of lower density in areas of generally higher density may indicate an alteration style that is commonly associated with Carlin-style gold deposits.

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Bartlett

Previous exploration by Global at its Bartlett project in northern Nevada, USA, identified a goldcopper zone at least 2000m long by 400m wide, with related alteration and quartz veining. Previous drilling within this zone was restricted to 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). Recent rock chip sampling was undertaken in the vicinity of these holes. A series of continuous rock chip (channel) samples returned a result of 42m at 0.44g/t Au ( interval includes a 12m section that was not sampled due to lack of outcrop). Global plans to test the zone for higher grade mineralisation by drilling along strike of the mineralisation in areas that are largely covered by transported soil, and have not been adequately tested by surface sampling.

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10m at 0.3g/t Au
from 65m to EOH
72m at 0.2g/t Au
from 80m to EOH
Channel Sample
42m at 0.4g/t Au
28m at 0.2g/t Au
from 125m to EOH
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Figure 4. Bartlett Project. Outcrop geology and gold geochemistry in soil and rock samples. The mineralised zone extends of a strike length of 2000m and is open in both directions. Much of the zone is covered by a thin veneer of transported soil. Drill results shown are historic and are from holes drilled in the early 1980s. (* interval includes a 12m section that was not sampled due to lack of outcrop)

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Rock chip channel samples were collected from sections of continuous outcrop. Each sample consisted of approximately 4kg of material collected over a three metre horizontal interval. Samples were analysed for gold by American Assay Laboratories in Reno using fire assay by method FA30.

Global and Osisko Mining

Global is in partnership with Canadian gold producer, Osisko Mining Corporation, in its Nevada projects. Osisko is fully-funding exploration on Global’s five Nevada gold projects. Osisko can earn an initial 45% ownership interest in 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 (BFS). Global retains 100% of its interest in any projects that Osisko elects not to fund. Osisko is Global’s single largest shareholder.

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 Sean Whittington Managing Director Field Public Relations Global Geoscience Ltd (08) 8234 9555 +61 2 9922 5800 0412 591 520 +61 4 1944 7280

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