LODE RESOURCES LTD — Regulatory Filings 2021

Jul 11, 2021

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12 July 2021

Lode discovers new style of gold mineralisation at its Uralla Gold Project

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announce the discovery of a new style of gold mineralisation with bulk tonnage potential at its 100% owned Uralla Gold Project, one of three drill ready projects located in the New England Fold Belt in North East NSW.

Highlights

• Disseminated gold mineralisation discovered at Hudson’s prospect, located within Lode’s 100% owned Uralla Gold Project;

• Strong implications for the Project’s bulk tonnage potential;

• To date 40 chip sample gold assays grading > 1 g/t average 3.47 g/t (up to 8.03 g/t) have been received;

• Outcrop sampled is spatially related to the “Bonanza Dyke” over a strike length of 1,000 metres;

• Uralla Gold Project geology has the characteristics of an Intrusive Related Gold System (IRGS) which has been only recently recognised;

• Preparations for highly anticipated drilling at the Uralla Gold Project, starting with the Hudsons prospect are well advanced with a 3,000m, 15 hole, program planned.

Discovery Details

Lode Resources has discovered a new style of gold mineralisation at its Hudson's prospect, one of several prospects at Lode's Uralla gold project located in the New England Fold Belt of NSW and the priority target in the upcoming drill program.

Rock chip description logging, sampling and mapping has revealed geographically extensive occurrences of disseminated high-grade gold in relatively unweathered outcrop as wells as widespread and pervasive alteration. Both indicate that gold

Lode Resources Ltd ACN 637 512 415 Level 30, 264 George St Sydney NSW 2000 I www.loderesources.com

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mineralisation is not restricted to thin quartz veins that had previously been interpreted.

This has strong implications for the bulk tonnage potential as gold mineralisation does not appear to be restricted to singular thin quartz lode veins as investigated by previous explorers, but rather it permeates throughout the host rock over potentially larger areas.

To date 40 sample gold assays grading > 1 g/t have averaged 3.47 g/t (up to 8.03 g/t) including 21 recently received samples grading > 1 g/t that averaged 3.07 g/t (up to 7.09 g/t) as shown in Table 1.

Tables 1 & 2: The Hudson’s Prospect – Rock chip sampling gold grades highlighted in yellow

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Primary Primary
Sample ID Easting Northing Au g/t Sample ID Easting Northing Au g/t
Lithology Lithology
R72 347758 6611131 Siltstone 7.09 R281 347587 6611097 Siltstone 8.03
R96 347567 6611100 Siltstone 5.67 S29(6)1 347775 6611462 Vein 7.58
R71 347689 6611110 Siltstone 5.53 R521 347685 6611110 Siltstone 6.38
R98 347566 6611103 Siltstone 4.59 R401 347771 6611465 Siltstone 6.31
R77 347716 6611129 Siltstone 3.85 R41 347587 6611098 Siltstone 5.29
R87 347746 6611594 Siltstone 3.54 R391 347773 6611459 Siltstone 5.06
R80 347723 6611130 Siltstone 3.51 S26A1 347927 6611728 Vein 4.74
R69 347771 6611407 Siltstone 3.22 R551 347771 6611416 Siltstone 4.29
R99 347469 6611175 Siltstone 3.20 R541 347656 6611108 Siltstone 4.12
R111 347697 6611384 Siltstone 3.10 H161 347935 6611752 Vein 3.78
R70 347684 6611109 Siltstone 2.90 S26B1 347927 6611728 Vein 3.30
R65 347789 6611456 Siltstone 2.69 S26D1 347927 6611728 Vein 2.92
R73 347610 6611111 Siltstone 2.47 R351 347925 6611725 Siltstone 2.84
R110 347707 6611391 Siltstone 2.10 R361 347777 6611452 Siltstone 2.73
R102 347522 6611331 Siltstone 2.09
R371 347777 6611455 Siltstone 2.03
R91 347815 6611470 Siltstone 1.96
R571 347810 6611441 Siltstone 1.34
R106 347547 6611344 Siltstone 1.86
S26C1 347927 6611728 Vein 1.16
R109 347618 6611480 Siltstone 1.36
R105 347570 6611344 Siltstone 1.33 S3441 347921 6611712 Vein 1.14
R97 347558 6611103 Siltstone 1.29 S3451 347923 6611719 Vein 1.11
R107 347388 6611435 Siltstone 1.22 R561 347769 6611431 Siltstone 0.88
R103 347536 6611343 Siltstone 0.97 S291 347923 6611719 Vein 0.85
R108 347578 6611465 Siltstone 0.88 S27B1 347907 6611680 Vein 0.76
R100 347750 6611472 Siltstone 0.67 S27A1 347907 6611680 Vein 0.67
R89 347823 6611444 Siltstone 0.63 S3461 347923 6611719 Vein 0.58
R104 347758 6611422 Siltstone 0.60 R531 347667 6611109 Siltstone 0.54
R88 347745 6611594 Siltstone 0.49 S27D1 347907 6611680 Vein 0.44
R82 347457 6611175 Siltstone 0.26 S27C1 347907 6611680 Vein 0.35
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1 Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR Supplementary Prospectus 6 May 2021

Chip sampling of surface outcrop is a spot sample technique and the assay grade is not regarded as being representative of the grade of the mineralised occurrence in general nor an indication of the width of the mineralised occurrence. Outcrop is estimated to be <10% at the Hudson’s prospect.

It is important to note that these significant gold assays were taken from outcrop that appears to be spatially related to the “Bonanza Dyke” over a strike length of 1,000 metres. Aeromagnetics reveal that this well-known regional structure extends for several kilometres with a northeast-south west orientation.

Refer LDR Prospectus 14 April 2021 p141 (IGR p67) & LDR Supplementary Prospectus 6 May 2021

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Visual observations and petrological study of thin sections has confirmed that this mineralisation can be classified as disseminated as it is hosted within moderate-tohighly altered (silica/sericite/potassic), predominantly siltstone, sedimentary rock (Sandon Beds) with a moderate amount of quartz stockwork veining and disseminated sulphides.

Figure 1: The Hudson’s Prospect – Rock chip sampling gold grades highlighted in yellow[1 ]

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Early Drill Target - 1
- gold in outcrop
Sample ID Au g/t
S26A1 4.74
H161 3.78
S26D1 2.92
S26B1 3.30
R351 2.84
S26C1 1.16
S3441 1.14
S3451 1.11
S27B1 0.76
S27A1 0.67 Early Drill Target - 2
S3461 0.58 - gold in outcrop
S27D1 0.44 Sample ID Au g/t
S27C1 0.35 S29(6) [1] 7.58
R40 [1] 6.31
R39 [1] 5.06
R55 [1] 4.29
R69 3.22
R111 3.10
R36 [1] 2.73
R65 2.69
R110 2.10
R37 [1] 2.03
R91 1.96
R57 [1] 1.34
R56 [1] 0.88
S29 [1] 0.85
R100 0.67
R89 0.63
R104 0.60
Early Drill Target - 3
- gold in outcrop
Sample ID Au g/t
Early Drill Target - Other R281 8.03
- gold in outcrop R72 7.09
Sample ID Au g/t R521 6.38
R87 3.54 R96 5.67
R99 3.20 R71 5.53
R102 2.09 R41 5.29
R106 1.86 R98 4.59
R109 1.36 R541 4.12
R105 1.33 R77 3.85
R107 1.22 R80 3.51
R103 0.97 R70 2.90
R108 0.88 R73 2.47
R88 0.49 R97 1.29
R82 0.26 R531 0.54
R82 0.26 R74 0.50
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1 Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR Supplementary Prospectus 6 May 2021

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Photos 1 & 2: Examples of surface chip samples of relatively unweathered silicified siltstone hosting gold mineralisation

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Preparations for highly anticipated drilling at the Uralla Gold Project are well advanced with a 3,000m, 15 hole, program planned. Initially, drilling will test directly below highgrade gold in surface outcrop. The strong association between gold mineralisation and sulphide means the chargeability anomalies, as revealed in a recent extensive IP programme carried out by Lode, will also be tested by drilling.

Imminent Drilling Program at Uralla

Lode’s immediate priority is drilling at the Uralla Gold Project on EL8980 and EL9087. These two exploration licences cover almost the entire historic Uralla Gold field. Lode believes the goldfield is host to Intrusive Related Gold System (IRGS) style mineralisation. The Uralla goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. Lode’s holdings cover over 300 km[2] . Uralla Granodiorite and other intrusives, which intrude Yarrowyck Granodiorite and Sandon Beds, are believed to be responsible for gold mineralisation in the Uralla Goldfield.

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Figure 2: Key Drill Targets at the Uralla Gold Project and best drill intercepts todate[1 ]

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1 Refer LDR Prospectus 14 April 2021 p45, p139 (IGR p65 Table 12), p157 (IGR p85 Table 15), p199 (IGR p125), p202 (IGR p128 Table 25) & LDR Supplementary Prospectus 6 May 2021

The Uralla Project consists of several key targets with high grade historical Au intercepts (refer to Figure 2), of which the Hudson’s Prospect is the priority for drilling. Lode has already conducted extensive reconnaissance work at Uralla, including a large IP survey which yielded multiple IP chargeability anomalies to be drilled in the imminent program.

The Hudson’s prospect, located on the “Bonanza Dyke” and shortly to be drilled, is defined by IP as well as Au/As geochem anomalies and contains high gold grades in relatively unweathered outcrop. An initial 3,000m, 15 hole, drill program is planned at Uralla in 2021 with a drill rig set to soon mobilise to site to initially target the highly prospective Hudson’s prospect.

The Company plans to have drill samples assayed at ALS Labs in Brisbane which should allow for significantly faster turnaround of assay results versus reliance on labs in Orange, to the south. Results from this initial drilling are expected around mid Sept Qtr. Lode is expecting further rock chip assay results from earlier reconnaissance work which will be used to further refine future drill targeting.

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Lode’s co-Founder and Managing Director, Ted Leschke commented:

This is a significant breakthrough and an outstanding piece of geological detective work by our team. It highlights that previous explorers on this ground had missed a potentially large gold target. The indications that gold mineralisation is not restricted to thin quartz veins as had been previously interpreted by prior explorers suggest that Uralla has potential for bulk tonnage.

That the significant gold assays were taken from outcrop that appears to be spatially related to the “Bonanza Dyke” over a strike length of 1,000 metres gives some sense of potential scale. The upcoming drilling now holds heightened significance for Lode and our shareholders and we look forward to getting the drills turning in the near future.

This announcement has been approved and authorised by Lode Resource Ltd’s Managing Director, Ted Leschke.

For further information, please contact: Investor Enquiries Media Enquiries Ted Leschke M&C Partners Managing Director Ben Henri Ted@loderesources.com Ben.Henri@mcpartners.com.au

About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but underexploited New England Fold Belt in north eastern NSW. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by demonstrated high grade mineralisation and/or potential for large mineral occurrences

For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com

And follow us on:

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https://twitter.com/LodeResources

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http://www.linkedin.com/Company/loderesources

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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	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • 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 may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• Samples were collected by a qualified geologist. • 45 rock chip samples were collected from outcrop. • The sample weight range is between 0.66kg to 2.29kg. This is considered appropriate for this style of sampling. • Sample locations were surveyed with a handheld GPS (+- 5m) and marked into sample books and on sample bags.
Drilling techniques	• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so,bywhat method,etc).	• No drilling was carried out.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• No drilling was carried out
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• The geology, mineralogy, nature and characteristics of mineralisation and host rock geology, and orientation of the associated mineralised structures, was logged by a qualified geologist and subsequently entered into a geochemical database. Photographs taken for reference.

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	• 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 techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material beingsampled.	• No drilling was carried out. • Samples were dry and not split in the field. • Sample sizes are considered appropriate.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the 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 adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• Samples are stored in a secure location and transported to the ALS laboratory in Brisbane QLD via a certified courier. Sample preparation initially comprises drying (DRY-21), weighing, crushing (CRU-31), riffle split and pulverizing of 1kg to 85% < 75μm (PUL-32). • The assay methods used were ME-ICP61 and Au- AA25 (refer to ALS assay codes). ME-ICP61 is a four-acid digest with ICP-AES finish with various detection limits. Au-AA25 is a fire assayed for Au using a 30g sample, detection is 0.01-100 ppm Au. • Only internal laboratory checks were used for QACQ.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Laboratory results have been reviewed by Project Manager. • Laboratory CSV files are merged with GPS Location data files using unique sample numbers as the key. • No adjustments made to assay data.
Location of data points	• Accuracy and quality of surveys used to 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. • Quality and adequacy of topographic control.	• Sample points were recorded using a handheld GPS (+- 5m). • Sampling points are recorded as x, y & z coordinates. • Accuracy is assumed to be +/-5m • Grid system used is GDA94 UTM zone 56

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	Sample ID R65	Easting 347789	Easting 347789	Northing **6611456 **	Primary Litholog Siltstone	Primary Litholog Siltstone	Primary Litholog Siltstone	Primary Litholog Siltstone	Sample ID R98 R99 R100 R101 R102 R103 R104 R105 R106 R107 R108 R109	Easting 347566 347469 347750 347717 347522 347536 347758 347570 347547 347388 347578 347618	Northing 6611103 6611175 6611472 6611506 6611331 6611343 6611422 6611344 6611344 6611435 6611465 **6611480 **	Primary Litholog Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone	Au g/t 4.59 3.2 0.67 0.05 2.09 0.97 0.6 1.33 1.86 1.22 0.88 1.36 2.1 3.1 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01
	R69	347771		**6611407 **	Siltstone
	R70	347684		**6611109 **	Siltstone
	R71	347689		**6611110 **	Siltstone	5.
	R72	347758		**6611131 **	Siltstone	7.09
	R73 R74 R77 R78 R79 R80	347610 347575 347716 347808 347796 347723		6611111 6611130 6611129 6611124 6611121 **6611130 **
	R81 R82	347383 347457		6611234 **6611175 **	Siltstone Siltstone
						0.26			R110	347707	**6611391 **	Siltstone
	R85	347728		**6611739 **	Siltstone	0			R111	347697	**6611384 **	Siltstone
	R87	347746		**6611594 **	Siltstone			3.54	R112	347818	**6611516 **	Siltstone
	R88	347745		**6611594 **	Siltstone	0.49			R113	347438	**6610536 **	Siltstone
	R89	347823		**6611444 **	Siltstone	0.63			R114	347427	**6610567 **	Siltstone
	R90	347879		**6611145 **	Siltstone	0			R115	347947	**6611573 **	Siltstone
	R91	347815		**6611470 **	Siltstone				R116 R117	347423 347430	6610581 6610691	Gabbro Gneiss
	R94	347638		**6611147 **	Siltstone
	R95	347651		**6611089 **	Siltstone	0.07 5.67			R118 R119	347439 347379	6610533 6609796	Siltstone Diorite
	R96 R97	347567 347558		6611100 **6611103 **	Siltstone Siltstone	5.
							1.29
	Data spacing and distribution		• Data spacing for reporting of Exploration Results. • Whether the data spacing and 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 applied.							• Results will not be used for resource estimation. • Sampling consisted of 45 rock chip samples. • The sample weight range (0.66-2.29kg) is considered appropriate for this style of sampling. • No composting has been applied.
	Orientation of data in relation to geological structure		• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.							• No drilling or channel sampling was carried out
	Sample security		• The measures taken to ensure sample security.							• Samples have been overseen by the Project Manager during transport from site to the assay laboratories.

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	Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been carried out at this point.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The sampling was conducted on EL8980 • EL8980 is 100% held by Lode Resources Ltd. • Native title does not exist over EL8980 • All leases/tenements are in good standing
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• From 2006 to 2018 Sovereign Gold assessed alluvial gold potential and carried out significant soil sampling, rock chip sampling and drilling as well as airborne magnetics / radiometrics in areas covered by Lode’s Uralla Gold Project (EL8980 and EL9087). • It is worth noting that drilling by Sovereign Gold almost entirely targeted extensions to historical workings and not the conceptual targets or zones of anomalous geochemistry / geophysics. It was only towards the end of Sovereign Gold’s tenure that significant and systematic soil sampling was carried out. • Sovereign Gold determine that many of the hard rock deposits have characteristics diagnostic of reduced Intrusive Related Gold Systems (IRGS), analogous to the Tintina Gold Province of Alaska and Yukon.
Geology	• Deposit type, geological setting and style of mineralisation.	• EL8980 falls within the southern portion of the New England Orogen (NEO). EL8980 hosts both alluvial and in situ gold, silver and base metal occurrences. Given the proximity of some mineral occurrences to intrusive bodies it is like that some occurrences are intrusion related. Some occurrences may also be related to orogenic processes. The mineralisation appears to be structurally controlled and hosted within either shear/alteration zones or dyke hosted.

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Drill holeInformation	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including, easting and northing, elevation or RL, dip and azimuth, down hole length, interception depth and hole length. • If the exclusion of this information is justified the Competent Person should clearly explain why this is the case.	• No drilling was carried out
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material 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 clearlystated.	• No drilling was carried out
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration 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 lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• No drilling or channel sampling was carried out.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not belimited to a plans and sections.	• Refer to plans and sections within report

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	Balanced reporting		• Where comprehensive reporting of all 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.	• The accompanying document is considered to represent a balanced report.
	Other substantive exploration data		• Other exploration data, if meaningful and material, should be reported.	• All meaningful and material data is reported.
	Further work		• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	• Sampling and mapping activities are ongoing. Drilling in the coming months is planned.

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