MINREX RESOURCES LIMITED — Capital/Financing Update 2020

Apr 27, 2020

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ASX AND MEDIA ANNOUNCEMENT

28 April 2020

DEFLECTOR EXTENDED EXPLORATION PROGRAM RESULTS

HIGHLIGHTS

• Exceptional assay results have been received from the 144 rock samples collected at MinRex’s Deflector Extended Gold Project during March 2020.

• Excellent rock sampling results were returned with nine assays exceeding 1g/t Au and three exceeding 4g/t Au. Most of the 144 rock samples collected on this occasion were of quartz and quartz-goethite veins and float.

• The three values over 4g/t Au came from three different areas within the exploration licence; two were following up on previous anomalous results from surface outcropping and sub-cropping quartz-goethite veins, while the third, of quartz float, came from an entirely different, previously untested area.

• 131 soil samples were also collected from north of the Cagacaroon Hills, with the highest result being 4ppb Au.

• These assay results build on the encouraging results from previous exploration programs, and will be followed up with further sampling in the near future.

• The Company also wishes to announce that the detailed airborne geophysical survey of the East Pilbara Project areas commenced on the 27[th] April 2020.

MinRex Resources Limited (ASX: MRR) (‘MinRex’) is pleased to provide the following update regarding the recent exploration sampling program at its Deflector Extended Gold Project at Gullewa in Western Australia (Figure 1).

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Figure 1: Location of MinRex Project Areas

________________ MinRex Resources Limited Suite 159, Level 2, Equus ABN 81 151 185 867 580 Hay Street Perth WA 6000 P: +61 8 9486 8806 E-mail: info@minrex.com.au

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MinRex’s Deflector Extended Gold Project (E59/1657) lies 4km, along strike, to the northeast of the Silver Lake Resources Limited Deflector Mine, where copper-gold mineralisation occurs in shear zones in meta-basalt, and only 2km from the Golden Stream open-cut, where gold has been mined from shear-zone hosted quartz veins in meta-basalt.

Current and previous Deflector Extended exploration program details

During the latest field sampling program, in March 2020, a total of 144 rock samples and 131 soil samples (a total of 275 samples), were collected from throughout the licence area – but principally in the scree covered area immediately to the north of the Cagacaroon Hills, containing the principal known anomalous areas. The rock samples were taken from outcrop, float and scree, at random locations, where prospective rocks were observed; with each sample being about 0.5-1.0kg in weight.

The soil sampling program was designed to extend the soil sample coverage by completing three long north-south soil sampling lines in the north and east of the licence. A total of 6.4 line kilometres of soil sampling were completed at 50m sample spacing. Most of this area is covered by deep scree, colluvium and alluvium (Figure 2).

The rock and soil samples were analysed for eight metallic elements (gold, silver, arsenic, copper, lead, molybdenum, nickel and zinc) by the ICP method, either ICP-MS or ICP-OS, by Bureau Veritas in Canning Vale, Perth.

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Figure 2: View of sand and colluvium covered area to the north of Cagacaroon Hills, in E59/1657

MinRex has been actively exploring the Deflector Extended Gold Project, since 2012, utilising surface soil, auger and rock sampling and geological mapping to hone in to buried mineralized structures and favourable settings for mineralization. About 85% of the project area is covered by scree, colluvium and alluvium, which is up to 20-30m thick, with only a few outcrop areas of mafic meta-basalt in the Cagacaroon Hills area, and other small areas of granite, dolerite and ferricrete.

Rock types observed in this covered area, in small outcrops and as scree and float, include metabasalt, meta-shale and other meta-sediments, ferricrete (pisolitic goethite), granite, dolerite/gabbro and vein quartz. The surface distribution of float rocks suggests that this area is largely underlain by mafic meta-basalt and meta-sediment, with granite predominating to the west and north, and one or two Proterozoic dolerite dykes also being present.

MinRex has now collected a total of 744 surface rock samples at the Deflector Extended Gold Project, 725 soil samples and 185 auger drill samples, which have defined significant anomalous zones for further examination and sampling. There have also been prior programs of RAB drilling,

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aircore drilling and soil sampling, by earlier explorers of the area with these results supporting the definition of these anomalous zones.

New Deflector Extended exploration program results

The new rock sampling results are considered to be excellent; while previous exploration programs have returned only two gold values over 1g/t Au in the Deflector Extended Gold Project area; on this occasion, in a single sampling program, nine values over 1g/t Au have been collected, and these from three different areas. The new rock sample assay results include three values over 4g/t Au, from three different areas in the north and east of the exploration licence. Two of these were from previously known and sampled anomalous areas, although with no previous assay results as high-grade. These were the “Corner Creek” area (4.04g/t Au), in the central “elbow” of the licence (with a previous assay of 2.89g/t Au) and the “Eastern Dolerite” area (4.89g/t Au)(with a previous assay of 1.07g/t Au). In both of these areas narrow (<1m wide) quartz-goethite veins outcrop, sub-crop and occur as scattered float, in mafic meta-basalt. Although outcrop is poor, these veins seem to be up to 100m in length, outcrop discontinuously, and strike north-south to northeast-southwest and are sub-vertical. The two areas have different minor element geochemistry with the Corner Creek area having only gold values while at the Eastern Dolerite area gold is associated with elevated copper and lead values, up to 1.75% Pb and 0.2% Cu; this area (Eastern Dolerite) returned nine assays over 0.1g/t Au from only eleven samples collected. This mineralisation is in proximity to a Proterozoic, dolerite intrusive body.

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Figure 3: Plan of the geology and March 2020 rock sampling gold results in E59/1657. The assays over 1g/t Au (1,000ppb) are labelled

The third highly anomalous result was of 4.52g/t Au, returned from a single grab sample of scattered, vein quartz float material in clay/sand colluvium on flat floodplain, with minor pisolitic

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ferricrete material, in the extreme north-eastern corner of the exploration licence. This sample suggests that it is probable that the mafic meta-basalt lithology continues under this colluvium covered area that has not previously been tested by soil sampling or drilling. In all the three prospect areas define a one kilometre wide and two kilometre long anomalous area that is now considered a high priority for future exploration.

Figure 3 (above) shows the gold results for the 144 new rock samples, the assays over 1g/t Au (1,000ppb) are labelled; while Appendix 1 has the full assay results for gold and base metals.

The soil sampling completed in this program comprised 131 samples, collected at 50m intervals along three north-south lines. The individual samples were screened to exclude the +2.8mm oversize and the residual <2.8mm portion was then dried, crushed and pulverised to produce a sample for analysis. All of the soil and rock samples were analysed for eight elements (gold, silver, arsenic, copper, lead, molybdenum, nickel and zinc) by Bureau Veritas in Canning Vale, Perth.

The gold assay results from the new soil samples are shown below in Figure 4 and the full assay results are detailed in Appendix 2, at the rear of this report. The assay results were low with a highest value of 4ppb being returned from line 442500E, in close proximity to an outcropping Proterozoic dolerite dyke within an area interpreted to host meta-basalt and meta-sediment rock types. Samples on the three lines, either 1.8km or 2.8km long, were low, thought to be due to the deep colluvial cover in most of this area.

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Figure 4: Plan of the geology and March 2020 soil sampling gold results in E59/1657

MinRex has now completed several surface sampling programs at the Deflector Extended Gold Project, collecting a total of 744 surface rock samples, 725 soil samples and 185 auger drill samples

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within the tenement area, on a number of lines of close-spaced, surface soil sampling; random surface grab sampling of outcropping rock, scree, float, colluvium, calcrete, ferricrete and sediment, and shallow auger drilling. The gold assay results from all 744 of the rock samples are shown below in Figure 5, while the gold assay results from all 725 of the soil samples are shown below in Figure 6.

The best rock sampling results are from three distinct areas, in the north and east of the exploration licence, where a number of anomalous surface rock assay values (up to 4.89g/t Au) occur. These include outcropping and sub-cropping quartz-goethite veins and scattered quartz vein float, within mafic meta-basalt, meta-shale and on the surface of colluvial clay/sand cover. The prevalence of higher gold values in rock and soil values in areas of mafic colluvium suggests that concealed mineralisation may lie below the blanket of scree surrounding the Cagacaroon Hills meta-basalt outcrop area, especially immediately to the north of the hills, and possibly extending to the north and east under colluvial cover (Figure 5).

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Figure 5: Plan showing the geology and all rock sample gold results, in E59/1657

The results from this latest exploration and sampling program are still being collated and analysed. However, an initial conclusion is that the depth of cover to the north of the Cagacaroon Hills may be obscuring any underlying mineralisation. With this in mind, the next stage of work at the Deflector Extended Gold Project will include the collection of further surface rock and soil samples, along with the commencement of heritage survey activities, with archaeological and ethnographic surveys over proposed drilling areas. The field sampling programs will aim to further pin-point the most anomalous areas for subsequent drilling. This work will concentrate on the already defined anomalous zones, but also include some further reconnaissance work elsewhere in the Deflector Extended Gold Project.

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Once all of the requisite surveys and approvals are obtained, it is anticipated that a shallow (1020m), aircore drilling program of lines of holes about 40m apart will be conducted, within the most anomalous areas, for gold and base metals. It is also thought that a small rig will be able to work in the area, using the existing access lines and tracks, without having to mechanically clear lines. A simple process of hand clearing, or vegetation avoidance, can probably be utilised to enable drill rig access and conduct the drilling as a relatively low disturbance program.

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Figure 6: Plan showing the geology and all soil sample gold results, in E59/1657

Further exploration work planned for East Pilbara Gold Project tenements

MinRex is also commencing the next phase in its systematic exploration of its East Pilbara Gold Project areas. The Company’s detailed airborne magnetic and radiometric geophysical survey over the East Pilbara Project areas commenced on the 27[th] April 2020, with the two Bamboo Creek Gold Project exploration licences being flown first, to be followed by the Daltons Gold Project. This detailed geophysical survey will include over 2,500km of flying and be flown at a sensor height of 30m and 50m line spacing. The flying will be completed during May 2020 and target generation and interpretation work, based on the airborne geophysics, will then be completed and used to guide future field exploration sampling and geological mapping programs.

The 2020 exploration program planning also includes further geological mapping along with rock and soil sampling work on all four of MinRex’s project areas around Marble Bar. Close-spaced ground geophysical surveys are also being considered at the two smaller Marble Bar licences, which would result in geophysical programs covering all five of MinRex’s East Pilbara mineral licences. The rock sampling, soil sampling in colluvium and soil covered areas and detailed

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geological mapping will be used to better understand these complex gold, base metal and polymetallic mineralised systems at the Daltons, Marble Bar and Bamboo Creek Gold Project areas (Figure 7). This work will aim to build on the results received from the previous six exploration programs that MinRex has completed in the East Pilbara area within the past two years.

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Figure 7: Location of MinRex East Pilbara Project Areas

This ASX announcement has been authorised for release by the Board of MinRex Resources Limited.

For further information, please contact:

Simon Durack Executive Director MinRex Resources Limited Ph: (08) 9486 8806 info@minrex.com.au

Competent Persons Statement:

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Kieron Munro, a Competent Person who is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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”. Mr Munro is employed as an independent geological consultant by MinRex and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Appendix 1 – Deflector Extended Gold Project – March 2020 Rock Sample Results

Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK601	441496	6833005	0	0	0.2	0.4	0	3	2	3
DEK602	441512	6832960	15	0	8.2	0.2	2	8	6	4
DEK603	441542	6832841	1	0	1.6	0.4	1	9	5	6
DEK604	441537	6832792	1	0	4.4	0.6	3	50	47	77
DEK605	441514	6832699	0	0	1.2	0.6	3	4	4	4
DEK606	441594	6833177	55	0	3.6	0.4	3	7	6	4
DEK607	441584	6833139	7	0	9	0.6	6	7	17	19
DEK608	441462	6833090	12	0.1	2.2	7.2	80	12	7	3
DEK609	441391	6833014	57	0	1.8	3.6	12	6	4	2
DEK610	441318	6833074	0	0	0.4	0.4	3	2	1	1
DEK611	441257	6833125	0	0	0.2	0.4	3	1	1	1
DEK612	441268	6833216	0	0	0.2	0.4	2	1	2	1
DEK613	441320	6833265	0	0	0.4	0.6	2	2	2	1
DEK614	441337	6833254	0	0	0.2	2	4	2	2	1
DEK615	441420	6833203	0	0	0.2	0.4	2	1	2	2
DEK616	441447	6833145	0	0	0.2	0.4	2	1	2	1
DEK617	441493	6833105	5	0	0.4	0.4	3	2	1	2
DEK618	441530	6833182	0	0	0.2	0.6	2	3	1	2
DEK619	441584	6833165	3	0.05	10.2	0.8	10	105	118	19
DEK620	441491	6833153	0	0	0.4	0.4	3	23	2	1
DEK621	441508	6833264	0	0	0.4	0.4	9	1	2	3
DEK622	441499	6833349	1	0	1.8	0.2	2	7	5	3
DEK623	441563	6833464	0	0	0.2	0.4	2	2	1	1
DEK624	441557	6833393	30	0	1	0.2	2	1	1	1
DEK625	441569	6833314	37	0	0.6	0.6	2	5	3	3
DEK626	441552	6833259	0	0	1	0.4	7	4	2	4
DEK627	441599	6833211	3	0	9.6	0.4	13	7	8	4
DEK628	441500	6834200	0	0	0.2	0.4	0	1	2	2
DEK629	441500	6834325	0	0	0.2	0.2	2	1	2	1
DEK630	441614	6833987	0	0	0.4	0.6	2	1	2	2
DEK631	441703	6833539	0	0	0.2	0.2	4	1	1	1
DEK632	441774	6833482	0	0	0.4	0.2	1	2	1	1
DEK633	441840	6833432	0	0	1	0.2	2	5	4	6
DEK634	441910	6833374	0	0	3.2	0	13	12	23	12
DEK635	441878	6833335	0	0	2	0.2	2	8	5	3
DEK636	441933	6833448	6	0	2.6	0.2	2	12	3	2
DEK637	442515	6832692	0	0	18.8	0.6	29	16	36	76
DEK638	442499	6832796	0	0	1.4	0.4	2	7	46	16
DEK639	442502	6832901	0	0	0.6	0.6	6	11	6	8
DEK640	442494	6832948	0	0	1.4	7.6	3	5	6	13
DEK641	442542	6832922	0	0	8.6	0.4	6	12	33	98
DEK642	442548	6832871	0	0	12.8	1.2	3	29	47	76

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK643	442591	6832764	0	0	13.2	0.4	11	73	18	22
DEK644	442731	6832635	0	0	1.2	23	6	5	6	45
DEK645	442501	6833499	0	0	0.4	0.6	3	2	1	1
DEK646	442500	6833605	0	0	1	0.4	3	5	4	3
DEK647	442500	6833700	0	0	1	0.2	3	1	1	2
DEK648	442501	6833403	0	0	0.2	0.4	2	1	2	1
DEK649	442497	6833405	0	0	4.2	0.8	32	29	5	25
DEK650	442503	6833834	0	0	0.4	0.4	2	1	2	1
DEK651	442484	6833992	0	0	0.4	0	3	1	1	1
DEK652	442526	6834026	0	0	1.2	0.4	1	2	3	9
DEK653	442529	6834311	1	0	3.4	0.6	2	12	38	6
DEK654	442537	6834240	0	0	1.2	0.2	0	18	13	1
DEK655	442457	6834036	93	0	0.4	0.2	2	2	8	2
DEK656	442313	6833945	0	0	0.4	0	1	1	7	1
DEK657	442270	6833871	7	0	0.4	0.2	2	2	8	1
DEK658	442421	6833856	1	0	0.2	0	4	1	6	2
DEK659	442624	6833674	0	0	0.4	0.6	10	4	5	3
DEK660	442595	6833586	0	0	1	0	3	2	5	2
DEK661	442608	6833642	3	0	1	1.2	6	2	6	5
DEK662	444003	6831867	0	0	2	1.2	7	23	23	11
DEK663	444000	6831976	0	0	1	2.2	2	19	12	9
DEK664	443996	6832213	0	0	0.4	0.4	2	7	8	1
DEK665	444033	6832188	0	0.05	0.4	1	15	8	8	5
DEK666	443591	6833154	3	0	6.6	2.6	19	520	104	119
DEK667	444233	6832540	0	0	0.4	15.4	2	4	4	3
DEK668	444152	6832480	0	0	38.8	8.4	97	178	14	6
DEK669	444144	6832476	0	0.55	7.4	11.2	36	37	5	4
DEK670	444056	6832381	0	0	3.2	1.4	38	39	85	37
DEK671	444001	6832701	0	0	0.2	0.4	1	5	3	1
DEK672	444050	6832817	0	0	0.2	0	1	4	7	3
DEK673	444105	6832864	1	0	0.4	3	1	6	8	2
DEK674	444001	6832978	1	0	0.4	0.2	2	3	6	4
DEK675	443995	6833144	0	0	0.6	1.2	2	4	4	3
DEK676	444004	6833184	0	0	0.4	0.6	2	21	14	5
DEK677	444000	6833364	0	0	0	0	0	2	3	1
DEK678	444002	6833401	0	0	1.6	0	0	6	1	3
DEK679	444183	6833204	0	0	0.4	0.4	3	4	5	2
DEK680	444192	6833130	0	0	0	0	0	2	2	0
DEK681	444016	6833747	0	0	0	0.2	1	0	3	1
DEK682	444014	6833734	0	0	0	0.4	1	2	2	0
DEK683	443967	6833463	0	0	0	0	1	0	1	0
DEK684	444018	6833434	0	0	0	0	0	2	2	0
DEK685	444042	6833647	0	0	0	0.2	0	3	1	0
DEK686	443985	6833974	0	0	0.2	0	0	3	1	0

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK687	443959	6834029	0	0	0	1.2	1	1	1	0
DEK688	443922	6833977	0	0	0.2	0.2	0	2	2	1
DEK689	443937	6833942	0	0	0.2	0	1	3	1	1
DEK690	443972	6833901	4520	0	1.2	0.4	5	8	3	1
DEK691	444224	6834162	8	0	0.4	0	0	0	1	1
DEK692	444015	6834252	3	0	0.2	0	1	0	1	1
DEK693	444020	6834328	9	0	0.4	0	2	2	1	2
DEK694	444065	6834286	1	0	0.4	0.2	1	1	2	2
DEK695	444137	6834224	0	0	0	0	0	0	2	0
DEK696	444225	6834204	0	0	0.2	0	2	1	1	1
DEK697	442050	6832769	0	0	0.6	0.2	0	6	2	2
DEK698	442032	6832753	0	0	0.6	0	2	4	1	3
DEK699	441944	6832739	0	0.05	0.6	0.2	1	20	5	3
DEK700	441973	6832743	2	0	3.6	0.2	2	8	29	24
DEK701	441973	6832745	3	0	8.8	0.8	25	274	240	170
DEK702	441937	6832735	1	0	2.6	0.2	1	8	13	20
DEK703	441902	6832724	2	0.1	15.6	2.2	67	476	245	12
DEK704	441811	6832692	17	0.1	5.8	0.6	12	55	15	47
DEK705	441737	6832729	0	0	7.8	0.2	3	24	9	10
DEK706	441753	6832833	0	0.05	8.2	1	11	50	56	53
DEK707	441837	6832890	0	0	8	0.2	20	12	8	16
DEK708	441881	6832875	2	0.25	25.6	1.2	160	292	545	588
DEK709	441954	6832841	11	4.7	13.8	0.4	61	2040	528	116
DEK710	441983	6832835	11	0.2	24.8	1.4	25	559	298	58
DEK711	442144	6832719	0	0	0.6	0.2	2	7	7	5
DEK712	442196	6832689	0	0	0.6	0.2	1	17	7	3
DEK713	443132	6832275	5	0	2	0.4	5	15	5	5
DEK714	443134	6832275	84	0.1	15.2	4	4	316	99	16
DEK715	443137	6832273	4040	0.65	14	2.4	10	908	231	26
DEK716	443129	6832274	8	0	6.4	1.4	80	47	10	137
DEK717	443122	6832273	6	0	1.4	1.2	112	15	4	10
DEK718	443124	6832275	4	0	4	1.4	79	19	5	149
DEK719	443138	6832277	23	0.15	29	15.2	183	734	65	89
DEK720	443134	6832276	7	0	6.2	1.6	13	93	17	18
DEK721	443122	6832283	21	0	3.6	0.8	3	74	13	6
DEK722	443090	6832294	1	0	2.8	0.4	3	59	40	5
DEK723	443086	6832288	2	0	2	0.4	1	10	3	1
DEK724	443062	6832300	52	0	6.2	0.4	1	124	36	5
DEK725	443732	6833119	0	0	0.4	0.4	1	4	6	2
DEK726	443761	6833074	0	0	0	0.4	1	6	5	3
DEK727	443778	6833006	3	0	0.2	0.4	6	5	5	4
DEK728	443887	6832985	0	0	0.4	0.4	1	2	6	3
DEK729	443877	6832937	0	0	0.2	0.4	1	4	6	3
DEK730	443863	6832903	0	0	0.4	0.2	6	5	5	6

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK731	443828	6832879	0	0	0.4	0.4	4	5	5	3
DEK732	443762	6832779	2	0	0	0.2	4	5	4	3
DEK733	443739	6832773	0	0	0.4	0.4	3	15	6	7
DEK734	443771	6832661	2410	19.9	21.6	461	6260	671	35	185
DEK735	443768	6832662	1750	10.1	11.2	90	17500	364	8	9
DEK736	443751	6832667	526	23.8	15.4	42.4	1270	628	38	273
DEK737	443746	6832673	50	18	6.2	46.8	2090	485	11	15
DEK738	443731	6832660	35	9.55	2.8	102	1880	194	5	4
DEK739	443731	6832641	2100	15.8	12.4	20.6	4050	2020	45	54
DEK740	443731	6832631	3200	13.8	14.8	52.8	4910	392	8	18
DEK741	443731	6832599	2340	5.1	2.8	48.6	1060	270	18	47
DEK742	443731	6832620	2880	23	30.6	38.8	9200	2190	100	384
DEK743	443749	6832622	4890	4.2	30.4	115	4800	1790	42	138
DEK744	443685	6832995	112	3.3	1.6	3.6	286	220	8	26

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Appendix 2 – Deflector Extended Gold Project – March 2020 Soil Sample Results

Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DES595	441500	6832500	1	0	28.2	1.6	14	35	42	32
DES596	441500	6832550	1	0	42.2	2	13	48	38	33
DES597	441500	6832600	0	0	23.8	1	15	43	37	24
DES598	441500	6832650	0	0	22	1.2	13	38	38	24
DES599	441500	6832700	0	0	26.6	1.4	15	39	37	23
DES600	441500	6832750	0	0	14.6	1.2	14	33	24	19
DES601	441500	6832800	0	0	13.8	1.2	16	29	25	20
DES602	441500	6832850	1	0	12.2	1.4	16	23	18	15
DES603	441500	6832900	0	0	10	1.4	15	19	14	13
DES604	441500	6832950	0	0	13.4	2.4	20	25	21	21
DES605	441500	6833000	0	0	7.6	2	19	15	12	11
DES606	441500	6833050	0	0	8.4	2	16	16	10	12
DES607	441500	6833100	0	0	7	1.6	20	12	10	9
DES608	441500	6833150	0	0	5.8	1.2	17	17	13	18
DES609	441500	6833200	0	0	5.8	1.6	16	15	11	15
DES610	441500	6833250	0	0	5.8	2	18	15	11	15
DES611	441500	6833300	0	0	4	1.6	16	17	12	19
DES612	441500	6833350	0	0	3.2	1	13	14	11	15
DES613	441500	6833400	0	0	3	1.2	9	11	9	12
DES614	441500	6833450	0	0	2.4	0.8	7	12	9	12
DES615	441500	6833500	0	0	2.8	0.8	8	11	9	10
DES616	441500	6833550	0	0	2.4	0.8	6	8	7	8
DES617	441500	6833600	0	0	2.4	0.8	6	8	6	9
DES618	441500	6833650	0	0	2.2	0.8	5	7	6	8
DES619	441500	6833700	0	0	2.4	1	5	8	8	9
DES620	441500	6833750	0	0	2.4	1	6	10	8	12
DES621	441500	6833800	0	0	2.4	0.8	6	7	6	7
DES622	441500	6833850	0	0	2.4	1	5	7	6	7
DES623	441500	6833900	0	0	2.2	0.8	5	7	5	9
DES624	441500	6833950	0	0.05	2.2	0.8	7	6	6	7
DES625	441500	6834000	0	0	2	1.2	6	7	6	9
DES626	441500	6834050	0	0	1.8	1.4	6	8	7	9
DES627	441500	6834100	0	0	1.8	1.2	7	9	9	14
DES628	441500	6834150	0	0	2.4	2.6	16	14	14	24
DES629	441500	6834200	0	0	2.4	1.4	13	12	14	22
DES630	441500	6834250	0	0	2.4	1	15	13	13	21
DES631	441500	6834300	0	0	2.2	0.6	13	13	13	22
DES632	442500	6832500	1	0	2.2	0.8	10	37	20	26
DES633	442500	6832550	0	0	3.6	1	10	38	25	36
DES634	442500	6832600	2	0	7.6	0.8	12	53	42	63
DES635	442500	6832650	0	0	5.8	0.6	11	39	30	52
DES636	442500	6832700	0	0	7	0.8	11	41	35	62

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DES637	442500	6832750	1	0	6.2	0.8	12	40	30	55
DES638	442500	6832800	0	0	7	0.8	13	40	32	61
DES639	442500	6832850	0	0	6.4	1	13	37	27	56
DES640	442500	6832900	0	0	5.8	1	12	31	24	48
DES641	442500	6832950	0	0	7.4	1.2	13	29	23	50
DES642	442500	6833000	0	0	6	1	13	31	25	43
DES643	442500	6833050	0	0	6.4	1	14	33	24	48
DES644	442500	6833100	0	0	8.8	1.6	15	32	22	47
DES645	442500	6833150	0	0	6.2	1.2	13	29	18	42
DES646	442500	6833200	1	0	7	1.4	19	35	22	39
DES647	442500	6833250	4	0	5.8	1.2	13	25	14	26
DES648	442500	6833300	0	0	7.2	1.4	15	24	17	29
DES649	442500	6833350	0	0	7.4	1.4	16	26	16	31
DES650	442500	6833400	0	0	7.6	1.4	15	25	16	30
DES651	442500	6833450	0	0	10.2	1.6	15	22	15	24
DES652	442500	6833500	0	0	9.2	1.4	17	25	16	28
DES653	442500	6833550	0	0	7.6	1.4	17	22	16	27
DES654	442500	6833600	0	0	8	1.4	18	27	16	26
DES655	442500	6833650	0	0	6.8	1.6	18	26	17	35
DES656	442500	6833700	0	0	7.6	2.4	18	32	22	35
DES657	442500	6833750	0	0	6.2	2.4	15	22	18	24
DES658	442500	6833800	0	0	6.8	2.8	18	26	23	31
DES659	442500	6833850	0	0	5.6	2.2	18	29	29	39
DES660	442500	6833900	0	0	5.4	2.2	19	25	26	34
DES661	442500	6833950	0	0	5.2	2.8	16	23	20	34
DES662	442500	6834000	0	0	4.8	3	13	20	18	28
DES663	442500	6834050	0	0	3.6	2.6	10	14	14	22
DES664	442500	6834100	0	0	2.8	1.6	8	9	9	13
DES665	442500	6834150	0	0	3.2	2	8	12	12	17
DES666	442500	6834200	0	0	3.4	2	14	13	12	19
DES667	442500	6834250	0	0	3.4	2.4	16	16	17	21
DES668	442500	6834300	0	0	3	1.6	18	16	15	26
DES669	444000	6831500	0	0	3.2	0.8	8	22	25	17
DES670	444000	6831550	0	0	2.8	0.8	7	18	24	18
DES671	444000	6831600	0	0	3	0.8	8	23	28	21
DES672	444000	6831650	0	0	3	0.8	7	23	29	19
DES673	444000	6831700	0	0	3.2	0.8	7	25	32	23
DES674	444000	6831750	0	0	3.6	0.8	10	20	26	17
DES675	444000	6831800	0	0	3.4	0.8	9	19	22	17
DES676	444000	6831850	0	0	3.8	1.2	11	25	30	21
DES677	444000	6831900	1	0	3.6	1	10	25	36	21
DES678	444000	6831950	0	0	3.2	1	9	24	31	17
DES679	444000	6832000	1	0	3.4	1	10	26	30	21
DES680	444000	6832050	0	0	3.2	1.2	11	26	29	23

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DES681	444000	6832100	0	0	3.2	1.4	10	25	26	18
DES682	444000	6832150	0	0	3.6	1.6	11	33	45	24
DES683	444000	6832200	0	0	3.6	1.8	14	34	36	22
DES684	444000	6832250	0	0	3.4	1.6	18	35	43	19
DES685	444000	6832300	0	0	3.4	1.8	13	33	41	26
DES686	444000	6832350	0	0	3.6	1.8	11	30	29	17
DES687	444000	6832400	0	0	3.8	1.8	12	30	33	16
DES688	444000	6832450	0	0	3	1.8	11	23	26	20
DES689	444000	6832500	0	0	3	1.2	11	24	42	16
DES690	444000	6832550	0	0	3	1.2	11	30	52	20
DES691	444000	6832600	2	0	3	1.2	10	26	37	15
DES692	444000	6832650	0	0	2.8	0.8	11	23	34	19
DES693	444000	6832700	0	0	2.8	1	8	25	29	19
DES694	444000	6832750	0	0	2.8	1	11	24	37	16
DES695	444000	6832800	0	0	2.4	0.8	8	22	34	16
DES696	444000	6832850	0	0	2.8	0.8	8	31	57	16
DES697	444000	6832900	0	0	3	0.8	8	30	56	19
DES698	444000	6832950	0	0	3	0.8	11	35	58	20
DES699	444000	6833000	0	0	2.4	0.8	11	30	42	18
DES700	444000	6833050	0	0	2.8	1	11	24	43	19
DES701	444000	6833100	0	0	3	0.8	9	36	66	20
DES702	444000	6833150	0	0	1.8	0.6	7	25	114	28
DES703	444000	6833200	0	0	2.8	1	11	34	49	26
DES704	444000	6833250	0	0	2.4	0.6	13	27	51	17
DES705	444000	6833300	0	0	2.8	0.8	8	19	35	18
DES706	444000	6833350	0	0	2.4	0.8	11	24	29	32
DES707	444000	6833400	0	0	3.2	0.6	9	16	21	26
DES708	444000	6833450	0	0	3.4	0.6	11	18	21	32
DES709	444000	6833500	0	0	3	0.6	10	19	19	33
DES710	444000	6833550	0	0	3	0.8	12	19	19	31
DES711	444000	6833600	0	0	3	0.8	14	18	19	33
DES712	444000	6833650	0	0	2.4	0.8	14	19	17	32
DES713	444000	6833700	0	0	2.4	0.6	12	12	12	19
DES714	444000	6833750	0	0	2.2	0.6	12	13	13	21
DES715	444000	6833800	0	0	2.4	0.8	15	18	18	32
DES716	444000	6833850	0	0	2.4	0.8	15	18	17	31
DES717	444000	6833900	0	0	2.8	0.8	15	16	14	24
DES718	444000	6833950	0	0	3.4	1.4	14	15	14	19
DES719	444000	6834000	0	0	3.2	1.2	13	13	11	15
DES720	444000	6834050	0	0	2.8	1.2	11	10	10	15
DES721	444000	6834100	0	0	3.2	1.4	12	14	12	15
DES722	444000	6834150	0	0	3.4	1.2	13	16	15	20
DES723	444000	6834200	0	0	3.4	1.4	13	15	13	19
DES724	444000	6834250	0	0	3.6	2	16	15	15	19

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DES725	444000	6834300	0	0	3.4	1.4	14	14	13	18

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JORC Code, 2012 Edition (Table 1) – Deflector Extended Gold Project - Sampling

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut	MinRex Resources Limited
techniques	channels, random chips, or specific	(‘MinRex’) has collected random
	specialised industry standard	surface rock samples from
	measurement tools appropriate to the	selected outcrops, float, scree,
	minerals under investigation, such as	calcrete, ferricrete and colluvium
	down hole gamma sondes, or	at the Deflector Extended Gold
	handheld XRF instruments, etc).	Project.
	These examples should not be taken	MinRex has also collected shallow
	as limiting the broad meaning of	soil samples, along lines, in
	sampling.	selected areas at the Deflector
	 Include reference to measures taken	Extended Gold Project.
	to ensure sample representivity and	All of the work completed to date
	the appropriate calibration of any	is considered to be qualitative and
	measurement tools or systems used.	exploratory rather than
	 Aspects of the determination of	quantitative and representative.
	mineralisation that are Material to the	The Deflector Extended Gold
	Public Report.	Project remains in an early
	 In cases where ‘industry standard’	exploration phase and no
	work has been done this would be	mineralisation considered as
	relatively simple (eg ‘reverse	being potentially economic has yet
	circulation drilling was used to obtain	been outlined.
	1 m samples from which 3 kg was	MinRex manages its exploration
	pulverised to produce a 30 g charge	and assaying activities in
	for fire assay’). In other cases more	accordance with industry standard
	explanation may be required, such as	quality assurance and quality
	where there is coarse gold that has	control procedures. Samples are
	inherent sampling problems. Unusual	collected by appropriately trained
	commodities or mineralisation types	personnel and prepared in
	(eg submarine nodules) may warrant	accordance with specified
	disclosure of detailed information.	procedures.
Drilling	 Drill type (eg core, reverse circulation,	In 2012, MinRex completed 147
techniques	open-hole hammer, rotary air blast,	shallow, vertical auger holes, to an
	auger, Bangka, sonic, etc) and details	average depth of 1.7m, and
	(eg core diameter, triple or standard	collected bottom of drill-hole
	tube, depth of diamond tails, face-	samples on a 400x200m grid
	sampling bit or other type, whether	pattern, at the Deflector Extended
	core is oriented and if so, by what	Gold Project.
	_method, etc). _
Drill sample	 Method of recording and assessing	Auger drill holes are considered to
recovery	core and chip sample recoveries and	be qualitative and exploratory
	results assessed.	rather than quantitative and
	 Measures taken to maximise sample	representative. Recovery data
	recovery and ensure representative	was not recorded.
	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.
Logging	 Whether core and chip samples have	The auger holes were logged for
	been geologically and geotechnically	hole depth, soil type, relative dilute
	logged to a level of detail to support	HCl acid reaction, colour, depth of
	appropriate Mineral Resource	sandy, gravel,saprolite and

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Criteria	JORC Code explanation	Commentary
	estimation, mining studies and	calcrete layers. The results are
	metallurgical studies.	considered to be qualitative and
	 Whether logging is qualitative or	exploratory rather than
	quantitative in nature. Core (or	quantitative and representative.
	costean, channel, etc) photography.	All surface samples are logged for
	 The total length and percentage of the	rock, soil or colluvium type.
	relevant intersections logged.
Sub-sampling	 If core, whether cut or sawn and	The 2012 auger holes were
techniques	whether quarter, half or all core taken.	bottom of hole sampled from the
and sample	 If non-core, whether riffled, tube	collar spoil pile and these samples
preparation	sampled, rotary split, etc and whether	are considered to be qualitative
	sampled wet or dry.	and exploratory rather than
	 For all sample types, the nature,	quantitative and representative.
	quality and appropriateness of the	Surface samples are of
	sample preparation technique.	approximately 0.5-1kg weight and
	 Quality control procedures adopted for	were collected into calico or
	all sub-sampling stages to maximise	plastic sample bags for transport
	representivity of samples.	to the chemical laboratory.
	 Measures taken to ensure that the	Soil samples were screened, in
	sampling is representative of the in	the assay laboratory, to extract the
	situ material collected, including for	minus 2.8mm fraction for analysis.
	instance results for field	No field duplicates were taken due
	duplicate/second-half sampling.	to the early exploration phase of
	 Whether sample sizes are appropriate	the current work.
	to the grain size of the material being
	sampled.
Quality of	 The nature, quality and	Samples from the auger holes and
assay data	appropriateness of the assaying and	all surface sampling were
and	laboratory procedures used and	submitted to Bureau Veritas (Ultra
laboratory	whether the technique is considered	Trace Laboratories) in Perth for
tests	partial or total.	appropriate industry standard
	 For geophysical tools, spectrometers,	analysis for various metallic
	handheld XRF instruments, etc, the	elements.
	parameters used in determining the	The samples have been sorted
	analysis including instrument make	and dried, crushed and then
	and model, reading times, calibrations	pulverized in a vibrating disc
	factors applied and their derivation,	pulveriser.
	etc.	The samples were digested with
	 Nature of quality control procedures	Aqua Regia and analysed by ICP;
	adopted (eg standards, blanks,	copper, nickel and zinc by ICP-
	duplicates, external laboratory	OES, and gold, arsenic, silver,
	checks) and whether acceptable	molybdenum and lead by ICP-MS.
	levels of accuracy (ie lack of bias) and	Bureau Veritas run appropriate
	precision have been established.	assay standards, blanks,
		duplicates and other internal
		checks on the analytical samples.
		However, due to the sampling
		methodology the results are
		considered to be qualitative and
		exploratory rather than
		quantitative and representative -
		at this early stage of the
		exploration work.
Verification of	 The verification of significant	Independent verification of the
sampling and	intersections by either independent or	sampling is not considered
assaying	alternative company personnel.	applicable, as the work to date is
	 The use of twinned holes.	considered to be qualitative and
	 Documentation of primary data, data	exploratory and not for use for
	entry procedures, data verification,	definitive datapurposes.

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Criteria	JORC Code explanation	Commentary
	data storage (physical and electronic)	All samples are collected by
	protocols.	appropriately trained personnel
	 Discuss any adjustment to assay	and prepared in accordance with
	data.	specified procedures.
		No adjustment has been made to
		any assay data.
Location of	 Accuracy and quality of surveys used	All data points (auger drilling, rock
data points	to locate drill holes (collar and down-	chip and soil sampling) have been
	hole surveys), trenches, mine	determined using a handheld
	workings and other locations used in	Garmin GPS device with an
	Mineral Resource estimation.	arbitrary accuracy of about 2-5m –
	 Specification of the grid system used.	adequate for the early exploration
	 Quality and adequacy of topographic	work undertaken. No topographic
	control.	control has been established in
		the Project area.
		The grid system used at Deflector
		Extended is MGA_GDA94 Zone
		50
Data spacing	 Data spacing for reporting of	Data spacing for the rock, float,
and	Exploration Results.	colluvium and other surface
distribution	 Whether the data spacing and	samples is random and not for use
	distribution is sufficient to establish	in definitive data purposes.
	the degree of geological and grade	Soil samples have been collected
	continuity appropriate for the Mineral	at a nominal spacing of 50m on
	Resource and Ore Reserve estimation	sample lines.
	procedure(s) and classifications	No sample compositing has been
	applied.	applied.
	 Whether sample compositing has
	been applied.
Orientation of	 Whether the orientation of sampling	The orientation of the sampling is
data in	achieves unbiased sampling of	not considered to be important, as
relation to	possible structures and the extent to	the work to date is considered to
geological	which this is known, considering the	be qualitative and exploratory and
structure	deposit type.	not for use for definitive data
	 If the relationship between the drilling	purposes.
	orientation and the orientation of key	The orientation of the colluvium-
	mineralised structures is considered	covered geological structure and
	to have introduced a sampling bias,	layering remains unclear. Soil
	this should be assessed and reported	sampling lines are generally east-
	if material.	west or north-south across the
		conceptually NNE-trending
		structures.
Sample	 The measures taken to ensure	Samples were placed directly into
security	sample security.	numbered bags in the field.
		These bags were then either
		stapled (plastic bags) or tied
		(calico bags). The individual
		sample bags were then placed
		into larger plastic bags and
		transported directly from the field
		to the laboratory by the field
		exploration personnel, at the
		completion of the field program.
Audits or	 The results of any audits or reviews of	No audits or reviews have been
reviews	sampling techniques and data.	undertaken as the work to date is
		considered to be qualitative and
		exploratory andnotforusein

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Criteria	JORC Code explanation	Commentary
		definitive data purposes.

Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criterialistedinthe preceding sectionalso apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number,		The Deflector Extended Gold
tenement and	location and ownership including		Project lies in one granted
land tenure	agreements or material issues with		exploration licence - E59/1657
status	third parties such as joint ventures,		(of approximately 15km2) which
	partnerships, overriding royalties,		is held 100% by MinRex
	native title interests, historical sites,		Resources Limited. The Project
	wilderness or national park and		is located approximately 370km
	environmental settings.		NNE of Perth and approximately
	 The security of the tenure held at the		50km SW of Yalgoo, within
	time of reporting along with any		Western Australia. The Project
	known impediments to obtaining a		lies within the Archean Gullewa
	licence to operate in the area.		Greenstone Belt and in the
			Murchison Goldfield of WA.
			The lease lies within the Yilgarn
			Shire and on the former pastoral
			lease of Barnong.
			E59/1657 is covered by three
			overlapping Native Title Claims,
			being the Amangu People, the
			Widji Mob and the Mullewa
			Wadjari People.
			E59/1657 is current until
			11/7/2021.
Exploration done	 Acknowledgment and appraisal of		A large amount of exploration
by other parties	exploration by other parties.		was completed within the
			Deflector Extended Project area
			(and greater Gullewa Mining
			Centre area) by various
			exploration companies in the
			past, including Golden Plateau,
			Sons of Gwalia, National
			Resources, Gullewa Gold,
			Acacia Resources, King
			Solomon Mines, Menzies Gold,
			Batavia Mining and others, in
			the period from 1980 through to
			2010. This work included
			regional soil sampling programs,
			rock chip sampling, geological
			mapping, and air-core and RAB
			drilling. MinRex has obtained
			this data from the WAMEX
			website of the GSWA and the
			methods and procedures
			utilised in this historic work are
			not generally detailed in the old
			data obtained.
			Old work within the Deflector
			Extended Gold Project area is
			encouraging, especially the
			early geochemistry and drilling
			that shows some clearly
			anomalous goldvalueswithin

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Criteria	JORC Code explanation	Commentary
		the Project area. This old data is
		used as a guide to where to
		apply new exploration and is not
		itself regarded as material.
Geology	 Deposit type, geological setting and	The Deflector Extended Gold
	style of mineralisation.	Project area hosts Archean
		greenstones, predominantly
		meta-basalt and high-Mg meta-
		basalt, with some meta-
		sediment, granite, granitic and
		aplitic dykes and a buried
		granite dome. One or two
		Proterozoic gabbro dykes are
		also present. Gold
		mineralisation and gold-copper
		mineralisation in the Gullewa
		Mining Centre is hosted by
		shear zones and quartz veins,
		within Archean greenstones; as
		at the nearby Golden Stream
		and Deflector open pit and
		underground mines. There are
		large areas of transported
		scree, colluvium and alluvium
		within the Project area, which
		effectively conceal any
		mineralisation present and
		MinRex is seeking gold and
		copper-gold deposits under this
		cover within the Project area.
Drill hole	 A summary of all information material	MinRex has only completed
Information	to the understanding of the	shallow auger drilling at the
	exploration results including a	Deflector Extended Gold Project
	tabulation of the following information	and this work did not generate
	for all Material drill holes:	any significant anomalous
	o easting and northing of the drill	results and hence is not
	hole collar	considered to be material.
	o elevation or RL (Reduced Level –	MinRex is aware of the results
	elevation above sea level in	of previous drilling programs in
	metres) of the drill hole collar	the Deflector Extended Gold
	o dip and azimuth of the hole	Project area and has obtained
	o down hole length and interception	this data from the WAMEX
	depth	website of the GSWA. This old
	o hole length.	data is used as a guide to where
	 If the exclusion of this information is	to apply new exploration and is
	justified on the basis that the	not regarded as material.
	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,	Auger, rock chip and soil
aggregation	weighting averaging techniques,	sample assay values are
methods	maximum and/or minimum grade	reported as point values.
	truncations (eg cutting of high	Actual metal assay values are
	grades) and cut-off grades are	reported with no modification.
	usually Material and should be
	stated.
	 Where aggregate intercepts

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Criteria	JORC Code explanation	Commentary
	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.
Relationship	 These relationships are particularly	Not applicable as point values
between	important in the reporting of	are being reported - not drilling
mineralisation	Exploration Results.	results.
widths and	 If the geometry of the mineralisation
intercept lengths	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’). _
Diagrams	 Appropriate maps and sections (with	Plan view maps are utilised
	scales) and tabulations of intercepts	showing the location of
	should be included for any significant	significant rock chip, scree,
	discovery being reported These	float, calcrete, ferricrete and soil
	should include, but not be limited to a	sample results. These maps
	plan view of drill hole collar locations	may show only the highest
	and appropriate sectional views.	values for the sake of easy
		determination of the most
		anomalous areas where further
		work will be completed in
		subsequent programs.
Balanced	 Where comprehensive reporting of all	All sample assay results are
reporting	Exploration Results is not practicable,	included in tables of results in
	representative reporting of both low	the text. However, maps may
	and high grades and/or widths should	show only the highest values for
	be practiced to avoid misleading	the sake of easy visualisation of
	reporting of Exploration Results.	the most anomalous areas.
Other	 Other exploration data, if meaningful	There are no other results to
substantive	and material, should be reported	report that are considered
exploration data	including (but not limited to):	material.
	geological observations; geophysical	All of the work completed to
	survey results; geochemical survey	date is considered to be
	results; bulk samples – size and	qualitative and exploratory
	method of treatment; metallurgical	rather than quantitative and
	test results; bulk density,	representative. The Deflector
	groundwater, geotechnical and rock	Extended Gold Project remains
	characteristics; potential deleterious	at an early exploration phase
	or contaminating substances.	and no mineralisation
		considered to be significant has
		yet been outlined by this work.
Further work	 The nature and scale of planned	Further rock chip, scree, float,
	further work (eg tests for lateral	colluvium, calcrete and soil
	extensions or depth extensions or	sampling is planned for the
	large-scale step-out drilling).	future.
	 Diagrams clearly highlighting the	A shallow aircore drilling
	areas of possible extensions,	program is under consideration
	including the maingeological	forthefuture, to better

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Criteria	JORC Code explanation	Commentary
	interpretations and future drilling	determine the orientation of any
	areas, provided this information is not	mineralisation present.
	commercially sensitive.

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