MINREX RESOURCES LIMITED — Investor Presentation 2020

Nov 24, 2020

==> picture [131 x 43] intentionally omitted <==

ASX AND MEDIA ANNOUNCEMENT

25 November 2020

INVESTOR PRESENTATION

MinRex Resources Limited (ASX: MRR) (‘ MinRex’ or ‘ Company’ ) attaches its Investor Presentation, November 2020 together with the following appendices:

• Appendix 1 – Assay Results Tables

• Appendix 2 – Exploration Results

• Appendix 3 – JORC Table

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

For further information, please contact:

James Bahen Non-Executive Director MinRex Resources Limited T: +61 8 9481 0389 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.

______________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

P: +61 (08) 9481 0389

E-mail: info@minrex.com.au

==> picture [72 x 24] intentionally omitted <==

Appendix 1 – Assay Results Tables

Sunny Corner

Assay results from rock samples at Bulldog, St George and Powerline were reported by previous owners Denehurst Limited and Michalego Resources NL in GS1995/019 Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994 (https://search.geoscience.nsw.gov.au/report/R00000108). All rock sample results are contained in “Appendix 3 (Appendix B) Sample Results from Spot Locations within the Sunny Corner Licence (D000021160)”:

Prospect	Code	Location	Location	Au	Ag	Cu ppm	Zn	Pb
		North	East
CooIlgal	C00.1	743	108	0.01	0	57	0	43
Road Junction	RJC-1	738	121	0	0	86	0	452
Wilsons	W1L-1	741	120	0	0	249	0	0.24%
Wilsons North	WIL-2	740	120	0.60	0	10	132	141
Paddy Lackey	PLN-1	668	104	0	0	26	0	12
Paddy Lackey South	PLS-1	672	084	0.02	0	17	108	28
Paddy Lackey Turnoff	PLP-1	742	105	0	0	9	0	25
St George	SGP-1	669	075	8.90	0	38	0	245
Bulldog	JMH-12	690	094	0.60	41	>20%	8.2%	37%
Bushrangers Hill	BRH-1 +	730	060	0.12	0	45	0	40
Stella (JH)	STE-1	727	042	0.30	0	13	87	7
Turpins	TUR-1 JMH-1	705	039	0.01	1	255	825 821	371
Nevada	NEV-1	698	045	0.20	221	0.80	20.4%	0.10
	NEV-2			0.50	70		209
Mitchells Creek	MIM-1	651	032	0	0	13	0	19
Big Hill	BH-1	692	035	0.01	0	20	0	23
Sunny Corner	SCM-1	690	030	0.04	0	0.5%	0	5.3%
	SCM-2			0	53	27	0.45	13
	SCM-3			0.54%	0	128	236	710
Portland Road	POR-1	715	004	0.00		10	0	9
	POR-2	750	967	0.00	0	31	128	19
	POR-3	762	977	0.08		24	967	259
McPhersons Creek	MCP-1	751	073	0.04	0	39	0	12
Ningara	NIN-1	890	032	1.10	0	538	190	0.13%
Bob's Creek Lode	TAS-1	680	007	0	0	12	0	100
Bob's Creek	BHP-1	683	010	0.07	0	27	0	77
	BHP-2			0	0	42	0	19
	BHP-3			0	0	30	0	28
	BHP-4			0.07	0	0	0	2
New Quarry	HOC-1	669	015	0	0	31	101	29
Old Quarry	00B-1	670	018	0	0	9	123	7
Tindal's Flat	TFT-48	665	013	0	0	28	0	26
Kirkconnell Creek	KCA-1	659	997	0	0	288	0	28
French's Reef	FRA-1 BHP-1	682	018	0.07	0	35	451	245
Browns Forestry	BRG-1	656	012	0	0	12	0	37
Kirkconnell Ridge	MAP-1 KCD-1	659	997	0	0	8	210	21
Spring Ridge	CXD-1	652	007	0	0	9	136	7
Sunny Corner Hill	RHY-1	695	031	0	0	103	0	194
Little Hill	LH-1	675	026	0.10	0	21	145	62
Little Hill SE	LHS-1	675	022	0.03	0	20	0	6
Kirkconnell Creek	KCV-1	648	955	0	0	30	112	180

2

==> picture [72 x 24] intentionally omitted <==

Powerline	POW-1	668	972	2.5	0	50	367	104
Hill Ridge Top	HRT-1	662	002	0	0	10	0	22
Forestry HO	FHQ-1	651	966	0	0	37	0	39
Forest Shaft	FS-204	665	993	0	0	47	0	74
Bob's Creek North	BCN-1	679	016		0	0	0
Bathurst Granite	BG-1	650	978	0	0	109	113	28

Assay results at Bobs Creek were reported by previous owners Denehurst Limited and Michalego Resources NL in GS1996/019 Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1995 (https://search.geoscience.nsw.gov.au/report/R00000018). All rock sample results are contained in “Appendix 1: Geochemical Analysis (D000003040)”:

Bobs Creek

Code	Type	Location	Au	Au CHECK	Ag	Cu	Pb	Zn
					ppm
16131	FC	800N 1100E	<0.01		<0.1	6	9	46
16132	FC	800N 1100E	<0.01		<0.1	4	18	55
16133	FC	800N 1077E	<0.01		<0.1	16	36	44
16134	FC	800N 1077E	0.08		0.3	8	40	4
16135	OC	775N 1076E	<0.01	<0.01	<0.1	40	100	55
16136	OC	773N 1073E	<0.01		0.1	115	190	210
16137	FC	778N 1070E	0.01		0.2	46	28	7
16138	FC	790N 1066E	<0.01		<0.1	11	12	3
16139	FC	790N 1040E	0.01		<0.1	60	55	115
16140	FC	790N 1035E	0.01		<0.1	38	38	195
16141	MG	790N 1020E	0.34		0.3	5	10	4
16142	WR	790N 1020E	<0.01		<0.1	20	90	80
16143	MG	780N 1010E	0.32		0.3	11	18	4
16144	OC	810N 1000E	<0.01		<0.1	4	16	22
16145	OC	790N 975E	<0.01	<0.01	<0.1	14	12	13
16146	OC	800N 950E	<0.01		<0.1	11	5	6
16147	OC	800N 925E	<0.01		0.6	12	24	22
16148	OC	790N 900E	<0.01		<0.1	17	3	28
16149	MG	782N 802E	<0.01		<0.1	13	17	22
16150	MG	835N 985E	1.73	2.74	8.2	28	450	130
16151	WR	835N 985E	0.05		<0.1	5	28	24
16152	MG	865N 1025E	<0.01		0.3	46	46	105
16153	WR	870N 1030E	0.03		<0.1	16	42	10
16154	WR	880N 1030E	<0.01		0.2	32	32	75
16155	WR	881N 1029E	<0.01		<0.1	28	36	180
16156	MG	890N 1010E	2.62	1.36	19.0	65	185	125
16157	MG	890N 1010E	<0.01		0.2	2	19	36
16158	MG	890N 1005E	<0.01		<0.1	19	16	18
16159	WR	900N 1002E	<0.01		<0.1	28	290	28
16160	WR	900N 1002E	0.01	0.01	<0.1	60	290	100
16161	WR	900N 1002E	<0.01		<0.1	26	75	38
16162	WR	910N 1020E	<0.01		<0.1	55	15	32
16163	WR	910N 1020E	<0.01		<0.1	34	40	24
16164	WR	910N 1020E	<0.01		<0.1	32	40	60
16165	MG	910N 1010E	3.44	1.58	4.9	34	310	160
16166	FC	900N 900E	<0.01		<0.1	6	17	55
16167	FC	900N 925E	<0.01		<0.1	2	15	42
16168	FC	900N 950E	<0.01		<0.1	16	18	55
16169	FC	900N 975E	<0.01		<0.1	7	14	8
16170	FC	900N 1000E	3.01	2.55	0.7	34	75	110
16171	FC	900N 1025E	<0.01		<0.1	46	70	44
16172	FC	900N 1050E	<0.01	<0.01	<0.1	13	42	14

3

==> picture [72 x 24] intentionally omitted <==

16173	FC	900N 1075E	<0.01		<0.1	19	65	22
16174	FC	900N 1100E	<0.01		<0.1	15	36	19
16175	MG	898N 975E	0.02		<0.1	24	36	80
16176	MG	894N 974E	0.02		0.1	15	42	19
16177	MG	893N 980E	<0.01		<0.1	36	120	70
16178	MG	900N 982E	0.01		0.2	30	38	38
16179	MG	968N 990E	0.04		0.5	85	120	55
16180	WR	980N 1012E	<0.01		<0.1	220	105	6
16181	WR	980N 1014E	0.02	0.02	<0.1	75	100	50
16182	MG	978N 1024E	<0.01		<0.1	30	75	9
16183	FC	1000N 900E	0.08		<0.1	4	15	3
16184	FC	1000N 925E	0.12		<0.1	5	15	7
16185	FC	1000N 950E	0.01		<0.1	5	24	36
16186	FC	1000N 975E	0.03		0.3	11	9	2
16187	FC	1000N 1000E	0.01		0.2	2	6	16
16188	FC	1000N 1025E	0.02		<0.1	28	55	11
16189	FC	1000N 1050E	0.02		0.3	32	11	9
16190	FC	1000N 1075E	0.02		0.2	5	65	44
16191	FC	1000N 1100E	0.23		0.5	5	70	5
16192	MG	1000N 1000E	8.25	9.41	7.2	130	1400	1000
16193	WR	1020N 1020E	0.02		<0.1	42	240	7
16194	WR	1020N 1020E	0.07		<0.1	42	105	220
16195	WR	1020N 1020E	0.12		0.1	55	95	18
16196	WR	1020N 1020E	0.05	0.05	0.2	85	70	48
16197	MG	1034N 1016E	50.5	49.9	82.0	46	500	90
16198	WR	1042N 1011E	0.01		0.2	6	22	3
16199	MG	1044N 1010E	19.2	30.7	61.0	155	780	75
16200	OC	1100N 900E	0.47		0.5	8	15	3
16201	OC	1100N 925E	0.05		0.2	5	32	16
16202	OC	1100N 950E	0.15		0.6	6	17	5
16203	FC	1100N 975E	<0.01		<0.1	5	17	15
16204	FC	1100N 1000E	<0.01		0.1	3	17	30
16205	FC	1100N 1025E	<0.01		<0.1	3	11	3
16206	FC	1100N 1050E	<0.01		<0.1	5	16	5
16207	FC	1120N 1075E	<0.01		<0.1	4	12	3
16208	FC	1100N 1100E	0.01		<0.1	6	14	3
16209	FC	1200N 900E	0.10		0.1	6	24	6
16210	FC	1200N 925E	0.21		0.6	26	30	12
16211	OC	1200N 950E	0.44	0.37	0.3	11	24	3
16212	OC	1200N 975E	0.10		0.4	6	32	8
16213	FC	1200N 1000E	<0.01		<0.1	2	11	1
16214	FC	1200N 1025E	0.07		0.3	1	34	2
16215	FC	1200N 1050E	0.64		0.3	4	50	3
16216	FC	1200N 1075E	<0.01		0.6	3	46	5
16217	FC	1200N 1100E	1.02		1.1	24	160	5
16218	WR	1198N 945E	0.20		0.4	24	70	22
16219	MG	1198N 945E	69a	2.98	4.0	22	370	18
16220	WR	1220N 1096E	0.04	0.05	0.2	5	14	1
16221	MG	1220N 1105E	71.1	17.9	13.0	230	660	55
16222	MG	1230N 1124E	0.08		3.5	90	125	3
16223	MG	1240N 1116E	1.73		2.7	42	480	19
16224	MG	1258N 1102E	0.30		4.8	170	710	570
16225	MG	1268N 1103E	13.7	3.30	5.7	18	260	13
16226	MG	1258N 1140E	<0.01		<0.1	5	4	2
16227	MG	1248N 994E	0.24		0.3	7	20	3
16228	MG	1240N 990E	0.17		2.4	10	30	1
16229	WR	1242N 998E	0.30		1.0	14	80	12
16230	WR	1242N 1002E	0.26		0.4	4	44	4

4

==> picture [72 x 24] intentionally omitted <==

16231	WR	1247N 1001E	0.06	0.07	<0.1	5	50	2
16232	MG	1238N 1010E	0.03		0.2	5	36	4
16233	WR	1248N 1010E	0.19		0.1	12	30	4
16234	WR	1246N 1010E	0.14		<0.1	38	55	7
16235	WR	1245N 1016E	0.05		0.4	5	42	4
16236	WR	1243N 1019E	0.03		0.2	13	22	11
16237	MG	1241N 1021E	2.25	2.27	3.8	5	380	340
16238	MG	1230N 1030E	0.06		0.6	6	48	10
16239	OC	1253N 1000E	0.07		0.6	3	60	<1
16240	OC	1300N 900E	<0.01		<0.1	10	38	5
16241	OC	1300N 925E	<0.01		<0.1	1	30	1
16242	OC	1300N 950E	0.04	0.04	0.1	12	24	13
16243	OC	1300N 975E	0.06		0.2	3	38	6
16244	OC	1300N 1000E	<0.01		0.1	5	75	1
16245	OC	1300N 1025E	0.08		0.2	8	42	2
16246	OC	1300N 1050E	3.10	3.58	2.8	13	80	4
16247	OC	1300N 1075E	0.02		<0.1	13	24	30
16248	FC	1300N 1100E	0.03		0.1	2	42	1
16249	WR	1304N 1060E	0.15		<0.1	7	30	1
16250	MG	1300N 1060E	0.19		<0.1	22	60	3
16251	WR	1305N 1051E	2.90	3.35	3.0	14	38.0	3
16252	WR	1314N 1052E	0.16		<0.1	11	28	1
16253	MG	1314N 1048E	6.44		67.0	220	870	8
16254	MG	1326N 1051E	3.44		4.5	55	48050.0	9
16255	WR	1334N 1047E	11.0	14.7	50.0	75	650	13
16256	MG	1361N 1045E	0.68		13.0	12	2500	30
16257	MG	1360N 1053E	0.22		0.2	6	160	3
16258	WR	1352N 1010E	0.63		49.0	90	740	175
16259	FC	1400N 900E	0.03		1.2	9	55	3
16260	FC	1400N 925E	<0.01		0.1	20	34	5
16261	FC	1400N 950E	0.06		<0.1	15	50	5
16262	FC	1400N 975E	0.18		0.1	10	32	1
16263	OC	1400N 1000E	0.37		0.2	12	60	1
16264	FC	1400N 1025E	<0.01		0.2	9	70	11
16265	FC	1400N 1050E	0.04	0.04	<0.1	32	75	26
16266	FC	1400N 1075E	0.10		4.0	14	220	2
16267	FC	1400N 1100E	0.03		<0.1	4	26	3
16268	MG	1430N 1037E	0.01		<0.1	12	15	2
16269	OC	1411N 988E	0.11		<0.1	9	8	<1
16270	WR	1410N 980E	0.08		0.4	9	44	1
16271	WR	1413N 962E	0.05		<0.1	13	36	1
16272	MG	1414N 960E	0.01		0.3	5	16	1
16273	MG	1412N 912E	0.29		0.1	60	65	95
16274	MG	1412N 912E	0.07		0.3	26	100	2
16275	MG	1411N 910E	0.09		0.3	50	510	4
16276	MG	1411N 910E	<0.01		<0.1	7	28	9
16277	WR	1423N 932E	<0.01		<0.1	20	22	17
16278	WR	1425N 940E	<0.01		<0.1	13	16	7
16279	WR	1425N 940E	<0.01		<0.1	24	24	3
16280	WR	1425N 940E	<0.01	<0.01	<0.1	30	30	6
16281	MG	1396N 1124E	0.06		0.2	40	30	1
16282	MG	1394N 1140E	0.06		<0.1	10	60	4
16283	MG	1388N 1167E	0.03		<0.1	13	510	2
16284	MG	1365N 1170E	0.04		<0.1	6	34	12
16285	MG	1384N 1260E	0.02		<0.1	24	130	26
16286	MG	1345N 1212E	<0.01		<0.1	19	22	18
16287	MG	1218N 1237E	<0.01		0.5	26	19	1
16288	MG	1196N 1241E	<0.01	<0.01	<0.1	36	6	4

5

==> picture [72 x 24] intentionally omitted <==

16289	MG	1165N 1253E	<0.01		0.3	70	44	18
16290	MG	1160N 1254E	0.17		0.7	65	95	40
16291	MG	1139N 1256E	0.80		0.6	65	990	42
16292	MG	1125N 1245E	0.11		0.7	50	95	9
16293	WR	1118N 1253E	0.15		<0.1	18	280	8
16294	MG	1102N 1257E	0.11		0.3	6	55	17
16295	MG	1073N 1254E	1.68	12.6	1.1	26	110	12
16296	WR	1075N 1268E	0.04		<0.1	2	5	8
16297	MG	1049N 1271E	0.09		0.2	7	16	5
16298	FC	1020N 1288E	11.0		<0.1	11	19	11
16299	MG	1008N 1284E	11.7		3.0	50	5400	2400
16300	MG	1004N 1285E	0.25		0.2	1	24	8
16269A	MG	492N 1510E	0.02		<0.1	20	50	10
16270A	MG	484N 1523E	0.08		0.2	6	7	1
16271A	WR	488N 1519E	0.20		0.8	9	75	95
16272A	WR	482N 1527E	<0.01		0.1	6	14	7
16273A	WR	482N 1529E	0.15	2.72	<0.1	5	22	10
16274A	MG	539N 1549E	4.14	0.63	0.5	11	44	135
16275A	WR	538N 1554E	0.02		<0.1	6	70	14
16276A	WR	564N 1551E	<0.01		<0.1	12	36	22
16277A	MG	576N 1551E	0.04		0.1	17	15	16
16278A	MG	582N 1547E	<0.01		<0.1	6	2	3
16279A	MG	580N 1535E	<0.01		<0.1	7	7	4
16280A	MG	592N 1544E	1.65		0.2	6	10	12
16281A	MG	605N 1540E	<0.01		<0.1	7	8	22
16282A	MG	589N 1525E	<0.01		<0.1	9	46	36
16283A	WR	605N 1526E	1.86		1.4	26	28	28
16284A	MG	618N 1537E	<0.01		<0.1	4	16	10
16285A	MG	626N 1580E	<0.01	<0,01	<0.1	6	46	18
16286A	MG	1060N 1200E	<0.01		<0.1	5	10	3
16287A	MG	980N 1194E	42.2	48.6	6.3	11	105	13
16288A	MG	996N 1172E	<0.01		<0.1		17	28
16289A	MG	1003N 1168E	<0.01		0.1	3	48	22
16290A	FC	973N 1225E	<0.01		<0.1	5	14	20
16291A	MG	949N 1243E	<0.01		<0.1	3	65	18
16292A	WR	841N 1280E	<0.01	<0,01	<0.1	7	22	6
16293A	MG	875N 1315E	<0.01		<0.1	14	50	8
16294A	MG	790N 1384E	0.26		<0.1	3	9	7
16295A	MG	872N 1348E	0.01		5.7	7	65	130
16296A	MG	928N 1321E	0.05		0.3	14	55	6
16297A	MG	936N 1316E	0.11		12.0	125	490	3
16298A	MG	948N 1312E	0.71		0.6	10	55	1
16299A	MG	964N 1301E	0.15		1.4	11	110	3
16300A	MG	994N 1295E	0.24		5.9	14	470	13

6

==> picture [72 x 24] intentionally omitted <==

Appendix 2 – Exploration Results

Sunny Corner Project

Exploration Results (drill intersections at Nevada ) were reported by former owners Newmetal Mines Limited in GS1970/443 Final Report for MEL165, 27 May 1970, Appendix 7 (https://search.geoscience.nsw.gov.au/report/R00019145). Five (5) diamond drill holes were drilled in 1970 for a total length of 487.38m.

Summary of reported results from Sunny Corner:

Prospect	Code	Drilling Type	Reported Result	Total Depth	Collar Location	Collar Elevation	Azimuth and Inclination
Nevada	DDH-3	Diamond	16m@46.98g/t Ag, 4.31% Zn, 0.67% Cu from 51.36 including 0.7m@1.35% Cu, 9.7% Zn, 8oz Ag from 67m	71.32m	400S-220W	924.66m	Azimuth 090oM Inclination -65o
Nevada	DDH-2	Diamond	28m@124g/t Ag, 3.9%Zn from 25m including 850g/t Ag, 21.7%Zn from 49.9m	74m	600S-140E	936.1m	Azimuth 090oM Inclination -70o

Sofala Project

Exploration Results (drill intersections at Queenslander ) were reported by former owner RGC Exploration Pty Limited (Renison) in GS1994/196 Second Annual Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994

(https://search.geoscience.nsw.gov.au/report/R00000300). Three (3) diamond drill holes and seven (7) RC percussion holes were drilled in 1994 for a total length of 1,225.12m.

Exploration Results (drill intersections at Surface Hill ) were reported by former owner Noranda Australia Ltd in GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983, Appendix 1

(https://search.geoscience.nsw.gov.au/report/R00012403). Three (3) diamond drill holes were drilled in 1982 for a total length of 356.35m.

Exploration Results (drill intersections at Spring Gully ) were reported by former owner RGC Exploration Pty Limited (Renison) in GS1994/196 Second Annual Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994

(https://search.geoscience.nsw.gov.au/report/R00000300). Fifteen (15) RC percussion holes were drilled in 1994 for a total length of 1,265m and two (2) diamond holes for a total length of 383.05m.

7

==> picture [72 x 24] intentionally omitted <==

Summary of reported results from Sofala:

Prospect	Code	Drilling Type	Reported Result	Total Depth	Collar Location	Collar Elevation	Azimuth and Inclination
Spring Gully	SGRC003	RC (Percussion)	52m@0.88g/t Au from 66m	114m	6329826.60N- 752559.13E	943.78	Azimuth 045oM Inclination -60o
Spring Gully	SGRC007	RC (Percussion)	48m@1.52g/t Au from 60m	108m	6329856.97N- 752406.34E	932.42m	Azimuth 045oM Inclination -60o
Spring Gully	SGDD017	Diamond	40m@0.83g/t Au from 23m	192m	6329812.81N- 752531.96E	945.2m	Azimuth 045oM Inclination -60o
Surface Hill	DDH-1	Diamond	1.4m@1.35g/t Au from 26m	140m	10051N- 9950E	932.61m	Azimuth 060oM Inclination -45o
Surface Hill	DDH-1	Diamond	2m@7.90g/t Au from 78m (FA repeat 19.6g/t)	140m	10051N- 9950E	932.61m	Azimuth 060oM Inclination -45o
Queenslander	QXD001	Diamond	15m@3.39g/t Au from 214.9m	320.68m	6333242N- 750114E	786.41	Azimuth 063oM Inclination -63o
Queenslander	QDD002	Diamond	8.8m@4.74g/t Au from 75m	165.7m	6333313N- 750232E	747m	Azimuth 063oM Inclination -63o
Queenslander	QDD003	Diamond	1.34m@52.20g/t Au from 86.16m	156.74m	6333392N- 750198E	733m	Azimuth 063oM Inclination -60o

Mt Pleasant

Exploration Results (drill intersections at Mount Pleasant ) were reported by former owner Pacminex Pty Limited in GS1976/ 287 Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976

(https://search.geoscience.nsw.gov.au/report/R00016740). One (1) diamond hole was drilled in 1976 to a depth a total length of 227m.

Exploration Results (drill intersections at Bombardi ) were reported by former owner Pacminex Pty Limited in GS1976/287 Progress Report No.5 Exploration of Mineral Exploration Licence, No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976

(https://search.geoscience.nsw.gov.au/report/R00016740). One (1) diamond hole was drilled in 1976 to a depth a total length of 306.6m.

Summary of reported results from Mt Pleasant:

Prospect	Code	Drilling Type	Reported Result	Total Depth	Collar Location	Collar Elevation	Azimuth and Inclination
Mount Pleasant	DDH 8832S-4	Diamond	0.5m@2.7% Cu from 196.3m	227m	3000N-725W	911.9m	Azimuth 065oM Inclination -45o
Bombardi	DDH 8832S-7	Diamond	0.5@5.25%Zn 23g/t Ag from 267.6m	306.6m	6000N-4300E	848.3m	Azimuth 090oM Inclination -45o

8

==> picture [132 x 43] intentionally omitted <==

Appendix 3 – JORC Table

JORC Code, 2012 Edition – Table 1 report template

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.

Drilling Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Drilling cited in this report was drilled by Holland and Thompson, NQ & BQ sized diamond drilling.  Drillholes were sampled based on observed mineralisation, veining, intensity of alteration or stratigraphic selection.  Samples were constrained between >0.5m and <3.0m interval lengths.  Quantity of core used and its related sampling techniques have not been stated in the historic report and is currently unknown. Surface Hill GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983  Drilling cited in this report was drilled via HQ & NQ sized diamond drilling.  Drillholes were sampled based on observed mineralisation, veining, intensity of alteration or stratigraphic selection.  Diamond core was cut or split at 1m or 2m intervals  Crushed to -30 mesh with a 200g split. Both fine & coarse fractions were assayed. Sample preparation was appropriate and representative of the in-situ material.  Samples were partially digested with Aqua Regia to produce a 25 g charge for fire assay. Assays given are the weighted average.  Quantity of core used in its related sampling techniques have not been stated in the historic report and is currently unknown. Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276,July1994

______________ MinRex Resources Limited Level 11

ABN 81 151 185 867 216 St Georges Terrace

P: +61 (08) 9481 0389

Perth WA 6000 E-mail: info@minrex.com.au

==> picture [72 x 24] intentionally omitted <==

• Drilling cited in this report was drilled diamond drilling (Queenslander & Spring Gully) and percussion reverse circulation (RC) (Spring Gully).

• Au analysis was completed by method FA50 (50g charge fire assay) and Au, As, Cu, Pb, Zn, Ni by method D100.

• Drillholes were sampled in 1.0m intervals from start to end of hole.

• Size of core, RC sample weight and sample preparation has not been stated in the historic report and is currently unknown.

Nevada

GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970

• Drilling cited in this report was drilled via diamond drilling.

• Drillholes were sampled based on observed mineralisation.

• Samples were generally constrained between >1.0ft and <5.0 ft interval lengths.

• Core size and quantity used and its related sampling techniques have not been stated in the historic report and is currently unknown.

Rock Chips Bobs Creek GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995  Rock chip samples were collected from an ‘area of interest’ basis (float composite, outcrop, mullock pile or wall rock).

• The samples are considered to be representative of the ‘area of interest’.

• Sample weight has not been stated in the historic report and is currently unknown.

Powerline, Bulldog, St George

GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994

• Rock chip samples were collected from an ‘area of interest’ basis (exposed outcrops either mineralised or exhibited alteration).

• The samples are considered to be representative of the ‘area of interest’.

• Sample weight has not been stated in the historic report and is currently unknown.

Drilling  Drill type (eg core, reverse circulation, open-hole hammer, techniques rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc).

Mount Pleasant, Bombardi

GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976

• Diamond drilling completed was standard NQ & BQ core size.

• Core was not orientated

Surface Hill

10

==> picture [72 x 24] intentionally omitted <==

GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983

	Diamond drilling was completed standard HQ & NQ core size.
	Core was orientated
Queenslander, Spring Gully

			Queenslander, Spring Gully
			S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration
			Licence Nos 4191,4223,4224 & 4276, July 1994
			 Diamond and RC Drilling.
			 RC sample weight, core size and its orientation were not stated in the historic report and unknown.
			Nevada
			GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area,
			June 1970
			 Diamond Drilling
			 Core size and its orientation were not stated in the historic report and unknown.
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.	Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Recovery was recorded by the geologist or field geotechnician as a percentage of the sampling interval within the geological log.  Additional measures to ensure sampling recovery has not been stated in the historic report and is currently unknown.
			 No relationship is evident between sample recovery and grade. Due to the generally standard
			drilling conditions around sample intervals it is believed the core samples are representative, some
			bias would occur in the advent of poor sample recovery which was logged.
			Surface Hill
			GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982
			to 31 January 1983, January 1983
			 Recovery was recorded by the geologist or field geotechnician as a percentage of the sampling
			interval within the geological log.
			 Additional measures to ensure sampling recovery has not been stated in the historic report and is
			currently unknown.
			 No relationship is evident between sample recovery and grade. Due to the excellent drilling
			conditions (reported 99.4% core recovery) around sample intervals it is believed the core samples
			are representative, some bias would occur in the advent of poor sample recovery which was logged.
			Queenslander, Spring Gully
			S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration
			Licence Nos 4191,4223,4224 & 4276,July1994

11

==> picture [72 x 24] intentionally omitted <==

• Sample recovery and any additional measures to ensure sample recovery has not been stated in the historic report and is currently unknown.

• Due to the lack of information documented regarding sample recovery and drilling conditions, the potential of a relationship between sample recovery and grade cannot be determined.

Nevada

• GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970

• Recovery was recorded in feet by the geologist or field geotechnician within the geological log.

• Additional measures to ensure sampling recovery has not been stated in the historic report and is currently unknown.

No relationship is evident between sample recovery and grade. Due to the generally standard drilling conditions around sample intervals it is believed the core samples are representative, some bias would occur in the advent of poor sample recovery which was logged.

Logging		Whether core and chip samples have been geologically and	Drilling
		geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core	Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Geological logging was completed via graphic log noting lithology, mineralisation, alteration and structure with associated degrees of intensity. Logging undertaken used both qualitative and
		(or costean, channel, etc) photography.	quantitative methods.
		The total length and percentage of the relevant intersections	Surface Hill
		logged.	GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982
			to 31 January 1983, January 1983

• Geological logging was completed via graphic log noting lithology, mineralisation, alteration and structure with associated degrees of intensity. Logging undertaken used both qualitative and quantitative methods.

• Core was oriented.

• Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994

 Core & RC chip samples have been partially geologically described (lithology, colour and structural intensity). The logs do not include mineralisation, alteration and structural measurements.  Logging undertaken used qualitative methods. Nevada

GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970

• Geological logging was completed via geological log noting lithology, mineralisation, alteration and structure with associated degrees of intensity. Logging undertaken used qualitative methods.

Rock Chips

12

==> picture [72 x 24] intentionally omitted <==

Bobs Creek

GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995

• The rock chip samples were geologically logged with locations transcribed and is qualitative in nature.

Powerline, Bulldog, St George

GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994

• Rock chip samples geological logs have been completed of all samples and is qualitative in nature.

Drilling

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 being sampled.

Drilling Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Drillholes were sampled on observed mineralisation or intensity of alteration.  Samples were generally constrained between >0.5m and <3.0m interval lengths.  Additional sample technique, quality controls and quality assurances have not been stated in the historic report and is currently unknown. Surface Hill GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983  Drillholes were sampled on observed mineralisation or intensity of alteration.  Samples were generally constrained between 1.0m and 2.0m interval lengths, generally 2.0m.  Core was split and submitted to Comlabs P/L & crushed to -30 mesh with a 200g split. Both fine & coarse fractions were assayed. Sample preparation was appropriate and representative of the in- situ material.  Quality controls and quality assurances have not been stated in the historic report and is currently unknown.

Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994

	Drillholes were sampled based on 1.0m intervals from start to end of hole.
	Size of core, RC sample weight and sample preparation has not been stated in the historic report
	and is currently unknown.
	Additional sample technique, quality controls and quality assurances have not been stated in the
	historic report and is currently unknown.

Nevada

13

==> picture [72 x 24] intentionally omitted <==

GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970

• Drillholes were sampled based on observed mineralisation.

• Samples were generally constrained between >1.0ft and <5.0 ft interval lengths.  Core size and quantity used and its related sampling technique has not been stated in the historic report and is currently unknown.

• Sample technique, quality controls and quality assurances have not been stated in the historic report and is currently unknown.

Rock Chips Bobs Creek GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995

• Sample moisture content, splitting, preparation, quality controls and quality assurances have not been stated in the historic report and are currently unknown. However, the laboratory that undertook the analysis was ALS Orange 1996 and can be assumed that the analysis was completed according to the industry standard of that time.

Powerline, Bulldog, St George GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994

• Sample moisture content, splitting, preparation, quality controls and quality assurances have not been stated in the historic report and are currently unknown. However, the laboratory that undertook the analysis was ALS Brisbane 1995 and can be assumed that the analysis was completed according to the industry standard of that time.

Quality of assay		The nature, quality and appropriateness of the assaying and	Drilling
data and laboratory tests		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.	Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Samples were assayed for: Cu, Pb, Zn, Mo, W and Bi.  Sample technique, quality controls, quality assurances & laboratory procedures has not been stated in the historic report and is currently unknown.
		Nature of quality control procedures adopted (eg standards,	Surface Hill
		blanks, duplicates, external laboratory checks) and whether	GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982
		acceptable levels of accuracy (ie lack of bias) and precision	to 31 January 1983, January 1983
		have been established.	 Samples were assayed for: Au

Surface Hill	Surface Hill
GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982
to 31 January 1983, January 1983
	Samples were assayed for: Au
	Comlabs P/L assayed Noranda core samples using aqua regia digest to produce a 25 g charge & AAS
	finish for Au.
	Assays given are the weighted average.

14

==> picture [72 x 24] intentionally omitted <==

	Quality controls and quality assurances have not been stated in the historic report and is currently
	unknown.

Queenslander, Spring Gully

S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994

• Au analysis completed by method FA50 (50g charge fire assay) and As, Cu, Pb, Zn, Ni by method D100.

• Further information regarding sample techniques, quality controls, quality assurances & laboratory procedures has not been stated in the historic report and is currently unknown

Nevada

GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970

• Samples were assayed for: Pb, Zn, Cu, Bi and Au.

• Information regarding sample techniques, quality controls, quality assurances & laboratory procedures has not been stated in the historic report and is currently unknown.

• Rock Chips Bobs Creek GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995  Rock chips were assayed by PM209 Au 50 g charge - Fire Assay/ Atomic Absorption Spectrometry and IC588 Ag, As, Bi, Cd, Cu, Hg, Pb, Sb, Se, Te & Zn - Inductively Coupled Plasma Atomic Emission Spectrometry, Acid Digestion / Preconcentration by Solvent Extraction by ALS Orange laboratories.

• Information regarding sample, quality controls, quality assurances & laboratory procedures has not been stated in the historic report and is currently unknown.

• Powerline, Bulldog, St George GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994  Denehurst Ltd & Michelago Resources NL’s Powerline rock chips were assayed by PM209 Au 50 g charge - Fire Assay/ Atomic Absorption Spectrometry and IC588 Ag, As, Bi, Cd, Cu, Hg, Pb, Sb, Se, Te & Zn - Inductively Coupled Plasma Atomic Emission Spectrometry, Acid Digestion / Preconcentration by Solvent Extraction

• Denehurst Ltd & Michelago Resources NL’s Bulldog rock chips were assayed for Au by fire assay & Ag, Cu, Pb, Zn by ICP AES by ALS laboratories (ICP-587 technique)

15

==> picture [72 x 24] intentionally omitted <==

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. Drilling Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted Surface Hill GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted Nevada GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted. Rock Chips Bobs Creek GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.	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.	Drilling Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted Surface Hill GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted Nevada GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.  No data adjusted. Rock Chips Bobs Creek GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995  No verification of sampling & assaying data was recorded in the historical report and is currently unknown.  All drillhole information is stored via scanned PDF.

16

==> picture [72 x 24] intentionally omitted <==

 No data adjusted
Powerline, Bulldog, St George
GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual
Report Exploration Licence 4600, October 1994
 No verification of sampling & assaying data was recorded in the historical report and is currently
unknown.

	No verification of sampling & assaying data was rec unknown.
	All drillhole information is stored via scanned PDF.
	No data adjusted

Location	of	data		Accuracy and quality of surveys used to locate drill holes (collar	Drilling
points				and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628
			 	Specification of the grid system used. Quality and adequacy of topographic control.	Capertree New South Wales 14th March to 13th September 1976, September 1976  Data surveyed via local grids with no accurate relationship to AMG reported. Locations are regarded as approximate from historical maps. Quality of topographic control unknown. Locations referred to
					in Appendix B.
					Surface Hill
					GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982
					to 31 January 1983, January 1983
					 Data surveyed via local grids with no accurate relationship to AMG reported. Locations are regarded
					as approximate from historical maps. Quality of topographic control unknown. Locations referred
					to in Appendix B.

Queenslander, Spring Gully
S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration
Licence Nos 4191,4223,4224 & 4276, July 1994
 RGC RC percussion holes (1994) were collected using AGD84 datum Zone 55. Locations referred to
in Appendix B.
Nevada
GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area,
June 1970
 Data surveyed via local grids with no accurate relationship to AMG reported. Locations are regarded
as approximate from historical maps. Quality of topographic control unknown. Locations referred
to in Appendix B.
Rock Chips
Bobs Creek
GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report
Exploration Report,October 1995

17

==> picture [72 x 24] intentionally omitted <==

 Data surveyed via local grids with no accurate relationship to AMG reported. Locations are
regarded as approximate from historical maps. Quality of topographic control unknown. Locations
referred to in Appendix A.
Powerline, Bulldog, St George
GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual
Report Exploration Licence 4600, October 1994

	 Data surveyed via local grids with no accurate relationship to AMG reported. Locations are regarded as approximate from historical maps. Quality of topographic control unknown. Locations referred to in Appendix A. Powerline, Bulldog, St George GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994
	 Data surveyed via local grids with no accurate relationship to AMG reported. Locations are regarded as approximate from historical maps. Quality of topographic control unknown. Locations referred to in Appendix A.
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.	Drilling Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Not applicable, reconnaissance drilling only.  No sample compositing has been applied. Surface Hill GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983  Not applicable, reconnaissance drilling only.  No sample compositing has been applied. Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994  Not applicable, reconnaissance drilling only.  No sample compositing has been applied. Nevada GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970  Not applicable, reconnaissance drilling only.  No sample compositing has been applied Rock Chips Bobs Creek GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995  Samples were selected on ‘areas of interest’ and were selected to represent typical mineralisation at the locale.  No sample compositing has been applied

18

==> picture [72 x 24] intentionally omitted <==

	Powerline, Bulldog, St George GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual Report Exploration Licence 4600, October 1994  Samples were selected on ‘areas of interest’ and were selected to represent typical mineralisation at the locale.  No sample compositinghas 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.	Drilling Mount Pleasant, Bombardi GS1976-287 – Panminex Pty Limited, Progress Report No.5 Exploration of Mineral Exploration Licence No. 628 Capertree New South Wales 14th March to 13th September 1976, September 1976  Samples were taken with consideration of stratigraphy, mineralisation and alteration; samples do not straddle geological or stratigraphic boundaries.  Orientation of reconnaissance drill holes, as recorded in historical reports, appears to have achieved an unbiased representation of mineralisation/geological structures. Surface Hill GS1983/185 - Noranda Australia Limited, Progress Report on Exploration Licence 1410 for period 1 August 1982 to 31 January 1983, January 1983  Samples were taken with consideration of stratigraphy, mineralisation and alteration; samples do not straddle geological or stratigraphic boundaries.  Orientation of reconnaissance drill holes, as recorded in historical reports, appears to have achieved an unbiased representation of mineralisation/geological structures. Queenslander, Spring Gully S1994/196 - RGC Exploration Pty Limited (Renison), Exploration and Prospecting Licence No.3747 & Exploration Licence Nos 4191,4223,4224 & 4276, July 1994  Samples were not taken with consideration of stratigraphy, mineralisation and alteration; samples may straddle geological or stratigraphic boundaries.  Orientation of reconnaissance drill holes, as recorded in historical reports, appears to have achieved an unbiased representation of mineralisation/geological structures however due to the lack of historic information it is with very low confidence. Nevada GS1970/443 - Newmetal Mines Limited, Exploration reports, EL 165, Portland - Bathurst - Sunny Corner area, June 1970  Samples were not taken with consideration of stratigraphy, mineralisation and alteration; samples may straddle geological or stratigraphic boundaries.  Orientation of reconnaissance drill holes, as recorded in historical reports, appears to have achieved an unbiased representation of mineralisation/geological structures however due to the lack of historic information it is with very low confidence. Rock Chips

19

==> picture [72 x 24] intentionally omitted <==

Bobs Creek

GS1996-019 – Denehurst Limited and Michelago Resources NL, Geology, Sunny Corner Annual Report Exploration Report, October 1995

	Samples were selected on ‘areas of interest’ and were selected to represent typical mineralisation
	at the locale.
	No orientation-based sampling bias has been recognized

Powerline, Bulldog, St George

			Powerline, Bulldog, St George	Powerline, Bulldog, St George
			GS1995-019 – Denehurst Limited and Michelago Resources NL, Summary - Geology, Sunny Corner Annual
			Report Exploration Licence 4600, October 1994
				 Samples were selected on ‘areas of interest’ and were selected to represent typical mineralisation
				at the locale.
				 No orientation-based samplingbias has been recognised
Sample security		The measures taken to ensure sample security.		Unknown, not recorded in historical reports.
Audits or reviews		The results of any audits or reviews of sampling techniques and		Unknown, not recorded in historical reports.
		data.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation	Commentary	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.	Tenement	Current Holder
	ELA6142	Sofala Minerals Pty Ltd
	ELA5954	BelRes Pty Ltd
	ELA5986	Historic Gold Mines Pty Ltd
	EL7974	Wattle Resources Pty Ltd
	EL8976	MR Resources Pty Ltd
	EL7423	Fortius Mines Pty Ltd
	EL5964	Sunny Silver Pty Ltd

20

==> picture [72 x 24] intentionally omitted <==

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				MRR isproposingto acquire ELA ELA6142, ELA5954, ELA5986 and
				EL8976 via tenement sales or company sales (100%).
				MRR is proposing to enter into long form farmin agreements in
				relation toEL7974 and EL7423 (with rights to earn up to 80% of
				each project).
				MRR has option over Argent Minerals Ltd’s farmin rights to the
				exploration area ofEL5964 with rights to earn up to 80%.
				A 2% NSR applies over all tenements to be acquired.
				Tenements are all in good standing.
Exploration		Acknowledgment and appraisal of exploration by other parties.		All exploration results quoted are derived directly from historical
done by other parties				reports compiled by Newmetal Mines Ltd 1970, Panminex P/L 1976, RGC Exploration P/L 1994, Noranda 1982-1984, Carrington Holdings P/L 1989, Denehurst Ltd & Michelago Resources NL 1994-1996.
Geology		Deposit type, geological setting and style of mineralisation.		Mineralisation is VMS, remobilized structurally controlled base
				metals, vein hosted Au & Porphyry Cu-Au-Mo in the Eastern portion
				of the Lachlan Fold Belt, Hill End Trough, NSW.
Drill hole		A summary of all information material to the understanding of the exploration results including a		As per significant results table.
Information		tabulation of the 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, weighting averaging techniques, maximum and/or minimum		No data aggregation methods have been used. Results provided as
aggregation		grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be		per historical reports.
methods		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 usedfor any reporting of metal equivalent values should be clearly stated.

21

==> picture [72 x 24] intentionally omitted <==

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Relationship		These relationships are particularly important in the reporting of Exploration Results.		The relationship between mineralisation widths & intercept lengths is
between		If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should		not known. Historical drilling was reconnaissance in nature.
mineralisation		be reported.
widths and intercept		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’).
lengths
Diagrams		Appropriate maps and sections (with scales) and tabulations of intercepts should be included for		Diagrams/Maps in historical reports have been referred to in results
		any significant discovery being reported These should include, but not be limited to a plan view of		table.
		drill hole collar locations and appropriate sectional views.
Balanced		Where comprehensive reporting of all Exploration Results is not practicable, representative		Significant intercepts have been reported from all available historical
reporting		reporting of both low and high grades and/or widths should be practiced to avoid misleading		reconnaissance drilling results.
		reporting of Exploration Results.
Other		Other exploration data, if meaningful and material, should be reported including (but not limited		Significant rock chip sampling results have been tabulated as per
substantive		to): geological observations; geophysical survey results; geochemical survey results; bulk samples –		historical reports.
exploration data		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 work (eg tests for lateral extensions or depth extensions or		Initial field reconnaissance to verify the location of the local grid
		large-scale step-out drilling).		baselines, drill collars & other data points is required pending the
		Diagrams clearly highlighting the areas of possible extensions, including the main geological		outcome of successful land access agreements with the appropriate
		interpretations and future drilling areas, provided this information is not commercially sensitive.		property owners.

22