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PEEL MINING LIMITED Interim / Quarterly Report 2014

Oct 30, 2014

65545_rns_2014-10-30_54204fb7-3e1d-4497-9a37-8e16cec9a06f.pdf

Interim / Quarterly Report

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SEPTEMBER 2014 QUARTERLY REPORT 30 OCTOBER 2014

Peel Mining Limited ASX code: PEX ACN: 119 343 734

Unit 1, 34 Kings Park Rd West Perth, WA 6005

Ph: (08) 9382 3955 Fax: (08) 9388 1025 E: [email protected] Web: www.peelmining.com.au

Contact:

Rob Tyson Managing Director [email protected]

About Peel Mining Limited:

  • The Company’s five projects cover >3,000 km[2 ] of highly prospective tenure in NSW and WA.

  • Mallee Bull is a major greenfields copper-polymetallic discovery in a rich polymetallic mineral province.

  • Broader Cobar tenure offers additional highly-prospective greenfields exploration potential.

  • Apollo Hill hosts a major, protruding, shear-hosted, gold mineralised system that remains open down dip and along strike.

  • Attunga Tungsten Deposit is a high grade tungsten deposit.

  • Ruby Silver project contains several historic high-grade silver mines.

Highlights for September quarter 2014

Farm-in Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) executed for the Cobar Superbasin Project. JOGMEC can earn up to 50% of certain tenements by funding up to $7 million of exploration expenditure.

Peel awarded $193,500 from the NSW Government for drilling at the Sandy Creek, Mundoe and Orana prospects under the New Frontiers Co-operative Drilling programme. Final drill planning underway.

In-house scoping study at Mallee Bull highlights the positive attributes of deeper mineralisation; further work to focus on adding to existing Resource.

Exploration activities at Cobar Superbasin Project define significant geochemical anomalies including a >2 g/t Au in rock chip (up to 4.99 g/t Au) zone over 70m strike at Red Shaft.

  • Rock chip sampling over the new Mud Hut

  • prospect area at (Apollo Hill South) returns strong results; values include 42.9 g/t Au, 10.9 g/t Au, 7.39 g/t Au and 5.68 g/t Au.

Plans for December quarter 2014

Exploration at Mallee Bull to include airborne magnetic and gravity surveys; tenement-wide PXRF geochem and geological mapping; and DHEM.

Drilling planned for priority targets in both the Cobar Superbasin and Apollo Hill Projects.

  • 132 million shares on issue for $10m market capitalisation at 30 Oct 2014.

Peel Mining Limited – Quarterly Report September 2014

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Exploration

$7,000,000 Farm In agreement executed

During the September quarter a wholly owned subsidiary of Peel Mining Ltd, Peel (CSP) Pty Ltd, entered into a Memorandum of Agreement ( MoA ) with Japan Oil, Gas and Metals National Corporation ( JOGMEC ) for JOGMEC to earn up to a 50% interest in certain exploration tenements held by Peel (CSP) Pty Ltd, located in NSW, by funding up to $7,000,000 of exploration expenditure on the tenements. The MoA is subject to Foreign Investment Review Board ( FIRB ) approval, with a decision expected in late November 2014.

Peel and JOGMEC are in the final stages of developing an exploration program which will see $1,000,000 of project funding for work undertaken on the MoA tenements before 31 March 2015 once the MoA receives FIRB approval.

Further details of the JOGMEC MoA can be found in Peel’s ASX Announcement released on 30 September 2014.

Mallee Bull Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 50% and Manager, CBH 50%). Targets: Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

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Figure 1: Mallee Bull/Butcher's Dog Geology and Drillhole Location Plan

The Mallee Bull project is a 50:50 Joint Venture with CBH Resources Limited ( CBH ). A maiden JORC compliant Mineral Resource estimate was completed in May 2014, and comprises 3.9 Mt at 2.3% copper,

Peel Mining Limited – Quarterly Report September 2014

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32 g/t silver and 0.3 g/t gold for 90,000 tonnes of contained copper, 4 million ounces contained silver and 43,000 ounces contained gold (at a 1% copper equivalent cut-off); details of which can be found in Peel’s June 2014 Quarterly Activities Report.

The Mineral Resource estimate formed the basis of a scoping study which was completed at the end of the current quarter; the study indicated the potential for good cash flow generation during the later stages of any potential project development due to the high grade and greater width characteristics of the Mallee Bull ore body at depth. In light of this, exploration activities at Mallee Bull have now recommenced aiming to increase tonnage and grade of the deposit. An infill gravity survey is currently underway, building on a 100m-spaced gravity survey conducted in late 2013 over the Mallee Bull, Butcher's Dog and Jalk prospects, and a total 1,816 portable XRF samples have been collected so far over and to the west, north-west and south-west of Mallee Bull. Maximum values to date include 3,738 ppm Cu, 1,602 ppm Pb, 367 ppm Zn and 52 pm Ag. High priority target areas also include the Jalk and Jalk North prospects, located roughly 1.5km and 2.5km respectively to the north of Mallee Bull with which numerous similarities can be identified; the gravity signatures are similar along with iron, zinc, lead and arsenic anomalies. The prospects also occur at the intersection of north-south and north-west linear magnetic features; viewed as favourable sites for the possible development of mineralisation. Detailed mapping is now underway to better understand the structural setting of the area.

Cobar Superbasin Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%).

Targets: Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

The September 2014 quarter saw Peel (through its wholly owned subsidiary Peel (CSP) Pty Ltd) enter into a Memorandum of Agreement ( MoA ) with Japan Oil, Gas and Metals National Corporation ( JOGMEC ) for JOGMEC to earn up to 50% of certain exploration tenements owned by Peel (CSP) in the Cobar Superbasin, by funding $7 million of exploration expenditure. Continued exploration work including geophysical surveying and geochemical sampling over the Cobar Superbasin tenements has delineated several priority targets for follow-up; drilling is planned to commence following Foreign Investment Review Board approval as part of the budget of ~$1 million to be expended by March 2015. The key terms of the MoA are outlined in the ASX announcement dated 30 September 2014.

Exploration will additionally be funded through the NSW State Government's New Frontiers Co-operative Drilling programme, under which Peel was awarded a total of $193,500 for the Sandy Creek and Mundoe prospects within the Cobar Superbasin Project, and also at the Orana prospect which lies near Ivanhoe in western NSW. High priority areas identified for the forthcoming activities are outlined below.

Mundoe

The Mundoe prospect lies about 50km SSE of Gilgunnia (50km S of Mallee Bull), and is defined by a 2km long multi-element geochemical anomaly proximal to a magnetic anomaly. A RC drilling program completed by Peel in December 2012 returned significant results including 13m @ 28 g/t Ag, 0.76% Cu from MURC003; and 19m @ 0.33 g/t Au from 8m, 23m @ 25 g/t Ag and 0.4% Cu from 129m in MURC005. Mineralisation remains open along strike and down-dip. Under the New Frontiers Co-operative Drilling programme approximately 1,250m of RC drilling is planned to target the aforementioned intersections, as well as a previously untested area along strike of Mundoe where historic rock chips have returned anomalous values of 22 g/t Ag and 1,000 ppm Cu.

Peel Mining Limited – Quarterly Report September 2014

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Sandy Creek

At the Sandy Creek prospect, historic drilling in 2003 by Pasminco returned results of 10.2m @ 1.6% Cu, 7.4% Pb, 68 g/t Ag from 521.8m in SCDD002. Subsequently, Peel completed a drill hole in August 2013 targeting a strong DHEM anomaly, returning 4m @ 0.5% Cu, 9.63% Pb, 1.1% Zn and 48 g/t Ag from 493m. With mineralisation at Sandy Creek remaining open in all directions, a follow up RC drilling programme, under the MoA with JOGMEC, of approximately 3,000m is planned, including drilling of the Sandy Creek SW target; a previously identified strong and coherent Pb and As soil anomaly (>100 ppm) which appears to have the same trend as the main Sandy Creek mineralised zone to the north-east. Encouragingly, a review of depth sections from historic IP data completed over Sandy Creek has shown coincident chargeable/resistivity anomalies beneath the anomalous area. A gravity survey of 2km by 2km has commenced over both areas prior to drill testing.

Figure 2: Sandy Creek Section 6435030N

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Peel Mining Limited – Quarterly Report September 2014

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Figure 3: Sandy Creek SW portable XRF Arsenic soil anomaly

Wirlong and Red Shaft

Geochemical reconnaissance continued at the Wirlong and Red Shaft prospects within the Sandy Creek tenement during the quarter. At Wirlong, portable XRF and rock chip sampling results have identified significant lead anomalies. These include a >700 ppm, 450m by 75m lead anomaly located in sheared outcropping volcanics and sediments with an associated parallel strong sericite alteration zone where consistent lead values of 600-3,000 ppm have been confirmed. Investigation of an area north of the old Wirlong shafts has also returned rock chip values greater than 0.4% Cu, with associated high values of Bi, Pb (up to 3.5%), Se, Y and U (up to 193ppm). An IP survey was underway at the time of reporting, in preparation of an approximate 2,000m drill programme as part of the JOGMEC farm-in agreement.

Rock chip sampling at Red Shaft has been similarly encouraging, with gold values >2 g/t (up to 4.99 g/t Au) returned over a 70m zone. Previous rock chipping at Red Shaft has returned significant Cu, Au and Ag and As values. Planned drilling, under the MoA with JOGMEC, at Red Shaft will comprise approximately 900m of RC drilling.

Peel Mining Limited – Quarterly Report September 2014

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Figure 4: Red Shaft portable XRF Arsenic anomaly

Burthong

The "Burthong S" prospect, located within EL8115, is defined by strong coherent Au, Pb, As and Zn soil anomalies. In 1985, 3 diamond holes were drilled by Australian Anglo American Ltd beneath an altered volcanics/sediment contact and a Cu-Pb-As-Au geochemical soil anomaly. Hole BDH-2 intersected a zone of weak disseminated veinlet quartz-sulphide mineralisation with a true width of 50m, with 2m @ 7,250 ppm Zn from 105m, 5m @ 5,400 ppm Pb and 4,500 ppm Zn from 115m, with weak Au at 100m down hole. In BDH-3, significant intercepts included 92m @ 2,562 ppm Zn and 1,158 ppm Pb from 5m, and 5m @ 1% Pb from 40m. Mineralisation is open down hole and to the north and south along strike for both holes. Portable XRF soil traverses by Peel identified strong Pb, Zn, Cu, As, S and U anomalies over the prospect; additional rock chip samples have also returned up to 50 ppm Ag within the anomalous copper zone. An IP survey is planned over the prospect for a total 7.5 line km, testing for chargeable bodies beneath the current drill holes, soil and rock chip anomalies.

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Figure 5: Burthong pXRF Zn soil anomaly

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Figure 6: Burthong pXRF As soil anomaly

Peel Mining Limited – Quarterly Report September 2014

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Apollo Hill Project: Gold; Northeastern Goldfields WA (PEX 100%).

Targets: Archaean gold deposits.

Exploration activities have been ongoing at the Apollo Hill Project targeting potential mineralisation away from the main Apollo Hill deposit at a new prospect area known as Mud Hut/Apollo Hill South; multiple areas of interest have been identified and two Programmes of Work have been submitted subsequent to the end of the quarter.

In May 2014, broad portable XRF, rock chip and soil sampling over the Apollo Hill tenements was completed for a total of 710 sample along with ground truthing of aeromagnetic interpretations; extremely encouraging results were returned, including the confirmation of the southern extension of the 27 Well Shear system in the newly applied for E31/1075 "Yerilla". At E31/1063 "Mud Hut/Apollo Hill South", rock chip sampling returned a high grade sample of 42.9 g/t Au; follow-up rock chips in September confirmed the highly anomalous nature of the area, with values including 7.39 g/t Au and 10.9 g/t Au. Further north, coincident with a magnetic anomaly, sampling continued to encounter anomalous grades including 0.64 g/t Au, 1.81 g/t Au and 5.68 g/t Au. Approximately 3km to the northeast of these results, an additional magnetic anomaly was the target of rock chip and soil sampling for a total 18 samples, returning a maximum of 1.26 g/t Au. A Programme of Work comprising ~1,200m of aircore drilling is planned.

A second Programme of Work has been planned for the main Apollo Hill and Ra deposits, where an Inferred Resource of 17.2Mt @ 0.9 g/t Au for 505,000oz of gold (using a 0.5 g/t gold cut-off) exists. Twelve aircore holes over three lines are planned as infill drilling between the main Apollo Hill and Ra deposits within E39/1198. Additionally, 2 aircore holes are planned within mining lease M39/296, where RC drilling by Peel in November 2013 extended the presence of mineralisation to the south-east of the Inferred Resource, with significant intercepts including 21m @ 1.27 g/t Au from 91m including 5m @ 4.22 g/t Au from 91m in PARC22; and 8m @ 1.33 g/t Au from 123m and 2m @ 2.79 g/t Au from 101m in PARC25. Commencement of both Programmes of Work are anticipated for mid-November 2014, subsequent to approval.

Attunga Project: Gold, Tungsten, Molybdenum, Copper; Northeastern NSW (PEX 100%)

Targets: Intrusive-Related Gold System and/or Orogenic gold mineralisation; skarn type tungstenmolybdenum mineralisation and skarn-type precious/base metals mineralisation

No fieldwork was undertaken during the quarter.

Rise & Shine: Gold; Central Otago, New Zealand (PEX 100%).

Targets: Orogenic gold mineralisation.

No fieldwork was undertaken during the quarter and the project was relinquished.

Ruby Silver Project: Silver, Gold; Northeastern NSW (PEX 100%).

Targets: Silver mineralisation associated with fracture-fill quartz-carbonate veining.

No fieldwork was undertaken during the quarter.

Corporate

No corporate activity was completed during the quarter.

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For further information, please contact Managing Director Rob Tyson on 0420 234 020.

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Tyson, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Tyson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Table 1 - Section 1: Sampling Techniques and Data for Mallee Bull/Cobar Superbasin Project

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.
 Soil samples (~100g) collected from
shallow pits (~20cm) at 100m spacing.
Multi-element readings taken from an
Olympus Delta Innov-X portable XRF tool.
 Rock chip samples were collected in the
field from outcrop, sub-crop and float
material.
 The portable XRF was calibrated against
standards after every 30 readings.
Drilling
techniques
Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
_what method, etc). _
 No drilling was undertaken at the Mallee
Bull and Cobar Superbasin Projects in the
September 2014 quarter.
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 andgrade and whether sample bias may
 No drilling was undertaken at the Mallee
Bull and Cobar Superbasin Projects in the
September 2014 quarter.

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Criteria JORC Code explanation Commentary
have occurred due to preferential loss/gain of
fine/coarse material.
Logging Whether core and chip samples have been
geologically and geotechnically logged to a level of
detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
 All rock chip samples were logged for
geology and structural interpretation.
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.
 Soil and rock chip samples were collected
dry.
 Samples were prepared for assay at ALS
Orange by dry pulverisation to 85% passing
75 micron.
 Standards and blanks were inserted every
30th sample.
Quality
of
assay
data
and
laboratory
tests
The nature, quality and appropriateness of the
assaying and laboratory procedures used and
whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments,
etc,
the
parameters
used
in
determining the analysis including instrument make
and model, reading times, calibrations factors
applied and their derivation, etc.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy
(ie lack of bias) and precision have been established.
 Assaying of soil samples in the field was by
portable XRF instrument Olympus Delta
Innov-X Analyser. Reading time was 40
seconds per reading with a total 3 readings
per sample.
 Soil and rock chip sample analysis was
undertaken by ALS Laboratory in Orange
for multi-elements and gold:
o
ME-ICP41 35 Element Aqua
Regia ICP-AES.
o
Au-AA25 Ore Grade Au 30g
FA AA finish
 Standards and blanks were inserted every
30th sample.
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.
 All geological logging and sampling
information is completed in spreadsheets,
which are then transferred to a database
for validation and compilation at the Peel
head office. Electronic copies of all
information are backed up periodically.
 No adjustments of assay data are
considered necessary.
Location
of
data points
Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
 A Garmin hand-held GPS is used to define
the location of the samples.
 Grid system used is MGA 94 (Zone 55).

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Criteria JORC Code explanation Commentary
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.
 Variable sample spacing is used to
adequately test targets.
 No sample compositing has been applied.
Orientation of
data
in
relation
to
geological
structure
Whether the orientation of sampling achieves
unbiased sampling of possible structures and the
extent to which this is known, considering the
deposit type.
If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
 It is unclear at this stage whether sampling
has a set bias
Sample
security
The measures taken to ensure sample security.  The chain of custody is managed by the
project geologist. Samples are collected in
individually numbered bags and detailed
records are kept of all samples that are
dispatched, including details of chain of
custody.
Audits
or
reviews
The results of any audits or reviews of sampling
techniques and data.
 Data is validated when loading into the
database. No formal external audit has
been conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Mallee Bull/Cobar Superbasin Project

Criteria JORC Code explanation Commentary
Mineral
tenement and
land
tenure
status
Type, reference name/number, location and
ownership including agreements or material issues
with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or national
park and environmental settings.
The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
 The Mallee Bull prospect is wholly located
within
Exploration
Licence
EL7461
“Gilgunnia”. The tenement is subject to a
50:50 Joint Venture with CBH Resources
Ltd, a wholly owned subsidiary of Toho
Zinc Co Ltd.
 The following tenements of the Cobar
Superbasin Project reported on in the
September 2014 quarter are subject to a
Farm-in agreement with Japan Oil, Gas and
Metals National Corporation (JOGMEC):
o
EL8307 "Sandy Creek"
o
EL7976 "Mundoe"
o
EL8115 "Burthong"
 The tenements are in good standing and no
known impediments exist.
Exploration
done by other
parties
Acknowledgment and appraisal of exploration by
other parties.
 Work was completed in the area by former
tenement
holders
Triako
Resources
between 2003 and 2009; it included
diamond drilling, IP surveys, geological
mapping and reconnaissance geochemical
sampling around the historic Four Mile
Goldfield area. Prior to Triako Resources,
Pasminco Exploration explored the Cobar
Basin area for a “Cobar-type” or “Elura-

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Criteria JORC Code explanation Commentary
type” zinc-lead-silver or copper-gold-lead-
zinc deposit.
Geology Deposit type, geological setting and style of
mineralisation.
 The prospect area lies within the Cobar-Mt
Hope Siluro-Devonian sedimentary and
volcanic units. The northern Cobar region
consists of predominantly sedimentary
units with tuffaceous member, whilst the
southern Mt Hope region consists of
predominantly felsic volcanic rocks; the
Mallee Bull prospect seems to be located
in an area of overlap between these two
regions. Mineralization at the Mallee Bull
discovery
features
the
Cobar-style
attributes of short strike lengths (<200m),
narrow widths (5-20m) and vertical
continuity, and occurs as a shoot-like
structure dippingmoderatelyto the west.
Drill
hole
Information
A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
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.
 All relevant information material to the
understanding of exploration results has
been included within the body of the
announcement or as appendices.
 No information has been excluded.
Data
aggregation
methods
In
reporting
Exploration
Results,
weighting
averaging techniques, maximum and/or minimum
grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be
stated.
Where aggregate intercepts incorporate short
lengths of high grade results and longer lengths of
low grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
 No length weighting or top-cuts have been
applied.
 No metal equivalent values are used for
reporting exploration results.
Relationship
between
mineralisation
widths
and
intercept
lengths
These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect
to the drill hole angle is known, its nature should be
reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg ‘down hole length, true width not
_known’). _

True widths are generally estimated to be
about 60% of the downhole width.

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Criteria JORC Code explanation Commentary
Diagrams Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.
 Refer to Figures in the body of text.
Balanced
reporting
Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should
be practiced to avoid misleading reporting of
Exploration Results.
 All results are reported.
Other
substantive
exploration
data
Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock
characteristics;
potential
deleterious
or
contaminating substances.
 No other substantive exploration data are
available.
Further work The nature and scale of planned further work (eg
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible
extensions,
including
the
main
geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
 Future work at Mallee Bull will include
geophysical surveying and diamond drilling
to
further
define
the
extent
of
mineralization at the prospect. Drilling will
continue with the aim of defining a JORC
code complaint resource. Down hole
electromagnetic (DHEM) surveys will be
used to identify potential conductive
sources
that
may
be
related
to
mineralization.
 Future work within the Cobar Superbasin
tenements
will
involve
geophysical
surveying and RC drilling to target existing
anomalies.

Table 1 - Section 3 - Estimation and Reporting of Mineral Resources for Mallee Bull

Criteria JORC Code explanation Commentary
Database
integrity
Measures taken to ensure that data has not been
corrupted by, for example, transcription or keying
errors, between its initial collection and its use for
Mineral Resource estimation purposes.
Data validation procedures used.
 Sample intervals and geological logs were
recorded by field geologists on hard copy
sampling sheets which were then entered
into spreadsheets for merging into the
central database. Laboratory assay files
were merged directly into a central
database.
 Peel geologists routinely validate data
when loading into the database.
 MPR
Geological
Consultants
independently reviewed sample quality
information, and database validity for the
Mallee Bull resource drilling. These
reviews included comparison of assay,
collar survey and down-hole survey
entries in the database with original
sampling
records
and
checking
for
consistencywithin and between database

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Criteria JORC Code explanation Commentary
tables.
These
reviews
showed
no
significantly discrepancies.
 MPR
consider
that
the
sample
preparation,
security
and
analytical
procedures adopted for the Mallee Bull
resource drilling provide an adequate
basis for the current Mineral Resource
estimates.
Site visits Comment on any site visits undertaken by the
Competent Person and the outcome of those
visits.
If no site visits have been undertaken indicate why
this is the case.
 Jonathon Abbott visited Mallee Bull from
the 3rd to the 6th of February 2014. Mr
Abbott inspected drill core, and drilling
and sampling activities and had detailed
discussions with Peel field geologists
gaining an improved understanding of the
geological setting and mineralisation
controls, and the resource sampling
activities.
Geological
interpretation
Confidence in (or conversely, the uncertainty of )
the geological interpretation of the mineral
deposit.
Nature of the data used and of any assumptions
made.
The effect, if any, of alternative interpretations on
Mineral Resource estimation.
The use of geology in guiding and controlling
Mineral Resource estimation.
The factors affecting continuity both of grade and
geology.
 The geological setting of the Mallee Bull
deposit
mineralisation
has
been
confidently established from drill hole
logging, including development of a three
dimensional model of the major rock
units.
 The
mineralised
domains
used
for
resource estimation capture zones of
continuous
Dimensions The extent and variability of the Mineral Resource
expressed as length (along strike or otherwise),
plan width, and depth below surface to the upper
and lower limits of the Mineral Resource.
 The geological setting of the Mallee Bull
deposit
mineralisation
has
been
confidently established from drill hole
logging, including development of a three
dimensional model of the major rock
units.
 The
mineralised
domains
used
for
resource estimation capture zones of
continuous
Estimation and
modelling
techniques
The nature and appropriateness of the estimation
technique(s) applied and key assumptions,
including treatment of extreme grade values,
domaining, interpolation parameters and
maximum distance of extrapolation from data
points. If a computer assisted estimation method
was chosen include a description of computer
software and parameters used.
 The block model constructed for the
current study includes copper, silver, gold,
cobalt, lead, zinc and sulphur grades.
Sulphur grades were estimated for density
assignment and are not included in
Mineral Resource estimates
 Grades were estimated by Ordinary
Kriging of 1m down-hole composited
assay grades within the mineralised
domains.
 Estimation of each attribute included
upper cuts which generally approximate
the 95th percentile of each dataset.
 Upper cuts applied to the hangingwall,
footwall upper, footwall lower and central
domain respectively were as follows:
 Copper: 4.0%, 5.0%, 10%, 4.5%
 Silver: 75g/t,100g/t,170g/t,80g/t

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Criteria JORC Code explanation Commentary
 Gold: 2.5 g/t, 1.0 g/t, 1.0g/t, 0.60 g/t
 Cobalt: 900 g/t, 250 g/t, 250 g/t, 70 g/t
 Lead: 1.5%, 1.5%, 1.5%, 0.9%
 Zinc: 1.0%, 1.0%, 0.5%, 1.5%
 Sulphur: 45%, 20%, 10%, uncut
 The model estimates are generally
extrapolated to a maximum of around
40m from drill intercepts.
 Micromine software was used for data
compilation, domain wire-framing, and
coding of composite values, and GS3M
was used for resource estimation.
 The estimation technique is appropriate
for the mineralisation style.
The availability of check estimates, previous
estimates and/or mine production records and
whether the Mineral Resource estimate takes
appropriate account of such data.
 There has been no production to date at
Mallee Bull.
 Comparative check modelling included
construction of un-cut estimates. A model
was also constructed with composite
sulphur grades factored to compensate
for the apparent understatement of by
aqua regia assaying. This model did not
give
significantly
different
resource
estimates, and the model with un-
factored grades was adopted for the
Mineral Resource estimates.
The assumptions made regarding recovery of by-
products.
Estimation of deleterious elements or other non-
grade variables of economic significance (eg
sulphur for acid mine drainage characterisation).
 Estimated resources make no assumptions
about recovery of by-products.
 The block model includes sulphur grades
for assignment of density.
In the case of block model interpolation, the block
size in relation to the average sample spacing and
the search employed.
Any assumptions behind modelling of selective
mining units.
 Grades were Kriged into 2 m by 10 m by 10
m (east, north, vertical) blocks with sub-
blocking to minimum dimensions of 0.4 m
by 2.0 m by 2.0 m at domain boundaries.
 Drill hole intercept spacing varies from
around 20 by 20 m and locally tighter in
central areas of the mineralisation to
greater than 80 by 80 m in peripheral
areas and at depth.
 Estimation included a four pass octant
based search strategy, with ellipsoids
aligned
with
mineralised
domain
orientations.
 Search ellipsoid radii (across strike, along
strike, down dip) and minimum data
requirements for these searches range
from 10 by 50 by 50m (8 data) for search 1
to 20 by 200 by 200 m (4 data) for search
4.
 Estimates from search pass 4 contribute
around 1% of estimated resources.

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Criteria JORC Code explanation Commentary
Any assumptions about correlation between
variables.
 Grade modeling did not include any
specific assumptions about correlation
between variables.
 Densities were assigned to the resource
model from Kriged sulphur values using a
density-sulphur formula derived from
densitymeasurements of diamond core.
Description of how the geological interpretation
was used to control the resource estimates.
 The mineralised domains used for the
current estimates capture zones of
continuous
mineralisation
with
drill
sample copper grades of greater than
0.8%. Domain interpretation included
reference to lithological domain wire-
frames, and the domains are consistent
withgeological understanding.
Discussion of basis for using or not using grade
cutting or capping.
 Estimation of each attribute included
upper cuts selected on a domain by
domain basis which generally approximate
the 95th percentile of each dataset. These
upper cuts reduce the impact of a small
number of outlier compositegrades.
The process of validation, the checking process
used, the comparison of model data to drill hole
data, and use of reconciliation data if available.
 Model
validation
included
visual
comparison of model estimates and
composite grades, and trend (swath)
plots, along with comparison with results
from comparative models.
Moisture Whether the tonnages are estimated on a dry
basis or with natural moisture, and the method of
determination of the moisture content.

Tonnages are estimated on a dry tonnage
basis.
Cut-off
parameters
The basis of the adopted cut-off grade(s) or
quality parameters applied.
 Economic evaluation of the Mallee Bull
deposit is at an early stage, and
metallurgical and mining parameters have
not yet been confidently established. The
cut-off grades applied to the estimates
reflect Peel’s interpretation of potential
commodity prices,costs and recoveries.
Mining factors
or assumptions
Assumptions made regarding possible mining
methods, minimum mining dimensions and
internal (or, if applicable, external) mining
dilution. It is always necessary as part of the
process of determining reasonable prospects for
eventual economic extraction to consider
potential mining methods, but the assumptions
made regarding mining methods and parameters
when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the
basis of the mining assumptions made.
 Economic evaluation of the Mallee Bull
deposit is at an early stage, and mining
parameters have not yet been confidently
established.
The
estimates
assume
underground mining of the comparatively
narrow mineralisation.
Metallurgical
factors or
assumptions
The basis for assumptions or predictions regarding
metallurgical amenability. It is always necessary
as part of the process of determining reasonable
prospects for eventual economic extraction to
consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment
 First pass test work undertaken by Peel
during 2013 and 2104 suggests that the
mineralisation is amenable to recovery by
floatation with copper, silver and gold
recoveries of around 95%, 90% and 66%
respectively.

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Criteria JORC Code explanation Commentary
processes and parameters made when reporting
Mineral Resources may not always be rigorous.
Where this is the case, this should be reported
with an explanation of the basis of the
metallurgical assumptions made.
 Additional test work is required to
establish potential recoveries for cobalt,
lead and zinc.
Environmen-tal
factors or
assumptions
Assumptions made regarding possible waste and
process residue disposal options. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic
extraction to consider the potential environmental
impacts of the mining and processing operation.
While at this stage the determination of potential
environmental impacts, particularly for a
greenfields project, may not always be well
advanced, the status of early consideration of
these potential environmental impacts should be
reported. Where these aspects have not been
considered this should be reported with an
explanation of the environmental assumptions
made.
 Economic evaluation of the Mallee Bull
deposit is at an early stage, and
environmental
considerations
for
potential mining have not yet been
evaluated in detail. Information available
to Peel indicates that there are unlikely to
be any specific environmental issues that
would
preclude
potential
eventual
economic extraction.
Bulk density Whether assumed or determined. If assumed, the
basis for the assumptions. If determined, the
method used, whether wet or dry, the frequency
of the measurements, the nature, size and
representativeness of the samples.
The bulk density for bulk material must have been
measured by methods that adequately account for
void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones
within the deposit.
Discuss assumptions for bulk density estimates
used in the evaluation process of the different
materials.
 Peel routinely performed immersion
density measurements on air dried
samples of drill core with results available
for 2,308 samples.
 The
reliability
of
Peels
density
measurements was confirmed by 97
repeat measurements performed by ALS
on oven dried samples.
 Density
measurements
show
an
association between increasing density
and sulphur grade reflecting increasing
concentration of sulphide minerals.
 Densities were assigned to the current
block model from Kriged sulphur values
using the following formula derived from
the available density measurements:
Density (t/m3) = 2.80 + 0.04 x S(%)
 Average estimated densities range from
approximately 2.9 t/m3 for the footwall
and central domains to approximately 3.7
t/m3
for
the
more
sulphide
rich
hangingwall domain.
 The available information suggests that
the
density
measurements
are
representative of the mineralisation.
Classification The basis for the classification of the Mineral
Resources into varying confidence categories.
 Estimated resources are extrapolated to
generally around 40 m from drill
intercepts and classified as Indicated and
Inferred on the basis of estimation search
pass and polygons defining areas of
relatively consistent drill hole spacing.
 For the hangingwall and upper footwall
domains, estimates for mineralisation
with consistently40 by40 m or closer

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Criteria JORC Code explanation Commentary
spaced sampling are classified as Indicated
and estimates for more broadly sampled
mineralisation are classified as Inferred.
 The
lower
footwall,
and
central
mineralised domains are comparatively
broadly drilled and all estimates for these
domains are classified as Inferred.
Whether appropriate account has been taken of
all relevant factors (ie relative confidence in
tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and
metal values, quality, quantity and distribution of
the data).
 The resource classification accounts for all
relevant factors.
Whether the result appropriately reflects the
Competent Person’s view of the deposit.
 The resource classifications reflect the
Competent Person’s views of the deposit.
Audits or
reviews
The results of any audits or reviews of Mineral
Resource estimates.
 The resource estimates
have been
reviewed by Peel geologists, and are
considered to appropriately reflect the
mineralisation and drillingdata.
Discussion of
relative
accuracy/
confidence
Where appropriate a statement of the relative
accuracy and confidence level in the Mineral
Resource estimate using an approach or
procedure deemed appropriate by the Competent
Person. For example, the application of statistical
or geostatistical procedures to quantify the
relative accuracy of the resource within stated
confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of
the factors that could affect the relative accuracy
and confidence of the estimate.
The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation.
Documentation should include assumptions made
and the procedures used.
These statements of relative accuracy and
confidence of the estimate should be compared
with production data, where available.
 Confidence in the relative accuracy of the
estimates is reflected by the classification
of estimates as Indicated and Inferred.

Table 1 - Section 1: Sampling Techniques and Data for Apollo Hill

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
 Soil samples (~100g) collected from
shallow pits (~20cm) at 100m spacing.
Multi-element readings taken from an
Olympus Delta Innov-X portable XRF tool.
 Rock chip samples were collected in the
field from outcrop, sub-crop and float
material.
 The portable XRF was calibrated against
standards after every30 readings.

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Criteria JORC Code explanation Commentary
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
techniques
Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
_what method, etc). _
 No drilling was undertaken at the Apollo
Hill project during the September 2014
quarter.
Drill
sample
recovery
Method of recording and assessing core and chip
sample recoveries and results assessed.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.
 No drilling was undertaken at the Apollo
Hill project during the September 2014
quarter.
Logging Whether core and chip samples have been
geologically and geotechnically logged to a level of
detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
 All rock chip samples were logged for
geology and structural interpretation.
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.
 Soil and rock chip samples were collected
dry
 Samples were prepared for assay at ALS
Kalgoorlie by dry pulverisation to 85%
passing 75 micron.
 Standards and blanks were inserted every
30th sample

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Criteria JORC Code explanation Commentary
Quality
of
assay
data
and
laboratory
tests
The nature, quality and appropriateness of the
assaying and laboratory procedures used and
whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments,
etc,
the
parameters
used
in
determining the analysis including instrument make
and model, reading times, calibrations factors
applied and their derivation, etc.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy
(ie lack of bias) and precision have been established.
 Assaying of soil samples in the field was by
portable XRF instrument Olympus Delta
Innov-X Analyser. Reading time was 40
seconds per reading with a total 3 readings
per sample.
 Soil and rock chip sample analysis was
undertaken by ALS Laboratory in Kalgoorlie
for multi-elements and gold:
o
ME-ICP41 35 Element Aqua
Regia ICP-AES
o
Au-ST43 Super Trace Au
o
Au-AROR43
Au
AR
Overrange
 Standards and blanks were inserted every
30th sample
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.
 All sampling and geological logging
information is completed in spreadsheets,
which are then transferred to a database
for validation and compilation at the Peel
head office. Electronic copies of all
information are backed up periodically.
 No adjustments of assay data are
considered necessary.
Location
of
data points
Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
 A Garmin hand-held GPS is used to define
the location of the samples.
 Grid system used is MGA 94 (Zone 51).
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.
 Variable sample spacing is used to
adequately test targets
 No sample compositing has been applied.
Orientation of
data
in
relation
to
geological
structure
Whether the orientation of sampling achieves
unbiased sampling of possible structures and the
extent to which this is known, considering the
deposit type.
If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
 It is unclear at this stage whether sampling
has a set bias; no orientation based
sampling is known at this time
Sample
security
The measures taken to ensure sample security.  The chain of custody is managed by the
project geologist. Samples are collected in
individually numbered bags and detailed
records are kept of all samples that are
dispatched, including details of chain of
custody.
Audits
or
reviews
The results of any audits or reviews of sampling
techniques and data.
 Data is validated when loading into the
database. No formal external audit has
been conducted.

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Table 1 - Section 2 - Reporting of Exploration Results for Apollo Hill

Criteria JORC Code explanation Commentary
Mineral
tenement and
land
tenure
status
Type, reference name/number, location and
ownership including agreements or material issues
with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or national
park and environmental settings.
The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
 The 100% Peel owned Apollo Hill project is
located 60km southeast of Leonora WA,
within a package of Exploration and
Prospecting
Licences
(see
Tenement
Information Table) and Mining Lease
M39/296
 The tenements are in good standing and no
known impediments exist.
Exploration
done by other
parties
Acknowledgment and appraisal of exploration by
other parties.
 The
main
Apollo
Hill
deposit
was
discovered in 1986 by Fimiston Mining Ltd
during a drill program aimed at finding the
source of abundant eluvial gold at the base
of a prominent hill in the area. Active
drilling by Fimiston, Battle Mountain
(Australia)
Ltd,
Homestake
Gold
of
Australia Ltd, Mining Project Investors Pty
Ltd and Hampton Hill Mining NL since then
has outlined extensive gold mineralisation
and alteration over a 1km strike length.
Geology Deposit type, geological setting and style of
mineralisation.
 The project is located in the Archean aged
Norseman-Wiluna Belt, Eastern Goldfields
Province of the Yilgarn Craton. The deposit
occurs
in
a
mineralised
structure
associated with the 1km wide Apollo Shear
Zone, a component of the Keith-Kilkenny
Fault system. Strongly deformed felsic
volcanoclastic rocks lie to the west of the
Apollo shear, with relatively undeformed
pillow basalt and dolerite to the east.
Zones
of
mylonitisation,
shearing,
brecciation and fracturing caused by the
shear is present along the contact, and
resulting open space structures are
favourable for trapping ore fluids and
forming ore deposits. Multiple gold
mineralisation events are interpreted to
have occurred at Apollo Hill during a
complex
deformational
history.
Gold
mineralisation is accompanied by quartz
veins and carbonate-pyrite alteration
associated with a mafic-felsic contact.
Drill
hole
Information
A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
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.
 All relevant information material to the
understanding of exploration results has
been included within the body of the
announcement or as appendices.
 No information has been excluded.

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Criteria JORC Code explanation Commentary
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
aggregation
methods
In
reporting
Exploration
Results,
weighting
averaging techniques, maximum and/or minimum
grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be
stated.
Where aggregate intercepts incorporate short
lengths of high grade results and longer lengths of
low grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
 No weighted average grades have been
reported.
 No metal equivalent grades have been
reported.
Relationship
between
mineralisation
widths
and
intercept
lengths
These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect
to the drill hole angle is known, its nature should be
reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg ‘down hole length, true width not
_known’). _

No drill hole results are reported for the
Apollo Hill project in this quarterly report.
Diagrams Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.
 No maps have been included in the body of
the announcement.
Balanced
reporting
Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should
be practiced to avoid misleading reporting of
Exploration Results.
 All results are reported.
Other
substantive
exploration
data
Other exploration data, if meaningful and material,
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock
characteristics;
potential
deleterious
or
contaminating substances.
 No other substantive exploration data are
available.
Further work The nature and scale of planned further work (eg
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible
extensions,
including
the
main
geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
 Future work at Apollo Hill will include
geochemical sampling and aircore drilling
to investigate existing targets.

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TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3 Granted tenements

TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN
QUARTER
E31/0800 Apollo Hill Leonora, WA 100%
E39/1198 Apollo Hill Leonora, WA 100%
E39/1236 Apollo Hill Leonora, WA 100%
P31/1797 Apollo Hill Leonora, WA 100%
P39/4586 Apollo Hill Leonora, WA 100%
P39/4587 Apollo Hill Leonora, WA 100%
P39/4588 Apollo Hill Leonora, WA 100%
P39/4589 Apollo Hill Leonora, WA 100%
P39/4590 Apollo Hill Leonora, WA 100%
P39/4591 Apollo Hill Leonora, WA 100%
P39/4592 Apollo Hill Leonora, WA 100%
P39/4677 Apollo Hill Leonora, WA 100%
P39/4678 Apollo Hill Leonora, WA 100%
P39/4679 Apollo Hill Leonora, WA 100%
P39/4789 Apollo Hill Leonora, WA 100%
E40/0296 27 Well Leonora, WA 100%
E40/0303 Bulyairdie Leonora, WA 100%
M39/0296 Isis Leonora, WA 100%
EL6884 Attunga Attunga,NSW 100%
EL7633 Attunga Garnet Attunga,NSW 100%
ML1361 Mayday Cobar,NSW 50%
EL7461 Gilgunnia Cobar,NSW 50%
EL7711 Ruby Silver Armidale,NSW 100%
EL7519 Gilgunnia South Cobar,NSW 100%
EL7976 Mundoe Cobar,NSW 100%
EL8070 Tara Cobar,NSW 100%
EL8071 Manuka Cobar,NSW 100%
EL8105 Mirrabooka Cobar,NSW 100%
EL8112 Yackerboon Cobar,NSW 100%
EL8113 Iris Vale Cobar,NSW 100%
EL8125 Hillview Nth Cobar,NSW 100%
EL8126 Norma Vale Cobar,NSW 100%
EL8201 Mundoe North Cobar,NSW 100%
EL8114 Yara Cobar,NSW 100%
EL8115 Burthong Cobar,NSW 100%
EL8117 Illewong Cobar,NSW 100%
EL7403 Sandy Creek Cobar,NSW 100%
EL8216 Orana Ivanhoe,NSW 100%
EL8217 Rose Hill Ivanhoe,NSW 100%
EL8247 Gulf Creek Barraba,NSW 100%
EP53111 Rise and Shine New Zealand 100% Relinquished
EP53088 Mt Moka New Zealand 100% Relinquished

Peel Mining Limited – Quarterly Report September 2014

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==> picture [156 x 69] intentionally omitted <==

Tenements under application

TENEMENT PROJECT LOCATION STATUS
E31/1063 Apollo Hill South Leonora, WA Under Application
E40/0337 The Gap Leonora, WA Under Application
E31/1075 Yerilla Leonora, WA Under Application
E31/1076 Mt Remarkable Leonora, WA Under Application
M31/486 Apollo Hill ML Leonora, WA Under Application
E31/1087 Rise Again Leonora, WA Under Application
P31/2068 Rise Again Leonora, WA Under Application
P31/2069 Rise Again Leonora, WA Under Application
P31/2070 Rise Again Leonora, WA Under Application
P31/2071 Rise Again Leonora, WA Under Application
P31/2072 Rise Again Leonora, WA Under Application
P31/2073 Rise Again Leonora, WA Under Application
ELA8307 Sandy Creek Cobar, NSW Under Application
ELA5072 Attunga Attunga, NSW Under Application
ELA5080 Brambah Cobar, NSW Under Application
ELA5089 Pine Ridge Cobar, NSW Under Application
ELA5053 Glenwood Cobar, NSW Under Application

Peel Mining Limited – Quarterly Report September 2014

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