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PEEL MINING LIMITED Interim / Quarterly Report 2016

Oct 29, 2015

65545_rns_2015-10-29_c7572bc4-594c-4aae-8ba3-5f83abbb75c2.pdf

Interim / Quarterly Report

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SEPTEMBER 2015 QUARTERLY REPORT 30 OCTOBER 2015

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 f i v e projects cover more than 4,000 km 2 of highly prospective tenure in NSW and WA.
  • Mallee Bull is an advanced copperpolymetallic deposit that remains open in many directions.
  • Cobar Superbasin Project Farm-in Agreement with JOGMEC offers funded, highly-prospective and strategic greenfields exploraiton 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.
  • 132 million shares on issue for $32m Market Capitalisation at 29 Oct 2015.

Highlights for September quarter 2015

18-hole RC drill program at Mallee Bull completed to further test the strike potential of the T1 IP chargeability anomaly for new mineralisation supplementary to the main deposit. Drilling returned a high grade zinc-leadsilver intercept ~140m south of previously intercepted mineralisation:

o 18m @ 3.72% Zn, 1.75% Pb, 20 g/t Ag, 0.38 g/t Au from 103m including 1m @ 24.3% Zn, 11.8% Pb, 198 g/t Ag, 1.0 g/t Au from 107m in MBRC037.

Subsequent to the quarter, diamond drillhole MBRCDD050 at Mallee Bull intercepted significant chalcopyrite-pyrrhotite mineralisation on the northern edge of the deposit, potentially extending copper mineralisation to a greater strike and width than previously assumed.

Second stage of exploration activities for the Cobar Superbasin Project under the JOGMEC MoA, encompassing $1.5M expenditure, continued with RAB and RC drilling at Sandy Creek, Wirlong and Red Shaft. Highly encouraging base metal and gold values were returned, with better intercepts including:

  • o 19m @ 2.44% Zn, 0.39% Pb, 4 g/t Ag from 103m including 3m @ 6.90% Zn, 0.88% Pb, 12 g/t Ag from 120m in WLRC009
  • o 18m @ 0.34 g/t Au from 6m in RSRAB054
  • o 6m @ 0.22% Pb from 38m in PSCRAB062 including 1m @ 0.49% Pb from 40m

Plans for December quarter 2015

Diamond drilling at Mallee Bull is ongoing to follow-up substantial copper mineralisation intercepted to the north of the resource model.

A 6,000m RC and diamond drill program for Sandy Creek, Red Shaft and Wirlong has commenced at the latter prospect, with encouraging initial results returned.

Exploration

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.

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 3.9Mt at 2.3% copper, 32 g/t silver and 0.3 g/t gold. Details can be found in the announcement released 27 May 2014; "High Grade Copper Resource at Mallee Bull".

Figure 1: Mallee Bull Drill Plan

Drilling at Mallee Bull continued in the September 2015 quarter at the T1 geophysical target, defined as a near-surface, strong chargeable IP, low resistivity anomaly and coincident with a gravity high. RC drilling in April/May 2015, completed to target the strongest part of the T1 anomaly, encountered substantial zinc-lead-silver-gold mineralisation to within 50m of surface in nine of the twenty-one holes. This initial program tested ~60m of ~300m strike length at >50 mrads IP chargeability and ~60m of ~300m strike length of modelled gravity high.

Drillholes MBRC036 to MBRC045 (13 RC drillholes for a total 2,394m) were completed this quarter to test the remainder of the strike potential of the IP chargeability anomaly, for new mineralisation supplementary to the main Mallee Bull copper-silver-gold deposit, both to the north and south.

Additional holes MBRC046 and MBRC048 were designed also to test other near-surface geophysical targets in close proximity to Mallee Bull. Results generally returned low grade mineralisation with a best intercept of 18m @ 3.72% Zn, 1.75% Pb, 20 g/t Ag, 0.38 g/t Au from 103m including 1m @ 24.3% Zn, 11.8% Pb, 198 g/t Ag, 1 g/t Au from 107m in MBRC037. This intercept potentially extends high grade zinclead rich mineralisation ~140m to the south, and requires closer-spaced follow-up.

On the northern edge of the current Mallee Bull resource model, substantial zinc-lead and copper-rich mineralisation has been defined to more than 500m below surface and remains open. Follow-up RC and diamond drilling targeting extensions to this mineralisation commenced towards the end of this quarter.

Located 120m further north than previous drilling, drillhole MBRCDD049 intercepted multiple intervals of quartz-sulphide (chalcopyrite-pyrrhotite) stringer/breccia style mineralisation from ~350m down hole. Strong intervals of this mineralisation were also returned in subsequent diamond drillholes MBRCDD050 and MBRCDD051, with a downhole width of 60m in the former; significantly wider than the 3m footwall stringer interval previously modelled for this area. Follow-up wedge drilling is now underway with drillhole MBRCDD050W1, targeting ~80m down dip from the interval in hole MBRCDD050. The nearest down dip mineralised interval is that contained within MBDD010 which returned 32m @ 3.62% Cu, 46 g/t Ag, 0.21 g/t Au from 634m downhole (~16m true width), located ~150m downdip and 30m south of MBRCDD050.

These latest mineralised intercepts indicate greater strike continuity of copper mineralisation than previously assumed at Mallee Bull, and further drilling is anticipated to investigate this potential. Details of the ongoing drill program can be found in the announcement released 28 October 2015; "Significant New Copper Intercept at Mallee Bull".

Figure 2 – Strong chalcopyrite pyrrhotite mineralisation at ~485m in MBRCDD050

Figure 3: Mallee Bull Section 6413480N

Cobar Superbasin Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%; JOGMEC earning up to 50%).

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

As announced in the September 2014 quarter, the Cobar Superbasin Project is subject to a Memorandum of Agreement with Japan Oil, Gas, and Metals National Corporation (JOGMEC), under which JOGMEC may earn up to 50% interest by funding up to $7 million of exploration. Details of the JOGMEC MoA can be found in Peel's ASX Announcement released on 30 September 2014.

Figure 4: Cobar Superbasin Project Tenements & Prospects

The second stage of exploration under the JOGMEC MoA, encompassing $1.5 million expenditure, continued this quarter; activities have comprised moving loop EM (MLEM), downhole EM (DHEM) and gravity geophysical surveys, RAB and RC drilling.

Sandy Creek

A total 54 RAB holes were completed this quarter at Sandy Creek for 1,768m. Drillholes PSCRAB080 - 104, located to the south of the Sandy Creek mineralisation, were drilled to evaluate the potential southern extension of mineralisation and to test a chargeability anomaly associated with a gravity high. Results were generally low however several encouraging intercepts of lead and zinc were returned, including 1m @ 0.14% Pb, 0.14% Zn from 39m in PSCRAB085, 1m @ 0.14% Pb from 7m in PSCRAB087, 1m @ 0.17% Pb from 3m in PSCRAB089 and 1m @ 0.29% Pb from 28m in PSCRAB097.

Approximately 1km to the SW, drillholes PSCRAB052 - 79 were also drilled to test an IP chargeability anomaly which lies along trend from the chargeability and gravity anomalies to the NE. Anomalous Pb and Zn values were again returned, with better results including:

  • 2m @ 0.20% Pb from 30m to EOH in PSCRAB059
  • 1m @ 0.14% Zn from 11m and 2m @ 0.14% Pb from 37m in PSCRAB060
  • 6m @ 0.22% Pb from 38m in PSCRAB062 including 1m @ 0.49% Pb from 40m
  • 3m @ 0.18% Zn from 38m to EOH in PSCRAB063
  • 2m @ 0.17% Pb from 40m in PSCRAB066
  • 1m @ 0.26% Pb from 49m in PSCRAB072

Additional activities at Sandy Creek were completed at two newly identified prospects; 'Sandy Creek South' and 'Valvoline'. Sandy Creek South is defined by a 1.2 mGal gravity anomaly located approximately 5.5km WSW of the main Sandy Creek prospect, and was identified from regional gravity data collected between 1996 and 1986. A detailed gravity survey was completed over the area, and data from the survey (559 stations, 100m station and line spacing) defined a discrete positive anomaly of approximately 1 mGal in the central western portion of the survey area. The eastern survey area also appeared to delineate a fold that looks to be truncated on its eastern margin by a NS trending structure.

The Valvoline prospect, located approximately 5km north of the main Sandy Creek prospect, comprises two adjacent dipole magnetic anomalies of 17 and 22nT amplitudes, and the character of the magnetic profile and the tabular body modelling over the two anomalies indicate that they might be basement sourced. Two RAB drillholes (total 153m) were completed this quarter, one over each magnetic high, with hole WWB002 returning an anomalous intercept of 1m @ 0.17% Pb from surface.

Follow-up activities are planned for both prospects, commencing at Valvoline with two RC drillholes(total 700m) to target the magnetic anomalies at depth.

Figure 5: Sandy Creek Main Prospect Drill Plan with IP Chargeability

Wirlong & Red Shaft

RAB drilling also recommenced at the Wirlong and Red Shaft prospects, following-up the December 2014 drilling programs which returned highly anomalous base and precious metals mineralisation including 9m @ 2.19% Pb, 0.11% Zn from 1m and 6m @ 1.01% Pb from 13m in WLRAB004, and 15m @ 0.86 g/t Au from 7m in RSRAB035. Drill holes completed this quarter continued to intercept significant values of lead and gold, including:

  • 1m @ 1.21% Pb, 0.05% Cu, 0.06% Zn from 31m in RSRAB043
  • 1m @ 1.53% Pb, 0.20% Cu, 0.02% Zn from 34m in RSRAB045
  • 2m @ 0.62% Pb, 0.12% Cu, 0.10% Zn from 6m in RSRAB046
  • 2m @ 0.89% Pb, 0.21% Cu, 0.03% Zn from 35m in RSRAB054
  • 2m @ 0.63% Pb, 0.06% Cu, 0.04% Zn from 18m in WLRAB059

  • 1m @ 0.82% Pb, 0.01% Cu, 0.05% Zn from 48m in WLRAB090
  • 6m @ 0.44 g/t Au from 48m in RSRAB043
  • 12m @ 0.31 g/t Au from 36m in RSRAB050
  • 18m @ 0.34 g/t Au from 6m in RSRAB054

At Wirlong, an additional 2 RC drill holes were completed for a total 673m to test beneath the historic workings where anomalous surface geochemistry also exists. Both drill holes WLRC008 and WLRC009 intercepted broad zones of highly anomalous copper-lead-zinc-silver mineralisation from close to surface with best intervals of:

  • 3m @ 0.57% Cu, 1.24% Zn, 7 g/t Ag from 54m, 5m @ 1.64% Zn, 0.82% Pb, 2 g/t Ag from 93m, 1m @ 6.44% Zn, 3.81% Pb, 0.54% Cu, 18 g/t Ag from 113m in WLRC008

  • 19m @ 2.44% Zn, 0.39% Pb, 4 g/t Ag from 103m including 3m @ 6.90% Zn, 0.88% Pb, 12 g/t Ag from 120m in WLRC009

DHEM surveys were subsequently completed, however no bedrock conductors were identified.

As at Sandy Creek South, detailed gravity surveys were completed over and between the Wirlong and Red Shaft prospects for a total 1010 stations delineating several significant structures and positive gravity anomalies, some of which correlate with magnetic anomalies whilst others lie on the flanks of the Wirlong NNW-SSE magnetic trend and shear zones.

An extensive RC and diamond drilling program for the Sandy Creek, Wirlong and Red Shaft prospects to follow-up identified mineralisation and geophysical anomalies has now commenced, starting at Wirlong. Preliminary pXRF results have been

Figure 6: Wirlong Prospect Drill Plan with Gravity

very encouraging, with better intercepts so far including 3m @ 0.89% Cu from 266m and 2m @ 0.87% Zn, 0.41% Pb from 336m in WLRC011; 1m @ 1.35% Zn from 131m and 2m @ 0.84% Zn, 0.43% Pb from 137m in WLRC012; 1m @ 1.71% Zn from 125m in WLRC013. Full assay results remain pending.

Bedooba & Mundoe West

Two detailed gravity surveys were also completed at the Bedooba and Mundoe West prospects. Mundoe West is defined by a distinct magnetic high, located along a large NW-SE trending lineament which appears to be parallel to mineralisation at the main Mundoe prospect ~3km to the east. Regional gravity data also showed that it lies within a gravity low embayment to the west of a positive N-S striking gravity trend. This structure was reflected in the detailed survey, comprising 134 stations, which also delineated some isolated gravity highs adjacent to this N-S trend.

The Bedooba prospect is defined by magnetic and gravity high anomalies. A total 258 gravity stations were collected, with the data indicating that the positive gravity ridge continues to the south. The amplitude of the trend is approximately ~2 mGal, and a number of additional linear trends have been identified in the area. A follow-up RAB drilling program is planned.

Moving Loop EM Survey

Between 12 July and 4 August 2015, a moving loop electromagnetic (MLEM) survey was completed over eight prospects; Bedooba, Burthong 'S', Gilgunnia South 'MD3', Mundoe, Mundoe West, Red Shaft, Wirlong and Sandy Creek. Analysis of the data is continuing, however a preliminary review of the data did not identify anomalies consistent with bedrock conductors.

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

Targets: Archean gold deposits.

Regional exploration activities continued in the September quarter over the broader Apollo Hill tenement package, currently comprising more than 550km2 of tenure.

At the 40G (Mud Hut) prospect, located on E31/1063, geochemical sampling previously identified an area with anomalous gold values. A follow-up 37-hole RAB drilling program conducted in May 2015 continued to return encouraging results, including 2m @ 0.53 g/t Au from 9m in 40GRAB03, 2m @ 1.32 g/t Au from 16m and 2m @ 2.11 g/t Au from 22m in 40GRAB12, and 1m @ 1.09 g/t Au from 18m in 40GRAB17.

Auger and rock chip sampling completed at the start of this quarter extended coverage to the north, south and east of the RAB drilling, with anomalous gold values of up to 110ppb Au returned towards the east along an interpreted NE trending magnetic structural feature. Auger and rock chip sampling at Stockdale, located approximately 3.5km NE of 40G, also returned anomalous gold values of up to 310ppb Au.

Consequently, a small RC and diamond drilling program is proposed for the 40G prospect to test whether mineralisation hosting structures exist beneath the geochemical anomalies, and additional surface sampling is to be completed prior to program commencement. Diamond drilling (with RC pre-collars) is also anticipated at the main Apollo Hill Resource Zone to test for the existence of a feeder structure at depth for the main Apollo Hill mineralisation, and also to obtain more information on the geometry of the deposit.

Figure 7: Apollo Hill Project Tenements & Prospects

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

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

A single diamond drill hole OR15DD01 (205.7m) was completed at the Orana Prospect under the New Frontiers Cooperative Drilling program, through which Peel was awarded $55,000 of funding. The hole was drilled to target a strong, discrete magnetic anomaly previously identified by CRA Exploration on the basis that it might represent a shallowly buried Elura-type body in Devonian sediments. However, the results were disappointing with no mineralisation encountered, and it was determined that a contact aureole associated with a Devonian acid porphyry was the cause of the anomaly.

Corporate

No corporate activity was completed during the quarter.

For further information, please contact Managing Director Rob Tyson on mobile (08) 9382 3955.

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.

Hole ID Northing Easting Azi Dip Final Depth (m)
MBRC036 6413270 415440 90 -60 150
MBRC037 6413270 415400 90 -60 180
MBRC038 6413270 415360 90 -60 210
MBRC039 6413230 415400 90 -60 204
MBRC040 6413310 415440 90 -60 150
MBRC041 6413310 415400 90 -60 198
MBRC042 6413310 415360 90 -60 198
MBRC043 6413490 415440 90 -60 156
MBRC044 6413490 415400 90 -60 150
MBRC045 6413490 415360 90 -60 198
MBRC046 6413460 415600 270 -60 204
MBRC047 6413400 415690 90 -60 198
MBRC048 6413120 415320 90 -60 198
MBRCDD049 6413520 415135 86 -68 447.1
MBRCDD050 6413480 415095 71 -73 600.8
MBRC050X 6413480 415095 86 -68 15 (abandoned)
MBRCDD050W1 6413480 415095 71 -73 Underway
MBRCDD051 6413480 415180 75 -75 513.8

Mallee Bull RC and Diamond Drill Collars

Sandy Creek, Wirlong, Red Shaft & Woorara RAB Drill Collars

Hole ID Northing Easting Azi Dip Final Depth (m)
PSCRAB052 6433733 414354 0 -90 28
PSCRAB053 6433712 414388 0 -90 27
PSCRAB054 6433707 414427 0 -90 32
PSCRAB055 6433710 414303 0 -90 20
PSCRAB056 6433702 414273 0 -90 70
PSCRAB057 6433704 414230 0 -90 81
PSCRAB058 6433697 414192 0 -90 78
PSCRAB059 6433745 414387 0 -90 32
PSCRAB060 6433740 414419 0 -90 40
PSCRAB061 6433766 414425 0 -90 37
PSCRAB062 6433816 414419 0 -90 46
PSCRAB063 6433881 414423 0 -90 41
PSCRAB064 6433815 414447 0 -90 47
PSCRAB065 6433771 414446 0 -90 43

Hole ID Northing Easting Azi Dip Final Depth (m)
PSCRAB066 6433741 414449 0 -90 43
PSCRAB067 6433879 414499 0 -90 56
PSCRAB068 6433828 414293 0 -90 14
PSCRAB069 6433886 414216 0 -90 69
PSCRAB070 6433848 414213 0 -90 69
PSCRAB071 6433804 414210 0 -90 61
PSCRAB072 6433799 414252 0 -90 69
PSCRAB073 6433958 414573 0 -90 35
PSCRAB074 6433953 414500 0 -90 42
PSCRAB075 6433954 414426 0 -90 37
PSCRAB076 6434015 414365 0 -90 4
PSCRAB077 6434030 414425 0 -90 5
PSCRAB078 6434033 414498 0 -90 12
PSCRAB079 6434023 414578 0 -90 16
PSCRAB080 6434507 414804 0 -90 8
PSCRAB081 6434511 414866 0 -90 19
PSCRAB082 6434515 414925 0 -90 13
PSCRAB083 6434506 414988 0 -90 43
PSCRAB084 6434514 415042 0 -90 42
PSCRAB085 6434513 415112 0 -90 43
PSCRAB086 6434593 415080 0 -90 25
PSCRAB087 6434602 415131 0 -90 11
PSCRAB088 6434597 415196 0 -90 21
PSCRAB089 6434647 415124 0 -90 22
PSCRAB090 6434647 415108 0 -90 36
PSCRAB091 6434674 415102 0 -90 22
PSCRAB092 6434678 415126 0 -90 32
PSCRAB093 6434701 415124 0 -90 26
PSCRAB094 6434697 415097 0 -90 17
PSCRAB095 6434706 415079 0 -90 18
PSCRAB096 6434678 415080 0 -90 16
PSCRAB097 6434649 415082 0 -90 31
PSCRAB098 6434601 415014 0 -90 12
PSCRAB099 6434600 414951 0 -90 7
PSCRAB100 6434598 414891 0 -90 22
PSCRAB101 6434604 414835 0 -90 14
PSCRAB102 6434601 414774 0 -90 33
PSCRAB103 6434600 414712 0 -90 18
PSCRAB104 6434603 414657 0 -90 17
PSCRAB105 6434252 414004 0 -90 46
RSRAB041 6441888 419620 0 -90 117
RSRAB042 6441892 419597 0 -90 60
RSRAB043 6441911 419576 0 -90 85
RSRAB044 6441977 419607 0 -90 111
RSRAB045 6441985 419620 0 -90 72
RSRAB046 6441985 419640 0 -90 45
RSRAB047 6442017 419658 0 -90 57
RSRAB048 6442018 419639 0 -90 90
RSRAB049 6442016 419620 0 -90 74

Hole ID Northing Easting Azi Dip Final Depth (m)
RSRAB050 6441999 419623 0 -90 85
RSRAB051 6442002 419632 0 -90 91
RSRAB052 6442002 419663 0 -90 77
RSRAB053 6441928 419625 0 -90 117
RSRAB054 6441934 419597 0 -90 96
RSRAB055 6441933 419575 0 -90 16
RSRAB056 6441906 419625 0 -90 98
RSRAB057 6441892 419574 0 -90 39
WLRAB053 6447402 418757 0 -90 64
WLRAB054 6447399 418647 0 -90 6
WLRAB055 6447299 418610 0 -90 29
WLRAB056 6447301 418651 0 -90 6
WLRAB057 6447309 418750 0 -90 28
WLRAB058 6447496 418751 0 -90 15
WLRAB059 6447497 418649 0 -90 46
WLRAB060 6447599 418839 0 -90 90
WLRAB061 6447591 418753 0 -90 23
WLRAB062 6447607 418650 0 -90 26
WLRAB063 6447700 418652 0 -90 32
WLRAB064 6447698 418705 0 -90 26
WLRAB065 6447697 418754 0 -90 46
WLRAB066 6447696 418843 0 -90 93
WLRAB067 6447803 418749 0 -90 68
WLRAB068 6447808 418852 0 -90 80
WLRAB069 6447902 418848 0 -90 84
WLRAB070 6447906 418741 0 -90 45
WLRAB071 6447795 418651 0 -90 19
WLRAB072 6447404 418608 0 -90 24
WLRAB073 6447700 418243 0 -90 38
WLRAB074 6447704 418166 0 -90 27
WLRAB075 6447800 418306 0 -90 25
WLRAB076 6447800 418198 0 -90 39
WLRAB077 6447797 418098 0 -90 6
WLRAB078 6447902 418049 0 -90 24
WLRAB079 6448001 418005 0 -90 44
WLRAB080 6448304 418003 0 -90 34
WLRAB081 6448295 418102 0 -90 13
WLRAB082 6448299 418191 0 -90 68
WLRAB083 6448303 418299 0 -90 38
WLRAB084 6448291 418404 0 -90 32
WLRAB085 6448296 418497 0 -90 60
WLRAB086 6448002 418599 0 -90 15
WLRAB087 6448003 418496 0 -90 75
WLRAB088 6448006 418405 0 -90 43
WLRAB089 6447999 418301 0 -90 92
WLRAB090 6447892 418245 0 -90 68
WLRAB091 6447901 418160 0 -90 13
WLRAB092 6448012 418103 0 -90 17
WLRAB093 6447999 418206 0 -90 49

Hole ID Northing Easting Azi Dip Final Depth (m)
WWB001 6439999 415563 0 -90 82
WWB002 6440463 415556 0 -90 71

Wirlong RC Drill Collars

Hole ID Northing Easting Azi (grid) Dip Final Depth (m)
WLRC008 6445674 418744 265 -60 348
WLRC009 6445590 418707 263 -70 300
WLRC009X 6445587 418702 265 -65 25 (abandoned)
WLRCDD010 6446379 418827 259 -65 Underway
WLRC011 6446413 418673 264 -65 402
WLRC012 6447403 418647 270 -65 252
WLRC013 6447498 418688 270 -65 252
WLRC014 6447600 418643 270 -65 252
WLRC015 6446946 418552 259 -65 Underway

Mallee Bull RC Drilling Significant Assay Results (1m intervals)

Hole ID From (m) To (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t)
MBRC037 102 103 1.15 0.91 0.04 9 0.03
103 104 3.37 1.52 0.03 9 0.06
104 105 3.54 1.35 0.04 8 0.03
105 106 2.74 1.19 0.03 7 0.02
106 107 3.10 1.56 0.03 14 0.12
107 108 24.30 11.80 0.25 198 1.00
108 109 1.21 0.61 0.02 10 0.05
109 110 1.07 0.55 0.01 8 0.05
110 111 3.26 1.58 0.03 17 0.08
111 112 3.06 1.54 0.02 16 0.05
112 113 3.55 1.58 0.03 15 0.06
113 114 2.34 1.13 0.02 10 0.03
114 115 2.48 1.19 0.02 9 0.05
115 116 2.17 0.96 0.03 7 0.03
116 117 1.95 0.92 0.02 7 0.04
117 118 1.99 1.06 0.04 8 0.05
118 119 1.96 0.88 0.05 6 5.03
119 120 2.40 1.01 0.04 8 0.05
120 121 2.49 0.99 0.05 8 0.03
121 122 1.24 0.68 0.04 5 0.09
122 123 1.53 0.74 0.04 5 0.04
123 124 0.57 1.08 0.05 7 0.02
124 125 0.41 1.34 0.05 9 0.01
125 126 0.43 1.48 0.06 9 0.04
126 127 0.40 1.69 0.06 10 0.02
127 128 0.41 1.37 0.05 9 0.04
MBRC039 106 107 1.20 0.68 0.02 12 0.10
107 108 0.84 0.39 0.01 7 0.03
108 109 1.44 0.98 0.02 15 0.03
109 110 1.37 0.74 0.02 12 0.05
MBRC040 30 31 0.05 3.25 0.01 7 0.16
31 32 0.03 3.07 0.01 15 0.05
MBRC042 113 114 1.27 0.43 0.01 6 0.03

Hole ID From (m) To (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t)
114 115 1.92 0.96 0.02 8 0.13
115 116 0.39 1.97 0.05 8 0.06
MBRC043 148 149 1.17 0.87 0.17 22 0.33
149 150 4.02 2.09 1.39 56 1.36

Sandy Creek, Wirlong, Red Shaft & Valvoline RAB Significant pXRF Assay Results

Hole ID From (m) To (m) Width (m) Pb (%) Zn (%) Cu (%)
PSCRAB052 25 27 2 0.14 0.02 0.01
PSCRAB055 19 20 1 0.19 0.01 0.01
PSCRAB059 30 32 2 0.20 0.02 0.01
PSCRAB060 11 12 1 0.00 0.14 0.00
37 39 2 0.14 0.01 0.01
PSCRAB062 38 39 1 0.16 0.04 0.02
40 41 1 0.49 0.03 0.01
42 44 2 0.24 0.01 0.00
PSCRAB063 38 41 3 0.01 0.18 0.00
PSCRAB066 40 42 1 0.17 0.02 0.01
PSCRAB072 49 50 1 0.26 0.04 0.02
PSCRAB085 39 40 1 0.14 0.14 0.01
PSCRAB087 7 8 1 0.14 0.02 0.01
PSCRAB089 3 4 1 0.17 0.02 0.01
PSCRAB097 28 29 1 0.29 0.01 0.01
RSRAB041 14 24 10 0.00 0.02 0.12
RSRAB042 1 4 3 0.12 0.01 0.03
7 11 4 0.20 0.04 0.07
29 31 2 0.01 0.03 0.12
34 35 1 0.01 0.05 0.10
41 44 3 0.01 0.08 0.11
RSRAB043 30 33 3 0.51 0.03 0.05
34 36 2 0.32 0.02 0.10
37 38 1 0.15 0.03 0.04
44 54 10 0.27 0.01 0.08
55 58 3 0.03 0.07 0.16
RSRAB044 16 17 1 0.16 0.02 0.06
31 32 1 0.11 0.01 0.02
54 55 1 0.11 0.02 0.05
58 59 1 0.12 0.02 0.04
RSRAB045 1 2 1 0.10 0.02 0.06
4 5 1 0.17 0.03 0.05
6 8 2 0.11 0.03 0.04
1120 1821 71 0.170.17 0.020.02 0.050.03
23 24 1 0.10 0.01 0.03
27 31 4 0.12 0.01 0.04
33 37 4 0.53 0.01 0.10
41 42 1 0.28 0.02 0.05
RSRAB046 0 9 9 0.45 0.10 0.13
11 12 1 0.11 0.03 0.03
15 16 1 0.11 0.02 0.03
17 18 1 0.17 0.02 0.04

RSRAB0482970.210.020.04101550.130.020.03161710.110.020.02414210.000.050.13444510.000.110.08RSRAB04961260.150.030.02131410.110.040.03162040.130.030.023343100.230.030.04474810.110.030.03576030.010.110.04RSRAB050101220.170.030.03181910.130.020.03293010.110.030.02353830.150.020.04404990.180.040.04656610.130.060.02RSRAB0517810.100.020.0391010.120.020.03111210.470.030.05141510.210.010.04182020.130.010.02222420.170.010.04394340.010.050.14RSRAB0527810.100.020.02RSRAB05491010.110.010.02142280.260.020.07232740.170.020.06303330.140.010.06343840.510.020.14394010.390.020.10444620.140.020.04WLRAB053131630.190.020.01172030.200.030.02626310.000.100.01WLRAB055172690.160.020.04272810.150.060.11WLRAB05891010.130.040.01WLRAB0594950.230.020.011028180.260.030.03424640.120.050.09WLRAB0622640.210.030.008910.240.030.01131850.140.040.01WLRAB065111320.130.010.01141620.210.050.02WLRAB071181910.150.050.01WLRAB072111210.140.050.02131740.130.010.01192230.150.040.05 Hole ID From (m) To (m) Width (m) Pb (%) Zn (%) Cu (%)

Hole ID From (m) To (m) Width (m) Pb (%) Zn (%) Cu (%)
23 24 1 0.10 0.11 0.16
WLRAB082 66 68 2 0.17 0.13 0.02
WLRAB083 15 16 1 0.38 0.01 0.01
18 19 1 0.32 0.01 0.01
26 29 3 0.23 0.02 0.01
30 33 3 0.17 0.01 0.01
37 38 1 0.11 0.01 0.00
WLRAB088 29 34 5 0.18 0.10 0.01
WLRAB089 42 45 3 0.22 0.05 0.01
47 48 1 0.23 0.05 0.01
83 84 1 0.05 0.10 0.01
89 92 3 0.08 0.14 0.00
WLRAB090 9 10 1 0.16 0.01 0.00
11 13 2 0.51 0.02 0.01
16 18 2 0.12 0.03 0.01
47 55 8 0.35 0.04 0.01
63 66 3 0.03 0.13 0.00
67 68 1 0.03 0.24 0.00
WLRAB091 2 3 1 0.10 0.01 0.00
7 8 1 0.10 0.01 0.00
WLRAB093 44 47 3 0.22 0.03 0.01
48 49 1 0.20 0.03 0.01
WWB002 0 1 1 0.00 0.17 0.00

Red Shaft RAB Significant Au Assay Results

Hole ID From (m) To (m) Width (m) Au (g/t)
RSRAB043 48 54 6 0.44
RSRAB044 0 12 12 0.22
48 54 6 0.24
RSRAB045 0 6 6 0.29
RSRAB048 0 6 6 0.29
RSRAB050 36 48 12 0.31
RSRAB054 6 24 18 0.34

Wirlong RC Significant Assay Results (1m intervals)

Hole ID From (m) To (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t)
WLRC008 54 55 0.90 0.08 0.71 6 0.05
55 56 0.88 0.11 0.46 8 0.40
56 57 1.96 0.13 0.53 7 0.04
57 58 0.64 0.05 0.25 3 0.11
58 59 0.55 0.04 0.23 2 0.01
60 61 0.20 1.17 0.07 9 0.01
92 93 0.69 0.26 0.01 1 -0.01
93 94 0.98 0.43 0.01 1 -0.01
94 95 1.52 0.57 0.01 2 -0.01
95 96 3.28 1.67 0.05 4 -0.01
96 97 1.50 0.92 0.02 3 -0.01
97 98 0.93 0.49 0.01 2 0.02
101 102 0.57 0.11 0.00 1 -0.01
105 106 0.67 0.25 0.01 1 0.08

Hole ID From (m) To (m) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t)
106 107 0.65 0.31 0.10 1 0.02
107 108 0.60 0.35 0.03 1 -0.01
108 109 0.76 0.28 0.02 1 -0.01
109 110 0.59 0.28 0.02 1 -0.01
113 114 6.44 3.81 0.54 18 0.17
WLRC009 109 110 1.26 0.08 0.07 1 0.02
110 111 2.08 0.15 0.01 2 -0.01
111 112 0.97 0.12 0.01 1 -0.01
112 113 2.28 0.09 0.02 2 -0.01
113 114 1.63 0.19 0.00 1 -0.01
114 115 1.13 0.04 0.10 1 -0.01
115 116 2.44 0.33 0.05 3 -0.01
116 117 3.57 0.35 0.11 7 0.01
117 118 1.43 0.29 0.01 2 -0.01
118 119 0.80 0.42 0.02 2 -0.01
119 120 0.98 0.44 0.03 2 -0.01
120 121 4.25 0.46 0.11 9 0.02
121 122 2.95 0.64 0.06 6 0.01
122 123 13.5 1.55 0.09 19 -0.01
123 124 1.75 0.68 0.04 4 -0.01
124 125 1.19 0.38 0.01 2 -0.01
125 126 0.55 0.21 0.00 1 -0.01
127 128 3.15 0.74 0.11 3 -0.01
130 131 0.59 0.20 0.01 1 -0.01
131 132 1.47 0.28 0.01 2 -0.01
132 133 1.38 0.19 0.01 1 -0.01

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

Criteria JORC Code explanation Commentary
Samplingtechniques Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.Include reference to measures taken to ensuresamplerepresentivityandtheappropriatecalibration of any measurement tools or systemsused.Aspects of the determination of mineralisation thatare Material to the Public Report.In cases where 'industry standard' work has beendone this would be relatively simple (eg 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure ofdetailed information. Diamond, reverse circulation (RC) andRotary Air Blast (RAB) drilling were used toobtain samples for geological logging andassaying.Diamond core was cut and sampled at 1mintervals. RC and RAB drill holes weresampled at 1m intervals and split using acone splitter attached to the cyclone togenerate a split of 2-4kg to ensure samplerepresentivity.Multi-element readings were taken of theRC and RAB drill chips using an OlympusDelta Innov-X portable XRF tool. TheportableXRFwascalibratedagainststandards after every 30 readings.

Criteria JORC Code explanation Commentary
Drillingtechniques Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (eg core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc). Drilling to date has been a combination ofdiamond, reverse circulation and rotary airblast. Reverse circulation drilling utilised a5 1/2 inch diameter hammer. A blade bitwas predominantly used for RAB drilling.NQ and HQ coring was used for diamonddrilling.
Drillsamplerecovery Method of recording and assessing core and chipsample recoveries and results assessed.Measures taken to maximise sample recovery andensure representative nature of the samples.Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material. Core recoveries are recorded by the drillersin the field at the time of drilling andchecked by a geologist or technicianRC and RAB samples are not weighed on aregular basis due to the exploration natureofdrillingbutnosignificantsamplerecovery issues have been encountered ina drilling program to date.Diamondcoreisreconstructedintocontinuous runs on an angle iron cradle fororientationmarkinganddepthsarechecked against the depths recorded oncore blocks. Rod counts are routinelyundertaken by drillers.Whenpoorsamplerecoveryisencountered during drilling, the geologistand driller have endeavoured to rectify theproblem to ensure maximum samplerecovery.Sample recoveries to date have generallybeen high. Insufficient data is available atpresent to determine if a relationshipexists between recovery and grade. Thiswill be assessed once a statistically validamount of data is available to make adetermination.
Logging Whethercoreandchipsampleshavebeengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation,miningstudiesandmetallurgicalstudies.Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.The total length and percentage of the relevantintersections logged. Allcoreanddrillchipsamplesaregeologically logged.Core samples areorientated and logged for geotechnicalinformation. Drill chip samples are loggedat 1m intervals from surface to the bottomof each individual hole to a level that willsupportappropriatefutureMineralResource studies.Logging of diamond core, RC and RABsamples records lithology, mineralogy,mineralisation,structure(DDHonly),weathering, colour and other features ofthe samples. Core is photographed as bothwet and dry.All diamond, RC and RAB drill holes in thecurrent program were geologically loggedin full.
Sub-samplingtechniquesandsamplepreparation If core, whether cut or sawn and whether quarter,half or all core taken.If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry. Drill core was cut with a core saw and halfcore taken.The RC and RAB drilling rigs were equippedwith an in-built cyclone and splittingsystem, which provided one bulk sample of

Criteria JORC Code explanation Commentary
For all sample types, the nature, quality andappropriatenessofthesamplepreparationtechnique.Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.Measures taken to ensure that the sampling isrepresentative of the in situ material collected,includingforinstanceresultsforfieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grainsize of the material being sampled. approximately 20kg and a sub-sample of 2-4kg per metre drilled.All samples were split using the systemdescribed above to maximise and maintainconsistent representivity. The majority ofsamples were dry.Bulk samples were placed in green plasticbags, with the sub-samples collectedplaced in calico sample bagsField duplicates were collected by resplitting the bulk samples from largeplasticbags.Theseduplicatesweredesigned for lab checks.A sample size of 2-4kg was collected andconsideredappropriateandrepresentative for the grain size and styleof mineralisation.
Qualityofassaydataandlaboratorytests The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRFinstruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(ie lack of bias) and precision have been established. ALS Laboratory (Orange) was used for Auanalysis work carried out on the 1m drillchip samples. The laboratory techniquesbelow are for all samples submitted to ALSand are considered appropriate for thestyle of mineralisation defined at SandyCreek, Wirlong, Red Shaft and Burthong:oPUL-23 (Sample preparationcode)oAu-AA26 Ore Grade Au 50gFA AA FinishoME-MS61 48 element fouracid ICP-MSAssaying of soil samples in the field was byportable XRF instrument Olympus DeltaInnov-X Analyser. Reading time was 40seconds per reading with a total 3 readingsper sample.TheQA/QCdataincludesstandards,duplicatesandlaboratorychecks.Duplicates for drill core are collected bythe lab every 30 samples after the coresampleispulverised.Duplicatesforpercussion drilling are collected directlyfrom the drill rig or the metre sample bagusing a half round section of pipe. In-houseQA/QC tests are conducted by the lab oneach batch of samples with standardssupplied by the same companies thatsupply our own.
Verification ofsampling andassaying The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.Discuss any adjustment to assay data. Allgeologicalloggingandsamplinginformation is completed in spreadsheets,which are then transferred to a databasefor validation and compilation at the Peelheadoffice.Electroniccopiesofallinformation are backed up periodically.Noadjustmentsofassaydataareconsidered necessary.

Criteria JORC Code explanation Commentary
Locationofdata points Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.Specification of the grid system used.Quality and adequacy of topographic control. A Garmin hand-held GPS is used to definethe location of the samples.Standardpractice is for the GPS to be left at the siteof the collar for a period of 10 minutes toobtain a steady reading. Collars are pickedup after by DGPS. Down-hole surveys areconducted by the drill contractors usingpredominantly a Reflex gyroscopic toolwith readings every 10m after drill holecompletion.OnoccasionaReflexelectronic multi-shot camera will be usedwithreadingsfordipandmagneticazimuth taken every 30m down-hole.QA/QC in the field involves calibrationusing a test stand. The instrument ispositioned with a stainless steel drill rod soas not to affect the magnetic azimuth.Grid system used is MGA 94 (Zone 55). Alldown-holemagneticsurveyswereconverted to MGA94 grid.
Data spacinganddistribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.Whether sample compositing has been applied. Data/drill hole spacing is variable andappropriate to the geology and historicaldrilling.6m sample compositing has been appliedto RC and RAB drilling at Sandy Creek,Wirlong, Red Shaft and Burthong for goldand multi-element assay.
Orientation ofdatainrelationtogeologicalstructure Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material. Most drillholes are planned to intersect theinterpreted mineralised structures/lodesas near to a perpendicular angle aspossible (subject to access to the preferredcollar position).
Samplesecurity The measures taken to ensure sample security. The chain of custody is managed by theproject geologist who places calico samplebags in polyweave sacks. Up to 5 calicosample bags are placed in each sack. Eachsack is clearly labelled with:oPeel Mining LtdoAddress of LaboratoryoSample rangeDetailed records are kept of all samplesthat are dispatched, including details ofchain of custody.
Auditsorreviews The results of any audits or reviews of samplingtechniques and data. Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Mallee Bull/Cobar Superbasin Project
-- -------------------------------------------------------------------------------------------------
CriteriaMineraltenement andlandtenurestatus JORC Code explanationType,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships,overridingroyalties,nativetitleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area. CommentaryThe Mallee Bull prospect is wholly locatedwithinExplorationLicenceEL7461"Gilgunnia". The tenement is subject to a50:50 Joint Venture with CBH ResourcesLtd, a wholly owned subsidiary of TohoZinc Co Ltd.The following tenements of the CobarSuperbasin Project reported on in theSeptember 2015 quarter are subject to aFarm-in agreement with Japan Oil, Gas andMetals National Corporation (JOGMEC):oEL8307 "Sandy Creek"oEL8115 "Burthong"oEL8071 "Manuka"oEL7519 "Gilgunnia South"oEL7976 "Mundoe"The tenements are in good standing and noknown impediments exist.
Explorationdone by otherparties Acknowledgment and appraisal of exploration byother parties. Work was completed in the area by formertenementholdersTriakoResourcesbetween 2003 and 2009; it includeddiamond drilling, IP surveys, geologicalmapping and reconnaissance geochemicalsampling around the historic Four MileGoldfield area. Prior to Triako Resources,Pasminco Exploration explored the CobarBasin area for a "Cobar-type" or "Eluratype" zinc-lead-silver or copper-gold-leadzinc deposit.
Geology Deposit type, geological setting and style ofmineralisation. The prospect area lies within the Cobar-MtHope Siluro-Devonian sedimentary andvolcanic units. The northern Cobar regionconsists of predominantly sedimentaryunits with tuffaceous member, whilst thesouthern Mt Hope region consists ofpredominantly felsic volcanic rocks; theMallee Bull prospect seems to be locatedin an area of overlap between these tworegions. Mineralization at the Mallee BulldiscoveryfeaturestheCobar-styleattributes of short strike lengths (<200m),narrowwidths(5-20m)andverticalcontinuity, and occurs as a shoot-likestructure dipping moderately to the west.
DrillholeInformation A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the hole All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.No information has been excluded.

Criteria JORC Code explanation Commentary
odown hole length and interception depth
ohole 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 InreportingExplorationResults,weighting No length weighting or top-cuts have been
aggregationmethods averaging techniques, maximum and/or minimum applied.
grade truncations (eg cutting of high grades) andcut-off grades are usually Material and should be No metal equivalent values are used forreporting exploration results.
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.
Relationship These relationships are particularly important in the True widths for diamond and RC drillholes
betweenmineralisation reporting of Exploration Results. are generally estimated to be about 60-70% of the downhole width, unless
widthsand If the geometry of the mineralisation with respectto the drill hole angle is known, its nature should be otherwise stated.True widths of RAB
intercept reported. drillholes are unknown.
lengths If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not
known').
Diagrams Appropriate maps and sections (with scales) and Refer to Figures in the body of text.
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 holecollar locations and appropriate sectional views.
Balanced Where comprehensive reporting of all Exploration All results are reported.
reporting 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.
Other Other exploration data, if meaningful and material, No other substantive exploration data are
substantive should be reported including (but not limited to): available.
exploration geological observations; geophysical survey results;
data geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results;bulk density, groundwater, geotechnical and rock
characteristics;potentialdeleteriousor
contaminating substances.
Further work The nature and scale of planned further work (eg Future work at Mallee Bull will include
tests for lateral extensions or depth extensions or diamond and RC drilling to further define
large-scale step-out drilling). theextentofmineralizationatthe
Diagrams clearly highlighting the areas of possible prospect. Drilling will continue with the
extensions,includingthemaingeological aim of defining a JORC code complaint
interpretations and future drilling areas, provided resource.Downholeelectromagnetic
this information is not commercially sensitive. (DHEM) surveys will be used to identify

Criteria JORC Code explanation Commentary
potential conductive sources that may berelated to mineralization.Future work within the Cobar Superbasintenementswillinvolvegeophysicalsurveying,geochemicalsamplingandRC/diamonddrilling to target existinganomalies.

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

Criteria JORC Code explanation Commentary
Samplingtechniques Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.Include reference to measures taken to ensuresamplerepresentivityandtheappropriatecalibration of any measurement tools or systemsused.Aspects of the determination of mineralisation thatare Material to the Public Report.In cases where 'industry standard' work has beendone this would be relatively simple (eg 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure ofdetailed information. Soil samples were taken by scraping offorganic material and digging down about10-15cm into the soil horizon.Soil Auger samples were taken from theend of hole auger spoils.
Drillingtechniques Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (eg core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc). Augerdrilling was completed in theSeptember quarter. Holes were drilled toan average depth of 0.7m.
Drillsamplerecovery Method of recording and assessing core and chipsample recoveries and results assessed.Measures taken to maximise sample recovery andensure representative nature of the samples.Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material. No significant sample recovery issues havebeen encountered to date.Whenpoorsamplerecoveryisencountered, the geologist and driller haveendeavoured to rectify the problem toensure maximum sample recovery.Sample recoveries to date have generallybeen high. Insufficient data is available atpresent to determine if a relationshipexists between recovery and grade. Thiswill be assessed once a statistically validamount of data is available to make adetermination.
Logging Whethercoreandchipsampleshavebeengeologically and geotechnically logged to a level of All end of hole soil auger samples wereexamined by a geologist

Criteria JORC Code explanation Commentary
Sub-sampling detail to support appropriate Mineral Resourceestimation,miningstudiesandmetallurgicalstudies.Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.The total length and percentage of the relevantintersections logged.If core, whether cut or sawn and whether quarter, All samples dried and reconciled against
techniquesandsamplepreparation half or all core taken.If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.For all sample types, the nature, quality andappropriatenessofthesamplepreparationtechnique.Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.Measures taken to ensure that the sampling isrepresentative of the in situ material collected,includingforinstanceresultsforfieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grainsize of the material being sampled. company submission.
Qualityofassaydataandlaboratorytests The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRFinstruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(ie lack of bias) and precision have been established. ALS Laboratory (Kalgoorlie) was used forAu analysis work carried out on thesamples. The laboratory techniques beloware for all samples submitted to ALS andare considered appropriate for the style ofmineralisation defined at Apollo HilloAu-ST43 Super Trace Au -25g ARoAu-AROR43AuAROverrange - 25gTheQA/QCdataincludesstandards,duplicates and laboratory checks. In-houseQA/QC tests are conducted by the lab oneach batch of samples with standardssupplied by the same companies thatsupply our own.
Verification ofsampling andassaying The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.Discuss any adjustment to assay data. Allgeologicalloggingandsamplinginformation is completed in spreadsheets,which are then transferred to a databasefor validation and compilation at the Peelheadoffice.Electroniccopiesofallinformation are backed up periodically.Noadjustmentsofassaydataareconsidered necessary.
Locationofdata points Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.Specification of the grid system used.Quality and adequacy of topographic control. A Garmin hand-held GPS is used to definethe location of the samples. Standardpractice is for the GPS to be left at the siteof the collar for a period of 10 minutes toobtain a steady reading. Collars are pickedup after by DGPS.Grid system used is MGA94 (Zone 51).

Criteria JORC Code explanation Commentary
Data spacinganddistribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.Whether sample compositing has been applied. Sample spacing is variable and appropriateto the geology. Soil samples were taken ona 20m grid. Soil Auger samples were takenat 40-50m spacing at Stockdale and 40mspacing at Mud Hut.No sample compositing has been applied.
Orientation ofdatainrelationtogeologicalstructure Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material. Sampling orientation was appropriate forthe early stage of exploration.
Samplesecurity The measures taken to ensure sample security. The chain of custody is managed by theproject geologist who places calico samplebags in polyweave sacks. Up to 5 calicosample bags are placed in each sack. Eachsack is clearly labelled with:oPeel Mining LtdoAddress of LaboratoryoSample rangeDetailed records are kept of all samplesthat are dispatched, including details ofchain of custody.
Auditsorreviews The results of any audits or reviews of samplingtechniques and data. Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

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

Criteria JORC Code explanation Commentary
Mineraltenement andlandtenurestatus Type,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships,overridingroyalties,nativetitleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time of The 100% Peel owned Apollo Hill project islocated 60km southeast of Leonora WA,within a package of Exploration andProspectingLicences(seeTenementInformation Table)and MiningLeaseM39/296The Stockdale prospect is located on
reporting along with any known impediments toobtaining a licence to operate in the area. E31/1039, held by Diana and LindsayStockdale, and is contiguous to Peel'spackage of Exploration and ProspectingLicences.The tenements are in good standing and noknown impediments exist.
Explorationdone by otherparties Acknowledgment and appraisal of exploration byother parties. ThemainApolloHilldepositwasdiscovered in 1986 by Fimiston Mining Ltdduring a drill program aimed at finding thesource of abundant eluvial gold at the baseof a prominent hill in the area. ActivedrillingbyFimiston,BattleMountain(Australia)Ltd,HomestakeGoldofAustralia Ltd, Mining Project Investors PtyLtd and Hampton Hill Mining NL since then

Criteria JORC Code explanation Commentary
has outlined extensive gold mineralisationand alteration over a 1km strike length.Historic exploration over the Stockdaleprospect area has been minimal. Recentprospectingactivitieshavebeenconducted by Lindsay and Diana Stockdalehasindicated the potential for primarygold mineralisation.
Geology Deposit type, geological setting and style ofmineralisation. The project is located in the Archean agedNorseman-Wiluna Belt, Eastern GoldfieldsProvince of the Yilgarn Craton. The depositoccursinamineralisedstructureassociated with the 1km wide Apollo ShearZone, a component of the Keith-KilkennyFault system. Strongly deformed felsicvolcanoclastic rocks lie to the west of theApollo shear, with relatively undeformedpillow basalt and dolerite to the east.Zonesofmylonitisation,shearing,brecciation and fracturing caused by theshear is present along the contact, andresultingopenspacestructuresarefavourable for trapping ore fluids andformingoredeposits.Multiplegoldmineralisation events are interpreted tohave occurred at Apollo Hill during acomplexdeformationalhistory.Goldmineralisation is accompanied by quartzveinsandcarbonate-pyritealterationassociated with a mafic-felsic contact.
DrillholeInformation A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understandingof the report, the Competent Person should clearlyexplain why this is the case. All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.No information has been excluded.
Dataaggregationmethods InreportingExplorationResults,weightingaveraging techniques, maximum and/or minimumgrade truncations (eg cutting of high grades) andcut-off grades are usually Material and should bestated.Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail. No length weighting or top-cuts have beenapplied.No metal equivalent values are used forreporting exploration results.

Criteria JORC Code explanation Commentary
The assumptions used for any reporting of metalequivalent values should be clearly stated.
Relationshipbetweenmineralisationwidthsandinterceptlengths These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (eg 'down hole length, truewidth notknown'). Given the early stage of the exploration atStockdale and 40G, no inference can begiven about the relationship betweenwidths and drill hole orientation.
Diagrams Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views. Refer to Figures in the body of text.
Balancedreporting Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results. All results are reported.
Othersubstantiveexplorationdata 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 andmethod of treatment; metallurgical test results;bulk density, groundwater, geotechnical and rockcharacteristics;potentialdeleteriousorcontaminating substances. No other substantive exploration data areavailable.
Further work The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive. Future work at Apollo Hill will include RCanddiamonddrillingandfurthergeochemical sampling.

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%
E40/0337 The Gap Leonora, WA 100%
E31/1063 Apollo Hill South Leonora, WA 100%
E31/1075 Yerilla Leonora, WA 100%
E31/1076 Mt Remarkable Leonora, WA 100%
M31/486 Apollo Hill ML Leonora, WA 100%
E31/1087 Rise Again Leonora, WA 100%
P31/2071 Rise Again Leonora, WA 100%
P31/2069 Rise Again Leonora, WA 100%
P31/2072 Rise Again Leonora, WA 100%
P31/2073 Rise Again Leonora, WA 100%
P31/2068 Rise Again Leonora, WA 100%
P31/2070 Rise Again Leonora, WA 100%
EL8326 Attunga 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%
EL8307 Sandy Creek Cobar, NSW 100%
EL8216 Orana Ivanhoe,NSW 100%

EL8247 Gulf Creek Barraba,NSW 100%
EL8314 Glenwood Cobar, NSW 100%
EL8336 Brambah Cobar, NSW 100%
EL8345 Pine Ridge Cobar, NSW 100%

Tenements under application

TENEMENT PROJECT LOCATION STATUS
ELA5152 Gilgunnia North Cobar, NSW Under application
ELA5171 Mt Walton Cobar, NSW Under application
ELA5206 Beanbah Cobar, NSW Under application
ELA5204 Michelago Cooma, NSW Under application

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