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PEEL MINING LIMITED Interim / Quarterly Report 2018

Oct 30, 2017

65545_rns_2017-10-30_68a9d70b-4f26-4df8-aea3-381905cbd751.pdf

Interim / Quarterly Report

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SEPTEMBER 2017 QUARTERLY REPORT 31 OCTOBER 2017

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 projects cover more than 6,300 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 exploration potential along with the exciting new Wirlong copper discovery.

  • Wagga Tank represents a polymetallic VHMS-type deposit with many significant intercepts; no drilling since 1989.

  • 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.

  • 167 million shares on issue for $68m Market Capitalisation at 31 Oct 2017.

Highlights for September quarter 2017

Drilling at Wagga Tank identifies a new prospect named ‘Southern Nights’ ~1km south of the main deposit:

  • Discovery hole WTRCDD021 intercepts Wagga Tank style Zn-Pb-Ag mineralisation including 20m @ 2.40% Zn, 0.80% Pb, 44 g/t Ag from 390m

  • Follow-up drilling intercepts exceptional Zn-Pb-Ag mineralization including 21m @ 31.02% Zn, 12.05% Pb, 258 g/t Ag, 1.43 g/t Au from 194m in WTRC035 and 58m @ 3.88% Zn, 1.19% Pb, 28 g/t Ag, 0.28 g/t Au from 139m in WTRC033

  • Drilling at the main Wagga Tank deposit

  • extends the known mineralised footprint with intercepts including:

  • 6m @ 8.52% Zn, 2.97% Pb and 12 g/t Ag

  • from 282m in WTRCDD020 and 11m @ 7.15% Zn and 2.31% Pb, 58 g/t Ag from 396m in WTRCDD023

  • Drilling at T1, as part of prefeasibility work,

  • returns new high-grade Zn-Pb-Ag mineralisation:

  • 9m @ 20.8% Zn, 10.6% Pb, 338 g/t Ag, 1.91

  • g/t Au from 88m in MBRC085

  • 9m @ 10.8% Zn, 6.9% Pb, 337 g/t Ag, 0.45

  • g/t Au from 129m in MBRC089

  • T1 prefeasibility work on open pit vs underground scenarios leads to further drilling and metallurgical testwork

  • Wirlong returns further strong copper

  • mineralisation

Apollo Hill Mineral Resource Estimate updated to JORC Code 2012, ahead of planned IPO of Saturn Metals Limited

Plans for December quarter 2017

  • RC and diamond drilling at Southern Nights

  • discovery ongoing; RAB drilling and further geophysics planned

  • T1 prefeasibility continuing

Peel Mining Limited – Quarterly Report September 2017

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Exploration

Wagga Tank/Mount View Projects: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%).

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

The Wagga Tank prospect is located on the western edge of the Cobar Superbasin, ~130 km south of Cobar or ~30km northwest of Mount Hope, and represents a polymetallic Cobar-style or VHMS-type deposit with multiple significant historic drill intercepts. The mineralisation is interpreted to occur as subvertical elongate shoots/lenses within zones of brecciation and hydrothermal alteration. Following the success of an initial 18-hole maiden drilling program (27m @ 10.00% Zn, 6.41% Pb, 89 g/t Ag, 0.42 g/t Au, 0.21% Cu from 240m and 15m @ 8.5% Zn, 4.11% Pb, 114 g/t Ag, 1.57 g/t Au, 0.3% Cu from 280m), a second phase of drilling commenced mid-last quarter primarily designed to increase the footprint of Wagga Tank.

Results received subsequent to the quarter’s end, are highly encouraging with the discovery of exceptional zinc-lead-silver mineralisation at the ‘Southern Nights’ prospect area. Mineralisation encountered ranks as the best drill intercept since the Company’s inception and includes 21m @ 31.02% Zn, 12.05% Pb, 258 g/t Ag, 1.43 g/t Au from 194m in WTRC035 58m @ 3.88% Zn, 1.19% Pb, 28 g/t Ag, 0.28 g/t Au from 139m (including 9m @ 8.84% Zn, 2.07% Pb, 14 g/t Ag, 0.58 g/t Au from 188m) in WTRC033 . These intercepts are situated ~1km south of the main Wagga Tank deposit and reinforces the Company’s view that the Wagga Tank/Southern Nights area is potentially host to a major, high-grade, base/precious metals mineral system.

Wagga Tank

The second Wagga Tank drilling program commenced in June 2017 at the main Wagga Tank deposit with hole WTRCDD020, testing for north-easterly strike extensions to mineralisation from Peel's first stage of drilling. WTRCDD020 intersected a significant zone of semi-massive/breccia quartz-sulphide mineralisation with 6m @ 8.52% Zn, 2.97% Pb and 12 g/t Ag from 282m . This mineralised zone was reinforced with intercepts from another two holes drilled on up and down dip of WTRCDD020. Hole WTRCDD023 returned a zone of semi-massive/breccia quartz-sulphide mineralisation grading 11m @ 7.15% Zn and 2.31% Pb, 58 g/t Ag from 396m approximately 80m down-dip of the intercept in WTRCDD020; importantly this intercept represents the deepest significant mineralised intercept recorded to date at Wagga Tank and is open at depth and along strike. Hole WTRCDD024 confirmed the up-dip continuation of zinc-lead-silver rich mineralisation with 16m @ 1.46% Pb, 0.54% Zn, 7.6 g/t Ag from 158m, 22m @ 1.06% Pb, 0.95% Zn, 5.3 g/t Ag from 183m, and 10m @ 1.22% Zn, 0.73% Pb, 11.4 g/t Ag from 240m. To the east (local grid) of hole WTRCDD023, hole WTRC027 again aimed to confirm the extension of the aforementioned intercepts at depth. The RC hole reached a depth of 333m before being terminated due to wet sample return, and the addition of a diamond tail is anticipated. The results from these four holes also represent the northern-most (local grid) mineralised intercepts recorded to date at Wagga Tank.

Down-dip of the main Wagga Tank mineralisation and along strike to the south-west of hole WTRCDD023, holes WTRCDD025 and WTRCDD026 were drilled to depths of 474.7m and 480.4m respectively and returned abundant disseminated and vein-fill sulphide mineralisation. Better intercepts include:

  • 8m @ 0.92% Cu, 0.22 g/t Au, 23.3 g/t Ag from 128m, 1m @ 1.75% Cu, 2.11 g/t Au, 47.3 g/t Ag from 190m, 9m @ 2.00% Zn, 0.42% Pb from 271m, 1m@ 1.97% Zn, 1.85% Pb, 1.63% Cu, 0.49 g/t Au, 34.6 g/t Ag from 393m, 13m @ 1.26% Zn, 0.36% Pb, 0.21 g/t Au, 8.4 g/t Ag from 431m and 19m @ 1.76% Zn, 0.61% Pb, 35.8 g/t Ag from 451m in WTRCDD025.

  • 15m @ 0.80% Zn, 0.33% Pb, 0.45% Cu, 0.36 g/t Au, 10.7 g/t Ag from 374m, 4m @ 1.46% Zn, 0.55% Pb, 0.21 g/t Au, 6.3 g/t Ag from 392m, 4m @ 2.24% Zn, 1.39% Pb, 0.34 g/t Au, 10 g/t Ag from

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397m, 7m @ 2.77% Zn, 0.88% Pb, 9.4 g/t Ag from 416m, 3m @ 1.70% Zn, 0.89% Pb, 40.6 g/t Ag from 433m and 3m @ 1.47% Zn, 1.29% Pb, 27.8 g/t Ag from 437m in WTRCDD026.

At the southern end (local grid) of the main deposit, extensions to mineralisation were tested with hole WTRCDD022, which returned significant intervals of 6m @ 0.56 g/t Au from 65m, 6m @ 1.50% Cu from 92m, 2m @ 1.05% Cu, 0.29 g/t Au, 3.6 g/t Ag from 110m, 3m @ 0.89% Cu, 0.41% Pb, 0.34% Zn, 10.1 g/t Ag from 126m, and 11m @ 0.73% Zn from 243m. To the south of hole WTRCDD022, hole WTRCDD030 was drilled to test a modelled IP chargeable target and intersected 6m @ 0.86% Zn, 0.19% Pb, 8.8 g/t Ag from 318m and 9m @ 1.95% Zn, 0.43% Pb, 8.6 g/t Ag from 325m.

An additional two holes were also drilled in response to targets generated from geophysical surveys; WTRC028 and WTRC029 were collared approximately 800m to the north-east and south east respectively of the current main Wagga Tank deposit on local grid to test anomalies identified from the gravity and airborne magnetic surveys completed in the last quarter. The north-eastern WTRC028 encountered weakly silicified fine-grained siltstone and failed to intersect significant mineralisation. To the south-west, hole WTRC029 encountered the siltstones and volcaniclastics of the Vivigani Formation within which mineralisation at Wagga Tank is largely hosted, and returned 6m @ 0.76 g/t Au from 138m and 8m @ 0.52% Zn, 0.17% Pb from 327m (incl. 1m @ 1.05% Zn, 0.23% Pb from 333m).

Further drilling is planned.

Southern Nights

Almost 1km south of the main Wagga Tank deposit, hole WTRCDD021 was drilled to target a significant chargeable IP anomaly and coincident magnetic anomaly. The hole encountered a zone of strong deformation, alteration and mineralisation, particularly of variable Wagga Tank-style zinc-lead-silver breccia/stringer quartz-sulphides. Better intercepts include 7m @ 2.42% Zn, 0.66% Pb, 10.4 g/t Ag from 288m, 4m @ 2.19% Zn, 0.83% Pb, 25.7 g/t Ag from 345m, 21m @ 2.31% Zn, 0.80% Pb, 44.9 g/t Ag from 390m and 2m @ 1.18% Zn, 0.42% Pb, 55.5 g/t Ag from 416m. Significantly the drillhole encountered an extensive interval of the Vivigani Formation, the stratigraphic unit within which mineralisation at Wagga Tank is largely hosted.

Follow-up drilling subsequent to the September quarter’s end has confirmed a significant new zinc-rich discovery that has now been termed as the 'Southern Nights' prospect; best intercepts include 21m @ 31.02% Zn, 12.05% Pb, 258 g/t Ag, 1.43 g/t Au from 194m in WTRC035 and 58m @ 3.88% Zn, 1.19% Pb, 28 g/t Ag, 0.28 g/t Au from 139m (including 9m @ 8.84% Zn, 2.07% Pb, 14 g/t Ag, 0.58 g/t Au from 188m) in WTRC033 . Details of the discovery can be found in the recent ASX announcements "Exceptional Zinc-rich Discovery at Wagga Tank" published on 19 October 2017 and “High-Grade Zinc Discovery Confirmed: 21m @ 31.02% Zn, 12.05% Pb, 258 g/t Ag, 1.43 g/t Au” published on 30 October 2017.

RC drilling is ongoing at the time of reporting, and a significant programme of work is anticipated in the near term, including further RC and diamond drilling, scout RAB drilling and further surface geophysics. The focus of work will be to test for strike and dip continuity to this new mineralisation.

Mt Allen, Double Peak & Mt Dromedary

Approximately 16km to the east-southeast of Wagga Tank lie the Mt Allen, Double Peak and Mt Dromedary prospect areas which are host to historic mines and workings. The prospects were the focus of gravity and airborne magnetic surveys and several IP surveys in the last quarter; several significant coincident chargeable IP and gravity anomalies were noted at Mt Allen that are open to the north and south, along with discrete magnetic anomalies at the Double Peak and Mt Dromedary areas which appear to be untested by drilling.

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Preliminary surface geochemical sampling and geological mapping has identified intense alteration at surface with abundant gossanous material; at the Double Peak northern coincident magnetic/gravity anomaly, one grab sample of galena+malachite rich, magnetite-altered, gossanous/scorodite sediment returned 678 g/t Ag, 2.31 g/t Au, 9.72% Cu, 21.8% Pb, 4.43% Zn, whilst pXRF analyses of rock chip and dump grab samples near Mt Dromedary returned maxima of 32.6% Cu, 1.10% Pb, and elevated values of As, W and Bi. A follow-up total leach soil sampling program (415 samples) covering the Mt Allen, Double Peak and Mt Dromedary prospects was completed this quarter, and significant gold values were returned from the vicinity of the historic drilling at Mt Allen; better results include 6.16 g/t Au, 3.01 g/t Ag from sample MA065, 1.33 g/t Au from sample MA070, and 1.43 g/t Au from sample MA071.

In late September, an RC drilling program commenced at Mt Allen to target the identified IP and gravity anomalies and follow-up the historic gold intercepts. Seven historic RC holes in the area were completed in the mid-to-late 80s, with the greatest hole depth at 344.05m. Best intercepts include:

  • 6m @ 0.98 g/t Au, 36 g/t Ag from 19m in RCMA-1

  • 12m @ 1.5 g/t Au, 9.5 g/t Ag from 28m and 9m @ 0.55 g/t Au, 10.3 g/t Ag from 61m in RCMA-2

  • 3m @ 2.5 g/t Au from 22m in RCMA-3

  • 4m @ 1.9 g/t Au, 10 g/t Ag from 262 in PMA-6

  • 4m @ 1.4 g/t Au from 0m, 3m @ 0.60 g/t Au, 23.7 g/t Ag from 151m and 1.8m @ 3.5 g/t Au, 5.6 g/t Ag from 196m in PMA-7

An additional seven RC holes have since been completed by Peel, of which the first two (MARC001 and MARC002) were drilled to target an IP chargeability anomaly approximately 600m south-east of the historic drillholes. Whilst no significant mineralisation was noted, initial pXRF results showed elevated Zn values including 1m zones averaging 0.47% Zn from 132m in MARC001 and 0.37% Zn from 182m in MARC002.

Hole MARC003 was collared to the west of historic hole RCMA-2 to test down-dip of the mineralisation; drill results, including gold assays returned at the time of reporting, are encouraging. Better intercepts in MARC003 include 2m @ 0.72 g/t Au from 0m, 3m @ 7.29% Pb, 0.53% Zn, 0.35% Cu, 0.27 g/t Au, 12.9 g/t Ag from 36m, 18m @ 0.41 g/t Au from 68m and 8m @ 1.02 g/t Au, 19.8 g/t Ag from 97m (incl. 1m @ 2.61 g/t Au, 103 g/t Ag from 101m) . Hole MARC004 was collared east from MARC003 to test for downdip extensions and a modelled IP anomaly, however, the hole was terminated early due to excessive lift. Nevertheless, better intercepts include 8m @ 2.7 g/t Au, 16.4 g/t Ag from 98m and 3m @ 1.58% Zn, 0.29% Pb, 0.28 g/t Au, 5.6 g/t Ag from 219m .

Extending further to the south, the modelled IP chargeability and gravity anomalies were tested with holes MARC005 and MARC006. Collared approximately 170m along strike to the south of MARC004, MARC005 encountered anomalous Zn values including 4m @ 0.22% Zn from 175m, but was terminated early at 199m due to excessive water. Hole MARC006 (241m), was collared a further 160m to the south of MARC005. No significant silver or base metals mineralisation was returned from pXRF analysis.

MARC007, was drilled to scissor historic hole PMA-7 which ended in high-grade Au mineralisation. The hole was terminated at 241m due to excess water. No anomalous silver and base metals values from the pXRF data were noted. Laboratory gold assays for holes MARC005, MARC006 and MARC007 are still awaited.

A full review of Mt Allen is planned once all assays have been received; it’s anticipated that follow-up work will include drilling at the Double Peak/Mt Dromedary prospects.

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~800m
Untested
Strike
~500m
Untested
Strike
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Figure 1: Wagga Tank Drill Plan with RTP 1VD Magnetics

Peel Mining Limited – Quarterly Report September 2017

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Figure 2: Wagga Tank Northern Traverse Drill Section - Oblique, Looking NE

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----- Start of picture text -----

21m @ 31% Zn, 12% Pb,
258 g/t Ag, 1.4 g/t Au
58m @ 3.9% Zn, 1.2% Pb,
28 g/t Ag, 0.28 g/t Au
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Figure 3: Southern Nights Drill Section

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Figure 4: Mt Allen Drill Plan

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). During the last quarter an update to the May 2014 maiden JORC compliant Mineral Resource was completed resulting in a 65% increase in total contained copper equivalent tonnes; the new estimate now comprises 6.76 million tonnes at 1.8% copper, 31 g/t silver, 0.4 g/t gold, 0.6% lead and 0.6% zinc (2.6% copper equivalent) containing approximately 119,000 tonnes of copper, 6.6 million ounces silver, 83,000 ounces gold, 38,000t lead and 38,000t zinc (175,000t copper equivalent) (using a 1% copper equivalent cutoff). Details of the update can be found in the announcement released 6 July 2017; "Mallee Bull Resource Grows 65% to 175,000 CuEq".

CBH JV Program 8

The start of this quarter saw the completion of CBH JV Drilling Program 8 focused on the high-grade nearsurface zinc-lead-silver-gold T1 lens, now termed the 'Silver Ray' lens. The program aimed to infill to a maximum of 20m by 20m drill spacing, define the limits of the Silver Ray mineralisation, and provide material for ongoing metallurgical testwork and geotechnical review. All pending laboratory assays were returned, with the latest results (highlighted in bold) augmenting a list of previously released significant intercepts:

  • 10m @ 7.10% Pb, 19 g/t Ag and 0.53 g/t Au from 46m in MBRC073

  • 3m @ 5.98% Zn, 3.33% Pb, 54 g/t Ag from 77m in MBRC084

  • 9m @ 20.82% Zn, 10.64% Pb, 338 g/t Ag and 1.91 g/t Au from 88m in MBRC085

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  • 3m @ 12.74% Zn, 6.93% Pb, 263 g/t Ag and 1.25 g/t Au from 119m in MBRC088

  • 9m @ 10.80% Zn, 6.89% Pb, 337 g/t Ag and 0.45 g/t Au from 129m in MBRC089

  • 13.5m @ 21.10% Zn, 14.10% Pb, 268 g/t Ag from 82m in MBDD028

  • 45m @ 3.00% Zn, 2.51% Pb, 29.3 g/t Ag, 0.15% Au from 57m; and 14m @ 5.16% Zn, 2.70% Pb, 84.9 g/t Ag, 0.67 g/t Au from 104m; and 5m @ 2.16% Zn, 1.13% Pb, 16.6 g/t Ag, 0.21 g/t Au from 145m in MBDD029 (down-plunge drillhole)

  • 3m @ 6.81% Zn, 7.64% Pb, 0.35% Cu, 29.4 g/t Ag, 0.55 g/t Au from 227m; and 9m @ 3.69% Cu, 0.61% Pb, 0.48% Zn, 42 g/t Ag, 0.64 g/t Au from 233m; and 7m @ 1.45% Cu, 0.44% Pb, 0.52% Zn, 35.8 g/t Ag, 0.23 g/t Au from 265m in MBRCDD064

  • 16m @ 13.52% Zn, 7.61% Pb, 191 g/t Ag and 1.31 g/t Au from 74m in MBRCDD065

  • 5m @ 5.47% Zn, 7.63% Pb, 102 g/t Ag and 0.14 g/t Au from 76m in MBRC066

  • 3m @ 19.79% Pb, 53 g/t Ag and 0.36 g/t Au from 62m in MBRC067

  • 4m @ 5.64% Zn, 3.29% Pb, 52 g/t Ag and 0.20 g/t Au from 64m in MBRC068

  • 4m @ 6.76% Pb, 46 g/t Ag and 0.53 g/t Au from 62m in MBRC069

- Silver Ray Pre feasibility Study

The Silver Ray pre-feasibility study currently being undertaken by Peel and JV partner CBH Resources aims to investigate the conceptual development of the Silver Ray lens as a "dig and truck" operation under which ore would be milled at CBH’s Endeavor mine approximately 150km away, where surplus milling capacity exists. In support of this, the latest drilling results were used to refine the Silver Ray geological and resource model which is forming the basis of pre-feasibility economic modelling; the assessment is considering both open pit and underground mining scenarios, followed by the development of an exploration decline to enable the underground drilling of the primary Mallee Bull copper mineralization. Preliminary economic modelling returned positive results for both open pit and underground scenarios, however uncertainty with regards to the metallurgical characteristics of mineralised oxidised and transitional material has necessitated the completion of additional metallurgical testwork prior to the completion of the prefeasibility. Accordingly, further drilling for material for metallurgical testwork is currently being undertaken. This and other material from previous drilling will be forwarded for additional met-testwork. Consequently, pre-feasibility work is continuing.

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Figure 5: Mallee Bull September Quarter Drilling, Plan View

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

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

The Cobar Superbasin Project is subject to a Memorandum of Agreement with Japan Oil, Gas, and Metals National Corporation (JOGMEC). Details of the JOGMEC MoA can be found in Peel's ASX Announcement released on 30 September 2014. In the September quarter, the latest phase of drilling under Stage 2 of the MoA was concluded at the Wirlong prospect, which has similarities to the CSA copper mine. Wirlong represents a large hydrothermal system hosting significant high-grade copper mineralisation along its greater than 2.5km strike length and to depths of up to 950m, bearing the hallmarks of a Cobar-style deposit.

The most recent Phase 4a drilling program was highly successful in its aim of better defining and extending the known mineralised system. All assay results from both Phase 4a and the preceding Phase 4 were returned this quarter, confirming exceptional copper-silver drill intercepts such as 27m @ 5.3% Cu, 23 g/t Ag from 286m from WLRC026 ; the most significant drill result at Wirlong to date. Hole WLRC026, initially drilled to test up-dip of hole WLRCDD015 (4.9m @ 4.3% Cu, 13 g/t Ag from 402.1m and 22m @ 1.0% Cu, 4 g/t Ag from 332m) was extended a further 73m following recognition of potential beyond the original end-of-hole.

RC holes WLRC052 (354m) and WLRC053 (349m) were subsequently drilled as follow-up, and both holes confirmed the continuation of very strong chalcopyrite-dominant mineralisation up-dip of the significant intercept in hole WTRC026. Better intervals include 31m @ 3.19% Cu, 11 g/t Ag from 299m (including 10m @ 8.83% Cu, 28 g/t Ag from 299m) in WLRC052 and 24m @ 0.85% Cu, 8 g/t Ag from 179m in WLRC053 . The northern strike extent of this high-grade Cu zone was targeted with hole WLRCDD032, initially RC drilled to 378m and extended this quarter with an additional 132.3m of RC and diamond drilling. This extended portion encountered one metre intervals of 2.06% Cu, 7 g/t Ag from 471m and 10.5% Cu, 0.46% Zn, 3.24 g/t Au, 27 g/t Ag from 474m.

The mineralised intervals from the abovementioned drillholes comprise massive/semi-massive, stringer and disseminated chalcopyrite-dominant sulphides and are up-dip of drillholes WLDD001 (9m @ 8.0% Cu, 17 g/t Ag, 11m @ 7.15% Zn, 2.31% Pb, and 58 g/t Ag 6m @ 8.52% Zn, 2.97% Pb and 12 g/t Ag 9m @ 4.30 g/t Au, 0.72% Cu, 14 g/t Ag 6m @ 5.17 g/t Au, 0.94% Cu, 33 g/t Ag 11m @ 3.57 g/t Au, 8 g/t Ag 9m @ 2.49 g/t Au , 0.21 g/t Au from 616m and 38m @ 1.18% Cu, 4 g/t Ag from 450m), WLRCDD015 (4.9m @ 4.3% Cu, 13 g/t Ag from 402.1m and 22m @ 1.0% Cu, 4 g/t Ag from 332m), and WLRCDD043 (17m @ 4.59% Cu, 8 g/t Ag from 738m). This up-dip high-grade zone and a spatially associated modelled EM plate was the target of RC hole WLRC054. However, the hole was terminated early at 211m due to excessive steepening. Subsequent RC hole WLRC055 proved to be more successful; collared approximately 70m north of WLDD001, WLRC055 was drilled from the east to 504m and returned several mineralised intervals down-dip of hole WLRCDD024 and its 121m zone averaging 0.73% Cu, 3 g/t Ag from 207m. Best intercepts from WLRC055 include 1m @ 1.55% Cu, 6.6 g/t Ag from 132m, 2m @ 1.20% Cu, 2.2 g/t Ag from 156m, 2m @ 1.1% Cu, 5.9 g/t Ag from 296m.

The Phase 4a program drew to a close in late July/early August with the extension of two previously drilled holes WLRC029 and WLRC030. Another 217m and 240m were added respectively with RC drilling to test along strike to the south and also down-dip of the intercepts in holes WLRC052 and WLRC053. Results were encouraging, with notable intercepts including 1m @ 0.63% Pb, 0.61% Zn, 8.9 g/t Ag from 263m in the southernmost hole WLRC029; and 1m @ 1.55% Cu, 0.33% Zn, 10.9 g/t Ag from 252m, 1m @ 2.56% Zn, 0.57% Pb from 342m and 1m @ 1.91% Zn, 0.76% Pb, 6.9 g/t Ag from 357m in WLRC030.

The drilling results highlight the structurally dislocated nature of the Wirlong copper system, which likely constitutes a series of stacked, short-strike length, shoot-like structures characteristic of Cobar-style

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deposits. The true width of mineralisation remains unknown at this time, but has been estimated to be 60-80% of downhole widths based on the likelihood of mineralisation being sub-vertical in nature.

In the next quarter, drilling is set to resume with an initial two RC/Diamond drillholes that have been planned as follow-up at the 'Dirty Deeds' gravity anomaly; down-dip of holes WLRCDD015 and WLRC029, and along strike to the south from hole WLRCDD028 (drilled June 2016; 9m @ 1.29% Cu, 7 g/t Ag from 412m, 19m @ 1.36% Cu, 6 g/t Ag from 432m and 1m @ 6.96% Zn, 0.58% Pb, 6 g/t Ag from 546m). A third drill hole is also anticipated in the southern prospect area down-dip of the August 2015 hole WLRC009, which returned 19m @ 2.44% Zn, 0.39% Pb, 4 g/t Ag from 103m (incl. 3m @ 6.90% Zn, 0.88% Pb, 12 g/t Ag from 120m). At the time of reporting, a trial SQUIDTEM Fixed-Loop Electromagnetic (FLEM) survey at the Dirty Deeds area is being completed prior to the commencement of drilling.

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Figure 6: Wirlong September Quarter Drilling, Plan View

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Figure 7: Wirlong Drill Section 6446915N

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

Targets: Archean gold deposits.

The Apollo Hill gold project is located 60km SE of Leonora, and comprises more than 1,000km[2] of granted tenure and applications within the highly mineralised North-Eastern Goldfields of Western Australia. The project contains two significant gold deposits; the Apollo Hill Main Zone and the Ra Zone, both of which exhibit the hallmarks of a major Archean gold system.

In early September 2017, plans to vend Peel's Apollo Hill gold project into the newly established, 100%owned subsidiary, Saturn Metals Limited (Saturn) were announced (see ASX release "Peel Set to Unlock Apollo Hill Value Through IPO" dated 8 September 2017). An agreement was subsequently entered into by Peel's 100%-owned subsidiary Apollo Mining Pty Ltd (Apollo), which holds the Apollo Hill assets, to sell its interest in the tenements and contractural rights and obligations to Saturn. As consideration for the assets, Saturn issued 20,000,000 fully paid ordinary shares to Peel as Apollo's nominee. The company held a general meeting on the 10th October 2017 (post quarter end) at which they obtained shareholder approval for the transaction (see ASX Announcement dated 10th October 2017). All tenements and applications were transferred to Saturn Metals Limited post quarter end.

Saturn is now looking to undertake a capital raising via an Initail Public Offer with a view to listing on the ASX. Under the Public Offer, Saturn will seek to raise up to $7,000,000 through the issue of up to 35,000,000 fully paid ordinary shares at an issue price of $0.20. Peel Mining Limited shareholders will be given a priority offer to take up shares in the new listing. Peel now anticipates that the IPO will take place in late 2017 and run into early 2018. A revised timetable will be issued in due course.

– Apollo Hill Mineral Resource Estimate JORC Code 2012 Compliance

The current Apollo Hill Mineral Resource Estimate of 17.2Mt @ 0.9 g/t Au for 505,000 ounces of gold (using a 0.5 g/t Au cut-off), was previously reported in September 2011 under the 2004 version of the JORC code (see ASX announcement “48% Jump in Apollo Hill Gold Resource to 505,000oz”, dated 9 September 2011). In anticipation of listing the Saturn Metals Limited subsidiary on the ASX, the Mineral Resource estimate was updated to comply with the 2012 version of the JORC code, encompassing additional background information and disclosure that is predominantly contained within the appended “Table 1 – Apollo Hill (JORC Code 2012)”. There has been no change to the Mineral Resource estimate figures, as can be seen in the table below.

Apollo Hill Inferred Resource Estimates to 180m Depth (190RL)

Cut Off Ra Apollo Hill Apollo Hill Total
**Aug/t ** Mt **Aug/t ** Koz Mt **Aug/t ** Koz Mt **Aug/t ** Koz
0.2 2.4 0.7 54 43 0.5 691 45.4 0.5 745
0.1 1.5 1.0 48 22 0.8 566 23.5 0.8 614
0.5 1.2 1.1 42 16 0.9 463 17.2 0.9 505
0.6 1.0 1.2 39 12 1.0 386 13.0 1.0 424
0.5 0.7 1.4 32 7 1.2 270 7.7 1.2 302
1.0 0.5 1.6 26 4 1.4 180 4.5 1.4 206
1.2 0.4 1.8 23 2 1.6 103 2.4 1.6 126

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Apollo Hill Mineral Resource Estimation Summary

The Apollo Hill Resource comprises of the two deposits; the Apollo Hill main zone in the north and the smaller Ra zone in the south. Gold mineralisation is associated with quartz veins and carbonate-pyrite alteration along a north-east dipping contact between felsic rocks to the west, and mafic dominated rocks to the east. The combined mineralized zones extend over a strike length of about 1.4km and have been intersected by drilling to a maximum depth of about 350m below surface.

Within the area covered by the current resource model, the study database contains 136 aircore, 214 reverse circulation (RC), and 59 diamond holes for 26,761m of drilling. An additional 135 RAB holes in this area were not included in the resource dataset. Peel’s RC and diamond drilling provides approximately 18 percent of the mineralised composites used for resource estimation.

Mineralised domains used for the estimates capture zones of continuous mineralisation wth gold grades above approximately 0.1 g/t. Outlines were digitised on cross sections aligned with the drilling traverses and linked to form closed three dimensional wireframes. In addition to the mineralised domain, the estimates include a background domain which contains only rare, isolated mineralised drill results. The estimates include surfaces representing the base of oxidation and top of fresh rock as interpreted by Peel.

Peel completed a total of 52 immersion density measurements from samples obtained from diamond core drilling. These spatially clustered samples are of uncertain representivity. The current estimates include densities specified by Peel and range from 1.8 t/bcm for oxidized Ra mineralisation to 2.8 t/bcm for fresh mafic Apollo Hill mineralisation.

Mineral Resources were estimated by Multiple Indicator Kriging, with block support correction to reflect likely open pit mining selectivity, a method that has been demonstrated to provide reliable estimates of gold resources recoverable by open pit mining for a wide range of mineralisation styles. Although the model estimates extend to around 290m depth, the reported resources only include estimates to about 180m below surface to reflect realistic extraction depths. Peel believes that the shallow and extensive nature of mineralisation at the Apollo Hill gold project suggests that the project has reasonable prospects for eventual economic extraction.

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Figure 9: Apollo Hill Project Tenement Map

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Figure 10: Apollo Hill Project Drill Plan and Resource Domains

Other Projects

No fieldwork was undertaken on any other project during the quarter.

Corporate

During the quarter, plans to vend the Apollo Hill gold project to the newly established, 100%-owned subsidiary, Saturn Metals Limited (Saturn) were announced (see ASX release "Peel Set to Unlock Apollo Hill Value Through IPO" dated 8 September 2017). Shareholder approval was granted at the general meeting of shareholders held on 10[th] October. Peel now anticipates that the IPO will take place in late 2017 and run into early 2018. A revised timetable will be issued in due course.

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

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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.

Mallee Bull Diamond Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
MBDD031 6413418 415434 90 -60 120.6
MBDD032 6413390 415409 60 -50 44.5

Wirlong RC/Diamond Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
WLRC029 6446864 418458 265 -55 421
WLRC030 6446898 418455 265 -55 450
WLRCDD032 6446978 418458 268.65 -55.23 510.3
WLRC052 6446936 418394 261.81 -59.98 354
WLRC053 6446935 418392 260 -50 349
WLRC054 6446980 418095 75 -67 211
WLRC055 6447065 418628 265 -60 504

Wagga Tank RC/Diamond Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
WTRCDD021 6386354 378698 270 -60 456.6
WTRCDD022 6387162 378859 312 -50 369.5
WTRCDD023 6387333 379041 312 -50 465.4
WTRCDD025 6387211 378938 312 -50 474.7
WTRCDD024 6387440 378925 312 -50 276.4
WTRCDD026 6387272 378990 312 -50 480.4
WTRC027 6387280 379100 312 -50 333
WTRC028 6387360 379665 312 -50 469
WTRC029 6386640 379040 300 -50 360
WTRCDD030 6387050 378900 275 -50 381.3

Mount Allen RC Drill Collars

Hole ID Northing Easting Azi Dip Final Depth(m)
MARC001 6381680 393750 270 -60 163
MARC002 6381800 393760 265 -65 235
MARC003 6382210 393220 270 -60 121
MARC004 6382210 393260 270 -60 246
MARC005 6382040 393240 270 -60 199
MARC006 6381880 393200 270 -60 241
MARC007 6382150 393280 270 -65 241

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
MBDD031 56
57
58
59
60
61
62		 57
58
59
60
61
62
63		 0.01
0.01
0.06
0.12
0.03
0.05
0.06		 1.46
1.84
3.14
2.16
1.46
2.45
1.57		 0.12
0.16
0.73
0.40
1.93
3.11
0.13		 1.10
0.70
44.3
15.3
18.1
52.1
19.1		 0.04
0.16
0.31
0.25
0.19
0.12
0.03
67
68		 68
69		 0.02
0.02		 0.22
0.21		 1.08
1.36		 2.80
2.00		 0.01
-0.01
71
72
73
74
75		 72
73
74
75
76		 0.01
0.01
0.00
0.01
0.01		 0.19
0.12
0.16
0.18
0.16		 0.68
0.53
0.71
0.69
0.59		 2.10
1.20
1.40
1.50
1.20		 0.06
0.02
0.01
0.02
0.01
77
78		 78
79		 0.02
0.01		 0.61
0.52		 0.32
0.14		 4.50
3.60		 0.02
-0.01
80 81 0.02 0.57 0.10 5.30 0.02
119
120		 120
120.6		 0.52
0.27		 6.61
0.98		 5.92
1.74		 122.0
23.0		 -0.01
0.33
MBRC073 32 33 0.02 0.49 0.02 1.30 -0.01
34
35
36
37
38
39
40
41		 35
36
37
38
39
40
41
42		 0.03
0.02
0.02
0.04
0.03
0.03
0.03
0.04		 1.39
0.63
0.87
1.16
1.10
0.96
1.73
0.95		 0.03
0.03
0.03
0.04
0.03
0.03
0.03
0.05		 2.50
0.90
0.50
0.30
0.60
0.50
1.90
2.40		 0.26
0.05
0.06
0.08
0.06
0.06
0.08
-0.01
44 45 0.02 0.57 0.03 2.70 0.02
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60		 47
48
49
50
51
52
53
54
55
56
57
58
59
60
61		 0.30
0.23
0.05
0.02
0.04
0.04
0.01
0.04
0.03
0.17
0.12
0.02
0.02
0.02
0.02		 23.8
27.3
3.93
1.14
2.17
1.62
0.51
1.85
1.46
7.24
0.26
0.23
0.24
0.22
0.31		 0.70
0.55
0.09
0.04
0.09
0.11
0.03
0.09
0.07
0.41
0.24
0.78
0.91
0.77
0.74		 15.3
9.80
3.90
4.90
3.10
1.00
0.60
1.90
1.80
149.0
84.7
25.3
15.8
8.70
12.1		 2.48
1.26
0.13
-0.01
0.13
0.21
0.03
0.16
0.15
0.75
0.12
0.01
0.01
0.03
0.03
76
77
78
79
80		 77
78
79
80
81		 0.01
0.02
0.04
0.02
0.02		 0.19
0.26
0.67
0.42
0.26		 0.77
0.78
2.12
1.08
0.67		 2.30
3.70
7.50
3.50
2.90		 0.01
0.01
0.08
0.05
0.05

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
81 82 0.02 0.19 0.51 2.60 0.01
MBRC074 32
33
34
35
36
37		 33
34
35
36
37
38		 0.01
0.01
0.02
0.03
0.02
0.03		 0.67
0.78
0.71
1.00
0.95
0.53		 0.02
0.02
0.02
0.02
0.02
0.02		 1.30
2.30
4.40
3.10
1.50
0.70		 -0.01
-0.01
0.02
0.02
-0.01
-0.01
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56		 40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57		 0.04
0.05
0.08
0.25
0.25
0.23
0.08
0.08
0.06
0.05
0.05
0.04
0.06
0.11
0.08
0.04
0.03
0.03		 0.58
0.55
0.71
2.90
14.7
5.33
1.75
2.42
2.56
0.93
1.42
2.94
4.04
1.27
2.31
0.74
0.56
0.69		 0.04
0.04
0.04
0.06
0.11
0.16
0.08
0.07
0.03
0.08
0.32
0.17
0.21
0.08
0.33
0.08
0.08
0.08		 0.50
0.50
0.60
0.50
4.30
1.70
1.70
3.90
0.70
0.40
0.70
1.50
35.5
95.4
33.3
13.8
4.10
3.30		 -0.01
-0.01
-0.01
0.04
0.04
0.05
0.04
0.10
0.02
0.04
0.05
0.21
0.47
0.07
0.24
0.06
0.02
0.03
58 59 0.05 0.52 1.75 10.0 0.06
60
61		 61
62		 0.17
0.03		 0.89
0.23		 0.44
0.71		 12.6
7.60		 0.17
0.01
69
70		 70
71		 0.14
0.12		 0.16
0.18		 1.07
0.82		 8.10
8.50		 0.06
0.06
88
89
90
91
92		 89
90
91
92
93		 0.03
0.28
0.25
0.03
0.03		 0.23
0.27
1.66
0.33
0.30		 0.55
0.53
1.91
0.70
0.74		 5.00
10.4
41.0
6.80
6.10		 0.04
0.04
0.07
0.06
0.05
MBRC075 105 106 0.01 1.04 0.04 8.70 0.01
MBRC076 52
53
54
55
56
57		 53
54
55
56
57
58		 0.03
0.04
0.03
0.03
0.03
0.03		 0.20
0.17
0.25
1.06
1.45
0.84		 0.53
1.07
0.75
0.26
0.26
0.20		 588.0
71.3
186.0
69.9
85.9
14.3		 0.03
0.20
0.20
0.12
0.07
0.04
61
62		 62
63		 0.05
0.30		 0.42
2.38		 0.56
0.49		 4.60
24.9		 0.02
0.02
66 67 0.08 0.15 0.63 6.10 0.02
78
79
80		 79
80
81		 0.04
0.04
0.03		 0.57
1.26
1.37		 0.17
0.35
0.30		 7.60
9.60
8.30		 0.03
0.03
0.03
82 83 0.03 0.56 0.28 7.10 0.03
MBRC077 62 63 0.04 0.58 0.48 9.10 0.04

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
64
65		 65
66		 0.05
0.02		 0.06
0.10		 0.55
0.51		 1.90
2.80		 0.02
0.01
101
102		 102
103		 0.02
0.02		 0.32
0.15		 0.86
0.59		 6.50
4.20		 0.24
0.04
109
110
111		 110
111
112		 0.11
0.05
0.03		 0.27
0.41
0.25		 0.55
0.92
0.25		 11.8
16.0
9.90		 0.45
1.76
0.95
MBRC078 81 82 0.02 1.07 1.63 14.3 0.10
85 86 0.15 0.04 0.70 3.70 0.03
103 104 0.21 0.19 0.53 11.6 0.36
106
107
108		 107
108
109		 0.09
0.17
0.05		 0.81
1.25
0.60		 1.65
1.97
1.92		 17.5
35.7
10.2		 0.04
0.11
1.36
112
113		 113
114		 0.04
0.09		 0.51
0.19		 1.12
0.39		 9.20
5.80		 0.31
0.53
MBRC079 94
95
96
97
98		 95
96
97
98
99		 0.02
0.03
0.05
0.05
0.06		 0.58
0.89
1.23
0.96
0.71		 1.06
1.56
0.77
0.17
0.09		 15.7
14.2
9.20
6.70
6.00		 0.08
0.15
0.03
0.02
0.02
141 142 0.10 1.75 1.92 28.3 0.72
MBRC080 110
111
112
113
114		 111
112
113
114
115		 0.02
0.02
0.03
0.03
0.03		 0.73
0.48
1.23
1.27
1.22		 1.74
0.89
2.61
2.65
2.42		 18.7
8.00
16.5
14.5
11.2		 0.10
0.04
0.15
0.29
0.07
MBRC081 114
115
116
117
118
119
120		 115
116
117
118
119
120
121		 0.02
0.03
0.03
0.03
0.03
0.03
0.07		 0.31
0.91
1.60
1.30
0.83
0.88
1.64		 0.60
1.81
2.84
2.31
1.61
0.51
0.12		 9.70
13.3
12.3
10.4
6.50
7.20
15.3		 0.04
0.04
0.02
0.01
0.03
0.01
0.02
151
152		 152
153		 0.02
0.05		 0.18
0.17		 0.72
0.95		 4.90
5.20		 0.10
0.08
154 155 0.03 0.20 0.72 4.50 0.03
157 158 0.06 1.80 0.50 46.1 0.02
159
160		 160
161		 0.17
0.06		 0.99
0.41		 3.15
1.63		 49.0
13.9		 0.03
0.26
163
164		 164
165		 0.02
0.17		 0.18
0.10		 0.73
0.62		 5.70
6.00		 0.05
0.15
MBRC082 110
111		 111
112		 0.03
0.05		 0.48
3.40		 0.94
5.88		 9.40
23.4		 0.08
0.09
115
116		 116
117		 0.02
0.02		 0.68
0.70		 0.13
0.07		 5.90
6.10		 -0.01
0.01
119 120 0.06 0.76 0.31 7.60 0.12
121 122 0.02 1.32 0.59 9.00 0.02
123 124 0.02 0.62 0.16 5.30 0.01
131
132		 132
133		 0.35
0.15		 0.42
0.23		 0.74
0.74		 8.70
4.80		 0.03
0.02

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
133 134 0.21 0.87 1.56 18.5 0.08
157 158 0.31 0.92 1.10 20.6 0.04
161
162		 162
163		 0.09
0.23		 0.25
1.69		 0.49
0.84		 4.70
32.2		 0.01
0.64
167 168 0.02 0.15 0.96 6.20 0.20
169 170 0.12 0.24 0.76 9.20 0.08
175 176 0.18 0.19 0.90 6.40 0.33
MBRC083 98 99 0.03 0.70 0.09 15.3 0.02
103
104
105
106
107
108
109		 104
105
106
107
108
109
110		 0.02
0.02
0.02
0.02
0.02
0.02
0.03		 1.11
1.20
0.95
0.57
0.54
0.53
0.52		 0.04
0.03
0.03
0.03
0.04
0.06
0.12		 7.70
8.20
7.10
4.80
4.80
5.20
6.50		 0.01
0.01
0.01
-0.01
-0.01
0.01
0.01
136
137
138
139		 137
138
139
140		 0.91
0.02
1.41
1.96		 0.89
0.53
0.44
0.15		 1.82
0.52
0.95
0.31		 47.2
9.50
32.9
18.1		 0.08
-0.01
0.04
0.05
142
143		 143
144		 0.24
0.45		 1.97
3.65		 1.52
1.76		 34.7
63.1		 0.05
0.32
147 148 0.04 0.79 0.51 10.7 0.03
149 150 0.18 0.36 0.58 10.3 0.17
156 157 0.25 0.43 0.80 14.1 0.05
162
163		 163
164		 0.08
0.02		 0.32
0.34		 1.10
0.54		 7.40
6.40		 0.05
0.02
MBRC084 68
69
70
71
72
73
74
75		 69
70
71
72
73
74
75
76		 0.01
0.02
0.03
0.03
0.04
0.05
0.05
0.04		 0.02
0.03
0.64
1.21
1.22
1.31
0.59
0.13		 0.61
1.42
2.78
1.31
0.38
0.36
0.61
0.53		 1.00
1.50
16.6
28.9
13.7
11.2
5.60
1.20		 -0.01
0.01
0.17
0.09
0.02
0.03
0.02
0.01
77
78
79
80
81		 78
79
80
81
82		 0.04
0.05
0.02
0.02
0.02		 1.51
6.48
2.00
0.77
0.56		 2.67
11.5
3.82
1.74
1.33		 23.7
105.0
33.2
13.5
9.30		 0.04
0.70
0.23
0.17
0.07
83
84
85
86		 84
85
86
87		 0.01
0.01
0.01
0.02		 0.25
0.48
0.49
0.42		 0.57
0.77
0.49
0.59		 3.60
6.10
4.60
4.00		 0.03
0.03
-0.01
0.14
122 123 0.02 0.24 0.57 6.30 0.02
124
125
126		 125
126
127		 0.04
0.31
0.08		 0.42
1.25
0.36		 0.57
3.34
0.73		 16.5
47.5
10.9		 0.13
0.62
0.14
130
131
132		 131
132
133		 0.41
0.90
0.03		 0.75
2.24
0.51		 1.44
4.64
1.72		 17.5
48.4
6.70		 0.57
1.19
0.04

Peel Mining Limited – Quarterly Report September 2017

23

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
133
134
135		 134
135
136		 0.01
0.02
0.09		 0.21
0.23
0.31		 0.60
0.75
0.78		 3.10
7.00
7.00		 0.02
0.15
0.12
145 146 0.04 0.24 0.66 5.90 0.25
MBRC085 87
88
89
90
91
92
93
94
95
96		 88
89
90
91
92
93
94
95
96
97		 0.04
0.19
0.41
0.37
0.26
0.40
0.42
0.25
0.12
0.07		 1.05
8.60
11.0
10.7
11.6
11.9
13.7
14.3
10.5
3.58		 1.99
18.5
24.5
21.6
24.1
25.7
25.1
26.1
16.6
5.19		 36.3
326.0
353.0
342.0
355.0
359.0
420.0
467.0
317.0
106.0		 0.24
2.34
2.61
2.38
2.35
2.38
1.90
2.06
0.80
0.39
98 99 0.02 0.48 0.56 6.40 0.06
100 101 0.02 0.45 0.51 10.0 0.10
102 103 0.03 0.61 0.25 5.00 0.01
128
129
130
131
132
133
134		 129
130
131
132
133
134
135		 0.08
0.06
0.08
0.03
0.02
0.04
0.04		 0.30
0.23
0.69
0.16
0.33
0.52
1.92		 0.80
0.69
2.32
0.57
0.33
0.67
1.84		 8.50
4.80
11.6
4.20
22.3
11.4
29.4		 0.01
0.02
0.03
0.03
0.62
0.08
0.13
138
139
140
141
142		 139
140
141
142
143		 0.07
0.08
0.72
0.41
0.50		 0.73
0.83
4.98
0.88
1.70		 0.80
0.64
1.25
0.48
1.37		 18.1
34.0
216.0
32.6
51.4		 0.17
0.12
0.99
0.13
0.10
144 145 0.28 1.41 0.59 49.4 0.22
147 148 0.11 0.79 0.71 15.8 0.03
MBRC086 77
78
79
80
81
82
83
84
85
86		 78
79
80
81
82
83
84
85
86
87		 0.02
0.05
0.05
0.06
0.06
0.05
0.04
0.03
0.02
0.01		 0.35
1.85
2.44
5.48
2.25
1.35
1.04
0.59
0.47
0.31		 1.21
3.98
1.11
9.02
1.40
0.28
1.10
0.88
0.81
0.86		 11.4
21.5
47.6
115.0
24.3
13.7
22.7
11.9
10.2
6.90		 0.14
0.11
0.18
0.51
0.12
0.04
0.09
0.07
0.11
0.08
88 89 0.01 0.17 0.50 2.50 0.02
91
92		 92
93		 0.02
0.03		 0.20
0.69		 0.57
1.40		 1.90
5.50		 0.01
0.01
95
96
97
98
99
100		 96
97
98
99
100
101		 0.05
0.04
0.05
0.31
0.06
0.38		 0.28
0.35
0.43
0.91
0.41
0.60		 0.55
0.78
1.08
1.68
0.74
0.89		 5.00
7.00
6.90
33.2
11.0
16.7		 -0.01
0.01
0.01
0.05
0.02
0.08

Peel Mining Limited – Quarterly Report September 2017

24

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
101
102		 102
103		 0.09
0.03		 0.32
0.37		 0.60
0.53		 6.70
6.90		 0.02
0.02
134
135
136
137		 135
136
137
138		 0.09
0.05
0.82
0.33		 0.59
2.28
2.50
0.71		 0.90
1.25
1.87
0.45		 23.0
95.5
87.3
24.3		 0.08
0.10
0.28
0.05
143 144 0.04 0.32 0.61 13.6 0.08
145
146
147
148		 146
147
148
149		 0.66
0.28
0.06
0.03		 4.59
2.21
0.57
0.61		 4.19
2.97
0.48
0.57		 86.4
53.2
9.90
7.50		 0.06
0.03
0.01
-0.01
MBRC087 94
95
96
97
98
99
100
101
102
103		 95
96
97
98
99
100
101
102
103
104		 0.01
0.03
0.02
0.08
0.04
0.02
0.02
0.03
0.02
0.01		 0.29
0.35
0.20
0.63
1.51
0.24
0.55
1.14
0.68
0.36		 0.95
1.27
0.54
1.79
4.57
0.71
0.73
1.15
1.11
0.76		 11.5
12.9
7.00
20.6
50.8
8.00
12.8
19.5
10.1
5.10		 0.02
0.06
0.08
0.09
0.32
0.09
0.10
0.13
0.05
0.01
119
120
121		 120
121
122		 0.97
0.50
1.08		 0.65
1.15
1.44		 0.74
1.70
1.31		 30.0
26.0
35.7		 0.09
0.22
0.24
125 126 0.32 0.54 1.15 16.3 0.08
MBRC088 108
109
110
111
112
113
114		 109
110
111
112
113
114
115		 0.02
0.02
0.02
0.02
0.02
0.01
0.01		 0.60
0.46
0.32
0.51
0.51
0.47
0.49		 1.17
0.79
0.69
0.94
0.90
0.81
0.52		 21.9
16.8
13.3
17.8
14.5
12.4
11.2		 0.04
0.03
0.06
0.21
0.10
0.10
0.12
118
119
120
121
122
123
124
125
126
127		 119
120
121
122
123
124
125
126
127
128		 0.02
0.13
0.17
0.13
0.02
0.02
0.02
0.03
0.03
0.01		 0.32
4.99
9.29
6.51
0.98
0.91
0.65
0.74
0.93
0.53		 0.57
9.11
17.6
11.6
1.90
1.43
1.07
1.32
1.44
0.74		 9.10
192.0
351.0
246.0
34.7
24.3
13.4
11.2
12.4
9.40		 0.10
1.22
1.53
1.01
0.14
0.09
0.05
0.04
0.04
0.03
130
131		 131
132		 0.02
0.02		 0.53
0.31		 1.17
0.59		 4.00
3.00		 0.07
0.05
137 138 0.06 0.65 0.92 9.20 0.02
139 140 0.03 0.38 0.62 7.80 0.02
MBRC089 129
130
131
132		 130
131
132
133		 0.27
0.56
0.18
0.05		 12.1
17.6
14.1
3.75		 24.6
22.8
22.1
5.24		 705.0
776.0
667.0
177.0		 1.20
0.85
0.76
0.24

Peel Mining Limited – Quarterly Report September 2017

25

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
134
135
136
137
138
139
140
141
142
143		 135
136
137
138
139
140
141
142
143
144		 0.06
0.10
0.10
0.09
0.02
0.03
0.04
0.04
0.02
0.02		 3.32
3.26
4.14
3.61
0.58
1.19
1.25
0.91
0.54
0.46		 4.92
4.96
6.37
5.87
1.22
1.83
1.36
1.76
0.90
0.81		 161.0
151.0
193.0
180.0
23.8
45.4
14.0
11.5
4.80
10.2		 0.19
0.23
0.22
0.28
0.08
0.10
0.06
0.12
0.08
0.07
MBRC090 119 120 0.01 0.36 0.61 27.6 0.07
122
123
124
125
126		 123
124
125
126
127		 0.01
0.02
0.03
0.02
0.01		 0.40
0.46
0.59
0.43
0.29		 1.08
1.02
1.27
1.00
0.51		 15.2
6.40
5.40
7.60
2.50		 0.03
0.06
0.18
0.07
0.05
MBRC091 65 66 0.08 4.36 3.78 304.0 0.62
68
69		 69
70		 0.07
0.02		 0.94
0.58		 0.33
0.16		 13.3
6.20		 0.02
0.01
94 95 0.05 1.17 2.88 23.5 0.71
MBRC092 96 97 0.04 0.71 0.27 12.6 0.01
MBRC093 143 144 0.02 0.33 0.57 21.5 0.06
150 151 0.01 0.33 0.51 4.10 0.03
MBRC094 91 92 0.01 0.02 0.70 2.60 0.01
106 107 0.01 0.19 0.50 1.50 0.03
116 117 0.61 0.91 1.39 23.1 0.14
MBRC095 121
122
123
124
125
126		 122
123
124
125
126
127		 0.01
0.02
0.05
0.03
0.02
0.01		 0.35
0.74
1.50
0.37
0.47
0.35		 0.81
1.73
3.53
0.75
0.99
0.73		 12.5
14.3
21.7
8.80
12.9
8.20		 0.07
0.15
0.15
0.22
0.19
0.09
129
130
131
132
133
134		 130
131
132
133
134
135		 0.03
0.02
0.02
0.02
0.03
0.01		 0.86
0.75
0.47
0.71
0.74
0.43		 1.41
1.23
0.88
1.20
1.26
0.69		 9.10
6.90
5.80
6.60
4.70
2.80		 0.07
0.03
0.05
0.05
0.06
0.09
153 154 0.04 0.40 0.79 11.2 0.01
155
156
157
158
159
160		 156
157
158
159
160
161		 0.25
0.20
0.24
0.29
0.23
0.31		 0.47
1.26
0.40
0.55
0.47
0.97		 0.56
3.79
1.38
0.92
3.18
1.79		 20.9
18.0
9.60
9.80
11.2
20.1		 0.07
0.07
0.04
0.03
0.03
0.08
MBRC096 80 81 0.02 0.26 0.60 5.10 0.01
85
86
87
88		 86
87
88
89		 0.01
0.01
0.01
0.01		 0.47
0.61
0.37
0.31		 0.81
0.99
0.66
0.56		 4.60
5.50
3.40
3.20		 0.03
0.02
0.02
0.02

Peel Mining Limited – Quarterly Report September 2017

26

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
89 90 0.01 0.25 0.49 2.40 0.02
99
100		 100
101		 0.07
0.12		 2.24
1.72		 0.19
0.03		 29.8
22.8		 0.02
0.04
102
103
104
105
106
107
108
109		 103
104
105
106
107
108
109
110		 0.04
0.03
0.01
0.01
0.01
0.01
0.01
0.01		 0.98
1.87
0.67
0.29
0.71
0.35
0.47
0.35		 0.11
1.27
0.77
0.55
0.89
0.65
0.72
0.73		 14.3
26.7
9.30
4.10
7.40
3.60
5.40
3.70		 0.01
0.15
0.01
0.02
0.12
0.06
0.02
0.02
111
112
113
114
115
116
117
118
119		 112
113
114
115
116
117
118
119
120		 0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01		 0.32
0.42
0.53
0.41
0.42
0.25
0.34
0.31
0.26		 0.51
0.78
0.95
0.70
0.52
0.49
0.59
0.56
0.58		 3.20
4.30
5.40
4.10
4.20
2.60
3.60
3.20
2.80		 0.01
0.01
0.01
0.01
-0.01
-0.01
0.01
0.01
0.01
121
122
123
124		 122
123
124
125		 0.01
0.01
0.01
0.01		 0.31
0.37
0.36
0.34		 0.58
0.71
0.66
0.63		 3.30
3.90
3.70
3.40		 0.01
0.01
0.01
0.01
126 127 0.01 0.51 0.82 5.40 0.01
128
129
130
131		 129
130
131
132		 0.01
0.01
0.00
0.00		 0.27
0.59
0.26
0.28		 0.58
1.25
0.52
0.51		 2.80
5.90
2.70
2.90		 -0.01
0.02
-0.01
0.01
139
140
141		 140
141
142		 0.01
0.01
0.01		 0.54
0.23
0.43		 1.20
0.59
0.53		 6.30
2.60
4.80		 0.04
-0.01
-0.01
145
146		 146
147		 0.01
0.01		 0.30
0.30		 0.64
0.50		 3.30
3.30		 0.02
-0.01
MBRC097 75 76 0.03 0.42 0.50 6.40 0.01
101 102 0.48 1.42 2.17 30.6 2.17
140 141 0.22 0.38 0.78 8.50 0.36

Wirlong RC/Diamond Drilling Significant Assay Results (1m intervals)

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
WLRC029 72 73 0.09 0.00 1.77 0.50 -0.01
80 81 0.16 0.01 0.54 0.70 -0.01
85
86
87		 86
87
88		 0.28
0.20
0.69		 0.01
0.00
0.00		 0.51
0.68
1.42		 1.50
1.10
3.80		 -0.01
-0.01
-0.01
91 92 0.20 0.03 0.81 3.70 0.01
93 94 0.21 0.00 1.08 1.30 0.01
96
97
98		 97
98
99		 0.44
0.80
0.23		 0.01
0.00
0.00		 0.50
1.25
0.52		 2.70
5.10
1.60		 -0.01
0.01
-0.01

Peel Mining Limited – Quarterly Report September 2017

27

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
99 100 0.20 0.01 0.95 1.90 -0.01
111
112
113		 112
113
114		 0.52
1.06
0.79		 0.03
0.01
0.01		 0.38
0.25
0.17		 3.50
6.40
4.60		 -0.01
0.01
0.01
116 117 0.31 0.23 0.54 4.80 -0.01
120
121		 121
122		 0.07
0.04		 0.23
0.48		 1.36
1.13		 2.30
3.30		 -0.01
-0.01
263 264 0.03 0.63 0.61 8.90 0.06
WLRC030 25 26 0.56 0.00 0.03 1.30 -0.01
30 31 0.74 0.01 0.08 1.90 -0.01
35 36 0.81 0.00 0.05 2.20 0.01
39 40 0.61 0.00 0.04 1.00 -0.01
42 43 0.96 0.01 0.23 4.30 0.01
60 61 0.53 0.00 0.08 1.80 0.01
106
107		 107
108		 0.54
0.28		 0.02
0.02		 0.19
0.67		 5.40
3.10		 0.01
0.01
111
112		 112
113		 0.22
0.26		 0.01
0.00		 0.54
0.97		 2.30
2.10		 -0.01
-0.01
115 116 0.61 0.10 0.46 6.00 -0.01
252 253 1.55 0.03 0.33 10.9 0.06
272 273 0.29 0.18 0.57 4.60 0.02
342 343 0.10 0.57 2.56 3.80 0.04
357 358 0.04 0.76 1.91 6.90 0.01
WLRC052 200 201 0.86 0.22 0.44 17.3 0.05
262
263		 263
264		 9.44
2.29		 0.41
0.08		 1.50
0.36		 31.9
7.90		 0.07
0.03
282 283 2.00 0.00 1.45 4.30 0.08
286 287 0.64 0.01 0.16 1.60 0.02
299
300
301
302
303
304
305
306
307
308		 300
301
302
303
304
305
306
307
308
309		 0.75
23.1
23.5
22.3
11.2
2.14
1.75
0.96
1.89
0.72		 0.00
0.06
0.43
0.57
0.23
0.02
0.01
0.00
0.01
0.03		 0.03
0.86
1.08
1.98
1.05
0.12
0.08
0.04
0.08
0.42		 1.70
60.5
75.6
80.5
40.6
6.70
5.00
2.40
5.10
3.30		 -0.01
0.03
0.10
0.13
0.14
-0.01
-0.01
-0.01
0.01
-0.01
312 313 0.52 0.00 0.06 1.60 -0.01
317
318
319		 318
319
320		 0.48
0.89
0.94		 0.23
0.28
0.23		 0.57
1.00
1.00		 3.80
6.50
10.3		 -0.01
0.01
0.01
322
323
324		 323
324
325		 1.24
1.63
1.22		 0.16
0.61
0.05		 0.36
1.72
0.24		 6.40
9.40
5.00		 0.03
0.02
0.01
330 331 0.06 0.20 0.96 2.80 -0.01
WLRC053 178
179
180
181		 179
180
181
182		 0.21
0.56
1.20
0.55		 0.11
0.08
0.16
0.04		 0.86
0.36
0.57
0.52		 10.5
9.30
18.2
5.80		 0.02
0.02
0.08
0.03

Peel Mining Limited – Quarterly Report September 2017

28

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
182
183
184
185
186
187
188		 183
184
185
186
187
188
189		 0.96
0.69
1.06
2.40
0.85
1.08
1.53		 0.18
0.06
0.08
0.12
0.13
0.24
0.19		 0.76
0.17
0.15
1.59
1.43
0.98
0.73		 15.4
9.70
11.1
21.5
9.30
14.7
19.9		 0.07
0.04
0.13
0.13
0.11
0.07
0.12
190
191		 191
192		 0.68
0.69		 0.27
0.12		 0.77
0.29		 8.40
9.60		 0.01
0.08
194 195 0.77 0.01 0.04 3.70 0.01
196
197
198		 197
198
199		 0.91
0.53
1.01		 0.05
0.01
0.04		 0.10
0.04
0.06		 6.60
2.50
5.40		 0.05
0.02
0.03
201 202 2.41 0.03 0.08 8.30 0.09
209 210 0.68 0.03 0.04 7.10 0.06
WLRC055 120
121
122		 121
122
123		 0.79
0.76
0.63		 0.18
0.20
0.18		 0.01
0.01
0.01		 7.80
9.60
9.90		 0.11
0.02
0.02
130 131 0.68 0.00 0.01 3.10 0.01
132 133 1.55 0.04 0.02 6.60 0.19
156
157		 157
158		 1.19
1.20		 0.00
0.00		 0.01
0.01		 1.70
2.60		 -0.01
-0.01
165 166 0.60 0.00 0.00 0.90 0.01
293 294 0.61 0.00 0.03 3.00 -0.01
296
297		 297
298		 1.55
0.56		 0.03
0.07		 0.07
0.06		 8.20
3.50		 0.28
0.06
WLRCDD032 106
107
108
109		 107
108
109
110		 0.67
0.56
1.41
1.28		 0.00
0.00
0.00
0.00		 0.05
0.03
0.04
0.07		 2.80
2.40
4.70
5.10		 -0.01
-0.01
-0.01
-0.01
115 116 0.77 0.00 0.02 3.70 -0.01
118 119 0.72 0.00 0.11 4.00 -0.01
129
130		 130
131		 0.69
0.73		 0.00
0.00		 0.01
0.01		 3.30
3.40		 -0.01
-0.01
139 140 0.66 0.00 0.10 3.20 -0.01
142 143 0.81 0.01 0.06 4.10 0.01
147 148 0.29 0.33 0.88 5.70 0.02
153 154 0.10 0.03 0.68 1.30 0.02
155 156 0.17 0.11 0.90 3.20 -0.01
158 159 0.93 0.06 0.39 5.30 0.01
164 165 0.10 0.00 0.91 0.80 0.02
181 182 0.04 0.00 0.64 0.20 0.01
183 184 0.01 0.08 0.95 1.30 -0.01
229 230 0.03 0.01 0.72 0.50 -0.01
258
259		 259
260		 3.30
0.50		 0.03
0.00		 0.05
0.01		 26.7
3.80		 0.11
0.02
261 262 0.53 0.01 0.12 4.40 0.01
293 294 1.19 0.01 0.06 2.90 0.02
365 366 0.61 0.01 0.05 2.40 0.04
471 472 2.06 0.05 0.08 6.90 0.05

Peel Mining Limited – Quarterly Report September 2017

29

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

Hole ID From(m) To(m) Cu(%) Cu(%) Pb(%) Pb(%) Zn(%) Zn(%) Ag (g/t) Ag (g/t) Au(g/t)
474
475		 475
476
10.2

0.84		 0.14
0.03		 0.46
0.04		 27.0
2.90		 3.24
0.02
Wagga Tank RC/Diamond Significant Assay Results(1m intervals) Au(g/t)
0.08
0.15
0.15
0.76
0.76
0.76
0.76
0.76
0.76
-0.01
-0.01
-0.01
0.02
0.01
0.01
0.01
0.02
-0.01
-0.01
0.01
0.01
0.01
0.01
0.02
0.03
0.04
0.15
0.15
0.01
0.01
0.02
0.74
5.96
0.18
0.08
0.09
0.06
0.04
0.04
0.07
0.10
0.20
0.41
0.10
0.05
Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
WTRC027 123 124 0.91 0.00 0.00 0.30 0.08
130 131 0.60 0.01 0.00 2.60 0.15
132 133 1.10 0.01 0.00 1.30 0.15
WTRC029 138
139
140
141
142
143		 139
140
141
142
143
144		 0.09
0.00
0.00
0.01
0.01
0.00		 0.00
0.00
0.00
0.00
0.00
0.00		 0.01
0.03
0.01
0.01
0.01
0.01		 -1.00
-1.00
-1.00
-1.00
-1.00
-1.00		 0.76
0.76
0.76
0.76
0.76
0.76
327 328 0.01 0.27 0.80 0.60 -0.01
333
334		 334
335		 0.01
0.01		 0.23
0.25		 1.05
0.78		 0.90
0.90		 -0.01
-0.01
WTRCDD021 197 198 0.00 0.15 0.67 -1.00 0.02
224
225		 225
226		 0.10
0.13		 0.25
0.29		 0.86
0.74		 8.00
8.90		 0.01
0.01
227 228 0.03 0.37 0.61 3.70 0.01
231 232 0.10 0.22 0.63 2.00 0.02
238 239 0.00 0.23 0.86 1.20 -0.01
243
244
245
246
247		 244
245
246
247
248		 0.01
0.01
0.02
0.03
0.01		 0.20
0.24
0.15
0.19
0.21		 0.66
0.63
0.65
0.80
0.64		 1.20
1.20
1.80
4.80
2.00		 -0.01
0.01
0.01
0.01
0.01
249
250		 250
251		 0.00
0.06		 0.22
0.44		 0.63
1.70		 1.70
2.90		 0.02
0.03
252
252.9
253.35		 252.9
253.35
254		 0.05
0.41
0.05		 0.34
0.67
0.21		 0.92
1.74
1.19		 3.20
24.0
7.60		 0.04
0.15
0.15
255 256 0.01 0.17 0.53 1.80 0.01
264
265		 265
266		 0.01
0.01		 0.30
0.49		 1.00
1.10		 2.10
3.70		 0.01
0.02
277
278		 278
279		 0.01
0.27		 0.02
0.05		 0.07
0.10		 3.30
7.60		 0.74
5.96
283
284
285		 284
285
286		 0.02
0.05
0.02		 0.08
0.62
0.37		 0.89
2.03
1.12		 2.80
7.60
6.40		 0.18
0.08
0.09
288
289
290
291
292
293
294		 289
290
291
292
293
294
295		 0.03
0.04
0.03
0.04
0.04
0.14
0.13		 0.35
0.85
1.03
0.99
1.14
0.21
0.08		 1.63
2.70
3.47
3.07
4.27
1.28
0.51		 4.30
9.60
12.3
15.1
14.8
8.50
7.90		 0.06
0.04
0.04
0.07
0.10
0.20
0.41
299 300 0.02 0.06 0.73 15.5 0.10
301 302 0.02 0.06 0.97 2.80 0.05

Peel Mining Limited – Quarterly Report September 2017

30

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
345
346
347
348
349		 346
347
348
349
350		 0.02
0.02
0.02
0.02
0.05		 0.33
1.04
1.56
1.11
0.14		 0.78
2.42
3.65
3.14
0.95		 5.20
19.9
26.4
33.1
43.7		 0.03
0.03
0.03
0.11
0.13
351 352 0.58 0.04 0.63 37.7 0.20
357
358
359
360		 358
359
360
361		 0.06
0.02
0.02
0.01		 0.12
0.54
0.40
0.15		 0.50
1.41
0.97
0.52		 14.8
15.9
7.20
7.10		 0.24
0.19
0.06
0.02
365
366		 366
367		 0.00
0.00		 0.12
0.09		 0.41
0.35		 94.5
53.2		 -0.01
-0.01
390
391
392
393
394
395
396
397
398
399
400
401
402		 391
392
393
394
395
396
397
398
399
400
401
402
403		 0.01
0.01
0.01
0.01
0.02
0.01
0.03
0.05
0.15
0.14
0.43
0.03
0.01		 0.41
0.74
1.11
1.00
0.73
0.39
1.23
0.86
2.22
1.19
0.69
0.31
0.25		 1.76
2.52
3.03
1.88
1.67
0.90
2.55
1.55
4.40
2.90
1.77
1.08
1.37		 39.6
63.8
90.5
59.6
44.4
10.3
19.5
13.3
30.2
20.7
26.8
6.60
16.6		 0.04
0.06
0.11
0.07
0.04
0.05
0.10
0.12
0.17
0.07
0.11
0.06
0.11
404
405
406
407
408
409
410		 405
406
407
408
409
410
411		 0.03
0.02
0.01
0.01
0.02
0.01
0.01		 0.66
0.51
0.37
0.58
0.78
2.01
0.16		 4.16
3.34
1.41
2.33
4.00
5.00
0.36		 66.0
125.0
24.1
41.4
60.5
110.0
70.2		 0.21
0.25
0.03
0.01
-0.01
-0.01
0.04
416
417		 417
418		 0.01
0.01		 0.44
0.39		 1.06
1.30		 53.6
57.4		 0.04
0.04
WTRCDD022 65
66
67
68
69
70		 66
67
68
69
70
71		 0.02
0.08
0.05
0.06
0.06
0.06		 0.01
0.04
0.02
0.01
0.03
0.01		 0.01
0.01
0.01
0.01
0.01
0.01		 -1.00
-1.00
-1.00
-1.00
-1.00
-1.00		 0.56
0.56
0.56
0.56
0.56
0.56
92
93
94
95
96
97		 93
94
95
96
97
98		 1.45
1.83
1.99
1.46
1.08
1.23		 0.00
0.00
0.00
0.00
0.00
0.00		 0.00
0.00
0.03
0.00
0.00
0.00		 -0.20
-0.20
-0.20
-0.20
-0.20
-0.20		 0.01
0.03
0.01
0.01
0.01
0.01
110
111
112		 111
112
113		 1.01
1.09
0.67		 0.01
0.01
0.01		 0.00
0.02
0.01		 3.00
4.10
1.70		 0.26
0.31
0.10
126 127 0.15 0.66 0.76 3.10 0.01

Peel Mining Limited – Quarterly Report September 2017

31

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
127
128		 128
129		 0.67
1.84		 0.25
0.32		 0.14
0.13		 8.20
19.0		 0.01
0.01
243
244
245		 244
245
246		 0.00
0.00
0.00		 0.05
0.08
0.14		 0.92
1.00
0.87		 2.70
3.40
4.00		 -0.01
0.01
0.04
247
248
249
250
251
252
253		 248
249
250
251
252
253
254		 0.00
0.00
0.00
0.00
0.01
0.00
0.02		 0.04
0.01
0.01
0.01
0.01
0.01
0.11		 0.67
0.75
0.81
0.70
0.67
0.71
0.51		 1.10
0.40
0.40
0.40
0.40
0.40
2.00		 0.01
-0.01
-0.01
0.01
0.01
-0.01
0.03
WTRCDD023 240
241
242
243
244		 241
242
243
244
245		 0.01
0.00
0.00
0.01
0.00		 0.50
0.67
0.34
0.25
0.08		 1.84
1.41
1.14
1.60
1.03		 2.60
6.90
26.0
21.1
7.00		 0.06
0.13
0.09
0.09
0.05
289 290 0.58 0.42 0.21 17.1 0.22
291 292 0.93 0.16 0.12 29.5 0.98
293 294 0.61 0.06 0.11 19.1 0.13
298 299 0.22 0.35 0.60 15.6 0.19
302
303		 303
304		 0.13
0.22		 0.43
0.47		 0.70
0.87		 4.60
15.4		 0.17
0.42
305 306 0.64 0.38 0.44 64.3 0.70
316 317 0.19 0.02 0.05 6.60 2.03
319
320
321		 320
321
322		 0.46
0.59
0.15		 0.38
0.05
0.06		 0.63
0.10
0.53		 13.9
11.8
5.20		 0.41
0.64
0.08
360 361 0.94 0.01 0.17 8.20 0.29
378
379
380		 379
380
381		 0.03
0.04
0.09		 0.40
0.85
0.49		 1.14
3.37
1.32		 4.60
7.80
7.10		 0.13
0.14
0.14
382 383 0.21 1.86 3.15 18.9 0.18
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402		 387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403		 0.04
0.06
0.12
0.01
0.06
0.04
0.00
0.00
0.08
0.04
0.15
0.06
0.08
0.02
0.08
0.02
0.02		 0.96
2.19
0.94
0.84
0.81
0.82
0.54
0.22
0.86
0.99
2.92
2.50
4.54
1.23
2.42
2.12
1.65		 3.67
6.54
2.91
1.79
1.84
1.36
1.18
0.71
1.68
2.33
5.40
10.90
9.97
5.50
9.98
6.06
5.41		 14.4
18.9
10.7
4.90
5.90
6.00
3.40
1.50
5.80
8.40
31.2
45.6
79.1
32.2
63.2
41.7
31.5		 0.40
0.23
0.12
0.03
0.03
0.04
-0.01
0.01
0.08
0.06
0.16
0.16
0.55
0.12
0.15
0.14
0.12

Peel Mining Limited – Quarterly Report September 2017

32

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
403
404
405
406		 404
405
406
407		 0.03
0.03
0.03
0.03		 1.74
3.01
2.51
0.80		 6.43
7.91
8.72
2.38		 55.8
76.8
81.9
103.0		 0.03
0.01
0.03
0.02
415 416 0.00 0.08 0.77 5.40 -0.01
422
423
424
425
426
427		 423
424
425
426
427
428		 0.00
0.01
0.01
0.01
0.00
0.00		 0.16
0.39
0.55
0.73
0.67
0.29		 0.50
1.48
1.73
1.17
2.28
1.14		 5.60
18.9
14.0
13.3
14.0
8.30		 -0.01
0.04
0.04
0.02
0.02
0.02
WTRCDD024 128 129 0.50 0.01 0.00 1.80 0.24
158 159 0.02 0.51 0.11 1.60 0.04
160
161
162
163
164
165
166
167
168
169
170
171
172
173		 161
162
163
164
165
166
167
168
169
170
171
172
173
174		 0.05
0.01
0.01
0.01
0.06
0.05
0.01
0.02
0.01
0.09
0.08
0.04
0.11
0.04		 0.97
0.54
0.51
0.63
2.12
1.93
1.76
1.11
1.99
4.71
2.17
1.12
2.15
0.81		 0.39
0.07
0.07
0.17
0.94
0.91
0.25
0.32
0.19
0.66
0.94
0.94
1.82
0.74		 9.70
3.40
2.90
2.90
8.50
15.3
8.10
4.00
1.20
9.70
9.80
15.2
10.9
16.6		 0.08
0.03
0.03
0.04
0.15
0.16
0.18
0.06
0.03
0.15
0.13
0.05
0.12
0.06
183
184
185
186
187
188		 184
185
186
187
188
189		 0.03
0.04
0.01
0.03
0.04
0.05		 0.41
0.28
0.77
0.89
0.92
2.00		 1.19
0.82
0.82
1.08
0.99
1.19		 5.20
3.70
7.70
7.10
7.00
7.40		 0.12
0.01
0.11
0.17
0.18
0.11
190
191
192
193
194
195
196
197
198
199		 191
192
193
194
195
196
197
198
199
200		 0.22
0.11
0.04
0.00
0.04
0.03
0.08
0.02
0.02
0.02		 2.92
2.44
1.32
0.53
0.87
1.73
2.33
1.71
0.68
0.84		 3.23
2.42
1.25
0.21
1.06
0.63
0.75
0.21
0.60
0.83		 13.2
9.60
6.60
1.30
4.80
3.20
5.40
1.60
1.80
3.50		 0.35
0.25
0.24
0.07
0.11
0.11
0.15
0.06
0.13
0.11
201
202		 202
203		 0.04
0.19		 0.52
0.58		 0.62
1.23		 3.40
7.00		 0.09
0.20
204 205 0.03 0.64 0.77 4.20 0.15
207
208
209
210		 208
209
210
211		 0.01
0.01
0.02
0.01		 0.18
0.63
0.61
0.53		 0.51
2.15
1.64
1.37		 3.10
8.50
7.30
4.70		 0.07
0.15
0.13
0.14

Peel Mining Limited – Quarterly Report September 2017

33

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

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
211
212
213		 212
213
214		 0.01
0.01
0.02		 0.95
0.47
0.49		 1.06
0.97
2.44		 6.30
2.80
3.50		 0.14
0.04
0.20
215
216
217		 216
217
218		 0.07
0.05
0.02		 0.28
0.57
0.31		 0.96
1.50
0.54		 3.90
4.60
2.80		 0.24
0.26
0.30
220
221
222		 221
222
223		 0.01
0.01
0.01		 0.21
0.40
0.37		 1.13
1.04
0.67		 1.70
3.00
2.60		 0.08
0.06
0.09
225
226
227		 226
227
228		 0.11
0.09
0.05		 0.66
0.87
0.17		 1.43
1.36
0.54		 8.40
10.3
4.90		 0.11
0.11
0.08
229
230		 230
231		 0.02
0.12		 0.27
0.68		 0.76
1.92		 6.90
11.5		 0.24
0.15
234.5 235 0.00 0.28 0.97 3.30 0.04
240
241
242
243
244
245
246
247
248
249		 241
242
243
244
245
246
247
248
249
250		 0.02
0.01
0.02
0.01
0.01
0.01
0.02
0.04
0.04
0.00		 1.15
0.71
0.33
0.36
0.33
2.40
1.32
0.22
0.36
0.12		 1.30
0.66
0.71
1.04
1.03
2.70
2.97
0.56
0.73
0.52		 16.2
10.0
6.80
9.40
5.80
31.9
18.0
4.90
5.40
5.70		 0.27
0.14
0.13
0.14
0.09
0.19
0.25
0.06
0.03
0.05
255 256 0.00 0.59 0.16 -1.00
WTRCDD025 96
97
98
99		 97
98
99
100		 0.82
0.53
0.54
0.71		 0.00
0.00
0.00
0.00		 0.00
0.01
0.00
0.00		 0.60
-0.20
-0.20
-0.20		 0.06
0.03
0.07
0.10
103 104 0.50 0.00 0.02 -0.20 0.03
128
129		 129
130		 0.85
1.41		 0.00
0.00		 0.00
0.00		 0.70
1.00		 0.05
0.08
131 132 0.57 0.01 0.00 2.10 0.04
133
134
135		 134
135
136		 0.63
2.81
0.50		 0.05
0.05
0.03		 0.01
0.01
0.00		 25.0
139.0
16.8		 0.52
0.81
0.17
140 141 0.68 0.05 0.00 13.8 0.02
169
170
171		 170
171
172		 0.63
0.72
0.67		 0.06
0.02
0.13		 0.12
0.06
0.09		 20.5
18.0
17.1		 0.09
0.09
0.08
190 191 1.75 0.03 0.17 47.3 2.11
196 197 0.65 0.22 0.06 20.6 0.07
211
212		 212
213		 0.62
0.54		 0.08
0.07		 0.05
0.05		 21.7
19.1		 0.16
0.08
251 252 0.02 0.03 1.29 -1.00 0.02
271
272
273
274		 272
273
274
275		 0.01
0.02
0.01
0.00		 0.27
0.31
0.82
0.18		 0.72
0.88
2.62
1.11		 2.70
1.70
3.00
0.90		 0.02
0.02
0.03
0.02

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
275
276
277
278
279		 276
277
278
279
280		 0.00
0.00
0.00
0.01
0.00		 0.08
1.08
0.05
0.75
0.24		 1.09
2.77
1.19
6.47
1.19		 0.50
2.40
0.80
3.80
1.10		 0.01
0.01
0.01
0.01
0.02
300.2 301 0.00 0.39 0.99 8.60 0.02
307 308 0.02 0.55 0.18 14.9 0.07
324 325 0.02 0.01 0.54 3.00 0.15
326
327		 327
328		 1.05
0.04		 0.08
0.03		 0.34
0.17		 19.2
5.40		 0.19
0.50
332
333		 333
334		 0.11
0.06		 0.07
0.06		 0.10
0.51		 16.2
5.50		 0.51
0.07
351 352 0.01 0.01 0.01 2.80 0.64
393 394 1.63 1.85 1.97 34.6 0.49
395 396 0.90 0.05 0.48 14.4 0.20
404 405 0.02 0.12 0.49 1.60 0.02
408 409 0.02 0.20 0.56 3.60 0.07
427
428		 428
429		 0.00
0.00		 0.33
0.29		 0.57
0.78		 4.90
4.30		 0.02
0.01
431
432
433
434
435		 432
433
434
435
436		 0.01
0.03
0.01
0.01
0.01		 1.20
0.73
0.47
0.28
0.09		 2.71
4.58
1.29
0.56
0.44		 12.2
9.90
6.40
10.9
8.40		 0.04
0.03
0.04
0.64
0.51
437
438
439		 438
439
440		 0.01
0.01
0.01		 0.45
0.64
0.35		 1.13
2.42
1.06		 14.6
11.3
7.90		 0.52
0.31
0.15
441 442 0.00 0.11 0.53 2.70 0.05
443 444 0.00 0.19 0.68 11.3 0.08
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466		 452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467		 0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.02
0.01
0.02
0.02
0.02
0.01
0.01
0.03
0.01		 0.19
0.25
0.14
0.15
0.34
2.03
0.98
0.86
0.34
0.75
1.22
1.72
0.47
0.78
0.79
0.17		 0.79
0.89
0.50
0.59
0.79
3.24
1.84
1.19
0.61
2.08
4.98
6.10
1.69
2.12
3.75
0.48		 31.5
29.6
15.9
15.8
34.6
51.4
38.3
31.5
13.4
21.0
34.9
54.9
34.8
56.0
58.8
57.8		 0.08
0.10
0.04
0.06
0.09
0.10
0.14
0.15
0.07
0.04
0.05
0.03
0.02
0.02
0.05
0.11
468
469		 469
470		 0.00
0.01		 0.24
0.12		 0.96
0.28		 29.6
50.8		 0.01
0.03
WTRCDD026 235
236		 236
237		 0.68
0.82		 0.03
0.02		 0.08
0.10		 9.70
10.2		 0.68
0.21
239 240 0.57 0.03 0.18 6.10 0.08

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
242
243
244
245
246		 243
244
245
246
247		 0.13
0.16
0.37
0.32
0.94		 0.14
0.12
0.16
0.09
0.07		 0.69
0.68
0.85
0.62
0.43		 2.90
2.80
6.80
5.30
7.90		 0.07
0.08
0.13
0.24
0.32
248
249
250		 249
250
251		 0.99
0.50
0.60		 0.29
0.35
0.52		 1.04
0.75
0.13		 15.9
14.0
30.9		 0.17
0.67
0.08
273 274 0.61 0.12 0.08 19.2 0.12
286 287 0.11 0.56 0.24 30.3 0.06
345
346		 346
347		 0.23
0.03		 0.91
0.11		 1.14
0.86		 43.0
5.60		 0.05
-0.01
352 353 0.68 0.02 0.08 23.4 0.05
354 355 0.64 0.03 0.08 21.8 0.12
365 366 1.15 0.01 0.17 16.5 0.24
374
375		 375
376		 0.48
0.62		 0.16
0.06		 1.10
0.66		 14.0
11.5		 0.26
0.41
377
378
379
380
381
382
383
384		 378
379
380
381
382
383
384
385		 1.52
0.50
1.64
0.98
0.12
0.05
0.05
0.04		 0.05
0.09
0.09
0.05
0.88
0.62
1.05
0.70		 0.15
0.24
0.34
0.35
3.29
1.16
1.73
0.79		 34.2
14.1
33.0
15.1
4.20
3.00
7.60
7.10		 0.11
0.70
2.22
0.78
0.05
0.06
0.26
0.13
386 387 0.29 0.75 0.95 8.00 0.11
388 389 0.01 0.28 0.54 2.00 0.01
392
393
394
395		 393
394
395
396		 0.16
0.06
0.03
0.20		 0.37
0.92
0.19
0.70		 1.02
2.89
0.52
1.40		 4.60
6.30
2.30
11.8		 0.17
0.27
0.09
0.29
397
398
399
400		 398
399
400
401		 0.09
0.16
0.08
0.09		 0.48
3.46
0.29
1.32		 1.29
4.55
1.22
1.90		 5.70
19.8
3.30
11.1		 0.51
0.60
0.07
0.19
416
417
418
419
420
421
422		 417
418
419
420
421
422
423		 0.01
0.01
0.04
0.02
0.01
0.00
0.01		 0.46
0.37
1.77
1.38
1.32
0.54
0.33		 1.71
1.72
7.55
4.03
2.75
0.98
0.68		 6.40
4.80
16.5
13.3
13.4
7.30
4.40		 0.04
0.03
0.05
0.07
0.07
0.09
0.07
425
426
427
428		 426
427
428
429		 0.00
0.01
0.04
0.01		 0.78
0.48
0.90
0.11		 1.31
0.77
0.78
0.16		 23.5
21.8
56.2
59.8		 0.04
0.01
0.07
0.13
433
434
435		 434
435
436		 0.02
0.03
0.02		 0.52
1.49
0.68		 1.12
3.23
0.76		 32.0
55.4
34.4		 0.02
0.05
0.05
437 438 0.00 2.61 2.40 49.4 0.08

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
438
439		 439
440		 0.01
0.00		 0.85
0.42		 1.48
0.53		 17.6
16.3		 0.07
0.08
443 444 0.00 0.50 0.67 12.9 0.02
449 450 0.03 0.31 0.49 85.4 0.21
453 454 0.00 0.04 0.72 1.80 -0.01
WTRCDD030 138 139 0.02 0.50 0.07 -1.00 0.01
161
162		 162
163		 0.00
0.00		 0.03
0.02		 0.63
0.70		 0.40
0.50		 -0.01
-0.01
164 165 0.01 0.02 0.60 0.80 -0.01
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333		 319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334		 0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.01
0.00
0.00
0.00		 0.19
0.23
0.22
0.15
0.17
0.16
0.13
0.38
0.42
0.29
0.51
0.37
0.83
0.46
0.30
0.29		 0.90
0.97
1.01
0.71
0.74
0.80
0.49
0.98
0.61
1.68
2.80
2.10
3.19
2.43
1.97
1.83		 11.8
11.4
9.50
6.50
7.20
6.50
4.30
9.10
10.5
6.60
6.60
6.60
22.7
8.30
4.10
2.90		 -0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
-0.01
0.01
0.01
-0.01
-0.01
0.02
0.02
-0.01
0.01
338 339 0.00 0.00 0.56 0.30 -0.01

Mount Allen RC Significant Lab (Au) and pXRF (Cu, Pb, Zn, Ag) Assay Results (1m intervals)

Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
MARC003 0
1		 1
2		 0.01
0.02		 0.01
0.09		 0.05
0.02		 -1.00
-1.00		 0.90
0.54
36
37
38		 37
38
39		 0.25
0.37
0.43		 7.64
13.7
0.57		 0.38
0.52
0.68		 29.8
8.70
0.30		 0.30
0.35
0.15
40 41 0.14 0.55 0.21 0.20 0.01
68 69 0.00 0.00 0.01 -1.00 0.73
72 73 0.00 0.01 0.02 -1.00 0.54
74 75 0.00 0.05 0.02 34.0 0.57
82 83 0.00 0.04 0.02 45.0 1.04
84
85		 85
86		 0.00
0.00		 0.02
0.02		 0.02
0.02		 -1.00
11.0		 1.46
0.60
97 98 0.00 0.02 0.02 14.0 0.51
100
101
102
103
104		 101
102
103
104
105		 0.00
0.01
0.00
0.00
0.00		 0.03
0.07
0.02
0.00
0.00		 0.01
0.02
0.01
0.01
0.01		 31.0
103.0
10.0
-1.00
-1.00		 1.09
2.61
0.76
1.99
0.60
MARC004 98
99		 99
100		 0.00
0.00		 0.00
0.01		 0.02
0.02		 -1.00
-1.00		 4.90
2.26
102 103 0.00 0.01 0.02 -1.00 1.35

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Hole ID From(m) To(m) Cu(%) Pb(%) Zn(%) Ag (g/t) Au(g/t)
103
104
105		 104
105
106		 0.00
0.01
0.01		 0.01
0.17
0.11		 0.02
0.02
0.03		 -1.00
55.0
67.0		 8.21
3.22
1.39
135 136 0.01 0.02 0.04 15.0 0.54
219
220
221		 220
221
222		 0.06
0.11
0.05		 0.26
0.48
0.13		 1.34
2.67
0.75		 7.10
7.10
2.60		 0.04
0.79
0.02

JORC Code, 2012 Edition Table 1 Appendices

Table 1 - Section 1 Sampling Techniques and Data for the Apollo Hill 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.
 Apollo Hill drilling includes RAB, aircore, RC, and
diamond drilling by Battle Mountain, Fimiston
Mining, Homestake, MPI, Hampton Hill, Apex
Minerals and Peel Mining since the mid 1980s.
 The database contains 136 aircore, 214 RC, and
59 diamond holes for 26,761 m, along with 135
RAB holes that were not included in the resource
dataset.
 Peel's RC and diamond drilling provides around
18% of the estimation dataset. The remaining
data are primarily from RC and diamond drilling
by Battle Mountain (33%), Apex Minerals (18%),
Fimiston Mining (13%), and Hampton Hill (12%).
Homestake and MPI holes provide 5% and 1% of
the data respectively. The estimation dataset is
approximately evenly split between RC and
diamond drilling with a minor contribution from
aircore holes(0.1%).
Include reference to measures taken to
ensure sample representivity and the
appropriate
calibration
of
any
measurement tools or systems used.
 Measures taken to ensure the representivity of
Peel’s RC and diamond sampling include close
supervision by geologists, use of appropriate
sub-sampling methods, routine cleaning of
splitters and cyclones, and RC rigs with sufficient
capacity to provide generally dry, reasonable
recovery samples. Information available to
demonstrate sample representivity includes RC
sample weights, field duplicates and core
recovery measurements.
 Few details of drilling and sampling methods for
older drillingare available.
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 samplesfrom which 3
 Peel Mining: RC holes were sampled over 1m
intervals by cone-splitting. Diamond core was
generally sampled over 1m intervals and
quartered for assaying with a diamond saw. RC
and diamond samples were analysed by ALS in
Kalgoorlie. At ALS samples were oven dried and
crushed to 90%passing2mm,andpuliverised to

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Criteria JORC Code explanation
Commentary
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
95% passing 106 microns, with analysis by 50g
fire assay.
 Battle Mountain: Aircore and RC holes were
sampled over 1m intervals and commonly
composited to 2m for analysis by AAS. Diamond
core was analysed by screen fire assay or AAS.
 Apex Minerals: RC holes were sampled over 1m
intervals by riffle splitting and analysed by 50g
fire assay, or less commonly Leachwell.
 Homestake: Aircore holes were composite
sampled with analysis by aqua regia. Diamond
core was halved by diamond saw and analysed
by 50g fire assay.
 Fimiston Mining: RC samples were collected over
1m intervals, with selected un-mineralised
intervals composited to 2m for assaying. Dry
samples were riffle split. Wet samples were
collected by spearing. Analysis was by 50g fire
assay.
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).
 The estimation dataset is approximately evenly
split between RC and diamond drilling with
around 0.1% from aircore holes.
 Peel RC drilling used generally 5.5 “ face-
sampling bits. Fimiston RC drilling employed 4.5”
face sampling bits. Few details of older RC
drilling procedures are available.
 Peel diamond drilling was HQ diameter and
oriented using an electronic tool. Older diamond
drilling included HQ and NQ core, with
orientation byspear.
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.
 Peel Mining: Measures taken to maximise
recovery for RC drilling included use of face
sampling bits and drilling rigs of sufficient
capacity to provide generally dry, high recovery
samples. RC sample weights indicate an average
recovery of around 74% and no relationship
between recovery and grade. Diamond core
recoveries average 99.7% with no relationship
between recovery and grade.
 Few details of sample recovery for older drilling
are available and it is not known if this sampling
exhibits any significant grade-recovery trends.
Any uncertainty in the reliability of older data is
captured by classification of the estimates as
Inferred. It is anticipated that future drilling
aimed at higher confidence estimates will
include twinningof older holes.
Logging Whether core and chip samples have been
geologically andgeotechnically logged to
 Drill holes were geologically logged by industry
standard methods. Peel diamond core was

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Criteria JORC Code explanation Commentary
a level of detail to support appropriate routinely photographed.
Mineral Resource estimation, mining  Geological logs are available for 80% of the
studies and metallurgical studies. resource area drilling.
Whether
logging
is
qualitative
or		  The logging is qualitative in nature and of
quantitative in nature. Core (or costean, sufficient detail to support the current resource
channel, etc) photography. estimates.
The total length and percentage of the
relevant intersections logged.
Sub-sampling If core, whether cut or sawn and whether  Peel Mining: RC holes were sampled over 1m
techniques quarter, half or all core taken. intervals by cone-splitting. Diamond core was
and sample If non-core, whether riffled, tube sampled, generally sampled over 1m intervals and
preparation rotary split, etc and whether sampled wet quartered for assaying with a diamond saw. RC
or dry. and diamond sampling was closely supervised by
For all sample types, the nature, quality field geologists and included appropriate
and appropriateness of the sample sampling methods, routine cleaning of splitters
preparation technique. and cyclones, and rigs with sufficient capacity to
Quality control procedures adopted for all provide generally dry, high recovery RC samples.
sub-sampling
stages
to
maximise		 Sample representivity monitoring included
representivity of samples. weighing RC samples, field duplicates and core
Measures taken to ensure that the recovery measurements. Assay samples were
sampling is representative of the in situ crushed to 90% passing 2mm, and puliverised to
material collected, including for instance 95% passing 106 microns, with fire assay of 50g
results for field duplicate/second-half sub-samples. Assay quality monitoring included
sampling. reference standards and inter-laboratory checks
Whether sample sizes are appropriate to assays.
the grain size of the material being  Few details of sampling procedures for older
sampled. drilling are available.
 Apex Minerals: RC holes were sampled over 1m
intervals by riffle splitting. QAQC monitoring
included Leachwell repeats of original fire
assays.
 Homestake: aircore holes were composite
sampled. Diamond core was halved by diamond
saw.
 Fimiston Mining: Dry RC samples were riffle split
and wet samples were collected by spearing.
 The project is at an early stage of evaluation and
the suitability of sub-sampling methods and sub-
sample sizes for all sampling groups has not been
comprehensively established. The available
suggests that sampling procedures provide
sufficiently representative sub-samples for the
current Inferred resource estimates.
Quality of For geophysical tools, spectrometers,  No geophysical measurements were used in the
assay data handheld XRF instruments, etc, the resource estimates.
and laboratory
parameters used in determining the		  For Peel’s sampling field duplicates, blind
tests analysis including instrument make and reference standards and inter-laboratory checks
model, reading times, calibrations factors confirm assay precision and accuracy with
applied and their derivation, etc. sufficient confidence for the current estimates.
Nature of quality controlprocedures Few details of sampling procedures for older

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Criteria JORC Code explanation
Commentary
adopted (eg standards, blanks, duplicates,
external laboratory checks) and whether
acceptable levels of accuracy (ie lack of
bias) and precision have been established.
drilling are available.
 Apex Minerals assay quality monitoring included
Leachwell repeats of original fire assays.
 Peel re-sampled 99 core intervals from Hampton
Hill diamond holes, and submitted these
samples for independent fire assay at ALS and
Standard Reference Laboratories giving average
gold grades around 30% less than reported by
Hampton Hill. Reasons for this trend are unclear,
and further investigations are planned as
assessment of the deposit continues. Hampton
Hill diamond drilling provides around 3% of the
resource dataset and reliability of these data
does not significantly affect confidence in the
estimates.
 Acceptable levels of assay accuracy have been
established for the current Inferred estimates.
Uncertainty over detailed accuracy of older data
is captured by classification of the estimates as
Inferred.
Verification of
sampling and
assaying		 The verification of significant intersections
by either independent or alternative
company personnel.
 No drill hole results are reported in this
announcement.
The use of twinned holes.
 No twinned holes have been drilled at Apollo Hill
Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic) protocols.
 Peel’s compilation of historic drill data included
verifying around 95% of assays with company
reports, including assay certificates where
available.
 For Peel’s drilling sample intervals and geological
logs were recorded by field geologists on hard
copy sampling sheets which were entered into
spreadsheets for merging into a central SQL
database. Laboratory assay files were merged
directly into the database. Peel geologists
routinely validate data when loading into the
database.
Discuss any adjustment to assay data.
 Assay values were not adjusted for resource
estimation.
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.

 Collars for Peel and Apex holes were surveyed by
differential GPS. Survey methods for other
sampling phases are uncertain. Most diamond
holes (85%), and some RC holes (17%) were
down-hole surveyed, generally by single shot
camera. Detailed locations of hole paths for un-
surveyed holes are uncertain.
 The locations of drill hole traces have been
defined with sufficient accuracy for the current
Inferred estimates.
Specification of thegrid system used.
 Older drillingused a localgrid rotated 45ofrom

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Criteria JORC Code explanation
Commentary
AMG. Peel’s surveying and resource modeling
was undertaken in Map Grid of Australia 1994
(MGA94)Zone 51 coordinates.
Quality and adequacy of topographic
control.
 A topographic triangulation was generated from
drill hole collar surveys. Topographic control is
adequate for the current estimates.
Data spacing
and
distribution		 Data spacing for reporting of Exploration
Results.
 No
drill
results
are
included
in
this
announcement.
 Apollo Hill mineralisation has been tested by
generally 30m spaced traverses of south-
westerly inclined drill holes. Across strike
spacing is variable. The upper approximately
50m has been generally tested by 20-30m
spaced holes, with deeper drilling ranging from
locally 20m to commonly greater than 60m
spacing.
 Camp area drilling comprises generally 20m
spaced traverses of south-west inclined holes.
Across strike spacing is generally around 15m to
approximately 60m with rare irregularly spaced
deeper holes.
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.
 The data spacing is sufficient to establish
geological and grade continuity sufficiently for
the current Mineral Resource Estimates.
Whether sample compositing has been
applied
 Drill hole samples were composited to 2m down-
hole intervals for resource modeling.
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.
 Mineralised zones dip at an average of around
60oto the northeast. Detailed orientations of all
short-scale mineralised features have not yet
been confidently established. The majority of
resource holes are inclined at around 60oto the
southwest.
 Available information suggests that the resource
drilling orientations achieve sufficiently un-
biased sampling of the mineralisation for the
current estimates.
Sample
security		 The measures taken to ensure sample
security.
 Apollo Hill is in an isolated area, with little access
by general public. Peel’s field sampling was
supervised by Peel geologists. Sub-samples
selected for assaying were collected in heavy-
duty polywoven plastic bags which were
immediately sealed. These bags were delivered
to the assay laboratory by independent couriers,
Peel employees or contractors. Few details of
sample security for older drilling are available.
Results of field duplicates,and thegeneral

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Criteria JORC Code explanation Commentary
consistency of results between sampling phases
provide confidence in the general reliability of
the resource data.
Audits or The results of any audits or reviews of  The competent person independently reviewed
reviews sampling techniques and data. Peel’s sample quality information and database
validity. These reviews included consistency
checks within and between database tables and
comparison of assay entries with original source
records for Peel’s drilling. These reviews showed
no significant discrepancies. The competent
person considers that the Apollo Hill resource
data has been sufficiently verified to provide an
adequate basis for the current Mineral Resource
estimates.

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

Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location  The Apollo Hill project lies within Exploration
tenement and and ownership including agreements or Licence E39/1198, M31/486 and M39/296. The
land tenure material issues with third parties such as tenements are wholly-owned by Apollo Mining
status joint ventures, partnerships, overriding Pty Ltd, which in turn is 100%-owned by Peel
royalties, native title interests, historical Mining Ltd. E39/1198 and M31/486, along with
sites, wilderness or national park and certain other tenure, are the subject of a 5%
environmental settings. gross over-riding royalty (payable to HHM) on
The security of the tenure held at the time Apollo Hill gold production exceeding 1 million
of reporting along with any known ounces. M39/296 is the subject of a $1/t royalty
impediments to obtaining a licence to (payable to a group of parties) on any production.
operate in the area.  The tenements are in good standing and no
known impediments exist.
Exploration Acknowledgment and appraisal of  Aircore, RC and diamond drilling by previous
done by other exploration by other parties. tenement holders provides around 82% of the
parties estimation dataset. These data are primarily
from RC and diamond drilling by Battle Mountain
(33%), Apex Minerals (18%), Fimiston Mining
(13%), Hampton Hill (12%). Homestake and MPI
holesprovide 5% and 1% of the data respectively.
Geology  Deposit type, geological setting and style  The Apollo Hill project comprises two deposits:
of mineralisation. The main Apollo Hill deposit in the north-west of
the project area, and the smaller Camp deposit in
the south. Gold mineralisation is associated with
quartz veins and carbonate-pyrite alteration
along a steeply north-east dipping contact
between felsic rocks to the west, and mafic
dominated rocks to the east. The combined
mineralised zones extend over a strike length of
approximately 1.4km, and have been intersected
by drilling to approximately 350m depth.
 The depth of complete oxidation averages
around 4m with depth to fresh rock averaging

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Criteria JORC Code explanation
Commentary
around 21m.
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 m) 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.
 No individual drill hole results are reported in this
announcement.
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.
 No individual drill hole results are reported in this
announcement.
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
 No metal equivalent values are 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 in this
announcement.
Diagrams Appropriate maps and sections (with
scales) and tabulations of intercepts
 See diagrams included.

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Criteria JORC Code explanation Commentary
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.
Balanced Where comprehensive reporting of all  No drill hole results are reported in this
reporting Exploration Results is not practicable, announcement.
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  Peel have undertaken two phases of preliminary
substantive material, should be reported including metallurgical test work on samples of Apollo Hill
exploration (but
not
limited
to):
geological		 mineralisation (see ASX announcement “Further
data observations; geophysical survey results; Metallurgical Testwork Success at Apollo Hill”
geochemical survey results; bulk samples dated 16thJune 2016.
– size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work The nature and scale of planned further  Although not yet planned in detail, it is
work (eg tests for lateral extensions or anticipated that further work will include infill,
depth extensions or large-scale step-out step out and twin-hole drilling. This work will be
drilling). designed to improve confidence in, and test
Diagrams clearly highlighting the areas of potential extensions to the current resource
possible extensions, including the main estimates.
geological interpretations and future
drilling areas, provided this information is
not commercially sensitive.

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Table 1 - Section 3 Estimation and Reporting of Mineral Resources for the Apollo Hill Project

Criteria JORC Code explanation JORC Code explanation JORC Code explanation Commentary
Database Measures taken to ensure that data has  Peel’s compilation of historic drill data included
integrity not been corrupted by, for example, verifying around 95% of assays with company
transcription or keying errors, between its reports, including assay certificates where
initial collection and its use for Mineral available.
Resource estimation purposes.  For Peel’s drilling sample intervals and geological
Data validation procedures used. logs were recorded by field geologists on hard
copy sampling sheets which were entered into
spreadsheets for merging into the central
database. Laboratory assay files were merged
directly into a SQL database. Peel geologists
routinely validate data when loading into the
database
 The competent person’s checks of database
validity included consistency checks within and
between database tables and comparison of
assay entries with original source records for
Peel’s drilling. These reviews showed no
significant discrepancies.
 The competent person considers that the
resource data has been sufficiently verified to
provide an adequate basis for the current
Mineral Resource estimates.
Site visits Comment on any site visits undertaken by  Mr Abbott has not visited Apollo Hill, due to lack
the Competent Person and the outcome of of current field activities and early stage of
those visits. project evaluation. While producing the resource
If no site visits have been undertaken estimates, Mr Abbott worked closely with Peel
indicate why this is the case. geologists who have visited the deposit many
times and are familiar with the geological setting,
and mineralisation controls. It is anticipated that
a site visit will be undertaken when drilling
recommences.
Geological Confidence in (or conversely, the  Apollo Hill’s general geological setting has been
interpretation uncertainty of) the geological confidently established from drill hole logging
interpretation of the mineral deposit. and geological mapping. Mineralised domains
Nature of the data used and of any used for resource estimation capture zones of
assumptions made. continuous mineralisation with drill sample gold
The
effect,
if
any,
of		 alternative grades of greater than 0.1 g/t. The domains are
interpretations on Mineral Resource consistent with geological interpretation.
estimation.  Mineralised domains interpreted for the Apollo
The use of geology in guiding and Hill area comprise a generally higher grade
controlling Mineral Resource estimation. western zone which straddles the felsic/mafic
The factors affecting continuity both of contact and a contiguous eastern zone of
grade and geology. generally lower gold grades. These domains have
been interpreted over a strike length of
approximately 1,080m with average widths of
around 100m and 170m respectively.
 Mineralisation in the Camp area is interpreted as
a moderatelynorthwest dippingzone that has

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Criteria JORC Code explanation
Commentary
been variably drilled over a strike length of 520m.
This mineralisation is subdivided into a main
southern domain, and a subsidiary, less closely
drilled northern domain with average widths of
approximately 40 and 30m respectively.
 The depth of complete oxidation averages
around 4m with depth to fresh rock averaging
around 21m.
 Due to the confidence in understanding of
mineralisation controls and the robustness of the
geological model investigation of alternative
interpretations are considered unnecessary.
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 west and east Apollo Hill domains are
interpreted over a strike length of approximately
1,080m with average widths of around 100 and
170 m respectively. Camp mineralisation is
interpreted over 520m of strike. The southern
and northern domains have average widths of
approximately 40 and 30 m respectively.
 Model estimates extend from surface to around
290m depth. Mineral Resources are truncated at
approximately 180m depth (190mRL) reflecting
Peel’s interpretation of the maximum depth with
reasonable prospects for eventual economic
extraction.
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.
 Mineralised
domains
used
for
resource
estimation
capture
zones
of
continuous
mineralisation with drill sample gold grades of
greater than 0.1 g/t. The domains are consistent
with geological interpretation.
 Resources were estimated by Multiple Indicator
Kriging (MIK) with grade continuity characterised
by indicator variograms modelled at 14 indicator
thresholds. All class grades were derived from
class mean grades. The modeling used a three
pass octant based search strategy giving
estimates extrapolated to a maximum of 70m
from composite locations.
 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 Apollo
Hill.
 Previous resource estimates from the 1990’s
were based on substantially smaller datasets,
and are not compatible with the current

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Criteria JORC Code explanation
Commentary
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 resource models include estimates for gold
only. No deleterious elements were estimated.
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
 Apollo Hill area drilling comprises generally 30m
spaced traverses, with the upper approximately
50m generally tested by 20-30m spaced holes,
and commonly greater than 60m spacing at
depth. Camp area drilling comprises generally
20m traverses of 15m spaced holes to
approximately 60m depth, with rare, irregularly
spaced deeper holes.
 Resources were estimated into 10 by 30 by 5 m
panels.
 The modelling includes a three pass octant
search strategy with search ellipsoids aligned
with average domain orientations. Search radii
and minimum data requirements are: Search 1:
40 by 40 by 8 m (16 data), Search 2: 70 by 70 by
14 m (16 data), Search 3: 70 by 70 by 14 (8 data).
 The estimates include a variance adjustment to
give estimates of recoverable resources for
mining selectivity of 3 by 5 by 2 m with grade
control samplingon a 4 by6 by1 mpattern.
Any
assumptions
about
correlation
between variables.
 The
modeling
did
not
include
specific
assumptions
about
correlation
between
variables.
Description
of
how
the
geological
interpretation was used to control the
resource estimates.
 Mineralised domain interpretation included
reference to geological interpretations, and the
domains
are
consistent
with
geological
understanding.
Discussion of basis for using or not using
grade cutting or capping.
 The MIK modeling included 14 indicator
thresholds with all class grades derived from
class meangrades.
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
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 project is at an early
stage, and metallurgical and mining parameters
have not yet been confidently established. The
cut-offgrades applied to the estimates reflect

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Criteria JORC Code explanation Commentary
Peel’s interpretation of potential commodity
prices,costs and recoveries.
Mining factors
Assumptions made regarding possible		  Economic evaluation of project is at an early
or mining
methods,
minimum
mining		 stage, and mining parameters have not yet been
assumptions dimensions and internal (or, if applicable, confidently established. Peel believes that the
external) mining dilution. It is always shallow and extensive nature of mineralisation
necessary as part of the process of suggests that the project has reasonable
determining reasonable prospects for prospects for eventual economic extraction.
eventual economic extraction to consider  The resource estimates include a variance
potential mining methods, but the adjustment to give estimates of recoverable
assumptions made regarding mining resources for mining selectivity of 3 by 5 by 2 m
methods
and
parameters
when		 with grade control sampling on a 4 by 6 by 1 m
estimating Mineral Resources may not pattern.
always be rigorous. Where this is the case,  Mineral
Resources
are
truncated
at
this
should
be
reported
with
an		 approximately 180m depth (190mRL) reflecting
explanation of the basis of the mining Peel’s interpretation of the maximum depth with
assumptions made. reasonable prospects for eventual economic
extraction.
Metallurgical The basis for assumptions or predictions  Peel
has
completed
several
rounds
of
factors or regarding metallurgical amenability. It is metallurgical testwork. The most recent testwork
assumptions always necessary as part of the process of focused on conventional cyanide leach (with and
determining reasonable prospects for without gravity) testwork, and heap leach
eventual economic extraction to consider simulation. Conventional cyanide leach (with and
potential metallurgical methods, but the without gravity) testwork returned between 92-
assumptions
regarding
metallurgical		 98%
gold
recoveries;
whilst
heap
leach
treatment processes and parameters simulations returned gold extractions of between
made when reporting Mineral Resources 69-78% gold recoveries. Various other testwork
may not always be rigorous. Where this is completed has generally returned positive
the case, this should be reported with an results indicating that Apollo Hill mineralisation
explanation
of
the
basis
of
the		 has favourable characteristics for potential
metallurgical assumptions made. economic exploitation.
Environmental
Assumptions made regarding possible		  Economic evaluation of project is at an early
factors or waste and process residue disposal stage, and environmental considerations for
assumptions options. It is always necessary as part of potential mining have not yet been evaluated in
the process of determining reasonable detail. Information available to Peel indicates
prospects
for
eventual
economic		 that there are unlikely to be any specific
extraction to consider the potential environmental issues that would preclude
environmental impacts of the mining and potential eventual economic extraction.
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.

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Criteria JORC Code explanation Commentary
Bulk density Whether assumed or determined. If  Density measurements comprise 52 immersion
assumed, the basis for the assumptions. If measurements of nominally 0.2m intervals of
determined, the method used, whether diamond core from the northern Apollo Hill area.
wet or dry, the frequency of the Representivity of these clustered samples is
measurements, the nature, size and uncertain.
representativeness of the samples.  The estimates include densities assigned by
The bulk density for bulk material must deposit area for oxide, transition and fresh
have been measured by methods that mineralisation as follows: Camp: 1.8,1.8 and 2.6
adequately account for void spaces (vugs, t/bcm, Apollo Hill felsic 2.4,2.6 and 2.7 t/bcm,
porosity, etc), moisture and differences Apollo Hill mafic, 2.4,2.6 and 2.8 t/bcm. These
between rock and alteration zones within values are within the range shown by the
the deposit. immersion measurements.
Discuss assumptions for bulk density
estimates used in the evaluation process
of the different materials.
Classification The basis for the classification of the  The Mineral Resource estimates are classified as
Mineral Resources into varying confidence Inferred.
categories.  The resource classification accounts for all
Whether appropriate account has been relevant factors and reflects the competent
taken of all relevant factors (ie relative person's views of the deposit.
confidence in tonnage/grade estimations,
reliability of input data, confidence in
continuity of geology and metal values,
quality, quantity and distribution of the
data).
Whether the result appropriately reflects
the Competent Person’s view of the
deposit.
Audits or The results of any audits or reviews of  The resource estimates have been reviewed by
reviews Mineral Resource estimates. Peel
geologists,		 and are
considered		 to
appropriately reflect the mineralisation and
drillingdata.
Discussion of Where appropriate a statement of the  Confidence in the accuracy of the estimates is
relative relative accuracy and confidence level in reflected by their classification as Inferred.
accuracy/ the Mineral Resource estimate using an
confidence 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

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Criteria JORC Code explanation Commentary
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.

Table 1 - Section 1 - Sampling Techniques and Data for Mallee Bull/Cobar Superbasin/Wagga Tank Projects

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.		  Diamond and reverse circulation (RC)
drilling is used to obtain samples for
geological logging and assaying.
 Diamond core is generally cut and sampled
at 1m intervals. RC drill holes are generally
sampled at 1m intervals and split using a
cone splitter attached to the cyclone to
generate a split of 2-4kg to ensure sample
representivity.
 Multi-element readings are generally
taken of the diamond core and RC drill
chips using an Olympus Delta Innov-X
portable XRF tool. Portable XRF tools are
routinely serviced, calibrated and checked
against blanks/standards.
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).		  Drilling to date has been a combination of
diamond, reverse circulation and rotary air
blast. Reverse circulation drilling utilised a
5 1/2-inch diameter hammer. A blade bit
was predominantly used for RAB drilling.
PQ, HQ and NQ coring was/is used for
diamond drilling.
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.		  Core recoveries are recorded by the drillers
in the field at the time of drilling and
checked by a geologist or technician
 RC and RAB samples are not weighed on a
regular basis due to the exploration nature
of drilling but no significant sample
recovery issues have been encountered in
a drilling program to date.
 Diamond core is reconstructed into
continuous runs on an angle iron cradle for
orientation marking and depths are
checked against the depths recorded on

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Criteria JORC Code explanation Commentary
core blocks. Rod counts are routinely
undertaken by drillers.
 When
poor
sample
recovery
is
encountered during drilling, the geologist
and driller have endeavoured to rectify the
problem to ensure maximum sample
recovery.
 Sample recoveries at Mallee Bull and
Wirlong to date have generally been high.
 Sample recoveries at Wagga Tank have
been variable in places and poorer sample
recoveries encountered. Insufficient data
is available at present to determine if a
relationship exists between recovery and
grade. This will be assessed once a
statistically valid amount of data is
available to make a determination.
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 core and drill chip samples are
geologically logged. Core samples are
orientated and logged for geotechnical
information. Drill chip samples are logged
at 1m intervals from surface to the bottom
of each individual hole to a level that will
support
appropriate
future
Mineral
Resource studies.
 Logging of diamond core, RC and RAB
samples records lithology, mineralogy,
mineralisation, structure (DDH
only),
weathering, colour and other features of
the samples. Core is photographed as both
wet and dry.
 All diamond, RC drill holes in the current
programs were geologically logged in full
except at Wagga Tank and Mt Allen where
loggingis still underway
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.		  Drill core is generally cut with a core saw
and half core taken.
 The RC drilling rigs were equipped with an
in-built cyclone and splitting system, which
provided
one
bulk
sample
of
approximately 20kg and a sub-sample of 2-
4kg per metre drilled.
 All samples were split using the system
described above to maximise and maintain
consistent representivity. The majority of
samples were dry.
 Bulk samples were placed in green plastic
bags, with the sub-samples collected
placed in calico sample bags
 Field
duplicates
were
collected
by
resplitting the bulk samples from large
plastic bags. These duplicates were
designed for lab checks.
 A sample size of 2-4kg was collected and
considered
appropriate
and

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Criteria JORC Code explanation Commentary
representative for the grain size and style
of mineralisation.
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.		  ALS Laboratory Services is generally used
for Au and multi-element analysis work
carried on out on 3m to 6m composite
samples and 1m split samples. The
laboratory techniques below are for all
samples submitted to ALS and are
considered appropriate for the style of
mineralisation defined at Mallee Bull:
o PUL-23 (Sample preparation code)
o Au-AA25 Ore Grade Au 30g FA AA Finish,
Au-AA26 Ore Grade Au 50g FA AA Finish
o ME-ICP41 35 element aqua regia ICP-
AES, with an appropriate Ore Grade base
metal AA finish
o ME-ICP61 33 element 4 acid digest ICP-
AES, with an appropriate Ore Grade base
metal AA finish
o ME-MS61 48 element 4 acid digest ICP-
MS and ICP-AES, with an appropriate Ore
Grade base metal AA finish
 Assaying of samples in the field was by
portable XRF instruments: Olympus Delta
Innov-X or Olympus Vanta Analysers.
Reading time for Innov-X was 20 seconds
per reading with a total 3 readings per
sample. Reading time for Vanta was 10 &
20 seconds per reading with 2 readings per
sample.
 The QA/QC data includes standards,
duplicates
and
laboratory
checks.
Duplicates for drill core are collected by
the lab every 30 samples after the core
sample is pulverised. Duplicates for
percussion drilling are collected directly
from the drill rig or the metre sample bag
using a half round section of pipe. In-house
QA/QC tests are conducted by the lab on
each batch of samples with standards
supplied by the same companies that
supplyour own.
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.		  A Garmin hand-held GPS is used to define
the location of the samples. Standard
practice is for the GPS to be left at the site
of the collar for a period of 5 minutes to
obtain a steady reading. Collars are picked
upafter byDGPS. Down-hole surveys are

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Criteria JORC Code explanation Commentary
Quality and adequacy of topographic control. conducted by the drill contractors using
either a Reflex gyroscopic tool with
readings every 10m after drill hole
completion or a Reflex electronic multishot
camera will be used with readings for dip
and magnetic azimuth taken every 30m
down-hole. QA/QC in the field involves
calibration using a test stand. The
instrument is positioned with a stainless
steel drill rod so as not to affect the
magnetic azimuth.
 Grid system used is MGA 94 (Zone 55). All
down-hole
magnetic
surveys
were
converted to MGA94grid.
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.		  Data/drill hole spacing is variable and
appropriate to the geology and historical
drilling.
 3m to 6m sample compositing has been
applied to RC drilling at Mallee Bull,
Wirlong and Wagga Tank for gold and/or
multi-element assay.
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.		  Most drillholes are planned to intersect the
interpreted mineralised structures/lodes
as near to a perpendicular angle as
possible (subject to access to the preferred
collar position).
Sample
security		 The measures taken to ensure sample security.  The chain of custody is managed by the
project geologist who places calico sample
bags in polyweave sacks. Up to 5 calico
sample bags are placed in each sack. Each
sack is clearly labelled with:
o Peel Mining Ltd
o Address of Laboratory
o Sample range
 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/Wagga Tank Projects

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 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.

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Criteria JORC Code explanation Commentary
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 Cobar Superbasin Project comprises of
multiple exploration licences that are
subject to a farm-in agreement with
JOGMEC whereby JOGMEC can earn up to
50%.
 The Wagga Tank Project comprises of
EL6695, EL7226, EL7484 and EL7581 and
are 100%-owned by Peel Mining Ltd,
subject to 2% NSR royalty agreement with
MMG Ltd.
 The tenements is in good standing and no
known impediments exist.
Exploration
done by other
parties		 Acknowledgment and appraisal of exploration by
other parties.		  Work in the Mallee Bull area was
completed by several former tenement
holders
including
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-
type” zinc-lead-silver or copper-gold-lead-
zinc deposit.
 Work at Wagga Tank was completed by
multiple previous explorers including
Newmont, Homestake, Amoco, Cyprus,
Arimco, Golden Cross, Pasminco and
MMG.
Geology Deposit type, geological setting and style of
mineralisation.		  The Mallee Bull 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 dipping moderately
to the west.
 Wagga Tank, is believed to be a
volcanichosted massive sulphide (VHMS)
deposit, and is located ~130 km south of
Cobar on the western edge of the Cobar
Superbasin. The deposit is positioned at
the westernmost exposure of the Mt.
Keenan Volcanics (Mt. Hope Group) where
it is conformably overlain by a poorly-
outcropping, distal turbidite sequence of
carbonaceous
slate
and
siltstone.
Mineralisation is hosted in a sequence of

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Criteria JORC Code explanation Commentary
rhyodacitic
volcanic
and
associated
volcaniclastic rocks comprising polymictic
conglomerate, sandstone, slate, crystal-
lithic tuff and crystal tuff. This sequence
faces
northwest,
strikes
northeast-
southwest and dips range from moderate
westerly,
to
vertical,
and
locally
overturned to the east. Mineralisation
straddles
the
contact
between
the
volcaniclastic facies and the siltstone-slate
facies where there is a broad zone of
intense
tectonic
brecciation
and
hydrothermal alteration (sericite-chlorite
with local silicification).
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 90-100% of the downhole width
unless otherwise indicated.
Diagrams Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should		  Refer to Figures in the body of text.

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Criteria JORC Code explanation Commentary
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.
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.		  Further infill and metallurgical drilling and
metallurgical testwork at T1/Silver Ray is
planned.
 Future work at Mallee Bull and Cobar
Superbasin Project will include geophysical
surveying and RC/diamond drilling to
further define the extent of mineralisation.
Down
hole
electromagnetic
(DHEM)
surveys will be used to identify potential
conductive sources that may be related to
mineralisation.
 Drilling at Wagga Tank is ongoing and
geophysical surveys are alsoplanned.

TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3

NSW Granted Tenements

TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN
QUARTER
EL7519 Gilgunnia South Cobar,NSW 100% 50% Renewed
EL7976 Mundoe Cobar,NSW 100% Renewal sought
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%
EL8114 Yara Cobar,NSW 100%
EL8117 Illewong Cobar,NSW 100%
EL8125 Hillview Cobar,NSW 100%
EL8126 Norma Vale Cobar,NSW 100%
EL8201 Mundoe North Cobar,NSW 100%
EL8307 SandyCreek Cobar,NSW 100%
EL8314 Glenwood Cobar,NSW 100% Renewal sought
EL8345 Pine Ridge Cobar,NSW 100%
EL8534 Burthong Cobar,NSW 100%
EL7461 Gilgunnia Cobar,NSW 50%
ML1361 MayDay Cobar,NSW 50% 100% Renewed
EL6695 Wagga Tank Cobar,NSW 100%
EL7226 Wongawood Cobar,NSW 100%

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TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN
QUARTER
EL7484 Mt View Cobar,NSW 100%
EL8414 Mt Walton Cobar,NSW 100%
EL8447 Linera Cobar,NSW 100%
EL8562 Nombinnie Cobar,NSW 100%
EL7711 RubySilver Armidale,NSW 100%
EL8326 Attunga Attunga,NSW 100%
EL8450 Beanbah Cobar,NSW 100%
EL8451 Michelago Cooma,NSW 100%

NSW Tenements Under Application

TENEMENT PROJECT LOCATION STATUS
ELA5497 Brambah Cobar,NSW Under application
ELA5498 Marigold Cobar,NSW Under application
ELA5545 Bilpa Broken Hill,NSW Under application
ELA5546 Cymbric Vale Broken Hill,NSW Under application

Apollo Mining Pty Ltd WA Tenements (transferred to Saturn Metals Limited post quarter end)

TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN
QUARTER
M 31/486 Apollo Hill ML Leonora,WA 100%
M 39/296 Isis Leonora,WA 100%
E 31/1063 Apollo Hill South Leonora,WA 100%
E 39/1198 Apollo Hill North Leonora,WA 100%
P 31/2068 Rise Again Leonora,WA 100%
P 31/2069 Rise Again Leonora,WA 100%
P 31/2070 Rise Again Leonora,WA 100%
P 31/2071 Rise Again Leonora,WA 100%
P 31/2072 Rise Again Leonora,WA 100%
P 31/2073 Rise Again Leonora,WA 100%
E 31/1132 Middle Dam Leonora,WA 100%
E 31/1087 Rise Again Leonora,WA 100%
E 39/1887 Apollo Hill North Leonora,WA 100%
E 39/1984 Bob's Bore Leonora,WA 100%
E 31/1075 Yerilla Leonora,WA 100%
E 31/1076 Mt Remarkable Leonora,WA 100%
E 40/337 The Gap Leonora,WA 100%
E 31/1116 Apollo Hill North Leonora,WA 100%

Saturn Metals Limited WA Tenements Under Application

TENEMENT PROJECT LOCATION STATUS
E 31/1163 Leonora,WA Under application
E 31/1164 Leonora,WA Under application
E 40/370 Leonora,WA Under application
Apollo Mining Pty Limited WA Tenements Under Application
E40/365 27 Well Leonora,WA Withdrawn
E31/1149 Apollo Hill Leonora,WA Withdrawn
E39/2021 Apollo Hill Leonora,WA Withdrawn
E37/1317 Apollo Hill Leonora,WA Withdrawn
E31/1155 Apollo Hill Leonora,WA Withdrawn

Peel Mining Limited – Quarterly Report September 2017

58

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