POLARX LIMITED — Capital/Financing Update 2016

Nov 7, 2016

8 November 2016

Fast Facts

ASX: CYY

SharePrice(7Nov2016)	$0.02
SharesonIssue	459.9M
Options	30.8M
MarketCapitalisation	$9.2M

Directors and Management

Mark Bojanjac Non‐Executive Chairman

Michael Haynes Managing Director/CEO

Ian Cunningham Director, CFO/Company Secretary

Robert Boaz Non‐Executive Director

Michael Fowler Non‐Executive Director

For further information about Coventry Resources Ltd please contact:

Mike Haynes Managing Director and CEO mhaynes@coventryres.com

Ian Cunningham Executive Director, CFO/Company Secretary icunningham@coventryres.com

SCOPING STUDY INITIATED FOLLOWING FURTHER EXCEPTIONAL DRILLING RESULTS FROM THE CARIBOU DOME COPPER PROJECT

Highlights

• Analytical results received for the final 13 holes of a 22 hole, 6,520m diamond core drilling program completed recently at the Caribou Dome Copper Project
• Considerable shallow mineralisation intersected, with results including:
  • 11.4m @ 6.7% Cu from 70.2m
  • 5.7m @ 7.3% Cu from 92.4m
  • 4.0m @ 6.4% Cu from 156.1m, and
  • 4.2m @ 4.3% Cu from 91.7m
• Mineralisation extended at the NE end of the Caribou Dome Deposit
• Shallow mineralisation discovered with first drilling undertaken between Lenses 2 and 6 – adding material that may be recovered during an initial starter open pit operation
• Results of recent drilling program reiterate the considerable potential to develop an initial low‐CAPEX high‐grade starter open pit at the Project
• Re‐interpretation of the geological model now underway, as the initial stage of a scoping study scheduled for completion in early 2017

Coventry Resources Limited (ASX:CYY; "Coventry" or "the Company") is pleased to announce it has received analytical results for the final 13 of 22 holes drilled recently at the high‐grade Caribou Dome Copper Project in Alaska, USA ("Project"). 6,520m of diamond core drilling were completed at the Project between June and October 2016.

The objectives of the drilling program were to (i) increase the potential resource base at the Project and (ii) to improve the understanding of the grade, thickness and distribution of the shallow mineralisation identified to date so that development of a potential initial starter high‐grade open pit operation can be assessed with greater confidence.

New Analytical Results

The final 13 holes drilled during the recently completed program were collared to test multiple targets (CD16‐010 to CD16‐022; see Figures 1 and 2), including:

Coventry Resources Limited (ACN 161 615 783): Suite 9, 5 Centro Avenue, Subiaco Western Australia 6008 PO Box 457, West Perth Western Australia 6872 t: +61 8 9226 1356 f: +61 8 9226 2027 e: info@coventryres.com www.coventryres.com

• (a) 5 holes to better define the shallow mineralisation in and around the central portion of the Caribou Dome Deposit (around Lenses 4, 5 and 6) where the majority of shallow, potentially open‐pittable mineralisation is located (CD16‐014, CD16‐015, CD16‐016, CD16‐019 and CD16‐022);
• (b) 3 holes at the NE end of the Caribou Dome Deposit to begin to test for extensions of mineralisation up‐dip from the mineralisation intersected at depth recently in CD16‐005 and CD16‐007 (CD16‐010, CD16‐011 and CD16‐012);
• (c) 2 holes to begin to evaluate a previously undrilled 100m long corridor between Lenses 2 and 6, where mineralisation outcrops atsurface, in an area where an open pit could possibly extend, hence an area where any additional mineralisation could positively impact the economics of developing an open pit (CD16‐020 and CD16‐021);
• (d) 1 hole to begin to evaluate the previously undrilled Lense 2 West IP anomaly, located at the western limit of the known mineralisation (CD16‐018); and
• (e) 2 holes to begin to evaluate the previously undrilled, 1,000m‐long, Kopis IP Anomaly, with these holes located approximately 1km along strike (to the NE) from any previous drilling (see Figure 2).

Figure 1. Drill hole traces and some of the significant intersections for the holes drilled during the Company's recent diamond core drilling program at the Caribou Dome Deposit, together with the traces of all previous holes within 100m of surface and the extents of previously mapped outcropping mineralisation (drill holes >100m deep, other than those drilled during the recent program, are not shown here).

Drilling in the Central Portion of the Caribou Dome Deposit

Multiple exceptional intersections of copper mineralisation have been returned from the 5 holes drilled recently in the central portion of the Caribou Dome Deposit to better define the extents of Lenses 4, 5 and 6 (see Figure 1). Assay results from recent holes in this area include:

• 11.4m @ 6.7% Cu from 70.2m
• 5.7m @ 7.3% Cu from 92.4m
• 3.5m @ 11.5% Cu from 49.2m
• 4.0m @ 6.4% Cu from 156.1m
• 4.2m @ 4.3% Cu from 91.7m, and
• 5.3m @ 1.8% Cu from 165m

These holes provide for a much better understanding of the controls on the distribution of mineralisation in the central portion of the Deposit where the majority of shallow, potentially open‐pittable mineralisation is located. This will facilitate more reliable modelling of the development of a potential high‐grade, low‐CAPEX starter open pit, the potential of which has been enhanced by the success of the recent drilling program.

Drilling at the NE end of the Caribou Dome Deposit

Recent drilling hasincreased the strike extent of mineralisation at the NE end of the Deposit by more than 120m, while also demonstrating high‐grade mineralisation extends to more than 300m depth in this area. Three shallower holes were drilled in this area in the second part of the recent drilling program, all of which intersected significant mineralisation. Significant results from recent drilling in this area include:

• 4.3m @ 5.2% Cu from 220.5m
• 1.1m @ 5.5% Cu from 532.1m
• 0.6m @ 9.1% Cu from 528.7m
• 0.4m @ 6.8% Cu from 192.6m, and
• 2.2m @ 1.0% Cu from 243.8m
• 2.9m @ 2.4% Cu from 193.4m

Accessibility in this area is more difficult than in the central and western portion of the Deposit. Hence to date not all holes have been optimally sited. Further earthworks and drilling, particularly to better define shallow mineralisation, will be undertaken in due course.

It is also noted that all of the holes in this area were inclined holes drilled in the same orientation as down‐slope topography – hence the depth of mineralisation below surface is invariably considerably less than depth of mineralisation intersected down hole (as reported).

Drilling Between Lense 2 and Lense 6

Two holes were completed recently to begin evaluation of a previously undrilled 100m long corridor between Lenses 2 and 6 where mineralisation outcrops at surface, in an area where a potential open pit may extend. Significant mineralisation was intersected in both holes, with results including:

• 4.4m @ 1.2% Cu from 69.2m
• 0.5m @ 2.6% Cu from 53.3m

• 1.6m @ 0.9% Cu from 52.4m, and
• 0.3m @ 1.6% Cu from 59.9m

These are very encouraging initial results. They confirm mineralisation extends through an area that had never previously been drilled, thereby adding to the potential resource base. With material likely to be recovered from this area during any open pit mining, it is advantageous that this material is mineralised rather than barren. Follow‐up drilling will be undertaken.

Drilling at the Western End of Lense 2

A single hole (CD16‐018) was drilled to evaluate a combination of the Lense 2 West IP Anomaly (see Figure 2) and the potential plunge position of the Lense 2 mineralisation. While this hole failed to intersect significant mineralisation, important information on the structural controls of mineralisation were identified, which will help target extensions of mineralisation in this area in the future.

Drilling at the Kopis IP Anomaly

Two holes were completed at the KopisIP Anomaly, approximately 1km from (NE of) the closest previous drilling (see Figure 2). One of these holes (CD16‐013) intersected a narrow interval of stockworked chalcopyrite veins in volcanic rocks, with best assay results comprising 0.5m @ 0.9% Cu from 131.9m. Neither hole intersected the target sedimentary sequence. The presence of chalcopyrite coinciding with this >1,000m long IP anomaly is very encouraging, and accordingly further drilling will be undertaken in this highly prospective area in due course.

Figure 2. 125m depth slice of inverted IP data acquired during 2016 at the Caribou Dome Project. There is a strong correlation between IP anomalism and known mineralisation. Numerous strong IP anomalies are yet to be evaluated with drilling. Geological and geochemistry data are being used to prioritise them.

Initiation of Scoping Study

The results of the recent drilling program reiterate the considerable potential to develop an initial low‐CAPEX, high‐grade starter open pit at the Project.

Extensive exploration upside remains at the Project, particularly with numerous high‐priority IP and copper‐in‐ soil anomalies yet to be drill tested. A scoping study has been initiated to help determine the best way to continue to advance the Project.

Re‐interpretation of the 3‐dimensional geological model is now underway, incorporating the geological and assay results from recent drilling as well as structural information compiled by a consultant geologist who completed a focused assessment of the structural controls on mineralisation at the Project during August and September.

Additional drill core samples have arrived at a laboratory in advance of undertaking further metallurgical testwork – the results of which will be incorporated into the scoping study.

A mining engineer recently visited the Project, to help assess the possible capital and operating costs.

It is anticipated that the scoping study will be completed in early 2017. This will help management prioritise further work at the Project.

Mike Haynes Managing Director/CEO

						Total			Significant Intercepts
Name	UTMEasting	UTMNorthing	Elevation(m)	Azimuth	Inclination	Depth(m)	From(m)	To (m)	Length(m)	% Cu
CD16-010	493083	7001495	1475	118	-65	321.3	193.4	196.3	2.9	2.38
						and	238.2	239.3	1.1	1.11
						and	254.1	255.4	1.3	0.71
						and	274.9	275.4	0.5	0.63
CD16-011	493052	7001512	1478	121	-54	335.3	192.6	193.0	0.4	6.80
CD16-012	493088	7001491	1475	101	-55	270.4	197.8	198.4	0.6	1.35
						and	201.5	204.4	2.9	0.71
CD16-013	493930	7001897	1377	122	-45	278.9	131.9	132.4	0.5	0.93
CD16-014	492758	7001204	1440	122	-55	128.0	7.3	9.1	1.8	0.56
						and	70.2	81.6	11.4	6.71
						and	85.3	88.7	3.4	0.87
						and	92.4	98.1	5.7	7.25
CD16-015	492657	7001226	1492	118	-51	227.4	156.1	160.1	4.0	6.37
						and	165.0	170.3	5.3	1.75
CD16-016	492630	7001189	1485	108	-59	235.6	149.8	150.1	0.3	1.33
						and	150.9	152.0	1.1	0.76
CD16-017	493873	7001968	1396	122	-45	80.8			No significant intercept
CD16-018	492505	7001075	1473	202	-60	222.5			No significant intercept
CD16-019	492708	7001212	1461	125	-59	175.3	155.2	156.3	1.1	0.44
CD16-020	492634	7001091	1447	116	-59	91.4	69.2	73.6	4.4	1.18
CD16-021	492630	7001087	1436	138	-54	83.8	52.4	54.0	1.6	0.89
						and	59.9	60.2	0.3	1.58
CD16-022	492699	7001189	1454	127	-45	129.5	86.9	87.5	0.6	5.80
						and	88.7	89.0	0.3	1.11
						and	91.7	95.9	4.2	4.26

Table 1. Details for the drill holes reported in this announcement.

Qualified and Competent Person

The information in this announcement that relates to exploration results for the Project is based on information compiled by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. Mr Vallerine is a Member of the Australian Institute of Geoscientists. Mr Vallerine has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC Code). Mr Vallerine consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Forward Looking Statements

Any forward‐looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Coventry does not intend, and does not assume any obligation, to update this forward‐looking information.

Any forward‐looking information contained in this news release is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward‐looking information. Readers are cautioned not to place undue reliance on forward‐looking information due to the inherent uncertainty thereof.

COVENTRY RESOURCES LIMITED ‐ BACKGROUND

Coventry Resources Ltd is an ASX‐listed copper explorer. Coventry's primary asset is its right to acquire an 80% interest in the highly prospective, high‐grade Caribou Dome Copper Project in Alaska, USA.

The Caribou Dome Project is located 250km north‐east of Anchorage, Alaska's main port. There is road access all the way to the Project. Rail and high voltage power are both accessible 100km west of the Project, at Cantwell.

Alaska is a stable, pro‐mining jurisdiction. Approximately 80% of the state's GDP comes from mining and resources, with six large‐scale mines currently in production. Alaska's largest alluvial gold field, Valdez Creek, is ~15km from the Caribou Dome Project.

Mineralisation was discovered at the Project in 1963. From 1963‐1970 nine lenses of sediment‐hosted copper mineralisation were delineated over approximately 700 metres of strike. 95 diamond core holes were drilled during this period, from surface and underground. This drilling was concentrated primarily on just 250 metres of strike, at Lenses 4, 5 and 6.

Very limited exploration had been undertaken since 1970, until Coventry secured the rights to explore and develop the Project in February 2015.

In 2015 Coventry secured the rights to acquire a 80% interest in the Project. It compiled all historic technical information, prioritised targets arising, completed a ground geophysics (induced polarisation) survey, and completed 4,300 metres of diamond core drilling. Confirmatory drilling rapidly validated previous work and the Company's initial results from work undertaken to further expand the resources at the Project have been very promising. All drilling (prior to 2016) was within a 700m long corridor, with mineralisation remaining open in both directions along strike and at depth. Significant intersections in drilling include:

• 51.1m* at 5.3% Cu from 4.4m
• 18.1m at 9.3% Cu from 22.7m
• 14.1m at 9.9% Cu from 134.6m
• 18.4m at 6.3% Cu from 31.4m
• 15.4m at 7.0% Cu (U/G drill hole)
  • 10.4m at 7.9% Cu from 14.0m
• 12.8m at 5.8% Cu (U/G drill hole)
• 13.0m at 4.9% Cu (U/G drill hole)
• 10.1m at 7.1% Cu from 39.0m
• 9.1m at 7.0% Cu from 28.7m
• 10.2m at 6.2% Cu from 46.6m
• 12.2m at 5.0% Cu from 27.1m
• * True width estimated to be approximately 25m

Multiple high‐priority targets remain undrilled. With >18km of the stratigraphic horizon that hosts the mineralisation evident within the Company's project area, there is considerable potential to discover additional high‐grade mineralisation and to continue to expand the resource base at the Project. The Company undertook a second, substantial program of field work, including drilling, IP surveying and soil sampling from May to October 2016. In light of the positive results returned, a scoping study has been initiated.

APPENDIX 1 –

JORC CODE 2012 EDITION, TABLE 1 REPORT

JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
SamplingTechniques	Natureandqualityofsampling (e.g. cut channels,randomchips,orspecificspecialised industry standardmeasurementtoolsappropriate to the mineralsunder investigation, such asdownhole gamma sondes, orhandheldXRFinstruments,etc.). These examples shouldnot be taken as limiting thebroad meaning of sampling.Includereferencetomeasurestakentoensuresample representivity and theappropriate calibration of anymeasurementtoolsorsystems used.Aspects of the determinationofmineralisationthatareMaterial to the Public Report.Incaseswhere'industrystandard'workhasbeendone, this would be relativelysimple(e.g.'reversecirculation drilling was used toobtain1msamplesfromwhich 3 kg was pulverised toproduce a 30 g charge for fireassay'). In other cases, moreexplanation may be required,such as where there is coarsegoldthathasinherentsampling problems. Unusualcommoditiesormineralisationtypes(e.g.submarinenodules)maywarrant disclosure of detailedinformation	Core is sawn in half to provide a geologicallyrepresentativesampleforanalysisbyaprofessional laboratorySample intervals are selected by a qualifiedgeologist upon visual inspection of the core.Samples were submitted to ALS Laboratoriesin Fairbanks, Alaska.Sample were analysed using 4 acid completedigestion method and ICP‐MS multi‐elementanalysis.Samplescontaining+1%Cuwereautomaticallyre‐analysedusing4acidcomplete digestion and an ore grade analysiswithaICP‐AESfinishtomoreaccuratelydetermine the high grade Cu assays.

Criteria	JORC Code Explanation	Commentary
DrillingTechniques	Drill type (e.g. core, reversecirculation,open‐holehammer,rotaryairblast,auger, Bangka,sonic, etc.) anddetails(e.g.corediameter,triple or standard tube, depthofdiamondtails,face‐samplingbitorothertype,whether core is oriented andif so, by what method, etc.).	A wireline core drilling rig was used to drill HQcore with a diameter of 63.5mm and/or NQcore with a diameter of 47.6mm using astandard tube.Downhole surveys were completed using aReflex EZ‐trac multi‐shot survey tool.Core is oriented by the drillers at the rig eachrun using the Reflex ACTIII orientation tool.
DrillSampleRecovery	Methodofrecordingandassessingcoreandchipsample recoveries and resultsassessed.Measures taken to maximisesample recovery and ensurerepresentative nature of thesamples.Whether a relationship existsbetween sample recovery andgradeandwhethersamplebias may have occurred duetopreferentialloss/gainoffine/coarse material	Drillersrecordthedrilledlengthandrecovered length of core for each run on theirrunsheets.Geologistsalsomeasureandcalculate recovery as a percentage drilled.HQ core was drilled whenever practicable tomaximize recovery.Competent,experienceddrillerswereengaged.
Logging	Whethercoreandchipsampleshavebeengeologicallyandgeotechnicallyloggedtoalevelofdetailtosupportappropriate Mineral Resourceestimation,miningstudiesand metallurgical studies.Whether logging is qualitativeor quantitative in nature. Core(orcostean,channel,etc.)photography.Thetotallengthandpercentageoftherelevantintersections logged	Core is geologically and geotechnically loggedbyqualifiedgeologists.Wherepossiblestructuralanglesaremeasuredforlaterinterpretation.Core is qualitatively logged and all trays arephotographed.

Criteria	JORC Code Explanation	Commentary
Sub‐Samplingtechniquesandsamplepreparation	If core, whether cut or sawnand whether quarter, half orall core taken.If non‐core, whether riffled,tubesampled,rotarysplit,etc.andwhethersampledwet or dry.Forallsampletypes,thenature,qualityandappropriatenessofthesamplepreparationtechnique.Qualitycontrolproceduresadopted for all sub‐samplingstagestomaximiserepresentivity of samples.Measurestakentoensurethatthesamplingisrepresentative of the in situmaterialcollected,includingfor instance results for fieldduplicate/second‐halfsampling.Whethersamplesizesareappropriate to the grain sizeofthematerialbeingsampled.	Core is cut in half, with half retained in the corebox and the other half submitted for analysis.When duplicates are required this was notedon the sample dispatch. The half core sent forassay was split at the crushing stage by thelaboratory and run as two separate samples.The geologists had,at the time ofsamplesubmission, assigned a sample number andprovidedalabelledsamplebagfortheduplicate split.The sample preparation technique is industrystandard. HQ core is used wherever practicableas this provides a larger sample than morecommonly used smaller diameter core.NQ core was drilled with one of the rigs in2016.Duplicates,blanksandCertifiedReferenceMaterials (or standards) have been insertedapproximately every 30 samples as an externalquality control on the laboratory.Halfcoreisanappropriatesamplingmethodology for the mineralised material.
Quality of assaydataandlaboratory tests	Thenature,qualityandappropriatenessoftheassayingandlaboratoryprocedures used and whetherthe technique is consideredpartial or total.Forgeophysicaltools,spectrometers, handheld XRFinstruments,etc.,theparametersusedindeterminingtheanalysisincludinginstrumentmakeandmodel,readingtimes,calibrationsfactorsappliedand their derivation, etc.Natureofqualitycontrolproceduresadopted(e.g.standards, blanks, duplicates,externallaboratorychecks)andwhetheracceptablelevels of accuracy (i.e. lack ofbias) and precision have beenestablished	SampleshavebeensubmittedtoALSLaboratories in Fairbanks, Alaska, a globallyrecognized analytical laboratory.Duplicates,blanksandCertifiedReferencematerials were inserted approximately every30 samples as an external quality control onthe laboratory.The laboratory has its own internal duplicates,standards and blanks process that is assessedbefore they release results to their clients.

Criteria	JORC Code Explanation	Commentary
Verificationof	The verification of significant	Thecompetentpersonhasreviewedthe
samplingand	intersectionsbyeither	intersections quoted.
assaying	independentoralternative	Twinned holes have recently been used to
	company personnel.	validate historical drill results, however there
	The use of twinned holes.	have been no twin holes drilled to verify results
	Documentationofprimary	in recent holes.
	data, data entry procedures,data verification, data storage	Geological practices are documented by thecompetent person.
	(physicalandelectronic)	There are no adjustments to be made to assay
	protocols.	data.
	Discussanyadjustmentto
	assay data
Location of data	Accuracyandqualityof	Handheld GPS was used to locate the position
points	surveysusedtolocate	and elevation of drill collars and soil sample
	drillholes(collaranddown‐	locations in UTM, NAD83. A local grid is also
	hole surveys), trenches, mine	sometimes used to display drilling data on
	workings and other locations	sections.
	usedinMineralResource	Locational accuracy is considered adequate for
	estimation.Specificationofthegrid	the purpose of this announcement.
	system used.
	Qualityandadequacyof
	topographic control.
DataSpacing	Data spacing for reporting of	As we are simply reporting exploration results
and distribution	Exploration Results.	data spacing is not relevant at thisstage. Maps
	Whether the data spacing and	and diagrams included in the announcement
	distributionissufficientto	show the distribution of drill holes.
	establishthedegreeof	No sample compositing has been applied at
	geologicalandgrade	this stage.
	continuity appropriate for the	Drillingresultsarereportedassignificant
	MineralResourceandOreReserveestimation	intercepts.
	procedure(s)and
	classifications applied.
	Whether sample compositing
	has been applied.
Orientationof	Whethertheorientationof	The orientation of sampling is conducted in
data in relation	samplingachievesunbiased	accordance with industry best practices.
togeological	samplingofpossible	Some of the holes are drilled in an orientation
structure	structures and the extent to	that may not represent true thickness. These
	whichthisisknown,	orientationswerenecessarytotwinholes
	considering the deposit type.	and/or due to the restraints of topography and
	Iftherelationshipbetween	underground infrastructure. Holes drilled in
	thedrillingorientationandtheorientationofkey	such a way are described in the body of theannouncement.
	mineralisedstructuresis
	consideredtohave
	introducedasamplingbias,
	this should be assessed and
	reported if material.

Criteria	JORC Code Explanation	Commentary
Sample Security	The measurestaken to ensuresample security	SamplesweremanagedbyCompanyrepresentatives until they were handed to aprofessional courier service for delivery to thelaboratory. Samples were stored in polyweavebags and cable tied for security.
Auditsorreviews	The results of any audits orreviewsofsamplingtechniques and data	The competent person has reviewed andassisted in the design implementation of alldrill sampling techniques.

Section 2: Reporting of Exploration Results

(Criteria listed in section 1 also apply to this section)

Criteria	JORC Code Explanation	Commentary
Mineraltenementandlandtenurestatus	Type,referencename/number,locationandownershipincludingagreements or material issueswith third parties such as jointventures,partnerships,overridingroyalties,nativetitle interests, historical sites,wildernessornationalparkand environmental settings.Thesecurityofthetenureheld at the time of reportingalongwithanyknownimpedimentsto obtaining alicence to operate in the area	When undertaking due diligence on the Projectduring 2014, an Alaskan law firm confirmedthattheAlaskanStateMiningClaims(tenements) are in good standing.During October 2015 the annual renewal feesfor all of the Claims were paid, well in advanceof the 1 December 2015 renewal deadline.This ensures they are all in good standing until1 September 2016. Payment of Claim fees forthe period to 1 September 2017, which mustbe made by 1 December 2016, is currentlybeing coordinates.The Company controls 80% of the Claims viaoptionagreementswithHatcherResourcesInc. and SV Metals LP.TheoperationsarepermittedbyAlaskaDepartment of Natural Resources.
Explorationdonebyotherparties	Acknowledgmentandappraisalofexplorationbyother parties.	The site has been explored intermittently sincediscovery in 1963. There were 112 historic drillholes on the project, 2 exploration adits andnumerousgeophysicalandgeochemicalsurveys completed prior to 2014.
Geology	Deposittype,geologicalsettingandstyleofmineralisation	The deposit is a sedimentary hosted copperdeposit, where sulphides are interpreted tohave precipitated in a basinal environment,andtohavebeendepositedcontemporaneously with the sediments.

Criteria	JORC Code Explanation	Commentary
Drillhole	A summary of all information	Plans showing the location of all drill holes are
Information	material to the understanding	included in the body of the announcement.
	oftheexplorationresults
	including a tabulation of the
	following information for all
	Material drillholes:
	easting and northing of
	the drillhole collar
	elevation or RL (Reduced
	Levelelevationabovesealevelinmetres)of
	the drillhole collar
	dip and azimuth of the
	hole
	downholelengthand
	interception depth
	hole length.
	Iftheexclusionofthis
	information is justified on the
	basis that the information is
	notMaterialandthis
	exclusiondoesnotdetract
	from the understanding of the
	report, the Competent Person
	shouldclearlyexplainwhy
	this is the case	
Dataaggregation	InreportingExplorationResults, weighting averaging	Exploration results have been reported on aweighted average basis.
methods	techniques, maximum and/or	No top cut has been applied and is not deemed
	minimumgradetruncations	necessary due to consistent high grades.
	(e.g. cutting of high grades)	The amount of internal subgrade included in
	and cut‐off grades are usually	significant intercepts was kept to a minimum
	Materialandshouldbe	andalternativesignificantinterceptswere
	stated.	provided.
	Whereaggregateintercepts
	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 beshown in detail.
	The assumptions used for any
	reporting of metal equivalent
	valuesshouldbeclearly
	stated

Criteria	JORC Code Explanation	Commentary
Relationshipbetweenmineralisationwidthsandinterceptlengths	Theserelationshipsareparticularly important in thereportingofExplorationResults.Ifthegeometryofthemineralisation with respect tothe drillhole angle is known,its nature should be reported.If it is not known and only thedownholelengthsarereported, there should be aclear statement to this effect(e.g. 'down hole length, truewidth not known').	Wherepossibledrillingwasconductedperpendicular to the interpreted dip and strikeof the deposit. This was not always possible,due to (i) the deposit's dip and strike beingunknown and/or (ii) topographic constraints.Thisisaddressedinthebodyoftheannouncement.
Diagrams	Appropriatemapsandsections(withscales)andtabulationsofinterceptsshouldbeincludedforanysignificantdiscoverybeingreportedTheseshouldinclude, but not be limited toa plan view of drillhole collarlocationsandappropriatesectional views	The significant intercepts for all assay datareceivedareincludedinthebodyoftheannouncement.
Balancedreporting	WherecomprehensivereportingofallExplorationResultsisnotpracticable,representativereportingofbothlowandhighgradesand/orwidthsshouldbepracticed to avoid misleadingreportingofExplorationResults	All significant results are reported.
Othersubstantiveexplorationdata	Otherexplorationdata,ifmeaningfulandmaterial,should be reported including(but not limited to) geologicalobservations;geophysicalsurveyresults;geochemicalsurvey results; bulk samples –sizeandmethodoftreatment; metallurgical testresults;bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleteriousorcontaminating substances.	Thisannouncementisreportingonsomegeological and visual representations of thecore for which assays are yet to be received.

Criteria	JORC Code Explanation	Commentary
Further Work	Thenatureandscaleofplannedfurtherwork(e.g.tests for lateral extensions ordepthextensionsorlarge‐scale step‐out drilling).Diagrams clearly highlightingtheareasofpossibleextensions,includingthemaingeologicalinterpretationsandfuturedrillingareas,providedthisinformationisnotcommercially sensitive.	Otherassayresultsfromtherecentlycompleted drilling program are still pending.Oncetheseresultsarereceivedandinterpreted all technical data will be integratedand reassessed to plan a suitable program offurther work.