PURSUIT MINERALS LTD — Capital/Financing Update 2021

Jun 21, 2021

ASX RELEASE

Warrior Project Update: July Drilling Confirmed

The Company's principal business objectives are the acquisition, exploration and development of PGE, copper, nickel, silver, gold, vanadium and other precious minerals.

Directors

Peter Wall (Chairman) Mark Freeman (Managing Director) Jeremy Read (Technical Director)

Company Secretary

Mark Freeman

Capital Structure

ASX Code	PUR
Share Price	6.9 cent
Shares	903,238,840
Market Cap	A$63.6 million
Cash	$9 Million
Options
10c exp 31/10/21	76,166,073*
20c exp 28/8/21	15,000,000
20c exp 28/2/21	1,992,000
25c exp 14/8/21	850,000
4.9c exp 6/11/21	2,000,000
0.7c exp 18/9/23	59,000,000

Warrior Project:

• Phil's Hill PGE-Ni-Cu Prospect
  • o Program of Work ("POW") approval received clearing drilling to proceed at Phil's Hill
  • o Operations well advanced at local field house with drilling to commence on or about 15th July 2021
  • o Follow-up MLEM crew is currently onsite utilising larger loops to the north and south of Phil's Hill to extend the anomalism

• Terra Resources VTEMTM Max Report

• o Calingiri East identifies a trend of interest over 23 km in strike
• o Wubin At least one anomaly in the NW Group warrants further investigation
• o Calingiri West EM responses adjacent to Devex Sovereign Hill warranting additional follow-up

Pursuit Managing Director, Mark Freeman, said:

"The VTEM program has delivered a cost-effective screening tool for the majority of our landholdings at the Warrior project, allowing the Company to rapidly progress Phil's Hill. Pursuit is now on the ground with a permanent field house in the area and will continue exploration at Wubin, Calingiri West and Bindi-Bindi to advance these projects. The Mt Magnet Drill Rig is in the final stages of refurbishment, ready to move to site early July 2021."

Phil's Hill Prospect, Warrior (100%) – Drilling Update

Pursuit Minerals Ltd ("Pursuit" or the "Company") (ASX:PUR) is pleased to confirm that it has received all permits and access required to commence its drilling program at the promising Phil's Hill PGE-nickelcopper prospect in Western Australia.

Department of Mines, Industry Regulation and Safety (DMIRS) has approved the (PoW) application for Phil's Hill Prospect relating to the forthcoming 1,500m diamond drilling programme.

Mt Magnet Drilling has been secured with drilling scheduled to commence on or about 15 July 2021.

VTEM Summary

The Company is pleased to announce the results of the VTEMTM Max (VTEM) survey completed over the Calingiri East, Calingiri West, and Wubin project areas. The helicopter-borne VTEM system has proven to be a successful way of identifying massive sulphide conductors as it successfully delineated previously known massive sulphide conductors in the Julimar region. A number of EM Conductors were detected, in addition to the previously announced Phil's Hill Prospect as summarised in Table 1 below. These conductors will be followed up with Geochem analysis and MLEM surveys.

UTS Geophysics delivered the final digital data for the 1,957 line-kilometre airborne survey in late April 2021. Terra Resources has completed interpreting this data confirming priority targets identified in the dataset. The report focussed its interpretation on the delineation of highly conductive anomalies which represented an association with a PGE-Ni-Cu deposit.

Table 1 – Summary of Targets

Survey Results	Work Completed / Planned
Calingiri East - Phil's Hill - Most significant results. Most	Followed up with ground EM surveys and Geochem
notably highly conductive basement anomalies in the	(see ASX announcement 20 May 2021). Drilling to
southern end of the survey (refer figure 1 below).	commence in July 2021.
Calingiri East - Ablett Prospect - a prospective trend	Initial Geochem (See ASX announcement 11 June
(the "Calingiri trend") has been interpreted and	2021) completed with additional Geochem soils
conductors can be associated with as well as two	planned and MLEM Surveys to be undertaken.
strong, late time IP responses in VTEM data (refer	Previous soils by Dominion only sampled for limited
figure 1 below).	elements. An Air Core program to test for the
	potential of a disseminated (non-conductive) Ni-Cu
	PGE system will be considered.
Wubin Project Targets (E70/5493 and E70/5678) -	Follow-up plan – small, targeted soils program over
VTEM data significantly affected by conductive cover	NW group where known ultramafics outcrop to test
resulting in the depth of the program being reduced. At	for potential PGE-Ni-Cu mineralisation as previous
least one anomaly in the NW Group warrants further	explorers have only focused on gold mineralisation.
investigation (refer figure 2 below).	Work to be scheduled post-harvest to minimise
	program costs.
Calingiri West (ELA70/5378) -Due to culture or	Follow-up plan – small, targeted soils program
conductive cover, EM responses adjacent to Devex	followed by larger loops of MLEM. Work to be
Sovereign Hill were low (See Devex ASX Announcement	scheduled post-harvest to minimise program costs.
27 April 2021). Refer figure 3 below.

MLEM Survey Being Undertaken MLEM equipment

Figure 1: Calingiri East EM Trend over Ablett and Phil's Hill Prospects Trend length 24.7 km (21 km southern area, 3 km northern area)

Figure 2: Wubin EM NW Group Prospective Areas

This announcement has been authorised for release by the board of directors of the Company.

For more information about Pursuit Minerals and its projects, contact:

Mark Freeman Mathew Perrot

Managing Director Exploration Manager E: markf@pursuitminerals.com.au E: mathewp@pursuitminerals.com.au T:+ 61 412 692 146 T: + 61 411 406 810

www.pursuitminerals.com.au

Competent Person's Statement

Statements contained in this announcement relating to exploration results, are based on, and fairly represents, information and supporting documentation prepared by Mr. Mathew Perrot, who is a Registered Practicing Geologist Member No 10167 and a member of the Australian Institute of Geoscientists, Member No 2804. Mr. Perrot is a full time employee the Company, as the Company's Exploration Manager and has sufficient relevant experience in relation to the mineralisation style being reported on to qualify as a Competent Person for reporting exploration results, as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Perrot consents to the use of this information in this announcement in the form and context in which it appears.

Forward looking statements

Statements relating to the estimated or expected future production, operating results, cash flows and costs and financial condition of Pursuit Minerals Limited's planned work at the Company's projects and the expected results of such work are forward-looking statements. Forwardlooking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, forecasts, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfil projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.

About the Warrior Nickel-Copper-PGE Project, Western Australia

The western margin of the Archean Yilgarn Craton is highly prospective for Platinum Group Elements ("PGE") and Nickel (Ni) – Copper (Cu) sulphide mineralisation associated with intrusive mafic to ultramafic rocks. The discovery of PGE-Ni-Cu mineralisation on the Julimar Project held by Chalice Mining Limited (see Chalice Mining ASX Announcement 23 March 2020), is the first significant PGE-Ni-Cu discovery in the region. It is becoming apparent that the prospective mafic-ultramafic intrusions which host Chalice Mining's PGE-Ni-Cu mineralisation are far more widespread than previously thought throughout the western margin of the Yilgarn Craton. The area of the Warrior Project remains poorly explored for PGE-Ni-Cu mineralisation due to the lack of outcrop, predominance of farmland and the prior focus of exploration companies on bauxite and iron. Pursuit secured the Warrior Project in December 2020.

In February 2021, Pursuit flew a detailed airborne EM survey over the Calingiri East, Calingiri West, Wubin and Wubin South exploration licences on the Warrior PGE-Nickel-Copper Project. Several conductive

features identified at Phil's Hill were followed up with moving loop ground EM ("MLEM") during March and April and confirmed that the airborne conductors are discrete basement conductors.

In May 2021, the Company announced that highly conductive features (up to 5,093 S/m) are now evident on 9 lines of MLEM data over a strike length of ~1,600 m. The modelled depth to top of the conductors is ~100 m and coincident with the edge of an interpreted ultramafic sequence. The conductance of the Phil's Hill Prospect is significant and well within the known range of conductance for the Gonneville PGE-Ni-Cu discovery. Based on the EM response, Phil's Hill represents a high-priority drill target. Further MLEM surveys have now refined the interpreted EM plates and have identified 4 discrete EM responses and increased both the conductivity and strike length. These EM responses have not been closed off to either the south or north by MLEM surveys.

ID	Easting	Northing	RL	Depth	Dip	Dip	Strike/Depth	Conductivity
(grid north)		(Centre Top of Plate Referenced)				Azi	Extent	(S/m)
06a	464290	6545240	113	132	60°	052	130/77	3,500
10a	464171	6545652	153	99	43°	069	352/80	5,093
17a	463995	6546380	134	128	65°	093	180/120	2,000
20a	463855	6546720	175	88	60°	085	80/80	3,300

Subsequently on 20 May 2021, Pursuit received results for the first 238 hand auger soil samples over the Phil's Hill PGE-Ni-Cu Prospect. The sampling has confirmed the presence of anomalous PGE's, Nickel, Copper and Gold associated with mafic-ultramafic rocks which are the host for the PGE-Ni-Cu mineralisation at Julimar.

A total of 15 samples assayed demonstrate elevated levels of Au-Pt-Pd combined anomalism with maximum values of 1,164ppb (1.1g/t) (Au 52 ppb, Pt 777 ppb and Pd 335 ppb) with a strike length greater than 1,100m at Phil's Hill and remain open to the north. Refer to Figure 4 and Table 3 for significant results with significant gold anomalism up to 81 ppb was identified at Phil's Hill over a 1,200m strike which remains open to the north. Additionally anomalous copper values greater than 100 ppm and broadly co-incident with gold and PGE's were also encountered over 950m strike at Phil's Hill. Anomalous Nickel values > 100 ppm and up to 310 ppm over a strike length of 1,100m was identified at Phil's Hill and remains open to the north. Similar levels of extensive PGE anomalism in soils are commonly associated with mineralised nickel sulphide systems elsewhere in WA and support the presence of magmatic nickel sulphides at the Warrior Project.

Sample ID	Easting	Northing	RL	SampleDepthcm	Auppb	Crppm	Cuppm	Nippm	Pdppb	Ptppb	Au+Pt+Pdppb
21WS0025	464379	6545790	266	10	1	260	468	214	-1	-5	-5
21WS0029	464230	6545669	262	60	8	258	188	110.5	14	20	42
21WS0035	464029	6545699	261	50	10	149	140	99.4	2	5	17
21WS0038	464143	6545796	261	60	6	206	90.1	101.5	11	11	28
21WS0039	464182	6545829	270	60	5	146	69.7	78.1	12	10	27
21WS0053	464238	6546072	275	20	47	105	571	208	-1	-5	41
21WS0057	464088	6545946	270	60	9	166	187	110.5	6	7	22
21WS0061	463934	6545816	261	60	22	192	104	122	1	-5	18
21WS0066	464064	6546128	273	60	81	657	169.5	285	17	15	113

Sample ID	Easting	Northing	RL	SampleDepthcm	Auppb	Crppm	Cuppm	Nippm	Pdppb	Ptppb	Au+Pt+Pdppb
21WS0102	463857	6546395	263	40	1	800	99.9	244	1	-5	-3
21WS0103	463816	6546363	261	50	4	311	50.1	310	3	-5	2
21WS0104	463701	6546500	263	50	8	191	122.5	103	5	7	20
21WS0110	463929	6546692	273	50	52	346	46.8	52.7	335	777	1,164
21WS0112	464005	6546757	278	60	6	313	68.2	109	7	-5	8
21WS0125	463665	6548199	281	50	11	159	154.5	104	20	5	36
21WS0126	463626	6548168	280	50	11	115	90.1	62.9	16	6	33
21WS0127	463588	6548136	278	50	16	496	120.5	116	33	15	64
21WS0128	463550	6548104	277	50	8	168	102	93.9	18	13	39
21WS0131	463435	6548008	277	50	9	229	85.3	143	13	6	28

Figure 3 – Phil's Hill Prospect, MLEM plates (red) over RTP magnetic image (left) and 3D magnetic susceptibility isosurfaces (right). Magnetic Isosurfaces 10 and 20 x 10-3SI.

Figure 4 – Calingiri East (E70/5379) - Phil's Hill Prospect, VTEM Channel 45 (7ms) image and geochemistry results

Figure 5 – Warrior PGE-Ni-Cu Project Location

About Platinum Group Elements

The Platinum Group Elements (PGEs) are a group of six precious metals clustered together on the periodic table: platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru).

PGEs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for vehicles), but are also used in jewellery, electronics as well as in hydrogen production, purification and fuel cells.

Palladium is the most expensive of the four major precious metals – gold, silver and platinum being the others. With an acute supply shortage driving prices to a recent record high of US$2,856/oz in February 2020. The current spot price is approximately US$2,600/oz. Strong demand growth (~11.5Moz in 2019) is being driven by regulations requiring increased use of the metal, particularly as an auto-catalyst in gasoline and gasoline-hybrid vehicles. The total palladium market supply from all sources in 2019 was ~10.8Moz, and >75% is sourced from mines in Russia and South Africa1.

1 Source: S&P Global Market Intelligence

1. JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

1.1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cut channels, random chips, orspecific specialised industry standard measurement tools appropriateto the minerals under investigation, such as down hole gammasondes, or handheld XRF instruments, etc). These examples shouldnot betaken as limiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation that are Materialto thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g chargefor fire assay'). In othercases more explanation may be required,such as where there is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure of detailed information.	An airborne electromagnetic survey VTEM MAXTM (VTEM) in regular•(long) pulse mode has been acquired over the Calingiri East, CalingiriWest, Wubin, and Wubin South tenements.•A total of 1,957 line-Km were completed.•Flight lines are orientated 050°/230° spaced 200 m with 100 m infill•VTEMConfigurationTransmitter loop diameter = 35 moTransmitter Frequency = 25 HzoTransmitter Pulse Width = 7 msoTransmitter Dipole Moment = 700,000 NIAoEM Receivers measure Z, X and Y componentsoMagnetic Sensor –Towed BirdoMean Flying height = 85 moMean EM Transmitter and Receiver height = 37 moMean Magnetic Sensor height = 75 mo•Survey was delivered to the Company in late April 2021 and resultsinterpreted by Terra Resources Pty Ltd.•The VTEMsurvey wascompleted by UTS Geophysics Pty Ltdoperating Geotech Ltd's Versatile Time-Domain Electromagneticsystem (VTEM).•The survey was under supervision of consulting geophysicists atTerra Resources Pty Ltd.
Drillingtechniques	•Drill type (eg core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, tripleor standard tube, depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by what method, etc).	•N/A

Criteria	JORC Code explanation	Commentary
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveriesand results assessed.•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.•Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.	•N/A
Logging	•Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies.•Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage of the relevant intersections logged.	•N/A
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, half or all coretaken.•If non-core, whether riffled, tube sampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature, quality and appropriateness of thesample preparation technique.•Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	•N/A
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique is consideredpartial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc,the parameters used in determining the analysis including instrument	•N/A

Criteria	JORC Code explanation	Commentary
	make and model, reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (eg standards,blanks,duplicates, external laboratory checks) and whether acceptable levelsof accuracy (ie lack of bias) and precision have been established.
Verification ofsampling andassaying	•The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.•Discuss any adjustment to assay data.	•N/A
Location ofdata points	•Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locationsused in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•VTEM: real time (WAAS) GPS Navigation System with an in-flightaccuracy up to 1.5 m•Data location is recorded in WGS84-UTM Zone 50 south.
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has been applied.	•flight line nominal spacing of 200 m with 100 m subset infill. InVTEMline sample approximately 3 m.
Orientation ofdata inrelation togeologicalstructure	•Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.•If the relationship between the drilling orientation and the orientationof key mineralised structures is considered to have introduced asampling bias, this should be assessed and reported if material.	•flight orientation is perpendicular to general strike of geologicalVTEMformations.
Samplesecurity	•The measures taken to ensure sample security.	•N/A

Criteria	JORC Code explanation	Commentary
Audits orreviews	•The results of any audits or reviews of sampling techniques and data.	•VTEMsystem was calibrated prior to commencement of dataacquisition.•All data was inspected daily bythe UTS site crew and verified by aconsulting geophysicist at Terra Resources.•Data presented here is final.

1.2 Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location and ownership includingagreements or material issues with third parties such as jointventures, partnerships, overriding royalties, native title interests,historical sites, wilderness or national park and environmentalsettings.•The security of the tenure held at the time of reporting along with anyknown impediments to obtaining a licence to operate in the area.	•VTEM survey flown E70/5379, E70/5411, E70/5580, E70/2788,E70/5442, E70/5378, E703405, E70/5378, E70/5374, E70/5335,E70/5111, E70/5493 and E70/5678
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration by other parties.	•June, 1997, Kevron completed a MAG/RAD/DEM survey forStockdale Prospecting Ltd. The survey was acquired with line spacingof 250 m, line orientation of 000/180° and a mean terrain clearance of60 m. (MAGIX ID -1164)•June 2003, UTS Geophysics completed a MAG/RAD/DEM survey forGeoscience Australia. The survey was acquired with line spacing of400 m, line orientation of 000/180° and a mean terrain clearance of60 m.•November, 2010, Fugro AirborneSurveys completed aMAG/RAD/DEM survey for Brendon Bradley. The survey wasacquired with line spacing of 50 m, line orientation of 090/270° and amean terrain clearance of 35 m. (MAGIX ID -3288)•Dominion Mining Limited undertook auger sampling on the project in2010. The results of this work are summarised in the ASX

Criteria	JORC Code explanation	Commentary
		announcement. Further details can be obtained by accessingWAMEX Report a86032 at:https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&layerTheme=•Kingsgate Consolidated Limited undertook aircore drilling within thearea of Calingiri East Tenement Application in 2011. The results ofthis work are summarised in the ASX announcement. Further detailscan be obtained by accessing WAMEX Report a89716 at:https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&layerTheme=•Poseidon N.L. undertook auger soil sampling and rock chip samplingwithin the area of Bindi Bindi Tenement Application in 1968. Theresults of this work are summarised in the ASX announcement.Further details can be obtained by accessing WAMEX Report a7292at:https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&layerTheme=•Washington Resources Limited undertook rock chip samplingwithin thearea of Bindi Bindi Tenement Application in 2008. Theresults of this work are summarised in the ASX announcement.Further details can be obtained by accessing WAMEX Reporta82005 at:https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&layerTheme=•Magnetic Resources Limited undertook aircore and RC drilling withinthe area of Wubin Exploration Licence in 2010. The results of thiswork are summarised in the ASX announcement. Further details canbe obtained by accessing WAMEX Reports a91440 and a84500 at:https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&layerTheme=
Geology	•Deposit type, geological setting and style of mineralisation.	•The western margin of the Archean Yilgarn Craton is highly

Criteria	JORC Code explanation	Commentary
		prospective for Platinum Group Elements ("PGE") and Nickel (Ni) –Copper (Cu) mineralisation associated with intrusive mafic toultramafic rocks. The discovery of PGE-NiCu mineralisation on theJulimar Project held by Chalice Gold Mines Limited (see Chalice GoldMines ASX Announcement 23 March 2020), is the first significantPGE-Ni-Cu discovery in the region which previously only had earlystage indications of mineralisation (Yarawindah, Bindi-Bindi). ThePGENi-Cu mineralisation hosted by the ultramafic-mafic Gonnevilleintrusion on Chalice's Julimar Project, has the potential to be the mostimportant deposit of PGE's in Australia. Increasingly it is becomingapparent that the prospective ultramafic-mafic intrusions are far morewidespread than previously thought throughout the western margin ofthe Yilgarn Craton. The project area is located within the >3Ga ageWestern Gneiss Terrane of the Archean Yilgarn Block, whichcomprises a strongly deformed belt of gneisses, schists, quartzites,Banded Iron Formation, intruded by mafic to ultramafic rocks. Theterrane is up to 70km wide, and possibly wider, and is bounded to thewest of the Darling Fault and younger Archean rocks to the east. Thegeneral geological strike in northwest. The bedrock Archeanmetasedimentary gneisses, migmatites and intrusive mafic andultramafic rocks occur in structurally complex settings. Dolerite dykesof Proterozoic Age also occur. Outcrops are rare and the basementgeology is largely obscured by lateritic ironstones and deep saproliticweathering.
Drill holeInformation	•A summary of all information material to the understanding of theexploration results including a tabulation of the following informationfor all Material drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level inometres) of the drill hole collardip and azimuth of the holeodown hole length and interception depthohole length.o	•N/A

Criteria	JORC Code explanation	Commentary
	•If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract fromthe understanding of the report, the Competent Person should clearlyexplain why this is the case.
Dataaggregationmethods	•In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengths of high graderesults and longer lengths of low grade results, the procedure usedfor such aggregation should be stated and some typical examples ofsuch aggregations should be shown in detail.•The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.	•N/A
Relationshipbetweenmineralisationwidths andinterceptlengths	•These relationships are particularly important in the reporting ofExploration Results.•If the geometryof the mineralisation with respect to the drill holeangle is known, its nature should be reported.•If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (eg 'down hole length, truewidth not known').	•N/A
Diagrams	•Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectional views.	•Refer to figures in the body of text.
Balancedreporting	•Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high gradesand/or widths should be practiced to avoid misleading reporting ofExploration Results.	•N/A
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,	•N/A

Criteria	JORC Code explanation	Commentary
	groundwater, geotechnical and rock characteristics; potentialdeleterious or contaminating substances.
Further work	•The nature and scale of planned further work (eg tests for lateralextensions 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.	•Follow up moving loop ground EM surveys, Geochem and drillingisplanned to verify conductive responses delineated by the VTEMsurvey