Option to Acquire the High-Grade Western Queen Gold Project

Highlights

The Western Queen Gold Project is a high-grade gold system with two mined open pit deposits with a combined historic production of 840,000t @ 7.8 g/t Au for 210,000oz
- Indicated and Inferred Mineral Resource beneath both mined deposits include *962,000t @ 3.9 g/t Au for 120,000oz

*Completed by Monax Mining Ltd (ASX: MOX) (Payne Geological Services Pty Ltd) 15 January 2018

Historic deep drilling below the Western Queen Central Mine underground workings (underground historic grade of 10.32 g/t Au from 8354 tonnes of ore) has highlighted potential for high-grade gold mineralisation to extend down plunge. Intersections include:
- o 6.3m @ 36.09 g/t Au from 305.7m
- o 11.8m @ 16.08 g/t Au from 340.4m

The high-grade mineralisation is open down plunge

Significant exploration upside exists high order gold in lag anomalism and strong laterite gold mineralisation (Cranes Prospect) requires systematic drilling.
The project is located within 100km radius of three operating gold mills

The Western Queen Gold Project represents an opportunity to explore for:

Additional potential underground high-grade gold resources (Western Queen Central); and

Near surface gold resources (Cranes Prospect).

Image 1 – Project Location with Neighbouring Gold Processing Faculties

Rumble Resources Ltd

Suite 9, 36 Ord Street, West Perth, WA 6005

T +61 8 6555 3980

F +61 8 6555 3981

rumbleresources.com.au

ASX RTR

Executives & Management

Mr Shane Sikora Managing Director

Mr Brett Keillor Technical Director

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Steven Wood Company Secretary

Rumble Resources Ltd (ASX: RTR) ("Rumble" or "the Company") is pleased to announce that in line with its clear strategy of generating and optioning a pipeline of projects capable of low cost exploration to drill test for high grade discoveries, it has signed a binding option agreement to acquire 100% of the Western Queen Gold Project from Ramelius Resources Ltd (ASX: RMS).

Western Queen Gold Project Overview and Resources

The Western Queen Gold project lies 110km NW of Mt Magnet within the Yalgoo Mineral field of Western Australia ("the Project"). The Project comprises of two contiguous mining leases (M59/45 and M59/208) for a total area of 9.8 km². The holder is Mt Magnet Gold Pty Ltd, an entity owned by Ramelius Resources. The Western Queen Gold Project is located within a 100km radius of three operating gold processing mills (see image 1). The closest mill is the Dalgaranga Mill (48km) which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt Magnet) has a capacity of 1.9 Mtpa and the Tuckabianna Mill has a capacity of 1.2 Mtpa.

Two mined deposits at the Western Queen Gold Project have a combined historic production of 840,000t @ 7.8 g/t Au for 210,000oz. The Western Queen (Central) Mine produced 660,000t @ 8.9 g/t Au for 189,500oz and the Western Queen South Mine (from two stages) produced 180,000t @ 3.6 g/t Au for 20,500oz.

Open cut mining commenced in 1998 at the Western Queen Central deposit and finished in 2001. A decline followed with underground production of 8,355t @ 10.32 g/t Au. A further 74,552t of ore was produced at an unknown grade. The ore was processed at the nearby Dalgaranga mill (closed in 2002). In late 2007, mining commenced at the Western Queen South deposit with the ore trucked to the Checkers Mill in Mt Magnet. The second stage was mined in 2013 and 2014 and also treated at the Checkers Mill.

An indicated and inferred mineral resource was previously completed for Monax Mining Ltd (ASX: MOX) (Monax) in January 2018 (Payne Geological Services Pty Ltd – Independent). Rumble has reviewed and verified the indicated and inferred resource, and estimates resource extensions below both mined deposits at 962,000t @ 3.9 g/t Au for 120,000oz. Of note: The high grade zone below the Western Queen Central Pit is based on an inferred mineral resources of 130,000t at 9.0g/t Au for 38,000 ounces.

Image 2 – Longitudinal Section of The Western Queen Project – Highlighting Resources

Western Queen Gold Deposit
Mineral Resource Estimate (2.0g/t Au cut-off)
Deposit	IndicatedInferredTotal
	Tonnes	Au	Tonnes	Au	Tonnes	Au	Au
	t	g/t	t	g/t	t	g/t	ounces
WQ South	243,000	3.5	590,000	2.9	832,000	3.1	83,000
WQ Central	-	-	130,000	9.0	130,000	9.0	38,000
Total	243,000	3.5	719,000	4.0	962,000	3.9	120,000

Table 1 – Western Queen Project Resource Estimate (table subject to rounding)

Geology and Mineralisation

The Western Queen Gold project lies within the Warda Warra (Archaean) Greenstone Belt, a part of the Murchison Province of the Yilgarn Craton. The belt is 35km long and is approximately 2km wide where the Western Queen deposits lie. The belt is north trending and predominantly west dipping and has been metamorphosed to amphibolite grade.

At the Western Queen, the geology is steep west dipping and comprises of intercalated sheared amphibolites of mafic to ultramafic composition with thin iron formation horizons, komatiitic basalt, dolerite sills, and talc chlorite schists. Later dolerite and pegmatitic felsic intrusives cut across the amphibolites and gold mineralisation.

Mineralisation is associated with sheared silic sulphide zones with an ultramafic footwall and a mafic hanging wall. The ore zone is strongly recrystallised and massive, comprising phlogopite-chlorite-tremolite-talc schist, amphibolite with lenticular quartzo-feldspathic layering and quartz-muscovite-biotite-sillimanite schist. Pyrite, pyrrhotite, chalcopyrite, molybdenite and scheelite are present. The mineralisation has a steep westerly dip and a southerly plunge.

Image 3 – Western Queen Project – Project Area and Geology

Western Queen Central – Down Plunge Potential

Review of the down plunge position of the Western Queen Central deposit has shown high-grade gold mineralisation is open. High-grade historic gold intercepts include:

11.8m @ 16.08 g/t Au from 340.4m (WQD-1089)

6.3m @ 36.09 g/t Au from 305.7m (WQD-1072)

Image 4 – Western Queen Central Mine and Deposit – Longitudinal Section with Drill-Hole Pierce Points and High-Grade Plunging Shoot Open

During the underground mining period (2001 – 2002), some 82,907t of ore was mined in two stages and sent to the Dalgaranga Mill which is located 48km to the SSE of the Western Queen Project. The first stage completed was for 8,355t @ 10.32 g/t Au. The second stage (74,552t) was processed as the Dalgaranga Mill (Equigold) was shutting down and the reconciliation of grade is uncertain.

An inferred resource of 130,000t @ 9 g/t Au is interpreted below the underground development and is completely open down plunge at a vertical depth of 250 – 350m.
Rumble considers down plunge position from the very high-grade intercepts (6.3m @ 36.09 g/t Au and 11.8m @ 16.08 g/t Au ) as a high order target (see image 4) that may potentially have significant mineralisation similar to the historic underground mining grade (10.32 g/t Au).

Cranes Prospect (image 5) – Potential for High-Grade Gold Mineralisation

The Cranes Prospect lies 2.5km NNE of the Western Queen Central Mine (image 3). Historic lag sampling on 100m by 100m spacing with 50m by 50m infill identified a very high-grade gold anomaly 400m in length striking NE. Gold in lag values include up to 8500ppb Au with six (6) sample sites reporting >1000ppb Au. Subsequent historic drilling (RAB, AC and shallow RC drilling) did not find the source of the gold in lag anomalism, however, significant surface laterite mineralisation was defined. Results include 8m @ 1.87 g/t Au from surface and 8m @ 1.29 g/t Au from surface. Review of the historic drilling data has shown the main gold in lag anomalism (see image 5) has not been closed off and along strike (NE trending) no drilling has been conducted.

Image 5 – Western Queen Project – Cranes Prospect – Gold in Lag Geochemistry and Historic Drilling

Rumble considers the gold in lag anomalism at Cranes is prospective for high-grade gold shoot-like mineralisation (similar style to the Western Queen Central and South Deposits). Significant surface laterite gold mineralisation supports the high order gold in lag anomalism.

Option Opportunity - Potential for additional High-Grade gold resources - Next Steps

Western Queen Central Mine and Deposit

The Western Queen Project has potential for additional high-grade gold resources down plunge from historic very high-grade gold intercepts at the Western Queen Central Mine and Deposit – currently open and untested
- o Rumble will complete a geophysical (TEM) survey south of the pit. The survey will aid in drill targeting.
- o Deep RC Drilling targeting plunge extension and geophysical response.

Cranes Prospect

At the Cranes Prospect, high order gold in lag anomalism with significant surficial laterite gold mineralisation has not been completely tested - opportunity to find basement mineralisation.
Aircore drilling planned, targeting high-grade gold shoot-like mineralisation.

Key Commercial Terms of the Western Queen Binding Option Agreement

Rumble has signed an option agreement to acquire 100% of the title and interest in the Western Queen Gold Projects from Mt Magnet Gold Pty Ltd (a subsidiary of Ramelius Resources Ltd) on the below material terms:

Western Queen Project (M59/45 and M59/208) – 100%

a. Rumble to pay A$50,000 Cash for a 9 month option.
b. Rumble to spend a minimum of A$200,000 on exploration expenditure within 9 months.
c. Rumble can elect to pay a further A$50,000 cash for a further 9 month option period. During this extended option period, Rumble is required to keep the project in good standing.
d. At any time before the end of either option period, Rumble can pay A$1,000,000 in shares or cash (or any combination) at Rumble's election to exercise the option to purchase the project 100%.
e. Gold Processing Rumble has granted Ramelius a last right of refusal to provide any gold processing and associated haulage services that relate to activities on the Western Queen Project.

Upon completing minimum expenditure for each option period and ensuring the project is in good standing, Rumble can walk away from the Agreement at any time without further obligation, with the exception of customary representations, warranties and indemnities.

Finders Fee

Rumble has an agreement to pay a finder's fee to Mineral Edge Pty Ltd who introduced the Western Queen Project to Rumble. Mineral Edge Pty Ltd is an independent consultant to Rumble. The finder's fee comprises of:

a. Rumble to pay A$10,000 cash on signing the option agreement.
b. Rumble to pay A$90,000 in RTR fully paid shares based on 30 day VWAP if Rumble elects to buy the project 100%.

Resource Summary- Western Queen Gold Deposit

Geology

Drilling

Drilling at the Western Queen project has occurred over multiple campaigns from 1992 to 2017. Previous operators included WMC, Equigold NL, Harmony Gold and Ramelius Resources.

A total of 32 reverse circulation (RC) holes and 16 diamond (DD) holes define the remaining Mineral Resource. All holes in the resource were drilled by previous operators. A very large number of RC and DD holes are present within the previously mined portions of the deposits but these holes were outside the limits of the current Mineral Resources.

The majority of the remaining resources have been drilled at 40-60m hole spacings on 50m spaced E-W cross sections. The upper portion of the WQS deposit has been drilled at 25m hole spacings.

All resource hole collars were accurately surveyed using DGPS or traditional electronic equipment. Some historic drill hole collars were surveyed in AMG coordinates and have since been transformed to MGA grid. All holes were transformed to a local grid for interpretation and estimation. Down hole surveys were recorded for the majority of holes at regular intervals using a single shot Eastman camera or a Reflex multi-shot tool.

Sampling and Sub-Sampling Techniques

For the historic RC drilling, a face-sampling hammer was used with samples collected at 1m intervals from mineralised zones with composite sampling of typically 4m in the unmineralised rocks. Samples were collected through a rig-mounted cone splitter or free standing riffle splitter. Samples were reported to have been kept dry throughout the mineralised zones and drilling conditions were stated to have been excellent.

More recent core was NQ2 size and historic diamond core was typically NQ size. All core was sampled to geological intervals and cut with a diamond saw to produced half-core samples for analysis. Core recovery from diamond drilling was recorded in drill logs and was consistently excellent.

Sample Analysis Method

For some of the drilling, half core samples were delivered to the laboratory for total preparation by crushing and pulverisation, before being sub-sampled for analysis using a 40g Fire Assay method. QAQC protocols were in place for the more recent drilling and has confirmed the quality of the sampling and assaying.

The majority of historic RC and diamond drilling was assayed at contract laboratories using a fire assay method. QAQC data from the drilling has been reported in historic reports and although not comprehensive, it supported the quality of the sampling and assaying of the historic data.

Estimation Methodology

The WQS deposit was estimated using ordinary kriging ("OK") grade interpolation of 1m composited data within wireframes prepared using 1.0g/t Au envelopes. The WQC deposit was estimated using inverse distance interpolation. Interpolation parameters were based on the geometry of each zone and geostatistical parameters determined by variography. High grade cuts of between 20g/t and 30g/t were applied to individual lodes.

The block dimensions used in the model were 4m EW by 20m NS by 10m vertical with sub-cells of 0.5m by 5m by 2.5m.

Bulk density determinations from drill core were used to assign density to the model. Values used in the resource estimate were 1.8t/m3 for Oxide, 2.25t/m3 for Transition and 2.85t/m3 for Primary mineralisation were applied.

The remaining mineralisation at both deposits is almost entirely primary mineralisation.

Mineral Resource Classification

Mineral Resource classification was considered on the basis of drill hole spacing and continuity of mineralisation. The portion of was mineralisation immediately beneath the pit floor has been comprehensively drilled at a drill hole spacings of 25m or less. The continuity of mineralisation defined by this drilling is robust and this area has been classified as Indicated Mineral Resource.

In the remainder of the deposits, the drill hole spacings are typically 50-80m. Although lode continuity is assumed to be good, the sample spacing is too great to provide confidence in the grade estimates so these zones have been classified as Inferred Mineral Resource.

Inferred Mineral Resource was extrapolated to a distance of up to 60m past drill hole intersections.

Cut-off Grades

The tabular, plunge-extensive and relatively high-grade nature of the deposits suggests good potential for underground mining. The Mineral Resource has been reported at a 2.0g/t Au cut-off based on assumptions about economic cut-off grades for underground mining.

Metallurgy

Historical metallurgical test work has been conducted on the mineralisation at Western Queen. Further work is planned, but it is assumed that metallurgical characteristics are similar to mined portions of the deposits. Historic production has demonstrated that good gold recovery can be expected from conventional processing methods.

Modifying Factors

No modifying factors were applied to the reported Mineral Resource estimate. Parameters reflecting mining dilution, ore loss and metallurgical recoveries will be considered during the planned mining evaluation of the project.

Shane Sikora Managing Director

For further information visit rumbleresources.com.au or contact [email protected].

About Rumble Resources Ltd

Rumble Resources Ltd is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current mineral exploration assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Brett Keillor, who is a Member of the Australasian Institute of Mining & Metallurgy and the Australian Institute of Geoscientists. Mr Keillor is an employee of Rumble Resources Limited. Mr Keillor has sufficient experience 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Keillor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc.). These examplesshould not be taken as limiting the broad meaning ofsampling.Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.Aspects of the determination of mineralisation that areMaterial to the Public Report.In cases where 'industry standard' work has been donethis would be relatively simple (e.g. 'reverse circulationdrilling was used to obtain 1 m samples from which 3 kgwas pulverised to produce a 30 g charge for fire assay').In other cases more explanation may be required, suchas where there is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisation types(e.g. submarine nodules) may warrant disclosure ofdetailed information.	Historicinformationondrillingintercepts and sampling was compiledfrom a historical database provided byRamelius Resources Ltd.The historic drilling database includesexploration and resource definitionsampling and assays compiled overmanyyears(mainperiodofexploration began in 1976). The mainexplorers and producers that havecontributed include:Western Mining CompanyYinnex NLHill 50 NLEquigold NLMt Magnet Gold NL entityheld byoHarmonyoRamelius ResourcesReview of data has shown that Au wasthe dominant element assayed by FA(variable charges) as 1m RC sampleintervals and select cutting (up to 1m)for diamond drilling.Exploration drilling includes air coreandRAB.Samplingwasbycompositesandassayingwasgenerally by AR (gold only) withvariablecharges.Surfacegeochemistry includes wide scale lagsampling (Au only) completed byWMC in 1990. Assay technique notreported.
Drillingtechniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.) anddetails (e.g. core diameter, triple or standard tube, depthof diamond tails, face-sampling bit or other type, whethercore is oriented and if so, by what method, etc.)	Historic Drilling includes diamond,RC, Air Core, RAB and auger.
Drill	Method of recording and assessing core and chip	Historic drilling database:
samplerecovery	sample recoveries and results assessed.Measures taken to maximise sample recovery andensure representative nature of the samples.Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	Review of the database indicates theQA/QC standard was appropriate forthe period when the work wascompleted.
Logging	Whether core and chip samples have been geologically	Historic drilling database:
	and geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining studiesand metallurgical studies.Whether logging is qualitative or quantitative in nature.	Review of the database indicates thelogging is appropriate for periodwhen the work was completed:
	Core (or costean, channel, etc.) photography.The total length and percentage of the relevantintersections logged.	All diamond drill holes were loggedfor recovery, RQD, geology andstructure.
		RC, AC and RAB drilling was loggedfor various geological attributes.
		All drill holes were logged in full.

Criteria	JORC Code explanation	Commentary
Subsamplingtechniquesandsamplepreparation	If core, whether cut or sawn and whether quarter, half orall 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 andappropriateness of the sample preparation technique.Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples.Measures taken to ensure that the sampling isrepresentative of the in situ material collected, includingfor instance results for field duplicate/second-halfsampling.Whether sample sizes are appropriate to the grain sizeof the material being sampled.	Historic drilling database:Specific details on samplingtechniques and sample preparationare not known. High-grade goldintervals presented in thisannouncement (WQD-1072 andWQD-1089) are on average 1mintervals with sub-sampling of zonesbased on mineralisation observation.Weighted averaging of intercepts hasbeen completed.RC samples were collected in onemetre intervals either from a rigmounted cyclone or a free standingriffle splitter.For RC and DD drill programs,samples were assayed at contractlaboratories in Perth. Samples weredried and a lkg split was pulverized to80% passing 75 microns.Half core samples were delivered tothe laboratory for total preparation bycrushing and pulverisation, beforebeing sub- sampled for analysis.Sample sizes are appropriate forgrain size and material types beingsampled.QAQC reports from historic drillinginclude field duplicates which showedreasonable correlation.Sample sizes are consideredappropriate to correctly represent thegold mineralisation based on: thestyle of mineralisation, the thicknessand consistency of the intersections,'
Qualityofassay dataandlaboratorytests	The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	the sampling methodology and assayvalue ranges for Au.Historic drill hole database:For the majority of RC and DDdrilling, analysis was by fire assayand atomic absorption spectrometry(AAS) finish at contract laboratories.The analytical technique usedapproaches total dissolution of goldin most circumstances.Historic drilling included assayrepeats, and certified standards.More recent drilling included the useof certified standards.The QAQC results confirmed thereliability of the assay data.
Verificationofsampling	The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures,	Historic drilling database – specificdetails on independent verification,use of twinned holes and how theinformation was entered unknown.

Criteria	JORC Code explanation	Commentary
andassaying	data verification, data storage (physical and electronic)protocols.Discuss any adjustment to assay data.	No independent verification ofsignificant intersections has beencarried out.
		Primary data documentation isavailable for much of the historicdrilling.
		Data is well organized and securelystored in a relational database;
		Assayvaluesthatwerebelowdetection limit were adjusted to equalhalf of the detection limit value.
Location ofdata points	Accuracy and quality of surveys used to locate drill holes(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resource estimation.Specification of the grid system used.	Historic drill holes are in local grid.Late conversion to AGD84 (zone50)was completed.
	Quality and adequacy of topographic control.	Survey control of drill-hole pickupsunknown.
		Drill hole collar coordinates used MGAZone 51datum with transforms to alocal grid.
		Drill hole collarswere historicallysurveyed using differential GPSortraditional electronic equipment;
		Topographic control previouslyfromdetailedtopographic survey in thevicinity of the resource and from minesurveys elsewhere.
Dataspacinganddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient toestablish the degree of geological and grade continuityappropriate for the Mineral Resource and Ore Reserve	For RC and DD drilling, the holespacing is 25m by 25m adjacent to thepits, and up to 80m by 80m in deeperparts of the deposit;
	estimation procedure(s) and classifications applied.Whether sample compositing has been applied.	Grade control drilling was undertakenat 8m drill spacing within the WQS pit;Thedrillinghasdemonstratedsufficient continuity in both geologyand grade to support the definition ofMineralResources,andtheclassifications applied under the 2012JORCCode.Sampleswerecomposited to 1m for estimation.
Orientationof data inrelation to	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	HistoricDrillingdatabase–Exploration, Resource Definition andMining completed by 2014.
geologicalstructure	If the relationship between the drilling orientation and theorientation of key mineralised structures is considered tohave introduced a sampling bias, this should beassessed and reported if material.	Holes were generally angled to grideast to optimize the intersection anglewith the interpreted structures.
		No orientation based sampling biashas been identified in the data.
Sample	The measures taken to ensure sample security.	Not known for historic drilling.
security		In respect of more recent drilling, allsamples were collected bycontractors and transported to thelaboratory by commercial transportcompanies.The laboratory receiptsreceived samples against the sampledispatch documents and issued areconciliation report for every sample

Criteria	JORC Code explanation	Commentary
		batch.
Auditsorreviews	The results of any audits or reviews of samplingtechniques and data.	Review of extensive exploration,resource definition and mining data isongoing.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenure status	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness ornational park and environmental settings.The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.	The Western Queen Projectcomprises of two mining leases -M59/45 and M59/208.The licenses are currently owned byMt Magnet Gold Pty LtdThe licenses are granted, in a stateof good standing and have no knownimpediments.Production royalties include $20/ozon existing resources with $8/oz onnew open pit resources and $6/oz onnew underground resources.
Explorationdone by otherparties	Acknowledgment and appraisal of explorationby other parties.	Historical exploration and miningcompleted by:oWestern Mining CompanyoYinnex NLoHill 50 NLoEquigold NLoMt Magnet Gold NL entityheld byHarmonyRamelius Resources
Geology	Deposit type, geological setting and style ofmineralisation.	Deposit type is orogenic shear zonehosted gold in Archaean greenstonesof the Yilgarn Block
DrillholeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.If the exclusion of this information is justifiedon the basis that the information is not Materialand this exclusion does not detract from theunderstanding of the report, the CompetentPerson should clearly explain why this is thecase.	Historic Drilling database has1604 drill-holes in databaseoExcludes grade control,dewatering and geotechholesDrill hole collars are in local grid.Table 1 highlights selectintercepts with collar co-ordsbased on GDA94 conversion.
Dataaggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.Where aggregate intercepts incorporate shortlengths of high grade results and longerlengths of low grade results, the procedureused for such aggregation should be statedand some typical examples of suchaggregations should be shown in detail.The assumptions used for any reporting of	Significant intercepts reported in thisannouncement have been presentedas weighted averages.

Criteria	JORC Code explanationmetal equivalent values should be clearlystated.	Commentary
Relationshipbetweenmineralisation widths andinterceptlengths	These relationships are particularly importantin the reporting of Exploration Results.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (e.g. 'down hole length,true width not known').	High grade intercepts presented inthis announcement are not truewidth. The drill hole angle is 50 - 60°(approximately normal) interceptingmineralization dipping 85° towardsthe drill-hole. True width at 50° is75% of the intercept width. Truewidth at 60° is 60% of the interceptwidth.
Diagrams	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Image 1 - Project Location withNeighbouring Gold ProcessingFacilitiesImage 2 - Longitudinal Section of TheWestern Queen Project –Highlighting Resources
		Image 3 - Western Queen Project –Project Area and GeologyImage 4 - Western Queen Central Mineand Deposit – Longitudinal Section
		with Drill-Hole Pierce Points and HighGrade Plunging ShootImage 5 - Western Queen Project –Cranes Prospect – Gold in LagGeochemistry and Historic Drilling
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	Table 1 reports select high gradeintercepts from Historic DrillingDatabase
Othersubstantiveexplorationdata	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical test results;bulk density, groundwater, geotechnical androck characteristics; potential deleterious orcontaminating substances.	Information used in thisannouncement includes localgeological mapping
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	Review of significant library of hardcopy reportsGround TEM orientation survey toascertain if pyrrhotite (associatedwith gold mineralisation) can be usedto target drilling

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section)

Criteria	JORC Code explanation	Commentary
Databaseintegrity	Measures taken to ensure that data hasnot been corrupted by, for example,transcription or keying errors, between itsinitial collection and its use for MineralResource estimation purposes.	Data used was previously capturedelectronically to prevent transcriptionerrors, with historic records reviewedand compiled manually and viaelectronic capture.
	Data validation procedures used.	The database provided was checkedagainst the primary data available toensure the integrity and veracity ofthe data.
		Validation included comparison ofgold results to logged geology toverify mineralised intervals andcomparison of database entries tooriginal drilling records.
Site visits	Comment on any site visits undertakenby the Competent Person and theoutcome of those visits.If no site visits have been undertakenindicate why this is the case.	A site visit was undertaken by theCompetentPersonandtheCompany's exploration manager inJuly2019 to verify the extent ofhistoric mining operations, locate drillcollars from previous drilling, reviewcore from historic drilling and toconfirm that no obvious impedimentstofutureprojectexplorationordevelopment were present.
Geologicalinterpretation	Confidence in (or conversely, theuncertainty of) the geologicalinterpretation of the mineral deposit.Nature of the data used and of anyassumptions made.The effect, if any, of alternativeinterpretations on Mineral Resourceestimation.The use of geology in guiding andcontrolling Mineral Resource estimation.The factors affecting continuity both ofgrade and geology.	The confidence in the geologicalinterpretation is considered to begood, with highly continuousmineralised structures defined bygood quality drilling.The deposit consists of steep dippingmineralised lodes which have beeninterpreted based on logging andassay data from samples taken atregular intervals from angled drillholes.
Dimensions	The extent and variability of the MineralResource expressed as length (alongstrike or otherwise), plan width, and depthbelow surface to the upper and lowerlimits of the Mineral Resource.	The Western Queen South MineralResource area extends over a strikelength of 520m and has a verticalextent of 300m.The Western Queen Central MineralResource area extends over a strikelength of 170m beyond existingworkings and has a vertical extent of150m and commences 230m belowsurface.
Estimationandmodellingtechniques	The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment ofextreme grade values, domaining,interpolation parameters and maximumdistance of extrapolation from datapoints. If a computer assisted estimation	Using parameters derived frommodelled variograms, OrdinaryKriging (OK) was used to estimateaverage block grades within theWQS deposit and Inverse DistanceSquared (102) was used to estimateaverage block grades within the
	method was chosen include a descriptionof computer software and parameters	WQC deposit.

Criteria	JORC Code explanation	Commentary
	used.The availability of check estimates,previous estimates and/or mineproduction records and whether theMineral Resource estimate takesappropriate account of such data.The assumptions made regardingrecovery of by-products.Estimation of deleterious elements orother non-grade variables of economicsignificance (eg sulphur for acid minedrainage characterisation).In the case of block model interpolation,the block size in relation to the averagesample spacing and the searchemployed.Any assumptions behind modelling ofselective mining units.Any assumptions about correlationbetween variables.Description of how the geologicalinterpretation was used to control theresource estimates.Discussion of basis for using or not usinggrade cutting or capping.The process of validation, the checkingprocess used, the comparison of modeldata to drill hole data, and use ofreconciliation data if available.	model.

Surpac software was used for the estimation.
High grade cuts of 20g/t (WQS) and 30g/t (WQC) were applied to 1m composite data.
The parent block dimensions used were 20m NS by 4m EW by 10m vertical with sub-cells of 5m by 0.5m by 2.Sm. The parent block size was selected on the basis of being approximately 50% of the average drill hole spacing in the deposit area.
Historical production records were available for previous mining and production grades are consistent with the estimated Mineral Resource.
Previous resource estimates have been completed and compare well with the current estimate.
No assumptions have been made regarding recovery of by-products.
No estimation of deleterious elements was carried out. Only Au was interpolated into the block model.
An orientated ellipsoid search was used to select data and was based on parameters derived from the variography.
An initial interpolation pass was used with a maximum range of 60m which filled 77% of blocks. A second pass radius of 120m filled the remaining 23% of blocks.
A minimum of 10 samples was used and a maximum of 24 samples was used for all passes.
Selective mining units were not modelled in the Mineral Resource model. The block size used in the model was based on drill sample spacing and lode orientation.
Only Au assay data was available, therefore correlation analysis was not possible.
The deposit mineralisation was constrained by wireframes constructed using a 1.0g/t Au cut-off grade in association with logged geology. The wireframes were applied as hard boundaries in the estimate.
For validation, trend analysis was completed by comparing the Interpolated blocks to the sample

Criteria	JORC Code explanation	Commentary
		composite data within 50m eastingintervals and by 20m verticalintervals.
Moisture	Whether the tonnages are estimated on adry basis or with natural moisture, andthe method of determination of themoisture content.	Tonnages and grades wereestimated on a dry in situ basis. Nomoisture values were reviewed.
Cut-offparameters	The basis of the adopted cut-off grade(s}or quality parameters applied.	The Mineral Resource has beenreported at a 2.0g/t Au cut-off basedon assumptions about economic cutoff grades for underground mining.
Miningfactorsorassumptions	Assumptions made regarding possiblemining methods, minimum miningdimensions and internal (or, if applicable,external) mining dilution. It is alwaysnecessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential mining methods, but theassumptions made regarding miningmethods and parameters whenestimating Mineral Resources may notalways be rigorous. Where this is thecase, this should be reported with anexplanation of the basis of the miningassumptions made.	The deposit has previously beenmined using selective open pitmining methods and small scaleunderground development. It isassumed that further undergroundmining is possible at the project.Portions of the deposit areconsidered to have sufficient gradeand continuity to be considered forunderground mining.No mining parameters or modifyingfactors have been applied to theMineral Resource.
Metallurgicalfactorsorassumptions	The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the processof determining reasonable prospects foreventual economic extraction to considerpotential metallurgical methods, but theassumptions regarding metallurgicaltreatment processes and parametersmade when reporting Mineral Resourcesmay not always be rigorous. Where this isthe case, this should be reported with anexplanation of the basis of themetallurgical assumptions made.	Metallurgical test-work wasundertaken by previous operators atthe project and has been reviewed.Historic production has demonstratedthat good gold recovery can beexpected from conventionalprocessing methods.
Environmentalfactors orassumptions	Assumptions made regarding possiblewaste and process residue disposaloptions. It is always necessary as part ofthe process of determining reasonableprospects for eventual economicextraction to consider the potentialenvironmental impacts of the mining andprocessing operation. While at this stagethe determination of potentialenvironmental impacts, particularly for agreenfields project, may not always bewell advanced, the status of earlyconsideration of these potentialenvironmental impacts should bereported. Where these aspects have notbeen considered this should be reportedwith an explanation of the environmentalassumptions made.	The previous mining operationincluded the development of wastedumps at the site.The area is not known to beenvironmentally sensitive and thereis no reason to think that approvalsfor further development including thedumping of waste would not beapproved.
Bulk density	Whether assumed or determined. Ifassumed, the basis for the assumptions.If determined, the method used, whether	Bulk density determinations weremade on samples from drill coreusing the weight in air/weight in

Criteria	JORC Code explanation	Commentary
	wet or dry, the frequency of themeasurements, the nature, size andrepresentativeness of the samples.The bulk density for bulk material musthave been measured by methods thatadequately account for void spaces(vugs, porosity, etc}, moisture anddifferences between rock and alterationzones within the deposit.Discuss assumptions for bulk densityestimates used in the evaluation processof the different materials.	water method.Bulk density values used in theresource were 1.80t/m3, 2.25t/m3 and2.85t/m3for oxide, transitional andfresh mineralisation respectively.
Classification	The basis for the classification of theMineral Resources into varyingconfidence categories.Whether appropriate account has beentaken of all relevant factors (ie relativeconfidence in tonnage/grade estimations,reliability of input data, confidence incontinuity of geology and metal values,quality, quantity and distribution of the	Mineral Resources were classified inaccordance with the AustralasianCode for the Reporting of ExplorationResults, Mineral Resources and OreReserves (JORC, 2012). The MineralResource was classified as Indicatedand Inferred Mineral Resource on thebasis of data quality, samplespacing, and lode continuity.
	data).Whether the result appropriately reflectsthe Competent Person's view of thedeposit.	The Indicated portion of the MineralResource was defined where goodcontinuity of mineralisation wasevident and within the drilled areawhere hole spacing averaged from25m by 25m spacing.
		The remaining portions of the depositwere classified as Inferred MineralResource due to the broad spaceddrilling.
		The definition of mineralised zones isbased on sound geologicalunderstanding producing a robustmodel of mineralised domains. Thismodel has been confirmed byprevious mining which supported theinterpretation.
		The Mineral Resource estimateappropriately reflects the view of theCompetent Person.
Auditsorreviews.	The results of any audits or reviews ofMineral Resource estimates.	A documented internal audit of theMineral Resource estimate wascompleted by the consultingcompany responsible for theestimate.
Discussion ofrelativeaccuracy/confidence	Where appropriate a statement of therelative accuracy and confidence level inthe Mineral Resource estimate using anapproach or procedure deemedappropriate by the Competent Person.For example, the application of statisticalor geostatistical procedures to quantifythe relative accuracy of the resourcewithin stated confidence limits, or, if suchan approach is not deemed appropriate,a qualitative discussion of the factors thatcould affect the relative accuracy andconfidence of the estimate.The statement should specify whether it	The Western Queen MineralResource estimate is considered tobe reported with a high degree ofconfidence. The consistent lodegeometry and continuity ofmineralisation is reflected in theMineral Resource classification. Thedata quality is good and the drillholes have detailed logs produced byqualified geologists.The Mineral Resource statementrelates to global estimates of tonnesand grade.

Criteria	JORC Code explanation	Commentary
	relates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical andeconomic evaluation. Documentationshould include assumptions made andthe procedures used.These statements of relative accuracyand confidence of the estimate should becompared with production data, whereavailable.	The deposit is not currently beingmined. Production records areavailable for the phases of open pitand underground mining completedat the deposit.

Table 1. Significant Gold Intercepts with Survey Information

Hole ID	Type	E (GDA94 Conversion)	N (GDA94 Conversion)	Depth (m)	Azi	Dip	From (m)	To (m)	Au g/t
WQD-1089	Diamond	512724	6955488	356	127	-59	340.4	340.9	7.9
							340.9	341.1	480
							341.1	341.4	11.2
							341.4	342	18.6
							342	343	16.1
							343	344	8.1
							344	345	7.9
							345	346	0.73
							346	347	8.6
							347	348	0.67
							348	349	8.5
							349	349.8	1.54
							349.8	350.2	0.65
							350.2	350.9	10.3
							350.9	351.25	34
							351.25	351.5	10
							351.5	352.15	1.15
WQD-1072	Diamond	512738	6955489	316	126	-54	305.7	306.65	11.7
							306.65	307.07	195
							307.07	308	49
							308	308.5	87
							308.5	309.45	23
							309.45	310	19.9
							310	310.85	11.2
							310.85	311.3	0.88
							311.3	311.95	1.16
WQRB68	RAB	513761	6957889	42	90	-60	0	4	0.64
WQRB69	RAB	513739	6957886	27	90	-60	0	4	3.45
							4	8	0.29
WQRB70	RAB	513717	6957890	33	90	-60	0	4	1.82
							4	8	0.77
WQRB71	RAB	513692	6957896	4	90	-60	0	4	0.58
WQJC-11	RC	513813	6957852	80	90	-60	0	1	0.84
							1	2	0.66
							2	3	0.64
							3	4	0.64
							4	5	0.52
							5	6	0.4
							6	7	0.6
							7	8	0.2

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RAMELIUS RESOURCES LIMITED Capital/Financing Update 2019

65718_rns_2019-08-05_295ea2cc-e4e1-47e8-8827-882194a56b6b.pdf

Option to Acquire the High-Grade Western Queen Gold Project