RED METAL LIMITED — Regulatory Filings 2014

Jan 27, 2014

ACN 103 367 684

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

ASX ANNOUNCEMENT 28 JANUARY 2014

MARONAN PROJECT ASSAY RESULTS - DRILL HOLE MRN13002

The Board of Red Metal is pleased to announce that assaying of cores from drill hole MRN13002 has defined multiple separate horizons of strong Cannington Mine-style lead mineralisation with strong silver values (Table 1 and Figure 2).

Significant down-hole intercepts include:

Issued Capital:

144,771,919 Ordinary shares

9,300,000 Unlisted options

Directors:

Rob Rutherford Managing Director

Russell Barwick Chairman

Joshua Pitt Non-executive Director

RED METAL LIMITED Level 15 323 Castlereagh Street Sydney NSW 2000

Ph: +61 2 9281 1805 Fax: +61 2 9281 5747

info@redmetal.com.au www.redmetal.com.au

Queensland Explorer of the Year 2013

2.3m from 459.6m at 9.8% lead, 277 g/t silver; 13.7m from 483.3m at 7.9% lead, 230 g/t silver; 10.1m from 516.9m at 8.9% lead, 202 g/t silver; 15.1m from 548.9m at 5.8% lead, 134 g/t silver;

These very exciting results confirm the continuity of the strong lead and silver mineralisation to shallow levels below the northern hinge zone and significantly expand the geological potential of this very large, under-drilled, mineralised system.

Starting at a down-hole depth of just 460 metres these intersections are thicker , higher grade and at significantly shallower levels than those of the earlier drilling campaigns carried out in 2013 and 2012 (Figure 4).

The strong lead-silver horizons in MRN13002 are hosted within a 125 metre down-hole interval of prospective banded carbonate-calcsilicate rocks (Figure 2) and remain open towards the north, down-dip and at shallow levels between the existing wide spaced intercepts (Figure 2 and Figure 4).

This hole together with Red Metal’s earlier wide spaced drilling has now recorded multiple parallel horizons of strong lead and silver mineralisation over a significant strike length and down-dip extent (Figure 4).

Strong silver-lead and copper-gold results from recent Red Metal drilling programs, together with the series of significant shallow intersections from historic drill programs (Figures 4), has boosted confidence in the Maronan Project and the Company is now forwarding plans to evaluate this very large mineralised system with more step-out holes and targeted infill drilling.

A detailed follow-up program is being designed and budgeted.

1

RDM ASX Announcement 28 January 2014

==> picture [306 x 278] intentionally omitted <==

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

Hinge Zone to Northern
Fold Structure
Copper Vein Zone
Lower Banded Lead Sulphide
Upper Banded Lead Sulphide
N
----- End of picture text -----

[Figure 1] Maronan Project: Drill hole location plan on magnetic image showing main geological elements.

[Table 1] Summary of assay results from MRN13002 applying a nominal 1.0% lead lower cut-off grade.

Hole ID	From (m)	Down-hole Intercept (m)	Estimate True Width (m)	Lead wt%	Silver g/t	Gold g/t
MRN13002
Upper BLS	459.6	2.3	0.8	9.79	277	0.6
	477	1	0.4	1.47	109	0.7
	483.3	13.7	6.2	7.92	230	0.3
including	488	7	3.1	10.6	312	0.3
	504	2.0	1.0	2.19	93	0.3
	514	17.5	8.5	6.62	155	0.1
including	516.9	10.1	4.9	8.93	202	0.1
	548.9	15.1	8.8	5.84	134	0.1
including	548.9	4.1	2.4	9.43	202	0.1
	566	1	0.6	8.54	285	0.2
	569.4	0.9	0.5	8.01	192	0.2
Lower BLS	577.7	2.5	1.4	3.33	71	0.1
	581.4	3.6	2.1	2.57	57	0.1
Total Combined		59.6	30.3
Thickness

[Table 2] Survey information for MRN13002.

Hole ID	GDA94_E (m)	GDA94_N (m)	Azimuth	Dip	EOH(m)
MRN13002	491378	7671137	50	-90	885.6

2

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

==> picture [442 x 650] intentionally omitted <==

• [Figure 2] Maronan Project: Cross Section containing MRN13002.

3

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

==> picture [486 x 132] intentionally omitted <==

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

Bedded carbonate-galena
Galena enrichment or “bonanza zones”
focused in the hinge zone to complex
folded beds
----- End of picture text -----

[Figure 3] Maronan Project: Strong banded carbonate-lead sulphide mineralisation from MRN13002, 526.9m assayed 15.4% lead, 378 g/t silver . The silver and grey metallic mineral is galena a lead sulphide mineral. Note the coarsergrained galena remobilised and enriched into the apex or hinge zone region of the small-scale fold structures. Potential may exist for larger scale, structurally enriched, high-grade “bonanza” zones at Maronan.

==> picture [433 x 340] intentionally omitted <==

[Figure 4] Maronan Project: Longitudinal section showing all drill hole pierce points and contours of the cumulative or combined true thickness of lead intercepts greater than 1% lead from the Upper BLS (Banded Lead Sulphide) and Lower BLS horizons. The size and colour of the pierce points varies with the lead and silver Metal Factor which is calculated using the lead equivalent value (refer to Table 4 Data aggregation methods for calculation) times the combined true thickness of lead intercepts for each hole. This presentation is designed to visualise regions of thicker and higher grade mineralisation for further infill and step out drilling and highlights the significant tonnage and grade potential of this very large, under-drilled, mineralised system. The lighter shaded area reflects the extent of deep weathering and potential lead and silver depletion. The banded carbonate rock in MRN13001 appears to have been locally stripped of lead and silver mineralisation by the strong overprinting copper and gold mineralisation.

4

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

For further information concerning Red Metal’s operations and plans for the future please refer to the recently updated web site or contact Rob Rutherford, Managing Director at:

Phone +61 (0)2 9281-1805 Fax +61 (0)2 9281-5747 www.redmetal.com.au

==> picture [172 x 58] intentionally omitted <==

Rob Rutherford Managing Director

==> picture [173 x 84] intentionally omitted <==

Russell Barwick Chairman

Background: Exploration on Maronan has identified two separate styles of mineralisation, bedded lead-silver mineralisation partially overprinted by structurally controlled, copper-gold mineralisation. The silver-lead mineralisation is of a similar style to the nearby Cannington deposit, one of the world’s largest silver and lead producing operations, while the overprinting copper-gold mineralisation can be compared with the mineralisation style at the nearby Eloise and Osborne ore bodies. Both mineralisation styles have shown improvement in grade and widths at depth and remain open down-plunge, towards the northern hinge zone and at shallow levels between the existing wide spaced intercepts.

---

The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Managing Director of the Company. Mr Rutherford has sufficient experience which is relevant to the style of mineralization 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” (the JORC Code). Mr Rutherford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

5

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

Table 3 JORC 2012 Sampling Techniques and Data

Criteria	JORC 2012 Explanation Commentary
Sampling Techniques	Nature and quality of sampling The extent of mineralisation at Maronan has been defined by 43 HQ/NQ diamond core drill holes drilled by four different companies since 1987 until the present. The spacing between drill hole pierce points when viewed on a longitudinal section is about 200 metres both vertically and laterally but varies between about 100 and 400 metres. The 43 holes average 603m deep and range in depth between 150m and 1469m. Holes were generally angled towards grid east between -55 and -90 degrees to optimally intersect the mineralised zone. Mineralisation in MRN13002 is defined by HQ core Physical core is available for 29 of the 43 holes. Paper copies of original laboratory reports and geological logs are available for 18 historic holes. Digital laboratory reports and geological and geophysical logs are available for the 25 more recent _holes. _
	Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. At Maronan ½ NQ core or ¼ HQ diameter core has been sampled to ensure sample representivity for all holes. Continuous geologically defined intervals were regularly sampled at a 1.0 meter interval locally down to 0.5 metre or up to 1.5m based on geological controls. These high quality samples were logged for lithology, density, magnetic susceptibility, structure, RQD and other attributes. MRN13002 was sampled using ¼ HQ core. Second ¼ HQ core duplicate samples were collected to check sample representativity at selected intervals. Quality control checks using standards, blanks or duplicates are included at a sample rate of about one in ten.
	Aspects of the determination of mineralisation that are Material to the Public Report. Diamond core drilling was used to obtain nominal 1 metre samples from which up to 3kg of ½ NQ or ¼ HQ diameter core was pulverised to produce a sub- sample for four-acid (near total) digest and multi- element analysis using ICP/OES and ICP/MS determinations. Gold was determined using a separate 50g charge for fire assay. High-grade base metal results >1% were repeated using an ore-grade ICP/AES technique which utilises an aqua-regia acid digest suitable for high-sulphide ores.
Drilling Technique	Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). For MRN13002 a conventional wire-line core rig was utilised to extract PQ and then HQ diameter core samples in mineralisation. The rotary mud pre-collar extended 16 metres. Core orientations were measured every 3 to 6 metre core run using a Reflex ACT orientation tool.

6

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed. The length of recovered core and the core rock quality are logged for each core run. Core recovery throughout the fresh sulphide mineralised zones in MRN13002 is very good (100%).
	Measures taken to maximise sample recovery and ensure representative nature of the samples. Diamond core is reconstructed into continuous runs on an angle iron cradle and marked with orientation lines. Depths are checked against depths marked on the core blocks and rod counts are routinely performed by the drillers.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Insufficient data is available to determine a bias relationship between poor sample recovery and grade. Not relevant with respect to MRN13002 samples.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Quantitative geotechnical logging including RQD, core recovery, fracture frequency, and qualitative hardness are measured for each core run. Qualitative and quantitative codes and descriptions are used to record geological data such as lithology, mineralisation, alteration and structure prior to sampling. Magnetic susceptibility is quantified for every assay sample interval (about 1 metre) within the mineralised section and every core run (3 to 6 metres) within the hanging wall and footwall rocks. Density is quantified for every assay sample interval.
	Core photography Core is photographed wet and dry.
	The total length and percentage of the relevant intersections logged. The total length of drill hole MRN13002 has been geologically and geotechnically logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. MRN13002 was sampled using ¼ HQ diameter core and cut so as to preserve the orientation mark. Pre-collar material is logged but not assayed and preserved as a record in chip trays or bags.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. The sample preparation of recent diamond cores follows industry best practice and sample preparation involving oven drying, coarse crushing of the ½ NQ core or ¼ HQ core sample to 70% <6mm then pulverising of the whole (<3kg) sample to 85% < 75 microns.
	Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. QC controls have been variable during the life of the project. Recent field QC procedures, including drill hole MRN13002, involve using certified reference materials as assay standards along with blanks and sample duplicates. In weathered zones with native copper quartz washes were used. The insertion rate for standard, blanks and duplicates in the mineralised zones is about 1 in 10 samples.

7

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. MRN13002 was sampled using ¼ HQ core. Second ¼ HQ core duplicate samples were assayed to check sample representativity at selected intervals. Results from MRN13002 show a variability of between 6 and 24% in areas of strong lead silver mineralisation. Average variation for these mineralised samples is 14%.
	Whether sample sizes are appropriate to the grain size of the material being sampled. The sample size are considered appropriate to correctly represent the sulphide mineralisation based on the styles of mineralisation (medium- coarse-grained, bedded lead sulphide and medium- grained copper vein zones), the thickness and consistency of the intersections, the sampling methodology and the percent assay grade range of the mineralisation.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Recent samples use four acid (near total) digest techniques and multi-element analysis using an ICP/MS determination. The acids used are hydrofluoric, nitric, perchloric and hydrochloric acids suitable for silica and sulphide based samples. High- grade base metal results >1% were repeated using an ore-grade ICP/AES technique which utilises an aqua-regia acid digest suitable for high-sulphide ores.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. No geophysical tools were used to determine element concentrations at Maronan
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Although variable through the projects history, industry standard QA and QC controls have been applied to most of the 25 more recent holes. No QC data is available for the 18 historic holes For recent samples certified reference materials with a good range of values and blanks were inserted blindly and randomly at a rate of 1 in 10 over the mineralised intervals while the laboratory routinely runs duplicate checks from the pulverised sample. All base metal results greater than 1% are re-assayed using an ore-grade technique. Results highlight that the sample assay values are accurate and that contamination has been contained. Routine repeat or duplicate analyses by the laboratory reveal the precision of the analysis is within acceptable limits. The QA/QC procedures of the historic assay data are unknown and their level of accuracy and precision is unknown.

8

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. Core from MRN13002 has been visually verified by the Managing Director and a Senior Geologist.
	The use of twinned holes. No holes have been twinned at this stage of exploration.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Primary data was entered in the field into a portable logging device using standard drop-down codes. Text data files are exported and stored in an Access database. Mapinfo software is used to check and validate drill-hole data.
	Discuss any adjustment to assay data. No adjustments or calibrations were used in any of the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. The collar position for MRN13002 has been surveyed by Handheld GPS using MGA_GDA94, Zone54 datum. The drill trace for MRN13002 was surveyed using a Reflex down-hole camera and checked using a Surtron gyroscope. The end-of-hole position determined by the Refex survey instrument was within 5 metres of the gyroscopically surveyed location. All holes in the Maronan database have been surveyed down-hole using Reflex style and conventional Eastman down-hole cameras. Gyroscope surveys have been completed on 4 of the recent Maronan holes. The collar positions of historical holes were located using a locally established grid with an AGD66 datum. Location accuracy of the historical holes is estimated at 1-5 metres. Recent holes have been located using GPS systems accurate to about 1-2 metres.
	Specification of the grid system used. All recent holes use MGA_GDA94_Zone54 datum. Historic holes used a local grid with an AGD66 datum and have been converted to a MGA_GDA94 datum.
	Quality and adequacy of topographic control. Topographic relief has been surveyed during a detailed 50 metre x 50 metre gravity survey. The region is flat with relief varying less than 3 metres over theproject area.
Data spacing and distribution	Data spacing for reporting of Exploration Results. The spacing between drill hole pierce points when viewed on a longitudinal section at Maronan is about 200 metres both vertically and laterally but locally varies between about 100 and 400 metres. MRN13002 is about 170 metres north and 400 vertically above MRN13001 and 330 meters vertically below historic hole MND20
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. The drill pierce point spacing is sufficient to outline the broad extent of mineralisation and grade variations in the mineral system however no Mineral Resources or Reserves have been defined to date.
	Whether sample compositing has been applied. No sample compositing has been applied

9

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Bedded lead-silver mineralisation in MRN13002 dips between 60 and 80 degrees with local steep WNW plunging folds varying the dip direction from W to WNW. East directed drilling provides a representative, unbiased sample across the mineralisation. The core to bedding angle in MRN13002 varies between 20 and 40 degrees.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Continuity of the lead and silver mineralisation appears to have a steep bias in the down dip- direction of the bedding. Causes of lateral and vertical variations of the grade and thickness of mineralisation within the bedding planes have not been resolved because of the wide spacing of the drilling.
Sample security	The measures taken to ensure sample security. Chain of custody is managed by Red Metal. Samples from Maronan are packaged and stored at the company’s field house in Cloncurry. The company’s personal deliver the samples to NQX freight office in Cloncurry for deliver to a laboratory in Townsville. The freight company and laboratory provide an online tracking servicefor all samples.
Audits or reviews	The results of any audits or reviews of sampling techniques and data. No external audits have been undertaken at this early stage.

Table 4 JORC 2012 Reporting of Exploration Results

Criteria	JORC 2012 Explanation Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. Maronan is located with EPM 13368 situated in the Cloncurry region of north-west Queensland. EPM 13368 is owned 100% by Red Metal Limited. No material ownership issues or agreements exist over the tenement. An ancillary exploration access has been established with the native title claimants and a standard landholder conduct and compensation agreement has established with the pastoral lease holders
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The tenements are in good standing and no known impediments exist
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties. The extent of mineralisation at Maronan has been defined by 43 diamond core drill holes drilled by five different companies since 1987 until the present. Shell/Billiton/Acacia discovered base metal mineralisation on the project in 1987 and completed 15 shallow holes to 1993. From 1995 to 1996 MPI completed 3 holes into the northern and southern fold hinge structures. From 2001 to 2004 Phelps Dodge completed 6 holes. BHP Cannington undertook a campaign of silver-lead exploration from 2006 to 2008 completing 12 holes. Red Metal Limited has completed 7 holes from 2011 to the present seeking depth extensions to the bedded silver-lead and separate copper-gold mineralisation.

10

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

Geology	Deposit type, geological setting and style of	Exploration on Maronan has identified two
	mineralisation.	separate styles of mineralisation, bedded lead-silver
		mineralisation partially overprinted by structurally
		controlled, copper-gold mineralisation.
		The silver-lead mineralisation is of a similar style to
		the nearby Cannington deposit, one of the world’s
		largest silver and lead producing operations. The
		Maronan silver-lead mineralisation occurs in two
		separate but sub-parallel banded carbonate-lead
		sulphide-magnetite-calcsilicate units referred to as
		the Upper Banded Lead Sulphide (Upper BLS) and
		Lower Banded Lead Sulphide (Lower BLS) horizons.
		The two horizons can be separated by up to 100
		metres of quartz clastic meta-sediments
		(psammites, pelites and quartzite).
		The overprinting copper-gold mineralisation can be
		compared with the IOCG mineralisation styles at
		the nearby Eloise and Osborne ore bodies.
		Mineralisation is associated with intense silica
		alteration within a bedding-parallel structure
		focused between the Upper LBS and Lower LBS and
		comprises chalcopyrite with pyrrhotite and variable
		magnetite.
		Both mineralisation styles have shown
		improvement in grade and widths at depth and
		remain open down-plunge and towards the
		northern hinge zone and at shallow levels between
		the existing wide spaced intercepts.
Drill hole Information	A summary of all information material to the	Refer to Table 2 for drill hole survey data for
	understanding of the exploration results including a tabulation of survey information	MRN13002.
	for all Material drill holes:
Data aggregation	In reporting Exploration Results, weighting	All mineralised intervals have been length
methods	averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually	weighted. No top-cuts have been applied. A nominal 1% lead lower cut-off grade is applied.
	Material and should be stated.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	The lead equivalent value is calculated using on the current metal prices ($US2204 per tonne lead,
		$US20 per ounce silver). Maronan project is at an
		early stage of exploration, and as a result no
		metallurgical test work has yet been undertaken.
		A metallurgical recovery of 100% was therefore
		assumed for the purpose of the lead equivalent
		calculation. The lead equivalent percentage value is
		calculated by summing the US dollar value of lead
		and silver for each sample then dividing this value
		by the lead price x 100. The Company’s opinion is
		that all of the elements included in the lead
		equivalent calculation have a reasonable potential
		to be recovered. The calculation assumes 100%
		recovery of all lead and silver and does not take

11

==> picture [25 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

			into account any potential changes in the lead
			equivalent value caused by different recoveries,
			processing or transport costs for the individual
			metals. The lead equivalent value used here is not
			precise and is used to map the broad variations in
			the in situ metal content and assist exploration
			targeting. It is highly likely this value will vary when
			metallurgical data is collected.
Relationship between		These relationships are particularly	True widths for MRN13002 are estimated to be 40%
mineralisation widths and intercept lengths		important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known,	to 50% of down-hole widths.
		its nature should be reported. If it is not
		known and only the down hole lengths are
		reported, there should be a clear statement
		to this effect (e.g. ‘down hole length, true
		width not known’).
Diagrams		Appropriate maps and sections (with scales)	Refer to Figures 2 to 4 in this report
		and tabulations of intercepts should be
		included for any significant discovery being
		reported These should include, but not be
		limited to a plan view of drill hole collar
		locations and appropriate sectional views.
Balanced reporting		Where comprehensive reporting of all	Refer to Tables 2 for a summary of assay data from
		Exploration Results is not practicable, representative reporting of both low and	drill hole MRN13002
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
Other substantive		Other exploration data, if meaningful and	The specific gravity of the mineralised banded
exploration data		material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical	carbonate-lead sulphide in drill hole MRN13002 ranges from 2.8 to 3.6 and averages about 3.3.
		survey results; bulk samples – size and
		method of treatment; metallurgical test
		results; bulk density, groundwater,
		geotechnical and rock characteristics;
		potential deleterious or contaminating
		substances.
Further work		The nature and scale of planned further work	A detailed follow-up program is being designed and
		(e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	budgeted.

12