RESOURCE BASE LIMITED. — Capital/Financing Update 2021

Nov 17, 2021

ASX Announcement

18 November 2021

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Resource Base Completes First Geophysical Survey

Highlights

• Ã Large-scale geophysical program at Black Range Project completed

• Ã New zone of interest identified with numerous targets hosted in favourable geological setting

• Ã The geophysical survey program was designed to test the priority target area between the Eclipse and New Moon prospects, a 4km strike of defined volcanic graben which holds confirmed geochemical and mineralogical Volcanic Hosted Massive Sulphide System (VHMS) characteristics

• Ã The geophysical survey program combined with previous geological works has assisted with establishing priority drill target areas for the Company’s initial drilling program due to commence imminently

Resource Base Limited ( ASX:RBX ) ( Resource Base or the Company ) is pleased to announce that it has completed its first Gravity and IP/Resistivity Geophysical survey programs at the Black Range Project located in the well-known and highly prospective Mt Stavely Volcanic Complex in South-West Victoria (EL4590).

Resource Base Executive Chairman and CEO, Shannon Green commented:

“The completion of our first geophysical survey program is a tremendous step forward for the Company. The survey has identified numerous prospective targets to test moving forward. I want to thank the team for their efforts in planning and executing this program so quickly”.

Preliminary Data

The Preliminary results from the Gravity and IP/Resistivity geophysical survey programs have identified numerous target areas to be tested.

Plans are underway for initial investigation using air-core drilling which aims to confirm:

• Bedrock geology hidden below shallow transported cover and Grampians Sandstone units;

• The presence of slight geochemical anomalies over geophysical targets; and

• Vital geological and mineralogical data for planning the maiden diamond drilling program.

Resource Base Limited

ACN: 113 385 425

ASX: RBX

Registered Office Suite 5, 62 Ord Street West Perth WA 6156 +61 (0)8 9322 1587 admin@resourcebase.com.au resourcebase.com.au

Company Directors

Shannon Green Executive Chairman & CEO John Lewis Executive Director / CFO Jamie Myers Non-Executive Director Paul Hissey Non-Executive Director Shannon Coates Company Secretary

Contact Mark Flynn Investor Relations +61 (0)416 068 733 info@resourcebase.com.au

The survey programs were designed to test the priority target area between the Eclipse and New Moon prospects, over Mt Stavely Volcanic Complex (MSVC) rocks which host the Eclipse prospect. Preliminary results have identified a number of IP and Resistivity features which will be targeted in the search for copper, zinc, lead, gold and silver and tested in due course as part of the Company’s broader exploration strategy.

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Figure 1: Location of the recently completed geophysical surveys covering approximately 7.5km[2] and location of the interpreted Eclipse Graben structure.

Initial Results & Targets

Induced Polarisation (IP) surveys are utilised in the search for Volcanic Hosted Massive Sulphide (VHMS) and Porphyry style deposits for their ability to map the distribution of metal-sulphide minerals hundreds of meters below the ground surface.

Preliminary gravity data has been received and has proven useful in understanding geology of the Eclipse Prospect area, particularly under Grampians Sandstone cover and when combined with magnetic data it has been important in understanding the IP/Resistivity data.

Combined interpretation of IP/Resistivity, Gravity and Magnetic geophysical data sets has identified a new zone of interest on the western margin of the Eclipse Basin, see the following figures.

Resource Base Limited ASX: RBX

www.resourcebase.com.au

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2

This area appears to be a transitional zone where significant changes in the chemical composition of volcanic rocks occur and there is transition from volcanic to sedimentary geological processes. These features are commonly important in the formation of VHMS deposits.

As the following figures show, within this volcanic-sedimentary zone there are a number of highly anomalous IP and Resistivity features, potentially related to accumulations of metal sulphide minerals and volcanic derived hydrothermal alteration.

Given the known association of metal sulphides and hydrothermal alteration to VHMS and Porphyry deposits and the location of these geophysical anomalies in this transitional basin margin setting, these targets are considered extremely interesting.

Figure 2 below demonstrates intense IP targets shown as coloured iso-surfaces located in the volcanic to sedimentary transition zone of the inferred volcanic graben structure. This is an important geological setting for development of VHMS mineralisation, making these targets a very high priority for bedrock drill testing. Magnetic features related to volcanic rocks shown as red wireframe. Map grid values shown are GDA94 MGA54 datum.

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Sedimentary-Volcanic VHMS Target Zone
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Figure 2: Intense IP targets

Resource Base Limited ASX: RBX

www.resourcebase.com.au

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Figure 3 below shows coherent, linear resistivity anomalies paralleling geological strata. Resistivity targets shown as coloured iso-surfaces located in the volcanic to sedimentary transition zone of the inferred volcanic graben structure are highly encouraging. Magnetic features related to volcanic rocks shown as red wireframe. Map grid values shown are GDA94 MGA54 datum.

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Sedimentary-Volcanic VHMS Target Zone
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Figure 3: Coherent, linear resistivity anomalies, paralleling geological strata

-ENDS-

This announcement has been authorised by the Board of Resource Base Limited.

For further information, contact:

Shannon Green Executive Chairman & CEO +61 8 9322 1587 admin@resourcebase.com.au

Mark Flynn Shannon Coates Investor Relations and Media Company Secretary +61 416 068 733 +61 8 9322 1587 info@resourcebase.com.au shannon@evolutioncorp.com.au

Resource Base Limited ASX: RBX

www.resourcebase.com.au

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About Resource Base Ltd

Resource Base Ltd (ASX:RBX) is an Australian based mineral exploration company focused on the development of highly prospective exploration projects with demonstrated potential for scalable discoveries.

Black Range Project

The Black Range Project (124km[2] ) in Victoria’s premier porphyry and VHMS target district, the Mount Stavely Volcanic Complex (MSVC) in Western Victoria, captures three fault-bound segments of the MSVC volcanics with a combined strike length of approximately 55 kilometres. The Project includes the advanced Eclipse prospect which is prospective for copper, gold and zinc.

The Mount Stavely Volcanic Complex is considered an analogue of the Mt Read Volcanics in Tasmania, which is host to a number of world-class VHMS deposits (Rosebery, Hellyer, Que River), the giant Mt Lyell Cu-Au deposit, and the Henty Au deposit.

Numerous other targets, including Anomaly F, Honeysuckle, Anomaly K and Mt Bepcha are associated with MSVC rocks across the tenement but have seen little work to date.

Petrological studies indicate that important VHMS style hydrothermal alteration and is well developed on the Eclipse prospect. Resource Base will utilise systematic geophysics, drilling and geochemical analyses combined with petrological and hyperspectral SWIR alteration mapping to vector towards zones with high mineralisation potential as identified from comparison with known VHMS deposits in the Mt Read Volcanics and around the world.

Mitre Hill Project

On 27 September 2021, the Company announced it had entered a binding term sheet for the acquisition of the Mitre Hill Project (1380km[2] ), which contains five strategic tenement applications over ground located within the Murray Basin across Victoria and South Australia, prospective for ionic clay hosted Rare Earth Element (REE) deposits.

The Applications are located in the Murray Basin on the South Australian and Victorian state Border near the towns of Naracoorte, Penola and Edenhope. The largest and most prospective Application, ELA 2021/00059, runs approximately in a line, covering over 40km of strike length, from the towns of Naracoorte and Penola in South Australia. The main economic target is ionic clay hosted Rare Earth deposits, with possible economic concentrations of Heavy Rare Earths considered strategically important given global supply modelling.

The Applications are located over the transition from the concluding phases of the Loxton - Parilla strandlines to the more broadly spaced Bridgewater formation in South Australia and Victoria. A significant archive of historical exploration data has been acquired by the Company, including drilling results, numerous government studies and minor private exploration.

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Resource Base Limited ASX: RBX

www.resourcebase.com.au

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5

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events, or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Person Statement

The information in this report which relates to Exploration Results is based on, and fairly represents, information compiled by Mr Ian Cameron. Mr Cameron is a Member of the Australian Institute of Geoscientists (AIG) and an employee of the Company. Mr Cameron has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcement. Mr Cameron consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Resource Base Limited ASX: RBX

www.resourcebase.com.au

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	•	Geophysical Technique: Time Domain Induced Polarisation / Resistivity
techniques	random chips, or specific specialised industry	•	Array Type: Double Offset Pole-Dipole (OPDIP)
	standard measurement tools appropriate to the	•	Program Size: 8 x 32 channel arrays
	minerals under investigation, such as down hole	•	Receiver Dipole Spacing: 150 m
	gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been	• • • • • • • •	Receiver Station Spacing: 150 m Receiver Line Length: 16 channels – 2400 m Transmitter Station Spacing: 100 m Transmitter Line Length: various, to 3.5 km Transmitter Pole Spacing: >4 km Tx/Rx Line Offset Distance: 200 m Tx/Tx Line Spacing: 400 m Line Direction: 0900(Loc N = MGA 0000)
	done this would be relatively simple (eg ‘reverse	•	Transmitter Frequency: 0.125Hz (2 sec time base)
	circulation drilling was used to obtain 1 m samples
	from which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases more	•	Geophysical Technique: Ground based gravity survey
	explanation may be required, such as where there is	•	Program Size: 828 stations
	coarse gold that has inherent sampling problems.	•	Station Spacing: 50 m
	Unusual commodities or mineralisation types (eg	•	Lines Spacing: 200 m
	submarine nodules) may warrant disclosure of	•	Line Length: 2.2 km
	detailed information.	•	Line Direction: 0900(Loc N = MGA 3600)
		•	Project Base Location Method: AUSPOS
		•	Project Base Accuracy: 30 mm
		•	Project Base Gravity Level: ABABA link to AAGD07 AFGN station 2015909342 in Horsham
		•	Station Location Method: RTK/PPK DGPS
		•	Vertical Accuracy Limit: 100 mm
		•	Horizontal Accuracy Limit: 100 mm
		•	Gravity Data Precision: 0.001 mGal
Drilling	• Drill type (eg core, reverse circulation, open-hole	•Not	applicable – geophysical surveys only
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc)

1

Criteria	JORC Code explanation	Commentary
	and details (eg core diameter, triple or standard
	tube, depth of diamond tails, face-sampling bit or
	other type, whether core is oriented and if so, by
	_what method, etc). _
Drill sample	• Method of recording and assessing core and chip	•Not applicable – geophysical surveys only
recovery	sample recoveries and results assessed.
	• Measures taken to maximise sample recovery and
	ensure representative nature of the samples.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias may
	have occurred due to preferential loss/gain of
	fine/coarse material.
Logging	• Whether core and chip samples have been	•Not applicable – geophysical surveys only
	geologically and geotechnically logged to a level of
	detail to support appropriate Mineral Resource
	estimation, mining studies and metallurgical studies.
	• Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc) photography.
	• The total length and percentage of the relevant
	_intersections logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter,	•Not applicable – geophysical surveys only
techniques	half or all core taken.
and sample	• If non-core, whether riffled, tube sampled, rotary
preparation	split, etc and whether sampled wet or dry.
	• For all sample types, the nature, quality and
	appropriateness of the sample preparation
	technique.
	• Quality control procedures adopted for all sub-
	sampling stages to maximise representivity of
	samples.
	• Measures taken to ensure that the sampling is
	representative of the in situ material collected,
	including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain
	_size of the material being sampled. _
Quality of	• The nature, quality and appropriateness of the	•Not applicable – geophysical surveys only
assay data	assaying and laboratory procedures used and
and	whether the technique is considered partial or total.

2

Criteria	JORC Code explanation	Commentary	Commentary
laboratory	• For geophysical tools, spectrometers, handheld XRF
tests	instruments, etc, the parameters used in determining
	the analysis including instrument make and model,
	reading times, calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures adopted (eg
	standards, blanks, duplicates, external laboratory
	checks) and whether acceptable levels of accuracy
	(ie lack of bias) and precision have been
	established.
Verification of	• The verification of significant intersections by either	•	Not applicable – geophysical surveys only
sampling and	independent or alternative company personnel.
assaying	• The use of twinned holes.
	• Documentation of primary data, data entry
	procedures, data verification, data storage (physical
	and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill	•	Geophysical Technique: Time Domain Induced Polarisation / Resistivity
data points	holes (collar and down-hole surveys), trenches,	•	Location Method: Garmin handheld 12 channel GPS
	mine workings and other locations used in Mineral	•	Location Accuracy Horizontal: ±3m
	Resource estimation.	•	Location Accuracy Vertical: ±6m
	• Specification of the grid system used.	•	Grid System: GDA94 UTM Zone 54
	• Quality and adequacy of topographic control.	•	Topographic control is adequate for the IP/Resistivity technique
		•	Geophysical Technique: Ground based gravity survey
		•	Location Hardware: Sokkia GSR 2700ISX L1/L2 Dual Frequency GPS
		•	Location Method: RTK
		•	Location Accuracy Horizontal: ±3cm
		•	Location Accuracy Vertical: ±3cm
		•	Grid System: GDA94 UTM Zone 54
		•	Topographic control is adequate for the gravity technique
Data spacing	• Data spacing for reporting of Exploration Results.	•	Geophysical Technique: Time Domain Induced Polarisation / Resistivity
and	• Whether the data spacing and distribution is	•	Receiver Dipole Spacing: 150 m
distribution	sufficient to establish the degree of geological and	•	Receiver Station Spacing: 150 m
	grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) _and classifications applied. _	• • •	Receiver Line Length: 16 channels – 2400 m Transmitter Station Spacing: 100 m Transmitter Line Length: various, to 3.5 km

3

Criteria	JORC Code explanation	Commentary	Commentary
	• Whether sample compositing has been applied.	•	Transmitter Pole Spacing: >4 km
		•	Tx/Rx Line Offset Distance: 200 m
		•	Tx/Tx Line Spacing: 400 m
		•	Line Direction: 0900 (Loc N = MGA 0000)
		•	Geophysical Technique: Ground based gravity survey
		•	Station Spacing: 50 m
		•	Lines Spacing: 200 m
		•	Line Length: 2.2 km
		•	Line Direction: 0900 (Loc N = MGA 3600)
Orientation of	• Whether the orientation of sampling achieves	•	Sub-perpendicular to geological strike direction
data in	unbiased sampling of possible structures and the
relation to	extent to which this is known, considering the
geological	deposit type.	•	Not applicable – geophysical surveys only
structure	• 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.
Sample	• The measures taken to ensure sample security.	•	Not applicable – geophysical surveys only
security
Audits or	• The results of any audits or reviews of sampling	•	Daily repeats and quality control by contractor
reviews	techniques and data.	•	Data yet to be reviewed by external geophysical consultant

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and	•Eclipse Prospect is located within EL4590 which is 100% owned by Resource Base
tenement and	ownership including agreements or material issues	Ltd (ASX:RBX).
land tenure	with third parties such as joint ventures,	•EL4590 was purchased from Navarre Minerals Ltd on 5thJuly 2021 however
status	partnerships, overriding royalties, native title	registration of the transfer of ownership by ERR is currently pending.
	interests, historical sites, wilderness or national park	•EL4590 is currently in good standing and valid until 14thFebruary 2022
	and environmental settings.	•There are no non-government royalties or historical sites at Eclipse.
	• The security of the tenure held at the time of	•The Eclipse Prospect area is situated on a mix of private grazing land and State Forest
	reporting along with any known impediments to	(Crown Land) over which exploration is permitted subject to standard care required to
	obtaining a licence to operate in the area.

4

Criteria	JORC Code explanation	Commentary
		minimize impact to any native flora and fauna as per standard Victorian regulations.
		•There are native title agreements in place with two Native Title claim groups in respect
		of Crown Land within EL4590.
		•There is no known impediments to obtaining a license to operate in the area and
		exploration is active and on-going.
Exploration	• Acknowledgment and appraisal of exploration by	•1969-1971 Western Mining conducted stream sediment, soil and mapping programs
done by other	other parties.	over the black range volcanics. No sampling of drainages from Eclipse Prospect
parties		mineralization.
		•1984 CRA Exploration (CRAE) conducted airborne magnetic survey as part of its
		Murray Basin mineral sands exploration program.
		•1988-1997 CRAE undertook numerous drill programs including RAB, Air-Core, RC and
		DDH, soil sampling, mapping, geophysics including IP/Resistivity, gravity, ground
		magnetics and numerous petrological studies.
		Discovered Eclipse Prospect (then called McRaes Prospect) VHMS related Au and
		Base Metal mineralisation during 1989 reconnaissance RAB programs targeting easily
		accessible traverses across volcanics (magnetic features).
		329 RAB holes were drilled between 1988 and 1990. Early programs struggled with
		depth penetration, particularly in areas of shallow Grampians Sandstone. Also, end of
		hole samples appear to have been assayed for gold only with re-assay for base metals
		where gold was considered anomalous. The reliability of early reconnaissance RAB
		drilling in the area is questionable, particularly in terms of base metal exploration.
		287 air-core holes were drilled during 1995 and 1996 over Eclipse Prospect and
		immediate surrounds on nominal 100m x 50m grid. Avoided areas where Grampians
		Sandstone cover was known to be thicker. Repeated 39 of the earlier RAB holes with
		improved penetration and reliability of bedrock geochemistry.
		25 RC and 6 DDH testing continuity of mineralisation and various extensions,
		geophysical and geochemical targets over the Eclipse Prospect. No resource estimate
		found in reporting.
		In 1997 commissioned an airborne EM survey covering approximately 550km2with
		200m flight line spacing. This survey included the Eclipse Prospect. Conductive
		regolith and the Grampians group sediments appears to have limited the usefulness of
		the data. CRAE discontinued exploration in the region in 1997.
		•EL4590 was granted to Leviathan Resources Ltd on the 14thFebruary 2007. No
		exploration works were undertaken and the tenement was farmed out to Navarre
		DiscoveryNo 1 PtyLtd(“Navarre”)on the 25thJune 2008.

5

Criteria	JORC Code explanation	Commentary
		•2008-2021 Navarre continued on from the earlier CRAE exploration on the Eclipse
		Prospect with detailed airborne magnetics, multiple IP/Resistivity programs, soil
		sampling, AC, RC and DDH drilling.
		A detailed airborne magnetic and radiometric survey covered 17.5km of the Black
		Range limb of the Stavely Volcanics hosting the Eclipse Prospect and adjacent
		Glenisla limb to its East. Several discrete intrusive like magnetic features occur in the
		Eclipse prospect area.
		A shallow IP/Resistivity survey was undertaken over the Eclipse mineralisation which
		defined a possible extension to the South. A later survey was oriented parallel the
		general trend of geology and designed to look quite deep in search of a porphyry
		target. Some targets remain to be tested.
		20 AC holes were drilled, mostly to infill data density over the chalcocite blanket zone
		of the Eclipse Prospect.
		22 RC and 8 DDH holes were drilled mostly to test primary grades beneath the Eclipse
		oxide mineralisation.
		Navarre divested EL4590 containing the Eclipse Prospect in July 2021 as a non-core
		asset.
Geology	• Deposit type, geological setting and style of	•The project area is considered highly prospective for the discovery of economic
	mineralisation.	precious and base metal deposits related to volcanic hosted massive sulphide (VHMS)
		and porphyry style systems.
		•Project geology consists of submarine volcanic arc related lithologies including mafic
		volcanics, intermediate to felsic volcanics, volcanogenic sediments and marine
		sediments.
		•Past workers have noted considerable similarities to geology hosting the Que River –
		Hellyer deposits geology in the Mt Read Volcanics on the West coast of Tasmania.
		•The Mt Stavely Volcanics in Victoria are considered to be an extension of the Mt Read
		Volcanics in Tasmania.
Drill hole	• A summary of all information material to the	•Not applicable – geophysical surveys only
Information	understanding of the exploration results including a
	tabulation of the following information for all Material
	drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation
	above sea level in metres) of the drill hole collar
	o dip and azimuth of the hole

6

Criteria	JORC Code explanation	Commentary
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the
	basis that the information is not Material and this
	exclusion does not detract from the understanding of
	the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting	•Not applicable – geophysical surveys only
aggregation	averaging techniques, maximum and/or minimum
methods	grade truncations (eg cutting of high grades) and
	cut-off grades are usually Material and should be
	stated.
	• Where aggregate intercepts incorporate short
	lengths of high grade results and longer lengths of
	low grade results, the procedure used for such
	aggregation should be stated and some typical
	examples of such aggregations should be shown in
	detail.
	• The assumptions used for any reporting of metal
	_equivalent values should be clearly stated. _
Relationship	• These relationships are particularly important in the	•Not applicable – geophysical surveys only
between	reporting of Exploration Results.
mineralisation	• If the geometry of the mineralisation with respect to
widths and	the drill hole angle is known, its nature should be
intercept	reported.
lengths	• If it is not known and only the down hole lengths are
	reported, there should be a clear statement to this
	_effect (eg ‘down hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and	•Please see maps and diagrams included in the announcement text
	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	• Where comprehensive reporting of all Exploration	•Not applicable – geophysical surveys only
reporting	Results is not practicable, representative reporting of
	both low and high grades and/or widths should be
	practiced to avoid misleading reporting of
	_Exploration Results. _

7

Criteria	JORC Code explanation	Commentary
Other	• Other exploration data, if meaningful and material,	•Khumsup Geophysics were contracted to undertake the survey and delivered QC’d
substantive	should be reported including (but not limited to):	station data along with production and daily logistical summary reports
exploration	geological observations; geophysical survey results;	•Survey geometry utilized the Pole-Dipole method where one of the transmitter
data	geochemical survey results; bulk samples – size and	electrodes is placed at a large distance from the survey area such that deeper
	method of treatment; metallurgical test results; bulk	penetration of transmitter signal is obtained over the survey area.
	density, groundwater, geotechnical and rock	•Each array consists of a transmitter line (line of current transmission points) with a
	characteristics; potential deleterious or	parallel line of receiver dipoles on each side and offset from the transmitter line by
	contaminating substances.	200m. Arrays are laid out beside each other to give consistent data coverage across
		the survey area. Arrays are surveyed individually, one after the other and equipment
		must be moved onto next array once survey of the preceding array has been
		completed.
		•Receiver lines consisted of 16 x 150m dipoles making them 2.4km in length.
		•Transmitter lines consisted of up to 33 transmitter electrode points spaced 100m apart
		for a maximum transmitter line length of 3.2km
		•Transmitter used was a GDD TxII 10kW system to transmit a 50% duty cycle bi-polar
		square wave with base frequency of 0.125Hz using typical current_c._5A.
		•Receivers used were GDD Rx-16 and SmarTEM models, each operating 16 channel
		simultaneously
		•Survey lines were oriented along MGA54 grid in E-W direction
		•All electrode positions were placed within 5m of their planned locations and surveyed
		by handheld GPS accurate to approximately 3m. Allowable error for electrode
		positions is deemed to be approximately 15m which represents 10% of the dipole
		spacing, although this is not crucially important, provided actual electrode locations are
		GPS located.
		•Full depth penetration of the survey on the extreme western margin is compromised
		somewhat by the inability to extend transmitter line further to the West due to State
		Park boundary.
		•Final data processing and interpretation will be undertaken by Southern Geoscience
		Consultants (SGC)
Further work	• The nature and scale of planned further work (eg	•Data will be processed and modelled by SGC
	tests for lateral extensions or depth extensions or	•Inferred geological horizons and geophysical features considered potentially
	large-scale step-out drilling).	prospective for VHMS and Porphyry style mineralization will tested with air-core drilling
	• Diagrams clearly highlighting the areas of possible	to check geological, geophysical and geochemical characteristics.
	extensions, including the main geological
	interpretations and future drilling areas, provided this
	information is not commercially sensitive.

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