S2 RESOURCES LTD — Regulatory Filings 2016

Jun 28, 2016

ASX Announcement

Wednesday 29th June 2016

Amendment to announcement "Exploration update – Nanook RC drilling"

Please note the following amendments to the announcement released to the ASX earlier today regarding exploration results at Polar Bear, which is in connection with exploration results in the same district as the Company's previously announced mineral resources at Baloo and Nanook, whose locations were necessarily shown in Figure 1 of the announcement for purposes of context.

• 1. Figure 1 (below) replaces Figure 1 in the earlier announcement. The labels summarising the previously announced mineral resources at Baloo and Nanook have been expanded to differentiate between resource categories.
• 1. The Competent Persons statement (below) replaces that in the earlier announcement. This has been expanded to include the Competent Person responsible for the resource labels depicted in Figure 1.
• 1. Table 1 (below) replaces Table 1 in the earlier announcement. The sole change to Table 1 is in reference to the nature of core sampling. The original version of the table contained the phrase "not applicable" (but not why). The new table clarifies that this is not applicable because the samples are RC samples (as was stated in the text of the announcement) and not core samples.

For further information, please contact:

Mark Bennett	Anna Neuling
Managing Director	Executive Director
+61 8 6166 0240	+61 8 6166 0240

Competent Persons statement

The information in this report that relates to Exploration Results is based on information compiled by John Bartlett who is an employee of the company. Mr Bartlett is a member of the Australasian Institute of Mining and Metallurgy. Mr Bartlett has sufficient experience of relevance to the style of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartlett consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this report that relates to the Nanook and Baloo Mineral Resource estimations is based on information compiled by Mr Brian Wolfe, Principal Consultant Geologist – International Resource Solutions Pty Ltd and Mr Andrew Thompson, an employee and shareholder of the Company. Mr Wolfe and Mr Thompson are members of the Australasian Institute of Mining and Metallurgy and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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" (JORC Code). Mr Wolfe and Mr Thompson consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

Figure 1. Plan of Baloo-Monsoon-Nanook trend showing area of recent RC drilling at Nanook (Figure 2).

Table 1:

The following Tables are provided to ensure compliance with the JORC code (2012) edition requirements for the reporting of exploration results.

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.	The mineralised trend at Nanook is sampled by RC and aircoredrilling on a nominal 40 m hole spacing and 100 m lines, withlocal infill to 100m x 20m and 50m x 20m spacing. All holesdrilled to refusal.For RC sampling, a 1 metre split is taken directly from a conesplitter mounted beneath the rigs cyclone. The cyclone andsplitter are cleaned regularly to minimise any contamination. Asecond reference split is also taken from each metre and storedon site.Aircore holes are sampled using an aluminium scoop to producea four metre composite sample.
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused	Sampling and QAQC procedures is carried out using S2 protocolsas per industry best practice.
	Aspects of the determination of mineralisation thatare Material to the Public Report. In cases where'industry standard' work has been done this wouldbe relatively simple (e.g. 'reverse circulation drillingwas used to obtain 1 m samples from which 3 kgwas pulverised to produce a 30 g charge for fireassay'). In other cases more explanation may berequired, such as where there is coarse gold thathas inherent sampling problems. Unusualcommodities or mineralisation types (e.g.submarine nodules) may warrant disclosure ofdetailed information	Aircore samples are composited at 4 m to produce a bulk 3 kgsample. Samples were dried, pulverised (total prep), and split toproduce a 25 g sub sample which is analysed using aqua-regiadigestion with ICP-MS finish with a 1 ppb detection limit. Highgrades were repeated using 25g or 50g Lead Collection fireassay with an ICP/MS finish.RC drilling is sampled a 1m "cone" split sample, to produce abulk 3 kg sample. Sample preparation was the same as for theaircore drilling. A nominal 50gram sub-sample was collectedand analysed by Samples were to produce a sub sample foranalysed by fire assay with an AA finish.A 1m end of hole sample was collected for all aircore holes.Sample preparation was the same as above and were analysedusing a four acid digest with an ICP/OES and fire assay. Thefollowing elements are included in the assay suite: Ag, Al, As,Au, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cu, Fe, K, La, Mg, Mn, Mo, Na,Ni, P, Pb, Sb, Sc, Sr, Te, Ti, Tl, V, W, Zn.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc).	RC drilling is carried out using a face sampling hammer with anominal diameter of 140mm.Aircore drilling is carried out using a 3 ½ inch blade bit. Wherenecessary a 3 ½ inch face sampling hammer is employed topenetrate through hard zones.
Drill sample recovery	Method of recording and assessing core and chipsample recoveries and results assessed	RC and aircore sample recoveries are visually estimatedqualitatively on a metre basis and are recorded in the database.

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
	Measures taken to maximise sample recovery andensure representative nature of the samples	Sample quality is qualitatively logged on a metre basis,recording sample condition and contamination.Various drilling additives (including muds and foams) have beenused to condition RC and aircore drill holes to maximiserecoveries and sample quality. Drill cyclone and sample bucketsare cleaned between rod-changes and after each hole tominimise down hole and/or cross-hole contamination.
	Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	Insufficient drilling and geochemical data is available at thepresent stage to evaluate potential sample bias.Aircore drilling samples are occasionally wet which may haveresulted in sample bias due to preferential loss/gain offine/coarse material.The limited RC drilling with 1m sampling through the mineralizedgravels shows a good correlation with the AC results
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.	Lithology, alteration and veining is recorded directly to a digitalformat and imported into S2 Resources central database. Thelogging is considered of sufficient standard to support ageological resource.
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.	Logging of aircore and RC records lithology, mineralogy,mineralisation, weathering, colour and other features of thesamples, and is qualitative in nature.
	The total length and percentage of the relevantintersections logged	All drillholes were logged in full.
Sub-samplingtechniques andsample preparation	If core, whether cut or sawn and whether quarter,half or all core taken.	Not core drilling so not applicanle.
	If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.	Aircore samples consist of a 4 metre composite pled 1 metresamples are collected via an on-board cone splitter. Sampleswere collected both wet and dry.
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	The sample preparation follows industry best practice in samplepreparation All samples are pulverised utilising Essa LM1, LM2 orLM5 grinding mills determined by the size of the sample. Samplesare dried, crushed as required and pulverized to produce ahomogenous representative sub-sample for analysis. A grindquality target of 85% passing 75μm has been established and isrelative to sample size, type and hardness.
	Quality control procedures adopted for all subsampling stages to maximise representivity of	Quality control procedures include submission of CertifiedReference Materials (CRM's), blanks and duplicate samples witheach batch of samples. Selected samples are also re-analysed toconfirm anomalous results.
	samples.	Grind size checks are routinely completed to ensure samplesmeet the industry standard of 85% passing through a 75µmmesh.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	Field duplicates are taken at regular intervals. Samples areselected to weigh less than 3kg to ensure total preparation at thepulverisation stage.
	Whether sample sizes are appropriate to the grainsize of the material being sampled.	Sample sizes are considered appropriate for gold mineralisation.

Criteria	JORC Code explanation	Commentary
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	RC and diamond core samples are analysed for Au only using a40g or 50g Lead Collection fire Assay with either an ICP/MS orAAS finish.4m composite samples from AC drilling are analysed for Au onlyusing a 25g aqua-regia digestion with an ICP/MS finish. Themethod gives a near total digestion of the regolith intercepted inaircore drilling and is suitable for the estimation of palaeochannel
		gold deposits. High grades were repeated using 25g or 50g LeadCollection fire assay with an ICP/MS finish.All aircore holes have a 1m end-of-hole sample is collected for allAC holes. An extensive multi-element suite (including Ag, Al, As,Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cu, Fe, K, La, Mg, Mn, Mo, Na, Ni, P,Pb, Sb, Sc, Sr, Te, Ti, Tl, V, W, Zn) is analysed using a four aciddigest with an ICP/OES and ICP/MS finish. Au, Pt And Pd isanalysed for using 25g or 50g Lead Collection fire assay with anICP/MS finish.
	For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	No geophysical tools were used to determine any elementconcentrations used in this resource estimate.
	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 beenestablished.	Sample preparation checks for fineness were carried out by thelaboratory as part of their internal procedures to ensure the grindsize of 85% passing 75 micron was being attained. LaboratoryQAQC involves the use of internal lab standards using certifiedreference material, blanks, splits and replicates as part of the inhouse procedures.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.	The Exploration Manager of S2 has visually verified significantintersections.
	The use of twinned holes.	No twin holes have been drilled on the project to date.
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Primary data was collected using a set of standard Exceltemplates using lookup codes. The information was sent to anexternal database consultant for validation and compilation intoa Perth based SQL database.
	Discuss any adjustment to assay data.	No adjustments or calibrations were made to any assay datareported.
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys), trenches,mine workings and other locations used in MineralResource estimation.	Drillhole collars were located GPS with an accuracy is +/- 5m.
	Specification of the grid system used.	The grid system used at Polar Bear is GDA94 (MGA), zone 51.
	Quality and adequacy of topographic control.	A topographic surface has been created from aerial geophysicaldata, This has been calibrated with DGPS survey data.Allreconnaissance drill holes have been corrected to this surfacewhere DGPS pickup is not available.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	Data spacing is currently defined by the geological criteriaregarded appropriate to determine the extents of mineralisation.Reconnaissance AC drilling is on a nominal spacing of between100m x 40m and 50m x 40m drill pattern.RC drilling is on individual lines of varying intervals, with holesspaced on a nominal 40m separation along the line.

Criteria	JORC Code explanation	Commentary
	Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.	Drilling is considered to be of sufficient spacing to allow aninferred mineral resource to be estimated.
	Whether sample compositing has been applied.	No compositing has been applied to the exploration results.
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.	The drilling is not necessarily drilled perpendicular to theorientation of the intersected mineralisation.All reportedintervals are downhole intervals and not calculated true width.This will be established with further drilling.
	If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	No orientation biased sampling bias has been identified in thedata at this point.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by S2 Resources. Samples arestored on site and either delivered by S2 personnel to Perth andthen to the assay laboratory, or collected from site by CenturionTransport and delivered direct to the assay laboratory. Whilst instorage, they are kept on a locked yard. Tracking sheets havebeen set up to track the progress of batches of samples.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted at this stage.

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The Nanook prospect is located within Exploration LicenseE63/1142, which is located within the Polar Bear Project, 100%owned by Polar Metals Pty Ltd, a wholly owned subsidiary of S2Resources Ltd.A very minor portion of the reported Mineral Resource is situatedin E63/1738, which is 80% owned by Polar Metals. The balance isheld by Shumwari Pty L:td as part of the Eundynie Joint Venture.All projects are situated within the Ngadju Native Title Claim(WC99/002).
	The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The tenement is in good standing and no known impedimentsexist on tenement actively explored.
Exploration done byother parties	Acknowledgment and appraisal of exploration byother parties.	Gold ExplorationPlutonic Operations Limited and Homestake Gold of AustraliaLimited conducted reconnaissance AC drilling (PBAC prefix) overLake Cowan on predominantly 100 m drillhole spacing and 800 mline spacing from 1997-1999. Location of these drillholes cannotbe verified as the collars are now mostly obscured.AC sampling was done by 4 m composites with 1 m re-splits onsamples greater than 0.1 g/t. Samples were assayed by aquaregia digest with AAS finish although this cannot be verified asthe original laboratory.

Criteria	JORC Code explanation	Commentary
Geology	Deposit type, geological setting and style ofmineralisation.	The Polar Bear project is situated within the Archaean NorsemanWilunaBeltwhichlocally includesbasalts, komatiites,metasediments, and felsic volcanoclastics.The primary gold mineralisation is related to hydrothermalactivity during multiple deformation events. Indications are thatgold mineralisation is focused on or near to the stratigraphicboundary between the Killaloe and Buldania Formation.The mineralisation modelled at Nanook is situated at or close tothe Tertiary / Archaean unconformity, primarily withinunconsolidated quartz rich sands and gravel. The mineralisationis interpreted to be either elluvial or alluvial in nature, althougha supergene overprint is present.It may be derived from a nearby basement source. Recent drillinghas defined a number of potential gold trends to the Northwestassociated with sheared mafic and mafic-shale contact as well as
		to the southwest in and adjacent to the Nanook granodioritebody.
Drill hole Information	A summary of all information material to theunderstanding of the exploration results includinga tabulation of the following information for allMaterial drill holes:easting and northing of the drill holecollarelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collardip and azimuth of the holedown hole length and interceptiondepthhole length.	Refer to Annexure1 in body of text.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.	All reported assays have been length weighted. A nominal 0.2 g/tAu lower cut-off is used to report AC intersections.
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.	High grade gold intervals internal to broader zones ofmineralisation are reported as included intervals.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	No metal equivalent values are used for reporting explorationresults.
Relationship betweenmineralisation widthsand intercept lengths	These relationships are particularly important inthe reporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (e.g. 'down hole length, true width notknown').	The bedrock trend of mineralisation at Nanook is not known atpresent due to the lack of deeper drilling and the early stage ofexploration.Alluvial/elluvial gold has been defined within two discretepalaeochannel systems trending roughly N-S and NNE.Downhole thicknesses can be regarded as true thickness due tothe flat orientation of the palaeochannel deposit.Refer to Annexure 1 and Figures in body of text.

Criteria	JORC Code explanation	Commentary
Diagram	Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectionalviews.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	The accompanying document is conserved to represent abalanced report with grades and/or widths reported in aconsistent manner.
Other substantiveexploration data	Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – sizeand method of treatment; metallurgical testresults; bulk density, groundwater, geotechnicaland rock characteristics; potential deleterious orcontaminating substances.	No other exploration data collected to date is consideredmaterial or meaningful at this stage.
Further work	The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive	RC follow-up of high grade intercepts to establish the controlsand geometry of mineralization is proposed.