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SABRE RESOURCES LIMITED Interim / Quarterly Report 2014

Jul 30, 2014

65750_rns_2014-07-30_1781e1e1-7d06-4e0f-89a3-9a07bbd09532.pdf

Interim / Quarterly Report

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31 July 2014

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QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 2014

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View of th e eastern end o f the Otavi Vall e y, looking we s t. The 1,920m h igh mountain G uchabberg, h o me to the Guc h ab Canyon depos i t, is shown on t he left, with ne w ly defined und e rcover targets on the flats in the centre and c entre-left of th e image.

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luding:
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HI G HLIG H TS

 Diamond drilling from th e Guchab C a nyon depo s it has returned significa n t results, in c luding: GCDD006 2 3.23 m @ 1.81 % C o pper & 25.38 g/t Silv e r from 77. 6 9 m and 7.98 m @ 1.70 % C o pper & 26.52 g/t Silv e r from 88. 4 8 m incl u ding 3.00 m @ 2.65 % Copper & 36.83 g/t Silver from 91.00 m GCDD006 3 5.40 m @ 1.37 % C o pper & 40.63 g/t Silv e r from 144.6 m

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  • T he southw e stern exte n t of coppe r -silver mineralisation at Guchab a p pears to h a ve been o ffset by faulting.

  • Detailed as s essment of the Guchab area show s two undercover areas h ighly prosp e ctive for c opper to th e south and southwest o f Guchab C a nyon.

  • Regional ta r get genera t ion has id e ntified a number of high quality targets throu g hout the l icences, in c luding: → cop p er targets under cover a t Guchab;

  • → cop p er targets u nder cover on ground near to and adjacent t o the Komb a t Copper Min e excision;

  • → zinc and lead ta r gets under c over and al o ng strike fr o m the Bord e r zinc-lead d eposit; → cop p er targets under cover a nd along st r ike from Gu c hab and K o mbat; and → cop p er, zinc, lead, silver, an d vanadium t argets at ot h er localities.

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  • W ork has c o mmenced o n the Guch a b Canyon m aiden reso u rce, which i s expected in the 3[rd] q uarter of 2 0 14.

  • W ork has c ommenced to bring t h e Border z inc-lead-silver resourc e up to JO R C 2012 s tandards.

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Sabre’s focus is the exploration a nd development of the Otavi Mountain Land (O M L) copper a nd base metal pr o ject in nort h ern Namibi a . Exploration during the quarter foc u sed on expl o ration at a n d around the Guc h ab Mining C entre, alon g with regional assessm e nt of the pr o spectivity o f the region.

1 GUCHAB CA N YON, KOMBAT CO P PER TRE N D

During t h e quarter, S abre’s field work in the Otavi Moun t ain Land fo c ussed prin c ipally on th e Guchab Canyon deposit and its surroun d s. As well a s drilling, d e tailed mod e lling of the g eology ha s enabled definitio n of highly p r ospective n e ar-surface t argets to th e south and s outhwest o f Guchab Canyon.

1.1 Di a mond drilling

Drilling a t Guchab C a nyon conti n ued during t he quarter. P rogress was slow, but d rilling focus e d on the southw e stern extre m ity of the G u chab depo s it. Intercept s included:

GC D D0062 1.00 m e tre @ 1.20 % Copper & 21.64 g/t S ilver from 74.00 met r es and 3.23 m e tres @ 1.8 1 % Copper & 25.38 g/ t Silver fro m 77.69 me t res and 7.98 m e tres @ 1.7 0 % Copper & 26.52 g/ t Silver fro m 88.48 me t res Including 3.00 metres @ 2.65 % Copper & 36.83 g/t Silver from 91.00 metres and 1.74 m e tres @ 1.2 6 % Copper & 6.83 g/t S ilver from 99.95 met r es GC D D0063 5.40 m e tres @ 1.3 7 % Copper & 40.63 g/ t Silver fro m 144.6 me t res

  • Drillhole GCDD0061 was abandoned at a d e pth of 3.00 metres due t o poor grou n d conditions and did not retu r n any significant interce p ts.

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S
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S N
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The int e rcept recor d ed in hole GCDD0063 was th e deepest y e t recorded at Guchab Canyon. Compariso n of interce p ts between these d rillholes s h ows an i n termittently minerali z ed interval in excess o f 28 metres in drill h o le GCDD0 0 62 narrowi n g to one of only 5. 4 metres in drill hole GCDD0063 down d ip. This a nd other information suggest s that the m i neralisation is offset by late-sta g e faulting ( F igure 1).

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Following completio n of GCDD0063, drilling at Guch a b was halt e d in order t o investigate minerali s ation distributions an d structural controls in detail. Analysis sugg e sts that the minerali s ation is mo s t likely to b e offset to a deeper position on the south s ide of the fault. H o wever the d e pth of this o ffset to the south c a nnot be det e rmined, an d the lateral compon e nt of m o vement (i f any) is unknow n . For exa m ple, the rel a tionship of

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Figure 1 – Guchab cr o ss-section (lo o king west) sh o wing likely geometries in the so u thwest of the d eposit. The mineralisation (pink) appears to b e offset by f a ulting, and li k ely occurs deep e r to the south. Note that the m ineralisation i s oblique to this s e ction, so appe a rs to lense ou t up-dip in this s ection.

It was in_ _c orrectly reported in the previ_ _o us quarterly t_ _h at visual copp_ _e r was observed in GCDD0061. This minera_ _l isation was actually o_ _b served in GC_ _D* D0062.

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sporadi c outcroppin g copper mi n eralisation i n extremely rugged and difficult to a c cess count r y around 500 m t o the southwest ( Figure 2 ) may or m a y not be directly related to Guchab C anyon.

These f a ctors rend e r pinpointin g of the loc a tion of the mineralisati o n to the im m ediate so u th of the fault diff i cult. As suc h , searching for the min e ralisation fr o m surface could prove t o be a protr a cted and expensi v e process. W ith this in mind, Sabr e has identified a number of near-su r face target locations that are likely to be e xtensions t o the Gucha b Canyon d e posit and a r e considere d more likel y to result in prom p t mineralisa t ion hits.

1.2 Un d ercover t argets at Guchab

Two un d ercover ta r gets, Guch a b South a n d Schlang e nflach ( Figure 2 ), ha v e been identified at Guchab for immedi a te explora t ion. These targets are directly along strike fr o m, and in a similar position to, the Kom b at copper m ine 10km t o the west. W hether ther e is direct p h ysical conn e ctivity of minerali s ation betw e en these targets and th e Guchab C a nyon depos i t remains to be seen, b u t Sabre’s modelli n g shows co m mon genet i c links betw e en each lo c ale.

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outcropping Cu
Schlangenflach
Guchab South
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Figure 2 – Subsurface targets at Guc h ab are located on the flats to the south and s outhwest of th e Guchab Can y on deposit. Not e the location o f the cross-section shown in Fi g ure 1 (white n o rth-south line at Guchab Can yo n).

Due to t heir size (u p to 1000 m long), thei r coverage b y modern sands and s o ils, and the inherent uncertai n ty in deter m ining the e x act locations of subsurf a ce faults a n d contacts, initial explo r ation will focus o n refining e a ch target f o r deep drilli n g. Initially, we will patt e rn drill eac h area to b e drock in order t o detect su b surface mi n eralogical o r geoche m ical anomalism that w a s blankete d by the overlyin g sands an d soils. Det e ction of an y anomalis m is expected to provid e suitable t a rgets for deeper d rilling for pr i mary copper mineralisa t ion.

Shallow drilling is expected to commence on the Guchab South and S chlangenfl a ch targets i n August.

1.3 Guchab Can y on resou r ce

During t h e quarter, w ork was commenced o n defining a maiden JO R C 2012 res o urce on th e Guchab Canyon deposit. Th e resource is expected t o be complet e d in the 3[rd] quarter of 2 0 14.

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2 RE G IONAL T A RGET G E NERATIO N PROGR A M

The reg i onal target g eneration p rogram continued during the quart e r. The prog r am aims to discover unknow n copper, zinc, lead, si l ver, and v a nadium de p osits by d e fining highl y prospectiv e targets largely u ndercover. This is bei n g done by completely reassessin g the geolo g y of the region and combini n g this new interpretatio n with Sabre ’ s in-depth k n owledge of the region a nd its proce s ses.

2.1 Generated t a rgets and preparation for drilling

Sabre’s EPL3540 a n d EPL354 2 and their s urrounds h a ve been as s essed for t heir potenti a l to host subsurf a ce copper, z inc, lead, silver, and v a nadium mi n eralisation. A series of c overed tar g ets have been generated, wit h detailed ra n king identif y ing a numb e r of highest priority targ e ts, includin g :  c opper targ e ts under co v er at Guch a b (Figure 2)

  • c opper targ e ts under c o ver on ground near t o and adjac e nt to the K ombat Copper Mine e xcision (o w ned by Kombat Copper L td)

  • z inc and lea d targets un d er cover and along stri k e from the Border zinc-l e ad deposit  c opper targ e ts under co v er and alon g strike from Guchab an d Kombat  c opper, zinc, lead, silver, and vanadium targets a t other localities.

The Co m pany is pr e sently prep a ring to acc e ss some of the most hi g hly prospe c tive target a reas and intends s tarting first-pass shallo w drilling pro g rams as so o n as possi b le.

2.2 Ab o ut the re g ional tar g eting pro g ram

The Ot a vi Mountai n Land (O M L) is a ter r ane that t h e Compan y considers highly likel y to host significantly more c o pper, zinc, l e ad and silv e r deposits t h an have been discover e d and mine d to date. It is pa r t of the D a maran Mobile Belt whi c h also co n tains the e n ormous co p per deposits of the Katang a n and Zam b ian Coppe r Belts (DR C and Zam b ia), as well as the Kal a hari Copp e r Belt in Botswa n a and Nami b ia.

Any large undiscovered mineral deposits ar e likely to be hidden ben e ath soil cov e r or in are a s of poor exposur e which c o vers over 7 0% of th e OML (hill s and mountains are relatively r e stricted). Historic a lly, almost n one of the s oil-covered a reas have b een explor e d, with all o f the 700-80 0 mineral occurre n ces, prospects, deposit s , and mines of the region located in o utcropping areas.

Modelli n g of the ge o logy of the region has l ed to the identification o f numerou s target are a s. These have been identifie d by exhaustive reinterpr e tation of the regional geology whic h has in tur n allowed identific a tion and m o delling of metal source r egions, of c o nduits for m ineralizing f luids from t h e source regions, and of the m ost efficien t trap sites f o r copper, zi n c, and lead mineralisati o n.

With thi s in mind, S a bre is atte m pting to quantify the region’s mineral endowmen t , which is defined as the inh e rently-conta i ned minera l wealth of a region. T h e undiscov e red and un m ined endo w ment is now co n sidered to b e substanti a l, and with Sabre’s ex p erience, no v el deposit c ontrol conc e pts, and extensi v e ground holding, we ar e in a uniqu e position to h unt for these deposits.

To do t h is, Sabre i s using all a v ailable dat a , including g eophysical, geochemic a l, hypersp e ctral and other d a ta sets, to i dentify particular areas that requir e greater ex p loration fo c us. These a reas are being a s sessed in d e tail to generate numer o us target sit e s. This will lead to on- g round asse s sment of particul a r sites to determine appropriate exp l oration techniques, follo w ed by rapi d cycling of h igh-level testing o f sites (su c h as test a u ger or RC drilling, foll o w-up detail e d geophysi c s etc.) to d etermine suitabilit y for more c o ncentrated exploration. This metho d ology will allow for quic k determinat i on of the potentia l for numer o us sites th r oughout th e region, quick rejection of less-pro s pective tar g ets, and homing i n on the sit e s most likel y to contain large hidden deposits.

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Sabre’s renewed fo c us on regional assess m ent will be o ngoing, an d will assist i n the direction of the Compa n y’s future o p erations in the Otavi Mountain Land .

3 BORDER ZIN C -LEAD-SILVER DE P OSIT

Work h a s commenc e d to bring t h e Border zi n c-lead reso u rce up to J O RC 2012 s t andard.

The Bo r der Zn-Pb- A g Deposit i s a high-to n nage mode r ate-grade d eposit that i s one of a series of similar d eposits sc a ttered alon g Sabre’s 2 0 km long zinc- and lea d -rich Pavia n Trend. B o rder has been su b ject to res o urce drilling , inferred re s ource calculation, metallurgical anal y sis, and a h igh level scoping study, with the most c o mplete de s cription of t he deposit provided in the Decem b er 2011 quarterl y report.

With co n tinuing str e ngth in world zinc pric e s, the Company sees B order as a key part o f a future series o f mines thro u ghout the O tavi Mounta i n Land.

4 ONGOING R E GIONAL I N VESTIG A TIONS

Sabre c o ntinues to investigate t h e potential of the Otavi Mountain Land, with re g ional field p rograms underw a y at several locations. T hese progr a ms are an o ngoing part of the Com p any’s asse s sment of the regi o n, which c o ntinues to f ocus on th e Kombat E a st area be t ween the K ombat Min e and the historic Guchab Mi n ing Centre. Sabre’s ai m is to delineate a sub s tantial reso u rce invent o ry in the Otavi M o untain Lan d .

Outside of the Guchab area, th e areas inve s tigated this quarter incl u de the east e rn Otavi V a lley area betwee n Guchab and the Komb a t mining le a se (owned b y Kombat C opper Ltd), as well as t h e AurosWolken h auben area, a copper-b e aring area a round 10 kilometres no r thwest of K o mbat (Figu r e 3).

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Figure 3 – Other area s presently bei n g investigated (yellow) in th e Otavi Mountain Land. Sabr e ’s main focus remains the Kom b at East area b e tween the Ko m bat mining lice n ce excision and the Guchab M ining Centre. G rid is 10km.

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For further information please contact:

Dr Matt h ew Painter, General Manager – Exp l oration

Ph o ne (08) 94 8 1 7833

Or cons u lt our webs i te:

http://www.sabresources.com /

Competent Person Declaration

The inform a tion in this report that relates to E x ploration Results is based on info r mation compiled by Dr Matthew Paainter of Sabre R e sources Ltd, who is a m e mber of The Aus t ralian Institute of Geoscientists. D r Painter has sufficient experience t hat is relevant to the style of mine r alisation and type of dep o sit under consid e ration and to th e activity that he i s undertaking to q ualify as a Com p etent Person as defined in the 2 0 12 Edition of the “Austral i an Code for Rep o rting of Exploration Results, Mine r al Resource and Ore Reserves”. D r Painter consentts to the inclusio n in the report of the matt e rs based on his i n formation in the form and context in which it appear s . Forward-Looking Statements

This document may include f orward-looking statements. Forwa r d-looking statem e nts include, but a re not limited to, statements concerning Sabre Resources L td’s planned ex p loration program and other state m ents that are not historical facts. W hen used in this document, the words such as "could," "pl a n," "estimate," "e x pect," "intend," "may”, "potential," "should," and si m ilar expressions a re forward-lookinng statements. Al t hough Sabre Resources Ltd believes that its expectations reflected in thes e forward-looking statements are r easonable, such statements invo l ve risks and uncertaintie s and no assuran c e can be given t h at actual results w ill be consistent with these forward-looking statemeents.

6

Appendix 1 - Guchab Diamond Drilling

* Copper (Cu) & Silver (Ag) values were determined at the accredited 'Bureau Veritas' Laboratory in Swakopmund, Namibia.

Hole No Northing
Easting
RL
Collar coordinates
Final Depth
(m)
Dip(o)
Azimuth
(oTrue)		 To (m)
Downhole
Intercept (m)
Grade / Comment
From
(m)
GCDD0001 7818105
796081
1781
111.39
-40°
191°		 0.60
108.35
107.75
1.15% Cu & 6.93 g/t Ag
incl
17.90
20.25
2.35
13.24% Cu & 70.84 g/t Ag
&
29.80
52.15
22.35
2.08% Cu & 10.11 g/t Ag
&
96.90
100.05
3.15
2.85% Cu & 22.90g/t Ag
GCDD0002 7818105
796081
1781
101.13
-60°
182°		 1.42
27.98
26.56
1.06% Cu & 6.25 g/t Ag
incl
1.42
5.58
4.16
2.36% Cu & 7.93 g/t Ag
&
8.19
12.76
4.57
2.18% Cu & 21.44g/t Ag
GCDD0003 7818105
796081
1781
53.43
-80°
191°		 1.00
19.90
18.90
1.54% Cu & 9.66 g/t Ag
incl
1.00
8.00
7.00
2.52% Cu & 10.12g/t Ag
GCDD0004 7818105
796081
1781
60.63
-55°
224°		 0.00
24.05
24.05
1.29% Cu & 10.91 g/t Ag
incl
7.18
9.54
2.36
3.47% Cu & 35.34 g/t Ag
&
23.05
24.05
1.00
8.55% Cu & 38.38g/t Ag
GCDD0005 7818105
796081
1781
53.32
-55°
161°		 0.00
22.20
22.20
3.45% Cu & 29.67 g/t Ag
incl
20.05
22.2
2.15
17.60% Cu & 247.70g/t Ag
GCDD0006
795610
795610
1837
48.35
-45°
291°		 0.90
15.00
14.10
1.31% Cu & 10.50 g/t Ag
incl
7.00
9.65
2.65
5.10% Cu & 50.94g/t Ag
GCDD0007
795610
795610
1837
48.55
-60°
280°		 5.48
13.85
8.37
0.54% Cu & 7.43 g/t Ag
incl
5.48
6.67
1.19
1.41% Cu & 25.40g/t Ag
GCDD0008
795610
795610
1837
72.89
-45°
350°		 NA
NA
NA
Hole [email protected] m
GCDD0009
795610
795610
1837
17.63
-70°
170°		 NA
NA
NA
Hole [email protected] m
GCDD0010
795610
795610
1837
13.62
-70°
170°		 NA
NA
NA
Redrill GCDD0009 -
abandoned
GCDD0011 7818246
795918
1832
103.45
-42°
100°		 42.22
61.07
18.85
1.06% Cu & 15.05 g/t Ag
incl
57.44
61.07
3.63
4.08% Cu & 61.92g/t Ag
GCDD0012 7818246
795918
1832
115.73
-40°
131°		 NA
NA
NA
Hole abandoned @ 115.73m
due to rigfailure
GCDD0013 7818054
796066
1774
80.10
-40°
041°		 0.00
31.50
31.50
0.29% Cu & 2.30 g/t Ag
incl
0.00
2.00
2.00
1.03% Cu & 5.40g/t Ag
GCDD0014 7818054
796066
1774
86.89
-60°
041°		 0.00
53.10
53.10
1.23% Cu & 11.20 g/t Ag
incl
0.00
6.55
6.55
2.17% Cu & 9.50 g/t Ag
&
12.00
21.00
9.00
2.95% Cu & 19.10g/t Ag
GCDD0015 7818054
796066
1774
90.39
-80°
041°		 0.31
52.16
51.85
1.35% Cu & 15.45 g/t Ag
incl
17.72
33.00
15.28
2.81% Cu & 28.66g/t Ag
GCDD0016 7818054
796066
1774
110.96
-49°
165°		 20.00
32.22
12.22
0.67% Cu & 5.87 g/t Ag
incl
25.75
26.87
1.12
2.14% Cu & 4.10g/t Ag
57.37
86.64
29.27
0.80% Cu & 10.86 g/t Ag
incl
63.73
66.31
2.58
2.49% Cu & 27.03 g/t Ag
&
71.44
78.10
6.66
1.06% Cu & 15.09g/t Ag
GCDD0017 7818054
796066
1774
159.36
-65°
161°		 12.00
39.00
27.00
0.53% Cu & 6.77 g/t Ag
incl
24.00
29.12
5.12
1.58% Cu & 18.21g/t Ag
50.00
78.40
28.40
0.61% Cu & 11.99 g/t Ag
incl
66.20
78.40
12.20
0.87% Cu & 15.77g/t Ag
93.44
131.00
37.56
0.92% Cu & 12.43 g/t Ag
incl
93.44
99.11
5.67
2.28% Cu & 20.02g/t Ag
126.00
131.00
5.00
1.82% Cu & 33.76g/t Ag
GCDD0018 7818054
796066
1774
132.47
-80°
165°		 15.00
23.59
8.59
1.00% Cu & 12.15 g/t Ag
36.40
50.50
14.10
0.89% Cu & 7.16 g/t Ag
incl
48.00
50.50
2.50
1.70% Cu & 7.74g/t Ag
59.00
76.00
17.00
1.00% Cu & 23.70g/t Ag
GCDD0019 7818054
796066
1774
153.21
-55°
180°		 23.04
38.45
15.41
1.08% Cu & 5.24 g/t Ag
incl
37.37
38.45
1.08
6.45% Cu & 42.26g/t Ag
58.35
104.00
45.65
1.04% Cu & 12.27 g/t Ag
incl
58.35
73.25
14.90
1.30% Cu & 16.20 g/t Ag
&
81.10
104.00
22.90
1.22% Cu & 15.88g/t Ag
GCDD0020 7818054
796066
1774
149.99
-45°
186°		 29.00
45.00
16.00
1.19% Cu & 8.26 g/t Ag
78.00
82.55
4.55
0.53% Cu & 3.07g/t Ag
GCDD0021 7818054
796066
1774
120.34
-60°
339°		 0.00
47.27
47.27
0.64% Cu & 5.33 g/t Ag
incl
0.00
4.17
4.17
1.52% Cu & 11.52 g/t Ag
&
11.68
13.00
1.32
3.66% Cu & 20.41 g/t Ag
&
21.46
23.60
2.14
2.27% Cu & 19.03g/t Ag
GCDD0022 7818054
796066
1774
120.09
-30°
339°		 0.00
5.00
5.00
1.38% Cu & 7.82g/t Ag
Hole No Northing
Easting
RL
Collar coordinates
Final Depth
(m)
Dip(o)
Azimuth
(oTrue)		 To (m)
Downhole
Intercept (m)
Grade / Comment
From
(m)
GCDD0023 7818054
796066
1774
120.39
-80°
339°		 0.00
40.81
40.81
1.34% Cu & 11.63 g/t Ag
55.60
64.34
8.74
0.80% Cu & 21.65g/t Ag
GCDD0024 7818054
796066
1774
59.09
-40°
210°		 NA
NA
NSR
No Significant Results
GCDD0025 7818054
796066
1774
144.33
-60°
210°		 36.00
39.10
3.10
3.04% Cu & 22.17 g/t Ag
65.38
124.00
58.62
1.38% Cu & 28.27 g/t Ag
incl
116.00
124.00
8.00
3.04% Cu & 59.08g/t Ag
GCDD0026 7818054
796066
1774
129.45
-80°
210°		 14.63
30.45
15.82
2.80% Cu & 24.61 g/t Ag
50.50
58.42
7.92
1.12% Cu & 12.14 g/t Ag
75.80
80.00
4.20
1.90% Cu & 41.55g/t Ag
GCDD0027 7818107
796083
1781
38.64
-40°
120°		 0.00
17.64
17.64
1.24% Cu & 5.50g/t Ag
GCDD0028 7818110
796084
1781
50.84
-40°
060°		 1.00
29.72
28.72
0.64% Cu & 8.83 g/t Ag
incl
5.90
8.46
2.56
2.04% Cu & 14.45g/t Ag
GCDD0029 7818111
796082
1781
41.69
-40°
030°		 0.00
24.00
24.00
0.60% Cu & 6.66 g/t Ag
incl
0.00
4.81
4.81
1.10% Cu & 8.81g/t Ag
GCDD0030 7818112
796080
1781
44.79
-40°
000°		 0.00
15.00
15.00
0.81% Cu & 13.24 g/t Ag
incl
0.00
7.28
7.28
1.36% Cu & 19.16g/t Ag
GCDD0031 7818113
796077
1781
59.76
-40°
325°		 0.00
10.52
10.52
1.10% Cu & 11.29 g/t Ag
incl
0.00
4.60
4.60
1.93% Cu & 21.20g/t Ag
GCDD0032 7818110
796077
1781
62.93
-40°
303°		 1.04
11.00
9.96
1.85% Cu & 13.69g/t Ag
GCDD0033 7818107
796080
1781
30.45
-40°
240°		 0.00
10.91
10.91
1.38% Cu & 8.61g/t Ag
GCDD0034 7818110
796081
1781
80.84
-81°
061°		 0.00
19.73
19.73
1.49% Cu & 12.81 g/t Ag
incl
12.78
17.58
4.80
2.80% Cu & 34.35g/t Ag
GCDD0035 7818110
796080
1781
50.00
-71°
359°		 1.54
23.00
21.46
0.46% Cu & 6.78g/t Ag
GCDD0036 7818109
796080
1781
93.39
-75°
300°		 0.00
15.50
15.50
0.59% Cu & 6.14 g/t Ag
23.00
26.91
3.91
1.25% Cu & 12.05g/t Ag
GCDD0037 7818222
795946
1839
62.75
-40°
060°		 2.90
12.98
10.08
1.54% Cu & 23.19 g/t Ag
38.75
44.00
5.25
2.66% Cu & 11.78g/t Ag
GCDD0038 7818221
795946
1839
81.42
-60°
060°		 3.50
13.00
9.50
1.09%Cu & 7.79g/t Ag
GCDD0039 7818189
795961
1839
106.99
-40°
060°		 2.95
26.10
23.15
1.29% Cu & 4.50 g/t Ag
incl
21.00
26.10
5.10
2.83% Cu & 8.33g/t Ag
GCDD0040 7818187
795959
1839
119.99
-60°
060°		 4.55
18.72
14.17
1.35% Cu & 9.14 g/t Ag
incl
8.31
10.69
2.38
5.73% Cu & 26.37g/t Ag
GCDD0041 7818140
796006
1830
109.79
-40°
060°		 22.13
28.00
5.87
1.24% Cu & 6.29g/t Ag
GCDD0042 7818139
796005
1830
140.09
-60°
060°		 NA
NA
NSR
No Significant Results
GCDD0043 7817911
796095
1710
100.20
-45°
330°		 NA
NA
NA
Hole collapsed
GCDD0044 7817911
796095
1710
81.40
-30°
330°		 NA
NA
NA
Hole collapsed
GCDD0045 7818156
796053
1825
204.86
-40°
183°		 25.00
31.81
6.81
1.50% Cu & 1.47g/t Ag
114.30
119.00
4.70
0.87% Cu & 1.99g/t Ag
183.00
204.86
21.86
2.22% Cu & 44.59g/t Ag
GCDD0046 7817912
796094
1710
160.05
-15°
337°		 95.60
122.00
26.40
2.44% Cu & 43.61g/t Ag
GCDD0047 7817910
796096
1710
90.35
-65°
330°		 NA
NA
NSR
No Significant Results
GCDD0048 7817910
796096
1710
90.20
-85°
331°		 NA
NA
NSR
No Significant Results
GCDD0049 7817907
796097
1830
199.20
-75°
150°		 NA
NA
NSR
No Significant Results
GCDD0050 7817939
796113
1708
129.30
-25°
330°		 72.00
82.33
10.33
3.18% Cu & 29.04g/t Ag
GCDD0051 7817938
796114
1708
142.80
-40°
330°		 77.61
79.00
1.33
0.93% Cu & 8.26 g/t Ag
83.54
85.00
1.46
1.93% Cu & 15.24 g/t Ag
92.00
93.33
1.00
2.44% Cu & 29g/t Ag
GCDD0052 7817937
796114
1708
66.50
-55°
330°		 NA
NA
NA
Hole collapsed
GCDD0053 7818254
795906
1859
71.59
-40°
030°		 NA
NA
NSR
No Significant Results
GCDD0054 7818252
795908
1859
44.47
-40°
060°		 NA
NA
NSR
No Significant Results
GCDD0055 7818251
795908
1859
99.09
-60°
090°		 NA
NA
NSR
No Significant Results
GCDD0056 7818252
795907
1863
160.00
-60°
060°		 NA
NA
NSR
No Significant Results
GCDD0058 7817938
796114
1708
160.00
-50°
335°		 89.80
91.00
1.20
1.57% Cu & 48.50g/t Ag
GCDD0059 7817938
796039
1745
180.00
-75°
330°		 NA
NA
NSR
No Significant Results
GCDD0060 7817938
796039
1745
149.91
-60°
335°		 NA
NA
NSR
No Significant Results
GCDD0061 7817938
796039
1745
2.99
-60°
004°		 NA
NA
NSR
No Significant Results
GCDD0062 7817938
796039
1745
140.85
-60°
004°		 74.00
75.00
1.00
1.20% Cu & 21.64g/t Ag
77.69
80.92
3.23
1.81% Cu & 25.38g/t Ag
88.48
96.46
7.98
1.70% Cu & 26.52 g/t Ag
incl
91.00
94.00
3.00
2.65% Cu & 36.83g/t Ag
99.95
101.69
1.74
1.26% Cu & 6.83g/t Ag
GCDD0063 7817938
796039
1745
164.20
-70°
004°		 144.60
150.00
5.40
1.37% Cu & 40.63g/t Ag

Appendix 2 - Schedule of Mining and Exploration Tenements

**Country ** State/Region Project Tenement ID Area (km2) Grant date Interest
Namibia Otjozondjupa Otavi Mountain Land base metals EPL3540 213.2 30/10/2006 80%
EPL3542 475.5 30/10/2006 70%

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