Sheffield Resources Ltd. — Regulatory Filings 2015

Jun 22, 2015

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ASX and Media Release

23 June, 2015

COMPELLING NEW DRILL TARGET IDENTIFIED FROM GROUND EM SURVEY AT RED BULL NICKEL PROJECT

KEY POINTS

• Coincident bedrock conductor and nickel geochemical target identified at Stud prospect:

• Modelled bedrock conductor of 500m x 500m, depth to top 150-200m

• Significant nickel anomalism in shallow aircore drill holes coincident with up-dip projection of conductor: e.g. 12m @ 0.32% Ni from 37m (REAC272)

• 1km trend of IP anomalism (possible disseminated sulphide source) extends south from conductor and coincides with >0.1% Ni anomalism in aircore drill holes, e.g. 5m @ 0.73% Ni from 33m in hole REAC240

• Traces of nickel and copper sulphides in end-of-hole aircore samples

• Scout aircore drilling results enhance prospectivity of Big Bullocks project in Northern Fraser Range

Sheffield Resources Limited (“Sheffield” “the Company”) (ASX:SFX) today announced the identification of a new, high-priority Ni-Cu drill target following completion of high-powered, moving loop EM surveys at its 100% owned Red Bull Nickel Project, located in the Fraser Range region of Western Australia (Figure 3).

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Figure 1: Stud prospect showing modelled bedrock conductor beneath extensive nickel geochemical anomalism in shallow aircore drill holes

Sheffield Resources Ltd ACN 125 811 083 L1, 57 Havelock Street West Perth WA 6005 T: +61(0) 8 6424 8440 F: +61(0) 8 9321 1710

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Red Bull MLTEM

The recently completed systematic high-powered MLTEM survey covered the Northern Targets region at Red Bull, where previous aircore drilling and soil sampling outlined several areas of NiCu-Co anomalism along an 8km strike length of a folded and faulted mafic/ultramafic complex (see ASX release dated 18 February 2015).

The most significant result from the survey is the discovery of a new bedrock conductor of moderate intensity located beneath significant Ni-Cu anomalism in shallow aircore drill holes at the Stud prospect. Stud was originally defined from two phases of exploration aircore drilling undertaken by Sheffield in the second half of 2013, outlining a coherent anomaly of >0.2% maximum Ni-in-hole over a strike length of 1.8km.

Southern Geoscience Consultants (SGC) have modelled the source of the conductive anomaly as large (~500m x 500m), striking NNE-SSW, with a vertical to 85 degree plunge to the ESE and a depth to top of ~150-200m (Figure 1).

Significant results from aircore drilling in the area immediately up-plunge from the modelled bedrock conductor include:

• 22m @ 0.39% Ni , 138ppm Cu, 272ppm Co, 7ppb Pt, from 32m (REAC240) including 5m @ 0.73% Ni , 168ppm Cu, 466ppm Co from 33m

• 12m @ 0.32% Ni , 204ppm Cu, 337ppm Co, 8ppb Pt from 37m (REAC272)

• 8m @ 0.15% Ni , 400ppm Cu, 261ppm Co, 14.5ppb Pd, 14.5ppb Pt from 22m (REAC250)

• 12m @ 0.15% Ni, 152ppm Cu, 145ppm Co from 30m, 14.3ppb Pd (REAC239) including 4m @ 0.22% Ni , 192ppm Cu, 227ppm Co from 38m

(see ASX releases dated 12 September 2013 and 27 November 2013 for details)

In addition to the anomalous geochemical results, trace amounts of the nickel-sulphide mineral violarite (FeNi2S4) were observed in end-of-hole samples from two drill holes at Stud (Figure 1) (REAC273 and REAC238 - see ASX release dated 27 November 2013).

Further, a previous MLTEM survey identified three localised zones of induced polarisation (IP) anomalism, immediately south along strike from the new bedrock conductor (Figure 2) (see ASX release dated 7 July, 2014). The IP anomalism may be related to the presence of disseminated sulphide in the bedrock. Its location along strike from the bedrock conductor may represent a transition from a disseminated to semi-massive sulphide source.

Sheffield’s Managing Director Bruce McQuitty said the Stud prospect was shaping up as a compelling drill target due to the combination of bedrock conductor, strong nickel anomalism near surface and observed trace amounts of nickel sulphide.

“Our Fraser Range tenements continue to demonstrate high prospectivity and potential, and to deliver shareholder value we will continue to assess whether self-funded exploration and /or joint venture or divestment across parts of our Fraser Range package is best.

“Sheffield’s current focus is on delivering an updated PFS on the Thunderbird mineral sands project that will pave the way for commencement of a definitive feasibility study.”

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Figure 2: Plan of the Stud prospect showing nickel anomalism in aircore drilling and soils along strike from the new bedrock conductor

The MLTEM survey identified a number of other IP anomalies worthy of further evaluation, along with a subtle conductor trend in the central-north of the area surveyed. This conductor, although of weak intensity is located in a structurally complex region of folded and faulted interlayered mafic intrusive and sedimentary rocks. These second order targets would initially require follow-up testing with aircore drilling.

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STUD
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Figure 3: Location of Red Bull project in southern Fraser Range over gravity image

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Figure 4: Sheffield’s tenement holding in Fraser Range

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Big Bullocks Aircore Drilling Program

Results have also been received from aircore drilling at Sheffield’s Big Bullocks tenement E39/1733, located 85km south of the Tropicana gold mine in the northern Fraser Range (Figure 4). The program comprised 110 broadly-spaced aircore holes drilled to bedrock for a total 3,432m, providing a first pass test of the subsurface geology (Figure 5).

Significantly, mafic/ultramafic intrusive complexes were identified, confirming the presence of rock types suitable for formation of magmatic Ni-sulphide deposits.

In addition, two felsic intrusive units with sulphidic and potassic alteration and anomalous copper values were identified (BBAC027 and BBAC 049). Anomalous drill results are shown in Figure 5 and are discussed below.

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Figure 5: Big Bullocks geological interpretation and drill hole locations showing anomalous results

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BBAC030 returned highest nickel values of 456ppm Ni (40-42m), and 336ppm Ni (42-43m, eoh) in a gabbro adjacent to an interpreted fault.

BBAC027 returned 596.8ppm Cu from 13-14m (eoh) in a sheared, quartz-rich felsic intrusive rock, with potassic alteration and ex-sulphide throughout. The association of anomalous copper with sulphides suggest the area may be a prospective copper-gold target.

BBAC049 returned 496.6ppm Cu from 13-14m (eoh) in a coarse-grained felsic intrusive rock, with abundant interstitial networks of ex-sulphide and moderate potassic alteration. This area is similarly considered a prospective copper-gold target.

BBAC068 returned 541ppb Au and 11ppm As from a single 4m composite (4-8m) within transported silcrete immediately above the interface with weathered bedrock (upper saprolite). Although there were no other anomalous gold values from this or adjacent drill holes, the value is considered significant enough to warrant follow-up work.

Sheffield also sampled and assayed several spoil piles from historic holes drilled by Ponton Minerals in the northwest corner of the Big Bullocks project (Figure 5). An anomalous end-ofhole nickel result reported by Ponton from drill FRNAC144 (from 36-39m) was confirmed by Sheffield’s sampling, returning values of 0.13% Ni (24-30m) and 0.17% Ni (30-34m) in a sheared anorthosite. This area is also considered worthy of follow-up work to investigate the extent of the anomalous nickel value.

Follow-up drilling to investigate the anomalies and targets identified from this very broadlyspaced first-pass drilling program will be prioritised along with other work in the Fraser Range.

ENDS

For further information please contact:

Bruce McQuitty Media: Luke Forrestal Managing Director Cannings Purple Tel: 08 6424 8440 Tel: 08 6314 6300 bmcquitty@sheffieldresources.com.au lforrestal@canningspurple.com.au

Website: www.sheffieldresources.com.au

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COMPLIANCE STATEMENTS

EXPLORATION RESULTS

The information in this report that relates to Exploration Results is based on information compiled by Mr David Boyd, a Competent Person who is a Member of Australian Institute of Geoscientists (AIG). Mr Boyd is a full-time employee of Sheffield Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Boyd consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

PREVIOUSLY REPORTED INFORMATION

This report includes information that relates to Exploration Results which were prepared and first disclosed under the JORC Code 2012. The information was extracted from the Company’s previous ASX announcements as follows:

• “LARGE Ni-Cu-Co ANOMALIES IDENTIFIED IN THE FRASER RANGE”, 11 February, 2014

• “LARGE BEDROCK CONDUCTOR IDENTIFIED AT RED BULL Ni-Cu PROJECT, FRASER RANGE”, 7 July, 2014

• “GROUND EM SURVEYS COMMENCE AT RED BULL NICKEL PROJECT”, 18 February, 2015

This report also includes information that relates to Exploration Results which were prepared and first disclosed under the JORC Code 2004. The information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. The information was extracted from the Company’s previous ASX announcements as follows:

• “THREE NEW NICKEL TARGETS FROM AIRCORE DRILLING AT RED BULL”, 12 September, 2013

• “AIRCORE DRILLING UNDERWAY AT RED BULL NICKEL PROJECT”, 27 November, 2013

These announcements are available to view on Sheffield Resources Ltd’s web site www.sheffieldresources.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

FORWARD LOOKING STATEMENTS

Some statements in this report regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programme, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as “anticipated”, “expected”, “target”, “scheduled”, “intends”, “potential”, “prospective” and similar expressions.

8

ABOUT SHEFFIELD RESOURCES

Sheffield Resources Limited ( Sheffield ) is a rapidly emerging heavy mineral sands (HMS) company.

ASX Code:	SFX	Market Cap @ 49cps	$65.9m
Issued shares:	134.4m	Cash: $5.5m

Sheffield’s projects are all situated within the state of Western Australia and are 100% owned by the Company.

HEAVY MINERAL SANDS

The Dampier project, located near Derby in WA’s northwest, contains the large, high grade zircon-rich Thunderbird HMS deposit. Sheffield’s pre-feasibility study shows Thunderbird can generate strong cash margins from globally significant levels of production over a 32 year mine life.

The Eneabba project comprises multiple HMS deposits and is located near Eneabba approximately 140km south of the port of Geraldton in WA’s Mid-West region.

Sheffield is also evaluating the large McCalls chloride ilmenite project, located 110km to the north of Perth.

NICKEL-COPPER

Sheffield has over 2,000km[2] of tenure in the Fraser Range region, including the Red Bull project which is within 20km of Sirius Resources NL’s (ASX:SIR) Nova Ni-Cu deposit.

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Table 1: Big Bullocks (E39/1733) aircore drill hole information and assay summary.

Hole ID	Easting	Northing	Hole Depth (m)	Dip	Azi.	Maximum in hole	Maximum in hole	(ppm)	End	of hole (ppm)	of hole (ppm)
						Ni	Cu	Co	Ni	Cu	Co
BBAC001	673,110	6,686,930	40	-60	270	94	74.5	74	62.6	74.5	47
BBAC002	673,496	6,686,930	32	-60	270	56	29	29	21	5.9	14.2
BBAC003	677,510	6,686,930	36	-60	270	270	112	78	43.3	39.7	32
BBAC004	678,310	6,686,930	24	-60	270	12	13	3	9.4	5.7	2.5
BBAC005	678,710	6,686,930	26	-60	270	79.3	52	55.5	79.3	44.1	55.5
BBAC006	679,110	6,686,930	47	-60	270	119	59	58	49.8	33.9	43.6
BBAC007	679,510	6,686,930	42	-60	270	39	23	38	17.4	18.3	16.9
BBAC008	679,910	6,686,930	49	-60	270	312	78.7	76	215.6	78.7	52.9
BBAC009	680,310	6,686,930	44	-60	270	128	35	55	14.7	4.1	20.3
BBAC010	680,710	6,686,930	71	-60	270	85	41	59	18.7	26.8	34.9
BBAC011	681,384	6,686,950	58	-60	270	47	25	28	22	15.3	12.3
BBAC012	682,310	6,686,930	48	-60	270	147	55	71	80	47.4	54.5
BBAC013	682,680	6,686,930	56	-60	270	115	38	63	12	5.9	8.2
BBAC014	683,090	6,686,935	35	-60	270	94	51	70	67.5	30.8	40.5
BBAC015	683,508	6,686,920	21	-60	270	53	25	19	25	22.9	15.5
BBAC016	680,732	6,690,049	27	-60	270	93	33	90.8	82.4	33	90.8
BBAC017	681,120	6,690,064	51	-60	270	189	100	64	89.4	35.2	47.1
BBAC018	681,511	6,690,046	56	-60	270	135	83	56	133.7	40.1	41.4
BBAC019	681,907	6,690,049	31	-60	270	29	14	32.1	17.6	9.9	32.1
BBAC020	682,321	6,690,053	24	-60	270	45	47	54.5	45	47	54.5
BBAC021	682,746	6,690,055	42	-60	270	93	57.3	56.4	71.2	57.3	56.4
BBAC022	683,515	6,690,052	65	-60	270	108	40	58	30.2	32.5	39.5
BBAC023	683,906	6,690,059	53	-60	270	103	64	73	69.9	44.9	41
BBAC024	684,311	6,690,045	21	-60	270	65.4	55	40.5	65.4	39.3	40.5
BBAC025	684,717	6,690,041	17	-60	270	42.6	41	53	42.6	28.6	43.8
BBAC026	685,103	6,690,063	10	-60	270	68	38	39	66.9	38	37.9
BBAC027	679,115	6,688,995	14	-60	270	34	596.8	14	34	596.8	4.8
BBAC028	679,521	6,688,999	31	-60	270	276	57	116	235.8	35.7	52.3
BBAC029	679,921	6,688,997	41	-60	270	75	82	55	61.2	34.9	46.5
BBAC030	680,298	6,688,995	43	-60	270	456	91.8	62	336.1	91.8	60.2
BBAC031	681,126	6,688,394	48	-60	270	74	29	32.9	28.8	29	32.9
BBAC032	681,498	6,688,393	73	-60	270	123	37	53	12.1	9.7	6.8
BBAC033	681,885	6,688,390	55	-60	270	110	63	47	73.9	41.6	34.8
BBAC034	683,116	6,688,402	65	-60	270	87	40	32	41.8	31.1	26.5
BBAC035	683,918	6,688,400	63	-60	270	169	88	82	78.6	47.7	47.9
BBAC036	684,708	6,688,402	51	-60	270	107	51	55	35.8	30.8	23.4
BBAC037	677,675	6,683,732	17	-60	270	119	54	39.1	113.7	46.8	39.1
BBAC038	678,077	6,683,757	27	-60	270	26	324.3	13	22.9	324.3	7.6
BBAC039	678,487	6,683,760	35	-60	270	28	22.3	36	28	22.3	21.4
BBAC040	678,872	6,683,759	22	-60	270	24	17	5	2.6	1.5	2
BBAC041	679,286	6,683,763	32	-60	270	89	41	53	72.3	23.9	43.8
BBAC042	679,679	6,683,767	37	-60	270	274	175	85	167.8	38.1	48.1
BBAC043	680,065	6,683,768	32	-60	270	231	131	102	225.6	119.3	89.7

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Hole ID	Easting	Northing	Hole Depth (m)	Dip	Azi.	Maximum in hole	Maximum in hole	(ppm)	End	of hole (ppm)	of hole (ppm)
						Ni	Cu	Co	Ni	Cu	Co
BBAC044	677,508	6,683,067	18	-60	270	34	33	47	27.1	25.5	43.9
BBAC045	677,833	6,682,298	6	-60	270	34.1	27	40	34.1	20.6	36.3
BBAC046	678,132	6,682,294	11	-60	270	85	40	42	76.2	28.1	37.9
BBAC047	678,396	6,682,297	4	-60	270	16	10	5.7	7	7.3	5.7
BBAC048	678,632	6,682,321	17	-60	270	26.1	13	12.7	26.1	8.5	12.7
BBAC049	679,024	6,682,291	14	-60	270	53.9	496.6	12	53.9	496.6	12
BBAC050	679,409	6,682,306	7	-60	270	12	8	10.1	9.1	2.2	10.1
BBAC051	681,796	6,678,597	13	-60	270	60	40	41	51.5	25.8	39.5
BBAC052	682,192	6,678,605	20	-60	270	77	77	44	71.5	37.1	41.3
BBAC053	682,598	6,678,613	18	-60	270	28	17	6	5.6	2.6	4.7
BBAC054	682,960	6,678,612	26	-60	270	19	13	10	7.6	2.1	6.5
BBAC055	683,398	6,678,607	18	-60	270	57	35.6	44	39.4	35.6	26.9
BBAC056	683,793	6,678,605	32	-60	270	111	39	69	107.9	39	67.9
BBAC057	684,176	6,678,605	49	-60	270	138	54	105	10.1	23.9	42.6
BBAC058	684,583	6,678,605	30	-60	270	95	34	42	79.9	25	38
BBAC059	684,987	6,678,594	59	-60	270	138	46	45	53	25.9	21.7
BBAC060	685,388	6,678,600	23	-60	270	75	49	52.5	68.4	48.6	52.5
BBAC061	685,805	6,678,611	18	-60	270	126.6	73.1	43	126.6	73.1	40.3
BBAC062	683,525	6,679,737	12	-60	270	43.1	36	39.3	43.1	36	39.3
BBAC063	683,944	6,679,722	32	-60	270	121	62	46	121	62	45
BBAC064	684,347	6,679,730	16	-60	270	111.7	27	37.1	111.7	27	37.1
BBAC065	684,748	6,679,731	10	-60	270	128	73.5	48.6	105.4	73.5	48.6
BBAC066	685,509	6,679,387	17	-60	270	71	37	22	11.4	20.8	11.6
BBAC067	685,962	6,679,402	13	-60	270	144	62	46	103.5	39.6	41.7
BBAC068	686,327	6,679,379	42	-60	270	342	140	74	260.4	78	48.6
BBAC069	683,514	6,675,826	59	-60	270	196	67	65	172.6	47	57.8
BBAC070	683,855	6,675,836	31	-60	270	92	53.9	60	84.7	53.9	42.5
BBAC071	684,328	6,675,815	5	-60	270	13.1	14.7	13.1	13.1	14.7	13.1
BBAC072	684,702	6,675,836	7	-60	270	74.7	36.6	43.8	74.7	36.6	43.8
BBAC073	681,964	6,677,313	13	-60	270	33	30	31.5	32.7	27.3	31.5
BBAC074	682,376	6,677,303	22	-60	270	50.6	50	46	50.6	46.4	40
BBAC075	682,785	6,677,307	9	-60	270	43.9	34.7	26.7	43.9	34.7	26.7
BBAC076	683,155	6,677,323	7	-60	270	7	4	3	4.2	3.3	3
BBAC077	683,583	6,677,313	12	-60	270	12	15	4	4.4	6.6	3.4
BBAC078	684,018	6,677,318	42	-60	270	27.5	20	15.5	27.5	5.2	15.5
BBAC079	684,374	6,677,323	38	-60	270	43	15	41	4.8	2.9	5.6
BBAC080	684,774	6,677,320	44	-60	270	60	29	33	17.1	15.8	13.9
BBAC081	685,160	6,677,313	48	-60	270	68	35	36	4.9	3.9	7.1
BBAC082	680,187	6,678,605	60	-90	0	63	27	32	14.8	9.6	10.8
BBAC083	679,794	6,678,602	39	-90	0	87	51	57	67.6	50.6	56.4
BBAC084	679,158	6,678,621	12	-90	0	28.5	13.9	13.3	28.5	13.9	13.3
BBAC085	678,595	6,678,605	35	-90	0	67	37	31	18.1	10.8	17.6
BBAC086	677,811	6,678,615	35	-90	0	77	43	90	49.6	25.5	43.6
BBAC087	678,313	6,680,001	42	-60	270	82.3	65.8	49.2	82.3	65.8	49.2

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Hole ID	Easting	Northing	Hole Depth (m)	Dip	Azi.	Maximum in hole	Maximum in hole	(ppm)	End	of hole (ppm)	of hole (ppm)
						Ni	Cu	Co	Ni	Cu	Co
BBAC088	679,098	6,679,998	10	-60	270	16	12	8	3.8	6.6	3.4
BBAC089	679,881	6,679,995	16	-60	270	25	21	25.6	20.9	14.5	25.6
BBAC090	680,292	6,680,013	33	-60	270	93	38	55	27	28.9	26.7
BBAC091	680,501	6,680,000	45	-60	270	80	26	46	12.7	8	8.8
BBAC092	680,736	6,680,021	27	-60	270	65.6	34.4	26.6	65.6	34.4	26.6
BBAC093	680,311	6,680,496	37	-60	270	88.9	86	256.1	88.9	49.8	256.1
BBAC094	680,312	6,681,011	22	-60	270	23	25	23	14.2	15.9	14
BBAC095	677,421	6,682,258	13	-60	270	12	15	16.2	10.5	12.4	16.2
BBAC096	682,615	6,682,843	12	-60	270	24	19	21.4	22.7	16.3	21.4
BBAC097	682,986	6,682,873	14	-60	270	19	24.2	13.1	8.8	24.2	13.1
BBAC098	683,441	6,682,847	32	-60	270	119	108	57	77.1	55.5	38.4
BBAC099	683,836	6,682,852	30	-60	270	66	31	37	37.7	22.5	22
BBAC100	684,237	6,682,861	19	-60	270	28.8	32.9	15.6	28.8	32.9	15.6
BBAC101	685,445	6,683,147	30	-60	270	117	66	131	109.6	49.2	45.3
BBAC102	685,892	6,683,141	8	-60	270	59.8	44	37.9	59.8	29.4	37.9
BBAC103	686,240	6,683,145	46	-60	270	42	23	32	21.2	8.3	3.4
BBAC104	676,900	6,683,768	14	-90	0	42.5	29.8	81.5	42.5	29.8	81.5
BBAC105	675,677	6,682,777	12	-90	0	14	16	5	6.4	5.4	2.7
BBAC106	674,074	6,682,780	41	-60	270	77	67	54	61.1	49.9	54
BBAC107	674,881	6,682,773	35	-60	270	21	15	13	5.5	5.8	3.7
BBAC108	681,118	6,686,925	39	-60	270	64	31	59	52.1	22.6	53.3
BBAC109	683,486	6,688,388	60	-90	0	98	86	67	70.4	56	42.4
BBAC110	684,315	6,688,396	40	-60	270	93	28	39	49.2	20	22.4
FRNAC144	675,000	6,688,800	39	-	-	1660	30	96	1660	16	96

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Appendix 1: JORC (2012) Table 1 Report.

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (e.g. cut		~NQ diameter aircore drilling used to
techniques		channels, random chips, or specific		collect a ~10 kg sample per metre.
		specialised industry standard		Drill cutting (chips) samples placed in 1m
		measurement tools appropriate to the		piles on the ground in order of downhole
		minerals under investigation, such as down		progress.
		hole gamma sondes, or handheld XRF		Industry-standard technique.
		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 done this would be relatively
		simple (e.g. ‘reverse 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
		explanation may be required, such as
		where there is coarse gold that has
		inherent sampling problems. Unusual
		commodities or mineralisation types (e.g.
		submarine nodules) may warrant
		disclosure of detailed information.
Drilling		Drill type (e.g. core, reverse circulation,		The area was drilled on broadly-spaced
techniques		open-hole hammer, rotary air blast, auger,		traverses, 1 to 1.5km apart, with holes
		Bangka, sonic, etc) and details (e.g. core		spaced nominally 400m along the sections
		diameter, triple or standard tube, depth of		(see figure in body of announcement for
		diamond tails, face-sampling bit or other		details).
		type, whether core is oriented and if so, by		Blade drill bit used for majority of drilling,
		what method, etc).		where hard rock layers intersected (non-
				fresh rock) and unable to drill with blade
				bit a hammer was used to penetrate the
				layer, then return to blade, until blade
				refusal at base of weathering.
Drill sample		Method of recording and assessing core		Sample quality (including wet vs. dry and
recovery		and chip sample recoveries and results		qualitative recovery) is logged at the drill
		assessed.		site.
		Measures taken to maximise sample		Duplicate samples are collected at the
		recovery and ensure representative		drill site (see below) to enable analysis of
		nature of the samples.		data precision.
		Whether a relationship exists between		Aircore system maximises sample recovery
		sample recovery and grade and whether		as opposed to open hole/RAB technique.
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material.
Logging		Whether core and chip samples have		All samples are geologically logged to a
		been geologically and geotechnically		minimum 1m downhole spacing using a
		logged to a level of detail to support		coded system.
		appropriate Mineral Resource estimation,		Geological logs are qualitative, end-of-
		mining studies and metallurgical studies.		hole samples are retained for additional
		Whether logging isqualitative or		(e.g.petrological)analysis.

13

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		quantitative in nature. Core (or costean,		Logging is suitable such that
		channel, etc) photography.		interpretations of grade and deposit
		The total length and percentage of the		geology can be used, for example, to
		relevant intersections logged.		establish context of exploration results.
Sub-sampling		If core, whether cut or sawn and whether	Sub-sampling
techniques		quarter, half or all core taken.		A ~500g spear sample was taken every 1m
and sample		If non-core, whether riffled, tube sampled,		downhole and composited into a
preparation		rotary split, etc and whether sampled wet		maximum 4m sample (total ~2kg) and
		or dry.		placed into uniquely numbered bags.
		For all sample types, the nature, quality		The last meter of each hole was sampled
		and appropriateness of the sample		individually.
		preparation technique.		Duplicate samples (field duplicates)
		Quality control procedures adopted for all		collected at drill site 1 in every 40 samples.
		sub-sampling stages to maximise		Certified Reference Material (standard)
		representivity of samples.		and blank material samples inserted 1
		Measures taken to ensure that the		each in every 40 samples.
		sampling is representative of the in situ
		material collected, including for instance	Laboratory
		results for field duplicate/second-half		Entire sample dry crushed ~10mm, and
		sampling.		pulverised to nominal 85% passing 75µm.
		Whether sample sizes are appropriate to		Sub-sample split for analysis, weight
		the grain size of the material being		determined by laboratory appropriate for
		sampled.		element and analysis method.
				Laboratory check assays completed as
				determined by laboratory appropriate for
				element and analysis method.
			All
				Spacing of standard, blank and repeat
				samples are designed to identify sample
				misplacement or misallocation during
				sample collection and laboratory analysis.
				Sample data precision has been
				determined as acceptable through
				analysis of results from field duplicates and
				laboratory repeats.
				Techniques are considered appropriate
				for use in public reporting of exploration
				results.
Quality of		The nature, quality and appropriateness of		Multiple elements assayed by 4-acid
assay data		the assaying and laboratory procedures		digest with ICP-OES finish, Au, Pd, Pt by 25g
and		used and whether the technique is		fire assay, with MS finish.
laboratory		considered partial or total.		QAQC sample frequency is described
tests		For geophysical tools, spectrometers,		above. One reference standard is used
		handheld XRF instruments, etc, the		from a certified provider. Quartz
		parameters used in determining the		aggregate used as a blank material.
		analysis including instrument make and		Reference standards and blanks are
		model, reading times, calibrations factors		examined for performance over time and
		applied and their derivation, etc.		within laboratory batches. Batches or sub-
		Nature of quality control procedures		batches are re-analysed if unacceptable
		adopted (eg standards, blanks,		QAQC data are returned.
		duplicates, external laboratory checks)		Analysis of reference standards, blanks
		and whether acceptable levels of		and laboratory repeats show the data to
		accuracy (ie lack of bias) and precision		be of acceptable accuracy and precision
		have been established.		for use in public reporting of exploration
				results.
Verification		The verification of significant intersections		Significant intervals are reviewed by senior
of sampling		by either independent or alternative		Company personnel prior to release.
and assaying		company personnel.		Data is logged electronically using
		The use of twinned holes.		“validation at point of entry” systems prior
		Documentation of primary data, data		to storage in the Company’s drill hole
		entry procedures, data verification, data		database, which is managed by
		storage (physical and electronic)		Company personnel and an external
		protocols.		consultancy.

14

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Discuss any adjustment to assay data.		Documentation related to data custody
				and validation are maintained on the
				Company’s’ server.
				No assaydata have been adjusted.
Location of		Accuracy and quality of surveys used to		Drill sites were located using a GPS system
data points		locate drill holes (collar and down-hole		with expected accuracy of +/- 5m
		surveys), trenches, mine workings and		horizontal, RL data was not recorded.
		other locations used in Mineral Resource		Coordinates are referenced to the Map
		estimation.		Grid of Australia (MGA) zone 51 on the
		Specification of the grid system used.		Geographic Datum of Australia (GDA94).
		Quality and adequacy of topographic		Location techniques considered suitable
		control.		for public reporting of exploration results
				from regional-scale aircore drilling.
Data spacing		Data spacing for reporting of Exploration		Anomalous results are reported as
and		Results.		indicated in the relevant figure(s) and
distribution		Whether the data spacing and distribution		table(s) in the body of the announcement.
		is sufficient to establish the degree of		Regional-scale aircore drilling program
		geological and grade continuity		designed primarily to inform geological
		appropriate for the Mineral Resource and		interpretation.
		Ore Reserve estimation procedure(s) and		Drill hole and sample spacing is
		classifications applied.		appropriate for the purpose and context
		Whether sample compositing has been		in which the exploration results are
		applied.		reported.
				Additional data from any future closer-
				spaced (infill) drilling may change the
				shape and tenor of stated anomalies and
				geological interpretation.
Orientation		Whether the orientation of sampling		The angle at which the prevailing
of data in		achieves unbiased sampling of possible		geology/mineralised structures have been
relation to		structures and the extent to which this is		intersected by the drillholes for each
geological		known, considering the deposit type.		quoted interval is unknown at this stage.
structure		If the relationship between the drilling		Therefore the downhole widths quoted in
		orientation and the orientation of key		the body of the announcement can be
		mineralised structures is considered to		considered an approximation only of true
		have introduced a sampling bias, this		width at this stage.
		should be assessed and reported if		Given the purpose and context in which
		material.		the exploration results are reported any
				difference between true and downhole
				width is not considered material.
Sample		The measures taken to ensure sample		Sample security is not considered a
security		security.		significant risk given the location of the
				prospect.
				Nevertheless, the use of recognised
				transport providers, sample dispatch
				procedures directly from the field to the
				laboratory, and interval QAQC
				procedures are considered sufficient to
				ensure appropriate sample security and
				identify whether this security has been
				compromised,or not.
Audits or		The results of any audits or reviews of		No formal external audits or review of
reviews		sampling techniques and data.		sample techniques or data have been
				conducted.
				Audits are not considered necessary at this
				stage of the Project’s development.
				Industry-standard methods are being
				employed.
				See below for results of geophysical
				surveys.

15

Section 2 Reporting of Exploration Results

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

Criteria	Statement	Statement	Commentary	Commentary
Mineral		Type, reference name/number, location		Data is reported from Exploration Licence
tenement and		and ownership including agreements or		E69/3052 (Red Bull) which was granted on
land tenure		material issues with third parties such as		27/07/2012 and is due to expire on
status		joint ventures, partnerships, overriding		26/07/2017. The tenement is held 100% by
		royalties, native title interests, historical		Sheffield Resources Ltd.
		sites, wilderness or national park and		Data is reported from Exploration Licence
		environmental settings.		E39/1733 which was granted on
		The security of the tenure held at the time		19/11/2013 and is due to expire on
		of reporting along with any known		18/11/2018. The tenement is held 100% by
		impediments to obtaining a licence to		Sheffield Resources Ltd.
		operate in the area.		There are no known or experienced
				impediments to obtaining a licence to
				operate in the area.
				Sheffield has been operating successfully
				in the region for more than 3years.
Exploration		Acknowledgment and appraisal of		The Red Bull Project area was explored by
done by other		exploration by other parties.		Gold Partners between 1995 and 1999. An
parties				aeromagnetic interpretation was
				completed showing the extent of
				magnetic units followed up by 3,943m of
				air core drilling exploring for base metal
				mineralisation potential. Further details
				are included in Sheffield’s ASX release
				entitled ‘New Nickel-Copper Discovery
				Near Sheffield’s Red Bull Project’ 20 July
				2012 (available from the company’s
				website:www.sheffieldresources.com.au).
				The Big Bullocks areas was explored by
				Ponton Minerals for gold, base metal and
				mineral sands between 2007 and 2013.
				Other explorers include Placer Dome
				(2002-2003) chasing Bushveld-style
				precious metal targets, and Elmina (1987-
				1992) for chromite, base and precious
				metals then mineral sands associated
				with ancient strandlines.
				Where relevant results have been
				included and discussed in the body of the
				announcement.
Geology		Deposit type, geological setting and style		Sheffield is exploring primarily for
		of mineralisation.		magmatic-hosted Ni-Cu sulphide. Details
				are included in the body of the
				announcement.
Drill hole		A summary of all information material to		Included in the body of announcement.
Information		the 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
		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

16

Criteria	Statement	Statement	Commentary	Commentary
		detract from the understanding of the
		report, the Competent Person should
		clearlyexplain whythis is the case.
Data		In reporting Exploration Results, weighting		Assay results have not been aggregated
aggregation		averaging techniques, maximum and/or		because such treatment of the drill hole
methods		minimum grade truncations (eg cutting of		data is not considered appropriate given
		high grades) and cut-off grades are		the initial/first-pass nature of the
		usually Material and should be stated.		investigations to date.
		Where aggregate intercepts incorporate		Individual sample results have been
		short lengths of high grade results and		reported, and reference to a drill hole
		longer lengths of low grade results, the		and downhole depth included.
		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		The angle at which the prevailing
between		important in the reporting of Exploration		geology/mineralised structures have
mineralisation		Results.		been intersected by the drillholes for
widths and		If the geometry of the mineralisation with		each quoted interval is unknown at this
intercept		respect to the drill hole angle is known, its		stage.
lengths		nature should be reported.		Therefore the downhole widths quoted in
		If it is not known and only the down hole		the body of the announcement can be
		lengths are reported, there should be a		considered an approximation only of true
		clear statement to this effect (eg ‘down		width at this stage.
		hole length, true width not known’).		Given the purpose and context in which
				the exploration results are reported any
				difference between true and downhole
				width is not considered material.
Diagrams		Appropriate maps and sections (with		Included in the body of announcement.
		scales) 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		Where comprehensive reporting of all		All new exploration results relating to the
reporting		Exploration Results is not practicable,		announcement are reported.
		representative reporting of both low and		In the case of previously-announced
		high grades and/or widths should be		results, the initial announcement is
		practiced to avoid misleading reporting		referenced.
		of Exploration Results.		Terms like “best”, “strongest” or
				“significant” are used to highlight those
				results considered most important in the
				context of the announcement.
				Some statements in this report regarding
				estimates or future events are forward-
				looking statements. They involve risk and
				uncertainties that could cause actual
				results to differ from estimated results.
				Forward-looking statements include, but
				are not limited to, statements concerning
				the Company’s exploration programme,
				outlook, target sizes and mineralised
				material estimates. They include
				statements preceded by words such as
				“anticipated”, “expected”, “target”,
				“scheduled”, “intends”, “potential”,
				“prospective” and similar expressions.
Other		Other exploration data, if meaningful and		The announcement contains results of
substantive		material, should be reported including		ground geophysical surveys as follows:
exploration		(but not limited to):geological

17

Criteria	Statement	Statement	Commentary	Commentary
data		observations; geophysical survey results;	Moving Loop TEM (MLTEM)
		geochemical survey results; bulk samples		Transmitter: ORE HP
		– size and method of treatment;		Current: 90-130A Single Turn Loop
		metallurgical test results; bulk density,		Receiver: SMARTem24
		groundwater, geotechnical and rock		Base Frequency: 1Hz
		characteristics; potential deleterious or		Sensor: Fluxgate B-field
		contaminating substances.		Components: ZXY 3D
			Location of Data points
				Handheld GPS used for receiver /
				transmitter locations, coordinates
				GDA94/MGA Zone 51
			Data spacing and distribution
				Line Spacing: 200m
				Transmitter Loop Sizes: 200x200m (MLTEM)
			Audits and reviews
				All geophysical data collected was
				reviewed by an independent consultant.
				Several different sources of conductors in
				the bedrock are possible, including but
				not limited to: disseminated, semi-massive
				or massive sulphide, graphite, conductive
				clays, saline groundwater etc. If sulphide
				is present, there is no guarantee it
				contains economic concentrations of the
				target metals, eg. Ni or Cu.
				A model of a conductive source is made
				from a combination of measured data
				and assumptions made according to
				industry best practice. The resultant
				model should therefore be considered a
				“best estimate” of the conductive source,
				and not a definitive characterisation.
Further work		The nature and scale of planned further		Included in the body of announcement.
		work (e.g. tests for lateral extensions or
		depth extensions or large-scale step-out
		drilling).
		Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological interpretations and future
		drilling areas, provided this information is
		not commerciallysensitive.