STAVELY MINERALS LIMITED - Capital/Financing Update 2021

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ASX ANNOUNCEMENT

2 December 2021

Stavely Copper-Gold Project – Exploration Update

Regional Exploration Delivers Early Encouragement as Resource Drilling Resumes at Cayley Lode

Stavely’s exploration targeting criteria proving effective in identifying ‘blind’ porphyry intrusions with hydrothermal alteration and sulphides/veining seen in initial drilling

➢ Strong early progress achieved with the recently commenced regional exploration initiative across the Stavely Copper-Gold Project – the most comprehensive regional exploration program undertaken in the Stavely area in four decades.
➢ The Stavely Project encompasses some 115km of strike of the Stavely, Bunnugal, Elliott, Narrapumelap and Dryden volcanic belt segments, which are highly prospective for major porphyry discoveries.
➢ Stavely geologists have so far identified and prioritised 19 regional targets for follow-up reconnaissance exploration.
➢ Current diamond drilling at the Toora West porphyry prospect has encountered porphyry intrusive phases with disseminated pyrite and quartz veins with pyrite, chalcopyrite and molybdenite mineralisation.
➢ Air-core drilling at the S29, S41, Muirhead and Yarram Gap prospects has identified porphyry/intrusive phases associated with argillic/phyllic alteration, quartz veining and sulphide mineralisation. Drilling at the Yarram Gap prospect also identified chalcopyrite in silica altered gabbro.
➢ Soil auger sampling commenced in October with 266 samples collected over grazing paddocks at the Thursday’s Gossan (SW), Mount Stavely, Mount Stavely East, Fairview, Pollockdale, Highway and the Southern Intrusion prospects.
➢ Soil auger sampling will resume in January once the crops have been harvested (~1,000 samples).
➢ Deep diamond drill hole SMD114 returned:

o 12m at 1.43% Cu, 0.23g/t Au and 7.4g/t Ag from 830m down-hole, including

▪ 2m at 4.98% Cu, 0.61g/t Au and 25g/t Ag from 839m

➢ Mineral Resource definition drilling re-commenced targeting the south-eastern extension of the Cayley Lode deposit on 1 December, with four rigs being deployed.

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ASX Code: SVY Shares on issue: 261M Market capitalisation: $130M Cash: $11.1M (30 September 2021) ABN 33 119 826 907

Head Office 168 Stirling Hwy Nedlands, Western Australia 6009 T: +61 8 9287 7630 E: [email protected] W: stavely.com.au

ASX Announcement 2 December 2021

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Stavely Minerals Limited (ASX Code: SVY – “Stavely Minerals”) is pleased to report highly encouraging initial results from the major new regional exploration initiative launched recently across its 100%owned Stavely Copper-Gold Project in western Victoria (Figure 1).

The new multi-pronged exploration program follows the outcomes of an intensive regional prospect review which has identified 19 priority exploration targets.

The significant early progress with the regional exploration push comes as activity ramps up strongly at the Stavely Project, with resource drilling also re-commencing this week targeting the south-eastern extension of the Cayley Lode deposit.

This will allow Stavely Minerals to achieve its objective of posting a maiden Mineral Resource Estimate for the Cayley Lode in Q2 2022 as the basis for a Scoping Study.

Stavely Minerals’ Chair and Managing Director, Mr Chris Cairns, said:

“The current diamond drilling at the Toora West porphyry prospect has provided excellent visual encouragement of the presence of porphyritic host-units with disseminated pyrite and porphyry-style quartz-pyrite ± chalcopyrite and a separate phase of quartz-molybdenite veins.

“The observed alteration is not as intense as would be expected in the potassic core and would be characterised as phyllic to inner-propylitic – so we are not yet in the hotter, well-mineralised core that we are seeking, but it is very early days at this prospect.

“Importantly, we are delighted that the under-cover targeting methodology developed by our on-site team is proving to be very effective with 80% of the regional ‘blind” under-cover targets tested to date being intrusions/porphyry phases with associated alteration and sulphide mineralisation – mostly pyrite but also with some chalcopyrite noted at the Yarram Gap prospect.

“We will await assay results from this early reconnaissance exploration while we now focus on completing the Cayley Lode Mineral Resource definition drilling program, paving the way for a maiden Mineral Resource Estimate in the second quarter of next year.

“Once the resource drilling is complete, we will commence the next phase of our initial regional exploration program and follow up the first-pass results.

“With a maiden Mineral Resource Estimate and Scoping Study for the Cayley Lode deposit due in Q2 next year, and results beginning to flow from our major regional exploration push, the next six months is shaping-up to be a very exciting period for the Company.”

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Figure 1. Stavely Project location map.

Background

The porphyry-prospective Stavely Volcanic Arc is comprised of several volcanic arc segments that have been “structurally dislocated by overprinting deformation events, particularly Siluro-Devonian structures developed during (deformation phase) D4[1] .”

The Siluro-Devonian D4 deformation sequence is summarised in Figure 2 and explains the transposition of the various arc segments to their current-day position. Figure 3 shows the currentday distribution of the arc segments and their magnetic responses. Prospective arc segments within the Stavely Volcanic Arc include the Stavely, Narrapumelap, Dryden, Bunnugal, Elliot, and Black Range segments. Stavely Minerals has a majority holding of all of these segments with the exception of the Glenisla and Black Range segments.

Figure 4 shows the known prospects in a 30 kilometre ‘window’ that are largely exposed or located in areas of sub-crop that have been previously identified by either reconnaissance mapping or stream/soil geochemical sampling programs.

1 Regional geology and mineral systems of the Stavely Arc, western Victoria, Schofield A. ed., 2018. Geoscience Australia Record 2018/02.

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Figure 2. Evolution of the Stavely Volcanic Arc segmentation during the Devonian D4 deformation (after Stavely geologist Dr Michael Agnew).

Priority Targets

In addition to the known historical prospects, the Stavely Minerals geology team has identified a large number of additional priority targets under shallow cover. A large number of these ‘blind’ prospects have never been previously tested. The priority target locations are shown in Figure 5.

Please refer to ASX announcement on 14 October 2021 for full descriptions of the regional targets.

Drill sections for any of the prospects discussed below will be provided upon announcement of any material assay results, with all results currently pending.

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Figure 3. Aeromagnetic image showing Stavely Volcanic Arc segments.

Toora West

The discovery of porphyry-style mineralisation and alteration in shallow air-core drilling programs at the Toora West prospect demonstrates the capacity of the Stavely Minerals geology team to target ‘blind’ mineralisation – in this case, located below ~30m of younger transported cover (Figures 1 and 5).

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Figure 4. Aeromagnetic image showing historical prospects.

Located within the Bunnugal segment, adjacent to the Yarrack Fault, Toora West is a copper + molybdenum ± gold prospect with clear porphyry affinities. Quartz + chalcopyrite + molybdenite veins are hosted in a Cambrian to Devonian package of high-magnesium basalt, andesite, volcaniclastics, dacite and granodiorite. Previous diamond drilling by Stavely Minerals encountered late-mineral dacite and tonalite within a circular IP chargeability feature. These intrusions are now considered likely late, barren intrusions associated with a discrete magnetic high.

Recent air-core programs returned multiple anomalous intercepts of up to 0.61% copper, 222ppm molybdenum, 62ppm arsenic and 13ppm bismuth, in an unconstrained 1,600m x 1,000m geochemical anomaly comprising concentric copper, molybdenum, bismuth and arsenic haloes (see ASX announcement 7 July 2021).

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Intercepts were associated with stockwork quartz veining, observed chalcopyrite, chalcocite and molybdenite and epidote alteration ± minor k-spar vein selvedges. The elevated vanadium/scandium and strontium/yttrium ratios in air-core and diamond core samples are consistent with an oxidised, hydrous magma – considered key ingredients for porphyry copper mineralisation.

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Figure 5. Aeromagnetic image showing ‘blind’ prospects under shallow transported cover.

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Stavely Minerals is currently testing the copper-molybdenum air-core anomaly with three diamond drill holes and additional air-core drill holes to the north and west to close-out the anomaly. The first of these diamond holes, STWD005, is complete and the second, STWD006, is in-progress (Figure 6).

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Figure 6. Aeromagnetic image showing air-core and diamond drill collar locations at the Toora West porphyry prospect.

STWD005 has intersected a variety of intrusive and extrusive phases including dacite porphyry, basalt, micro-gabbro, andesite and microdiorite with rare aplite vein/dykes.

Alteration includes chlorite alteration of mafic minerals (which could be regional metamorphism), clay alteration (yet to be determined by short-wavelength infrared spectra), sericite and some veins have pink selvedges that could be potassium feldspar or hematite.

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Mineralisation includes instances of disseminated pyrite and chalcopyrite, rare quartz-molybdenitepyrite veins with sericite selvedges, massive quartz veins with large clots of chalcopyrite and molybdenite and minor tennantite / tetrahedrite (Photos 1 A-E). Mostly at shallow depths, porphyry quartz ‘A’ veins are noted.

The Daily Drill Report for STWD005 is included in Appendix 1.

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A)
B) C)
D) E)
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Photos 1. STWD005 veins and mineralisation; A) quartz vein with massive milky white quartz and large chalcopyrite chunks, 274.2m, B) massive quartz vein with chalcopyrite and molybdenite, 287m, C) Same vein as B) showing silvery grey aggregate that is probably tetrahedrite, 287m. D) quartz + chalcopyrite + molybdenite + tetrahedrite ± tennantite vein at 371m, E) Probable aplite vein at 348m.

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STWD006 has intersected basalt, tonalite porphyry and dacite porphyry – all hosting quartz veining and sulphide mineralisation. However, disseminated pyrite and chalcopyrite and quartz-pyrite ± chalcopyrite ± trace bornite and rare chalcocite veining and a separate quartz-molybdenite vein phase appear best developed in the dacite porphyry phase.

Veining is 1% - 3% and the alteration is broadly inner-propylitic to phyllic with epidote and chlorite noted and sericite and possible potassium feldspar vein selvedges (Photos 2 A-F).

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A) B)
C) D)
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E) F)
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Photos 2. STWD006 veins and mineralisation; A) quartz chalcopyrite vein at 137.6m, B) quartz pyrite chalcopyrite chlorite? vein with pink alteration selvedge at 186.6m, C) chalcopyrite and chalcocite on fracture surface at 171.8m, D) 50mm wide quartz molybdenite vein at 130.5m, E) pink aplite dyke with pyrite and molybdenite at 96m, F) Aplite vein at 234.2m.

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Photo 3. STWD006 ‘brainrock’ unidirectional solidification texture quartz with pyrite and

chalcopyrite in equi-granular tonalite at 108.3m.

The occurrence of ‘brainrock’ unidirectional solidification textures (Photo 3) and aplite dykes (Photos 2 E and F) would suggest the drill hole is near the top of a porphyry intrusion.

STWD006 is currently being extended 100m beyond its planned depth of 300m as it had intersected a diorite porphyry with moderate red-rock alteration with trace quartz veins to 3mm width with pyrite, molybdenite and chalcopyrite.

REGIONAL EXPLORATION

Yarram Gap

Yarram Gap is located at the intersection between the Elliot segment and Stavely segment. Previous Stavely diamond drill holes targeting the air-core anomaly, 1m at 1.42g/t gold, failed to intersect the contact between the serpentinite and adjacent volcanic rocks (see Stavely Minerals’ Quarterly Report, March 2020).

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There are circular geophysical features to the south of the air-core gold intercept that will be followed up with two lines of 400m-spaced air-core holes.

Air-core drilling has commenced on the Yarram Gap prospect, with four holes drilled to date (Figure 7). Cover was shallow. The first hole, STAC0025, encountered sandstone and dacite (with trace disseminated pyrite) and holes STAC0026 & STAC0028 intersected ultramafic. STAC0027 intersected gabbro with strong silica and trace chalcopyrite (Photo 4).

Previous AC results to the north suggest the area may contain ultramafic-hosted gold mineralisation, and therefore the veining observed in these rocks is encouraging.

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Figure 7. Yarram Gap drill collar locations and geology / alteration / mineralisation observations on aeromagnetics.

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Photo 4. STAC0027: Chalcopyrite in silica altered / quartz veined Gabbro @ 44-45m.

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Muirhead

The Muirhead target is located along the southern margin of the Elliot segment. Seven air-core holes drilled by North Limited returned a variety of basement rock types, including siltstone, sandstone and a felsic intrusive/volcanic rock with a pink, possible K-feldspar-rich, alteration assemblage.

The area will be tested with 23 air-core holes.

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Figure 8. Muirhead prospect drill collar locations, noted geology, alteration and mineralisation field observations on aeromagnetics.

S29

Located within the Elliot segment, S29 is characterised by a large circular geophysical anomaly. Historical air-core holes encountered thick intervals of Tertiary basalt. This will be tested with a line of 400m-spaced air-core holes.

Four air-core holes were drilled at S29. Clay altered dacite and a massive pyrite vein was intersected at 68m drill depth in STAC0013. Assays are pending.

S41

The S41 target area comprises two circular aeromagnetic low anomalies. These were selectively tested with North Limited air-core drill holes. However, the holes failed to test basement, having intersected clays and significant intervals of Tertiary basalt. Stavely Minerals will test each magnetic target with a line of 400m-spaced air-core holes.

Three air-core holes were drilled at S41. Drill holes STAC008, STAC009 and STAC0017 encountered strongly clay altered andesite to end-of-hole with trace quartz-pyrite veins. Assays are pending.

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Processing the short-wavelength infrared Halo data for this target will be a priority.

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Figure 9. S29 and S41 prospects drill hole collar locations, geology, alteration and mineralisation field observations on aeromagnetics.

Deep porphyry drill hole SMD114

SMD114 was drilled along the trace of the northern seismic section shot in late 2020. While the drill hole did not intersect the deep porphyry target, it did return an interval of mineralisation characterised by Dr Greg Corbett as porphyry G veins – a distal expression of wall-rock mineralisation.

A comprehensive description of SMD114 is contained in Dr Corbett’s latest report that can be found under the Technical Data page on the Stavely Minerals website at www.stavely.com.au.

SMD114 intersected 12m at 1.43% Cu, 0.23g/t Au and 7.4g/t Ag from 830m down-hole (Figure 10), including:

`o` 2m at 4.98% Cu, 0.61g/t Au and 25g/t Ag from 839m

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Figure 10. SMD114 drill section.

All Cayley Lode drill assays have now been received. Significant intercepts for all drill holes received are presented in the Cayley Lode Intercept Table.

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Figure 11. Thursday’s Gossan – Cayley Lode drill collar location plan.

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Figure 12. Thursday’s Gossan – Cayley Lode drill collar location plan over Aeromagnetic Image.

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Yours sincerely,

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Chris Cairns Executive Chair and Managing Director

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Chris Cairns, a Competent Person who is a Fellow of the Australian Institute of Geoscientists and a Fellow of the Australian Institute of Mining and Metallurgy. Mr Cairns is a full-time employee of the Company. Mr Cairns is Executive Chair and Managing Director of Stavely Minerals Limited and is a shareholder and option holder of the Company. Mr Cairns 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 Cairns consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Authorised for lodgement by Chris Cairns, Executive Chair and Managing Director.

For Further Information, please contact:

Stavely Minerals Limited Media Inquiries: Phone: 08 9287 7630 Nicholas Read – Read Corporate Email: [email protected] Phone: 08 9388 1474

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Appendix 1. Daily Drill Reports for STWD005 and STWD006

DAILY DRILLING REPORT

22 November 2021

SUMMARY

Rig	Hole ID	Planned Hole ID	Prospect	Easting	Northing	Dip	Azimuth (Mag)	Planned EOH depth (m)	Current Depth (m)
15	STWD005	PTW002	Toora West	630997	5844912	-55	59.5	300	414.1

STWD005

Collared near STWAC029 (3m @ 0.34% Cu from 64m). This hole is designed to test this mineralisation at depth on the margins of the gravity low and IP anomaly.

0-38.9 Transported clays and sands. Brown and grey. Issues recovering core. 1.3m core loss over 9.4m.
50.8-95.3 Dacite. Clay altered. Plagioclase phenocrysts up to 4mm. Quartz eyes. 2cm wide quartz pyrite vein at 56.8. Possible trace molybdenite occurring in veins, although no significant results in the XRF. Trace pyrite occurs disseminated and in pyrite only veins. Alteration assemblage is clay, chlorite, sericite, pyrite with trace molybdenite mineralisation. Trace pinking in small zones. Primary biotite phenocrysts remain.
95.3-100.7 Basalt. Moderately sheared basalt. Trace chalcopyrite on upper contact with dacite. Trace pyrite veining and trace to weak pink-orange clay veins with manganese (XRF).
100.7-101.1 Micro-gabbro. Barren quartz vein on upper contact.
101.1-101.9 Dacite. Weakly clay altered. Plagioclase phenocrysts up to 4mm. Quartz eyes.
101.9-102.3 Basalt. Moderately sheared.
102.3-103.4 Intermediate intrusion? Lithified quartz sediment? Small 1mm angular quartz in grey groundmass.
103.4-105.7 Dacite. Weakly clay altered. Plagioclase phenocrysts up to 4mm. Quartz eyes. Trace disseminated pyrite.
105.7-113.4 Andesite. Strong foliation in places. Plagioclase phenocrysts are chlorite altered. Strong white wash alteration of groundmass. Likely sericite alteration. Quartz veining up to 4mm. Biotite phenocrysts are common and replaced by chlorite.
113.4-114.4 Dacite. Plagioclase phenocrysts up to 4mm. Quartz eyes. Trace pyrite. Chlorite alteration.

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114.4-130 Andesite. Strong foliation in places. Plagioclase phenocrysts are chlorite altered. Strong white wash alteration of groundmass. Likely sericite alteration. Quartz veining up to 4mm. Biotite phenocrysts are common and replaced by chlorite.
130-160.7 Dacite. Quartz A veins up to 6mm. Some have pink alteration selvedges. Similar to the pink alteration observed in AC holes at Toora West. These selvedges are associated with very trace chalcopyrite and pyrite. Chlorite alteration. Common biotite phenocrysts are altered to chlorite.
160.7-162.4 Microdiorite. Chlorite altered. Contains clasts of the dacite above. Fine grained.
162.4-163.9 Dacite. Quartz A veins up to 6mm. 163.9-164.9 Microdiorite. Chlorite epidote altered. Dark and fine grained. 164.9-200.9 Dacite. Quartz A veins up to 10mm. Increasing pinking alteration on fractures and veins. Manganese veins have decreased. Trace sericite clay alteration on fractures. Rare quartz-molybdenite-pyrite veins occur with sericite selvedges.
200.9-202.6 Microdiorite. Very fine-grained intermediate intrusive? Filled amygdales 202.6-202.9 Dacite. Quartz A veins up to 10mm. Increasing pinking alteration on fractures and veins. Trace sericite clay alteration on fractures
202.9-203.2 Microdiorite. Very fine-grained intermediate intrusive? Filled amygdales 203.2-217.1 Dacite. Quartz A veins up to 10mm. Increasing pinking alteration on fractures and veins. Trace sericite clay alteration on fractures. Rare quartzmolybdenite-pyrite veins occur with sericite selvedges. Localised chlorite alteration of feldspar phenocrysts, especially adjacent to veins.
217.1-217.5 Andesite. Fine grained intermediate intrusive with irregular upper and lower contacts. Same veining as in the dacite, pinking around quartz veins and pyrite-molybdenite-chalcopyrite in thin flat (high to angle of core axis) quartz vein
217.5-218.3 Dacite. Quartz A veins up to 10mm. Increasing pinking alteration on fractures and veins. Trace sericite clay alteration on fractures
218.3-219.4 Andesite. Fine grained intermediate-mafic intrusive, weakly chlorite altered. 219.4-274.0 Dacite. Quartz A veins up to 10mm. Increasing pinking alteration on fractures and veins. Trace sericite clay alteration on fractures. Rare quartzmolybdenite-pyrite veins occur with sericite selvedges. Rare pyrite. Moderate to strong pervasive sericite+clay 271.7 to 275.3m.
274.0-274.7 Quartz vein. Massive milky quartz, large chalcopyrite aggregates, together with minor molybdenite and a silvery grey mineral interpreted as tetrahedrite and trace carbonate and coarse-grained muscovite.
274.7-286.6 Dacite. 1-5% quartz veins. Trace molybdenite and chalcopyrite in the veins. Moderate patchy to pervasive sercitie+clay.
286.6-287.3 Quartz vein. Massive milky quartz with chalcopyrite, molybdenite and tetrahedrite.

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287.3-287.6	Fault gouge or siltstone? Fine grained. Clay-rich.
287.6-290	Dacite. Very coarse grained. Trace to 0.5% quartz veins. Weak patchy
	sericite+clay+albite.
290-293.25	Intermixed very coarse grained dacite and medium grained diorite. Very
	weak patchy sericite+clay+albite.
293.25-298.3	Dacite. Very coarse grained. Trace quartz ± pyrite ± chalcopyrite veins with
	sericite selvedges. Weak pervasive sericite.
298.3- 307.85	Basalt. Variably sheared and brecciated. Weak to moderate pervasive green
	chlorite.
307.85-330	Dacite. Very coarse grained. Weak patchy sericite becoming moderate
	pervasive sericite+clay+albite 313-316.1m. Trace to 0.5% 5-12mm thick
	quartz veins.
330.7-334	Basalt. Weakly sheared. Chlorite altered. 2% quartz+-feldspar veining.
334.0-403.8	Dacite. 1-5% quartz veining. Quartz veins tend to either have pink halos or
	sericitic halos of various widths. Trace feldspar veins. Possible aplite vein at
	347.9m. trace chalcopyrite in vein at 349m. It’s probable that what we’ve
	been calling dacite is the same unit Paul Ashley described in his petrology
	report 3 for ST(W)D001 and ST(W)D002 as tonalite or micro tonalite.
	Quartz+chalcopyrite+molybdenite+tetrahedrite+-tennantite veins at 371m
	(5cm thick), 376m (2cm thick), and 388m (0.5cm thick). The XRF shows 0.1%-
	0.2% Sb and up to 0.1% As and Bi in places suggesting there’s a combination
	of tetrahedrite and tennantite. This sulphide is seen with the chalcopyrite
	and is either intergrown with or ?replacing the chalcopyrite. Molybdenite is
	often found separate to the chalcopyrite in fine veins and on fracture
	surfaces.
403.8-404	Diorite Dyke. Sparsely porphyritic feldspar+biotite+quartz rock with zoned
	feldspar phenocrysts up to 15mm and occasional quartz phenocrysts up to
	4mm. Trace disseminated chalcopyrite. This unit is younger than the
	surrounding Dacite and has evidence of chilled margins.
404-404.5	Dacite. 1-5% quartz veining. Quartz veins tend to either have pink halos or
	sericitic halos of various widths. It’s probable that what we’ve been calling
	dacite is the same unit Paul Ashley described in his petrology report 3 for
	ST(W)D001 and ST(W)D002 as tonalite or micro tonalite.
404.5-405	Diorite Dyke. Sparsely porphyritic feldspar+biotite+quartz rock with zoned
	feldspar phenocrysts up to 15mm and occasional quartz phenocrysts up to
	4mm. Trace disseminated chalcopyrite. This unit is younger than the
	surrounding Dacite and has evidence of chilled margins.
405-406.2	Dacite. 1-5% quartz veining. Quartz veins tend to either have pink halos or
	sericitic halos of various widths. It’s probable that what we’ve been calling
	dacite is the same unit Paul Ashley described in his petrology report 3 for
	ST(W)D001 and ST(W)D002 as tonalite or micro tonalite.
406.2-408.1	Diorite Dyke. Sparsely porphyritic feldspar+biotite+quartz rock with zoned
	feldspar phenocrysts up to 15mm and occasional quartz phenocrysts up to
	4mm. Trace disseminated chalcopyrite. Rare trace hairline chalcopyrite vein.

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This unit is younger than the surrounding Dacite and has evidence of chilled margins.

408.1-414.1 Dacite. 1-5% quartz veining. Quartz veins tend to either have pink halos or sericitic halos of various widths. It’s probable that what we’ve been calling dacite is the same unit Paul Ashley described in his petrology report 3 for ST(W)D001 and ST(W)D002 as tonalite or micro tonalite.

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Brown/black transported clays at 37.4m.

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Quartz pyrite vein in clay altered dacite at 56.8m.

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Quartz vein in clay sericite altered dacite at 70.3m.

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Trace pinking at 76.7m.

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Dacite-Basalt contact at 95.3m

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Sheared basalt with clay-manganese vein at 99.3m

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Pinking around quartz vein with very trace chalcopyrite and pyrite at 139.8m.

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Microdiorite with dacite xenolith at 161.5m.

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Dacite with quartz molybdenite veining at 171.7m.

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Quartz vein with massive milky white quartz and large chalcopyrite chunks. 274.2m.

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Quartz+carbonate vein with chalcopyrite. 280.65m.

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Massive quartz vein with chalcopyrite and molybdenite. 287m.

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Same vein as above showing silvery grey aggregate that is probably tetrahedrite. 287m.

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Intrusive contact between dacite (lower) and younger, less altered diorite (upper). 290m.

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Quartz+pyrite laminated shear vein with sericite selvedge. 297.1m.

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Basalt host rock with fragments of dacite. 299m.

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Weakly sheared basalt with quartz+-feldspar veining at 331.2m

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Probable aplite vein at 348m

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Chalcopyrite in vein at 349.0m

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Quartz+chalcopyrite+molybdenite+tetrahedrite ±tennantite vein at 371m.

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STWD005 cross section

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DAILY DRILLING REPORT

29 November 2021

SUMMARY

Rig	Hole ID	Planned Hole ID	Prospect	Easting	Northing	Dip	Azimuth (Mag)	Planned EOH depth (m)	Current Depth (m)
15	STWD006	PTW003	Toora West	630620	5845912	-55	59.5	300	282.2

STWD006

Collared between STWAC033 and STAC031 (1m @ 0.18% Cu from 50m). Hole is designed to test the equi-granular granite encountered in air core drilling for Cu+Mo mineralised zones, at the northern end of the gravity low. The hole will also test for a basalt contact towards end of hole.

0-29.1 Cover sequence. Sand and silt. No sample retained.
30-34.1 Cover sequence. Transported sand and clay.
34.2-47 Basalt. Fine grained green rock. Chlorite clay alteration. Quartz pyrite veins present throughout up to 15mm. Relatively larger quartz pyrite vein observed at ~44.9m. Patchy epidote and disseminated pyrite observed. Some veins have trace chalcopyrite. Sooty chalcocite is observed close to the upper contact.
47-51.2 Tonalite porphyry. Medium grained. Quartz pyrite veins with pink salvages observed. Trace pyrite veining with sericite selvedges.
47-57.7 Tonalite porphyry. Medium grained. Quartz pyrite veins with pink salvages observed. Trace pyrite veining with sericite selvedges. Pervasive texture destructive alteration occurs 53.5m - 55.1m. Moderate disseminated pyrite throughout. 2-3% quartz veins with increased pyrite content persist throughout.
57.7-59.6 Basalt. Chlorite clay alteration. Trace pyrite + quartz veining. Some quartz veins contain magnetite.
59.6-62.5 Tonalite. Weak disseminated pyrite throughout.
62.5-63.1 Basalt. Chlorite clay alteration. Quartz magnetite vein with some disseminated pyrite at 62.6m.
63.1-65.9 Dacite Porphyry. Coarse grained. Plagioclase phenocrysts up to 15mm within a finer groundmass. 2-3% quartz pyrite veins up to 20mm. Some trace magnetite is observed veins. Pink selvedges occur. Moderate pyrite occurs well developed in veins and disseminated. Significantly more sulphide than previous drilling in the area. Some veins contain coarse chalcopyrite. Very trace bornite occurs in some veins.
65.8-68.7 Basalt. Chlorite clay alteration. Trace pyrite + quartz veining

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68.7-73.9 Dacite Porphyry. Coarse grained plagioclase phenocrysts up to 15mm within a finer groundmass. 2-3% quartz pyrite veins up to 20mm. Some trace magnetite is observed veins. Pink selvedges occur. Moderate pyrite occurs well developed in veins and disseminated. Trace chalcopyrite throughout.
73.9-75.4 Tonalite porphyry. Sericite alteration. Pink selvedges around veins. Trace pyrite.
74.4-81.2 Basalt with disseminated pyrite. Brecciated in places.
81.2-87.5 Tonalite Porphyry. Trace pinking. Trace to weak quartz pyrite veining.
87.5-92.8 Basalt with disseminated pyrite. Brecciated in places. Trace quartz pyrite veining with some magnetite. Trace chalcopyrite.
92.8-94.3 Tonalite Porphyry. Trace pinking. Trace to weak quartz pyrite veining.
94.3-95.9 Basalt with disseminated pyrite. Brecciated in places. Trace quartz pyrite veining with some magnetite. Trace chalcopyrite.
95.9-96.3 Tonalite porphyry. Moderate sericite chlorite alteration selvedge. Weak disseminated and vein-controlled pyrite veins. Trace molybdenite. 40mm wide aplite dyke occurs in this unit. Pink and fine grained. Contains pyrite and molybdenite.
96.3-98.2 Basalt with disseminated pyrite. Brecciated in places. Trace quartz pyrite veining with some magnetite. Trace chalcopyrite.
98.2-102.9 Tonalite porphyry. Sericite altered. Disseminated pyrite.
102-108.2 Basalt. Quartz magnetite veining.
108.2-112.1 Tonalite porphyry. Silica alteration. Pyrite quartz molybdenite veining.
112.1-136.6 Dacite porphyry. Coarse grained. Moderate disseminated pyrite. Trace to weak chalcopyrite occurs disseminated and in quartz molybdenite pyrite veins. Some quartz molybdenite veins are up to 50mm wide. 3mm wide primary biotite phenocrysts remain unaltered. Alteration is changing the rock texture.
136.6-137.3 Dolomite vein. Growth textures. Some gypsum infilling voids.
137.3-137.6 Fault. Clay gouge.
137.6-139.9 Dacite porphyry. Coarse grained. Trace quartz molybdenite pyrite chalcopyrite veining. Trace D veins. Sericite chlorite altered.
139.9-146.9 Basalt. Chlorite alteration. Rare quartz veins with trace pyrite and chalcopyrite.
146.9-151.2 Tonalite porphyry. Pink selvedges on quartz pyrite chalcopyrite veins. Some sericite selvedges. Chlorite alteration of mafics.
151.2-154.6 Basalt. Intruded by 20cm thick tonalite at 151.7-152m. Chlorite altered mafics. Trace quartz pyrite chalcopyrite veins contain pink mineral. K- feldspar? Some green chlorite occurs within quartz veins. Actinolite?
154.6-169.8 Tonalite porphyry. Very well-developed pyrite occurs disseminated in groundmass and replacing mafics. Mafics are chlorite altered. Groundmass is

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strongly altered in some places changing rock texture. Trace to weak quartz pyrite molybdenite chalcopyrite veins with pink selvedges. Contact shows coarse grained dacite was emplaced into this tonalite.

169.8-192.7 Dacite porphyry. Coarse grained. Plagioclase phenocrysts up to 15mm. Very well developed disseminated pyrite replacing mafic up to 3%. Trace quartz chalcopyrite molybdenite pyrite veins persist with pink selvedges in places. Pervasive pink alteration of groundmass at 183.4-185m. Trace chalcocite occurs grown around chalcopyrite at 171.8m.
192.7-215.6 Tonalite porphyry. Much lighter colour alteration compared to previous dacite. Chlorite alteration of mafics. Quartz sericite pyrite alteration of groundmass. Trace pinking in places. Trace quartz chalcopyrite veining. Some veins have sericite selvedges. Texture destruction and alteration of tonalite at 201.5m with a dark and fine-grained appearance with a relatively higher amount of disseminated pyrite. 7.5mm quartz pyrite vein at 201.8m with possible trace molybdenite. Large quartz pyrite vein at 204.5m approximately 30mm. Sericite alteration in places.
215.6 – 246.3 Basalt. Chlorite alteration. 2.5-5mm quartz carbonate veins with trace pyrite. Aplite veins approx. 5mm and 10mm thick at 233.8m and 234.2m respectively. Trace chalcopyrite and pyrite veins. Hematite alteration in places. Tonalite porphyry quartz + pyrite vein dyke intrusion at 245.3m
246.3 – 247.3 Tonalite porphyry. Trace to weak quartz + pyrite + carbonate veining.
247.3 – 265.7 Basalt with trace disseminated pyrite. Trace quartz pyrite carbonate veining with some magnetite. Trace chalcopyrite. Hematite alteration in places. Actinolite found at 263.2.
265.7 – 266.0 Tonalite porphyry intrusion. Pink alteration. Texture destruction in places.
266.0 – 266.7 Basalt with trace disseminated pyrite. Trace quartz + pyrite + carbonate veins.
266.7 – 267.5 Tonalite porphyry. Intense pinking alteration and texture destruction. Trace disseminated pyrite and quartz veins.
267.5 – 270.3 Tonalite porphyry. Trace to weak quartz + pyrite carbonate vein. High pink alteration washing out phenocrysts. Texture destruction in places. Pink altered tonalite porphyry vein dyke at 269.0m
270.3-279.0 Basalt with trace disseminated pyrite. Trace quartz + pyrite + carbonate veins. Indurated sediment throughout. Quartz + magnetite assemblages observed in places.
279-290 Andesite/Basalt. Sedimentary package intruded by intermediate or mafic? lava flow. Brecciation in places. Quartz + pyrite carbonate veining. Disseminated pyrite throughout. Relatively higher quantities of pyrite in veins.
290-290.4 Dacite porphyry. Medium grained. Grey quartz rich groundmass. 3mm wide stockwork quartz veins with trace chalcopyrite and pyrite.
290.4-311.5 Andesite/Basalt. Brecciated in places. Chlorite altered with patchy magnetite. Trace plagioclase phenocrysts up to 2mm. Trace quartz stockwork veining with trace chalcopyrite and pyrite.

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311.5-324.5 Diorite. Feldspar hornblend porphyry. Moderate red rock (hematite) alteration of groundmass. Horneblend phenocrysts are altered to chlorite. Trace quartz, molybdenite, chalcopyrite, pyrite veins occur up to 3mm.
324.5-327.2 Dacite. Fine grained. 2mm phenocrysts of plagioclase. Pervasive texture destructive alteration but a possible intrusive contact is observed with unit above. Chlorite alteration of mafics. Trace pyrite chalcopyrite mineralisation occurs in quartz veins.

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Sooty chalcocite at top of basalt unit at ~35m.

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Quartz pyrite vein in basalt at 44.9m.

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Medium grained tonalite at ~ 48m

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Quartz magnetite vein in basalt at ~59.6m.

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Porphyritic dacite with a quartz+pyrite+chalcopyrite 64.5m

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Quartz vein hosting disseminated pyrite and chalcopyrite at ~65.5m.

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Sericite altered dacite with quartz pyrite veining at ~73.4m.

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Pink aplite dyke with pyrite and molybdenite at 96m.

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Quartz pyrite chalcopyrite vein at 124.2m

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50mm wide quartz molybdenite vein at 130.5m.

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Dolomite vein with growth textures at 136.7m.

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Quartz chalcopyrite vein at 137.6m.

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Chalcopyrite and chalcocite on fracture surface at 171.8m.

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Quartz pyrite chalcopyrite vein with clasts of pink altered groundmass and plagioclase sites. K- Feldspar alteration? 178.3m.

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Pink alteration of groundmass at 184.9m.

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Quartz pyrite chalcopyrite chlorite? vein with pink alteration selvedge at 186.6m.

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Quartz pyrite molybdenite vein at 187.1m.

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Dark fine grained texture destruction of tonalite at 201.5m

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30mm thick quartz pyrite vein at 204.5m

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Aplite vein at 234.2m.

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Tonalite porphyry quartz + pyrite vein dyke at 245.3m.

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20mm quartz vein in intensely altered pinking tonalite porphyry at contact between tonalite

porphyry and basalt at 265.7m.

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Tonalite porphyry vein dyke within tonalite porphyry at 271.3m.

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Andesite/basalt package at 272.2m.

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Quartz vein with coarse chalcopyrite in andesite unit at 293.9m.

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Diorite with redrock alteration of groundmass at 318.7m

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Intrusive contact between red rock altered diorite and finer grained dark intrusion at 324.8m.

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Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table
			MGA 94 zone 54
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	Comments
SMD050	DD	642070	5836609	-60/59.5	264	132.6
SMD051	DD	642160	5836476	-60/59.5	264	220.9
SMD052	DD	642238	5836421	-60/59.5	264	271.7
SMD053	DD	642302	5836355	-60/59.5	264	273.6
SMD054	DD	642048	5836641	-60/59.5	264	245.5
SMD055	DD	642032	5836595	-60/59.5	264	169.9	Hole failed prior to target depth
SMD056	DD	642031	5836590	-60/59.5	264	185.8	Hole failed prior to target depth
SMD057	DD	642386	5836309	-60/59.5	264	242.2
SMD058	DD	642115	5836542	-60/59.5	264	140.5
SMD059	DD	642122	5836461	-60/59.5	264	317.8
SMD060	DD	642137	5836508	-60/59.5	264	203.2
SMD061	DD	642276	5836435	-60/59.5	264	219.5
SMD062	DD	642337	5836367	-60/59.5	264	227.70
SMD063	DD	642063	5836585	-60/59.5	264	162.7
SMD064	DD	642041	5836619	-60/59.5	264	184.9
SMD065	DD	642427	5836356	-60/239.5	264	350
SMD066	DD	641936	5836807	-60/59.5	264	294
SMD067	DD	641884	5836880	-60/59.5	264	236
SMD068	DD	642342	5836414	-60/239.5	264	342
SMD069	DD	641725	5837063	-60/59.5	264	130.7
SMD070	DD	642199	5836451	-60/59.5	264	399.6
SMD071	DD	642616	5835650	-60/59.5	264	562.6	Re-entered 1 June 2021
SMD072	DD	641585	5837196	-60/59.5	264	100.9
SMD073	DD	641473	5837155	-60/59.5	264	409.9
SMD074	DD	642162	5836437	-60/59.5	264	302
SMD076	DD	642174	5836523	-60/59.5	264	198.4
SMD078	DD	642237	5836464	-60/59.5	264	274.9
SMD079	DD	642099	5836496	-60/59.5	264	306.7
SMD080	DD	642196	5836406	-60/59.5	264	309.3
SMD081	DD	642837	5835899	-60/51	268	197
SMD082	DD	642264	5836342	-60/59.5	264	313.4
SMD083	DD	642599	5835995	-60/49.5	264	433.1
SMD084	DD	642236	5836364	-60/59.5	264	278.1
SMD085	DD	642444	5836022	-60/49.5	264	522.3
SMD086	DD	642465	5836370	-60/239.5	264	385.9
SMD087	DD	642060	5836522	-60/59.5	264	268.3
SMD089	DD	642502	5836384	-60/239.5	262	502.1

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Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table
			MGA 94 zone 54
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	Comments
SMD090	DD	642068	5836563	-60/59.5	262	213.8
SMD091	DD	642374	5836383	-60/59.5	262	191
SMD092	DD	642346	5836411	-60/59.5	262	222
SMD093	DD	642153	5836294	-60/59.5	262	515.1
SMD093W1	DD	642153	5836294	-60/57.4	262	339.1	SMD093W1 is wedged off SMD093 in order to recover lost core through the CayleyLode in SMD093
SMD094	DD	642205	5836237	-60/59.5	262	608.3
SMD094W1	DD	642205	5836237	-60/57.0	262	281.1	SMD094W1 is wedged off SMD094 in order to recover lost core through the CayleyLode in SMD093
SMD095	DD	642205	5836237	-60/59.5	262	304.6
SMD096	DD	642319	5836284	-60/71.5	262	287.7
SMD097	DD	642319	5836284	-60/88.5	262	298.6
SMD098	DD	642102	5836364	-60/59.5	262	449.1
SMD099	DD	642063	5836352	-60/59.5	262	531
SMD100	DD	642396	5836495	-60/239	259	451.8
SMD101	DD	642044	5836427	-70/59	260	379.7
SMD102	DD	642471	5836355	-60/223	260	350.6
SMD103	DD	642196	5836425	-60/59	261	214.6
SMD104	DD	642225	5836386	-60/59	261	285.6
SMD105	DD	642009	5836628	-60/59	258	315.6
SMD106	DD	642015	5836661	-60/59	258	193.8
SMD107	DD	642471	5836359	-60/59	260	232.8
SMD108	DD	642031	5836548	-60/59	260	310.7
SMD109	DD	642261	5836257	-60/59	260	399.2
SMD110	DD	642000	5836699	-60/59	260	252.4
SMD111	DD	641977	5836648	-60/59	260	294.2
SMD112	DD	641971	5836718	-60/59	260	274.4
SMD113	DD	642031	5836553	-58/56	260	280.3
SMD114	DD	641558	5835953	-65/59	260	1844.8
SMD115	DD	641995	5836579	-60/59	261	296.3
SMD116	DD	641972	5836613	-60/58	261	304.2
SMD117	DD	641940	5835842	-60/58	261	1711.8
SMD118	DD	641936	5836691	-60/52	261	247.9
SMD119	DD	641927	5836771	-60/59	262	246.5
SMD120	DD	641896	5836793	-62/58	261	233
SMD121	DD	641875	5836711	-60/60	261	292.9
SMD122	DD	641926	5836671	-60/58	261	292.6
SMD123	DD	642209	5836316	-60/59	261	380.1

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Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table
			MGA 94 zone 54
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	Comments
SMD124	DD	641858	5836779	-60/59	261	242.8
SMD125	DD	641885	5836827	-60/59	261	168.5
SMD126	DD	641846	5836813	-60/59	257	248
SMD127	DD	641849	5836739	-60/59	258	289.9
SMD128	DD	641887	5836759	-60/59	257	256.5
SMD129	DD	641821	5836766	-60/59	258	269.7
SMD130	DD	641824	5836837	-60/59	260	234.5
SMD131	DD	641851	5836885	-60/59	262	196.6
SMD132	DD	641898	5836677	-60/53	261	302.8
SMD133	DD	641858	5836854	-60/59	261	214.7
SMD134	DD	641806	5836878	-60/59	261	184.6
SMD135	DD	641773	5836945	-60/59	261	188.8
SMD136	DD	641736	5836932	-60/59	261	273.4
SMD137	DD	641731	5837009	-60/59	257	211
SMD138	DD	641691	5836994	-60/59	258	249.3
SMD139	DD	641728	5836900	-60/59	258	240.5
SMD140	DD	641801	5836887	-60/59	257	264
SMD141	DD	641704	5837042	-60/59	257	237.2
SMD142	DD	641685	5837073	-60/59	257	232.9
SMD143	DD	641665	5837027	-60/59	258	249.4
SMD144	DD	641661	5836957	-60/130	259	279.4
SMD145	DD	641648	5837059	-60/59	257	264.3
SMD146	DD	641777	5836855	-60/59	257	298.9
SMD147	DD	641799	5836823	-60/59	257	316.9
SMD148	DD	641981	5836424	-60/59	257	651.5
SMD149	DD	641930	5836640	-60/59	257	326.5
SMD150	DD	641815	5836800	-60/59	257	278.5
SMD151	DD	642129	5836210	-60/59	257	901.4
SMD152	DD	642196	5836351	-60/59	257	354.2
SMD153	DD	642029	5836513	-60/59	257	19.1	Abandoned
SMD154	DD	641845	5836570	-60/59	262	451
SMD155	DD	641903	5836490	-60/59	262	463.6
SMD156	DD	642157	5836387	-60/59	262	355.9
SMD156W1	DD	642157	5836387	-60/59	262	291.1
SMD157	DD	642077	5836264	-60/59	262	533.2
SMD158	DD	642054	5836182	-60/59	262	669.4
SMD159	DD	642536	5836394	-60/180	262	642.6

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Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table	Thursday’s Gossan Prospect – Cayley Lode Collar Table
			MGA 94 zone 54
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	Comments
SMD160	DD	642167	5836085	-60/49	262	717.5
SMD161	DD	642393	5835880	-60/49	262	718.7
SMD162	DD	642480	5835930	-60/49	262	593.4
SMD163	DD	642542	5835856	-60/49	262	630.8
SMS001D	Sonic/DD	642197	5836489	-60/59.5	264	212	Failed to test target - drilled to east of CayleyLode
SMS002AD	Sonic/DD	642275	5836478	-60/59.5	264	105.4	Failed to test target - drilled to east of CayleyLode
SMS003	Sonic	642207	5836523	-60/59.5	264	97	Failed to test target - drilled to east of CayleyLode
SMS004	Sonic	642150	5836555	-60/59.5	264	131.5	Failed to test target - drilled to east of CayleyLode
SMS005	Sonic	642125	5836587	-60/59.5	264	85.5
SMS006	Sonic	642102	5836620	-60/59.5	264	76
SMS007	Sonic	642085	5836654	-60/59.5	264	64
SMS008	Sonic	642055	5836680	-60/59.5	264	64
SMS009	Sonic	642011	5836730	-60/59.5	264	54	Abandoned
SMS009A	Sonic	642011	5836730	-60/59.5	264	80	Re-drill of SMS009A
SMS010	Sonic	642083	5836614	-60/59.5	264	83
SMS011	Sonic	642106	5836581	-60/59.5	264	88
SMS012	Sonic	642193	5836530	-60/239.5	261	80
SMS013	Sonic	642212	5836497	-60/234.5	262	58

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD050	DD	642070	5836609	-60/59.5	264	132.6 Incl. and	19	28	9	0.32
							62	94	32	5.88	1.00	58
							82	94	12	14.3	2.26	145
							85	87	2	40	3.00	517
							96.7	101.1	4.4				3.98
SMD051	DD	642160	5836476	-60/59.5	264	220.9 Incl. and Incl.	22	29	7	0.40
							98	157	59	1.80	0.43	15.4
							106.6	115.1	8.5	4.38	0.87	32.7
							134.0	137.0	3.0	5.66	0.29	4.60
							177.0	185	8.0	9.69	0.40	16.8
							179.0	181.0	2.0	17.30	0.57	13.1
SMD052	DD	642238	5836421	-60/59.5	264	271.7 Incl. Incl.	25	92	67	0.38	0.10	2.5
							76	92	16	0.63	0.28	7.0
							77	84	7	0.98	0.23	12
SMD053	DD	642302	5836355	-60/59.5	264	273.6 Incl. and and	30	52	22	0.37
							176	178	2	1.17	1.23	4.1
							201	211.3	10.3	3.09	1.69	22.6
							202	207	5	5.81	3.20	43.6
							203	204	1	8.42	1.77	97
							204	205	1	2.91	8.69	23.9
SMD054	DD	642048	5836641	-60/59.5	264	245.52 Incl. Incl.	22	29	7	0.41
							55	57	2	1.89	0.56	16
							86	97	11	4.62	0.57	25
							90	97	7	7.10	0.72	39
							92	95	3	10.87	0.67	52
							96	101	5				1.42
SMD055	DD	642032	5836595	-60/59.5	264	169.9 Incl.	21.4	59	37.6	0.41
							24	29	5	1.00	0.32	7
							78	83	5	1.37	0.17	8
							156	157	1	1.18	0.72	8
							162	163	1	3.64	0.60	43
SMD056	DD	642031	5836590	-60/59.5	264	185.8 Incl. Incl.	24	82	58	0.29
							79	82	3	1.68	0.18	8
							157	165.3	8.3	1.65	0.23	7.2
							157	160	3	3.75	0.25	10.2
SMD057	DD	642386	5836309	-60/59.5	264	242.2	26	37	11	0.32

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD058	DD	642115	5836542	-60/59.5	264	140.5 Incl.	19	48	29	0.37
							68	91	23	1.34	0.26	3.5
							88	91	3	6.33	0.27	2.9
SMD059	DD	642122	5836461	-60/59.5	264	317.8 Incl.	21	22	1		3.15	25
							22	39	17	0.41	0.23	4.5
							197	202	5	3.28	0.27	13
							235	253	18	1.00	0.10	3
							245.8	252.6	6.8	1.85	0.17	6
SMD060	DD	642137	5836508	-60/59.5	264	203.2 Incl. Incl. and Incl.	19.2	135.4	102.31	0.68
							74	135.4	48.22	1.04	0.31	14
							74	86	12	1.55	0.63	13
							111	135.4	13.63	1.90	0.38	33
							129	135.1	6.10	3.55	0.73	41
							116.6	119	2.44				1.20
SMD061	DD	642276	586435	-60/59.5	264	219.5	160.2	164.5	4.3	2.06	0.44	23
SMD062	DD	642337	5836367	-60/59.5	264	227.70 Incl. and	128	131	3.0	2.43	0.25	11
							156	162	6.0	3.95	0.38	16
							160	162	2.0	7.46	0.61	31
							160	161	1.0	10.5	0.86	35
SMD063	DD	642063	5836585	-60/59.5	264	162.7	21	40	19	0.30
							106	107	1.0	1.10	0.16	5.5
SMD064	DD	642041	5836619	-60/59.5	264	184.9 Incl.	20	47	27	0.26
							121	129	8.0	5.12	1.48	34
							128	129	1.0	26.8	8.48	201
SMD065	DD	642427	5836356	-60/239.5	264	350			No Significant Results
SMD066	DD	641936	5836807	-60/59.5	264	294	15	18	3		0.41
							17	30	13	0.53	0.11	8.0
SMD067	DD	641884	5836880	-60/59.5	264	236 Incl.	16	34	18	0.43	0.35	13
							25	27	2.0	1.21	0.27	27
							107	109	2.0	1.32		8
SMD068	DD	642342	5836414	-60/239.5	264	342 Incl.	50.3	102	51.7	0.39
							98	102	4	1.75	0.31	16
							285	287	2	0.26	0.65	1.8
SMD069	DD	641725	5837063	-60/59.5	264	130.7	22	37	15		0.12
							26	37	11	0.32	0.12	6.7

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD070	DD	642199	5836451	-60/59.5	264	275.9 Incl. and and	20	95	75.0	0.60	0.19	5
							65	84	19.0	1.48	0.40	15
							69.3	73	3.7	6.02	1.18	66
							71	72	1.0	9.23	2.67	125
SMD071	DD	642616	5835650	-60/59.5	264	562.6			No Significant Results
SMD072	DD	641585	5837196	-60/59.5	264	100.9			No Significant Results
SMD073	DD	641473	5837155	-60/59.5	264	409.9 Incl.	149	153	4.0	1.31	0.31	6
							359	364	5.0	0.25	1.67	27
							361.1	362	0.9	0.42	4.58	51
SMD074	DD	642162	5836437	-60/59.5	264	302	25	59	34.0	0.32
							176	183.6	7.6	1.36	0.24	7
							193	197.7	4.35	1.94	0.27	10
							213	234.3	21.3	1.31	0.43	6
SMD076	DD	642174	5836523	-60/59.5	264	198.4 Incl.	128	144	16	1.01	0.24	6.5
							139	144	5	2.42	0.55	14
SMD078	DD	642237	5836464	-60/59.5	264	274.9	227.2	231	3.8	4.97	3.08	81
SMD079	DD	642099	5836496	-60/59.5	264	306.7	24	41	17	0.31
							86	87	1	1.29	0.41	9
							141	144	3	1.38	0.15	5
							153	154	1	1.16	0.31	8
							159	161	2	0.64	1.82	8.4
							207.9	211	3.1	3.16	0.70	30
SMD080	DD	642196	5836406	-60/59.5	264	309.3 Incl.	23	25	2	1.75
							25	52	27	0.58
							154	157.95	3.95	3.78	0.43	54
							156	157.95	1.95	7.02	0.35	102
							189	196	7	1.07	0.26	23
							224.2	230.6	6.4	2.71	0.52	8.3
SMD081	DD	642837	5835899	-60/51	268	197			No Significant Results
SMD082	DD	642264	5836342	-60/59.5	264	313.4 Incl. Incl.	32	117.3	85.3	0.82
							99	117.3	18.3	2.56	0.16	9.4
							104.5	116	11.5	3.76	0.23	14
							243	247.8	4.8	2.42	0.31	25
SMD083	DD	642599	5835995	-60/49.5	264	433.1	29	41	12	0.29

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD084	DD	642236	5836364	-60/59.5	264	278.1 Incl. Incl.	43	72	29	0.44
							132	201	69	1.00	0.18	5.4
							157	201	44	1.43	0.26	7.3
							197	201	4	4.16	0.61	23
SMD085	DD	642444	5836022	-60/49.5	264	522.3 Incl. Incl.	28	67	39	0.41
							339	362	23	1.07	0.11
							357	361	4	4.44	0.26	7.9
							358	359	1	9.44	0.22	6.4
SMD086	DD	642465	5836370	-60/239.5	264	385.9 Incl.	142	154	12	1.01	0.18	2.6
							149	153	4	2.33	0.42	5.3
							261	262	1	2.17	7.06	7.9
							301	308	7	0.16	0.48	15	0.32
							318	321	3	0.49	0.29	3.4
							326	327	1	5.90	0.33	47
SMD087	DD	642060	5836522	-60/59.5	264	268.3 Incl. and and and and Incl. and	24	40	16	0.37
							140	2276	87	1.74	0.57	20
							163	187	24	4.19	1.27	53
							170	172	2	11.75	1.45	66
							181.7	183.2	1.5	13.28	2.58	209
							185.6	186.4	0.8	24.1	1.16	249
							185	187	2	9.95	0.71	107	0.89
							218	227	9	4.09	1.83	39
							226	227	1	1.30	10.05	48
SMD088	DD	642427	5836445	-60/239.5	264	405.5 Incl. and Incl. and and	212.3	242.3	30	1.98	0.23	9.1
							216	226.8	10.8	3.20	0.31	16
							233.2	239	5.8	3.54	0.43	14
							319.5	370	50.5	0.88	0.11	3.8
							319.5	331.2	11.7	1.42	0.15	4.5
							342	357.6	15.6	1.26	0.17	5.0
							365.6	370	4.4	1.61	0.20	5.7

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD089	DD	642502	5836384	-60/239.5	262	502.1 Incl. Incl. Incl. Incl. Incl.	87	98.8	11.8	1.54	0.42	14
							91	94	3	3.28	1.09	34
							214	233.9	19.9	2.40	0.35	17
							219	226.1	7.1	4.30	0.52	35
							219	222	3	6.02	0.71	52
							271	280.7	9.7	3.10	0.97	26
							273	275	2	7.86	2.09	88
							273	274	1	11.05	2.73	131
SMD090	DD	642068	5836563	-60/59.5	262	213.8 Incl.	23	58	35	0.40
							54	56	2	1.10	1.06	18
SMD091	DD	642374	5836383	-60/59.5	262	191			No Significant Results
SMD092	DD	642346	5836411	-60/59.5	262	222			No Significant Results
SMD093	DD	642153	5836294	-60/59.5	262	515.1 Incl. Incl. Incl.	35	334.7	299.7	0.40
							35	99	64	0.68
							36	54	18	1.11
							304.6	334.7	30.1	1.44	0.21	4.4
							306	310	4	3.17	0.26	7.5
SMD094	DD	642205	5836237	-60/59.5	262	608.3	50	103	53	0.39
							347	351.9	4.9	2.14	0.33	9.8
SMD095	DD	642205	5836237	-60/59.5	262	304.6	28	78	50	0.40
							224	234	10	2.33	0.45	20
SMD096	DD	642319	5836284	-60/71.5	262 287.7 Duplicate Sample Incl.		33	58	25	0.52
							152	154	2	1.25		10
							220	235	15	3.26	0.62	16
							220	235	15	3.59	2.73	18
							222	223	1	2.41	24.6	16.5
SMD097	DD	642319	5836284	-60/88.5	262	298.6	38	56	18	0.63
							255.8	260.6	4.8	3.56	0.46	29
SMD098	DD	642102	5836364	-60/59.5	262	449.1	64	89	25	0.26
SMD099	DD	642063	5836352	-60/59.5	262	531	51	131	80	0.31
							183	184	1	1.79	0.47	6.4

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD100	DD	642396	5836495	-60/239	259	451.8	118	121.6	3.6	0.34	0.21	13
							222	226	4	0.20	0.51	2.7
							297	305	8	0.66	0.27	7.2
							332.2	341	8.8	1.57	0.24	4.5
SMD101	DD	642044	5836427	-70/59	260	379.7	24	40	16		0.21	3.9
							31	51	20	0.61
							93	94	1	1.22	0.17	9.7
							144	149	5	0.30	0.11	2.2
SMD102	DD	642471	5836355	-60/223	260	350.6	50	54	4	0.16
							134	177	43	0.24
							248.1	253	4.9	1.54	0.29	4.8
							270	290	20	0.25
							320	321	1	1.13	1.44	4.4
SMD103	DD	642196	5836425	-60/59	261	214.6 Incl. and Incl.	24.4	59.6	35.2	0.25
							24.4	190	165.6	0.33
							24.4	59.6	35.2	0.25
							117	147.2	30.2	0.35	0.17	2
							185	188	3	5.52	0.45	10
SMD104	DD	642225	5836386	-60/59	261	285.6 Incl. Incl.	35	179	144	1.04	0.15	3.4
							95	179	84	1.55	0.23	5.0
							151	179	28	3.31	0.49	7.1
SMD105	DD	642009	5836628	-60/59	258	315.6	22	29	7	0.30
							126	139	13	0.40	0.37	8
SMD106	DD	642015	5836661	-60/59	258	193.8 Incl. Incl. and.	857	133	48	1.39	6.33	12
							1158	131.7	16.7	3.13	17.93	29
							116	118	2	0.74	132	38
							130.8	131.7	0.9	21.10	17.45	232
SMD107	DD	642471	5836359	-60/59	260	232.8 Incl.	26	60	34	0.61	0.07	14
							45	53	8	1.37	0.18	40
							46	49	3	2.51	0.36	63

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Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table	Thursday’s Gossan Prospect – Cayley Lode Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD108	DD	642031	5836548	-60/59	260	310.7 Incl. Incl.	22	90	68	0.27
							150.9	172.6	21.7	2.06	0.53	17
							164.9	171.2	6.3	3.57	1.17	25
							254.6	264.6	10	1.33	0.16	7.8
							255.2	259.6	4.4	2.24	0.29	12
SMD109	DD	642261	5836257	-60/59	260	399.2 Incl.	35	77	42	0.53
							262	265	3	1.35	0.20	2.7
							283.5	295	11.5	2.74	0.35	4.5
							292	294.1	2.1	7.25	0.67	11
SMD110	DD	642000	5836699	-60/59	260	252.4 Incl. Incl.	20	65	45	0.28
							33	41	8	0.44	0.20	2.5
							97	106	9	2.34	0.56	12
							102	105	3	4.50	0.87	17
SMD111	DD	641977	5836648	-60/59	260	294.2 Incl. Incl. and	36.7	87	50.3	0.27	0.14	2.5
							83	87	4	0.82	0.97	10
							131	166	35	0.46	0.92	9.4
							131	148	17	0.42	1.34	10
							164	166	2	2.85	2.25	45
SMD112	DD	641971	5836718	-60/59	260	274.4 Incl. Incl.	119.6	147.6	28	0.79	0.16	5.4
							134.1	146	11.9	1.56	0.29	12
							135	139	4	2.49	0.41	19
SMD113	DD	642031	5836553	-58/56	260	280.3	25	71	46	0.35
							153	174	21	0.50	0.15	6.5
							230	239.9	9.9	1.08	0.06	5.9
SMD114	DD	641558	5835953	-65/59	260	1844.8 Incl.	830	842	12	1.43	0.23	7.4
							839	841	2	4.98	0.61	25
SMD115	DD	641995	5836579	-60/59	261	296.3	23	62	39	0.26
SMD116	DD	641972	5836613	-60/58	261	304.2	23	72	49	0.35		2.7
SMD117	DD	641940	5835842	-60/58	261	1711.8	No Significant Results
SMD118	DD	641936	5836691	-60/52	261	247.9	No Significant Results
SMD119	DD	641927	5836771	-60/59	262	246.5	No Significant Results
SMD120	DD	641896	5836793	-62/58	261	233	No Significant Results

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Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	ntercept Table	ntercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD121	DD	641875	5836711	-60/60	261	292.9 Incl. and Incl.	26	41	15	0.31
							104	177	73	0.64	0.70	6.8
							110.4	112	1.6	1.72	20.47	30
							150	177	27	1.04	0.46	11
							170	177	7	2.56	1.00	19
							246	247	1	1.67	0.18	39.4
SMD122	DD	641926	5836671	-60/58	261	292.6	21	27	6	0.32	0.15	1.4
							101	119	18	0.26		25
							158	160	2	0.26	1.71	7.3
							172	189	17	0.65	0.13	10
SMD123	DD	642209	5836316	-60/59	261	380.1 Incl.	31	78	47	0.59
							52	62	10	1.15		1.6
							231	233	2	1.73
SMD124	DD	641858	5836779	-60/59	261	242.8	16	24	8	0.41
SMD125	DD	641885	5836827	-60/59	261	168.5	122	135	13		0.41	12
SMD126	DD	641846	5836813	-60/59	257	248			No Significant Results
SMD127	DD	641849	5836739	-60/59	258	289.9 Incl. Incl. and	22	44	22	0.37
							126	200.8	74.8	0.37	0.23	5.9
							151	159	8	1.36	0.81	17
							156	158	2	2.78	1.26	33
							199.3	200.8	1.5	2.46	0.81	37
SMD128	DD	641887	5836759	-60/59	257	256.5			No Significant Results
SMD129	DD	641821	5836766	-60/59	258	269.7			No Significant Results
SMD130	DD	641824	5836837	-60/59	260	234.5 Incl. Incl. Incl.	15	74	59	0.48
							37	40	3	1.82
							127	140.05	13.05	0.83	0.26	5.5
							138	140.05	2.05	1.76	0.39	7.0
							181	186	5		1.24	35
							181	182	1	0.87	1.67	149
SMD131	DD	641851	5836885	-60/59	262	196.6 Incl. Incl.	18	45	27	0.85	0.12	5.3
							28	37	9	1.82	0.20	11
							32	36	4	3.11	0.26	20
							83	90	7	1.65	0.41	30
SMD132	DD	641898	5836677	-60/53	261	302.8	27	55	28	0.35

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Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	ntercept Table	ntercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD133	DD	641858	5836854	-60/59	261	214.7	96	112	16	0.34	0.24	6.5
SMD134	DD	641806	5836878	-60/59	261	184.6 Incl. Incl.	101	149.8	44.29	0.61	0.26	6.2
							134	149.8	11.29	1.71	0.59	17
							148.4	149.8	1.4	3.18	0.39	44
SMD135	DD	641773	5836945	-60/59	261	188.8 Incl. Incl. Incl.	66.6	93	26.410	1.17	0.17	8
							66.6	73	6.410	4.02	0.50	29
							67.3	68.3	1	21.2	1.75	142
							121	134	13	1.54	2.2	203
							133	134	1	10.05	25.2	2540
SMD136	DD	641736	5836932	-60/59	261	273.4	29	104	75	0.32
							30	35.8	5.8	1.39	0.19	8
SMD137	DD	641731	5837009	-60/59	257	211			No Significant Results
SMD138	DD	641691	5836994	-60/59	258	249.3			No Significant Results
SMD139	DD	641728	5836900	-60/59	258	240.5 Incl.	94	173	79	0.38	0.10	4.7
							94	103	9	1.25	0.18	19
SMD140	DD	641801	5836887	-60/59	257	264 Incl. and and	37	57	20	0.27
							93.8	143	49.2	0.96	0.28	11
							94.4	97	2.6	2.16	0.55	10
							114	118	4	2.42	0.56	25
							127	136	9	1.95	0.43	17
SMD141	DD	641704	5837042	-60/59	257	237.2			No Significant Results
SMD142	DD	641685	5837073	-60/59	257	232.9			No Significant Results
SMD143	DD	641665	5837027	-60/59	258	249.4			No Significant Results
SMD144	DD	641661	5836957	-60/130	259	279.4 Incl.	186	212	26	0.44	0.14	2.6
							186	188	2	1.40	0.27	5.4
SMD145	DD	641648	5837059	-60/59	257	264.3	148	152	4	0.87	0.19	29
SMD146	DD	641777	5836855	-60/59	257	298.9 Incl.	130.8	149	18.2	0.59	0.24	8.1
							132.2	135	2.8	1.74	0.72	20
SMD147	DD	641799	5836823	-60/59	257	316.9 Incl.	155	164	9	1.45	0.32	22
							160.4	162	1.6	5.98	0.70	62
SMD148	DD	641981	5836424	-60/59	257	651.5	42	76	34	0.39
SMD149	DD	641930	5836640	-60/59	257	326.5 Incl.	22	32	10	0.49	0.15	1.8
							22	24	2	1.01	0.60	3.8
							209	211	2	3.27	1.13	6.8

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Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	ntercept Table	ntercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD150	DD	641815	5836800	-60/59	257	278.5	22	37	15	0.33
							144	149	5	0.96	0.18	9.3
							181	183	2	1.47	0.88	21
SMD151	DD	642129	5836210	-60/59	257	901.4 Incl.	77	194	117	0.48
							78	99	21	1.38
							410	418	8	1.04	0.10	6
SMD152	DD	642196	5836351	-60/59	257	354.2 Incl. Incl. and and	26.7	138	111.3	0.35
							27.6	35	7.4	1.44
							219	283.1	64.1	1.04	0.13	3.5
							219	237	18	1.49	0.10	4.0
							249	254	5	1.65	0.27	5.6
							273.4	283.1	9.7	2.48	0.38	8.6
SMD153	DD	642029	5836513	-60/59	257	19.1			Hole abandoned – no samples
SMD154	DD	641845	5836570	-60/59	262	451 Incl.	21	210	189	0.25
							21	50	29	0.40
							355	364.3	9.3		0.26	4.2
SMD155	DD	641903	5836490	-60/59	262	463.6			No Significant Results
SMD156	DD	642157	5836387	-60/59	262	355.9 Incl. Incl. and	28	45	17	0.77
							35	39	4	1.78
							247	269.8	22.811	2.27	0.38	19
							247	250	3	6.86	1.00	11
							265.1	269.8	4.712	4.07	0.78	77
SMD156W1	DD	642157	5836387	-60/59	262	291.1 Incl.	246.9	270	23.113	1.67	0.25	19
							246.9	250	3.114	6.21	0.69	77
SMD157	DD	642077	5836264	-60/59	262	533.2 Incl.	54	200	146	0.33
							28	56	28	0.77
SMD158	DD	642054	5836182	-60/59	262	669.4	89	99	10	0.70
							213	330	117	0.30

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Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	Thursday’s Gossan Prospect – Cayley Lode I	ntercept Table	ntercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMD159	DD	642536	5836394	-60/180	262	642.6 Incl.	348.9	351	1.1	4.58	0.33	24
							375	376	1	1.21	0.13	4.3
							419	420	1	1.73		5.3
							474.3	480.2	5.9	3.92	0.45	7.4
							496	498.1	2.1	2.49	0.27	11
							528	554.8	26.8	1.55	0.35	10
							547.3	553.3	6	3.81	1.05	23
SMD160	DD	642167	5836085	-60/49	262	717.5			No Significant Results
SMD161	DD	642393	5835880	-60/49	262	718.7	34	71	37	0.26
SMD162	DD	642480	5835930	-60/49	262	593.4	28	42	14	0.29
							544	545	1		5.01
							572	574	2	0.17	1.16	5.8
SMD163	DD	642542	5835856	-60/49	262	630.8			No Significant Results
SMS001D	Sonic/ DD	642197	5836489	-60/59.5	264	212			No Significant Results
SMS002AD	Sonic/ DD	642275	5836478	-60/59.5	264	105.4			No Significant Results
SMS003	Sonic	642207	5836523	-60/59.5	264	97			No Significant Results
SMS004	Sonic	642150	5836555	-60/59.5	264	131.5			No Significant Results
SMS005	Sonic	642125	5836587	-60/59.5	264	85.5			No Significant Results
SMS006	Sonic	642102	5836620	-60/59.5	264	76 Incl. Incl.	3	51	48		0.29
							19	51	32	0.26
							45	47	2	1.42	0.32	12
SMS007	Sonic	642085	5836654	-60/59.5	264	64 Incl.	13	39	26		0.77
							22	42	20	1.36	0.85	12
							24	39	15	1.68	1.09	14
							42	45	3				1.46
SMS008	Sonic	642055	5836680	-60/59.5	264	64 Incl.	20	45	25	0.45
							20	23	3	1.13	1.01	16
SMS009	Sonic	642011	5836730	-60/59.5	264	54 Incl.	32	54	22	0.69	0.13	3.6
							51	54	3	1.87	0.47	16
SMS009A	Sonic	642011	5836730	-60/59.5	264	80	43	49	6	3.00	0.59	15
SMS010	Sonic	642083	5836614	-60/59.5	264	83 Incl.	20	79	59	0.44	0.20	2.2
							38	41	3	1.33	0.84	6.5
SMS011	Sonic	642106	5836581	-60/59.5	264	88	22	42	20	0.31

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Thursday’s Gossan Prospect – Cayley Lode	Thursday’s Gossan Prospect – Cayley Lode	Thursday’s Gossan Prospect – Cayley Lode	Thursday’s Gossan Prospect – Cayley Lode	Intercept Table	Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Au (g/t)	Ag (g/t)	Ni (%)
SMS012	Sonic	642193	5836530	-60/239.5	261	80	43	77	34	0.90	0.24
						Incl.	46	55	9	2.24	0.67	18.0
						Incl.	52	55	3	5.20	1.46	30.0
SMS013	Sonic	642212	5836497	-60/234.5	262	58	10	40	30		0.23
						Incl.	31	40	9	1.13	0.60	4.2
						Incl.	38	39	1	3.52	2.53	14

Note all new results are in bold. Chalcocite Blanket results are shown in blue.

Excluding 13.9m of core loss 2. Excluding 13.2m of core loss 3. Excluding 10.8m of core loss
1.8m of core loss immediately above this interval 5. 0.4m of core loss included in this interval 6. 0.3m of core loss included in this interval
0.6m core loss included in this interval
0.3m core loss included in this interval
4.6m core loss included in this interval
0.5m core loss included in this interval
1.3m core loss included in this interval
0.9m core loss included in this interval
0.4m core loss included in this interval
0.4m core loss included in this interval

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Yarram Park	Project –	Toora West Prospect Intercept Table	Toora West Prospect Intercept Table	Toora West Prospect Intercept Table	Toora West Prospect Intercept Table
		MGA 94 z	one 54				Intercept
Hole id	Hole Type	East	North	Dip/ Azimuth	RL (m)	Total Depth (m)	From (m)	To (m)	Width (m)	Cu (%)	Ag (g/t)
STWAC029	AC	631003	5844920	-90/0	250	72 Incl.	58	59	1	0.15
							64	67	3	0.34
							64	65	1	0.61	2.46
STWAC030	AC	630370	5845552	-90/0	250	60 Incl.	35	38	3	0.17
							35	36	1	0.32
							45	46	1	0.14
STWAC031	AC	630707	5846050	-90/0	250	51	39	42	3	0.11
							50	51	1	0.18
STWAC033	AC	630480	5845942	-90/0	250	48.5	32	33	1	0.21
							37	38	1	0.12
							45	48	3	0.25	1.45
STWAC037	AC	630737	5845661	-90/0	250	46 Incl.	33	38	5	0.22	1.0
							33	35	2	0.38
							45	46	1	0.22
STWAC040	AC	630166	5845469	-90/0	250	66	55	56	1	0.44	1.51
STWAC041	AC	630478	5845206	-90/0	250	51	37	38	1		20.4
							44	45	1	0.14

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
*Sampling* *techniques*	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Diamond Drilling For diamond holes at the Cayley Lode the entire hole has been sampled. PQ quarter core and HQ half core is submitted for analysis. Pre drill hole SMD069 the sample intervals were based on lithology but in general were 1m. No intervals were less than 0.4m or greater than 1.2m. For diamond holes post drill hole SMD069, the maximum sample size is 1.2m and the minimum sample size is 0.6m, unless it is between core-loss. In zones of significant core- loss, sampling of all available core will be taken and a record of lost core will be made. There is no minimum sample size in these zones. Samples are taken every 1m on metre marks except in high grade lodes and massive sulphide within the Cayley Lode. Within the Cayley Lode, the sampling boundaries will reflect the high- grade contacts at beginning and within high grade lodes and massive sulphide within the Cayley Lode whilst honouring the minimum and maximum sample sizes. The deep diamond drill holes, SMD114 and SMD117, drilled to test the porphyry target were only selectively sampled in the area of interest. For SMD114 one metre quarter core samples were taken from 592m to 1,000m. For SMD117 one metre quarter core samples were taken from 400m to 950m. Air-core Drilling All air-core (AC) drill holes have been routinely sampled at 1m intervals. Samples for every metre are collected by the drill offsider from the cyclone directly into a bucket (if dry) or, if wet, through a garden sieve to separate the coarse fraction from the sludge. The sample is then placed on a black plastic sheet on the ground. Samples are placed for every metre in rows of 10. Selected one-metre intervals are sampled for assay analysis. For the 1m samples – a representative grab sample is collected by mixing up (to homogenise) samples before using a scoop and placed in pre-labelled calico bags. Samples are no more than 3kg. Soil Auger Sampling Soil Auger samples were collected at 80m spacing along 400m spaced lines. Sampling was conducted by a local fencing contractor using an auger mounted on the back of a tractor. These holes were drilled to a depth of approximately 60 cm and the soil was cleaned away from around the hole. On recommencement and usually within 20 cm the colour of the sample changed from a leached greyto a varietyof colours. At 120 cm the auger was lifted

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		and the sample, usually about 1 kilogram in weight, was removed from the auger flights. The auger was then cleaned and all left over material was immediately put down the hole. When the tractor had moved on, the infill material was compacted and the site cleaned up.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sample representivity was ensured by a combination of Company Procedures regarding quality control (QC) and quality assurance/ testing (QA). Certified standards and blanks were inserted into the assay batches.
	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 (eg ‘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 (eg submarine nodules) may warrant disclosure of detailed information.	Diamond Drilling Drill sampling techniques are considered industry standard for the Stavely work program. The diamond drill samples were submitted to Australian Laboratory Services (“ALS”) in Adelaide, SA. Laboratory sample preparation involved:- sample crush to 70% < 2mm, riffle/rotary split off 1kg, pulverize to >85% passing 75 microns. Diamond core samples were analysed by ME-ICP61 – multi acid digest with HF and ICPAES and ICPMS and Au-AA23 – fire assay with AAS finish. For sample that returned Cu values greater than 10,000ppm (1%) re-assaying was conducted by OG62, which is a four acid digest with ICP- AES or AAS finish. Air-core Drilling Drill sampling techniques are considered industry standard for the Stavely work program. The air-core drill samples were submitted to Australian Laboratory Services (“ALS”) in Adelaide, SA. Laboratory sample preparation involved:- sample crush to 70% < 2mm, riffle/rotary split off 1kg, pulverize to >85% passing 75 microns. Auger Sampling The auger soil sampling technique is considered industry standard.
*Drilling* *techniques*	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) 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).	Stavely Project Thursday’s Gossan Prospect The dips, azimuths and depths of drill holes in the current drilling programme are provided in the Thursday’s Gossan Prospect - Cayley Lode Collar Table. Diamond Drilling Diamond drilling to test the Cayley Lode, including holes SMD050 to SMD113, SMD115 to SMD116, SMD118 to SMD163 have been drilled by Titeline Drilling. For the diamond holes, drilling was used to produce drill core with a diameter of 85mm (PQ) from surface until the ground was sufficiently consolidated and then core with a diameter of 63.5mm(HQ)was returned. For the diamond tails,drilling

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		was used to produce drill core with a diameter of 63.5mm (HQ). Diamond drilling was standard tube. Diamond core was orientated by the Reflex ACT III core orientation tool. Air-core Drilling Air-core drilling was carried out using a Wallis Mantis 80 Air-core rig mounted on a Toyota Landcruiser base. The AC rig used a 3.5” blade bite to refusal, generally just below the fresh rock interface.
*Drill sample* *recovery*	Method of recording and assessing core and chip sample recoveries and results assessed.	Stavely Project - Thursday’s Gossan Prospect - Stavely Minerals’ Diamond Drilling Diamond core recoveries were logged and recorded in the database. Unless specifically mentioned, the core recovery for all diamond holes was on average greater than 90%. Core recovery for SMD050 averaged 82% with an average recovery of 76% in the mineralised zone between 79m and 93m. Core recovery for SMD051 averaged 86%. For the mineralised zone between 97m and 182m recovery averaged 76%, however between 98m and 127.7m the recovery only averaged 55%. Core recovery for SMD053 was on average 87%, however the in the final metre of the mineralised zone there was only 46% recovery. Core recovery for SMD054 averaged 87%. Core recovery for SMD060 averaged 85%. However, core recovery between 104m and 116m was very poor at less than 50% and between 119.9m and 126.2m there was 100% core loss. Core recovery for SMD074 averaged 93%, but a portion of the mineralised zone between 181.6m and 195.7m only averaged 76%. While the overall recovery for SMD093 and SMD094 was 94% and 96%, respectively, there was core loss through the Cayley Lode and hence a wedge – SMD093W1 and SMD094W1 was drilled for each hole. There was still some core loss in the Cayley Lode in the wedges. Core recovery for SMD096 averaged 90%, however for the Cayley Lode recovery was 99%, but 0.3m of core was lost from the bottom of the mineralised zone. Core recovery for SMD104 averaged 89%, however in the high-grade zone the core recovery averaged 96%. Core recovery for SMD106 averaged 89%. Overall core recovery for SMD108 averaged 88%, however within the Cayley Lode it dropped to an average of 76%. Overall core recovery for SMD134 averaged 92%, however there was 4.6m core loss in the Cayley Lode. Overall core recovery for SMD135 averaged 95%, however there was 0.5m core loss in the Cayley Lode.

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		Overall core recovery for SMD156 averaged 90%, however core recovery was only 46% in the Cayley Lode between 262.4m to 269.4m. Overall core recovery for SMD156W1 averaged 91%, however core recovery was only 87% in the Cayley Lode between 246m to 270m. Yarram Park Project - Toora West Prospect – Air-core Drilling Air-core drill recoveries were visually estimated as a semi- quantitative range and where there were significant recovery issues they were recorded in the comments.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Stavely Project - Thursday’s Gossan Prospect - Stavely Minerals’ Diamond Drilling Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against the depth given on the core blocks and rod counts are routinely carried out by the driller. Yarram Park Project - Toora West Prospect – Air-core Drilling Recoveries were generally high (>90%). A large majority of the samples were wet.
	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.	Stavely Project - Thursday’s Gossan Prospect - Stavely Minerals’ Diamond Drilling There are some issues with sample recovery within the mineralised zone. This includes the loss of material which is likely to have carried grade. Yarram Park Project - Toora West Prospect – Air-core Drilling No sampling issues, recovery issues or bias were identified and it is considered that both sample recovery and quality is adequate for the drilling technique employed.
*Logging*	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Geological logging of samples followed Company and industry common practice. Qualitative logging of samples including, but not limited to, lithology, mineralogy, alteration, veining and weathering. Diamond core logging included additional fields such as structure and geotechnical parameters. Magnetic Susceptibility measurements were taken for each 1m diamond core interval.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Diamond Drilling All logging is quantitative, based on visual field estimates. Systematic photography of the core in the wet and dry form was completed. Air-core Drilling Geological logging of samples followed Company and industrycommonpractice. Qualitative loggingof samples

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		including (but not limited to) lithology, mineralogy, alteration, veining and weathering. A small representative sample was retained in a plastic chip tray for future reference and logging checks.
	The total length and percentage of the relevant intersections logged.	Diamond Drilling Detailed core logging, with digital capture, was conducted for 100% of the core by Stavely Minerals’ on-site geologist at the Company’s core shed near Glenthompson. Air-core Drilling Digital chip logging, with digital capture, was conducted for 100% of chips logged by Stavely’s geological team.
*Sub-sampling* *techniques* *and sample* *preparation*	If core, whether cut or sawn and whether quarter, half or all core taken.	Quarter core for the PQ diameter diamond core and half core for the HQ diameter core was sampled on site using a core saw.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	One metre individual and EOH samples were collected as grab samples for the air-core drilling.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Company procedures were followed to ensure sub- sampling adequacy and consistency. These included, but were not limited to, daily work place inspections of sampling equipment and practices. The sampling practices followed for the diamond drilling were audited by Mining Plus in December 2019 and found to be appropriate. In February 2020, Cube Consulting conducted a site visit and audit of sampling procedures. Recommendations made have been implemented.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Diamond Drilling Blanks and certified reference materials are submitted with the samples to the laboratory as part of the quality control procedures. High Grade ( >1% Cu ) Standard – 1 per 10m (matrix matched) Duplicate – 1 per 10m (1/4 core) Blank – 1 per 10m. Low grade and waste ( <1% Cu ) Standard – 1 per 20m (low grade standards) Duplicate – 1 per 40m (1/4 core) Blank – 1 per 80m. Air-core Drilling Blanks and certified reference materials are submitted with the samples to the laboratory as part of the quality control procedures.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including	Quarter core sampling of the diamond PQ core is conducted to provide a field duplicate from hole SMD067 to

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	for instance results for field duplicate/second-half sampling.	SMD097. On-going duplicate sampling is conducted on selected diamond holes based on their geographic location. For the air-core drilling, the representative of the in-situ material collected included the collection of field duplicates.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered to be appropriate to correctly represent the sought mineralisation.
*Quality of* *assay data* *and laboratory* *tests*	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	The half or quarter diamond drill core and the 1m air-core grab samples were analysed by multielement ICPAES Analysis - Method ME-ICP61. A 0.25g sample is pre- digested for 10-15 minutes in a mixture of nitric and perchloric acids, then hydrofluoric acid is added and the mixture is evaporated to dense fumes of perchloric (incipient dryness). The residue is leached in a mixture of nitric and hydrochloric acids, the solution is then cooled and diluted to a final volume of 12.5mls. Elemental concentrations are measured simultaneously by ICP Atomic Emission Spectrometry. This technique approaches total dissolution of most minerals and is considered an appropriate assay method for porphyry copper-gold systems. This technique is a four- acid digest with ICP-AES or AAS finish. The drill core and 1m grab splits were also analysed for gold using Method Au-AA23. Up to a 30g sample is fused at approximately 1,100oC with alkaline fluxes including lead oxide. During the fusion process lead oxide is reduced to molten lead which acts as a collector for gold. When the fused mass is cooled the lead separates from the impurities (slag) and is placed in a cupel in a furnace at approximately 900oC. The lead oxidizes to lead oxide, being absorbed by the cupel, leaving a bead (prill) of gold, silver (which is added as a collector) and other precious metals. The prill is dissolved in aqua regia with a reduced final volume. Gold content is determined by flame AAS using matrix matched standards. For samples which are difficult to fuse a reduced charge may be used to yield full recovery of gold. This technique approaches total dissolution of most minerals and is considered an appropriate assay method for detecting gold mineralisation. Soil Auger and Rock Chip Samples The samples were sent to the Australian Laboratory Services (“ALS”) in Adelaide. The soil samples were dried and sieved. The rock chips were crushed. The sieved -80 mesh samples were analysed for gold by Method Au-TL43 and for a multi-element suite by Method ME-MS61 at ALS in Perth. Gold by Method Au-TL43, is by aqua regia extraction with ICP-MS finish. Up to a 25g sample is digested in aqua regia, and the acid volume is partially reduced by evaporation. The solution is diluted to volume and mixed

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		thoroughly. Gold content is measured by ICP mass spectrometry. Alternatively, an aliquot is taken, a complexing agent added and the gold complex is extracted into an organic solvent. Gold concentration can be measured by flame AAS using matrix matching standards. The soil samples were also analysed by multielement ICPAES/ICPMS Analysis - Method ME-MS61. A 0.25g sample is pre-digested for 10-15 minutes in a mixture of nitric and perchloric acids, then hydrofluoric acid is added and the mixture is evaporated to dense fumes of perchloric (incipient dryness). The residue is leached in a mixture of nitric and hydrochloric acids, the solution is then cooled and diluted to a final volume of 25mls. Elemental concentrations are measured using ICP Atomic Emission Spectrometry and ICP Mass Spectrometry.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	2D Seismic Survey A 2D seismic survey was conducted along two orthogonal lines of 7km and 8km length centred on the Thursday’s Gossan prospect. A seismic survey is a low impact, non-invasive method of gathering information about the location and characteristics of geological structures beneath the Earth’s surface. A vibroseis truck was used to generate a surface-induced seismic pulse to image the subsurface formations. The seismic wave is picked up by sensors called “geophones” as the waves reflect off the subsurface formations. The reflections are caused by abrupt changes in acoustic impedance, including lithologic interfaces, alteration zones, faults, shears, bedding planes and unconformities. A 2D seismic line represents reflections from all directions as being approximately below the acquisition line. It is incapable of identifying the direction a reflection has emanated from. The only way to resolve “off-plane” reflector locations is to conduct a 3D seismic survey. Processing of the data collected during the seismic survey is conducted by Hiseis using proprietary software. Rock property measurements, including velocity and density are taken from drill core to assist with modelling of the seismic data. Interpretation of the processed seismic data is conducted by Hiseis geoscientists in conjunction with geologists from Stavely Minerals.
	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.	Laboratory QAQC involved the submission of standards, blanks and duplicates. For every 20 samples submitted either a standard or blank was submitted. The analytical laboratory provide their own routine quality controls within their own practices. The results from their own validations were provided to Stavely Minerals. Results from the CRM standards and the blanks gives confidence in the accuracy and precision of the assay data returned from ALS.

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		Quarter core sampling of the diamond PQ core is conducted to provide a field duplicate from hole SMD067 to SMD097. On-going duplicate sampling will be conducted on selected diamond holes.
*Verification of* *sampling and* *assaying*	The verification of significant intersections by either independent or alternative company personnel.	Stavely Minerals’ Managing Director, the Technical Director or the Geology Manager – Victoria have visually verified significant intersections in the diamond core and air-core chips.
	The use of twinned holes.	No twinned holes have been drilled.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary data was collected for drill holes using the OCRIS logging template on Panasonic Toughbook laptop computers using lookup codes. The information was sent to a database consultant for validation and compilation into a SQL database.
	Discuss any adjustment to assay data.	No adjustments or calibrations were made to any assay data used in this report.
*Location of* *data points*	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	The drill collar location was pegged before drilling and surveyed using Garmin handheld GPS to accuracy of +/- 3m. Collar surveying was performed by Stavely Minerals’ personnel. Subsequent to drilling, the collar locations have been surveyed using a DGPS. Soil auger locations and rock chip sample locations were recorded using a Garmin handheld GPS to accuracy of +/- 3m. For the diamond holes, down-hole single shot surveys were conducted by the drilling contractor. Surveys were conducted at approximately every 30m down-hole. All current drill holes are being surveyed using a gyro.
	Specification of the grid system used.	The grid system used is GDA94, zone 54.
	Quality and adequacy of topographic control.	For Stavely Minerals’ exploration, the RL was recorded for each drill hole location from the DGPS. Accuracy of the DGPS is considered to be within 1m.
*Data spacing* *and* *distribution*	Data spacing for reporting of Exploration Results.	The drill hole spacing is project specific, refer to figures in text.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	No Mineral Resource and Ore Reserve estimation procedure(s) and classifications apply to the exploration data being reported.
	Whether sample compositing has been applied.	Diamond Drilling The diamond core for the entire hole is sampled. For diamond core PQ quarter core and HQ half core was submitted for analysis. Sample intervals were based on

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		lithology but in general were 1m. No intervals were less than 0.4m or greater than 1.2m. Air-core Drilling No sample compositing has been applied.
*Orientation of* *data in* *relation to* *geological* *structure*	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Diamond Drilling The orientation of diamond drill holes is tabulated in the Cayley Lode Collar Table included in this report. As best as practicable, drill holes are designed to intercept targets and structures at a high angle. Air-core Drilling The air-core holes were drilled vertically. Due to the early stage of exploration, it is unknown if the drill orientation has introduced any sampling bias.
	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.	Diamond Drilling With holes SMD050 to SMD158, SMD160 to SMD163 and SMS001 to SMS013 drilled to 070° or 250° grid azimuth, the drilling has intersected the Cayley Lode mineralisation approximately perpendicularly. SMD096, SMD097 and SMD159 are drilled at 82o, 99oand 179.5ogrid azimuth respectively, to intersect the Cayley Lode mineralisation beneath an area where surface access has not been granted as yet. Air-core Drilling The air-core holes were drilled vertically. Due to the early stage of exploration, it is unknown if the drill orientation has introduced any sampling bias.
*Sample* *security*	The measures taken to ensure sample security.	Drill samples in closed poly-weave bags are delivered by Stavely personnel to Ballarat from where the samples are couriered by a reputable transport company to ALS Laboratory in Adelaide, SA. At the laboratory, samples are stored in a locked yard before being processed and tracked through sample preparation and analysis. The rock chip samples and soil samples were placed in numbered calico bags and are delivered by Stavely personnel to Ballarat from where the samples are couriered by a reputable transport company to ALS Laboratory in Adelaide, SA. At the laboratory, samples are stored in a locked yard before being processed and tracked through sample preparation and analysis.
*Audits or* *reviews*	The results of any audits or reviews of sampling techniques and data.	An audit of the sampling techniques, QAQC and the database was conducted by Mining Plus in November 2019 and by Cube Consulting in February 2020. The majority of the recommendations of the audit have been implemented. In particular there were slight adjustments to the sampling interval, frequency of QAQC samples and a minor update to the database.

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
*Mineral* *tenement and* *land tenure* *status*	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Stavely Project The drilling at Thursday’s Gossan is located on RL2017 (previously EL4556), which forms the Stavely Project. RL2017 was granted on 8 May 2020 for a term of 10 years. The mineralisation at Thursday’s Gossan is situated within retention licence RL2017. The Stavely Project was purchased by Stavely Minerals (formerly Northern Platinum) from BCD Resources Limited in May 2013. Stavely Minerals hold 100% ownership of the Stavely Project tenements. A Section 31 Deed and a Project Consent Deed has been signed between Stavely Minerals Limited and the Eastern Maar Native Title Claim Group for RL2017. The New Challenge Resources Pty Ltd net smelter return royalty of 3% on EL4556 (now RL2017) has been purchased by Stavely Minerals for a cash consideration of $350,000 and the issue of 850,000 Stavely Minerals’ shares. EL6870 was granted on the 30thAugust 2021 for a period of 5 years to Stavely Minerals. A Section 31 Deed and a Project Consent Deed has been signed between Stavely Minerals Limited and the Eastern Maar Native Title Claim Group for EL6870. Stavely Minerals hold 100% ownership of EL6870. Yarram Park Project The Yarram Park Project comprises EL5478. The Yarram Park Project was purchased by Stavely Minerals from Diatreme Resources Limited in April 2015. Stavely Minerals hold 100% ownership of EL5478. The tenement is on freehold land and is not subject to native title claim. Black Range Joint Venture The Black Range Joint Venture comprises exploration licence 5425 and is an earn-in and joint venture agreement with Navarre Minerals Limited. Stavely Minerals earned 51% equity in EL5425 in December 2019. EL5425 was granted on 18 December 2021 and expires on the 17 December 2022.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	All the exploration licences and the retention licence are in good standing and no known impediments exist.

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Criteria	JORC Code explanation	Commentary
*Exploration* *done by other* *parties*	Acknowledgment and appraisal of exploration by other parties.	Stavely Project & Black Range Joint Venture The Mt Stavely belt has been explored since the late 1960’s, including programmes undertaken by mineral exploration companies including WMC, Duval, CRA Exploration, BHP, and North. Exploration activity became focused on Thursday’s Gossan and the Junction prospects following their discovery by Pennzoil of Australia Ltd in the late 1970s. North Limited continued to focus on Thursday’s Gossan in the 1990s. North’s best drill result at Thursday’s Gossan came from VICT1D1 which gave 161m of 0.26% Cu from 43m, including 10m of 0.74% Cu from 43m from a supergene- enriched zone containing chalcocite. The tenement was optioned to CRA Exploration between 1995 and 1997. CRAE drilled several deep diamond drill holes into Thursday’s Gossan, including DD96WL10, which intersected 186m from 41m of 0.15% Cu and DD96WL11, which intersected 261.7m from 38.3m of 0.13% Cu. EL4556 was further explored by Newcrest Operations Limited under option from New Challenge Resources Ltd between 2002 and 2004. Their main focus was Thursday’s Gossan in order to assess its potential as a porphyry copper deposit. One of their better intersections came from drill hole VSTD01 on the northern edge of the deposit which gave 32m at 0.41 g/t Au and 0.73% Cu from 22m in supergene-enriched material. The Stavely Project was optioned to Beaconsfield Gold Mines Pty Ltd in 2006 who flew an airborne survey and undertook an extensive drilling programme focused on several prospects including Thursday’s Gossan. One of their diamond drill holes at Thursday’s Gossan, SNDD001, encountered zones with quartz- sulphide veins assaying 7.7m at 1.08 g/t Au and 4.14% Cu from 95.3m and 9.5m at 0.44 g/t Au and 2.93% Cu from 154.6m along silicified and sheared contacts between serpentinite and porphyritic intrusive rocks. Once Beaconsfield Gold Mines Pty Ltd had fulfilled their option requirements, title of EL4556 passed to their subsidiary company, BCD Metals Pty Ltd, who undertook a gravity survey and extensive drilling at prospects including Thursday’s Gossan. They also commissioned a maiden Mineral Resource estimate for Thursday’s Gossan. Stavely Project Thursday’s Gossan Prospect Exploration activity became focused on Thursday’s Gossan and the Junction prospects following their discovery by Pennzoil of Australia Ltd in the late 1970s. North Limited continued to focus on Thursday’s Gossan in the 1990s. North’s best drill result at Thursday’s Gossan came from VICT1D1 whichgave 161m of 0.26% Cu from 43m,

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Criteria	JORC Code explanation	Commentary
		including 10m of 0.74% Cu from 43m from a supergene- enriched zone containing chalcocite. The tenement was optioned to CRA Exploration between 1995 and 1997. CRAE drilled several deep diamond drill holes into Thursday’s Gossan, including DD96WL10, which intersected 186m from 41m of 0.15% Cu and DD96WL11, which intersected 261.7m from 38.3m of 0.13% Cu. EL4556 was further explored by Newcrest Operations Limited under option from New Challenge Resources Ltd between 2002 and 2004. Their main focus was Thursday’s Gossan in order to assess its potential as a porphyry copper deposit. One of their better intersections came from drill hole VSTD01 on the northern edge of the deposit which gave 32m at 0.41 g/t Au and 0.73% Cu from 22m in supergene-enriched material. The Stavely Project was optioned to Beaconsfield Gold Mines Pty Ltd in 2006 who flew an airborne survey and undertook an extensive drilling programme focused on several prospects including Thursday’s Gossan. One of their diamond drill holes at Thursday’s Gossan, SNDD001, encountered zones with quartz- sulphide veins assaying 7.7m at 1.08 g/t Au and 4.14% Cu from 95.3m and 9.5m at 0.44 g/t Au and 2.93% Cu from 154.6m along silicified and sheared contacts between serpentinite and porphyritic intrusive rocks. Once Beaconsfield Gold Mines Pty Ltd had fulfilled their option requirements, title of EL4556 passed to their subsidiary company, BCD Metals Pty Ltd, who undertook a gravity survey and extensive drilling at prospects including Thursday’s Gossan. They also commissioned a maiden Mineral Resource estimate for Thursday’s Gossan. All work conducted by previous operators at Thursday’s Gossan is considered to be of a reasonably high quality. Yarram Park Project In 2013, Diatreme Resources Limited completed ground gravity in the northern half of EL5478, over the prospective Cambrian aged volcanics. In 2015, Stavely Minerals engaged Newexco Services to reprocess and model the ground gravity data as well as the publicly available regional aeromagnetic data. A coincident gravity low with peripheral and central magnetic highs was identified within the Cambrian aged volcanics in the northern portion of EL5478 and named the Toora West prospect.
*Geology*	Deposit type, geological setting and style of mineralisation.	Stavely Project & Black Range Joint Venture The Stavely Project and Black Range JV are located in the Mount Stavely Volcanic Complex (MSVC). Intrusion of volcanic arc rocks, such at the Mount Stavely Volcanic Complex, by shallow level porphyries can lead to the formation of porphyry copper ± gold ± molybdenum deposits.

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Criteria	JORC Code explanation	Commentary
		EL6870 is interpreted by Cayley et al. (2017) to host structurally dislocated and rotated segments of both the Stavely Belt and the Bunnugal Belt. Stavely Project Thursday’s Gossan Prospect The Thursday’s Gossan prospect is located in the Mount Stavely Volcanic Complex (MSVC). Intrusion of volcanic arc rocks, such at the Mount Stavely Volcanic Complex, by shallow level porphyries can lead to the formation of porphyry copper ± gold ± molybdenum deposits. The Thursday’s Gossan Chalcocite deposit (TGC) is considered to be a supergene enrichment of primary porphyry-style copper mineralisation. Mineralisation is characterised by chalcopyrite, covellite and chalcocite copper sulphide mineralisation within a sericite, illite and kaolin clay alteration assemblage. Copper mineralisation is within a flat lying enriched ‘blanket’ of overall dimensions of 4 kilometres north-south by up to 1.5 kilometres east- west by up to 60 metres thick with an average thickness of approximately 20 metres commencing at an average depth below surface of approximately 30 metres. The majority (circa 60%) of the Mineral Resources reside within a higher-grade zone of approximate dimensions of 1 kilometre x 300 metres by 35 metres thick. The mineralisation at the Cayley Lode at the Thursday’s Gossan prospect is associated with high-grade, structurally controlled copper-gold-silver mineralisation along the ultramafic contact fault. The Thursday’s Gossan area hosts a major hydrothermal alteration system with copper-gold mineralisation over a 10 kilometre long corridor. The Junction porphyry target is defined by a coincident magnetic high, strong soil copper geochemistry, RAB drilling copper anomalism. Stavely Minerals believes the technical evidence indicates there is significant porphyry copper-gold mineralisation potential at depth at Thursday’s Gossan. Yarram Park Project The aeromagnetic data shows that the northern half of EL5478 covers an offset of the Mount Stavely Belt, or a structurally offset portion of the Bunnagul Belt, which is overlain by approximately 80 metres of Quaternary cover.
*Drill hole* *Information*	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar	Included in the drill hole table in the body of the report.

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Criteria	JORC Code explanation	Commentary
	elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth 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.	No material drill hole information has been excluded.
*Data* *aggregation* *methods*	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	Stavely Project Thursday’s Gossan Prospect Porphyry target exploration results are nominally reported where copper results are greater than 0.1% over a down- hole width of a minimum of 3m. For the Cayley Lode, high-grade mineralisation exploration all copper/ and or gold intervals considered to be significant have been reported with subjective discretion. No top-cutting of high-grade assay results have been applied, nor was it deemed necessary for the reporting of significant intersections.
	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.	Stavely Project Thursday’s Gossan Prospect In reporting exploration results, length weighted averages are used for any non-uniform intersection sample lengths. Length weighted average is (sum product of interval x corresponding interval grade %) divided by sum of interval length.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are used for reporting exploration results.

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Criteria	JORC Code explanation	Commentary
*Relationship* *between* *mineralisation* *widths and* *intercept* *lengths*	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Stavely Project Thursday’s Gossan Prospect There is insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the relationship between mineralisation widths and intercept 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’).	Refer to the Tables and Figures in the text.
*Diagrams*	Appropriate maps and sections (with 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.	Refer to Figures in the text. A plan view of the drill hole collar locations is included.
*Balanced* *reporting*	Where comprehensive reporting of all Exploration 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.	Stavely Project Thursday’s Gossan Prospect All copper and gold values considered to be significant for structurally controlled mineralisation have been reported. Some subjective judgement has been used.
*Other* *substantive* *exploration* *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 – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All relevant exploration data is shown on figures and discussed in the text.

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Criteria	JORC Code explanation	Commentary
*Further work*	The nature and scale of planned further work (eg 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 commercially sensitive.	Stavely Project Thursday’s Gossan Prospect A resource drill-out is currently in progress at the Cayley Lode. In addition, drilling will be conducted to test the lateral and depth extents of the Cayley Lode. Regional reconnaissance auger sampling or air-core drilling depending on the depth of cover is in progress to test the exploration targets.

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AI assistant

STAVELY MINERALS LIMITED Capital/Financing Update 2021

65882_rns_2021-12-01_8243329c-42fe-432e-a5e8-abca0b6e02ec.pdf

ASX ANNOUNCEMENT

2 December 2021

Regional Exploration Delivers Early Encouragement as Resource Drilling Resumes at Cayley Lode

Background

Priority Targets

Toora West

REGIONAL EXPLORATION

Yarram Gap

Muirhead

S29

S41

Deep porphyry drill hole SMD114

`o` 2m at 4.98% Cu, 0.61g/t Au and 25g/t Ag from 839m

Chris Cairns Executive Chair and Managing Director

For Further Information, please contact:

Appendix 1. Daily Drill Reports for STWD005 and STWD006

DAILY DRILLING REPORT

22 November 2021

SUMMARY

STWD005

DAILY DRILLING REPORT

29 November 2021

SUMMARY

STWD006

Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

STAVELY MINERALS LIMITED — Capital/Financing Update 2021

65882_rns_2021-12-01_8243329c-42fe-432e-a5e8-abca0b6e02ec.pdf

ASX ANNOUNCEMENT

2 December 2021

Regional Exploration Delivers Early Encouragement as Resource Drilling Resumes at Cayley Lode

Background

Priority Targets

Toora West

REGIONAL EXPLORATION

Yarram Gap

Muirhead

S29

S41

Deep porphyry drill hole SMD114

o 2m at 4.98% Cu, 0.61g/t Au and 25g/t Ag from 839m

Chris Cairns Executive Chair and Managing Director

For Further Information, please contact:

Appendix 1. Daily Drill Reports for STWD005 and STWD006

DAILY DRILLING REPORT

22 November 2021

SUMMARY

STWD005

DAILY DRILLING REPORT

29 November 2021

SUMMARY

STWD006

Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table

Thursday’s Gossan Prospect – Cayley Lode Collar Table

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

More from STAVELY MINERALS LIMITED

STAVELY MINERALS LIMITED Capital/Financing Update 2021

`o` 2m at 4.98% Cu, 0.61g/t Au and 25g/t Ag from 839m