SULTAN RESOURCES LTD — Capital/Financing Update 2020

Sep 29, 2020

Sultan Resources Ltd

ACN: 623652 522

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

STEVEN GROVES MANAGING DIRECTOR

JEREMY KING CHAIRMAN

30th September 2020

NEW “RAZORBACK” GOLD & COPPER DISCOVERY - HIGH GRADE ROCK RESULTS WITHIN NEW SOIL ANOMALIES DEFINE FURTHER TARGETS AT BIG HILL

DAVID LEES NON-EXECUTIVE DIRECTOR

CONTACT Suite 2, Level 1, 1 Altona Street West Perth WA 6005 www.sultanresources.com.au

info@sultanresources.com.au

• New outcropping high grade “Razorback Ridge” target identified southeast of the Big Hill Au-Cu porphyry target, Star Plateau Project, Lachlan Fold Belt, NSW

• High grade gold & copper rock chip assays returned from +1 km zone of outcropping mineralised rocks include:

• 0.98g/t Au & 2.65% Cu

• 0.55g/t Au & 2.24% Cu

• 0.62g/t Au & 2.42% Cu

• 0.64g/t Au & 2.00% Cu

  • 1.12g/t Au & 0.1% Cu

  • 1.69g/t Au & 0.09% Cu

  • 1.14g/t Au & 0.1% Cu

  • 2.25g/t Au & 0.07% Cu

• 0.99g/t Au & 2.09% Cu

• Soil sampling across the outcropping Au-Cu zone has defined a large scale, open, 1.5km x 0.2km high order Au-Cu in soil geochemical anomaly, representing a priority target.

• Hosted in limestones and mafic volcanics abutting the Big Hill magnetic complex “Razorback Ridge” displays Skarn-like affinities, complementing the prospectivity already defined at the Big Hill Porphyry Au-Cu target

• IP surveying is being fast-tracked at Razorback: to commence in early October, infill and extension soil sampling completed, results are awaited

• Star Plateau Tenure expanded to ~120km[2] with a 100% tenement application ELA6089 between the Big Hill and Ringaroo Targets

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0.99g/t Au SPR079 0.62g/t Au
& 2.09% Cu & 2.42% Cu
Malachite
Chalcopyrite
A SPR081 B
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Figure 1: Hand samples of gold and copper mineralised outcrops from the new Razorback Ridge prospect.

ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

Sultan Resources Limited (ASX: SLZ) ( Sultan or Company ) is pleased to announce results from extension soil and rock chip sampling returned from ongoing exploration programs at the Big Hill AuCu porphyry project in the Company’s Lachlan Fold Belt (“LFB”) portfolio (see ASX announcement 08/05/2020).

The ongoing exploration program is designed to identify drill targets with high potential to host porphyry-style Au-Cu and/or epithermal gold mineralisation across the three highly prospective targets at Big Hill, Ringaroo and Tucklan. The Company has received results for work undertaken east and southeast of the Big Hill target in the southwest of Star Plateau EL8375.

Significant Results

Geological mapping, soil and rock chip sampling has continued to the east and southeast of the Big Hill target. Covering an area of ~3km x 1km, the work has defined two large scale, open, high-order Au and Cu in soil anomalies. The first, Razorback Ridge, is a 0.5km x 0.2km Cu-Au area that encompasses a prominent zone of outcropping copper and gold mineralisation southeast of Big Hill. The second is a 2.2km x 0.5km zone of highly anomalous Au and Cu that is situated directly east of Big Hill.

Razorback Ridge

The Razorback Ridge target is marked by a north-northeast striking zone of outcropping skarn-style mineralisation that is exposed for over 1 km yet remained unrecognised by previous explorers. Mineralisation is hosted in quartz sulphide vein breccias showing quartz – Fe carbonate – chlorite – sulphide – hematite +/- magnetite altered limestone and chlorite altered mafic volcanics. The mineralised outcrop is strongly coincident with a prominent N-S striking linear magnetic feature (Figure 6). Exceptional rock chip results up to 2.25g/t Au and up to 2.65% Cu have been returned from outcrop and the entire zone has returned 4 samples over 1g/t, a further 8 samples above 0.5g/t Au and 5 samples over 1% Cu at various locations along strike (Table 1).

Table 1: Significant results from the Razorback Ridge rock samples

SampleID	Sample_Type	Aug/t	Cu %
SPR078	Outcrop	0.56	2.24
SPR068	Outcrop	0.98	2.65
SPR079	Outcrop	0.62	2.42
SPR080	Outcrop	0.64	2.00
SPR081	Outcrop	0.99	2.09
SPR037	Outcrop	1.12	0.13
SPR038	Outcrop	1.69	0.10
SPR039	Outcrop	1.14	0.14
SPR040	Outcrop	2.25	0.07
SPR051	Outcrop	0.58	0.09
SPR058	Outcrop	0.59	0.51
SPR059	Outcrop	0.38	0.55
SPR062	Outcrop	0.42	0.50
SPR066	Outcrop	0.04	0.78
SPR067	Outcrop	0.48	0.20
SPR070	Outcrop	0.57	0.24

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The zone of skarn-style alteration and mineralisation is developed in limestone host rocks abutting the Big Hill magnetic complex. The style and location of the mineralisation strongly compliments the previously reported Big Hill porphyry-style exploration target immediately to the west (see ASX Announcement 20/05/2020). Big Hill is marked by a large-scale, buried magnetic high complex showing Au+Cu porphyry-style pathfinder soil geochemistry anomalism, high grade rock chips up to 2.5% Cu and outcropping porphyry style propylititc +/- alkalic lithocap style alteration at surface, and is undrilled.

Examination of magnetic and geological data shows mineralisation at Razorback Ridge to be coincident with a prominent, deep-seated north-south striking fault marked by northwest-striking fault intersections (Figure 6). The intersection of N-S and NW faults is recognized as an important structural feature at the giant Cadia Au-Cu porphyry deposit some 50km south of Big Hill.

The mineralisation at Razorback shows similarities, albeit over a far greater strike length, to the high grade Gowan Green skarn target 2.6km to the NW, where rock chips up to 24.6g/t Au & 26.1% Cu were returned from mullock sampling (see ASX Announcement 20/05/2020). Both Gowan Green and Razorback Ridge sit on the periphery of the main Big Hill Magnetic Complex.

Skarn mineralisation is developed due to replacement, alteration and contact metasomatism of the surrounding country rocks by ore-bearing hydrothermal solution adjacent to a mafic, ultramafic, felsic or granitic intrusive body. It is most often developed at the contact of intrusive plutons and carbonate country rocks. Significant skarn mineralisation occurs peripheral to the Cadia Intrusive Complex at the Big Cadia Skarn and Little Cadia Skarn orebodies[5] .

The discovery of historically unrecognised outcropping chalcopyrite, malachite, azurite and chalcocite in skarn with up to 2.25g/t Au and 2.65% Cu exactly half-way between Cadia and Boda confirms Sultan’s interpretation of the high prospectivity of the Star Plateau project.

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Figure 2: Site photo, looking north, of Razorback Ridge showing the skarn trend and the location of a silica, chlorite pyrite and hematite altered chalcopyrite mineralised vein breccia

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ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

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Figure 3: Hand samples of high-grade copper and gold mineralised outcrop with detailed geological descriptions

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Figure 4: Razorback map showing high grade gold and copper rock chip results plotted on mapped outcropping skarn-style mineralisation and high-resolution aerial imagery

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Figure 5: Gold and Copper soil geochemistry maps (100m x 200m grid) across Big Hill to Razorback Ridge on high resolution aerial imagery.

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ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

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A B
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Figure 6: Gold and Copper soil geochemistry maps on Magnetic RTP Eshade NL gridded imagery (East shadow direction, non-linear colour stretch). Note the long, linear magnetic feature beneath high grade gold and copper response at Razorback Ridge. Line A-B marks the position of cross-section 6366500mN in Figure 7.

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Figure 6: Magnetic inversion model, Cross section A–B 6366500mN, looking north, 40m window, showing high Cu in soils results coincident with modelled deep high magnetics

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ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

Jeremy King, Chairman of Sultan Resources commented:

“ Sultan’s methodical approach and boots on the ground exploration strategy has again paid off, revealing Razorback Ridge: outcropping chalcopyrite, malachite, chalcocite with good gold over a kilometre long, and unreported by previous explorers. It is testament to the quality our now expanded ground position that such outcropping mineralisation can still be discovered walking the ground half way between Cadia and Boda. Razorback adds even more compelling ingredients to our Big Hill Porphyry Target, giving us more confidence to fast track further exploration not only around Big Hill and Razorback, but at Ringaroo and Tucklan where we eagerly await IP and soil results, as we turn toward drilling”.

New Application

Sultan is also pleased to report that it has successfully submitted an application for further tenure adjacent to EL8375 (Figure 8). Lying along strike between the Big Hill and Ringaroo porphyry targets, the 11.45km[2] application ELA6089 complements the Star Plateau licence and secures an important ground position between Sultans two priority porphyry targets. The successful lodgement of the application is a significant achievement given the current pegging rush in the East Lachlan Fold Belt. ELA6089 is still in application and is pending grant from the NSW Department of Planning and Environment.

Ongoing LFB Exploration Programs

The Company has recently completed dipole-dipole I.P. surveys at the Ringaroo Target, Star Plateau Project, and at the Tucklan Project. Results are currently being inverted and are expected in the coming weeks. Upon receipt and interpretation of results, planning and permitting for drill testing can commence.

Further soil and rock chip sampling is currently underway at the Tucklan Project, aiming to extend currently defined gold in soil anomalism to the south-east towards the historic Hansell’s Hill alluvial goldfield. Upon completion and receipt of results, extension dipole – dipole IP surveying, currently being designed, will commence.

Follow up work

Soil sampling results have increased the footprint of the Big Hill Au-Cu + pathfinder geochemical anomaly. Infill and further extensional soil sampling on a 100m x 50m spaced grid has been completed, submitted and results are awaited.

Induced Polarisation (IP) surveying has been fast tracked across the entire Razorback target area and is due to commence in early October. The IP survey will continue at Big Hill after the cereal crop harvest is completed in late November.

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ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

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New
application
ELA6089
2
4
3
1
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Figure 8: Location Map – Sultan tenements in relation to World Class operating mines of the East Lachlan Fold Belt, and the recent Boda discovery (References for resources at end of document)

This announcement is authorised by Steve Groves, Managing Director

For further information contact: Managing Director Investor Relations Steve Groves Gigi Penna info@sultanresources.com.au gigi@calderahouse.com.au

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on historical exploration information compiled by Mr Steven Groves, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Groves is Managing Director and a full-time employee of Sultan Resources Limited. Mr Groves 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 the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Groves consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Sultan Resources

Sultan Resources is an Australian focused exploration company with a portfolio of quality assets in emerging discovery terranes currently targeted by successful explorers such as Newcrest Mining, Alkane Resources, Gold Road Resources, and Sandfire Resources. Sultan’s tenement portfolio includes prospective targets for porphyry Au-Cu, structurallyhosted gold, Nickel, Cobalt and base metals and include tenements located in the highly prospective Lachlan Fold Belt

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ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

of Central NSW as well as projects located within the southern terrane region of the Yilgarn Craton in south and south eastern Western Australia. Sultan’s board and management strategy is for a methodical approach to exploration across the prospects in order to discover gold and base metals that may be delineated via modern exploration techniques and exploited for the benefit of the company and its shareholders.

References

1. Newcrest., 2019, Newcrest Investor and Analyst Presentation, ASX Announcement, 18 November 2019

2. CMOC 2019., China Molybdenum Company Limited, http://www.cmocinternational.com/australia/

3. Evolution., 2018, https://evolutionmining.com.au/reservesresources/

4. Regis Resources Ltd, https://www.regisresources.com.au/General/reserves-and-resources.html

5. FORSTER, D.B. AND SECCOMBE, P.K., 2004: Controls on Skarn Mineralisation and Alteration at the Cadia Deposits, New South Wales, Australia. Economic Geology and the Bulletin of the Society of Economic Geologists Vol. 99, Issue 4, p. 761-788

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Appendix 1: Table of assay results from Rock samples at Razorback Ridge

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Appendix 2: JORC Code, 2012 Edition Table 1 – Colossus Metals

Section 1 Sampling Techniques and Data

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

• Criteria JORC Code explanation Sampling • Nature & quality of sampling (e.g. cut channels, random chips, or specific techniques 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.

• Include reference to measures taken to ensure sample representivity & the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Commentary

Current Rock sampling program

• Rock chip samples were taken in the field by Colossus geologists during field inspection of the Razorback Ridge skarn target

• Rock samples were collected from surface outcrop and float

• Outcrop samples are resistant portions of the local geology and are considered to be in situ. Float samples are interpreted to have been sourced from local area..

• Samples weighing up to several kilograms were collected

Current soil sampling program

• All soil sample points were located using a hand-held GPS with +/-5m accuracy utilising MGA zone 55 (GDA94) coordinate system. Surface organic matter was removed from the sample site using a hand pick and shovel and a 25cm x 25cm x 25cm deep hole was dug using a mattock, with a sample of primarily B soil horizon collected. The soil sample was screened using a 3mm mesh aluminium sieve and a 200-250 gram sub sample of -3mm fraction was retained in a labelled soil geochemical bag for analysis. Soil sample IDs and locations are stored digitally in a register which also notes sample content and conditions. External certified reference material / standards, blanks and duplicates are submitted every 50th, 51st and 52nd sample respectively for QAQC purposes.

ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	• N/A
techniques	auger, Bangka, sonic, etc.) & details (e.g. core diameter, triple or standard
	tube, depth of diamond tails, face-sampling bit or other type, whether core is
	oriented & if so, by what method, etc.).
Drill sample	• Method of recording & assessing core & chip sample recoveries & results	• N/A
recovery	assessed.
	• Measures taken to maximise sample recovery & ensure representative
	nature of the samples.
	• Whether a relationship exists between sample recovery & grade & whether
	sample bias may have occurred due to preferential loss/gain of fine/coarse
	material.
Logging	• Whether core & chip samples have been geologically & geotechnically	Current Rock sampling program
	logged to a level of detail to support appropriate Mineral Resource estimation, mining studies & metallurgical studies.	• A short geological description was taken at each sample point
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	• The description is qualitative and includes lithology, alteration and mineralisation
	• The total length & percentage of the relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn & whether quarter, half or all core taken.	Current Rock and soil sampling program
techniques & sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc.& whether sampled wet or dry.	• The sample preparation for both rock and soils follows industry best practise involving oven drying, crushing and pulverisation
	• For all sample types, the nature, quality & appropriateness of the sample
	preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to maximise
	representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in situ
	material collected, including for instance results for field duplicate/second-
	half sampling.
	• Whether sample sizes are appropriate to the grain size of the material being
	sampled.

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ASX ANNOUNCEMENT - 30TH SEPTEMBER 2020

Criteria	JORC Code explanation	Commentary	Commentary
Quality of	• The nature, quality & appropriateness of the assaying & laboratory	•	Rock samples are analysed for 48 elements including Ag, Al, As, Ba, Be, Bi, Ca,
assay data &	procedures used & whether the technique is considered partial or total.		Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Be, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P,
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc., the		Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y Zn and Zr using
tests	parameters used in determining the analysis including instrument make &		method ME-MS61 (four acid ICP-MS). Gold is analysed separately using ALS
	model, reading times, calibrations factors applied & their derivation, etc.		method Au-AA22, with a lower detection limit of 0.001 ppm.
	• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) & whether acceptable levels of	•	Soil Samples were analysed for 53 elements including Au, Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, Hg, In, K, La, Li, Mg, Mn, Mo,
	accuracy (i.e. lack of bias) & precision have been established.		Na, Nb, Ni, P, Pb, Pd, Pt, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W,
			Y, Zn & Zr using method AuME-ST44.
		•	External certified reference material / standards, blanks and duplicates are
			submitted every 50th, 51st and 52nd sample respectively for QAQC
			purposes.
Verification	• The verification of significant intersections by either independent or	•	All data are verified by at least two experienced Colossus Metals geologists.
of sampling & assaying	alternative company personnel. • The use of twinned holes.	•	Data are sored in a digital database and interrogated using the ioGasTM geochemical software suite.
	• Documentation of primary data, data entry procedures, data verification,	•	Na% multiplied by a factor of 1.346 to convert to Na2O in Figure 4
	data storage (physical & electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy & quality of surveys used to locate drill holes (collar & down-hole	•	A handheld GPS was used to locate each sample point. Accuracy of +/- 5m is
data points	surveys), trenches, mine workings & other locations used in Mineral		considered reasonable
	Resource estimation.
		•	MGA94, Zone 55
	• Specification of the grid system used.	•	Elevation were in AHD (MGA94, Zone 55)
	• Quality & adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Soil samples from the current program are collected across a grid spaced
& distribution	• Whether the data spacing & distribution is sufficient to establish the degree of geological & grade continuity appropriate for the Mineral Resource &		at • Big Hill/Razorback Ridge - 100m x 200m
	Ore Reserve estimation procedure(s)&classifications applied.
	• Whether sample compositing has been applied.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	These spacings are considered reasonable to provide sufficient
			geochemical coverage over the target types sought.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	•	N/A
data in	structures & the extent to which this is known, considering the deposit type.
relation to geological	• If the relationship between the drilling orientation & the orientation of key mineralised structures is considered to have introduced a sampling bias, this
structure	should be assessed & reported if material.
Sample	• The measures taken to ensure sample security.	All	geochemical samples were selected by geologists in the field delivered
security		directly to the lab by Colossus,
Audits or	• The results of any audits or reviews of sampling techniques & data.	•	Not applicable
reviews

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

		Criteria	JORC Code explanation	Commentary	Commentary
		Mineral	• Type, reference name/number, location & ownership including agreements	•	The licences referred to in this document are part of an acquisition by
		tenement &	or material issues with third parties such as joint ventures, partnerships,		Sultan Resources for 100% of the assets of Colossus Metals. The licences
		land tenure	overriding royalties, native title interests, historical sites, wilderness or		include EL8734, EL8704 and EL8735, which together cover a total area of
		status	national park & environmental settings.		approximately 326 km2 within the Lachlan Fold Belt of central NSW.
			• The security of the tenure held at the time of reporting along with any known	•	All licences are in good standing
			impediments to obtaining a licence to operate in the area.
		Exploration	• Acknowledgment & appraisal of exploration by other parties.	•	Previous exploration over EL8735 has been limited. Work reported was
		done by other			generally generative in nature and at a reconnaissance level. The most
		parties			detailed exploration was undertaken by Clancy Exploration during the period
					2006 – 2016 and is considered to have been performed to a high standard.
		Geology	• Deposit type, geological setting & style of mineralisation.		The Project lies halfway between the Cadia and Boda Cu-Au porphyries within
					the central MolongBelt of the Ord Macquarie Arc,East Lachlan,NSW. It is

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Criteria	JORC Code explanation	Commentary
		located on the Intersection of a major N-S striking arc parallel and NW-SE
		striking cross arc structural corridors,
		The Lachlan Orogen is approximately 700 km wide and 1000 km long and has
		disputed complex evolutionary history. The Macquarie Arc is part of the
		eastern sub-province of the Lachlan Orogen and is the host to numerous
		porphyry Au–Cu deposits. It consists mainly of subduction-related Ordovician
		intermediate and mafic volcanic, volcaniclastic and associated intrusive rocks
		and was accreted to Gondwana in the Early Silurian, and underwent rifting
		and burial in the Middle to Late Silurian.
		It consists of four structural belts, namely, the western (Junee-Narromine),
		the central (Molong), the eastern (Rockley-Gulgong) Belt, and southern
		(Kiandra) volcanic belts. These belts have most likely been formed by rifting
		and dismemberment of a single arc, which developed along the boundary
		between the Australian and proto-Pacific plates during the Ordovician and
		was subsequently dismembered during the Silurian.
		An entirely intra-oceanic setting is postulated for the Macquarie Arc
		(Crawford et al., 2007), with four phases of arc-type magmatism, the earliest
		in the Early Ordovician, and culminating in the Late Ordovician to Early
		Silurian. The four phases of volcanism in the Macquarie Arc relate to distinct
		groups of porphyritic intrusions that vary from monzodiorite-diorite through
		monzonite-granodiorite compositions and correspond with porphyry copper-
		gold and epithermal gold-silver mineralisation
		Lithology
		The Big Hill target eshibits features consistent with an Alkalic intrusive
		complex, with mineralogy & textures typical of the Cadia Intrusive Complex,
		including outcropping monzogabbro, diorite, monzodiorite & mafic
		monzonite porphyry dykes & small plugs or ‘apophyses’.
		Intrusives have intruded interpreted Cadia and Boda equivalent stratigraphy
		being the Late Ordovician Oakdale Volcanics, including an upper volcanic
		dominant and lower volcano-sedimentary package equivalent to the Forest

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Criteria	JORC Code explanation	Commentary
		Reef Volcanics & Weemalla Fm at Cadia and Kaiser Volcanics & Bodangora Fm
		at Boda.
		An upper sequence consisting of basalt, andesite, trachyte & latite lavas,
		volcaniclastics and sub volcanic intrusions including feldspar-pyroxene
		porphyry dykes has been recognised. The lower sequence dominated by
		finely laminated, interbedded, volcaniclastic siltstones and sandstones, with
		localised skarn horizons.
Drill hole	• A summary of all information material to the understanding of the	Table of rock sample locations is included in Appendix 1
Information	exploration results including a tabulation of the following information for all
	Material drill holes:
	o Easting & northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in metres) of
	the drill hole collar
	o dip & azimuth of the hole
	o down hole length & interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material & this exclusion does not detract from the
	understanding of the report, the Competent Person should clearly explain
	why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques, maximum	• N/A
aggregation	and/or minimum grade truncations (e.g. cutting of high grades)&cut-off
methods	grades are usually Material & should be stated.
	• Where aggregate intercepts incorporate short lengths of high grade results
	& longer lengths of low grade results, the procedure used for such
	aggregation should be stated & some typical examples of such aggregations
	should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values should be
	clearly stated.

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Criteria	JORC Code explanation	Commentary	Commentary
Relationship	• These relationships are particularly important in the reporting of	•	N/A
between	Exploration Results.
mineralisatio n widths &	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
intercept lengths	• If it is not known & only the down hole lengths are reported, there should be a clear statement to this effect (e.g.‘down hole length, true width not
	known’).
Diagrams	• Appropriate maps & sections (with scales)&tabulations of intercepts should	•	See maps and figures accompanying this ASX release.
	be included for any significant discovery being reported These should
	include, but not be limited to a plan view of drill hole collar locations &
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not practicable,	•	Reference has been made to anomalous levels of geochemical pathfinder
reporting	representative reporting of both low & high grades and/or widths should be		elements in the document. This interpretation has been determined by
	practiced to avoid misleading reporting of Exploration Results.		experienced Colossus Metals’ geologists using the ioGasTMgeochemical
			software. It is impractical to present every result for all 53 elements across the
			sample population in this document. A map showing the distribution of
			anomalous Cu and gold has been included for reference.
Other	• Other exploration data, if meaningful & material, should be reported	•	In February 2013, Clancy Exploration completed an 1805 line-km helicopter-
substantive	including (but not limited to): geological observations; geophysical survey		based magnetic and radioelement survey using Aerosystems Pty Ltd over
exploration	results; geochemical survey results; bulk samples – size&method of		EL6661. Data was collected on 75m line spacings. This survey covered the
data	treatment; metallurgical test results; bulk density, groundwater,		southern portions of EL8735. The survey is of excellent quality and areas of
	geotechnical & rock characteristics; potential deleterious or contaminating		high magnetic intensity correlate to portions of Ordovician volcanic and
	substances.		volcaniclastic sequences
Further work	• The nature & scale of planned further work (e.g. tests for lateral extensions	•	The focus on future work will be to ultimately generate targets for drilling.
	or depth extensions or large-scale step-out drilling).		Work to enable this will include further soil sampling programs coupled with
	• Diagrams clearly highlighting the areas of possible extensions, including the		dipole-dipole IP geophysics to locate bodies of disseminated sulphides
	main geological interpretations & future drilling areas, provided this		beneath the surface. If sufficient encouragement is gained from this work,
	information is not commercially sensitive.		then deeper RC or diamond drilling is anticipated.

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