SUNSTONE METALS LTD — Capital/Financing Update 2021

Sep 15, 2021

16 SEPTEMBER 2021

Bramaderos Gold-Copper Project, Southern Ecuador

Three more holes intersect mineralised porphyry, paving way for maiden Resource Estimate in early 2022

Assays include 69.6m at 0.65g/t gold and 0.2% copper

Key Points

• Strong assay results received from the Bramaderos Project in southern Ecuador for holes BMDD009, 010, and 011 at the Brama prospect:
  • o BMDD009; 185.3m at 0.4g/t gold, 0.15% copper, (0.64g/t AuEq1 ) from 116.8m
  • o BMDD010; 170.65m at 0.46g/t gold and 0.15% copper. (0.7g/t AuEq1 ) from 311.75m, including
    • 69.6m at 0.65g/t gold, 0.2% copper, (0.97g/t AuEq1 ) from 347m
  • o BMDD011; 404.8m at 0.32g/t gold, 0.09% copper, (0.46g/t AuEq1 ) from surface, including
    • 51.3m at 0.54g/t gold, 0.07% copper (0.65g/t AuEq1 ) from surface
• BMDD009 and 010 have further defined the gold-copper mineralised porphyry and intrusive breccia
• BMDD011 has extended the gold-copper mineralised domain to the northwest, below well mineralised trench sampling
• A detailed 3-D geological model has been built for Brama and will underpin a Mineral Resource Estimate (MRE) to be undertaken in early 2022
• Drilling is ongoing with six more holes planned as part of the initial Mineral Resource drill program

Sunstone Metals Ltd (ASX: STM) is pleased to announce further strong assay results at the Brama prospect, within its Bramaderos project in southern Ecuador.

The results from holes BMDD009, 010 and 011 further highlight the potential for Brama to host a substantial gold-copper porphyry system (Figure 1).

1 - AuEq is calculated on a gold and copper basis only using metals prices at 30th August 2021, being US$1,814/oz gold, US$4.36/lb copper using the formula: (gold grade in g/t) + 1.6 * (Cu grade in %). No metallurgical recoveries have been applied to exploration results.

In light of these results, Sunstone has defined a drill program to continue through to December 2021, after which all data will be compiled, and an initial Mineral Resource Estimate will be undertaken in early 2022.

Sunstone Managing Director Malcolm Norris said: "We are very pleased with the latest round of results which provide more firm evidence that Brama has the potential to be a large gold-copper mineralised porphyry. Importantly we are seeing good gold-copper grades from surface.

"An initial Mineral Resource Estimate is a logical next step for the Brama target.

"Our drilling is being guided by robust 3D geological modelling to continue to define the Brama system. In parallel, we are re-visiting other targets such as Limon, Playas and Melonal with a view to defining additional resources.

"Our plan is to grow the scale of the opportunity at the Bramaderos Project via exploration and mineral resource definition across several porphyry systems".

The Bramaderos Project is ideally located immediately adjacent to the Pan American highway, and within reasonable distance of available hydropower, supporting the economics of potential development opportunities. The project is also supported by nearby commercial airports and significant cities (Loja) and enjoys strong community support.

Discussion of Results

Drill hole BMDD009 was drilled in the east and central parts of the main Brama porphyry system (Figures 2 & 3) and intersected a veined porphyry system hosted by diorite. The drill hole further strengthened the interpretation of geology and mineralisation between holes BMDD001 and 002.

Drill hole BMDD010 (Figures 2 & 3) intersected the main Brama porphyry stockwork style mineralisation and the deeper northern part of the intrusive breccia intersected in BMDD008. The hole drilled orthogonal to previously drilled holes BMDD001, 002 and 005 and has better defined the higher-grade mineralisation reported from BMDD001 and historical hole CURI-03, and from the intrusive breccia in hole BMDD005. Hole BMDD010 was drilled at a shallow dip of -300 and therefore the intersections are between 200m and 300m below surface.

Drill hole BMDD011 was drilled towards the northwest from the collar of hole BMDD008 (Figures 2 & 3) and was sited to test the northwest up-dip continuation of the mineralised intrusive breccia body that was intersected at depth in BMDD008, and to test below well mineralised trench intervals of 70m at 0.68g/t gold and 0.16% copper, and 63m at 0.77g/t gold and minor copper.

Assays are pending for holes BMDD012 and 013. Both holes have tested magnetic anomalies to the northwest of the Brama area and have intersected mineralisation.

BMDD014 has recently been completed and hole BMDD015 is in progress. Both are testing areas of limited drilling within the higher-grade intrusive breccia.

Gold equivalent values are included in Table 1 below to enable comparison, in general terms in an early-stage exploration context, to other large lower-grade gold systems, and to other porphyry systems which are often reported in metal-equivalent terms and are invariably gold and copper deposits, with both metals being targeted by exploration.

Drill Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Cu (%)	Mo (ppm)	Ag (g/t)	AuEq (g/t) 1
BMDD009	49.70	546.00	496.30	0.29	0.12	6.4	1.3	0.48
	67.70	310.00	242.30	0.37	0.14	4.1	1.5	0.59
	116.80	302.10	185.30	0.4	0.15	3.2	1.6	0.64
BMDD010
	311.75	482.40	170.65	0.46	0.15	5.0	1.4	0.70
including	347.00	416.60	69.60	0.65	0.20	2.0	2.3	0.97
including	347.00	363.00	16.00	0.98	0.24	1.2	2.6	1.36
including	381.70	397.30	15.60	0.77	0.24	2.1	3.1	1.15
	524.00	559.00	35.00	0.24	0.1	28.1	1.5	0.40
BMDD011
	0.20	405.00	404.80	0.32	0.09	20.0	1.3	0.46
including	0.20	51.50	51.30	0.54	0.07	18.0	1.5	0.65
including	0.20	13.30	13.10	0.93	0.11	11.0	2.0	1.11
	102.00	166.80	64.80	0.54	0.08	57.0	1.4	0.67
	243.50	405.00	161.50	0.22	0.12	1.5	1.2	0.41

Table 1: Summary of mineralised intersections in Brama drill holes BMDD009, 010 and 011.

1 - AuEq is calculated on a gold and copper basis only using metals prices at 30th August 2021, being US$1,814/oz gold, US$4.36/lb copper using the formula: (gold grade in g/t) + 1.6 * (Cu grade in %). No metallurgical recoveries have been applied to exploration results.

Exploration Program at Brama for the Remainder of 2021

Drilling will continue at the Brama target with 1 drill rig through to December 2021. During that period an additional 6 holes for 2,300m will be completed.

This drilling program will form the basis for an initial Mineral Resource Estimate to be undertaken in early 2022. The goal of this MRE is to establish an initial near surface resource estimate that can then be expanded as exploration continues at Brama and the other nearby targets such as Limon and Melonal. At Brama the >0.4g/t gold equivalent domain is shown in Figure 1 extending from surface to a depth of ~500m as currently modelled and is open at depth. The domain is a plunging ovoid shape with dimensions of 460m (plunge) x 350m (long) x 220m (width).

Planning is also underway for an electrical geophysical survey over the Limon target in late 2021 to early 2022. It is expected that this program will define anomalies for further drill testing in areas where alteration has compromised the magnetic signature of the porphyry systems. The drill targets to be defined will be followed up in 2022. If the results of the survey are promising, then additional surveys may be undertaken at Brama Hill and other targets (Figures 2 - 4).

Figure 1: Brama 3-D geological model developed using Leapfrog software. The >0.4g/t gold equivalent domain is shown extending from surface to a depth of ~500m. No drilling has been undertaken to explore this domain below this depth at this stage.

Figure 2: Brama gold-copper porphyry plan view showing the RTP magnetics as a backdrop and the circular magnetic response that is attributed to an outer and shallow mineralised intrusive breccia, and an inner and vertically extensive stockwork porphyry domain. Locations of holes BMDD009 – 015 are shown. Proposed 2021 drilling is shown as blue drill traces.

Figure 3: Same image as Figure 2 showing gold grade distribution within drill holes and surface trenching. Locations of holes BMDD009 – 015 are shown. Proposed 2021 drilling is shown as blue drill traces.

Figure 4: Location of the Brama target and the multiple gold-copper porphyry systems within the Bramaderos concession.

Figure 5: Location of Sunstone's Bramaderos and El Palmar projects, Ecuador

Hole ID	Easting_PSAD56	Northing_PSAD56	RL	Dip	Azimuth GRID	EOH
BMDD009	632902	9549118	807	-65	259	719.63
BMDD010	632787	9548814	845	-30	337	600.75
BMDD011	632563	9549187	967	-55	314	471.06
BMDD012	632297	9549381	930	-45	314	452.32
BMDD013	632297	9549381	930	-55	32	299.58
BMDD014	632563	9549187	967	-50	75	503.04
BMDD015	632563	9549187	967	-65	145	In Progress

Table 2: Brama drill hole location details for BMDD009, 010, 011

For further information, please visit www.sunstonemetals.com.au

Mr Malcolm Norris Managing Director Sunstone Metals Ltd Tel: 07 3368 9888 Email: mnorris@sunstonemetals.com.au

Media: Paul Armstrong Read Corporate +61 8 9388 1474

About Sunstone Metals

Sunstone has an advanced portfolio of exploration and development projects in Ecuador and Scandinavia. The portfolio comprises:

• 1. The Bramaderos Gold-Copper Project where Sunstone owns an 87.5% interest with TSXV listed Cornerstone Capital Resources holding 12.5% (see ASX announcement dated 10th April 2017, 28th August 2019, and 7 January 2020). The Bramaderos gold-copper project is located in Loja province, southern Ecuador, and is highly prospective for the discovery of large porphyry gold-copper systems, and high-grade epithermal gold systems. Historical exploration results from drilling at Bramaderos together with recent exploration by Sunstone and joint venture partner Cornerstone Capital Resources (TSXV:CGP) indicate multiple fertile mineralised systems with significant discovery potential.
• 1. The El Palmar Copper-Gold Project where the highly prospective 800ha El Palmar copper-gold porphyry project in Ecuador will be acquired through a Staged Acquisition Agreement, which will ultimately deliver 100 per cent ownership to Sunstone.
• 1. Sunstone has a large equity interest in Stockholm listed Copperstone Resources (COPP-B.ST) following the sale of the Viscaria Copper project to Copperstone in 2019.
• 1. The Finland Lithium Project includes the Kietyönmäki lithium prospect. Drilling by Sunstone has delivered 24.2m at 1.4% Li2O in a spodumene-bearing pegmatite. The project is a JV with Nortec Minerals. As announced on 5 May 2021, a Letter of Intent has been signed to sell the Finland Lithium Project.

Competent Persons Statement

The information in this report that relates to exploration results is based upon information reviewed by Dr Bruce Rohrlach who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Rohrlach is a full-time employee of Sunstone Metals Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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". Dr Rohrlach consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mr Malcolm Norris, Managing Director of Sunstone Metals Ltd., has authorised this announcement to be lodged with the ASX.

TABLE 1 – Section 1: Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as downhole gamma sondes, orhandheld XRF instruments, etc.). These examples shouldnot be taken as limiting the broad meaning of sampling.	• The results announced here are from diamond drillingsamples. The drill core sampling was carried out usinghalf core, generally at 1-2m intervals.
	•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	• Core recovery was good, and core aligned prior tosplitting.
	•Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other cases,more explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.	• Diamond drilling, rock chip and channel samplingpoints have been guided by geological mapping. Thedrill samples from Brama were dried, crushed to 70%passing 2mm, Split 1000g and pulverised to 85%passing 75microns. A 20g portion of this sample wasused for multi-element analysis (IMS-230) and a 30gsample for Fire Assay Au (FAS-111).
Drillingtechniques	•Drill type (egcore, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc) anddetails (e.g. core diameter, triple or standard tube, depthof diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc).	• The Brama target area is now undergoing Phase 2exploration.• Current drilling by Sunstone is diamond core drillingand has drilled to various depths up to 720m. Thediamond core was drilled deliveringeither HTW(70.9mm) or NTW (56mm) core. Drill core is orientedusing a Reflex ACT II tool for bottom of hole.
Drill samplerecovery	•Method of recording and assessing core and chip samplerecoveries and results assessed.	• Diamond core recovery data for the Brama drillingwas measured for each drill run and captured in adigital logging software package. The data has beenreviewed and core recovery was approximately 100%throughout.
	•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	• Core recovery at Brama was good, no extra measureswere taken to maximise sample recovery.
	•Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	• No relationship between sample recovery and gradehas been established.
Logging	•Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriateMineralResourceestimation,miningstudies and metallurgical studies.	•Drill samples, trench samples and rock chips wereloggedforlithology,weathering,structure,mineralogy, mineralisation, colour, and other features.Logging and sampling were carried out according toSunstone's internal protocols and QAQC procedureswhich comply with industry standards.
	•Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc.) photography.	•Drill samples, and trench and rock chip samples areloggedforlithology,weathering,structure,mineralogy, mineralisation, colour, and other features.
	•The total length and percentage of the relevantintersections logged.	•The drill holes and trenches are logged in full, fromstart to finish of the excavation.
Sub-samplingtechniques andsamplepreparation	•If core, whether cut or sawn and whether quarter, half orall core taken.	•Half core was used to provide the samples that weresubmitted for assay. Quarter core samples were taken~1 in every 28 samples for duplicate sampling. Theremaining core is left in the core trays.
	•If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.	•N/A.
	•Forallsampletypes,thenature,qualityandappropriateness of the sample preparation technique.	• Surface and drill core samples from Brama were sent tothe LAC y Asociados Cia. Ltda. Sample PreparationFacility in Cuenca, Ecuador for sample preparation.

ASX ANNOUNCEMENT -

Criteria	JORC Code explanation	Commentary
		The standard sample preparation for drill core samples(Code PRP-910) is: Drying the sample, crushing to sizefraction $70%$ <2mm and splitting the sample to a 250gportion by riffle or Boyd rotary splitter. The 250gsample is then pulverised to $>85%$ passing 75 micronsand then split into two 50g pulp samples. Then one ofthe pulp samples was sent to the MS AnalyticalLaboratory in Vancouver (Unit 1, 20120 102ndAvenue, Langley, BC V1M 4B4, Canada) for gold andbase metal analysis.• The sample preparation is carried out according toindustry standard practices using highly appropriatesample preparation techniques.
	Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples.	· Sunstone used an industry standard QAQCprogramme involving Certified Reference Materials"standards" and blank samples, which were introducedin the assay batches.• Standards (Certified Reference Materials) or analyticalblanks were submitted at a rate of 1 in 28 samples.Field duplicates were also taken at a rate ofapproximately 1 in 28 samples.• The check or duplicate assay results are reported alongwith the sample assay values in the final analysisreport.
	• Measures taken to ensure that the sampling isrepresentative of the in-situ material collected, includingfor instance results for field duplicate/second-halfsampling.	• For diamond core, the routine sample procedure is toalways take the half/quarter core to the right of theorientation line (looking down hole) or the cut line (incases where the orientation line was not reliable).• Once assay results are received the results fromduplicatesamplesarecomparedwiththecorresponding routine sample to ascertain whether thesampling is representative.
	Whether sample sizes are appropriate to the grain size ofthe material being sampled.	Sample sizes are considered to be appropriate for thestyle of sampling undertaken and the grainsize of thematerial, and correctly represent the style and type ofmineralisation at the exploration stage.
Quality ofassay data andlaboratorytests	• The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	Sunstone uses a fire assay gold technique for Auassays (FAS-111) and a four acid multi elementtechnique (IMS-230) for a suite of 48 elements. FAS-111 involves Au by Fire Assay on a 30-gram aliquot,fusion and atomic absorption spectroscopy (AAS) attrace levels. IMS-20 is considered a near total 4 acidtechnique using a 20g aliquot followed by multi-element analysis by ICP-AES/MS at ultra-tracelevels.This analysis technique is considered suitable for this$\bullet$style of mineralisation.
	• For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determining theanalysis including instrument make and model, readingtimes, calibrations factors applied and their derivation,etc.	Handheld XRF data, together with detailed geological$\bullet$logging, are used as a guide to areas of potentialmineralisation and samples from these areas are sentfor laboratory analysis as described above.
	· Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	Standards, blanks and duplicates are inserted $\sim$ 1/28samples. The values of the standards range from lowto high grade and are considered appropriate tomonitor performance of values near cut-off and nearthe mean grade of the deposit.The check sampling results are monitored, and$\bullet$performance issues are communicated to thelaboratory if necessary.

- ASX ANNOUNCEMENT -

Criteria	JORC Code explanation	Commentary
Verification ofsampling andassaying	• The verification of significant intersections by eitherindependent or alternative company personnel.	• Procedure checks have been completed by theCompetent Person for exploration results for thisannouncement.
	The use of twinned holes.	Twin holes have not been drilled in these areas.$\bullet$
	Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.	Sunstone sampling data were imported and validated$\bullet$using Excel.
	• Discuss any adjustment to assay data.	• Assay data were not adjusted. Core loss intervals areassigned assay values of zero where present.
Location ofdata points	Accuracy and quality of surveys used to locate drill holes$\bullet$(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resource estimation.	Sample co-ordinates are located by GPS and for trench$\bullet$samples measured along the length of the trench.
	Specification of the grid system used.$\bullet$	Ecuador projection parameters:$\bullet$
		ValueParameter
		Reference EllipsoidInternational 1924
		Semi Major Axis
		Inverse Flattening (1/f)
		UTM Zone -17S (DatumType of ProjectionPSAD56)
		Central Meridian:$-81,0000$
		0.0000Latitude of Origin
		Scale on Central Meridian0.9996
		False Northing10000000
		500000False Easting
	Quality and adequacy of topographic control.	• The topographic control was compared againstpublished maps and satellite imagery and found to begood quality.
Data spacinganddistribution	• Data spacing for reporting of Exploration Results.	• The drill core samples were collected from diamonddrill holes from the Brama target, and with samplelength generally ranging between $1.0 - 2.0$ m.
	Whether the data spacing, and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource and OreReserve estimation procedure(s) and classificationsapplied.	• The data from these samples does not contribute to anyresource estimate nor implies any grade continuity.
	Whether sample compositing has been applied.٠	• No sample compositing was done.
Orientation ofdata in relationto geologicalstructure	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	Drilling orientations were appropriate for the$\bullet$interpreted geology providing representative samples.Trench orientations and rock chip locations were$\bullet$appropriate for the interpreted geology providingrepresentative samples.
	• If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	• No sampling bias is expected at this stage.
Samplesecurity	The measures taken to ensure sample security.$\bullet$	Sunstone sampling procedures indicate individual$\bullet$samples were given due attention.Sample security was managed through sealed$\bullet$individual samples and sealed bags of multiplesamples for secure delivery to the laboratory bypermanent staff of the joint venture.

Criteria	JORC Code explanation	Commentary
		•MS Analytical is an internationally accreditedlaboratory that has all its internal procedures heavilyscrutinised in order to maintain their accreditation.MS Analytical is accredited to ISO/IEC 17025 2005Accredited Methods.
Audits orreviews	•The results of any audits or reviews of samplingtechniques and data.	•Sunstone's sampling techniques and data have beenaudited multiple times by independent miningconsultants during various project assessments.These audits have concluded that the samplingtechniques and data management are to industrystandards.•All historical data has been validated to the bestdegree possible and migrated into a database.

TABLE 1 – Section 2: Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, nativetitle interests,historicalsites,wilderness or national park and environmentalsettings.	•The Bramaderos Exploration Concession is located inthe Loja Province of southern Ecuador. The concessionwas granted to La Plata Minerales S.A. ("PLAMIN") inJanuary 2017. PLAMIN is a subsidiary of SunstoneMetals Ltd. The concession is subject to a Joint Venturebetween Cornerstone Capital Resources Inc. (12.5%) andSunstone Metals Ltd. (87.5%). There are no declaredwilderness areas or national parks within or adjoining theconcession area. There are no established native titleinterests.
	•The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	•The Bramaderos Exploration Concession was granted toLa Plata Minerales S.A. ("PLAMIN") in January 2017.PLAMIN is now a subsidiary of Sunstone Metals Ltd.The Bramaderos Concession is subject to a Joint Venturebetween Sunstone Metals and Cornerstone. Sunstone hasan 87.5% interest in the JV.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration by otherparties.	•The historic exploration at Bramaderos was completedby various groups over the period 1970-1984, 2001-2002and 2004-2007. Most of the readily available historicdata has been acquired and compiled into databases anda GIS project. Exploration by other parties has includedstream sediment surveys, geological mapping, rock chipsampling (888 samples) and grid-based soil sampling(1324 samples), trenching and channel sampling (17trenches), ground magnetic surveys (31 line kilometres),electrical IP surveys and diamond drilling (10426m).
Geology	•Deposittype,geologicalsettingandstyleofmineralisation.	•The deposit style being explored for includes intrusionrelated and stockwork hosted porphyry Au-Cu systemsplus epithermal gold-silver-polymetallic veins. Thesetting at Brama is a volcanic arc setting of Cretaceousage intrusions.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:a. easting and northing of the drill hole collarb. elevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarc.dip and azimuth of the holed. down hole length and interception depthe.hole length.	•Details of the samples discussed in this announcementare in the body of the text.•See Figures 1-4 for the location of soil sampling,drilling, and trenching activities at Brama, and nearbyareas.

- ASX ANNOUNCEMENT -

Criteria	JORC Code explanation	Commentary
	• If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	Information included in announcement.
Dataaggregationmethods	• In reporting Exploration Results, weighting averagingmaximum and/or minimum gradetechniques,truncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	Weighted averages were calculated over reportedintervals according to sample length.• No grade cut-offs were applied.
	Where aggregate intercepts incorporate short lengths$\bullet$of high-grade results and longer lengths of low-graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.	• No aggregating of intervals undertaken at this stage.
	The assumptions used for any reporting of metal$\bullet$equivalent values should be clearly stated.	Gold equivalent ('AuEq') is presented in the summarynotes and table of results in this announcement. Theassumptions used in calculating the AuEq value areincluded in a footnote on page 1. It is consideredappropriate to include a AuEq value, with assumptionsto enable interested parties to compare these resultswith other exploration projects that are also oftenreported in metal equivalents. Individual gold andcopper assays are also included. AuEq is onlycalculated from gold and copper and does not includeany other metals.
Relationshipbetweenmineralisationwidths and	If the geometry of the mineralisation with respect to thedrill-hole angle is known, its nature should bereported.• If it is not known and only the down hole lengths arereported, there should be a clear statement to this	Figures 1-4 show the interpreted strike orientation of themineralised lodes based on mapping and interpretationof detailed magnetic data.True widths of mineralised lodes are not known at this$\bullet$stage.
interceptlengths	effect (e.g. 'down hole length, true width not known').
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported. These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	See Figures 1-4 for maps showing distribution ofsamples.
Balancedreporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	• Figures 1-4 show the current interpretations of geology.
Othersubstantiveexplorationdata	Other exploration data, if meaningful and material,$\bullet$should be reported) including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples - size andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	Figures 1-4 above show various datasets that are being$\bullet$used to identify target areas and to guide current andfuture drilling.
Further work	• The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scale step-out drilling)	The planned exploration program is outlined in theannouncement.
	• Diagrams clearly highlighting the areas of possibleincludinggeologicalextensions.themaininterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	See Figures 1-4 which show areas for further$\bullet$exploration.