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TUNGSTEN MINING NL Capital/Financing Update 2020

Jan 15, 2020

65918_rns_2020-01-15_980ac9c8-713d-4667-ae64-8136be5557c9.pdf

Capital/Financing Update

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16 January 2020

ASX ANNOUNCEMENT

Latest assay results from infill drilling continue to demonstrate major polymetallic mineralisation at the Mulgine Trench deposit

Highlights

  • Drilling continues to intersect substantial thicknesses of tungsten mineralisation within a 140 to 220 metre zone at Mulgine Trench. Drilling has defined mineralised envelopes of:

  • 244 metres at 0.10% WO3 and 330 ppm Mo from 2 metres in MMC455

  • 210m at 0.10% WO3 and 400 ppm Mo from surface (0 metres) in MMC399

  • 226m at 0.12% WO3 and 330 ppm Mo from surface (0 metres) in MMC420

  • Drilling continued to intersect stronger molybdenum mineralisation associated with the 50m to 120m wide Lower Tungsten-Molybdenum Domain within the larger tungsten envelope. Better intersections include:

  • 78 metres at 0.10% WO3 and 600 ppm Mo from 44 metres in MMC424

  • o 66 metres at 0.12% WO3 and 670 ppm Mo from 24 metres in MMC422

  • Upon completion of resource definition drilling, an updated Mineral Resource estimate is planned to be completed in April 2020.

Commentary

Australian tungsten developer, Tungsten Mining NL (ASX: TGN) (“TGN” or “the Company”) is pleased to report on the latest results from drilling at the Mt Mulgine Project.

On 19 December 2019, the Company announced the updated Mulgine Trench Mineral Resource estimate resulting in a major increase in contained tungsten and molybdenum and highlighting the significance of accessory minerals gold (850,000 ounces) and silver (35 million ounces) (refer ASX announcement 19 December 2019, “ Major Mineral Resource Estimate Upgrade for Mulgine Trench Deposit ”).

Since completion of RC drillholes used for the 2019 Mineral Resource estimate, Tungsten Mining has drilled an additional 86 RC holes for 16,250 metres. This announcement reports assay results received by the Company to 7 January 2020, representing 42 RC holes for 7,856 metres .

The Company is pleased to report that the latest assay results - subsequent to the Mineral Resource estimate released in December 2019, continue to be outstanding and demonstate intersections greater that 200 metres in true width.

Tungsten Mining’s CEO Craig Ferrier commented, “ These latest results demonstrate the considerable consistency in the polymetallic mineralisation of the Mulgine Trench Deposit. As the infill drilling program progresses, we are extremely encouraged that the very substantial widths of mineralisation intersected in the initial phase of drilling are continuously being repeated”.

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A

Mulgine Trench Deposit: Section A - B (Tungsten)

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B
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Orange drill intercept =
Tungsten results from current RC drilling program
192/0.13 = 192 metres @ 0.13% WO3
Red drill intercept =
Molybdenum results from current RC drilling program
Intercepts >0.02% (200ppm) Mo shown
2019 Block Model
2019 Block Model
< 0.05% WO�
TGN RC hole - current drill program
Drilling from previous program Inferred 207Mt @ 0.05 - 0.10% WO�
Base of oxida�on 0.11% WO�, 0.10 - 0.15% WO�
(interpreted) Tungsten intersec�on Le�: Molybdenum intersec�on Right: 272 ppm Mo 0.15 - 0.20% WO�
> 0.05% WO3 > 0.02% Mo (200 ppm) (at 0.05% WO� cutoff) >0.20% WO�
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Figure 1. Cross section showing outlines and intersections >0.05% WO� defined by Tungsten Mining drilling against the 2019 Mulgine Trench Mineral Resource. Location of section is displayed on Figure 5.

Page 2

Mulgine Trench Deposit: Section A - B (Molybdenum)

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Orange drill intercept =
Tungsten results from current RC drilling program
Intercepts >0.05% WO3 shown
Red drill intercept =
Molybdenum results from current RC drilling program
110/410 = 110 metres @410ppm Mo
2019 Block Model 2019 Block Model - Mo
TGN RC hole - current drill program Inferred 207Mt @ 0.11% Wo�,
272 ppm Mo
Drilling from previous program (at 0.05% WO� cutoff)
Base of oxida�on Le�: Right:
(interpreted) Tungsten intersec�on Molybdenum intersec�on >0.05% WO�
> 0.05% WO3 > 0.02% Mo (200 ppm) interpreted outline
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Figure 2. Cross section displaying Lower Tungsten-Molybdenum domain defined by molybdenum block model and intersections greater than 200ppm Mo. Location of section is displayed on Figure 5.

Page 3

Discussion of latest assay results

In July 2019, the Company commenced a phased drilling program as part of the Mt Mulgine Project PFS with the objective of upgrading the dominantly Inferred Mulgine Trench Mineral Resource estimate to a dominantly Indicated status. The program has progressed onto infilling sections to a 40 metre spacing and by 7 January 2020, a total of 220 reverse circulation (RC) holes for 36,931 metres has been drilled (Figures 4 and 5).

Latest assay results from the 42 holes being reported here continue to intersect multiple tungsten-molybdenum intersections within a 140 to 220 metre envelope. Better holes that demonstrate the significance of mineralisation include MMC455, MMC399 and MMC420. These holes intersected multiple zones with minor internal waste forming overall mineralised envelopes of 244 metres at 0.10% WO3 and 330 ppm Mo from 2 metres, 210 metres at 0.10% WO3 and 400 ppm Mo from surface (0 metres) and 226 metres at 0.12% WO3 and 330 ppm Mo from surface (0 metres) respectively. All three holes were drilled perpendicular to mineralisation and intervals represent true thicknesses (Figure 1).

Of the 7,856 metres from the 42 holes being reported, 5,054 metres fell within an intersection greater than 3 metres at 0.05% WO3 that, in aggregate terms, averaged 0.12% WO3, 340 ppm Mo, 0.15 ppm Au and 6 ppm Ag. This is consistent with that grade predicted by the 2019 Mineral Resource for blocks greater than 0.05% WO3.

Lower Tungsten-Molybdenum domain : in addition, the drilling continues to intersect significant polymetallic mineralisation associated with a lower Tungsten-Molybdenum domain that forms a 50 to 120 metre thick zone (Table 3 and Figure 2). Better holes from this zone include 78 metres at 0.10% WO3, 600 ppm Mo from 44 metres in MMC424 and 66 metres at 0.12% WO3, 670 ppm Mo from 24 metres in MMC422. Again, holes were drilled perpendicular to mineralisation and intervals represent true thicknesses.

A list of better holes from the latest assay results received with substantial zones of tungsten mineralisation at a 0.05% WO3 lower cut-off displaying the bulk tonnage potential of Mulgine Trench is presented in Table 2. Better holes from the lower Tungsten-Molybdenum domain at a 200 ppm Mo lower cut-off are presented in Table 3. Better gold intersections greater than 0.10 ppm Au are reported in Table 4. A complete list of intersections greater than 3 metres at 0.05% WO3, 3 metres at 200 ppm Mo and 10 metres at 0.10 ppm Au are listed in Appendix 1, 2 and 3 respectively.

Mulgine Trench Mineral Resource

Resource consultants, Optiro Pty Ltd (Optiro) were engaged to update the Mulgine Trench Mineral Resource with results from the resource definition drilling commenced in July 2019. The update incorporated the drilling results from first 123 reverse circulation (RC) holes received to 22 November 2019. The revised Mineral Resource estimate for Mulgine Trench as of 19 December 2019 above a 0.05% WO3 reporting cut-off grade is as follows:

Table 1: JORC-2012 Mineral Resource estimates for Mulgine Trench at 0.05% WO3 reporting cut-off grade

Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019 Mulgine Trench Inferred Mineral Resource – December 2019
Oxidation Mt WO3 % WO3 (t) Mo ppm Mo (t) Au ppm Au (Oz) Ag ppm Ag (MOz)
Oxide 35 0.11 37,000 280 9.700 0.15 160,000 3 3
Fresh 172 0.11 190,000 271 47,000 0.12 690,000 6 32
Total 207 0.11 230,000 272 56,000 0.13 850,000 5 35

Refer ASX Announcement 19 December 2019, “Major Mineral Resource Estimate Update for Mulgine Trench Deposit”.

Page 4

At a 0.05% WO3 cut-off grade and compared against the previous Mineral Resource estimate, drilling completed by the Company to 22 November 2019 resulted in a 189% increase in tonnes and an increase in contained metal of 97% in tungsten and 211% for molybdenum . In addition, gold and silver (accessory minerals) grades were estimated into the block model and this defined 850,000 ounces of gold and 35 million ounces of silver .

The extent of recovery of these accessory minerals is presently uncertain. Metallurgical test work to confirm recoveries for all minerals is in progress as part of the PFS programme and will be reported as the relevant information becomes available.

Since completion of the Mulgine Trench Mineral Resource estimate, Tungsten Mining have drilled an additional 86 RC holes into the Mulgine Trench Mineral Resource. Interpretation of all new data is proceeding and a revised estimate is planned to be released in April 2020.

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Figure 3. Location of Mulgine Hill and Mulgine Trench Mineral Resources.

The Mt Mulgine Project is located in the Murchison Region of Western Australia, approximately 350km north northeast of Perth. The Company owns 100% of the tungsten and molybdenum rights on a group of tenements that have been the subject of significant previous evaluation for tungsten and molybdenum. The Company also has the rights to all by-products from the mining of tungsten and molybdenum. Near surface Mineral Resources have been delineated at the Mulgine Trench and Mulgine Hill deposits, which have been the subject of ongoing evaluation by the Company (Figure 3).

Page 5

Tungsten-molybdenum mineralisation at Mt Mulgine is associated with the Mulgine Granite - a high-level leucogranite forming a 2km stock that intrudes the Mulgine anticline (Figure 3). The granite intrudes a greenstone sequence composed of micaceous schists, amphibolite and talc-chlorite schist which were formerly metasediments, mafic and ultramafic rocks respectively. Tungsten-molybdenum mineralisation at Mulgine Trench is associated with altered and quartz veined mafic and ultramafic units that form a 140 metre to 220 metre thick zone over 1.4 kilometres of strike and dips shallowly towards the northwest.

Completion of resource definition RC drilling is anticipated to be completed in February. A diamond drill rig has been mobilised to site to complete tails and deepen a number of RC holes that did not reach target depth due to ground conditions. An updated Mineral Resource estimate using all new drilling data is planned to be prepared in April 2020. This updated block model will be used for pit optimisation and engineering studies as part of the PFS.

Page 6

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496,500 496,750 497,000 497,250
TGN PFS DRILLING !( Currently Reporting RESOURCE AREA Outline Mulgine Trench - North Sheet North Sheet
!( Previously Reported GOLD DRILLING RC Drilli -
!( Assays Pending !( RC Holes ng January 2020
HISTORIC HOLES GOLD PITS
!( 2014 MRE Hole Outline
TGN 2016 DRILLING
") Diamond Hole
!( RC Hole South Sheet
2019 Mineral Resource
Outline
MMC451
24m at 0.11% WO 3, 170 ppm Mo
MMC452
30m at 0.08% WO38m at 0.07% WO24m at 0.09% WO 3 3 3, 70 ppm Mo, 140 ppm Mo, 220 ppm Mo MMC400 24m at 0.12% WO12m at 0.19% WO 3 3, 440 ppm Mo, 580 ppm Mo
MMC453 MMC457
24m at 0.11% WO 3, 500 ppm Mo 28m at 0.12% WO 3, 630 ppm Mo
30m at 0.09% WO 3, 690 ppm Mo 36m at 0.11% WO 3, 490 ppm Mo
MMC456
MMC454
64m at 0.12% WO 30m at 0.08% WO 3 3 , 350 ppm Mo , 100 ppm Mo 14m at 0.06% WO22m at 0.08% WO 3 3, 500 ppm Mo, 220 ppm Mo
14m at 0.19% WO 3, 290 ppm Mo
MMC398
24m at 0.20% WO 3, 230 ppm Mo
MMC455 38m at 0.18% WO 3, 660 ppm Mo
80m at 0.10% WO 3, 370 ppm Mo 46m at 0.14% WO 3, 300 ppm Mo
60m at 0.12% WO 3, 260 ppm Mo
26m at 0.14% WO 3, 670 ppm Mo MMC397
34m at 0.16% WO 3, 380 ppm Mo
28m at 0.11% WO 3, 760 ppm Mo
30m at 0.16% WO 3, 130 ppm Mo
MMC399
62m at 0.11% WO 3, 240 ppm Mo MMC459
24m at 0.19% WO 3, 580 ppm Mo 34m at 0.18% WO 3, 200 ppm Mo
40m at 0.10% WO 3, 280 ppm Mo
MMC458
MMC463 24m at 0.14% WO 3, 390 ppm Mo
20m at 0.16% WO 3, 290 ppm Mo
28m at 0.15% WO 3, 270 ppm Mo MMC468
24m at 0.15% WO 3, 280 ppm Mo 24m at 0.12% WO 3, 170 ppm Mo
38m at 0.10% WO 3, 330 ppm Mo
MMC462 56m at 0.13% WO 3, 320 ppm Mo
16m at 0.12% WO 3, 970 ppm Mo
76m at 0.11% WO 3, 450 ppm Mo MMC467
12m at 0.14% WO 3, 290 ppm Mo 30m at 0.11% WO 3, 310 ppm Mo
12m at 0.17% WO 3, 220 ppm Mo 30m at 0.14% WO 3, 350 ppm Mo
MMC461
MMC464
48m at 0.11% WO34m at 0.16% WO 3 3, 150 ppm Mo, 760 ppm Mo 40m at 0.08% WO 3, 280 ppm Mo
34m at 0.17% WO 3, 300 ppm Mo
28m at 0.12% WO 3, 350 ppm Mo
MMC460
16m at 0.17% WO 3, 350 ppm Mo 0 100 200 300
30m at 0.17% WO 3, 470 ppm Mo
26m at 0.15% WO 3, 420 ppm Mo m
496,000 6,773,250 496,250 6,773,000 496,500 6,772,750
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6,774,000
497,250
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Figure 4. Plan showing location of holes and better intersections at Mulgine Trench - North Sheet. Assay results currently being reported are red circles and assaysd pending are black circles. Blue small dots are holes used in 2014 Resource estimate.

Page 7

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2019 Mineral Resource
Outline
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Figure 5. Plan showing location of holes and better intersections at Mulgine Trench - South Sheet. Assay results currently being reported are red circles and assaysd pending are black circles. Blue small dots are holes used in 2014 Resource estimate.

Page 8

Table 2 – Better holes with tungsten mineralisation in infill drilling at Mulgine Trench

Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 WO3
(%)		 Mo
(ppm)
MMC399 6,773,245 496,445 210 -60/135 0 18 18 0.10 320
MMC399 22 84 62 0.11 240
MMC399 88 112 24 0.19 580
MMC399 116 134 18 0.12 370
MMC399 138 142 4 0.06 1340
MMC399 146 154 8 0.09 2110
MMC399 164 168 4 0.05 340
MMC399 170 210 40 0.10 280
MMC414 6,772,733 496,221 210 -60/135 0 50 50 0.14 350
MMC414 54 124 70 0.11 410
MMC414 146 182 36 0.10 290
MMC414 186 198 12 0.11 180
MMC416 6,772,791 496,391 114 -60/135 0 112 112 0.10 330
MMC419 6,772,904 496,277 196 -60/135 0 22 22 0.18 130
MMC419 36 86 50 0.13 310
MMC419 98 164 66 0.14 500
MMC419 168 178 10 0.20 240
MMC420 6,772,932 496,248 228 -60/135 0 108 108 0.14 260
MMC420 118 122 4 0.16 1330
MMC420 128 156 28 0.19 410
MMC420 162 172 10 0.10 280
MMC420 174 180 6 0.06 250
MMC420 186 218 32 0.16 150
MMC422 6,772,897 496,397 156 -60/135 2 22 20 0.12 230
MMC422 36 138 102 0.12 470
MMC422 146 156 10 0.12 100
MMC424 6,772,954 496,340 210 -60/135 18 64 46 0.11 290
MMC424 66 74 8 0.06 680
MMC424 84 182 98 0.12 450
MMC424 194 204 10 0.07 110
MMC426 6,772,876 496,305 210 -60/135 0 120 120 0.13 330
MMC426 132 144 12 0.12 180
MMC426 148 170 22 0.21 100
MMC426 172 178 6 0.05 50
MMC426 182 196 14 0.16 80
MMC426 204 210 6 0.13 170
MMC455 6,773,372 496,430 246 -60/135 2 28 26 0.08 40
MMC455 34 114 80 0.10 370
MMC455 122 136 14 0.08 650
MMC455 148 208 60 0.12 260
MMC455 220 246 26 0.14 670
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or Laser
Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection
length for inclined holes. Grid coordinates are MGA Zone 50.

Page 9

Table 3 – Better holes with molybdenum mineralisation in infill drilling at Mulgine Trench

Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Tungsten-Molybdenum Mineralisation (at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 WO3
(%)		 Mo
(ppm)
MMC398 6,773,216 496,473 234 -60/135 10 62 52 0.11 310
MMC398 68 124 56 0.14 740
MMC398 132 166 34 0.10 450
MMC398 172 178 6 0.14 520
MMC399 6,773,245 496,445 210 -60/135 0 16 16 0.10 350
MMC399 30 42 12 0.20 350
MMC399 68 80 12 0.08 440
MMC399 84 102 18 0.15 550
MMC399 122 188 66 0.08 650
MMC399 198 204 6 0.11 280
MMC419 6,772,904 496,277 196 -60/135 6 10 4 0.19 230
MMC419 38 46 8 0.09 560
MMC419 54 66 12 0.12 370
MMC419 72 126 54 0.12 630
MMC419 134 150 16 0.13 450
MMC419 156 160 4 0.07 600
MMC419 166 170 4 0.08 390
MMC422 6,772,897 496,397 156 -60/135 2 12 10 0.10 360
MMC422 24 90 66 0.12 670
MMC422 102 112 10 0.12 340
MMC422 116 124 8 0.11 250
MMC422 132 140 8 0.06 330
MMC423 6,772,926 496,369 180 -60/135 24 34 10 0.13 650
MMC423 38 100 62 0.12 770
MMC423 104 122 18 0.06 430
MMC423 128 138 10 0.08 270
MMC423 152 164 12 0.05 320
MMC423 172 180 8 0.06 420
MMC424 6,772,954 496,340 210 -60/135 0 12 12 0.03 390
MMC424 44 122 78 0.10 600
MMC424 126 142 16 0.11 640
MMC424 184 194 10 0.03 240
MMC424 206 210 4 0.05 270
MMC461 6,773,216 496,417 222 -60/135 8 16 8 0.13 240
MMC461 38 44 6 0.07 270
MMC461 60 76 16 0.05 350
MMC461 80 130 50 0.12 710
MMC461 140 180 40 0.08 470
MMC461 184 190 6 0.06 240
MMC461 192 216 24 0.11 440
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or by Laser
Ablation ICP-MS. Lower cut-off grade 200 ppm Mo with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection
length for inclined holes. Grid coordinates are MGA Zone 50.

Page 10

Table 4 – Better gold mineralisation in infill drilling at Mulgine Trench

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC350 6,772,506 496,166 156 -60/135 16 40 24 0.63 0.07 200 6.6
MMC397 6,773,186 496,506 264 -60/135 4 52 48 0.28 0.13 500 7.0
MMC397 54 100 46 0.21 0.09 610 10.0
MMC407 6,772,392 496,110 174 -60/135 90 126 36 0.33 0.07 90 2.4
MMC407 130 166 36 0.29 0.04 150 1.5
MMC408 6,772,420 496,082 162 -60/135 122 162 40 0.29 0.04 130 1.6
MMC410 6,772,477 496,025 192 -60/135 130 168 38 0.25 0.09 130 3.0
MMC410 180 192 12 0.98 0.02 170 2.3
MMC414 6,772,733 496,221 210 -60/135 36 68 32 0.32 0.17 740 8.4
MMC415 6,772,761 496,193 234 -60/135 56 88 32 0.41 0.11 500 7.8
MMC416 6,772,791 496,391 114 -60/135 76 100 24 0.45 0.10 380 9.7
MMC418 6,772,847 496,334 174 -60/135 2 58 56 0.31 0.14 470 6.4
MMC423 6,772,926 496,369 180 -60/135 22 56 34 0.35 0.11 610 9.7
MMC425 6,772,982 496,312 209 -60/135 94 110 16 0.90 0.05 830 20.0
MMC451 6,773,260 496,544 138 -60/135 2 44 42 0.29 0.09 160 7.0
MMC456 6,773,175 496,630 135 -60/135 46 106 60 0.36 0.06 310 21.1
MMC457 6,773,203 496,601 162 -60/135 0 32 32 0.33 0.11 650 7.4
MMC460 6,773,188 496,445 210 -60/135 0 34 34 0.65 0.14 260 3.5
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF, Mo by XRF or Laser Ablation
ICP-MS finish, Au by 40g Fire Assay – AAS or ICP-AES finish and Ag by Laser Ablation ICP-MS finish. Lower cut-off grade 0.10 ppm Au with
up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length for inclined holes. Grid coordinates are MGA
Zone 50.

2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF, Mo by XRF or Laser Ablation ICP-MS finish, Au by 40g Fire Assay – AAS or ICP-AES finish and Ag by Laser Ablation ICP-MS finish. Lower cut-off grade 0.10 ppm Au with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length for inclined holes. Grid coordinates are MGA Zone 50.

Page 11

-ENDS-

For further information: Craig Ferrier Mark Pitts Chief Executive Officer Company Secretary Ph: +61 8 9486 8492 Ph: +61 8 9316 9100 E: [email protected] E: [email protected]

This ASX announcement was authorised for release by Craig Ferrier, Chief Executive Officer of Tungsten Mining NL.

Competent Person’s Statement

The information in this report that relates to Exploration Results and Data Quality is based on, and fairly represents, information and supporting documentation prepared by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bleakley is not a full-time employee of the company. Mr Bleakley is a consultant to the mining industry. Mr Bleakley 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 Bleakley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mulgine Trench Mineral Resources are extracted from the report titled ‘Major Mineral Resource Estimate Update for Mulgine Trench Deposit’ released to the ASX on 19 December 2019, available to view at www.tungstenmining.com. Tungsten Mining have drilled an additional 86 RC holes into the Mulgine Trench Mineral Resource. Interpretation of all new data is proceeding and a revised estimate is planned for release in April 2020. Other than the aforementioned review, the Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement and that all material assumptions and technical parameters underpinning the estimates in original ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcements.

About Tungsten Mining

Australian tungsten developer, Tungsten Mining NL is an Australian based resources company listed on the Australian Securities Exchange. The Company’s prime focus is the exploration and development of tungsten projects in Australia.

Tungsten (chemical symbol W), occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which support commercial extraction and processing - wolframite ((Fe, Mn) WO4) and scheelite (CaWO4).

Tungsten has the highest melting point of all elements except carbon – around 3400°C giving it excellent high temperature mechanical properties and the lowest expansion coefficient of all metals. Tungsten is a metal of considerable strategic importance, essential to modern industrial development (across aerospace and defence, electronics, automotive, extractive and construction sectors) with uses in cemented carbides, high-speed steels and super alloys, tungsten mill products and chemicals.

Through exploration and acquisition, the Company has established a globally significant tungsten resource inventory in its portfolio of advanced mineral projects across Australia. This provides the platform for the Company to become a major player within the global primary tungsten market through the development of lowcost tungsten concentrate production.

Page 12

Appendix 1

Intersections greater than 3 metres at 0.05% WO3 in Mulgine Trench Drilling

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC350 6,772,506 496,166 410.5 156 -60/135 0 36 36 0.09 540
MMC350 42 70 28 0.08 320
MMC350 80 102 22 0.07 270
MMC350 114 118 4 0.12 100
MMC350 130 138 8 0.31 100
MMC397 6,773,186 496,506 404.8 264 -60/135 4 38 34 0.16 380
MMC397 46 74 28 0.11 760
MMC397 80 98 18 0.09 460
MMC397 108 118 10 0.08 150
MMC397 122 148 26 0.13 260
MMC397 154 160 6 0.06 170
MMC397 202 232 30 0.16 130
MMC397 246 256 10 0.13 90
MMC398 6,773,216 496,473 403.7 234 -60/135 0 24 24 0.20 230
MMC398 28 36 8 0.07 290
MMC398 40 62 22 0.08 360
MMC398 68 106 38 0.18 660
MMC398 122 136 14 0.10 290
MMC398 140 148 8 0.10 330
MMC398 154 200 46 0.14 300
MMC398 206 212 6 0.08 230
MMC399 6,773,245 496,445 400.6 210 -60/135 0 18 18 0.10 320
MMC399 22 84 62 0.11 240
MMC399 88 112 24 0.19 580
MMC399 116 134 18 0.12 370
MMC399 138 142 4 0.06 1340
MMC399 146 154 8 0.09 2110
MMC399 164 168 4 0.05 340
MMC399 170 210 40 0.10 280
MMC400 6,773,242 496,562 407.4 150 -55/135 0 4 4 0.15 50
MMC400 18 26 8 0.08 350
MMC400 30 54 24 0.12 440
MMC400 64 74 10 0.14 230
MMC400 86 104 18 0.15 590
MMC400 130 142 12 0.10 210
MMC406 6,772,364 496,139 408.8 132 -60/135 0 54 54 0.11 360
MMC406 58 62 4 0.07 90
MMC406 86 94 8 0.12 100
MMC407 6,772,392 496,110 408.2 174 -60/135 4 10 6 0.06 200
MMC407 14 56 42 0.11 590

Page 13

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC407 98 112 14 0.10 100
MMC407 120 128 8 0.07 70
MMC407 148 152 4 0.20 90
MMC407 162 166 4 0.08 450
MMC408 6,772,420 496,082 408.2 162 -60/135 0 18 18 0.09 160
MMC408 22 28 6 0.12 140
MMC408 34 88 54 0.12 480
MMC408 106 112 6 0.07 100
MMC408 128 132 4 0.07 90
MMC408 156 160 4 0.10 70
MMC409 6,772,431 496,074 405 174 -70/135 0 16 16 0.09 70
MMC409 18 22 4 0.05 90
MMC409 26 62 36 0.11 470
MMC409 66 84 18 0.12 600
MMC409 88 94 6 0.09 290
MMC409 98 116 18 0.15 820
MMC409 122 126 4 0.08 100
MMC410 6,772,477 496,025 399.3 192 -60/135 2 32 30 0.09 150
MMC410 42 56 14 0.09 140
MMC410 60 76 16 0.08 320
MMC410 80 88 8 0.07 260
MMC410 92 104 12 0.09 770
MMC410 128 166 38 0.09 130
MMC410 172 178 6 0.08 70
MMC411 6,772,621 496,335 402.3 108 -60/135 0 46 46 0.13 480
MMC411 52 56 4 0.10 240
MMC411 66 72 6 0.07 150
MMC411 78 96 18 0.09 170
MMC412 6,772,649 496,307 401.9 132 -60/135 4 68 64 0.18 470
MMC412 74 84 10 0.09 200
MMC412 94 114 20 0.11 260
MMC413 6,772,705 496,250 400.1 186 -60/135 0 12 12 0.11 240
MMC413 16 30 14 0.11 300
MMC413 38 50 12 0.09 200
MMC413 56 100 44 0.11 410
MMC413 104 116 12 0.12 270
MMC413 120 160 40 0.13 180
MMC414 6,772,733 496,221 398.5 210 -60/135 0 50 50 0.14 350
MMC414 54 124 70 0.11 410
MMC414 146 182 36 0.10 290
MMC414 186 198 12 0.11 180
MMC415 6,772,761 496,193 397 234 -60/135 0 40 40 0.09 70
MMC415 46 104 58 0.10 390

Page 14

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC415 110 136 26 0.10 430
MMC415 138 142 4 0.05 240
MMC415 156 170 14 0.08 170
MMC415 176 180 4 0.06 240
MMC415 188 208 20 0.15 230
MMC416 6,772,791 496,391 411.4 114 -60/135 0 112 112 0.10 330
MMC417 6,772,819 496,363 409.6 138 -60/135 2 42 40 0.12 210
MMC417 46 70 24 0.10 460
MMC417 74 86 12 0.09 310
MMC417 90 114 24 0.11 280
MMC417 128 138 10 0.10 60
MMC418 6,772,847 496,334 411 174 -60/135 0 40 40 0.13 320
MMC418 44 62 18 0.18 840
MMC418 70 88 18 0.12 450
MMC418 92 100 8 0.11 300
MMC418 108 134 26 0.12 220
MMC418 138 168 30 0.09 150
MMC419 6,772,904 496,277 408 196 -60/135 0 22 22 0.18 130
MMC419 36 86 50 0.13 310
MMC419 98 164 66 0.14 500
MMC419 168 178 10 0.20 240
MMC419 192 196 4 0.14 130
MMC420 6,772,932 496,248 405.5 228 -60/135 0 108 108 0.14 260
MMC420 118 122 4 0.16 1330
MMC420 128 156 28 0.19 410
MMC420 162 172 10 0.10 280
MMC420 174 180 6 0.06 250
MMC420 186 218 32 0.16 150
MMC420 220 226 6 0.06 90
MMC421 6,772,869 496,426 405.3 144 -60/135 8 58 50 0.08 520
MMC421 62 82 20 0.11 380
MMC421 88 98 10 0.09 220
MMC421 112 138 26 0.09 230
MMC422 6,772,897 496,397 403.9 156 -60/135 2 22 20 0.12 230
MMC422 36 138 102 0.12 470
MMC422 146 156 10 0.12 100
MMC423 6,772,926 496,369 403 180 -60/135 0 10 10 0.09 200
MMC423 18 44 26 0.11 430
MMC423 50 62 12 0.13 850
MMC423 66 110 44 0.14 690
MMC423 112 118 6 0.06 540
MMC423 122 148 26 0.10 180
MMC423 158 174 16 0.08 200

Page 15

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC424 6,772,954 496,340 402 210 -60/135 18 64 46 0.11 290
MMC424 66 74 8 0.06 680
MMC424 84 182 98 0.12 450
MMC424 194 204 10 0.07 110
MMC425 6,772,982 496,312 401.9 209 -60/135 0 40 40 0.12 90
MMC425 50 90 40 0.10 250
MMC425 114 136 22 0.14 730
MMC425 142 156 14 0.14 210
MMC425 166 184 18 0.10 120
MMC425 190 204 14 0.18 170
MMC426 6,772,876 496,305 411.7 210 -60/135 0 120 120 0.13 330
MMC426 132 144 12 0.12 180
MMC426 148 170 22 0.21 100
MMC426 172 178 6 0.05 50
MMC426 182 196 14 0.16 80
MMC426 204 210 6 0.13 170
MMC451 6,773,260 496,544 405.3 138 -60/135 0 24 24 0.11 170
MMC451 36 44 8 0.12 80
MMC451 56 60 4 0.10 320
MMC451 62 66 4 0.06 180
MMC451 72 80 8 0.06 190
MMC451 100 104 4 0.10 740
MMC451 110 116 6 0.06 410
MMC452 6,773,288 496,515 401.8 162 -60/135 6 36 30 0.08 70
MMC452 40 78 38 0.07 140
MMC452 82 90 8 0.16 450
MMC452 94 118 24 0.09 220
MMC452 126 134 8 0.35 570
MMC453 6,773,316 496,487 399.6 180 -60/135 2 14 12 0.09 40
MMC453 36 44 8 0.08 90
MMC453 50 54 4 0.06 80
MMC453 58 62 4 0.08 150
MMC453 66 72 6 0.06 60
MMC453 84 106 22 0.09 210
MMC453 110 114 4 0.12 160
MMC453 118 142 24 0.11 500
MMC453 150 180 30 0.09 690
MMC454 6,773,344 496,458 399.8 204 -60/135 0 64 64 0.12 100
MMC454 68 74 6 0.09 210
MMC454 82 86 4 0.07 70
MMC454 96 102 6 0.07 140
MMC454 132 138 6 0.26 230
MMC454 142 146 4 0.07 140

Page 16

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC454 150 180 30 0.08 350
MMC454 186 200 14 0.19 290
MMC455 6,773,372 496,430 400.1 246 -60/135 2 28 26 0.08 40
MMC455 34 114 80 0.10 370
MMC455 122 136 14 0.08 650
MMC455 148 208 60 0.12 260
MMC455 220 246 26 0.14 670
MMC456 6,773,175 496,630 408.6 135 -60/135 0 10 10 0.14 20
MMC456 18 24 6 0.17 430
MMC456 54 68 14 0.06 500
MMC456 74 96 22 0.08 220
MMC456 100 110 10 0.08 270
MMC457 6,773,203 496,601 409.4 162 -60/135 0 28 28 0.12 630
MMC457 38 74 36 0.11 490
MMC457 116 120 4 0.07 270
MMC457 126 146 20 0.13 340
MMC457 150 162 12 0.08 100
MMC458 6,773,132 496,502 403.8 192 -60/135 20 30 10 0.07 160
MMC458 50 56 6 0.10 260
MMC458 70 94 24 0.09 210
MMC458 98 102 4 0.10 320
MMC458 118 142 24 0.14 390
MMC458 146 162 16 0.09 500
MMC458 172 176 4 0.08 130
MMC458 182 190 8 0.11 90
MMC459 6,773,160 496,474 404.6 200 -60/135 0 34 34 0.18 200
MMC459 48 52 4 0.06 270
MMC459 72 78 6 0.08 50
MMC459 94 98 4 0.10 10
MMC459 102 116 14 0.08 450
MMC459 130 140 10 0.07 380
MMC459 144 166 22 0.08 320
MMC459 170 180 10 0.10 550
MMC459 184 192 8 0.13 140
MMC460 6,773,188 496,445 402.7 210 -60/135 0 16 16 0.17 350
MMC460 20 50 30 0.17 470
MMC460 54 80 26 0.15 420
MMC460 92 110 18 0.09 470
MMC460 134 158 24 0.08 380
MMC460 168 176 8 0.22 120
MMC460 188 192 4 0.06 80
MMC460 198 204 6 0.09 50
MMC461 6,773,216 496,417 400.2 222 -60/135 0 48 48 0.11 150

Page 17

Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( Mulgine Trench Drilling - Significant Tungsten Mineralisation ( >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off) >3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC461 66 70 4 0.08 370
MMC461 88 122 34 0.16 760
MMC461 128 162 34 0.09 300
MMC461 166 176 10 0.09 530
MMC461 180 208 28 0.12 350
MMC462 6,773,245 496,388 397.7 240 -60/135 12 24 12 0.09 80
MMC462 30 34 4 0.06 60
MMC462 40 56 16 0.09 70
MMC462 62 72 10 0.12 250
MMC462 88 104 16 0.12 970
MMC462 110 186 76 0.11 450
MMC462 200 204 4 0.10 470
MMC462 210 222 12 0.14 290
MMC462 228 240 12 0.17 220
MMC463 6,773,271 496,361 397.7 258 -60/135 20 26 6 0.05 50
MMC463 60 80 20 0.10 150
MMC463 90 110 20 0.16 290
MMC463 120 126 6 0.10 1170
MMC463 136 144 8 0.08 750
MMC463 152 180 28 0.15 270
MMC463 188 204 16 0.07 760
MMC463 206 230 24 0.15 280
MMC463 234 258 24 0.11 300
MMC464 6,772,990 496,532 408.1 150 -60/135 2 6 4 0.08 1010
MMC464 18 46 28 0.08 480
MMC464 50 90 40 0.08 280
MMC464 98 110 12 0.11 220
MMC464 116 132 16 0.09 160
MMC464 134 140 6 0.06 70
MMC467 6,773,103 496,417 398.5 228 -60/135 2 18 16 0.14 420
MMC467 26 56 30 0.11 310
MMC467 62 72 10 0.19 140
MMC467 82 88 6 0.06 270
MMC467 98 102 4 0.17 710
MMC467 138 144 6 0.08 290
MMC467 148 178 30 0.14 350
MMC467 214 218 4 0.06 100
MMC467 220 226 6 0.09 90
MMC468 6,773,131 496,389 398.1 252 -60/135 0 24 24 0.12 170
MMC468 28 40 12 0.10 210
MMC468 46 84 38 0.10 330
MMC468 92 120 28 0.07 150
MMC468 126 132 6 0.12 260

Page 18

Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off) Mulgine Trench Drilling - Significant Tungsten Mineralisation (>3m at 0.05% WO3 cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC468 136 148 12 0.09 370
MMC468 152 170 18 0.14 550
MMC468 174 230 56 0.13 320
MMC468 240 244 4 0.07 170
MMC468 248 252 4 0.08 50
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or by Laser
Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection
length for inclined holes. Grid coordinates are MGA Zone 50.

Page 19

Appendix 2

Intersections greater than 2 metres at 200 ppm Mo in Mulgine Trench Drilling

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC350 6,772,506 496,166 411 156 -60/135 0 32 32 0.09 600
MMC350 50 102 52 0.07 330
MMC350 128 132 4 0.07 240
MMC397 6,773,186 496,506 405 264 -60/135 16 26 10 0.19 880
MMC397 34 76 42 0.09 740
MMC397 82 102 20 0.08 600
MMC397 116 132 16 0.08 390
MMC397 148 158 10 0.04 240
MMC397 164 170 6 0.07 510
MMC398 6,773,216 496,473 404 234 -60/135 10 62 52 0.11 310
MMC398 68 124 56 0.14 740
MMC398 132 166 34 0.10 450
MMC398 172 178 6 0.14 520
MMC398 206 210 4 0.08 300
MMC399 6,773,245 496,445 401 210 -60/135 0 16 16 0.10 350
MMC399 30 42 12 0.20 350
MMC399 68 80 12 0.08 440
MMC399 84 102 18 0.15 550
MMC399 114 118 4 0.06 340
MMC399 122 188 66 0.08 650
MMC399 198 204 6 0.11 280
MMC400 6,773,242 496,562 407 150 -55/135 18 30 12 0.07 350
MMC400 36 66 30 0.08 450
MMC400 76 80 4 0.04 680
MMC400 84 98 14 0.16 920
MMC400 104 114 10 0.02 280
MMC400 118 124 6 0.01 910
MMC400 134 138 4 0.10 360
MMC406 6,772,364 496,139 409 132 -60/135 0 20 20 0.12 530
MMC406 24 42 18 0.10 320
MMC406 118 122 4 0.03 520
MMC407 6,772,392 496,110 408 174 -60/135 8 74 66 0.08 470
MMC407 136 144 8 0.04 230
MMC407 162 166 4 0.08 450
MMC408 6,772,420 496,082 408 162 -60/135 2 6 4 0.10 310
MMC408 36 40 4 0.06 400
MMC408 48 56 8 0.06 700
MMC408 62 88 26 0.16 650
MMC408 134 138 4 0.04 210
MMC408 146 154 8 0.01 290

Page 20

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC409 6,772,431 496,074 405 174 -70/135 30 108 78 0.10 660
MMC409 112 116 4 0.10 210
MMC409 142 146 4 0.04 270
MMC409 158 168 10 0.02 440
MMC410 6,772,477 496,025 399 192 -60/135 28 30 4 0.03 320
MMC410 68 84 16 0.07 380
MMC410 88 114 26 0.06 590
MMC410 188 192 4 0.03 210
MMC411 6,772,621 496,335 402 108 -60/135 2 **54 ** **52 ** 0.11 450
MMC411 58 64 6 0.04 270
MMC411 84 92 8 0.09 250
MMC412 6,772,649 496,307 402 132 -60/135 2 24 22 0.17 380
MMC412 28 80 **52 ** 0.15 480
MMC412 98 102 4 0.06 230
MMC412 106 112 6 0.09 440
MMC412 118 122 4 0.01 480
MMC413 6,772,705 496,250 400 186 -60/135 4 24 20 0.10 390
MMC413 30 38 8 0.04 930
MMC413 48 58 10 0.05 320
MMC413 64 68 4 0.24 380
MMC413 72 110 38 0.10 480
MMC413 116 122 6 0.08 360
MMC413 144 148 4 0.10 250
MMC413 156 160 4 0.14 370
MMC413 170 174 4 0.02 410
MMC413 182 186 4 0.00 610
MMC414 6,772,733 496,221 399 210 -60/135 0 8 8 0.11 420
MMC414 34 72 38 0.15 680
MMC414 82 86 4 0.11 440
MMC414 94 98 4 0.08 290
MMC414 104 130 26 0.09 510
MMC414 134 156 22 0.06 340
MMC414 160 174 14 0.09 360
MMC414 182 190 8 0.07 800
MMC415 6,772,761 496,193 397 234 -60/135 62 96 34 0.09 570
MMC415 100 104 4 0.12 280
MMC415 108 144 36 0.08 390
MMC415 154 158 4 0.05 260
MMC415 174 188 14 0.04 430
MMC415 198 204 6 0.20 380
MMC415 228 234 6 0.08 400
MMC416 6,772,791 496,391 411 114 -60/135 0 34 34 0.09 440
MMC416 46 64 18 0.10 420

Page 21

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC416 78 96 18 0.10 460
MMC417 6,772,819 496,363 410 138 -60/135 6 12 6 0.15 370
MMC417 30 36 6 0.20 270
MMC417 46 84 38 0.09 410
MMC417 88 108 20 0.11 300
MMC418 6,772,847 496,334 411 174 -60/135 0 **34 ** **34 ** 0.13 360
MMC418 40 44 4 0.04 260
MMC418 48 62 14 0.11 1030
MMC418 66 114 48 0.10 360
MMC418 116 126 10 0.13 240
MMC418 138 142 4 0.08 300
MMC419 6,772,904 496,277 408 196 -60/135 6 10 4 0.19 230
MMC419 38 46 8 0.09 560
MMC419 54 66 12 0.12 370
MMC419 72 126 **54 ** 0.12 630
MMC419 134 150 16 0.13 450
MMC419 156 160 4 0.07 600
MMC419 166 170 4 0.08 390
MMC420 6,772,932 496,248 406 228 -60/135 42 68 26 0.10 410
MMC420 78 96 18 0.11 490
MMC420 100 136 36 0.12 840
MMC420 152 168 16 0.12 460
MMC420 176 184 8 0.04 300
MMC421 6,772,869 496,426 405 144 -60/135 6 10 4 0.04 200
MMC421 12 76 64 0.09 520
MMC421 92 98 6 0.11 330
MMC421 116 120 4 0.09 230
MMC421 130 138 8 0.07 320
MMC422 6,772,897 496,397 404 156 -60/135 2 12 10 0.10 360
MMC422 24 90 66 0.12 670
MMC422 102 112 10 0.12 340
MMC422 116 124 8 0.11 250
MMC422 132 140 8 0.06 330
MMC423 6,772,926 496,369 403 180 -60/135 24 34 10 0.13 650
MMC423 38 100 62 0.12 770
MMC423 104 122 18 0.06 430
MMC423 128 138 10 0.08 270
MMC423 152 164 12 0.05 320
MMC423 172 180 8 0.06 420
MMC424 6,772,954 496,340 402 210 -60/135 0 12 12 0.03 390
MMC424 26 30 4 0.12 290
MMC424 36 40 4 0.09 410
MMC424 44 122 78 0.10 600

Page 22

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC424 126 142 16 0.11 640
MMC424 184 194 10 0.03 240
MMC424 206 210 4 0.05 270
MMC425 6,772,982 496,312 402 209 -60/135 48 72 24 0.09 290
MMC425 **82 ** 138 56 0.09 640
MMC425 144 162 18 0.12 270
MMC425 194 198 4 0.16 270
MMC425 204 209 5 0.05 1520
MMC426 6,772,876 496,305 412 210 -60/135 0 16 16 0.09 420
MMC426 42 112 70 0.15 390
MMC426 120 134 14 0.07 320
MMC426 142 146 4 0.06 270
MMC451 6,773,260 496,544 405 138 -60/135 10 16 6 0.12 350
MMC451 32 36 4 0.05 340
MMC451 44 52 8 0.03 480
MMC451 56 60 4 0.10 320
MMC451 66 74 8 0.04 570
MMC451 78 84 6 0.06 230
MMC451 98 126 28 0.05 500
MMC451 134 138 4 0.03 2450
MMC452 6,773,288 496,515 402 162 -60/135 58 64 6 0.06 400
MMC452 78 98 20 0.09 400
MMC452 120 148 28 0.13 720
MMC452 158 162 4 0.04 220
MMC453 6,773,316 496,487 400 180 -60/135 78 84 6 0.07 270
MMC453 88 92 4 0.08 220
MMC453 100 108 8 0.11 380
MMC453 112 136 24 0.08 640
MMC453 144 164 20 0.06 480
MMC453 168 174 6 0.13 270
MMC454 6,773,344 496,458 400 204 -60/135 34 40 6 0.26 250
MMC454 68 72 4 0.09 300
MMC454 104 108 4 0.04 320
MMC454 114 126 12 0.04 490
MMC454 130 134 4 0.18 320
MMC454 154 158 4 0.12 360
MMC454 168 180 12 0.07 650
MMC454 190 204 14 0.14 400
MMC455 6,773,372 496,430 400 246 -60/135 92 124 32 0.07 810
MMC455 130 138 8 0.09 1110
MMC455 150 156 6 0.13 380
MMC455 164 168 4 0.05 360
MMC455 188 206 18 0.12 410

Page 23

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC455 220 234 14 0.14 1140
MMC455 242 246 4 0.11 220
MMC456 6,773,175 496,630 409 135 -60/135 18 30 12 0.10 370
MMC456 38 42 4 0.04 230
MMC456 46 66 20 0.05 510
MMC456 70 82 12 0.06 390
MMC456 102 112 10 0.07 320
MMC456 128 132 4 0.09 330
MMC457 6,773,203 496,601 409 162 -60/135 10 50 40 0.11 870
MMC457 64 84 20 0.05 660
MMC457 90 100 10 0.07 400
MMC457 106 122 16 0.04 700
MMC457 124 134 10 0.10 540
MMC458 6,773,132 496,502 404 192 -60/135 28 48 20 0.04 240
MMC458 62 70 8 0.04 690
MMC458 78 84 6 0.15 290
MMC458 88 110 22 0.06 280
MMC458 128 150 22 0.14 580
MMC458 156 164 8 0.07 670
MMC458 170 174 4 0.06 300
MMC459 6,773,160 496,474 405 200 -60/135 20 40 20 0.12 400
MMC459 48 52 4 0.06 270
MMC459 108 126 18 0.05 500
MMC459 132 158 26 0.08 430
MMC459 166 176 10 0.09 690
MMC460 6,773,188 496,445 403 210 -60/135 6 16 10 0.16 420
MMC460 24 30 6 0.17 370
MMC460 40 70 30 0.15 620
MMC460 72 86 14 0.15 640
MMC460 94 110 16 0.09 500
MMC460 122 154 32 0.06 460
MMC460 162 166 4 0.06 500
MMC460 182 186 4 0.04 610
MMC461 6,773,216 496,417 400 222 -60/135 8 16 8 0.13 240
MMC461 38 44 6 0.07 270
MMC461 60 76 16 0.05 350
MMC461 80 130 50 0.12 710
MMC461 140 180 40 0.08 470
MMC461 184 190 6 0.06 240
MMC461 192 216 24 0.11 440
MMC462 6,773,245 496,388 398 240 -60/135 68 76 8 0.06 410
MMC462 82 126 44 0.09 560
MMC462 130 148 18 0.13 690

Page 24

Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off) Mulgine Trench Drilling - Significant Molybdenum Mineralisation (>3m at 200 ppm Mo cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 RL
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To Interval
(m)		 WO3
(%)		 Mo
(ppm)
(m)
MMC462 152 162 10 0.10 1010
MMC462 172 188 16 0.08 300
MMC462 200 216 16 0.07 400
MMC462 230 240 10 0.18 240
MMC463 6,773,271 496,361 398 258 -60/135 72 76 4 0.10 320
MMC463 86 98 12 0.14 340
MMC463 104 126 22 0.07 570
MMC463 130 158 28 0.06 620
MMC463 160 176 16 0.18 350
MMC463 182 198 16 0.07 1000
MMC463 206 214 8 0.26 330
MMC463 234 246 12 0.09 310
MMC463 254 258 4 0.06 700
MMC464 6,772,990 496,532 408 150 -60/135 0 44 44 0.06 660
MMC464 62 70 8 0.09 390
MMC464 78 82 4 0.08 790
MMC464 88 102 14 0.07 640
MMC464 110 114 4 0.04 250
MMC464 120 124 4 0.07 330
MMC467 6,773,103 496,417 399 228 -60/135 2 30 28 0.11 340
MMC467 36 50 14 0.12 490
MMC467 56 60 4 0.03 350
MMC467 80 84 4 0.06 390
MMC467 88 102 14 0.08 890
MMC467 118 124 6 0.05 320
MMC467 134 148 14 0.05 280
MMC467 152 168 16 0.12 520
MMC467 180 190 10 0.05 250
MMC467 204 210 6 0.11 250
MMC468 6,773,131 496,389 398 252 -60/135 20 24 4 0.05 330
MMC468 34 40 6 0.12 330
MMC468 48 68 20 0.09 450
MMC468 72 76 4 0.14 270
MMC468 82 86 4 0.07 460
MMC468 108 116 8 0.07 300
MMC468 130 170 40 0.11 460
MMC468 180 184 4 0.08 350
MMC468 190 210 20 0.12 530
2m cone split RC samples submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or by Laser
Ablation ICP-MS. Lower cut-off grade 200 ppm Mo with up to 3m of interval waste, no top cut grade. True thickness is 90 - 100% of
intersection length for inclined holes. Grid coordinates are MGA Zone 50.

Page 25

Appendix 3

Intersections greater than 10 metres at 0.10 ppm Au in Mulgine Trench Drilling

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC350 6,772,506 496,166 156 -60/135 16 40 24 0.63 0.07 200 6.6
MMC397 6,773,186 496,506 264 -60/135 4 52 48 0.28 0.13 500 7.0
MMC397 54 100 46 0.21 0.09 610 10.0
MMC397 126 140 14 0.12 0.18 300 10.7
MMC397 222 234 12 0.15 0.22 130 6.5
MMC398 6,773,216 496,473 234 -60/135 12 40 28 0.19 0.11 270 5.5
MMC398 104 126 22 0.19 0.05 830 9.2
MMC399 6,773,245 496,445 210 -60/135 138 150 12 0.26 0.07 1890 7.9
MMC400 6,773,242 496,562 150 -55/135 12 30 18 0.37 0.06 240 3.1
MMC400 100 112 12 0.15 0.06 220 9.0
MMC400 132 146 14 0.15 0.09 210 11.8
MMC406 6,772,364 496,139 132 -60/135 0 14 14 0.26 0.15 630 1.2
MMC406 18 40 22 0.3 0.09 300 2.7
MMC406 86 96 10 0.55 0.10 100 2.9
MMC406 118 128 10 0.37 0.02 270 0.9
MMC407 6,772,392 496,110 174 -60/135 22 38 16 0.35 0.12 390 4.9
MMC407 40 56 16 0.36 0.11 960 4.4
MMC407 90 126 36 0.33 0.07 90 2.4
MMC407 130 166 36 0.29 0.04 150 1.5
MMC408 6,772,420 496,082 162 -60/135 8 18 10 0.17 0.10 120 5.0
MMC408 98 114 16 0.15 0.05 130 2.1
MMC408 122 162 40 0.29 0.04 130 1.6
MMC409 6,772,431 496,074 174 -70/135 34 46 12 0.38 0.14 300 9.8
MMC409 48 62 14 0.16 0.09 600 8.0
MMC409 76 96 20 0.48 0.09 670 7.7
MMC409 100 126 26 0.19 0.10 570 2.5
MMC409 146 174 28 0.31 0.04 210 1.8
MMC410 6,772,477 496,025 192 -60/135 0 22 22 0.20 0.08 60 5.1
MMC410 70 80 10 0.43 0.06 380 10.4
MMC410 98 114 16 0.28 0.07 430 6.0
MMC410 130 168 38 0.25 0.09 130 3.0
MMC410 180 192 12 0.98 0.02 170 2.3
MMC411 6,772,621 496,335 108 -60/135 24 40 16 0.25 0.08 510 4.9
MMC412 6,772,649 496,307 132 -60/135 50 64 14 0.19 0.21 900 5.0
MMC413 6,772,705 496,250 186 -60/135 16 46 30 0.29 0.09 420 5.7
MMC414 6,772,733 496,221 210 -60/135 36 68 32 0.32 0.17 740 8.4
MMC415 6,772,761 496,193 234 -60/135 56 88 32 0.41 0.11 500 7.8
MMC415 116 126 10 0.18 0.10 640 12.0
MMC415 208 218 10 0.36 0.03 140 3.5
MMC416 6,772,791 496,391 114 -60/135 76 100 24 0.45 0.10 380 9.7
MMC417 6,772,819 496,363 138 -60/135 0 20 20 0.15 0.11 200 2.4
MMC417 24 40 16 0.31 0.14 230 9.9
MMC417 94 114 20 0.37 0.12 270 5.0
MMC418 6,772,847 496,334 174 -60/135 2 58 56 0.31 0.14 470 6.4

Page 26

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC419 6,772,904 496,277 196 -60/135 78 88 10 0.24 0.13 310 8.4
MMC419 92 114 22 0.33 0.10 1040 9.7
MMC420 6,772,932 496,248 228 -60/135 30 52 22 0.32 0.13 180 6.7
MMC420 92 116 24 0.38 0.11 420 13.4
MMC421 6,772,869 496,426 144 -60/135 4 26 22 0.61 0.08 640 1.6
MMC421 60 76 16 0.43 0.12 410 12.4
MMC422 6,772,897 496,397 156 -60/135 20 42 22 0.26 0.05 560 7.8
MMC423 6,772,926 496,369 180 -60/135 22 56 34 0.35 0.11 610 9.7
MMC423 170 180 10 0.20 0.07 350 7.9
MMC424 6,772,954 496,340 210 -60/135 10 32 22 0.35 0.07 200 2.8
MMC424 128 140 12 0.17 0.09 750 14.1
MMC425 6,772,982 496,312 209 -60/135 40 60 20 0.42 0.08 230 9.1
MMC425 94 110 16 0.90 0.05 830 20.0
MMC426 6,772,876 496,305 210 -60/135 0 12 12 0.27 0.08 490 3.0
MMC426 58 94 36 0.22 0.17 370 10.0
MMC451 6,773,260 496,544 138 -60/135 2 44 42 0.29 0.09 160 7.0
MMC451 110 138 28 0.21 0.03 580 7.9
MMC452 6,773,288 496,515 162 -60/135 40 66 26 0.35 0.08 130 12.1
MMC453 6,773,316 496,487 180 -60/135 68 96 28 0.16 0.06 150 7.8
MMC453 122 132 10 0.23 0.09 860 19.9
MMC454 6,773,344 496,458 204 -60/135 106 118 12 0.13 0.03 400 7.2
MMC455 6,773,372 496,430 246 -60/135 94 114 20 0.25 0.08 1030 6.0
MMC455 144 158 14 0.21 0.14 240 9.8
MMC455 180 198 18 0.13 0.11 310 6.1
MMC456 6,773,175 496,630 135 -60/135 16 28 12 0.29 0.10 330 7.1
MMC456 46 106 60 0.36 0.06 310 21.1
MMC457 6,773,203 496,601 162 -60/135 0 32 32 0.33 0.11 650 7.4
MMC457 40 60 20 0.19 0.13 570 13.6
MMC457 80 94 14 0.16 0.03 520 11.9
MMC457 98 118 20 0.24 0.04 570 11.8
MMC457 124 134 10 0.28 0.10 540 9.5
MMC458 6,773,132 496,502 192 -60/135 14 30 16 0.21 0.05 120 5.8
MMC458 62 86 24 0.22 0.08 350 26.9
MMC458 170 192 22 0.19 0.07 110 8.8
MMC459 6,773,160 496,474 200 -60/135 12 36 24 0.29 0.18 310 4.5
MMC460 6,773,188 496,445 210 -60/135 0 34 34 0.65 0.14 260 3.5
MMC460 40 54 14 0.12 0.20 960 6.0
MMC460 56 82 26 0.17 0.14 420 14.6
MMC460 104 116 12 0.14 0.05 370 11.2
MMC460 192 204 12 0.13 0.05 80 10.0
MMC461 6,773,216 496,417 222 -60/135 10 30 20 0.27 0.12 110 4.5
MMC461 38 48 10 0.37 0.07 210 8.8
MMC461 104 120 16 0.41 0.22 1000 15.1
MMC461 124 136 12 0.26 0.06 310 11.7
MMC462 6,773,245 496,388 240 -60/135 128 138 10 0.2 0.13 540 13.9
MMC462 154 170 16 0.49 0.15 670 30.5
MMC462 212 228 16 0.16 0.11 230 6.6
MMC463 6,773,271 496,361 258 -60/135 74 84 10 0.12 0.06 160 3.3

Page 27

Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off) Mulgine Trench Drilling - Significant Gold Mineralisation (at 0.10 ppm Au cut off)
Hole No MGA Coordinates Intersections
Northing
(m)		 Easting
(m)		 Depth
(m)		 Dip/
Azim		 From
(m)		 To
(m)		 Interval
(m)		 Au
(ppm)		 **WO3 ** Mo Ag
(ppm)
(%) (ppm)
MMC463 88 98 10 0.42 0.16 330 17.5
MMC463 164 190 26 0.25 0.13 400 12.9
MMC463 240 254 14 0.18 0.15 220 7.4
MMC464 6,772,990 496,532 150 -60/135 14 30 16 0.29 0.07 710 2.5
MMC464 76 90 14 0.15 0.07 360 6.3
MMC464 106 128 22 0.27 0.08 170 8.1
MMC467 6,773,103 496,417 228 -60/135 0 24 24 0.35 0.10 340 2.9
MMC467 36 52 16 0.4 0.12 440 6.9
MMC467 152 166 14 0.2 0.12 530 9.7
MMC467 196 214 18 0.16 0.07 150 7.5
MMC468 6,773,131 496,389 252 -60/135 60 76 16 0.17 0.10 410 7.7
MMC468 224 242 18 0.2 0.14 210 7.0
2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or Laser
Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection
length for inclined holes. Grid coordinates are MGA Zone 50.

2m cone split RC samples were submitted to Bureau Veritas Minerals Pty Ltd, Canning Vale WA for WO3 by XRF and Mo by XRF or Laser Ablation ICP-MS. Lower cut-off grade 0.05% WO3 with up to 2m of interval waste, no top cut grade. True thickness is 90 - 100% of intersection length for inclined holes. Grid coordinates are MGA Zone 50.

Page 28

Appendix 4 - JORC Code Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria JORC Code explanation
Commentary
Sampling techniques Nature and quality of sampling (e.g. 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.
During August 2016, TGN drilled 9 RC holes for 476 metres
and one large diameter (PQ) diamond hole for 31.6 metres at
Mulgine Trench to test tungsten mineralisation adjacent to
and beneath the Bobby McGee pit
In September 2018, TGN drilled 4 PQ diamond holes (528.2
m) into the Trench deposit to collect metallurgical samples
and twin RC and diamond holes.
From 12 July 2019 to present, the Company has drilled 220 RC
holes for 36,931 metres. At the time of writing, Tungsten
Mining had received results from 181 holes of the 220 RC
holes and results reported in this announcement relate to 42
of these holes.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used
TGN drillhole collar locations for the first 121 holes were
picked up by a licenced surveyor using a Topcon GNSS with
manufacturer’s specifications of +/- 10mm N,E and +/15mm
Z. Remaining holes (including holes being reported in this
announcement) were marked out with a Hemisphere R120
DGPS with sub-metre accuracy.
Downhole surveying was measured by the drill contractors
using a Champ North Seeking solid state gyroscopic system in
the drill rods. Accuracy is ±0.75° for azimuth and ±0.15° for
inclination.
Certified standards were inserted into the sample sequences
in according to TGN QAQC procedures. Duplicate samples
were collected to check repeatability of sampling and
variability or nugget effect for tungsten mineralisation.
Blanks were inserted into the sample stream behind high-
grade samples to test contamination. Results from this QAQC
sampling were considered good.
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
Given the style of mineralisation present at Mulgine Trench,
Tungsten Mining ran an orientation survey to determine the
acceptability of 2m sampling intervals. From this orientation
work, it was concluded there was no discernible evidence that
increasing the downhole sample interval from one to two
metres materially impacts either accuracy or precision of the
assay results.
RC holes MMC265 – MMC291 and MMC301 – MMC309 were
sampled at 1 m intervals from the cyclone and split using a
cone splitter immediately beneath the cyclone to produce two
representative 3 - 5 kg 1m-samples in calico bags.
For all remaining holes, samples were split using a cone
splitter to produce two representative 3 - 5 kg 2m-samples in
calico bags. The bulk reject material was collected at 1 m
intervals from the cyclone and placed on the ground for
geological logging.
The cone splitter was cleaned by hosing with pressurised air
to eliminate sample contamination. Two samples were
collected; one is used for analysis and the other is retained as
a reference or for possible re-analysing / QAQC activities.
Samples from the current drilling programme were submitted
to Bureau Veritas Minerals Pty Ltd of Canningvale, WA, for a
standard XRF Tungsten Suite and 40 gram fire assay for gold
analysis. A second suite of elements including silver and
molybdenum were analysed by Laser Ablation ICP-MS.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (e.g. 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).
TGN completed 220 RC drillholes with depths ranging from 6
to 300 m, averaging 168 m. RC drilling used a face-sampling
hammer that produced a nominal 140 mm diameter hole.
TGN diamond and RC holes were surveyed in-rods at 20 -
30 m intervals using a North Seeking gyroscopic probe.

Page 29

Criteria JORC Code explanation
Commentary
Drill sample
recovery		 Method of recording and assessing core and chip sample
recoveries and results assessed
RC and diamond recovery was visually assessed, recorded on
drill logs and considered to be acceptable.
Measures taken to maximise sample recovery and
ensure representative nature of the samples
RC samples collected by TGN were visually checked for
recovery, moisture and contamination. A cyclone and cone
splitter was used to provide a uniform sample and these were
routinely cleaned. The drill contractor blew out the hole at the
beginning of each drill rod to remove excess water and
maintain dry samples.
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.
Ground conditions for RC drilling were good and drilling
returned consistent size samples. All RC samples were dry
and contamination would be minimal. No significant bias is
expected, and any potential bias is not considered material at
this stage.
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.
TGN uses specially designed drill logs for tungsten
mineralisation to capture the geological data. During logging,
part of the RC sample is washed, logged and placed into chip
trays.
During the 2019/2020 drilling programme, a second set of
partially sieved material is stored in chip trays for mineral
identification by a near-IR spectral scanner (PANalytical
TerraSpec Halo).
The washed chip trays are stored in sea containers on site and
Halo chip trays stored at TGN’s Gnangara warehouse.
All drill data is digitally captured and stored in a central
database.
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
RC chip logging included records of lithology, mineralogy,
textures, oxidation state and colour. Key minerals associated
with tungsten mineralisation and veining are recorded.
The total length and percentage of the relevant
intersections logged
All TGN drill holes were logged in full.
Sub-sampling
techniques and
sample preparation		 If core, whether cut or sawn and whether quarter, half
or all core taken.
PQ metallurgical core was cut in half and then quartered. 1
metre samples of quarter core for PQ holes were submitted to
Nagrom for XRF analysis.
If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.
TGN RC samples were collected on the rig by a cyclone.
Material was split by a cone splitter immediately beneath the
cyclone to produce two 3 - 5 kg samples.
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Samples from the current drilling programme were submitted
to Bureau Veritas Minerals Pty Ltd of Canningvale, WA and
dried, split if over 2.5 kg and pulverised in robotic vibrating
disc pulveriser.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
TGN’s QAQC procedures included the insertion of field
duplicates, blanks and commercial standards. Duplicates,
blanks and standards were inserted at intervals of one in 25.
Geological logging and UV lamping was used to ensure
duplicate and blank samples were from mineralised intervals.
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.
TGN inserted 1 in 25 RC field duplicates taken from 1 m or 2 m
cone split samples at the rig. Repeatability in RC duplicate
samples was found to be excellent.
Four PQ diamond holes and six RC hole have twined other RC
and diamond drilling at Mulgine Trench. These holes
intersected similar grade and thickness of WO3, Mo, Au and Ag
mineralisation at target depths. Individual high grade zones
did demonstrate the particulate or nuggetty nature of
mineralisation present.

Page 30

Criteria JORC Code explanation
Commentary
Whether sample sizes are appropriate to the grain size
of the material being sampled.
Assays from duplicate samples showed a low - moderate
scatter (R20.82) for tungsten with no systematic bias. This is
consistent with the style of mineralisation present, coarse
grained scheelite associated with quartz veining.
Molybdenum and silver results from duplicate samples
showed good correlation with an R2of 0.94 and 0.92
respectively.
Gold results from duplicate samples showed a higher degree
of scatter with an R2of 0.62. This is interpreted to be related
to the nugget effect or particulate nature of gold
mineralisation at Mulgine Trench.
The larger sample size of approximately 40 kg per metre
collected by RC drilling is considered more appropriate than
small diameter diamond holes and therefore sample sizes are
considered to be acceptable to accurately represent the
tungsten, molybdenum, silver and gold mineralisation present
at Mulgine Trench
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.
Tungsten Mining assays samples for a tungsten suite by XRF.
XRF has proven to be a very accurate analytical technique for
a wide range of base metals, trace elements and major
constituents found in rocks and mineral materials. Glass
fusion XRF is utilised for assaying, since it provides good
accuracy and precision; it is suitable for analysis from very
low levels up to very high levels.
Gold was assayed by 40g charge lead collection fire assay with
silver used as secondary collector. Fire assay is regarded as the
preferred method for quantitative gold analysis.
For Phase 1 drilling, a suite of 40 elements including tungsten,
molybdenum and silver were assayed by Fused Bead Laser
Ablation ICP-MS. The XRF disk is laser ablated and the gas
formed is introduced to the Mass Spectrometer, providing an
ideal platform for analysis. The Fused Bead Laser Ablation
ICP-MS technique is total digestion of the sample achieved
through the fusion process, so quantifiable elemental data is
produced at detection limits that are equal if not better than
acid digest techniques.
Phase 2 holes (including results currently being reported )
were assayed for the tungsten suite by XRF, gold by fire assay
and a reduced suite of elements including molybdenum and
silver by Fused Bead Laser Ablation ICP-MS.
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.
A handheld magnetic susceptibility meter (KT-10) was used to
measure magnetic susceptibility for every sample. Data is
stored in the database.
A near-IR spectral scanner (PANalytical TerraSpec Halo) was
utilised for mineral identification to assist in defining
geometallurgical domains in the Phase 1 2019 drilling
programme. Partially sieved material was collected, stored in
chiptrays and scanned.
Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (i.e.
lack of bias) and precision have been established.
Field QAQC procedures for TGN sampling included the
insertion of blanks, commercial standards and duplicates at
the rate of one in 25 samples. Assay results have
demonstrated acceptable levels of accuracy and precision.
Verification of
sampling and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.
No independent personnel have verified intersections in
drilling. TGN personnel have conducted a review of all
assaying by visual inspection of UV core photography and UV
estimates for RC drilling against the drill database.
The use of twinned holes.
TGN drilled four PQ diamond holes and 7 RC holes that
twinned existing RC and diamond drilling at Mulgine Trench.
Twin holes intersected similar widths and grades for
mineralisation. High grade zones were however found to be
variable or nuggety.

Page 31

Criteria JORC Code explanation
Commentary
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Logging conducted by TGN takes place at the drilling site.
Ruggedised computers are used to record the logging for RC
samples. Diamond logging is onto paper drill logs and data
entered in Perth.
A set of standard Excel templates are used to capture the data.
Data was validated on-site by the supervising geologist before
being sent to Perth office. It was then loaded into Micromine
and validated for logging codes, missing intervals, overlapping
intervals, hole location and downhole surveying. Validated
data is then loaded into a relational database for storage.
Discuss any adjustment to assay data.
No adjustments were made, other than for values below the
assay detection limit which have been entered as half of the
detection limit.
Location of data
points		 Accuracy and quality of surveys used to locate drillholes
(collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
The first 121 2019 holes and previous programmes drilled by
TGN were picked up by a licenced surveyor using a Topcon
GNSS with manufacturer’s specifications of +/- 10mm N,E and
+/15mm Z. Subsequent holes were marked out with a DGPS
and have preliminary coordinates (+/- 2m N,E and +/1mm Z).
Downhole surveying of TGN holes was measured by the drill
contractors using a North Seeking solid state gyroscopic
system in the drill rods. Accuracy is ±0.75° for azimuth and
±0.15° for inclination.
Specification of the grid system used.
Geocentric Datum of Australia 1994 (GDA94) - Zone 50.
Quality and adequacy of topographic control.
High resolution aerial photography and digital elevation
survey was flown by Geoimage Pty Ltd on 18 February 2018
with expected height accuracy of +/- 0.5 m.
Data spacing and
distribution		 Data spacing for reporting of Exploration Results.
Drill spacing is generally 40 metre spaced holes on 80 – 120
metre sections. Drilling is currently infilling section to 40
metre spacings.
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.
The drill spacing at Mulgine Trench was sufficient to define an
Inferred Mineral Resource reported in December 2019. TGN
have drilled an additional 86 holes into Mulgine Trench since
this estimate.
Whether sample compositing has been applied.
For non-mineralised intervals 1 m samples collected from the
cyclone were composited into 5 m and later 6 m composite
samples for RC drilling. Where composite samples have
anomalous tungsten and/or molybdenum, the 1 m or 2 m cone
split samples have been submitted for analysis.
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.
The orientation of drilling was designed to intersect
mineralisation perpendicular to the dominant vein geometry
and mineralised stratigraphy. Holes drilled at -60 degree
towards the southeast intersect dominant vein sets and
stratigraphy at 90 degrees.
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.
Structural logging of diamond core has confirmed that drill
orientation did not introduce any bias regarding the
orientation of mineralised veining.
Sample security The measures taken to ensure sample security.
Samples collected by TGN were securely sealed and stored on
site and delivered by courier to the laboratory in Perth.
Sample submissions forms used to track samples were
emailed directly to the laboratory.

Page 32

Criteria JORC Code explanation Commentary
Sampling techniques are consistent with industry standards.
Consistency of data was validated by Tungsten Mining while
loading into the database (Depth from < Depth to; interval is
within hole depth, check for overlapping samples or intervals,
etc.). Any data which fails the database constraints and cannot
Audits or reviews The results of any audits or reviews of sampling
techniques and data.		 be loaded is returned for validation, etc. Global consistency
was also checked later by plotting sections using the database
and reconciling assays.
Assay results are visually compared against UV estimates for
tungsten and visual estimates for molybdenum.

Section 2: Reporting of Exploration Results

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.
The Mulgine Trench prospect is located on Mining Lease
M59/425-I covering an area of approximately 9.4 km2. TGN
has 100% of the mineral rights for tungsten and molybdenum
and to all by-products from the mining of tungsten and
molybdenum. The current registered holder of the tenement
is Minjar Gold Pty Ltd.
The normal Western Australian state royalties apply.
The Federal Court has determined that Native Title does not
exist over the area of M59/425-I in relation to Badamia claim
(Federal Court # WAD6123/1998).
M59/425-I is located on former pastoral lease ‘Warriedar
Station’ which has been purchased by the State Government
and now forms part of the Karara Rangeland Park. Other
operating mines are also located within the Park boundary.
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.
The tenements are in good standing at the time of reporting.
Mid-West Tungsten Pty Ltd, a wholly owned subsidiary of
Tungsten Mining NL, holds a consent caveat over tenement
M59/425-I.
Exploration done by
other parties		 Acknowledgment and appraisal of exploration by
other parties.
Tungsten Drilling
Drilling initially focused on tungsten mineralisation with
Minefields and ANZECO drilling 77 NQ/BQ diamond drillholes
(8,703 m DD, 1,871 m pre-collars) in the 1970s and 1980s.
In 2014, Minjar Ltd drilled 27 RC exploration hole (1,680 m)
northwest of the Bobby McGee and 160 RC holes (5,712 m) for
grade control in the Bobby McGee pit. Hazelwood Resources
Ltd assayed these holes for their standard XRF tungsten suite.
TGN have conducted a thorough review of all drilling and
sampling procedures.
Gold Drilling
In 1993, focus then turned onto gold exploration and multiple
phases of dominantly RC drilling and minor diamond drilling
was completed by numerous companies to present. A total of
342 RC holes (19,429 m) and 3 diamond holes (828 m) have
been drilled to evaluate gold at Mulgine Trench. During
mining, an additional 279 RC grade control holes (8,982 m)
were drilled at the Camp and Highland Chief pits.
Exploration drilling consisting of 422 RAB (11,374 m) holes
was drilled across the Trench Deposit and strike extensions.

Page 33

Criteria JORC Code explanation
Commentary
Geology Deposit type, geological setting and style of
mineralisation.
Mulgine Trench
Stratigraphy for the Mulgine Trench deposit consists of a
hangingwall amphibolites, the main mineralised horizon and
footwall greisen of the Mulgine Granite. The mineralised
horizon is a 140 to 220 metre thick zone that is delineated
over 1.4 kilometres of strike and dips shallowly (25 – 40
degrees) towards the northwest.
Tungsten and molybdenum mineralisation dominantly occurs
as scheelite and molybdenite in foliation parallel veins or
adjacent to vein margins or as coatings on fractures or
disseminated in greisen units/veins.
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
•
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.
Collar data for drilling is included in Appendix A.
Data aggregation
methods		 In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade
truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Intersections were reported using a lower cut-off grade of
0.05% WO3. WO3and Mo grades are reported separately for
intersections. No top cut and up to 2m of internal waste were
included.
A second set of intersections were reported using a lower cut-
off grade of 200 ppm Mo. Again WO3and Mo grades are
reported separately for intersections. No top cut and up to 2m
of internal waste were included.
A third set of intersections were reported using a lower cut-off
grade of 0.10 ppm Au. WO3, Mo and Ag grades are reported
separately for these intersections. Only intersections greater
than 10m at 0.10 ppm Au were reported. No top cut and up to
2m of internal waste were included.
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.
For reporting of tungsten intersections, all assays >1.0% WO3
are reported beneath the relevant intersection. Interval zones
of waste up to 2m wide are included in intersections provided
the adjacent zone and waste are >0.05% WO3.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Not applicable, no metal equivalents were quoted.
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.
If it is not known and 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’).
Inclined holes will intersect mineralisation at between 80° -
90°. True thickness will be between 90 to 100% of the
intersection thickness for inclined holes.
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 diagrams in the body of text.
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.
All Intersections greater than 3m at 0.05 WO3at Mt Mulgine
are reported and holes with no significant mineralisation are
documented in Appendix 1.
A second list of all Intersections greater than 3m at 200 ppm
Mo at Mt Mulgine is reported in Appendix 2.
A third list of all Intersections greater than 10m at 0.10 ppm
Au at Mt Mulgine is reported in Appendix 3.

Page 34

Criteria Other substantive exploration data

Criteria JORC Code explanation Commentary

Mineralogical and metallurgical studies on the Mulgine Trench deposit show scheelite well liberated at coarse sized fractions resulting in good recoveries via a simple gravity circuit. Molybdenum was liberated at finer sized fractions and showed high recovery and upgrades through a flotation circuit. Comminution work showed all ore types were of moderate to high hardness.

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.

An extensive geo-metallurgical program has commenced to understand the range of ore types in the Trench deposit and their volumes. This will provide the basis to produce a representative master composite to complete the metallurgical testwork program.

Metallurgical test work has shown that the ore as represented by the samples tested, should be readily concentrated to exceed the target of +60% WO3 concentrate. Levels of potential deleterious contaminants reporting to the final concentrate are expected to be below the minimum threshold for specific APT conversion processes.

Evidence gathered to date show that no major metallurgical problems are expected to affect the overall viability of the project.

Further work The nature and scale of planned further work (e.g. TGN are currently undertaking a Pre-Feasibility Study on the
tests for lateral extensions or depth extensions or greater Mt Mulgine Project incorporating the Mulgine Trench
large-scale step-out drilling). and Mulgine Hill deposits. Planned activities include:
Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided this		 • Resource definition and infill drilling of the Trench
deposit;
information is not commercially sensitive • Mine design and optimisation of the mining
schedule, geotechnical studies and definition of
maiden ore reserves;
• Metallurgical test work on the material from
Trench;
• Process design and engineering for the tungsten
processing plant and associated non-process
infrastructure;
• Assessment of existing and exploration for
additional ground water resources; and
• Completion of native flora, fauna, aboriginal
heritage surveys and regulatory approval
processes.

Page 35

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