VOLT RESOURCES LIMITED — Regulatory Filings 2015

Nov 10, 2015

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ASX ANNOUNCEMENT

By e-lodgement 10 November 2015

MAJOR DISCOVERY STRIKE EXTENDED TO 1.2 KM WITH EXCEPTIONAL MINERALISATION DRILLED FROM SURFACE

Highlights:

• Mineralisation has been extended to 1.2 km strike length and remains open to the north and south

• Modelling is showing a significant size graphite deposit at Namangale

• RC drilling was conducted to the north and south of the discovery line with thick intervals including 79, 70, 70 and 68m intersected

• Diamond holes intercepted mineralisation of 71.2m and 93.1m

• All mineralisation was intersected from surface or near surface

• Majority of mineralisation logged as “medium or high grade” with coarse flake graphite observed

• A total of 48 holes now completed for 2,517m drilled

• Drilling has targeted a large EM anomaly which is 1,800m in length

• Drilling is continuing with further drill and assay results due in coming weeks

• Placement of $1.75 million now finalised

Introduction

Mozambi Resources Limited (ASX: MOZ, “ Mozambi”, “the Company” ) is pleased to announce that very thick mineralisation has been extended to 1.2 km strike length and remains open to the north and the south at the Company’s major discovery Namangale. Excellent graphite intercepts from RC drilling returned multiple large intercepts up to 79m thickness of graphite mineralisation and diamond drilling produced exceptional results of up to 93.1m thickness from surface. The Company is delighted to confirm that all mineralisation intersected was either from surface or beginning at shallow depths. The majority of mineralisation was logged as “medium or high grade” with coarse flake graphite observed.

The drilling was conducted using a 160m by 400m spacing pattern and continued to intersect wide zones of graphite schist mineralisation. The drilling program is targeting a large EM anomaly, which has previously been defined and has a strike length of over 1,800m.

Managing Director Alan Armstrong said, “The Company is extremely excited to follow up on the initial discovery with further excellent thickness results on the next 3 lines drilled. The results confirm mineralisation occurs over a very substantial thickness from surface and our early modelling is showing a significant size graphite deposit at Namangale. The drilling program continues to be fast tracked in order to define a large tonnage JORC Resource in the coming months”.

Figure 1 shows the location of the Nachingwea Project tenements and the main graphite prospects that have been identified to date on the Company’s tenement package. Mozambi has continued to build on its dominant tenement position in this highly prospective graphite rich area of Tanzania, in close proximity to existing infrastructure

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Figure 1 Location of the Nachingwea Project tenements

Namangale RC Drilling Results Summary

48 RC holes for a total of 2,517 metres have now been drilled at the Namangale Prospect, with 34 RC holes intersecting graphite schist mineralisation. The mineralisation tested a large EM anomaly coincident with graphite schist outcrops. Where mineralisation was intersected, it was intercepted from surface or from shallow depths. Drilling is continuing with the remaining holes on the first 4 lines to be completed as pad construction is completed. Additional holes are also planned to the east of the most northern line where mineralisation remains open. Further drill lines to the north and south are also planned to test the northern and southern extent of the EM anomaly. Drilling was completed using vertical holes into the mineralisation which is interpreted to be flat lying but gently undulating based on both geological mapping and the results of the EM survey.

A summary of the results of the first 48 RC holes based on visual estimation carried out during the geological logging is provided in Appendix 1.

A map showing the location of the first four drill lines compared to the location of the ground EM anomaly for the Namangale Prospect is shown below in Figure 2 . The drilling program was primarily designed to test this EM anomaly which has now been confirmed to be a strong indicator of underlying graphite mineralisation and suggests the potential for further extension of the mineralisation is good. The EM anomaly is striking to the north east with a similar intensity to the area already drill tested suggesting good potential for further extensions.

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Figure 2 RC Drill-Hole Location Map over the Ground EM Anomaly

A map of the drill hole collar locations showing the first four drill lines can be seen in Figure 3 . Substantial areas of graphite schist occur to the south of a large sandstone ridge, with less exposure to the south where there is limited outcrop. The current drill program has now tested 1.2 km of strike length, with mineralisation remaining open to both the north and the south. At least 2 more lines extending the strike length to 2km are planned in the current program. There remains potential for the deposit to continue further than 2km under cover to both the north and south.

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Figure 3 Geological Mapping and the Collar Location of the First Four Lines Drilled at Namangale

A cross section across the line 800m south of the first line is provided in Figure 4. The cross section shows the two zones of mineralisation which are interpreted to be the result of gentle folding of a generally flat lying mineralised unit.

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Figure 4 Interpreted Cross Section 800m South of the Discovery Line

The interpretation shown above in Figure 4 shows good continuity with the interpretation in the first line drilled which is shown in Figure 5 below. Both interpretations show of gentle folding of a generally flat lying mineralised unit.

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Figure 5 Cross section showing the interpreted graphite mineralisation in the first drill line

Expanded RC Drilling Program

Due to the exciting results observed in the current round of drilling, the Board of Mozambi Resources has resolved to increase the RC drilling program to complete at least another 2 drill lines to maximise the size of the resource with the current program of drilling. Figure 5 shows the RC rig drilling at the Namangale Prospect.

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Figure 5 The RC Drilling Rig in Operation at the Namangale Prospect .

Namangale Diamond Core Drilling

Diamond drilling designed to get representative samples of the mineralisation at Namangale has now been completed. Two diamond holes, twinning holes NMRC0001 and NMRC0004 were drilled, with coarse flake mineralisation observed in the core. Graphite mineralisation was intersected near surface with widths of 93.1m and 71.2m respectively. These holes are currently being logged, cut and sampled before being sent for analysis, which will include graphitic carbon grade and flake size distribution. A summary of the Diamond Drilling results is displayed in Table 1 and an image of a sample of the core showing coarse flake graphite mineralisation is shown in Figure 6.

Table 1 Summary of Namangale Diamond Drilling Statistics

Hole ID	Easting	Northing	Azi/Dip	RL	Depth	From	To	Width
NMDD0001	516,917	8,862,109	90/0	306	98.7	0.9	94	93.1
NMDD0002	517,279	8,861,794	90/0	323	90	2.5	73.7	71.2

Chidya Diamond Core Drilling

Two short holes have also been completed at the Chidya prospect in order to obtain samples of graphite schist mineralisation from the prospect while RC drilling is focused at Namangale. The results were highly encouraging with large flake graphite mineralisation being intersected from near surface in both holes. Total depths were 47.7m and 23.5m. The holes were drilled vertically, into flat lying stratigraphy and are therefore expected to be close to the true width. Details of the drilling results are provided in Table 2 below. The core from the drilling is currently being cut and sampled prior to being submitted for metallurgical test work. An image of a sample of the core showing coarse flake mineralisation is shown in Figure 7 and the location of the drill holes is shown in Figure 8.

Table 2 Summary of Chidya Diamond Drilling Statistics

Hole ID	Easting	Northing	Azi/Di p	RL	Depth	Fro m	To	Width
BLDD00001	501872	8823208	90/0	581	47.7	2.7	29.7	27.0
And						47	47.7	0.7
BLDD0002	501834	8823131	90/0	584	23.5	0.4	18.75	18.35

Figure 6 A sample of mineralised diamond core from the Namangale Prospect

Figure 7 A sample of mineralised diamond core from the Chidya Prospect

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Figure 8 Location of the two Diamond Drill holes completed at Chidya

Existing Infrastructure

Mozambi Resources enjoys excellent infrastructure, with the deep-water Mtwara Port only 140km from the Namangale Prospect. Power and sealed roads are available 10km from the deposit location. The existing sealed road connects all the way to port. Figure 9 shows the port, which has existing present capacity of 400,000 metric tonnes per annum and could handle up to 750,000 metric tonnes per annum with the same number of berths if additional equipment is put in place for handling containerised traffic[i] . The port is currently heavily underutilised, with only approximately 34% of its existing capacity being utilised[ii] .

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Figure 9 shows the deep-water Mtwara Port

Placement

The previously announced placement of 50 million shares (with a 1:4 attaching MOZO option) to raise a total of $1.75 million has now been completed and shares issued. The additional funds raised will largely be employed in expanding the drill program at Namangale and funding the definition of JORC Resources at both Chiwata & Namangale. The additional funds also provide certainty around working capital for at least the next 12 months.

Conclusion

The board of Mozambi Resources considers the results to date indicate that the Namangale Prospect is rapidly emerging as a world class graphite deposit. A substantial width of graphite mineralisation has now been defined and it is occurring from surface or near surface on multiple lines over 1,200m in strike length. Diamond drill holes completed at the Prospect confirm the coarse flake nature of the graphite mineralisation. The company is also highly encouraged by very large flake mineralisation observed in the two diamond holes drilled at Chidya and looks forward to completing a program of RC drilling at the prospect after drilling at Namangale is completed. Further drilling and assay results will be reported as they come to hand.

For and on behalf of Mozambi Resources Limited

Alan Armstrong Mozambi Resources Ltd Managing Director

Competent Person

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Matt Bull, a Competent Person who is a member of Australian Institute of Geoscientists. Mr Bull is a Director of Mozambi Resources. Mr Bull 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’. Matt Bull consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix 1 Graphite Intercepts Namangale

HoleID	Easting	Northing	Azi/Dip	RL	Depth	From	To	Width
NMRC0001	517,279	8,861,794	90/0	323	85	0	73	73
NMRC0002	517,159	8,861,899	90/0	298	78	0	75	75
NMRC0003	517,038	8,862,004	90/0	324	100	0	100	100
NMRC0004	516,917	8,862,109	90/0	306	94	0	94	94
NMRC0005	516,796	8,862,214	90/0	297	49	0	35	35
NMRC0006	516,676	8,862,319	90/0	323	22	NSI
NMRC0007	517,400	8,861,689	90/0	317	52	0	47	47
NMRC0008	517,521	8,861,584	90/0	314	28	0	17	17
NMRC0009	517,642	8,861,479	90/0	328	82	0	76	76
NMRC0010	517,762	8,861,374	90/0	310	43	0	43	43
NMRC0011	517,883	8,861,269	90/0	310	16	0	5	5
NMRC0012	518,004	8,861,164	90/0	314	16	NSI
NMRC0013	517,491	8,862,145	90/0	328	73	0	68	68
NMRC0014	517,602	8,862,043	90/0	312	37	0	37	**37 **
NMRC0015	517,723	8,861,938	90/0	307	49	0	29	29
NMRC0016	517,840	8,861,830	90/0	325	64	0	64	**64 **
NMRC0017	517,359	8,862,255	90/0	334	40	0	35	35
NMRC0018	517,241	8,862,352	90/0	330	61	4	50	46
NMRC0019	517,122	8,862,473	90/0	314	52	0	52	**52 **
NMRC0020	517,014	8,862,564	90/0	314	30	0	21	21
NMRC0021	517,144	8,861,388	90/0	321	82	0	62	**62 **
NMRC0022	517,024	8,861,490	90/0	282	94	9	88	79
NMRC0023	516,897	8,861,591	90/0	300	49	11	49	38
NMRC0024	517,259	8,861,287	90/0	307	34	0	17	17
NMRC0025	517,387	8,861,175	90/0	302	40	NSI
NMRC0026	517,505	8,861,078	90/0	295	22	NSI
NMRC0027	517,623	8,860,971	90/0	300	49	0	49	49
NMRC0028	517,745	8,860,855	90/0	322	43	0	38	38
NMRC0029	517,867	8,860,752	90/0	309	20	NSI
NMRC0030	517,993	8,860,660	90/0	303	20	2	7	5
NMRC0031	518,101	8,860,546	90/0	320	82	25	78	53
NMRC0032	517,841	8,860,245	90/0	310	40	16	30	14
NMRC0033	517,712	8,860,350	90/0	312	30	15	29	14
NMRC0034	517,602	8,860,453	90/0	288	31	NSI
NMRC0035	517,494	8,860,573	90/0	309	70	0	59	59
NMRC0036	517,350	8,860,672	90/0	289	25	NSI
NMRC0037	517,238	8,860,770	90/0	290	54	0	54	**54 **
NMRC0038	517,117	8,860,875	90/0	287	79	9	79	70
NMRC0039	516,875	8,861,085	90/0	312	81	13	74	**61 **
NMRC0040	516,755	8,861,190	90/0	317	61	16	52	36
NMRC0041	516,634	8,861,295	90/0	310	88	18	88	70
NMRC0042	516,513	8,861,400	90/0	300	64	7	47	40
NMRC0043	516,392	8,861,505	90/0	301	70	11	52	41
NMRC0044	516,272	8,861,610	90/0	330	52	NSI
NMRC0045	516,151	8,861,715	90/0	321	40	NSI
NMRC0046	516,775	8,861,702	90/0	306	52	8	52	44
NMRC0047	516,651	8,861,798	90/0	332	43	NSI
NMRC0048	516,541	8,861,917	90/0	313	31	NSI

*NSI indicates no significant intercepts

i http://www.tanzaniaports.com/index.php?option=com_content&view=article&id=131&Itemid=290 ii http://allafrica.com/stories/201407211545.html

JORC Code, 2012 Edition Table 1

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Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut	•Sampling was carried out using RC
techniques	channels, random chips, or specific	Drilling using 1m samples. The full
	specialised industry standard measurement	1m interval was collected before
	tools appropriate to the minerals under	being weighed then riffle spilt into
	investigation, such as down hole gamma	samples weighing approximately
	sondes, or handheld XRF instruments, etc).	1.5kg.
	These examples should not be taken as	•All samples were geologically logged
	limiting the broad meaning of sampling.	by a suitably qualified geologist and
	• Include reference to measures taken to	mineralized intercepts selected for
	ensure sample representivity and the	assay at SGS in Johannesburg
	appropriate calibration of any measurement	South Africa.
	tools or systems used.
	• Aspects of the determination of
	mineralisation that are Material to the Public
	Report.
	• In cases where ‘industry standard’ work has
	been done this would be relatively simple
	(eg ‘reverse circulation drilling was used to
	obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fire
	assay’). In other cases more explanation
	may be required, such as where there is
	coarse gold that has inherent sampling
	problems. Unusual commodities or
	mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed
	information.
Drilling	• Drill type (eg core, reverse circulation,	•RC Drilling is being conducted by
techniques	open-hole hammer, rotary air blast, auger,	JCIL Drill. Bit diameter was 4.5
	Bangka, sonic, etc) and details (eg core	inches face sampling bit.
	diameter, triple or standard tube, depth of	•Diamond Drilling was conducted by
	diamond tails, face-sampling bit or other	JCIL drill using HQ core diameter
	type, whether core is oriented and if so, by	triple tube.
	what method, etc).
Drill sample	• Method of recording and assessing core	•RC Recovery was recorded by
recovery	and chip sample recoveries and results	weighing the recovered sample
	assessed.	before splitting. Sample size was
	• Measures taken to maximise sample	found to be consistent.
	recovery and ensure representative nature	•Diamond drill recovery was excellent
	of the samples.	as is therefore not expected to
	• Whether a relationship exists between	influence grade.
	sample recovery and grade and whether
	sample bias may have occurred due to
	preferential loss/gain of fine/coarse
	material.
Logging	• Whether core and chip samples have been	•Logging was carried out on each of
	geologically and geotechnically logged to a	the samples including lithology,
	level of detail to support appropriate Mineral	amount of weathering by a suitably
	Resource estimation, mining studies and	qualified geologist.
	metallurgical studies.	•Data is initially conducted on paper
	• Whether logging is qualitative or	logging sheets and is then
	quantitative in nature. Core (or costean,	transferred to excel logging sheets
	channel, etc) photography.	•Logging is semi-quantitative based
	• The total length and percentage of the	on visual estimation.
	relevant intersections logged.

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JORC Code, 2012 Edition Table 1

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Criteria	JORC Code explanation	Commentary
Sub-	• If core, whether cut or sawn and whether	•RC samples were taken at 1m
sampling	quarter, half or all core taken.	intervals and then split into 1.5kg
techniques	• If non-core, whether riffled, tube sampled,	samples with a reference sample
and sample	rotary split, etc and whether sampled wet or	also taken.
preparation	dry.	•All RC intervals were geologically
	• For all sample types, the nature, quality and	logged and mineralized intervals
	appropriateness of the sample preparation	selected for sampling at SGS in
	technique.	Johannesburg
	• Quality control procedures adopted for all	•Duplicate samples were taken at a
	sub-sampling stages to maximise	ratio of 1 in 20 by retaining the final
	representivity of samples.	riffle split
	• Measures taken to ensure that the sampling	•QC measures also include blank
	is representative of the in situ material	samples and certified standards both
	collected, including for instance results for	of which are inserted at a ratio of
	field duplicate/second-half sampling.	1:20. SGS also has its own internal
	• Whether sample sizes are appropriate to	QA/QC controls to ensure assay
	the grain size of the material being	quality
	sampled.	•All sampling was carefully supervised
		with ticket books containing pre-
		numbered tickets placed in the
		sample bag and double checked
		against the ticket stubs and field
		sample sheets to guard against mix
		ups
Quality of	• The nature, quality and appropriateness of	•Blanks, duplicated and certified
assay data	the assaying and laboratory procedures	standards were inserted by the
and	used and whether the technique is	company at a ratio of 1:20.
laboratory	considered partial or total.	•The samples were sent to Mwanza in
tests	• For geophysical tools, spectrometers,	Tanzania for sample preparation
	handheld XRF instruments, etc, the	before being were sent to South
	parameters used in determining the	Africa for analysis for Total Graphitic
	analysis including instrument make and	Carbon (TGC) using the method
	model, reading times, calibrations factors	GRAP_CSA05V LECO Total Carbon
	applied and their derivation, etc.	•The TGC analysis has been carried
	• Nature of quality control procedures	out by an industry accepted and
	adopted (eg standards, blanks, duplicates,	recognized laboratory - SGS
	external laboratory checks) and whether	•TGC is the most appropriate method
	acceptable levels of accuracy (ie lack of	of Analysis for graphitic carbon.
	bias) and precision have been established.	•SGS inserted its own standards and
		blanks.
Verification	• The verification of significant intersections	•Data was recorded by the sampling
of sampling	by either independent or alternative	geologist and stored in the
and assaying	company personnel.	company’s master spreadsheet. The
	• The use of twinned holes.	samples are transported to the SGS
	• Documentation of primary data, data entry	Lab in Mwanza for initial preparation
	procedures, data verification, data storage	before SGS transported for Assay at
	(physical and electronic) protocols.	their lab in Johannesburg, South
	• Discuss any adjustment to assay data.	Africa.
Location of	• Accuracy and quality of surveys used to	• A hand-held GPS was used to
data points	locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	identify the position of all samples (xy horizontal error of 5 metres) and reported using ARC 1960 grid and
	• Specification of the grid system used.	UTM datum zone 37 south.

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JORC Code, 2012 Edition

Table 1

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Criteria	JORC Code explanation	Commentary
	• Quality and adequacy of topographic
	control.
Data spacing	• Data spacing for reporting of Exploration	•Drill spacing was carried out on a
and	Results.	pattern of 400m by 160m currently
distribution	• Whether the data spacing and distribution is	only the first four lines are nearly
	sufficient to establish the degree of	completed
	geological and grade continuity appropriate	•Whether the data spacing and
	for the Mineral Resource and Ore Reserve	distribution is sufficient to calculate a
	estimation procedure(s) and classifications	Resource estimate is dependent on
	applied.	the grade continuity which will be
	• Whether sample compositing has been	determined after assays have been
	applied.	received
		•No compositing has been applied
		•Diamond drilling was used to twin
		two holes at Namangale and to target
		outcropping mineralization at Chidya
		80m apart.
Orientation	• Whether the orientation of sampling	•Surface mapping and interpretation
of data in	achieves unbiased sampling of possible	of ground EM data was used to orient
relation to	structures and the extent to which this is	the drill lines to get the most
geological	known, considering the deposit type.	unbiased sampling of the
structure	• If the relationship between the drilling	mineralisation.
	orientation and the orientation of key	•Drilling was planned to intersect the
	mineralised structures is considered to	mineralization as close as possible to
	have introduced a sampling bias, this	right angles. Results indicate the drill
	should be assessed and reported if	holes intersect the mineralisation at
	material.	between 70-90 degrees.
Sample	• The measures taken to ensure sample	•Transportation is carried out by
security	security.	company staff driving the samples to
		the Lab directly from site
Audits or	• The results of any audits or reviews of	•No audits or reviews have yet been
reviews	sampling techniques and data.	under taken

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JORC Code, 2012 Edition Table 1

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	• The prospecting license PL10718
tenement and land tenure status	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	containing the Namagale Prospect which was granted on the 18th of July 2015 for a period of four years for the exploration of Graphite. The area covered by the prospecting license is 239.17km2. The
	and environmental settings.	License is situated in the Ruangwa District
	• The security of the tenure held at	The License is located within the Lindi
	the time of reporting along with any known impediments to obtaining a licence to operate in the area.	region of south-east Tanzania. • The prospecting license PL10717 containing the Chidya Prospect was
		granted on the 18thof September 2015 for
		a period of four years for the exploration of
		graphite. The area covered by the
		prospecting license is located within the
		Mtwara region of south east Tanzania.
		• The PL’s are both held by Nachi Resources
		Ltd, which in turn is 100% owned by
		Mozambi Resources. The surface area is
		administered by the Government as native
		title. The area is rural, with wilderness
		areas and subsistence farming occurring on
		the PL. The Tenements are subject to a 3%
		royalty on production to the previous
		owners of Nachi Resources, which can be
		reduced to 1.5% under an agreement with
		the previous owner. There are no other
		known issues that may affect the tenure.
Exploration	• Acknowledgment and appraisal of	•There is no written record of previous
done by other	exploration by other parties.	exploration available for this area known to
parties		Mozambi Resources, The location of some
		graphite outcrops on the PL’s was known
		by the previous owners.
Geology	• Deposit type, geological setting	• The exploration targets occur in the
	and style of mineralisation.	basement rocks of the Mozambique belt
		system which principally comprise
		metamorphic rocks ranging from schist to
		gneisses including marbles, amphibolites,
		graphitic schist, mica and kyanite schist,
		acid gneisses, hornblende, biotite and
		garnet gneisses, quartzites, granulites, and
		pegmatite veins.Initial exploration has
		focused on areas where there no overlying
		younger sedimentary sequences remaining.

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JORC Code, 2012 Edition Table 1

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Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information	•A summary of this information including;
Information	material to the understanding of	eastings and northings of drill hole collars,
	the exploration results including a	RL, dip/azimuth, down hole length and hole
	tabulation of the following	length are provided in tables 1 2 and
	information for all Material drill	Appendix 1.
	holes:
	o easting and northing of the drill
	hole collar
	o elevation or RL (Reduced Level
	– elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and
	interception depth
	o hole length.
	• If the exclusion of this information
	is justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results,	•No assays are reported in this
aggregation	weighting averaging techniques,	Announcement
methods	maximum and/or minimum grade
	truncations (eg cutting of high
	grades) and cut-off grades are
	usually Material and should be
	stated.
	• 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.
	• The assumptions used for any
	reporting of metal equivalent
	values should be clearly stated.
Relationship	• These relationships are particularly	•Drill lines are planned to be as close as
between	important in the reporting of	possible to right angles to the mapped
mineralisation	Exploration Results.	mineralization.
widths and	• If the geometry of the	•The width of mineralization ranges from
intercept	mineralisation with respect to the	close to 100% of the intercepts to
lengths	drill hole angle is known, its nature	approximately 85% of the interval as the
	should be reported.	mineralization is gently folded. Closer
	• If it is not known and only the down	spaced drilling is required to find the exact
	hole lengths are reported, there	relationship.
	should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _

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JORC Code, 2012 Edition

Table 1

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Criteria	JORC Code explanation	Commentary
Diagrams	• Appropriate maps and sections	•A drill-hole plan is provided in Figures 2 and
	(with scales) and tabulations of	3 for Namangale and figure 8 for Chidya.
	intercepts should be included for	•A cross Section is provided in Figure 4
	any significant discovery being	showing the orientation of drilling relative to
	reported These should include, but	the interpreted geology for Namangale.
	not be limited to a plan view of drill
	hole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of	•No assays are reported.
reporting	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.
Other	• Other exploration data, if	•Previous results from Namangale include.
substantive	meaningful and material, should be	Ground EM survey results have also been
exploration	reported including (but not limited	reported previously. The announcement
data	to): geological observations;	also includes a simplified geological map of
	geophysical survey results;	the area.
	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.
Further work	• The nature and scale of planned	•Exploration is now at the drilling stage with
	further work (eg tests for lateral	the aim of defining a JORC resource in the
	extensions or depth extensions or	near future based in the area of the current
	large-scale step-out drilling).	drilling and at least 2 further planned lines
	• Diagrams clearly highlighting the	to the north east and south west that will be
	areas of possible extensions,	drilled in the coming weeks.
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

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