VOLT RESOURCES LIMITED — Regulatory Filings 2015

Oct 26, 2015

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ASX ANNOUNCEMENT

By e-lodgement 27 October 2015

Major New Graphite Discovery at Namangale

Highlights:

• Thick intercepts up to 100m (and remaining open) from surface intersected

• All mineralisation was intersected from surface

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

• Thicker area of mineralisation includes 100, 94, 75, 73, 47 and 35 metres over 960m width

• A total of 12 holes completed with mineralisation intersected over 10 holes at 160m spacing

• The drilling program is now mobilising to the next line 400m to the north east where graphite outcrop is mapped on the surface

• Intercepts targeted on the centre of large EM anomaly which is 1800m in length

• Excellent infrastructure in place with deep water port only 140km from site with electricity, water and sealed roads available

Introduction

Mozambi Resources Limited (ASX: MOZ, “ Mozambi”, “the Company” ) is pleased to announce a major new graphite discovery at the Company’s flagship prospect, Namangale. Drilling returned multiple large intercepts up to 100m thickness of graphite mineralisation, with drill several holes remaining open at depth. The Company is delighted to confirm that all mineralisation intersected was from surface. The majority of mineralisation logged as medium and high grade with coarse flake graphite observed. Assay results are expected in approximately 4 weeks’ time.

The drilling was conducted using 160m spacing and has defined two zones of mineralisation - the first 960m in width averaging 71m in thickness and the other 640m in width averaging 41m in thickness. The drilling completed is targeting a large EM anomaly, which has previously been defined and has a strike length of over 1800m.

Managing Director Alan Armstrong said, “The Company is extremely excited to announce a new major graphite discovery at Namangale. The results confirm mineralisation occurs over very substantial thickness from surface and is coincident with the large EM anomaly defined by a survey conducted earlier in October. The width and thickness of the mineralisation shows the Namangale Prospect hosts a very large amount of graphite mineralisation. Drilling is being 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. Following completion of the first 12 RC drill holes at Namangale, the drill rig has now been mobilised 400m to the north where outcropping graphite mineralisation has been mapped. The program also

includes several diamond holes to obtain metallurgical samples to test the flake size of fresh graphite mineralisation from the prospect.

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Figure 1 Location of the Nachingwea Project tenements

Namangale RC Drilling Results

12 RC holes for a total of 665 metres have now been drilled at the Namangale Prospect, with 10 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 and drilling is now planned to test the northern and southern extent of the EM anomaly. A summary of the results of the first 12 holes based on visual estimation carried out during the geological logging is provided in Table 1 below.

Table 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

*NSI indicates no significant intercepts

Drilling was completed using vertical holes into the mineralisation which is expected to be gently undulating based on both geological mapping and the results of the EM survey. Figure 2 below shows the RC rig on the first hole where 73 metres of mineralisation was intercepted from surface. The majority of holes were able to penetrate the full width of mineralisation however three holes reached 43, 94 and 100m with mineralisation remaining open at depth. The ridge in the background of figure 2 is a cretaceous sandstone unit covering the older Proterozoic sequence which form the low undulating hills in the foreground that hosts the graphite mineralisation at Namangale. Figure 3 shows mineralised RC chips recovered from the drilling program at Namangale.

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Figure 2 RC Drill-Hole on the First hole at Namangale

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Figure 3 A sample of mineralised RC chips from the Namangale Prospect

A map showing the location of the first drill line compared to the location of the ground EM anomaly for the Namangale Prospect is shown below in Figure 4 . The drilling program was primarily designed to test this EM anomaly and started near where there was a substantial area of graphite schist outcrop. The results of the drilling indicate a strong correlation between the thickness of mineralisation and the size of the EM anomaly. As can be seen in Figure 4 , the EM anomaly is striking to the North East with a similar intensity to the area already drill tested.

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Figure 4 RC Drill-Hole Location Map over the Ground EM Anomaly

A map of the drill hole collar location showing the location of the first drill line is shown in Figure 5 . 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 will test approximately 2km of strike length covering the area where outcrops are exposed and the Company believes there remains potential for the deposit to continue under cover to the north east and south west.

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Figure 5 Geological Mapping and the Collar Location of the first 12 holes drilled at Namangale

A cross section across the first drill line is provided in Figure 6 showing 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 6 Cross section showing the interpreted graphite mineralisation in the first drill line

Diamond Core Drilling

Diamond drilling is expected to commence in the coming days with drilling targeting fresh samples of graphite schist mineralisation that will be tested for flake size distribution and purity. Metallurgical results from diamond drilling will evaluate the size of the coarse flake graphite observed.

Expanded RC Drilling Program

Due to the results of the current round of drilling, Mozambi will increase the current RC drilling program with an additional 2000m to complete a further three or four drill lines. This will expand the amount of drilling from the planned 1800m to 3800m of RC drilling.

Existing Infrastructure

Mozambi Resources enjoys excellent infrastructure, with the deep-water Mtwara Port only 140km from site. Power and sealed roads are available 10km from the deposit location. The existing sealed road connects all the way to port. Figure 7 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 7 shows the deep-water Mtwara Port

Nachingwea Project Summary

The project area is located in the south east of Tanzania, which is becoming a significant new province for large tonnage, coarse flake graphite deposits with a number of JORC compliant resources now announced by graphite explorers in the region. The Nachingwea project is located approximately 60km south of ASX listed Magnis Resources’ Nachu Project (ASX: MNS). Graphite mineralisation in the province typically occurs in stratigraphic layers of graphitic schist, within a package of high pressure/temperature metamorphic rocks that make up the Mozambique Mobile Belt. Preliminary Flake size analysis at several of the company’s graphite prospects including at Chiwata returned highly encouraging graphite flake size results which is expected be confirmed when fresh representative samples from the current drilling program are tested.

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. Diamond drilling to confirm the expected coarse nature of graphite mineralisation is expected to commence shortly while additional lines of RC drilling are 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.

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 tails, face-sampling bit or other
	type, whether core is oriented and if so, by
	_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
	of the 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.
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 will be transported to the
	 Documentation of primary data, data entry	SGS Lab in Mwanza for initial
	procedures, data verification, data storage	preparation before SGS transported
	(physical and electronic) protocols.	for Assay at their lab in
	 Discuss any adjustment to assay data.	Johannesburg, South 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.

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
and	Results.	a pattern of 400m by 160m
distribution	 Whether the data spacing and distribution is	currently only the first line is
	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
	estimation procedure(s) and classifications	calculate a Resource estimate is
	applied.	dependent on the grade
	 Whether sample compositing has been	continuity which will be
	applied.	determined after assays have
		been received
		 No compositing has been
		applied
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 will occur at the
security	security.	completion of the program
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 which
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	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 licenses is 239.17km2. The
	sites, wilderness or national park	License is situated in the Ruangwa District
	and environmental settings.	The License is located within the Lindi
	 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.	region of south-east Tanzania.  The PL is 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.
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 table 1.
	information for all Material drill
	holes:

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JORC Code, 2012 Edition Table 1

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Criteria	JORC Code explanation	Commentary
	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’). _
Diagrams	 Appropriate maps and sections	A drill hole plan is provided in Figures 4 and
	(with scales) and tabulations of	5 showing mineralised width
	intercepts should be included for	A cross Section is provided in Figure 6
	any significant discovery being	showing the orientation of drilling relative to
	reported These should include, but	the interpreted geology.
	not be limited to aplan view of drill

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JORC Code, 2012 Edition

Table 1

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Criteria	JORC Code explanation	Commentary
	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).	line and at least 2 further planned lines to
	 Diagrams clearly highlighting the	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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