VOLT RESOURCES LIMITED — Regulatory Filings 2015

Oct 11, 2015

==> picture [452 x 126] intentionally omitted <==

ASX ANNOUNCEMENT

By e-lodgement 12 October 2015

All Fifteen Holes Drilled at the Chiwata Prospect Intercept Near Surface Graphite Mineralisation

Highlights:

• 15 holes drilled, with all holes intercepting graphite mineralisation

• Three lines drill tested to date cover 800m of strike and mineralisation remains open to the east and to the west

• Intersected thickness of mineralisation is typically 10-20m

• Drilling targeting graphite schist unit where rock chip samples returned high proportions of large and jumbo flake graphite

• Additional exploration to continue over Mozambi’s large tenement package of 1,955km[2]

Introduction

Mozambi Resources Ltd (ASX: MOZ, “ Mozambi”, “the Company” ) is pleased to announce drilling has confirmed the presence of graphite mineralisation in all twelve holes drilled to date at the Chiwata prospect. Mineralisation is flat lying, dipping between 0 and 15 degrees and is close to the surface in the holes drilled to date. Mineralisation remains open along strike to the east and the west and down dip to the north. A further 300m of RC drilling as well as 150m of diamond drilling in planned at the Chiwata Prospect before the Company will drill test the Namangale Prospect in the coming weeks.

Managing Director Alan Armstrong said, “Mozambi Resources’s drill testing of the first target at Chiwata has confirmed a substantial area of graphite mineralisation occurring at shallow depth. Encouraging visual results have us eagerly awaiting assay results from the current round of drilling. The company also anticipates being able to confirm preliminary data that indicated the presence of large and jumbo graphite flake in the area drilled when metallurgical testing of diamond drilling samples is completed.”

Figure 1 shows the location of the Nachingwea Project tenements and the main graphite prospects. The drilling at Chiwata is planned to be used in the calculation of a JORC resource and will include several diamond holes to obtain metallurgical samples to test the flake size of fresh graphite mineralisation from the prospect.

==> picture [452 x 330] intentionally omitted <==

Figure 1 Location of the Nachingwea Project tenements

Chiwata RC Drilling Results

A total of 15 RC holes for 808 meters have now been drilled at the Chiwata Prospect, with all holes intersecting graphite schist mineralisation. The mineralisation tested outcrops to the south of the drilling pattern and dips gently to the north as a result the mineralised intercepts remain at a relatively shallow depths several hundred meters down dip for the outcrop. Mineralisation is open to the east and to the west of the current drilling pattern as well as down dip to the north. Drilling was designed to test the width and thickness of coarse flake graphite outcrop observed directly south of the drill pattern. A summary of the results based on visual estimation carried out during the geological logging is provided in Table 1 below.

Table 1 Graphite Intercepts Chiwata

Hole ID	Easting	Northing	Azi/Dip	RL	Depth	From	To	Width
CWRC0001	500878	8830378	210/-60	597	46	0	6	6
CWRC0002	500921	8830449	210/-60	606	49	0	4	4
CWRC0003	500960	8830513	210/-60	598	31	5	12	7
CWRC0004	501005	8830583	210/-60	625	60	22	35	13
and						41	44	3
CWRC0005	501044	8830647	210/-60	613	64	34	49	15
CWRC0006	501085	8830712	210/-60	639	88	34	46	12
CWRC0007	500739	8830921	210/-60	627	64	1	21	20
and						43	50	7

CWRC0008	500699	8830853	210/-60	613	49	19	35	16
CWRC0009	500657	8830770	210/-60	606	58	1	9	8
CWRC0010	500943	8831270	210/-60	659	55	1	4	3
and						44	54	10
CWRC0011	500907	8831217	210/-60	655	49	32	42	10
CWRC0012	500859	8831134	210/-60	644	40	0	10	10
and						24	35	11
CWRC0013	500822	8831073	210/-60	637	46	12	24	12
and						33	38	5
CWRC0014	500785	8831002	210/-60	630	52	20	27	7
and						39	44	5
CWRC0015	501398	8830472	210/-60	608	57	40	57	17

A map showing the location of the drill holes compared to the location of eth ground EM anomaly for the Chiwata Prospect is shown in Figure 2 below. The drilling program is designed to test the down dip extent of the outcrops mapped to the south of the drill pattern.

==> picture [452 x 320] intentionally omitted <==

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

Drilling Program Namangale

After the completion of drilling at Chiwata, further RC drilling is planned at the Namangale Prospect. A ground EM survey recently completed at the project generated a large conductive anomaly coincident with outcropping graphite mineralisation. The target to be tested at this prospect measures 1.8km long by 800m wide. Preparations are now well advanced to begin drilling, including the clearing of access roads to the site and drilling pads to allow drilling to commence in the coming weeks. Figure 3 shows the EM anomaly that will be targeted in the coming drilling program.

==> picture [369 x 522] intentionally omitted <==

Figure 3 EM Survey Results at the Namangale Prospect

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 are delighted with the drilling results received at the Chiwata Prospect. It has been an outstanding result to confirm a substantial area of graphite mineralisation occurring at shallow depth all within an area where preliminary metallurgical test work has confirmed Large and Jumbo flake graphite. 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.

JORC Code, 2012 Edition Table 1

==> picture [204 x 57] intentionally omitted <==

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.

1

JORC Code, 2012 Edition Table 1

==> picture [204 x 57] intentionally omitted <==

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

==> picture [204 x 57] intentionally omitted <==

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 80m
distribution	 Whether the data spacing and distribution is	 Whether the data spacing and
	sufficient to establish the degree of	distribution is sufficient to
	geological and grade continuity appropriate	calculate a Resource estimate is
	for the Mineral Resource and Ore Reserve	dependent on the grade
	estimation procedure(s) and classifications	continuity which will be
	applied.	determined after assays have
	 Whether sample compositing has been	been received
	applied.	 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 60-90 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

3

JORC Code, 2012 Edition Table 1

==> picture [204 x 57] intentionally omitted <==

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 PL10644 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 9th of July 2015 for a period of four years for the exploration of Graphite. The area covered by the prospecting licenses is 198.02km2. The
	sites, wilderness or national park	License is situated in the Ruangwa and
	and environmental settings.	Masasi districts. The License Straddles the
	 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.	boundary of the Lindi and Mtwara regions 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

4

JORC Code, 2012 Edition Table 1

==> picture [204 x 57] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	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 at right angles
between	important in the reporting of	to the mapped mineralization.
mineralisation	Exploration Results.	The width of mineralization ranges from
widths and	 If the geometry of the	close to 100% of the intercepts to
intercept	mineralisation with respect to the	approximately 85% of the interval as the
lengths	drill hole angle is known, its nature	mineralization is gently folded. Closer
	should be reported.	spaced drilling is required to find the exact
	 If it is not known and only the down	relationship.
	hole lengths are reported, there
	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 Figure 2
	(with scales) and tabulations of
	intercepts should be included for
	any significant discovery being
	reported These should include, but

5

JORC Code, 2012 Edition Table 1

==> picture [204 x 57] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	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 Chiwata include
substantive	meaningful and material, should be	trenching results grab samples and pit
exploration	reported including (but not limited	sample assays. Ground EM survey results
data	to): geological observations;	have also been reported previously.
	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.
Further work	 The nature and scale of planned	Exploration is now at a 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 three
	large-scale step-out drilling).	lines currently being drilled.
	 Diagrams clearly highlighting the
	areas of possible extensions,
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

6