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WEEBIT NANO LTD Capital/Financing Update 2014

Jan 15, 2014

66042_rns_2014-01-15_c867afba-3b12-4cdf-b3cf-1c07fa9510c6.pdf

Capital/Financing Update

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Suite 7, 55 Hampden Road, Nedlands WA 6009 Tel: +618 9389 9919 Fax: +618 6389 0576

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16 January 2014

Centralised Company Announcements Platform, Australian Stock Exchange 10th Floor, 20 Bond Street Sydney NSW 2000

REPLACEMENT ANNOUNCEMENT

Radar Iron Ltd (“Radar” or the “Company”) advises that in yesterday’s announcement “Brazil Update 2”, Table 1 on page 9 did not fully conform to the disclosure requirements of JORC 2012.

Appended below is a replacement announcement correcting any omissions of commentary on sampling techniques and reporting of exploration results.

For or on behalf of Radar Iron Ltd

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Damon Sweeny Company Secretary

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Brazilian Iron Ore Project - Update 2

  • New Rock Chip Assays Received

  • Cacao Prospect results highly encouraging

  • Due Diligence ongoing

As previously announced Radar Iron Ltd (ASX: RAD) has entered into an option to acquire 50% of the Uruara Iron Ore project in northern Para State, Brazil.

ACN 146 455 576

The Uruara project’s prospectivity is based on mapping and trenching which has identified extensive areas of massive, high grade iron ore mineralisation at surface.

ASX Release

15 January 2014

Suite 7, 55 Hampden Rd Nedlands WA 6009 PO BOX 994 Subiaco WA 6904

P + 61 8 9389 9919 F + 61 8 9389 0576 E [email protected] W www.radariron.com.au

Contact:

Jonathan Lea Managing Director E [email protected]

Damon Sweeny Company Secretary E [email protected]

Directors:

Alan Tough - Chairman Jonathan Lea - Managing Director Ananda Kathiravelu - Non-Executive

Issued Capital: 81,340,070 Ordinary Shares 7,675,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

As part of Radar’s due diligence process a site trip was completed in December 2013. The site visit concentrated on the confirmation of previously mapped and sampled iron trends and closer inspection of additional areas that had been identified as having iron ore potential.

The recent geological mapping and sampling has increased the known extent of the mineralisation and revealed the potential for new iron rich zones across large areas in what is a largely unexplored region.

Several areas were visited, with 13 whole rock samples being taken from two prospects immediately east of the two trends that had been previously sampled. One of these areas demonstrated lower grade iron mineralisation and has been downgraded; however the “Cacao” prospect demonstrated very high grade massive iron mineralisation at surface over an area roughly 600m by 500m (Table 1) with the highest grades being over 66% Fe.

Table 1. AssaySummary
Sample
Fe%
Al2O3%
SU-0001
39.34
0.35
SU-0003
32.92
0.87
SU-0007
43.90
0.14
SU-0011
48.71
0.44
SU-0012
52.91
0.31
SU-0013
66.01
0.48
SU-0017
61.02
1.00
SU-0018
42.08
10.34
SU-0020
62.53
0.84
SU-0021
59.54
1.85
SU-0024
38.29
0.24
SU-0026
44.41
0.25
SU-0031
64.35
0.98
Table 1. AssaySummary
Sample
Fe%
Al2O3%
SU-0001
39.34
0.35
SU-0003
32.92
0.87
SU-0007
43.90
0.14
SU-0011
48.71
0.44
SU-0012
52.91
0.31
SU-0013
66.01
0.48
SU-0017
61.02
1.00
SU-0018
42.08
10.34
SU-0020
62.53
0.84
SU-0021
59.54
1.85
SU-0024
38.29
0.24
SU-0026
44.41
0.25
SU-0031
64.35
0.98
Table 1. AssaySummary
Sample
Fe%
Al2O3%
SU-0001
39.34
0.35
SU-0003
32.92
0.87
SU-0007
43.90
0.14
SU-0011
48.71
0.44
SU-0012
52.91
0.31
SU-0013
66.01
0.48
SU-0017
61.02
1.00
SU-0018
42.08
10.34
SU-0020
62.53
0.84
SU-0021
59.54
1.85
SU-0024
38.29
0.24
SU-0026
44.41
0.25
SU-0031
64.35
0.98
Sample
Fe%
SU-0001
39.34
SU-0003
32.92
SU-0007
43.90
SU-0011
48.71
SU-0012
52.91
Al2O3%
0.35
0.87
0.14
0.44
0.31
CaO%
0.02
0.04
0.02
0.02
0.22
MnO%
P%
0.08
0.01
0.47
0.02
1.23
0.01
0.05
0.01
0.01
0.02
SiO2%
37.59
46.55
27.45
22.33
20.71
SU-0013
66.01
0.48 0.28 0.17
0.02
2.93
SU-0017
61.02
1.00 0.04 0.05
0.02
3.82
SU-0018
42.08
10.34 0.01 0.03
0.08
17.91
SU-0020
62.53
0.84 0.01 0.03
0.08
3.01
SU-0021
59.54
1.85 0.02 0.03
0.08
3.17
SU-0024
38.29
SU-0026
44.41
0.24
0.25
0.04
0.02
0.01
0.01
0.02
0.01
40.22
33.69
SU-0031
64.35
0.98 0.77 0.60
0.01
4.82

Other areas within the lease package were visited and high grade mineralisation identified, but samples were not taken due to the need to negotiate formal land access agreements – a process that is now largely complete.

Due Diligence is nearly complete and there have been no concerns from a technical perspective on the prospectivity of the project. In anticipation of a successful outcome, the formal Joint Venture agreement is being drafted.

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Brazil Update 2

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Latest Results - Mapping and Rock Chip Sampling

The project area is covered by a combination of heavily grassed open farm land and forest with sparse outcrop, no drilling, no regional aeromagnetics. The ready identification of large areas of high grade massive iron ore at surface in a virgin area is highly encouraging and the potential to further extend the mineralised area is considered excellent.

Two rock chip sampling programmes have been completed in recent months. The first (eleven samples) was reported in Radar’s ASX release Brazilian Iron Ore Project - Update 1, on November 18, 2013.

As part of the recent field trip by Radar personnel and local contract geologists a further 13 samples were taken along previously identified and newly recognised mineralised zones. Samples were chosen to represent all of the various styles of iron mineralisation hematite and magnetite outcrop in fresh and weathered condition. The sampling was aimed at identifying new areas of potential iron ore mineralisation (rather than re-testing known mineralised corridors).

The results (Table 2) reinforce that the iron mineralisation at Uruara is high grade and contains encouragingly low levels of contaminants. The Cacao Prospect was highly encouraging in both extent and appearance with the high grade assays supporting this observation. This prospect is possibly the intersection of two trends, one NNW-SSE and the other E-W directly East along strike from a previously mapped high grade trend. The prospect remains open in all directions as the area sampled was limited by access constraints. Other samples form a newly identified zone to the south–west of Cacao had a lower tenor and hence will not be a main focus of future exploration.

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Figure 1. Mineralisation and Sample Location – Southern Part of EL 850.245

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Brazil Update 2

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Table 2. Rock Sample assay results

Sample ID East North Al2O3% CaO% Fe% K2O% LOI% MgO% MnO% Na2O% P% SiO2% TiO2%
SU-0001 225749 9602671 0.35 0.02 39.3 0.01 5.52 0.10 0.08 0.10 0.01 37.59 0.01
SU-0003 225809 9602670 0.87 0.04 32.9 0.02 4.79 0.10 0.47 0.10 0.02 46.55 0.02
SU-0007 225950 9602690 0.14 0.02 43.9 0.01 7.62 0.10 1.23 0.10 0.01 27.45 0.01
SU-0011 226233 9602879 0.44 0.02 48.7 0.01 7.01 0.10 0.05 0.10 0.01 22.33 0.01
SU-0012 226906 9603529 0.31 0.23 52.9 0.01 2.55 0.26 0.10 0.12 0.02 20.71 0.01
SU-0013 226976 9603451 0.48 0.28 66.0 0.01 1.09 0.22 0.17 0.10 0.01 2.93 0.03
SU-0017 227072 9603398 1.00 0.04 61.0 0.01 7.64 0.10 0.05 0.10 0.02 3.82 0.03
SU-0018 227114 9603474 10.34 0.01 42.1 0.01 9.84 0.10 0.03 0.10 0.08 17.91 1.57
SU-0020 227383 9603448 0.84 0.01 62.5 0.01 6.37 0.10 0.03 0.10 0.08 3.01 0.02
SU-0021 227070 9603307 1.85 0.02 59.5 0.01 9.33 0.10 0.03 0.10 0.08 3.17 0.06
SU-0024 225176 9603283 0.24 0.04 38.3 0.01 4.43 0.10 0.01 0.10 0.01 40.22 0.01

South American 1969 datum, Zone 22S

Future Work

Due Diligence is nearly complete and there have been no concerns from a technical perspective on the prospectivity of the project. The main focus now is on commercial aspects of the proposed farm-in. An announcement is expected in the next week on the outcome.

Once due diligence has been finalised and a joint venture document completed, an exploration team is ready to continue with mapping and sampling of the lease area. Existing tracks will be re-opened into the forest to east to attempt to verify the anecdotal strike extensions of the mineralisation. Only part of the large tenement holding has been accessed to date and the potential to locate new mineralised trends is considered excellent.

The JV parties are in discussions with various drilling companies with a view to early drill testing the easily accessible outcrop – potentially in the second quarter of 2014. An exploration plan is being completed so that the transition from appraisal to onground testing will be rapid.

Yours faithfully,

For and on behalf of Radar Iron Ltd

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Jonathan Lea

Managing Director

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COMPETENT PERSON’S STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Mr Jonathan Lea, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lea is a full-time employee of Radar Iron Ltd and 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 Lea consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

PREVIOUS SURFACE SAMPLING RESULTS

The information in this announcement relating to the initial 11 Surface Sample Assays completed in mid 2013 was reported to the ASX in an announcement titled “Brazilian Iron Ore Project – Update 1” on 18/11/2013 and is available to view on the Company’s website: www.radariron.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement 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 market announcement.’

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Project Background

The Uruara Project in Para State, comprises one issued exploration licence (EL) and six applications that can be readily converted to EL’s once they are deemed to have sufficient potential (Figure 3), covering approximately 68,000 Ha.

Following a 2 month due diligence period radar has the opportunity to farm into the project as detailed in the ASX announcement on November 13.

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Figure 2. Project Location

The Uruara project has not been drill tested with its prospectivity is based upon surface mapping and trenching which has identified extensive areas of massive, high grade iron ore mineralisation at surface.

Work to date has concentrated on the issued EL (850.245/2011), with little work carried out on the adjacent applications. Mapping on the EL has been limited to the southern portion of the lease where forest has been cleared for farming, exposing outcropping iron mineralisation.

Previous local prospectors had carried out basic mapping and trenching of outcrop of iron mineralisation, but little of a quantitative nature.

From mid 2013, exploration has consisted of more detailed mapping of the southern portion of EL 850.245. This mapping identified three main mineralised corridors, two ENE and one NNW, (Figure 1).

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Brazil Update 2

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Figure 3. Lease Package

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Mapping has been limited to those parts of the EL that had been cleared for farming. Within this small area, over 8km of strike extent of iron mineralisation has been identified in three zones (Figure 1) with a consistent width of between 150-300m.

Local prospectors have indicated that these zones continue eastward into the forest beyond the eastern margin of the EL, however as previously cut tracks had grown over, this could not be verified.

The iron formations appear reasonably homogenous in nature and mineralisation – with almost all occurrences being marked by large expanses of massive iron oxide mineralisation, with both massive magnetite and hematite being identified.

The weathering profile is thin, generally less than 1m, with limonite and detrital magnetite – this material is slightly more friable, however iron grades appear to remain high. The fresh rock shows grades from 59% to over 65% Fe.

The thickness of the mineralisation is unknown as no drilling has been undertaken. Several trenches were opened by hand by the previous workers, but the deepest of which could only extend to 4m due to the extreme hardness of the massive iron mineralisation. All trenches ended in massive iron mineralisation with no evidence of any vertical gradation to suggest the base was near.

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Brazil Update 2

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Figure 4. Leases and vegetation cover

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Plate 1. Typical Farmland

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Brazil Update 2

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Plate 2. Massive Iron mineralisation in outcrop

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Plate 3. High Grade Minerlalisation – Cacao Prospect

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Brazil Update 2

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Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut •Rock chip sampling was undertaken
techniques channels, random chips, or specific
specialised industry standard
as part of reconnaissance mapping
and prospecting.
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.
•Samples were taken when visible
mineralization was observed, and are
whole rock samples of isolated
outcrop of generally up to 1kg in
weight
Include reference to measures taken to
ensure sample representivity and the
•Samples were generally selected as
being likely to be of high grade.
appropriate calibration of any •Sampling was not undertaken on a
measurement tools or systems used. regular grid and was not intended to
Aspects of the determination of be representative of the subsurface.
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, •No drilling undertaken at prospect
techniques open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(eg 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).
Drill sample Method of recording and assessing •No drilling undertaken
recovery core and chip sample recoveries and
results assessed.
Measures taken to maximise sample
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 topreferential loss/gain of

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Criteria JORC Code explanation Commentary
fine/coarse material.
Logging Whether core and chip samples have •Sampling was of a preliminary nature
been geologically and geotechnically and intended to assess the
logged to a level of detail to support geological prospectively of the
appropriate Mineral Resource region. The data are not intended to
estimation, mining studies and be used in any resource estimation,
metallurgical studies. and was not logged for that purpose.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel, etc) photography.
The total length and percentage of the
relevant intersections logged.
Sub- If core, whether cut or sawn and •Whole rock samples were delivered
sampling
techniques
and sample
preparation
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
to the preparation facility of Acme
Labs, in Itaituba, Para State, Brazil.
Samples, were crushed, split and
pulverized to 200 mesh before being
homogenized and sub sampled to
For all sample types, the nature, quality ensure sample to be assayed was
and appropriateness of the sample representative of the whole sample.
preparation technique.
Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
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.
Whether sample sizes are appropriate
to the grain size of the material being
sampled.
Quality of The nature, quality and •After preparation, samples were
assay data
and
laboratory
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.
delivered to the Acme Labs
laboratory in Belo Horizonte, Minas
Gerias State, Brazil, for XRF
analysis.
tests For geophysical tools, spectrometers, •Methods used consistent with
handheld XRF instruments, etc, the standard XRF assay for rock chip
parameters used in determining the sampling
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures
adopted (eg standards, blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (ie lack of bias) and precision
have been established.

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Criteria JORC Code explanation Commentary Commentary
Verification The verification of significant Rock chip sample data – not
of sampling
and
intersections by either independent or
alternative company personnel.
intended for use in resource
estimation
assaying The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
Location of Accuracy and quality of surveys used Outcrop location was determined by
data points to locate drill holes (collar and down-
hole surveys), trenches, mine workings
handheld GPS and thus likely to be
accurate to +-5m.
and other locations used in Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.
Data Data spacing for reporting of Samples are randomly irregularly
spacing and
distribution
Exploration Results.
Whether the data spacing and
spaced and are not intended to be
used in any resource estimation.
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.
Whether sample compositing has been
applied.
Orientation Whether the orientation of sampling Outcrop is sparse and no information
of data in achieves unbiased sampling of is yet available related to possible
relation to
geological
possible structures and the extent to
which this is known, considering the
deposit type.
structures or trends
structure 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.
Sample The measures taken to ensure sample Samples were kept in the possession
security security. of company staff and delivered in
person to the laboratory
Audits or The results of any audits or reviews of No auditing undertaken or necessary
reviews sampling techniques and data. for sample results of this type

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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, •Tenement numbers are shown.
tenement
and land
tenure
location and ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships, overriding royalties,
•The company does not at the time of
this announcement, have title to these
tenements. A JV is being negotiated.
status native title interests, historical sites,
wilderness or national park and
environmental settings.
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.
Exploration Acknowledgment and appraisal of •First round of rock chip sampling
done by
other parties
exploration by other parties. mentioned in this release undertaken
by JV party. Internal review of
personnel and practises was
completely satisfactory
Geology Deposit type, geological setting and •Probably Phanerazoic Ironstone.
style of mineralisation. Genesis is unknown.
Drill hole A summary of all information material •No drilling completed
Information to the understanding of the
exploration results including a
tabulation of the following information
for all Material drill 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, •Rock chip samples are all point assay
aggregation
methods
weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high grades)
values – no aggregation undertaken
and cut-offgrades are usually

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Criteria
JORC Code explanation
Commentary
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
between
mineralisatio
n 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 (eg ‘down hole length, true
width not known’).
•Rock chip samples are all point assay
values – no aggregation undertaken
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.
•Rock chip samples are all point assay
values – surface sample location map
included in report
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.
•Simple factual announcement of
results. No inferences are being
drawn.
Other
substantive
exploration
data
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.
•Early exploration stage no other data
available apart from that presented
and discussed
Further work
The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
•Work plans are being developed

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Criteria JORC Code explanation Commentary
large-scale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.

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