ZEOTECH LIMITED — Interim / Quarterly Report 2019

Jul 28, 2019

ASX/MEDIA RELEASE

29/7/2019

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Quarterly Activities Report Quarter Ended 30 June 2019

Kraaipan Gold-Nickel-Copper-Pgm Project, Botswana

Metalsearch Limited’s 100% owned Kraaipan Gold-Nickel-Copper-PGM Project comprises Prospecting Licence, PL232/2016 and covers approximately 50 kilometre strike extent of the Kraaipan Greenstone Belt in southern Botswana. The Kraaipan Project is part of the larger NNW trending Amalia-KraaipanGreenstone-Terrane (‘AKGT’) of the Kaapvaal Craton. The AKGT in Botswana is directly along strike from significant gold deposits, as well as adjacent to significant PGM deposits, across the border in South Africa.

Kraaipan West Gold-Nickel-Copper-PGM Project

The Kraaipan West Project covers an approximately 15 kilometre long stretch of the Amalia-Kraaipan Greenstone Terrane (AKGT) in southern Botswana. The AKGT in Botswana is interpreted to be highly prospective for both gold and magmatic nickel-copper-PGM sulphide mineralisation, as these rocks are directly along strike and within the same geological units, as the well-known Kalgold and Kalplats deposits across the border in South Africa.

The Kraaipan West Project comprises Prospecting Licences, PL064/2017 and PL065/2017, which are 584 km[2] and 446km[2] in area respectively and are valid for three years. This project is approximately 30 kilometres to the west of the Kraaipan Gold-Nickel-Copper-PGM Project. The southern boundary of the tenures is located along Botswana’s southern border with South Africa and can be accessed via wellmaintained, all weather roads from Gaborone (capital of Botswana), approximately 180 kilometres to the north.

Kraaipan Project Drill Program

During the quarter the company commenced a six-hole Reverse Circulation (RC) drilling program on the Kraaipan Gold Project in southern Botswana.

Four holes of the drilling program will test historical drill intersections, which have not previously been followed up, including:

• 13m @ 1.71g/t Au from 11m down hole depth in historical drill hole KRP037

• 5m @ 2.3g/t Au from 27m down hole depth in historical drill hole KRP052

• 21m @ 1.0g/t Au from 7m down hole depth in historical drill hole KRP074

• 9.0m @ 1.1g/t Au from 17m down hole depth, including 4m @ 2.3g/t Au in hole KRP077[1]

Two holes will test new gold-in-soil geochemical anomalies which were generated by Metalsearch in October 2017 but were not drill tested at that time.[2]

1Refer LCR (now MSE) announcement 3 April 2017 for all drill holes details and assay results, including a JORC (2012) Table 1.

2See Metalsearch Limited ASX Announcement 16 October 2017.

The Company is not aware of any new information or data that materially affects the information contained in the above announcements, except as detailed in this report.

Metalsearch Limited | ASX: MSE

Level 4, 216 St Georges Tce, Perth WA 6000 Australia | PO Box 7315, Cloisters Square WA 6850 Australia P: +61 8 6268 2622 | F: +61 8 6268 2699 | W: metalsearch.com.au

29/7/2019

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ASX/MEDIA RELEASE

The geological prospectivity of the Kraaipan Project can be divided into two terranes as follows:

1. The Archean greenstone gold terrane of predominantly Banded Iron Formations (BIF’s) and mafic volcanic’s in the southern half of the Kraaipan licence, prospective for shear zone hosted gold deposits; and

2. Layered mafic intrusive complexes in the northern half of the licence. These complexes are predominantly mafic intrusive rocks associated with felsic and intermediate derivatives and are prospective for nickel-copper and Platinum Group Element (PGE) deposits.

In late 2017 and early 2018 Metalsearch focused its exploration efforts in the northern terrane, assessing the nickel-copper and PGE potential. Drilling targets were defined from a combination of soil geochemical samples and geophysical anomalies identified from interpretation of historical electromagnetic (EM) and magnetic data.

Drilling was completed subsequent to the end of the quarter and samples submitted for multi-element analysis at ALS Global Laboratories in Johannesburg. Results are expected in early to mid-August 2019.

Competent Person Statement

The information in this announcement that relates to exploration results is based upon information reviewed by Mr Jeremy Read who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), member No 224610. Mr Read is a director of Metalsearch Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Read consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Corporate

During the quarter the Company continued to review new project opportunities presented to the Company. This review process is ongoing, and the Company is in the process of conducting due diligence on potential project acquisitions.

For further information please visit www.metalsearch.com.au or contact:

Metalsearch Limited Tel: +61 8 6268 2622

Metalsearch Limited | ASX: MSE

Level 4, 216 St Georges Tce, Perth WA 6000 Australia | PO Box 7315, Cloisters Square WA 6850 Australia P: +61 8 6268 2622 | F: +61 8 6268 2699 | W: metalsearch.com.au

29/7/2019

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ASX/MEDIA RELEASE

Tenement Information as required by Listing Rule 5.3.3

The following is a table setting out the information as required by ASX Listing Rule 5.3.3, namely:

1. Mining tenements held at the end of the Quarter and their location;

2. Mining tenements disposed during the Quarter and location;

3. Beneficial percentage interests held in farm-in or farm-out agreements at end of Quarter; and

4. Beneficial percentage interests held in farm-in or farm-out agreements acquired or disposed of during the Quarter.

Location	Tenement	Interest at beginning of quarter (%)	Interests relinquished, reduced or lapsed (%)	Interests acquired or increased (%)	Interest at end of quarter (%)
Botswana	PL232/2016	100%	Nil	Nil	100%
Botswana	PL064/2017	100%	Nil	Nil	100%
Botswana	PL065/2017	100%	Nil	Nil	100%

Metalsearch Limited | ASX: MSE

Level 4, 216 St Georges Tce, Perth WA 6000 Australia | PO Box 7315, Cloisters Square WA 6850 Australia P: +61 8 6268 2622 | F: +61 8 6268 2699 | W: metalsearch.com.au

29/7/2019

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ASX/MEDIA RELEASE

Location of the Kraaipan and Kraaipan West Gold-Nickel-Copper-Cobalt-PGM projects in relation to the Harmony’s Kalgold Mine and the African Rainbow Minerals’ Kalplats Project in South Africa.

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Metalsearch Limited | ASX: MSE

Level 4, 216 St Georges Tce, Perth WA 6000 Australia | PO Box 7315, Cloisters Square WA 6850 Australia P: +61 8 6268 2622 | F: +61 8 6268 2699 | W: metalsearch.com.au