QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 30 SEPTEMBER 2011

Transcription

1 ASX ANNOUNCEMENT 31st October 2011 QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 30 SEPTEMBER 2011 COMPANY OVERVIEW Ausgold Limited was formed to discover new gold and copper deposits, utilising some of the latest innovation in geosciences within emerging mineral provinces across Australia. Multiple ore zones have been identified over a continuous 18 kilometres strike at the Company s key Katanning gold discovery and results indicate it has the potential to host a multi-million ounce gold deposit. CAPITAL DETAILS ASX: AUC As at 31 st October 2011 Tradeable Shares: 85,598,459 Escrowed Shares: 32,737,014 Tradeable Options: 48,819,555 Unlisted Options: 37,122,112 HIGHLIGHTS A 35,000m drillout of a 4.25 kilometre corridor from Fraser prospect to Jinkas and north to Neighbours has commenced Results of soil geochemistry indicates Jinkas gold mineralisation extends 1.8 kilometres north Large anomalous gold zone defined at Lukin by soil geochemistry 2 kilometres south of Dingo; multiple targets identified within a 2 kilometre x 2 kilometre area Results of soil geochemistry indicates Dingo gold mineralisation extends 500m further south from drilled extent; potentially exceeds 1.7 kilometres in strike Soil geochemistry results shows potential for Jackson deposit to extend 500m further to the south Wide-spaced Aircore drilling at Fraser intersects significant gold mineralisation from surface, confirming continuity of corridor; RC drilling follow-up drilling now underway Significant RC drill results returned from Dingo, Jackson, Olympia, and in the south of Jinkas Identification of possible Boddington-style intrusive zones from geochemistry Visible sulfides encountered at Yamarna; drilling assays awaited Page 1 of 39

2 SUMMARY OF EXPLORATION ACTIVITIES Ausgold Limited ( Ausgold or the Company ) (ASX: AUC) is pleased to release its Quarterly Activities Report for the period ended 30 September Katanning Gold Discovery, Western Australia (AUC 100%) The Katanning Gold Discovery is located within Ausgold s Boddington South Exploration Project located 275 kilometres southeast of Perth (see Figure 1). Ausgold recognised the potential for a similar ore genesis and repetition of Newmont s 26 million-ounce Boddington Gold Mine in the area and commenced drill testing of the primary gold mineralisation at Katanning in September Results from the work undertaken by Ausgold support the Company s interpretation of the Project s potential. Figure 1: Location map of Ausgold Katanning Gold Discovery relative to Perth and Newmont s Boddington Gold Mine Ausgold s ongoing exploration program to expand the resource at Katanning has identified two separate mineralised corridors at Katanning each having a strike length in excess of 18 kilometres. The Eastern Corridor at Katanning hosts the Jinkas ore body as well as a number of highly prospective gold targets including the Olympia, Neighbours, and Fraser prospects. The Western Corridor is host to the Dingo and Jackson deposits, and also hosts the Datatine, Lone Tree, White Dam and Shoestring prospects (refer Figure 2). Page 2 of 39

3 Figure 2: Simplified geology map of the Western and Eastern Corridors hosting Ausgold s Katanning Gold Discovery. Areas of known mineralisation or significant anomalism are indicated in red. Page 3 of 39

4 MAJOR DRILL PROGRAMME A major drilling programme has commenced on a 4.25 kilometres section of the eastern corridor between Fraser in the south, Jinkas, and north to Neighbours prospect (refer Figure 3). The programme will consist of over 35,000m of reverse circulation (RC) and diamond drilling. This drilling will advance initially on 80m section lines and will also scope the depth continuity of gold mineralisation by drilling down to 500m on selected 200m sections. On completion of this programme an initial JORC compliant resource will be calculated. Drilling has commenced at Fraser, with 3 RC rigs currently operating, where the Company previously reported significant gold mineralisation (refer Table 2) from shallow aircore drilling (ASX release 4 August 2011). Drilling of the Jinkas northern extension, where significant high grade gold mineralisation was previously reported, is planned to commence next week when a delayed Program of Works approval is expected to finally be received. A fourth RC rig is returning to site from the Yamarna Project, and diamond drilling rig will commence next week. A custom-built RC rig capable of deep drilling is scheduled to also commence at the end of November. An Aircore rig currently undertaking regional drilling at Bullock Pool will also return to Katanning to follow up on the anomalies generated from the soil geochemistry programme, and to prepare prospects at Lukin and elsewhere for RC drilling next year. SOIL GEOCHEMISTRY RESULTS Partial leach ionic soil geochemistry has been introduced at the Company s Katanning Gold Discovery with immediate success. An initial programme has identified a major gold soil anomaly covering four square kilometres at the Lukin Prospect which lies two kilometres south of the Dingo Deposit (refer Figure 3). Interpretation of this geochemical data indicates a possible extension of both the eastern and western mineralised corridors a further three kilometres to the south and potentially another corridor further to the west. The data also indicates a possible extension of the Dingo Deposit by an additional 500 metres to the south. Soil geochemistry carried out at Lukin is on a 200 metre by 50 metre grid and has identified an anomaly two kilometres wide and two kilometres long with three mineralised zones interpreted including the eastern and western corridors. An air core drilling programme on a 200 metre by 100 metre grid is planned for November and will prepare the anomaly for focussed reverse circulation drilling. A subsequent survey completed to the north of Jinkas identified further major and open-ended gold anomalism extending 1.8 kilometres north from the current extent of Jinka s drilling through to the Olympia prospect on the eastern mineralised corridor (refer Figure 4). The current area delineated by soil geochemistry and drilling is now 10 kilometres in length. These results also highlight the continuation of gold mineralisation on the western corridor over 1.5 kilometres from Lone Tree prospect to Jackson and beyond. Of particular significance is the presence of a strong gold soil anomaly south of the Jackson deposit, which indicates it may extend for a further 500m to the south. Page 4 of 39

5 Figure 3: Current Katanning Project area with corresponding gold geochemistry,showing 10 kilometres mineralised corridor from Lukin to Olympia/Jackson, with known deposits Page 5 of 39

6 SIGNIFICANT MULTI-ELEMENT RESULTS The Company is developing a significant multi-element database from partial leach ionic soil geochemistry, which has proved highly effective in identifying the new Lukin Prospect and extending the Dingo and Jinkas trends. In addition to defining gold trends and targets, it has revealed significant multi-element associations and highlighted a far more complex and intense intrusion history within the immediate area. A significant outcome from the multi-element geochemistry is the confirmed presence of further zoned intrusions to the east of the known gold-mineralised package. A broad suite of elements are associated with gold and include silver, copper, tungsten, strontium, molybdenum and magnesium. In addition, copper, arsenic and mercury clearly define linear features seen associated to the main gold mineralising event. A second element association characterized by lead, thorium, niobium and tin, with associated zonation/trends typified by copper, palladium, magnesium, light rare earths and lower order gold, mercury and thorium responses, suggests more complex intrusive events have occurred east of the known corridors of mineralisation. This shows similarities to the Boddington mineralisation which is intrusion related. The exploration team is focusing on these results and gravity surveys are now being planned to help better define the intrusions and their structural setting. DINGO DRILLING The Company completed a campaign of extension drilling to the south of Dingo during the quarter, where delayed assay results were recently received and reported (ASX release , see Table 1 for full results). These confirm the continuation of gold mineralisation over a strike length 1.2 kilometres to a vertical depth of around 150m. The gold mineralisation remains open along strike and also at depth. Furthermore, the soil geochemistry programme completed at Dingo indicates that this deposit may extend a further 500m to the south, where it is plunging shallowly at depth (refer Figure 3). Assay results recently received included: 1.54 g/t Au from 185m (BSRC0304) 1.75 g/t Au from 229m (BSRC0313) 0.87 g/t Au from 155m (BSRC0315) 1.07 g/t Au from 199m (BSRC0324) 0.83 g/t Au from 219m (BSRC0331) 1.14 g/t Au from 90m (BSRC0349) 1.85 g/t Au from 94m (BSRC0361) 1.96 g/t Au from 116m (BSRC0362) 1.44 g/t Au from 147m including 10.10g/t Au (BSRC0373) 1.65 g/t Au from 132m (BSRC0388) Page 6 of 39

7 Figure 4. Dingo Long Section, looking mine grid east JACKSON AND OLYMPIA DRILLING Ausgold recently reported assay results from Olympia and Jackson where a first pass RC programme has been completed (ASX release on 27 October 2011). Shallow drilling at the Jackson prospect has been completed over 500m strike. The deposit remains open along strike and at depth, as indicated by Figure 5. Olympia sits parallel to Jackson on the eastern corridor, and one deep hole (BSRC0296) intersected both mineralised zones, separated by just over 100m of adamellite sill (granite). The deposits also remain open along strike and at depth. Further drilling of these prospects to test the 500m southern extension to Jackson (refer Figures 4 and 5) will be undertaken next year. Assay results received included: Olympia 4.54 g/t Au from 85m (BSRC0237) 3.70g/t Au from 21 including g/t (BSRC0354) Jackson 1.27g/t Au from 9m (BSRC11A) 1.41g/t Au from 15m (BSRC132) 3.38 g/t Au from 22m including g/t Su (BSRC0139) g/t Au from 22m (BSRC143) 8.97 g/t Au from 19m and 2.25 g/t Au (BSRC0145) 3.32 g/t Au from 53m (BSRC0147) g/t Au from 6m (BSRC0152) g/t Au from 88m (BSRC0154) 1.68 g/t Au from 47m (BSRC0225) 4.24 g/t Au from 5m (BSRC0226) Page 7 of 39

8 g/t Au from 17m (BSRC0228) 2.38 g/t Au from 33m (BSRC0236) 5.74 g/t Au from 9m including g/t Au (BSRC0260) 3.72 g/t Au from 21m (BSRC0261) 1.11 g/t Au from 14m and 2.27 g/t Au from 24m (BSRC0270) 1.08 g/t Au from 12m and 1.5g/t Au from 42m (BSRC0285) g/t Au from 47 including g/t Au (BSRC0290) Figure 5: Jackson Long Section, looking mine grid east JINKAS SOUTH DRILLING A limited number of holes have been drilled in the south of Jinkas pit, to intersect gold mineralisation at both the western and eastern corridors. High grade mineralisation was intersected in holes 395 and 435 from the western corridor underneath the pit, and down dip assays from this zone remain outstanding. Observations from deeper holes drilled on the eastern corridor further north encountered significant sulfide intersections (refer Figure 6) and those results are also awaited. Results from drilling thus far include: 11.2 g/t Au from 93m including 17.1 g/t Au (BSRC0395) g/t Au from 134m including g/t Au (BSRC423) 7.86 g/t Au from 81m including g/t Au (BSRC0435) Page 8 of 39

9 Figure 6. South Jinkas section, showing high grade western corridor mineralisation FORWARD EXPLORATION PROGRAMME The exploration programme at Katanning over the next quarter will consist of RC and diamond drilling, aircore drilling, soil geochemistry and geophysics. RC and diamond drilling will be focused on the section of the eastern corridor between Fraser, Jinkas and Neighours and consist of over 35,000 metres of drilling utilising six drilling rigs. Aircore drilling will be conducted on new gold anomalies identified from soil geochemistry starting at Lukin Prospect (see figure 3). Soil geochemistry will continue with the aim of covering the whole 18 kilometres of the project area. A gravity survey will be conducted to better define the potential intrusion zones to the east of the main corridors identified from multi element geochemistry. Boddington South Exploration Project, Western Australia (AUC 100% & Joint Venture) The Company s Boddington South Regional (BSR) Project, which surrounds the 18 kilometre long Katanning Gold Project (KGP) discovery, covers an area of 6,000 square kilometres encompassing geophysical and geochemical corridors or trends that now collectively exceed 150 kilometre strike length. These trends are re-defining/identifying greenstone style rocks or their derivatives, many of which host significant and cohesive gold and base metal geochemical anomalies. Page 9 of 39

10 Digital compilation of the extensive historic company, public domain and Ausgold exploration databases, and their collation into a Geographic Information System, has enabled a useful synthesis of the data and allowed assessment at a regional scale. The review has identified 42 prospects considered worthy of further exploration with 12 of these considered high priority and 4 assessed as drill ready. They are shown in Figure 7 below. The Company intends to make a more detailed release to the ASX covering regional prospects and activities during November, and intends to RC drill at least one advanced prospect this year. The regional program is gathering significant momentum, with a dedicated regional field crew now in place. The Company recently made a further technical appointment to the programme, with experienced geologist Allan Younger joining the team as a Senior Geologist. Allan has previously held chief geologist roles and more recently held consultant exploration manager roles with a variety of companies. In addition Ms Alex Mukherji has accepted a role as Senior Geologist- Compliance, to assist regional and project submission and reporting issues. Ms Mukherji was previously Manager Geology at MMWC Geological Consultants Pty Ltd. Regional stream sampling has been instigated to assess areas identified as highly prospective by the data review, but where reliable surface data is not currently available. A stream sampling program collecting 920 samples across the entire tenement package has commenced and is expected to be complete by mid-december, Successful definition and extension of known gold mineralization, along with new insights into the geology, structure and intrusion architecture within the Katanning Gold Project area using ionic soil sampling, has provided confidence in surface soil sampling, which is now being used as the initial exploration assessment tool over the existing prospect areas and within the target corridors, prior to follow-up Air Core and Reverse Circulation drilling programs. Page 10 of 39

11 Figure 7: Schematic image of selected regional gold targets within the Ausgold s greater Boddington South Exploration Project derived from openfile databases, which suggests possible repetitions of Katanning-style gold mineralisation across the Company s greater tenement holding. DISCUSSION OF REGIONAL PROSPECTS A number of high priority areas have been identified for regional exploration, discussed below. Hudson Historic gold workings have been reported at Hudson and Ausgold believes this prospect demonstrates the potential to host mineralisation in line with the greenstone found at the Katanning Gold Discovery. Geochemical sampling carried out during the last decade has confirmed gold anomalism is present and that it may be wider spread, in particular extending to the southwest. Page 11 of 39

12 Ausgold proposes to complete additional reconnaissance exploration over the Hudson prospect in the coming months. In addition to testing the potential for this prospect to host a sizeable gold deposit, this exploration program will also test the continuity of gold mineralisation between the Hudson anomaly and the Bailey prospect located approximately 10 kilometres along strike to the south. Bailey Surface geochemical sampling carried out during the last decade indicated a 900 metres northsouth trending gold anomaly including high-grade gold-in-soil values with a nearby laterite sample recording the highest arsenic assay for the whole historic dataset covering the Boddington South area. This gold-arsenic anomalism suggests strong potential for mineralisation associated with this apparent continuation of the Katanning greenstone geology which hosts the Company's Katanning Gold Discovery. Elevated copper levels at this location also suggest that the Bailey anomaly extends to the northwest to the Hudson prospect. Mathilde Historic workings have demonstrated a discrete, very strong, gold-arsenic anomaly in calcrete and laterite up to 91 ppb Au (laterite), 60 ppb Au (calcrete) and 120 ppm As (laterite) - demonstrating some of the peak arsenic and gold assays received in all of the historic dataset, making this area a robust drill target. Immediately south of this lies a copper anomaly which also warrants further investigation. Dumbleyung Gold was first reported at the Dumbleyung prospect in 1906 and a sampling program completed in 1990 by a previous explorer recovered rock chip samples up to g/t Au. An auger sampling program completed around the same time indicated a coherent gold anomaly over 500 metres long (peak assay 215 ppb Au) trending slightly west of north and open to the northwest. Despite the historic gold working at Dumbleyung, the primary gold mineralisation within this prospect remains untested by drilling. Significantly, all historic data points to the Dumbleyung prospect lying north-northwest along strike from the Katanning Gold Discovery and Ausgold believes that this area could be highly prospective and therefore is a high priority target for further investigation and drill testing. Meinmuggin A coherent gold in soil anomaly was previously tested by shallow Rotary Air Blade and one Reverse Circulation drill hole which reported up to 1m at 2.06 g/t gold. The holes are to a maximum depth of 48m and deeper RC drilling is planned to test the depth potential at this location which is 30 kilometres north of the Katanning Gold Project (KGP). The Company believes that earlier shallow drilling was oriented incorrectly. Detailed soil sampling will also be completed to identify any extensions or parallel corridors. Page 12 of 39

13 Dongolocking An elevated gold arsenic corridor open to the north and south was identified by previous laterite and soil surveys. Stream sediment survey anomalism and favourable magnetic responses indicate that the area has an affinity with greenstone rocks with a mineralized corridor. The prospect is 50 kilometres north of the KGP. Collanilling The prospect has elevated gold, arsenic copper and chrome responses in laterite, streams and soil sampling strongly suggesting a mineralized corridor some 40 kilometres north west of the KGP. Geophysical interpretation also supports this interpretation from the sampling results. Hawkes Elevated gold, arsenic and copper anomalism in soil samples, which is coincident with an arcuate magnetic pattern suggesting relict greenstone lithology. Hawkes is 30 kilometres east of the KGP. Naribin Anomalous gold and lead responses in soil and stream sampling are open to the north and south, with detailed magnetic interpretation indicating tightly folded greenstone derived rocks. Naribin is 35 kilometres north west of the KPG. Quadrio JV (Ausgold earning 60%) The regional Aircore drilling program continues within the Quadrio Joint Venture (Ausgold earning 60%). A large proportion of planned work is complete at the Bullock Pool Prospect, located south of the Katanning Gold Discovery within the Company s Boddington South Regional Exploration Project, and the Company has met its first phase of commitment, and will shortly pass its expenditure commitments for earn in. Results from this program continue to be received and are being evaluated, but several areas have yielded anomalous gold values worthy of further work. Yamarna, Western Australia (AUC 100%) The current RC drilling programme at Yamarna, some 125 kilometres north-east of Laverton in Western Australia is largely complete, with 2 holes remaining in a 9 hole programme before the rig returns to Katanning. At the Winchester Cu-Ni discovery (refer ASX announcement ) a single RC drill hole testing an Electromagnetic (EM) anomaly returned 0.58% Copper, 0.35% Nickel, and 0.02% Cobalt from 29m. In terms of copper equivalent (Cu Eq.) this equates to 1.62% Cu Eq. (Cu valued at US$6,500/t, Nickel US$17,500/t and Cobalt US$30,000/tonne) and represents a significant discovery. Two further holes have been completed in this section, with visual sulfides encountered. A deep step-back hole remains to be drilled at Winchester, targeting this mineralisation 300m down-dip from surface. Assay results for the first part of this programme are anticipated to be received from Ultratrace next month. Page 13 of 39

14 Mainly single hole testing of priority targets at 5 other EM anomalies is nearing completion. All holes have been cased for downhole electromagnetic surveying (DHEM) testing, and where completed, off-hole conductors have been identified for future work. The Company is currently awaiting further results from drilling, assaying and DHEM testing. Once these results have been assessed the next stage of exploration will be planned. Doolgunna Project The Project area is adjacent to Sandfire Resources DeGrussa copper-gold project and in regional proximity to the Plutonic Gold Mine (see Figure 8). Key project attributes include favourable geology (Peak Hill metamorphics & Narracoota volcanics), definitive geophysical targets, a good structural setting and in excess of 5 kilometres strike length of prospective Jenkins Fault. Previous Ausgold exploration has focussed on acquisition of high quality magnetic, radiometric and airborne EM geophysical data. A number of prospective geophysical targets have been identified and during the quarter a previous ground gravity survey was extended and identified 2 new areas for future exploration. The survey involved acquisition of 1708 sample stations on a 100m by 50m grid spacing to the north of the 2010 gravity survey. Further geophysical processing and interpretation work is scheduled ahead of planned drilling during the 2012 field season. Figure 8: Doolgunna location and 2011 gravity survey area. Page 14 of 39

15 Cracow Project The Cracow project covers 1,200 kilometres² prospective ground within 16 kilometres of Newcrest s 1 Moz Cracow gold mine, 375 kilometres northwest of Brisbane. Prime targets include repetitions of the neighbouring Cracow epithermal gold ore body, along with poly-metal (gold, copper, silver, lead, and zinc) intrusion related porphyry systems (e.g. Kidston deposit). During the quarter re-analysis of earlier regional stream geochemistry has refined gold and base metal targets with 19 potential epithermal gold target areas and one base metal intrusive target now identified by soil/stream sediment geochemical programs. Mapping supported by geochemical soil and stream surveys are currently underway, with the aim of developing drill targets for the 2012 field season. CONTACT DETAILS Registered Office Level 14, 191 St Georges Terrace Perth WA 6000 Tel: Fax: For further information, shareholders and media please contact: Robert Pett Chairman Ph: rpett@ausgoldlimited.com Victoria Thomas Six Degrees Investor Relations Ph: victoria@sixdegreesmedia.com.au or visit: Competent Persons Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Craig Hall, who is a Member of the Australian Institute of Geoscientists. Mr Hall is the Exploration Manager and full-time employee of Ausgold Limited, and has sufficient experience relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hall consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Page 15 of 39

16 Table 1: Summary of significant RC drill intercepts DINGO HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC NSI BSRC NSI BSRC NSI BSRC NSI BSRC BSRC NSI BSRC NSI BSRC NSI BSRC BSRC Page 16 of 39

17 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC NSI vertical BSRC NSI BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC NSI BSRC NSI BSRC BSRC NSI BSRC NSI Page 17 of 39

18 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC NSI BSRC NSI BSRC NSI BSRC NSI BSRC BSRC BSRC BSRC NSI BSRC BSRC BSRC BSRC Page 18 of 39

19 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC NSI BSRC BSRC NSI BSRC BSRC BSRC BSRC BSRC NSI BSRC NSI vertical Page 19 of 39

20 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC NSI BSRC NSI BSRC BSRC vertical BSRC NSI BSRC BSRC NSI BSRC NSI BSRC BSRC vertical BSRC NSI Page 20 of 39

21 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC vertical BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC NSI Page 21 of 39

22 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC inc BSRC BSRC vertical BSRC vertical BSRC vertical BSRC BSRC vertical BSRC NSI BSRC BSRC Page 22 of 39

23 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC NSI vertical BSRC BSRC NSI vertical BSRC BSRC BSRC NSI BSRC BSRC BSRC vertical BSRC NSI BSRC Page 23 of 39

24 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC NSI BSRC BSRC vertical BSRC BSRC NSI BSRC BSRC vertical BSRC BSRC NSI BSRC BSRC NSI BSRC Page 24 of 39

25 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC NSI BSRC NSI BSRC NSI JACKSON HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC BSRC BSRC NSI BSRC NSI BSRC inc Page 25 of 39

26 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC NSI BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC NSI Page 26 of 39

27 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC NSI BSRC NSI BSRC NSI BSRC Page 27 of 39

28 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC BSRC BSRC BSRC BSRC inc BSRC BSRC BSRC BSRC inc Page 28 of 39

29 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC BSRC inc Page 29 of 39

30 HOLE ID Easting Northing RL Hole Depth From To Interval Au/g/t BSRC BSRC BSRC NSI BSRC BSRC NSI OLYMPIA HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC BSRC BSRC BSRC BSRC Page 30 of 39

31 HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC BSRC NSI BSRC BSRC BSRC BSRC BSRC BSRC inc BSRC BSRC BSRC NSI BSRC NSI Page 31 of 39

32 HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC JINKA HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC BSRC vertical BSRC BSRC BSRC inc BSRC BSRC vertical BSRC NSI vertical BSRC NSI Page 32 of 39

33 HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC NSI BSRC BSRC vertical inc BSRC BSRC BSRC BSRC BSRC Page 33 of 39

34 HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC BSRC BSRC BSRC NSI BSRC BSRC BSRC NSI BSRC BSRC Page 34 of 39

35 HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC BSRC NSI BSRC BSRC BSRC BSRC vertical BSRC vertical inc BSRC NSI vertical Page 35 of 39

36 HOLE ID Easting Northing RL Hole Depth From To Interval Au g/t BSRC BSRC BSRC BSRC BSRC BSRC vertical BSRC Table 2: Summary of significant AC drill intercepts at Fraser Hole Number Easting Northing Total Depth (metres) From (metres) To (metres) Interval (metres) BSAC BSAC BSAC Gold (g/t) Page 36 of 39

37 BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC NSI BSAC BSAC BSAC NSI BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC Hole Number Easting Northing Total Depth (metres) From (metres) To (metres) Interval (metres) BSAC BSAC BSAC BSAC Page 37 of 39 Gold (g/t)

38 BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC NSI BSAC BSAC BSAC NSI BSAC BSAC NSI BSAC BSAC NSI BSAC BSAC NSI BSAC NSI BSAC Hole Number Easting Northing Total Depth (metres) From (metres) To (metres) Interval (metres) BSAC NSI BSAC NSI BSAC NSI BSAC Gold (g/t) Page 38 of 39

39 Co-ordinates are in MGA Zone 50 GDA94. All holes are drilled on an azimuth of 243 and dip at -60 degrees unless otherwise noted Intercepts calculated using a 0.5 g/t Au lower cut, no upper cut, and a maximum 2 metre internal dilution. All assays determined by 1 metre split samples using fire assay by Ultra Traces and Quantum Analytical Services in Perth. Page 39 of 39