For personal use only - ASX · Mr Tony Kiernan Non-Executive Chairman Mr Raleigh Finlayson Managing...

SARACEN MINERAL HOLDINGS LIMITED

Two discoveries highlight the potential of the Carosue Dam Corridor

Results will help underpin strategy to grow inventory and increase production to 400,000ozpa

Corporate Details: 27th November 2018 ASX code: SAR Corporate Structure: Ordinary shares on issue: 820.3m Unvested employee performance rights: 10.0m Market Capitalisation: A$2.1b (share price A$2.58) Cash, bullion and investments (September 30): A$131.0m Debt: Nil Directors: Mr Tony Kiernan Non-Executive Chairman Mr Raleigh Finlayson Managing Director Mr Geoff Clifford Non-Executive Mr Martin Reed Non-Executive Dr Roric Smith Non-Executive Ms Samantha Tough Non-Executive Substantial Shareholders: Van Eck 13.5% Wroxby 5.9% Paradice 5.0%

Registered Office: Level 11 40 The Esplanade Perth WA 6000 Telephone: +61 8 6229 9100 Facsimile: +61 8 6229 9199

For further details contact:

Troy Irvin Telephone +61 8 6229 9100

[email protected]

Key Points

New discoveries

Two new discoveries in the Carosue Dam Corridor, within 4km of the 2.4Mtpa mill:

Atbara - Discovery hole 40.0m @ 3.8g/t (including 12.0m @ 7.7g/t) Qena - Discovery hole 20.0m @ 2.8g/t

Follow-up drilling to start immediately at both discoveries

Carosue Dam

At Karari, thick high-grade extensional drill results included 71.0m @ 6.0g/t (including 40.9m @ 8.5g/t), 36.0m @ 3.8g/t and 13.1m @ 9.1g/t

At Whirling Dervish, thick high-grade infill drill results included 21.3m @ 4.7g/t, 20.5m @ 4.5g/t and 20.5m @ 4.1g/t

At Deep South, thick high-grade extensional drill results included 10.9m @ 18.3g/t, 5.0m @ 18.0g/t and 9.2m @ 12.3g/t

Thunderbox

At Thunderbox A Zone, infill drill results included 37m @ 2.8g/t, 28m @ 2.9g/t and 14m @ 3.7g/t

At Kailis Stage 2, results from infill drilling confirm the presence of very high grades, including 2.0m @ 30.9g/t and 3.0m @ 10.5g/t

At Bannockburn, early infill results from the promising Irvin Lodes included 14.0m @ 3.7g/t and 15.0m @ 2.9g/t

Regional exploration

Multiple areas of anomalism identified in early stage aircore work, with drilling ongoing at:

Mt Celia (Carosue Dam) - Results up to 70ppb on the western stratigraphic package

Bannockburn (Thunderbox) - Results up to 904ppb east of the Blue Tank Shear

Saracen Managing Director Raleigh Finlayson said the results showed the Company’s organic growth strategy was progressing to plan. “This is an outstanding start to our FY19 exploration campaign,” Mr Finlayson said. “We have outlined a clear strategy to increase production to 400,000 ounces per annum based on organic growth and these results show that this strategy is well on track. “The two discoveries in the Carosue Dam Corridor are promising and demonstrate the key role this area stands to play in growing our inventory, which will in turn underpin increases in our production and cashflow.”

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Next chapter of growth in FY19

Exploration and drilling has increased significantly across Saracen’s portfolio with a A$60m investment

planned over FY19.

The A$60m of exploration can be broken up into the following items and estimated spend:

Carosue Dam Operations – Drilling Update

Additional surface and underground drill rigs have been mobilised to accelerate both the exploration and

resource definition efforts.

Early results from the increased activity highlight the potential to unlock significant value and further

extend mine life.

Drilling has been focused on:

Key operating underground mines (Karari-Dervish and Deep South)

High-ranking targets along Carosue Dam’s ‘Corridor of Riches’

Exploration

A$60m

Karari -Dervish A$20m

Thunderbox A$16m

Other A$13m

Carosue DamCorridorA$11m

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Karari Underground

Drilling at Karari has continued in the north from the 1940 drill drive and in the south from the 1916 drill drive.

The drilling has targeted extensions to the mineralisation outside the Ore Reserve, which was published in

August 2018. This has returned some highly encouraging results in both the north and south of the mine.

Drilling in the northern area testing the down plunge high grade positions has returned some excellent results

including 71.0m @ 6.0g/t (including 40.9m @ 8.5g/t), 36.0m @ 3.8g/t and 13.1m @ 9.1g/t. These results

sit outside the Ore Reserve and highlight the growth opportunity that remains at Karari (Figure 1).

Figure 1 – Karari Long Section, New Drill Results

In the south, further strong results outside the Ore Reserve will incrementally add strike length to planned

levels. These results include 17.8m @ 5.0g/t, 11.3m @ 4.9g/t and 25.0m @ 2.4g/t.

Below is a table of significant Karari extensional intercepts:

Significant drill results include:

KREX041 70.9m @ 6.0g/t

KRRD321 13.1m @ 9.1g/t

KREX034 36.0m @ 3.8g/t

KRRD330 73.0m @ 2.4g/t

KRRD324 17.8m @ 5.0g/t

KRRD325 11.3m @ 4.9g/t

Drilling continues at Karari with two diamond drills focused on extensional growth and Ore Reserve

conversion. Over 65,000m of drilling is planned during FY19.

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Whirling Dervish Underground

Following a successful extensional drill program which contributed to a significant increase in Ore

Reserves in Q1, drilling has been focused on infill drilling in the southern and central areas of the mine

(Figure 2).

With underground mining at Whirling Dervish ramping up, the infill drilling will continue to increase

confidence in the geological interpretation and the mine schedule.

A number of strong results have been returned including 21.3m @ 4.7g/t, 20.5m @ 4.5g/t and 20.5m

@ 4.1g/t.

Figure 2 – Whirling Dervish Long Section, New Drill Results

Below is a table of significant Whirling Dervish in-fill intercepts:


WDGC149 21.3m @ 4.7g/t FW

WDGC152 20.5m @ 4.1g/t FW

WDGC133 20.6m @ 4.5g/t FW

WDGC153 21.9m @ 2.8g/t FW

WDGC150 11.0m @ 3.7g/t FW

Infill drilling continues and will return to exploration and resource definition during the March quarter 2019

and onwards.

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Deep South Underground

Following a detailed geological investigation into the high grade controls at Deep South, a number of

target areas below the Ore Reserve are being drill tested.

Early results from the program have been very encouraging and better than anticipated. Significant

mineralisation has been intersected in multiple holes (Figure 3), with visible gold noted in a number of the

high grade intersections.

Significant results include 10.9m @ 18.3g/t, 5.0m @ 18.0g/t and 9.2m @ 12.3g/t.

Figure 3 – Deep South Long Section, New Drill Results

Below is a table of significant Deep South intercepts:


DSEX019 10.9m @ 18.3g/t

DSEX016 5.0m @ 18.0g/t

DSEX011 9.2m @ 12.3g/t

DSEX007 10.8m @ 6.8g/t

DSEX010 3.1m @ 13.3g/t

DSEX009 9.7m @ 4.7g/t

A fourth underground rig was mobilised to execute the program, which ensured drilling momentum at

Karari and Whirling Dervish was not interrupted. Following the program, the rig will mobilise to Whirling

Dervish.

These highly encouraging results will be followed up with a surface diamond and RC program aimed at

further extensions. This program has commenced and will be reported in the March quarter 2019.

On the back of the encouraging drill results, Saracen is evaluating a number of alternatives to the current

plan to complete mining in the March quarter 2019.

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Thunderbox Operations – Drilling Update

Drilling and exploration across the Thunderbox operations has increased rapidly over the last few months.

With underground development at Thunderbox ahead of schedule, the commencement of underground

drilling has been accelerated and surface exploration and resource definition drilling has stepped up from

two rigs to four.

Thunderbox Underground

Underground drilling has commenced ahead of schedule with two rigs currently operating. Drilling has been

conducted from available footwall development as well as the long term dedicated hangingwall drill drive.

Early results from the 40,000m planned in FY19, have been encouraging, with consistent and persistent

mineralisation being observed (Figure 4). Highlights include 37m @ 2.8g/t and 28m @ 2.9g/t.

Figure 4 – Thunderbox Long Section, New Drill Results

Below is a table of significant Thunderbox A-Zone UG in-fill intercepts:


THGC106 37.4m @ 2.8g/t

THGC105 28.3m @ 2.9g/t

THGC108 14.5m @ 3.7g/t

THGC003 19.4m @ 3.0g/t

THGC046 11.1m @ 4.5g/t

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Kailis Stage 2

Mining of the Kailis Stage 1 pit was completed at the end of June 2018. Ahead of the Stage 2 Kailis pit

cut back, an extensive resource infill program has been completed to optimise the location of the pit and

also de-risk the production schedule.

Kailis mineralisation is known for its high variability in grade and tight infill drilling was instrumental in

delineating and estimating the resource. Mining of Stage 1 was highly successful, with current

reconciliation delivering 20% additional ounces.

Results from the Stage 2 drilling have again confirmed the presence of very high grades. Results include

2.0m @ 30.9g/t and 3.0m @ 10.5g/t.

Figure 5 – Kailis Stage 2 Cross Section, New Drill Results

Below is a table of significant Kailis Stage 2 intercepts:


KLGC_373_3125 2.0m @ 30.9g/t

KLGC_373_3105 12.0m @ 2.9g/t

KLGC_373_3116 7.0m @ 4.1g/t

KLGC_373_3127 3.0m @ 10.5g/t

Mining at Kailis Stage 2 is scheduled to commence late in the current December quarter 2018.

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Bannockburn

A large resource definition program is underway to define and extend the northern area of the

Bannockburn resource (Figure 6). The drill program aims to extend the large Indicated Mineral Resource

which currently sits at 9.0Mt @ 2.0g/t for 560koz.

The Irvin lodes which dip moderately to the east are the key focus of the drilling. The lodes sit in the

hangingwall of the Bannockburn Shear and are characterised by quartz veining with minor biotite and

pyrite alteration. The first results have been returned from the program, and encouraging results have

been observed (Figures 7 and 8).

Results to date include 14.0m @ 3.7g/t and 15.0m @ 2.9g/t, with assays of many holes not yet received.

Figure 6 – Bannockburn Plan

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Figure 7 – Bannockburn Cross Section, New Drill Results

Figure 8 – Bannockburn Cross Section, New Drill Results

Below is a table of significant Bannockburn in-fill intercepts:


BBRC0083 14.0m @ 3.7g/t

BBRC0080 15.0m @ 2.9g/t

BBRC0079 23.0m @ 1.3g/t

BBRC0085 12.0m @ 1.8g/t

BBRC0084 7.0m @ 2.4g/t

Drilling is ongoing at Bannockburn with three RC rigs aiming complete the program early in the March

quarter 2019.

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Regional Exploration – Update

Carosue Dam Corridor

Drilling along the highly prospective Carosue Dam Corridor (Figure 9) has delivered early success, with

significant new discoveries at Atbara and Qena, only 4km north of the mill.

The phase 1 framework drill testing has been highly successful in identifying thick high grade

mineralisation in areas where prior drill testing has been shallow and broad.

New discovery results including 40m @ 3.8g/t (Atbara) and 20m @ 2.8g/t (Qena) highlight the outstanding

opportunity to be tested.

The significant investment in exploration along the Carosue Dam Corridor has only just started and these

new discoveries and additional targets will be aggressively followed up during the remainder of FY19.

Figure 9 – Corridor of riches

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NEW DISCOVERY - Atbara

A significant drill result has been returned at the Atbara prospect (Figure 10). The discovery hole has

returned an impressive 40m @ 3.8g/t, including 12m @ 7.7g/t.

This high grade intercept is hosted within a large Monzonite unit, and is characterised by subtle biotite,

dolomite and pyrite alteration. At this early stage little is known about the orientation of the mineralisation

however larger scale features in the geophysical datasets indicate that the zone may follow a northwest-

southeast strike, dipping gently to the northeast.

Immediate follow up drilling is planned. This drilling will aid the interpretation of this impressive result.

Diamond drilling will be prioritised to quickly advance knowledge of structural and lithological controls of

the mineralisation.

Figure 10 – Atbara Cross Section, New Drill Results

Below is a table of significant Atbara exploration intercepts:


ATEX005 40.0m @ 3.8g/t

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NEW DISCOVERY - Qena

Qena is a new discovery located south of the historic Luvironza open pit and only 4km north of the Carosue

Dam mill (Figure 11).

Qena was a conceptual target generated from the interpretation of the high resolution gravity and

magnetics datasets, in an area which had only been tested by broad and shallow RAB drilling.

The first hole drilled intersected an impressive 20m @ 2.8g/t (Figure 11). Subsequent holes drilled 80m

apart also intersected consistent widths and grades.

The mineralisation is characterised by moderate to strong sericite-pyrite alteration associated with quartz

veining in a volcanoclastic sandstone sequence.

Extensional and infill drilling is planned at Qena for the June half 2019.

Figure 11 – Qena-Luvironza Long Section, New Drill Results

Below is a table of significant Qena exploration intercepts:


LVEX001 20.0m @ 2.8g/t

LVEX005 24.0m @ 2.1g/t

LVEX002 20.0m @ 2.3g/t

LVEX004 20.0m @ 1.4g/t

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Figure 12 – Qena Cross Section, New Drill Results

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Montys-Elliots

Further north along the Carosue Dam Corridor a step out program at the Montys-Elliots project has been

completed. This program was designed to test the structure, stratigraphy and alteration away from the

known mineralisation.

Whilst the initial results did not return highly anomalous results (Figure 13), pleasingly the key stratigraphy,

structure and alteration all indicate that potential exists for further mineralisation to be discovered.

Figure 13 – Montys-Elliots Long Section, New Drill Results

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Carosue Dam Seismic Project

Over the past two years the Karari-Dervish underground mine has grown substantially, both in terms of

Ore Reserves and production.

Having baseload ore supply within 500m of the mill has been an instrumental catalyst for the success of

the Carosue Dam Operations. Building a long life operation around the nucleus of the Karari-Dervish mine

remains a high priority.

To fully unlock the potential value from the mine, a seismic project has been initiated to further assist the

geological interpretation and future extensional drill targeting.

Initial petrophysical testwork on existing core samples highlighted that the seismic method could be

employed to map key stratigraphic and structural markers. To effectively assess the applicability of the

method, a Vertical Seismic Profile (VSP) conducted deep into the stratigraphy would be required. Given

the shallow depths of the existing drilling, two new deep holes are required for the VSP survey (Figure

14). The first hole completed at Karari was successfully drilled deep into the stratigraphy, with the second

hole at Whirling Dervish currently underway.

The VSP has been completed on the Karari hole and the initial results look encouraging with seismic wave

amplitudes changing across key stratigraphic markers (Figure 15). These results now indicate that a 2D

seismic line should be completed to take the project to the next stage. Should the 2D survey deliver

positive results a 3D seismic survey will be completed in the June half 2019.

Figure 14 – Karari-Dervish Longsection, Deep VSP drilling

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Figure 15 – Karari Deeps Cross Section, VSP Results

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Mt Celia

The stratigraphy in the western Mt Celia district, west of the Two Lids Fault, is largely unknown due to

extensive transported cover, minimal outcrop exposure and limited drilling (Figure 16).

Detailed gravity data has highlighted a number of stratigraphic and structural features previously

undefined in earlier datasets.

A wide spaced regional aircore program has just commenced and has immediately delivered anomalous

results in the northern most lines. Results up to 70ppb have been received highlighting the

prospectivity of the western stratigraphic package.

Drilling at Mt Celia is ongoing.

Figure 16 – Mt Celia Aircore Plan, New Drill Results

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Bannockburn

The Bannockburn project is a large mineralised system that extends over a 7.5km strike length. The major

regional Bannockburn shear has been variably tested by previous operators, and recent MT-AMT along

with detailed gravity surveys have highlighted complex structural architecture in the hangingwall of the

Bannockburn Shear.

A regional aircore program is currently underway to define the regolith profile, delineate stratigraphy and

alteration systems across the Bannockburn district. The drilling will aim to validate existing anomalism

and test for new mineralisation on newly identified structural trends.

Early results have identified new anomalism east of the Blue Tank Shear, including 904ppb and

640ppb. It has also confirmed known mineralised trends. Drilling is ongoing and further results will be

available in the June half 2019.

Figure 17 – Bannockburn Aircore Plan, New Drill Results

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Butcher Well (AngloGold Ashanti earning up to 70%)

Activities at Butcher Well have continued, with AngloGold Ashanti Australia Ltd (AGAA – ASX:AGG)

reaching the first earn in milestone by spending $15.0m and triggering the Joint Venture, earning 51% of

the project.

Drilling activities have recommenced at the Old Camp zone. The drilling will increase confidence in the

geological interpretation and grade distribution, and will be subjected to further metallurgical test work. At

the time of this report no new drill results are available.

The JV agreement continues to accelerate value from the Butcher Well project.

For further information please contact:

Investors: Media Enquiries:

Troy Irvin Read Corporate

Corporate Development Officer Paul Armstrong/Nicholas Read

Email: [email protected] Contact: (08) 9388 1474

www.saracen.com.au Email: [email protected]

Competent Person Statements

The information in the report to which this statement is attached that relates to Exploration Results and Mineral Resources related to Gold is

based upon information compiled by Mr Daniel Howe, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy

and the Australian Institute of Geoscientists. Daniel Howe is a full-time employee of the company. Daniel Howe 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’.

Daniel Howe consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

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Table 1 – Karari Drill Results

KARARI DRILLING NOVEMBER 2018 Downhole

Hole Easting Northing RL Depth Azimuth Dip From (m) To (m) Width (m) Grade g/t

KREX027 438729.6 6663312 -93.748 387.1 49.1 -74.61 302 303 1 4.96

KREX029A 438711.3 6663338 -93.909 447 3.4 -57.27 333.85 334.85 1 3.33

KREX030 438711.2 6663337 -93.885 414 24.6 -68.45 264.55 271.3 6.75 1.84

and 313 313.95 0.95 3.40

and 345 346 1 3.78

KREX031 439100 6664395 354 1719 235.17 -75 no significant results

KREX031W1 439100 6664395 354 1272.1 235.17 -75 no significant results

KREX031W2 439100 6664395 354 1834.7 235.17 -75 no significant results

KREX033 438629.8 6663759 -64.464 488 1 -72.37 397.6 398.85 1.25 4.71

and 436.4 437.9 1.5 3.85

KREX034 438611.7 6663672 -55.351 450 83.7 -71.61 291 327 36 3.77

and 370 374 4 3.70

KREX035 438620.9 6663774 -63 428.8 340.8 -53.54 no significant results

KREX036 438732.5 6663300 -91.219 426 180.1 22.78 no significant results

KREX037 438731.9 6663300 -90.423 455.5 188.3 29.8 no significant results

KREX038 438732.5 6663300 -91.874 374.6 177 9.9 266.05 267.66 1.61 3.37

KREX039 438620.2 6663774 -63.658 349.2 318.2 -63.54 328.1 330.25 2.15 3.09

KREX040 438620.2 6663774 -63.658 348 305 -43.23 295.05 299.3 4.25 2.55

and 300.1 300.6 0.5 3.01

KREX041 438620.2 6663774 -63.658 434.3 317.5 -51.36 203.55 204 0.45 3.42

and 345.7 416.6 70.9 6.03

incl 347 387.9 40.9 8.52

KREX042 438613.7 6663674 -55.434 381 134.5 -67.82 225.9 226.8 0.9 4.00

and 229 230 1 3.11

and 245.25 248 2.75 2.89

and 253 254 1 4.15

and 264.2 264.5 0.3 9.00

and 292.6 305.05 12.45 2.68

and 347 347.4 0.4 4.21

KREX043 438613.7 6663674 -55.444 384.44 106.1 -69.54 341 343 2 3.33

KRGC582 438620.5 6663774 -63.201 207 253.3 -24.56 161.55 167 5.45 5.49

and 175 192.7 17.7 4.35

KRGC584 438627.2 6663760 -63.421 198 237.9 -39.22 143 144 1 3.08

and 147.45 147.77 0.32 5.68

and 182 184.1 2.1 3.75

KRGC585 438605.8 6663686 -55.4 146.9 249.2 -85.84 131 131.3 0.3 2.92

KRRD288 438609.6 6663674 -55.287 204 178.9 -71.15 150.8 151.3 0.5 4.40

and 192.05 193.05 1 3.32

KRRD289 438610 6663673 -55.274 236.4 299.1 -81.01 154.9 157.6 2.7 3.63

and 160.95 162.95 2 3.41

and 166.9 171.9 5 3.48

and 211.6 211.9 0.3 7.10

and 216.5 220.1 3.6 6.12

KRRD290 438619.6 6663775 -62.927 291 284.4 -11.06 209.53 211.05 1.52 4.74

and 227.2 229 1.8 4.97

KRRD291 438620 6663774 -63.909 255 286.3 -17.95 no significant results

KRRD292 438619.7 6663774 -63.26 255.8 286.87 -24.67 221.1 227.05 5.95 4.60

and 232 233 1 5.46

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KRRD293 438620 6663775 -63.138 285 296.4 -28.23 251 254.88 3.88 2.98

KRRD294 438620 6663775 -63.138 300 293 -35.65 247.8 254.8 7 9.88

KRRD295 438620 6663775 -63.138 265.75 293.5 -45.64 results pending

KRRD296 438620 6663775 -63.138 264 297.2 -48.9 results pending

KRRD298 438731.9 6663300 -93.354 194.4 183.3 -42.16 135 136 1 6.43

KRRD299 438731 6663301 -93.688 160 224.2 -60.31 126.15 127.2 1.05 4.69

KRRD300 438731.6 6663300 -93.733 204.06 196.1 -64.11 137.1 137.61 0.51 2.84

and 141 141.82 0.82 6.54

KRRD301 438729 6663304 -93.638 165 258.2 -59.76 121.2 124.7 3.5 2.58

and 134 137 3 2.51

KRRD302 438731.7 6663300 -93.775 165.19 199.1 -49.34 127 128 1 6.22

and 130 130.6 0.6 2.69

and 132.4 133.35 0.95 3.62

and 141.3 142.07 0.77 3.57

and 143.24 143.95 0.71 3.32

and 159 160 1 3.33

KRRD303 438730.8 6663301 -93.814 139 225.81 -46.25 95.4 96.3 0.9 2.88

and 101 124.7 23.7 5.37

KRRD304 438702.2 6663346 -93.935 201.1 302.6 -49.35 149.4 150.4 1 3.08

and 157.35 157.9 0.55 12.10

and 161 162.5 1.5 12.84

and 174.75 175.2 0.45 5.55

and 178.8 191.1 12.3 3.32

KRRD305 438702.4 6663346 -93.877 282 328.3 -68.83 184.74 185.75 1.01 4.70

and 212.35 219.42 7.07 3.02

KRRD306 438702.3 6663346 -93.928 198 282.9 -76.83 56 57 1 4.12

and 150.2 150.5 0.3 4.32

and 171.55 171.9 0.35 2.71

and 175.9 176.25 0.35 3.35

and 181.95 186 4.05 2.21

KRRD307 438702.5 6663346 -93.93 243 321.3 -79.6 71 72.15 1.15 6.89

and 172 172.35 0.35 2.72

and 174 174.55 0.55 5.47

and 205.1 206.2 1.1 2.70

and 208 208.7 0.7 3.92

KRRD308 438703.5 6663342 -93.928 225 221.7 -86.56 203 203.3 0.3 4.13

and 209.05 210.05 1 3.92

KRRD309 438711 6663338 -94.003 261 344.2 -78.09 199.6 199.9 0.3 14.20

and 224.1 224.7 0.6 2.82

and 236.65 237.1 0.45 3.81

KRRD310 438711.2 6663338 -94.246 255 356.4 -86.95 228.6 235 6.4 3.45

KRRD311 438729 6663304 -93.851 183.1 234.5 -72.59 136 136.7 0.7 2.80

KRRD312 438730.1 6663304 -93.818 213 227.7 -82.19 200.25 200.8 0.55 3.20

KRRD321 438620.2 6663774 -63.658 311 304.3 -53.82 263.9 277 13.1 9.07

and 284.05 285 0.95 4.21

and 307 308 1 9.99

KRRD322 438620.2 6663774 -63.658 306 302.7 -67.98 255 259.45 4.45 2.56

and 263 270 7 3.08

KRRD323 438732 6663300 -93.385 237 168.9 -29.77 166 191 25 2.39

and 224.7 225.6 0.9 2.77

KRRD324 438731.7 6663299 -93.447 224 174.4 -20.43 154.93 155.55 0.62 3.84

and 160.75 178.5 17.75 5.01

and 188 191.45 3.45 3.11

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Table 2 – Whirling Dervish Drill Results



KRRD325 438730.2 6663301 -93.564 239 173 -12.64 179.85 191.1 11.25 4.85

and 208.5 211.05 2.55 15.01

KRRD326 438731.6 6663300 -93.694 195 183.3 -25.34 139.2 139.75 0.55 5.01

and 143.8 150.25 6.45 4.23

KRRD327 438731 6663300 -93.684 155.9 200.5 -36.84 108.7 109.75 1.05 3.68

and 115.85 120.4 4.55 4.54

and 124.5 125.95 1.45 3.60

KRRD328 438730.9 6663300 -93.665 141 223.6 -39.33 105.1 115.05 9.95 4.54

and 119.6 121.75 2.15 3.67

KRRD329 438613.7 6663674 -55.444 333 93.1 -75.3 249.64 277 27.36 2.53

KRRD330 438613.7 6663674 -55.444 357.1 71.3 -77.66 242 315 73 2.39

WHIRLING DERVISH DRILLING NOVEMBER 2018 Downhole


WDGC123 438335.1 6665533 141.254 255.8 210.8 -29.41 165.4 173.6 8.2 3.62

and 217.85 219 1.15 2.69

WDGC125 438335.1 6665532 141.132 258 197.4 -27.58 88 96 8 1.60

and 101 108 7 1.71

and 114 115.6 1.6 4.66

and 136 136.3 0.3 5.81

and 151.85 159 7.15 2.43

and 183 184 1 9.32

and 211 229 18 4.28

WDGC132A 438335.6 6665532 140.812 234 219.91 -19.85 67 69 2 2.24

and 101.15 102.55 1.4 1.91

and 183 183.3 0.3 3.36

and 200.3 200.65 0.35 3.13

and 203.4 204 0.6 1.60

and 208.5 209 0.5 6.17

and 223.3 224.6 1.3 1.94

WDGC133 438335.5 6665532 140.786 230.99 235.3 -20.46 96.95 98 1.05 4.35

and 127.9 129 1.1 2.09

and 202 222.6 20.6 4.52

WDGC134 438336 6665532 140.666 222 211.9 -33.36 91.7 92.7 1 3.17

and 101.5 103 1.5 4.87

and 159.4 169 9.6 1.58

and 172.9 174.9 2 3.43

and 180.6 181.4 0.8 3.28

and 203.5 204.1 0.6 1.94

WDGC135 438335.9 6665532 140.686 234 232.5 -31.9 176.9 177.5 0.6 3.49

and 184.1 185.1 1 2.66

and 196.1 206.5 10.4 1.80

and 212.45 212.9 0.45 1.77

WDGC136 438335.9 6665532 140.737 225 230.1 -39.73 164 165 1 4.16

and 179.75 181 1.25 2.07

and 186 187 1 1.90

and 195.5 198.5 3 4.95

and 205.45 213.4 7.95 4.28

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WDGC137 438304.1 6665582 141.626 233 218 -29.01 81 81.8 0.8 3.29

and 120.85 121.45 0.6 1.79

and 124.85 125.3 0.45 2.15

and 209.2 210 0.8 2.51

and 213.25 213.75 0.5 1.82

and 216 217.7 1.7 2.01

and 219.05 219.8 0.75 2.14

and 226 227 1 3.68

WDGC138 438304.1 6665582 141.366 228.05 224.4 -31.26 99.4 101 1.6 2.88

and 205.05 217 11.95 2.10

WDGC139 438304 6665582 141.552 228 230.8 -30.95 78.5 79.6 1.1 5.25

and 115.5 116.4 0.9 2.01

and 142.6 143.8 1.2 12.40

and 198.5 199.55 1.05 2.42

and 203.3 206.6 3.3 2.05

and 214.05 216.4 2.35 2.69

WDGC140 438304.1 6665582 141.359 233.3 236.9 -30.67 75 76 1 1.50

and 78.8 80.05 1.25 3.67

and 113.35 114 0.65 6.74

and 128.25 129.25 1 2.70

and 134.2 135 0.8 3.30

and 139 145 6 1.69

and 209.2 217.5 8.3 1.59

WDGC141 438304.1 6665582 141.333 230.85 217.5 -36.65 72 73 1 1.60

and 125.5 126 0.5 2.52

and 135.55 136.2 0.65 3.12

and 138.95 139.6 0.65 2.09

and 206.5 220.7 14.2 1.78

WDGC142 438303.9 6665582 141.582 228 233.2 -39.01 130.8 131.6 0.8 1.76

and 136.3 145.1 8.8 2.88

and 202.05 222.25 20.2 2.38

WDGC144 438303.6 6665583 141.642 246 229.8 -16.92 103.3 110 6.7 2.13

and 135 136 1 3.63

and 206 214 8 3.34

and 221 222 1 3.19

WDGC145 438303.6 6665583 141.666 243.05 222.4 -19.01 102.85 104.7 1.85 3.39

and 144 147 3 3.30

and 217.1 221.15 4.05 3.11

WDGC146 438334.8 6665532 140.866 350.2 226.3 -20.58 123.13 124 0.87 2.00

and 200 200.73 0.73 2.77

and 210.2 211.64 1.44 2.26

and 222 223 1 1.57

WDGC147 438378.9 6665508 142.751 276 218.495 -6.78 102 102.4 0.4 4.04

and 175 176 1 2.34

and 237 237.3 0.3 4.43

and 243 255 12 1.63

and 257 257.55 0.55 3.52

WDGC148 438379 6665508 142.754 297 211.295 -3.71 109.2 109.77 0.57 1.96

and 142.59 143.17 0.58 2.44

and 169.85 170.62 0.77 5.17

and 251.14 252.3 1.16 1.78

and 258.32 269.87 11.55 2.67

and 277.05 277.8 0.75 1.84

WDGC149 438378.8 6665508 142.692 311.5 204.095 -2.62 130.8 134.4 3.6 1.76

and 147.95 169.2 21.25 4.67

and 260.2 272 11.8 1.87

and 280.65 281.8 1.15 1.63

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WDGC150 438378.7 6665508 142.714 324 189.695 -3.94 125.6 126.8 1.2 2.40

and 164.5 167.6 3.1 4.20

and 261.3 272.25 10.95 3.66

and 279.65 279.95 0.3 2.52

and 291.2 292.6 1.4 1.65

and 294.3 296.95 2.65 2.06

and 309.35 311 1.65 2.73

WDGC151 438378.7 6665508 142.118 273 205.695 -10.13 122.3 125 2.7 2.38

and 140.7 162.1 21.4 2.09

and 230.45 233.85 3.4 8.11

and 247.35 249.15 1.8 3.12

WDGC152 438379 6665508 142.554 312 190.995 -16.02 118 119 1 5.53

and 149.48 153.65 4.17 2.94

and 230.53 235.62 5.09 1.58

and 242.52 263 20.48 4.08

and 272 276.5 4.5 3.52

WDGC153 438378.6 6665508 141.64 297.05 177.095 -29.87 116 117 1 1.54

and 123.55 124.35 0.8 5.27

and 142 143 1 1.97

and 213.9 222.1 8.2 4.47

and 230.03 231.3 1.27 2.41

and 240.9 262.83 21.93 2.76

and 269 270 1 2.74

and 273.7 274.4 0.7 1.63

WDGC154 438378.5 6665508 141.639 297 177.995 -23.16 196.2 198.4 2.2 2.46

and 209.06 212 2.94 1.89

and 229.76 231 1.24 2.13

and 233 233.46 0.46 2.04

and 252 261.67 9.67 3.09

and 266.9 267.6 0.7 3.57

and 270 275 5 2.80

WDGC155 438378.7 6665508 141.684 321 180.995 -17.1 204.3 205.2 0.9 2.60

and 223.5 231 7.5 2.67

and 237.6 238 0.4 1.98

and 245 267 22 2.30

and 276 278.43 2.43 6.17

and 285.9 286.34 0.44 2.46

and 290 290.7 0.7 2.18

WDGC156 438378.6 6665508 141.944 296.1 189.095 -23.11 105.85 107 1.15 3.57

and 148 152 4 5.57

and 171 172 1 1.52

and 209 210 1 5.25

and 228.1 240.84 12.74 2.22

and 260.34 260.68 0.34 2.96

WDGC157 438378.7 6665508 141.924 278.1 192.395 -33.09 148.3 149.7 1.4 2.39

and 156 157 1 3.35

and 207.72 208.57 0.85 6.23

and 221.6 230.35 8.75 2.39

WDGC158 438378.5 6665508 141.813 267.1 202.195 -30.48 116.2 117.1 0.9 3.22

and 141.17 141.73 0.56 2.04

and 167.7 170.15 2.45 3.04

and 206.15 207.05 0.9 2.28

and 214.51 220.21 5.7 3.15

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WDGC159A 438380.5 6665508 142.354 343 172.795 -10.26 282.04 284 1.96 2.42

WDGC160 438383.6 6665508 142.686 351 166.395 -20.87 218.7 219 0.3 1.80

287.65 289 1.35 4.03

WDRC292 438246 6664905 356 300 253.92 -71.58 no significant results

WDRD084 438262.5 6665627 142.838 380.2 289.6 -22.29 102.8 103.6 0.8 2.14

and 149.25 155.65 6.4 2.55

and 171 181 10 2.05

and 185.37 190 4.63 2.19

and 194 195 1 1.57

and 335.13 335.95 0.82 3.37

and 343.3 343.75 0.45 1.87

WDRD085 438262.6 6665627 142.353 296.94 285.9 -53.41 133 133.5 0.5 3.24

and 145.75 146.3 0.55 2.02

and 252 253.2 1.2 1.57

and 271.8 274.08 2.28 3.80

WDRD086 438262.7 6665627 142.523 348 300.4 -45.86 150.25 150.85 0.6 1.53

and 157.6 160.78 3.18 4.29

and 228 229 1 9.71

and 325 326 1 1.89

and 327 328 1 2.13

WDRD087 438262.8 6665627 142.401 372 304.2 -50.28 164 166 2 3.35

and 348.55 352 3.45 1.97

WDRD088 438262.8 6665627 142.303 330 292.9 -59.64 140.46 142 1.54 2.94

and 266.08 275.2 9.12 2.94

and 289 290 1 2.28

and 297 298.57 1.57 1.71

WDRD089 438263.5 6665622 142.171 278.2 276.7 -43.76 113 114 1 3.09

and 119.8 120.5 0.7 2.14

and 145.02 147 1.98 3.53

and 157 158 1 5.93

and 232.05 233.07 1.02 1.81

and 247.53 248.5 0.97 3.21

WDEX044 438379.6 6665510 141.203 552 116.3 -75.52 214.4 215 0.6 3.14

and 219.2 220.25 1.05 5.63

and 345.35 346.15 0.8 2.21

WDEX045 438379.4 6665510 141.204 522 63.3 -85.63 222.4 223 0.6 5.82

and 412.9 416.45 3.55 2.46

and 426.6 439.4 12.8 1.94

WDEX046 438335.5 6665534 140.256 459 358.9 -85.05 199 199.32 0.32 9.16

and 301.65 302.97 1.32 4.00

and 320 321 1 2.03

and 359 362 3 2.62

and 367.9 386 18.1 1.89

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Table 3 – Deep South Drill Results

DEEP SOUTH DRILLING NOVEMBER 2018 Downhole


DSGC376 456023.8 6731434 43.686 179.7 24.42 -53.89 161.85 163.4 1.55 7.814

DSGC378 456023.5 6731434 43.673 179.7 24.42 -51.17 151.75 152.1 0.35 3.83

and 155 155.55 0.55 2.82

DSGC379 456022.5 6731438 44.278 170.9 18.63 -32.35 155 155.55 0.55 3.38

DSEX005 456027.4 6731425 43.5 227 78.198 -66.93 169.2 170 0.8 2.93

and 182.8 190.55 7.75 1.85

DSEX006 456027.4 6731425 43.5 324 99.598 -79.19 261.5 266 4.5 5.868

DSEX007 456056.8 6731382 42.5 267 113.598 -72.85 215.4 226.2 10.8 6.87

and 259.9 263.7 3.8 3.113

DSEX008 456056.8 6731382 42.5 333.11 126.798 -76.78 257.65 258.5 0.85 6.744

and 290.5 294.5 4 9.43

DSEX009 456022.4 6731439 44 294 7.398 -66.59 223.75 233.45 9.7 4.67

DSEX010 456110 6731227 83.56 300.2 29.098 -77.64 252.35 255.4 3.05 13.323

and 263.55 267.2 3.65 8.513

DSEX011 456056.8 6731382 42.5 237 69.798 -75.13 193.4 202.6 9.2 12.27

DSEX012 456104.3 6731144 85.6 441 127.998 -68.24 319.65 324.1 4.45 3.063

and 327 327.98 0.98 2.87

and 334.7 337.8 3.1 3.85

and 359.95 361.1 1.15 5.05

and 365.9 368 2.1 13.471

DSEX013 456104.3 6731144 85.6 402.05 100.698 -77.89 187.4 188 0.6 2.58

306.6 309.1 2.5 1.17

DSEX014 456102.3 6731158 85.4 282 48.898 -77.73 no significant results

DSEX014A 456102.2 6731158 85.433 333 44.798 -80.28 no significant results

DSEX015 456104.3 6731144 85.6 359.8 121.298 -60.37 258.95 260.7 1.75 3.5

and 269.2 270 0.8 6.469

DSEX016 456058.9 6731381 43 222 98.998 -68.84 30.75 32 1.25 5.51

and 188.6 193.6 5 17.99

DSEX017 456058.9 6731381 43 236.7 124.798 -59.33 207.6 209.25 2.15 11.14

and 227 228 1 44.4

DSEX018 456058.9 6731381 43 284.6 131.698 -65.71 246.05 247.25 1.2 4.26

and 250.2 252.6 2.1 3.22

DSEX019 456058.9 6731381 43 279 84.898 -80.48 41 41.7 0.7 5.56

226.6 237.5 10.9 18.33

DSEX020 456058.9 6731381 43 309 95.598 -83.31 results outstanding

DSEX021 456026.9 6731425 43 264 75.098 -75.58 results outstanding

DSEX022 456023.9 6731435 44 194.6 69.098 -60.64 results outstanding

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Table 4 – Thunderbox Drill Results

THUNDERBOX DRILLING NOVEMBER 2018 Downhole


THGC001 304444.8 6879386 268.443 90 281.18 -30.61 64.47 78 13.53 3.03

THGC002 304406.7 6879411 277.01 38.8 246 42.79 7 18.5 11.5 4.48

and 22 23 1 2.19

and 29.5 30.3 0.8 3.83

THGC003 304411.2 6879419 273.407 44 262.7 -28.20 12.1 31.5 19.4 3.01

THGC004 304416 6879429 273.58 56 280.5 -26.96 27.55 46.83 19.28 2.67

THGC005 304450.7 6879376 270.791 98.92 200.8 31.14 56.63 62.55 5.92 3.56

and 78 82.22 4.22 2.26

THGC006 304449.9 6879377 270.017 68.1 256.7 16.86 44.08 50.1 6.02 2.17

THGC007 304450 6879376 269.993 78.06 227 15.14 49.2 53.9 4.7 3.49

and 64.9 66.2 1.3 3.04

THGC008 304450 6879377 270.068 87.9 211 11.78 59.4 60.4 1 2.06

and 71.1 76 4.9 2.42

THGC009 304450.3 6879376 269.399 73 244.3 2.56 46.65 51.1 4.45 4.69

THGC010 304450.2 6879376 269.405 77.2 225.7 1.50 54.5 55 0.5 2.62

and 56 56.4 0.4 2.85

THGC011 304450.4 6879376 269.377 89.42 209.6 1.70 65 68.54 3.54 5.70

and 76.25 77 0.75 4.26

and 85.8 86.35 0.55 3.07

THGC012 304450 6879376 269.118 74.56 269.4 -12.16 45.7 53.25 7.55 3.29

THGC013 304450.3 6879376 269.253 78 231.7 -9.38 52.47 53 0.53 2.01

and 56 57 1 2.42

and 67.72 68.2 0.48 2.24

THGC014 304450.3 6879376 269.148 86.7 216.9 -7.66 61.03 65.7 4.67 3.82

THGC015 304450.3 6879376 268.351 93 274.3 -31.01 63.8 76 12.2 2.04

THGC016 304450.4 6879376 268.405 89.8 251.6 -32.11 45 46 1 6.91

and 56.2 69.2 13 2.91

THGC017 304450.5 6879376 270.884 74.67 255.2 30.95 43.82 66 22.18 2.46

THGC018 304450.1 6879376 269.217 75 249.7 -7.42 45.74 50.28 4.54 2.43

THGC019 304444.6 6879386 268.673 70.7 282.4 -11.16 45.57 56.34 10.77 2.34

THGC020 304450.4 6879376 269.719 104 195.3 11.35 69.1 79.15 10.05 1.21

THGC021 304450.3 6879376 269.392 106.7 199.23 -6.07 no significant results

THGC022 304509.1 6879323 252.32 122.9 259.1 15.05 89 96 7 2.12

and 98.5 103.9 5.4 2.00

THGC023 304509.2 6879323 252.31 113.9 245.5 14.44 no significant results

THGC024 304509.1 6879323 254.13 122.7 258.9 36.73 87.07 89.7 2.63 2.28

and 94.6 96.1 1.5 8.21

and 103.4 104.1 0.7 2.84

THGC025 304509 6879323 251.65 114 253.8 5.37 no significant results

THGC027 304508.9 6879323 251.43 138 259 -3.44 no significant results

THGC028 304508.9 6879323 251.43 116 246.4 -2.60 90.32 95.23 4.91 2.30

THGC030 304508.9 6879324 250.319 157 268 -33.17 114.84 143.13 28.29 2.15

THGC031 304508.9 6879324 250.319 136 266.1 -22.93 105 120.38 15.38 2.83

THGC032 304508.9 6879324 250.319 154 255.6 -33.71 114.97 132.68 17.71 1.96

THGC033 304509.9 6879325 251.46 120 256.2 -10.19 91.73 100.15 8.42 2.72

THGC034 304514.2 6879312 255.7 111.3 252.8 21.81 no significant results

THGC035 304514.2 6879312 255.7 111.5 237.8 20.43 90.9 95 4.1 2.46

and 99.5 100 0.5 2.08

THGC036 304514.2 6879312 255.7 125 225.7 19.48 95.35 96 0.65 2.38

THGC037 304514.1 6879312 253.8 116.9 241.4 13.07 87.4 92.6 5.2 2.24

THGC038 304514.1 6879312 253.8 120.03 229.7 11.66 93.25 97.7 4.45 3.46

and 103 104.3 1.3 4.65

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THUNDERBOX DRILLING NOVEMBER 2018 Downhole


THGC039 304514.1 6879312 253.8 120.03 238.8 4.78 86.45 91 4.55 2.49

and 97.6 98 0.4 50.50

THGC040 304514.1 6879312 253.8 135.04 222.5 3.58 results pending

THGC041 304514 6879312 250.9 132.02 242.9 -2.12 88.98 95.09 6.11 3.09

THGC042 304514 6879312 250.9 129.5 231.8 -1.76 89.6 95.7 6.1 2.30

THGC043 304514 6879312 250.9 139.1 224.2 -2.07 94 103 9 1.54

THGC044 304514 6879312 250.9 120.8 250.8 -9.35 94.7 101 6.3 2.68

THGC045 304514 6879312 250.9 124.9 240.1 -9.63 97.3 100 2.7 2.33

THGC046 304514 6879312 250.9 137.58 225.2 -8.62 93.9 105.02 11.12 4.45

THGC047 304514.2 6879312 255.72 137.6 214.5 16.18 101.85 108.7 6.85 2.49

and 113.88 114.45 0.57 3.08

THGC048 304514.2 6879312 255.72 149.6 207.79 14.50 112 113 1 2.06

and 117 117.6 0.6 2.46

THGC049 304514.2 6879312 255.72 161.5 201.523 13.00 121.95 126.45 4.5 3.47

and 133.06 133.64 0.58 4.51

THGC050 304514.1 6879312 253.83 128.88 221.544 10.20 98.87 103 4.13 2.76

and 108.16 108.7 0.54 3.28

THGC094 304184.3 6879388 251.98 243.4 76.2 -4.00 98 99 1 3.04

and 102.85 105.4 2.55 2.42

and 108 109 1 5.12

THGC095 304184.3 6879388 251.98 225.4 82.6 -4.00 results pending

THGC104 304170.2 6879435 251.45 362.86 52.7 -60.59 247.38 248 0.62 2.27

and 255.94 257.14 1.2 2.78

and 265.35 265.94 0.59 2.01

and 268.94 317 48.06 2.02

and 326.7 327.59 0.89 2.47

THGC105 304170.2 6879435 251.45 329.73 53.4 -53.42 108 108.7 0.7 3.10

and 244 251 7 2.49

and 256 257 1 2.00

and 261 262.32 1.32 2.97

and 266 294.3 28.3 2.87

THGC106 304184.3 6879388 251.98 371.8 63.7 -63.05 259.9 265.4 5.5 3.63

and 274.75 278 3.25 2.49

and 282 282.34 0.34 6.65

and 285.9 323.25 37.35 2.81

THGC107 304184.3 6879388 251.98 341.7 65.2 -56.05 239.84 241.49 1.65 3.78

and 253 254 1 3.22

and 258.07 258.42 0.35 3.56

and 261.14 302 40.86 1.39

THGC108 304184.3 6879388 250.95 241.72 75.9 -26.57 101.52 102.4 0.88 15.50

and 169.72 170.49 0.77 6.38

and 190.83 205.29 14.46 3.74

and 212 214.86 2.86 3.17

THGC109 304184.3 6879388 251.98 234.11 92.2 -24.22 107 108.64 1.64 3.02

and 187 187.3 0.3 5.08

and 198.32 219.12 20.8 2.00

THGC110 304184.3 6879388 251.98 248.5 76 -41.30 108.1 108.85 0.75 9.03

and 193.9 194.4 0.5 5.16

and 197 197.45 0.45 2.32

and 199 199.5 0.5 2.07

and 210.3 218 7.7 2.05

and 239 239.9 0.9 2.05

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Table 5 – Kailis Drill Results

KAILIS DRILLING NOVEMBER 2018 Downhole


KLGC_373_3100 333422.1 6808291 374.108 42 27.004 -90 30 31 1 0.64

and 35 41 6 0.59

KLGC_373_3102 333421.5 6808278 373.976 42 27.004 -90 35 39 4 2.14

KLGC_373_3103 333434 6808280 373.839 36 27.004 -90 27 32 5 1.99

KLGC_373_3104 333429.6 6808272 373.78 42 27.004 -90 25 26 1 1.13

and 33 36 3 1.24

KLGC_373_3105 333443.6 6808289 373.807 72 27.004 -90 21 23 2 1.45

and 40 41 1 3.82

and 52 64 12 2.87

KLGC_373_3106 333440.2 6808282 373.622 54 27.004 -90 27 28 1 1.83

KLGC_373_3107 333432.5 6808267 373.704 42 27.004 -90 29 39 10 0.53

KLGC_373_3108 333445.8 6808282 373.874 36 27.004 -90 25 26 1 0.67

KLGC_373_3109 333442.4 6808275 373.721 36 27.004 -90 28 29 1 4.27

KLGC_373_3110 333438.8 6808268 373.699 42 27.004 -90 30 34 4 0.97

KLGC_373_3111 333455.2 6808278 373.634 36 27.004 -90 no significant results

KLGC_373_3112 333451.8 6808271 373.653 36 27.004 -90 27 29 2 1.65

KLGC_373_3113 333447.8 6808264 373.684 36 27.004 -90 25 26 1 0.63

and 32 36 4 0.67

KLGC_373_3115 333450.6 6808258 373.669 36 27.004 -90 24 25 1 0.71

KLGC_373_3116 333489.8 6808324 374.412 48 27.004 -90 12 13 1 1.42

and 21 25 4 0.71

and 33 40 7 4.08

KLGC_373_3117 333482.3 6808309 374.061 54 27.004 -90 25 26 1 0.54

and 29 30 1 0.51

and 44 46 2 1.52

KLGC_373_3118 333475.5 6808296 373.947 66 27.004 -90 24 25 1 0.86

and 53 54 1 3.33

KLGC_373_3119 333464 6808274 373.788 36 27.004 -90 no significant results

KLGC_373_3120 333460.4 6808267 373.756 36 27.004 -90 28 29 1 0.51

KLGC_373_3121 333457 6808260 373.607 42 27.004 -90 20 21 1 0.95



KLGC_373_3124 333490.5 6808293 374.043 72 27.004 -90 26 31 5 1.19

and 51 52 1 1.19

KLGC_373_3125 333504.1 6808308 374.297 60 27.004 -90 21 22 1 1.01

and 40 42 2 30.89

and 56 57 1 0.82

KLGC_373_3126 333500.5 6808301 374.238 66 27.004 -90 22 23 1 0.78

and 33 34 1 0.87

and 44 46 2 2.02

KLGC_373_3127 333496.7 6808294 374.065 72 27.004 -90 23 28 5 1.04

and 33 34 1 0.52

and 49 52 3 10.50

KLGC_373_3128 333513 6808304 374.349 60 27.004 -90 19 21 2 0.84

and 33 42 9 0.68

KLGC_373_3129 333509.5 6808297 374.295 66 27.004 -90 20 22 2 1.49

and 36 37 1 0.56

and 44 46 2 7.53

and 53 59 6 1.08For

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Table 6 – Bannockburn Drill Results

KAILIS DRILLING NOVEMBER 2018 Downhole


KLGC_373_3130 333505.6 6808290 374.184 72 27.004 -90 23 28 5 0.81

and 36 37 1 0.59

and 49 50 1 21.70

and 54 55 1 2.93

and 70 72 2 1.53


KLGC_373_3132 333515.2 6808297 374.235 54 27.004 -90 0 1 1 0.56

and 28 30 2 0.62

and 41 43 2 2.83

and 51 52 1 0.57

KLGC_373_3133 333508 6808283 374 60 27.004 -90 24 36 12 0.58

and 48 54 6 1.32

KLGC_373_3134 333525.2 6808306 374 48 27.004 -90 22 24 2 0.69

and 31 36 5 0.78

KLGC_373_3135 333522.1 6808299 373.928 48 27.004 -90 22 23 1 0.73

and 33 40 7 0.54

KLGC_373_3136 333517.9 6808291 373.99 54 27.004 -90 23 24 1 0.75

and 29 34 5 0.52

and 38 39 1 0.76

and 50 51 1 0.62

KLGC_373_3137 333514.5 6808284 373.953 54 27.004 -90 23 24 1 0.68

and 39 42 3 1.41


KLGC_373_3139 333528 6808300 373.842 48 27.004 -90 21 26 5 1.08

and 35 36 1 1.22

KLGC_373_3140 333520.4 6808286 373.793 54 27.004 -90 4 5 1 0.50

and 31 33 2 0.59

and 36 37 1 1.05

and 51 52 1 1.50

BANNOCKBURN DRILLING NOVEMBER 2018 Downhole


BBRC0079 293255.4 6851210 405.295 189 251.85 -60.55 81 82 1 3.12

and 136 138 2 0.79

and 142 165 23 1.27

BBRC0080 293247.2 6851234 405.315 189 250.78 -61.03 135 140 5 1.29

and 155 170 15 2.93

BBRC0081 293266.1 6851240 405.338 200 250.19 -60.68 152 154 2 1.94

and 177 183 6 1.81

and 192 194 2 1.24

BBRC0083 293276.8 6851270 405.412 200 250.93 -59.97 161 164 3 0.59

and 183 197 14 3.68

BBRC0084 293212 6851274 405.474 174 250.5 -60 115 116 1 0.60

and 131 137 6 0.60

and 146 153 7 2.36

and 166 172 6 0.61

BBRC0085 293230.9 6851281 405.482 187 250.5 -60 137 141 4 0.94

and 155 167 12 1.84

and 174 175 1 0.57

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BANNOCKBURN DRILLING NOVEMBER 2018 Downhole


BBRC0086 293249.8 6851287 405.484 200 250.5 -60 results pending






BBRC0097 293168.5 6851339 405.483 155 248.24 -60.25 84 85 1 0.57

and 139 146 7 0.78

and 149 151 2 0.85









BBRC0119 293154.7 6851440 405.732 181 248.89 -61.13 137 140 3 0.60

and 146 156 10 1.08

and 161 162 1 0.51

BBRC0120 293052 6851431 405.616 94 250.5 -60 results pending






BBRC0132 293111.2 6851504 405.922 168 251.69 -60.59 129 133 4 1.57

141 143 2 1.83

154 156 2 1.05


BBRC0140 293122 6851534 405.996 185 250.5 -60 results pending



BBRC0148 293021.8 6851579 405.734 133 252.91 -59.81 86 103 17 0.86

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Table 7 – Greater Luvironza (Atbara,Qena, Luvironza) Drill Results

Table 8 – Montys-Elliots Drill Results

GREATER LUVIRONZA DRILLING NOVEMBER 2018 Downhole


ATEX001 436723 6668096 350 142 251.88 -60.88 136 140 4 1.58

ATEX002 436612 6668304 350 375 253.87 -65.75 no significant results

ATEX005 437300 6668435 345 370 237 -60 87 93 6 1.15

and 124 133 9 1.59

and 163 177 14 0.84

and 216 220 4 3.44

and 276 280 4 0.64

and 300 304 4 0.57

and 312 316 4 0.57

and 311 351 40 3.75

and 356 360 4 1.01

LVEX001 437380 6668793 345 232 229.07 -59.5 91 94 3 0.95

and 190 210 20 2.84

LVEX002 437317 6668852 345 286 225 -60 99 101 2 0.64

150 151 1 0.53

168 188 20 2.30

LVEX003 437265 6668793 345 304 225.34 -61.17 46 50 4 0.30

LVEX004 437321 6668743 345 156 225 -60 88 108 20 1.39

and 110 111 1 0.76

LVEX005 437439 6668742 345 264 224.03 -60.69 88 89 1 1.27

and 123 128 5 0.99

and 162 166 4 0.65

and 228 252 24 2.10

and 249 250 1 0.54

LVEX006 437393 6668679 345 180 225.71 -60.59 49 51 2 1.45

and 57 58 1 1.42

and 70 71 1 1.22

and 82 83 1 0.87

and 128 136 8 0.60

MONTY'S ELLIOTS DRILLING NOVEMBER 2018 Downhole


MOEX001 434698.2 6672983 338.876 376.08 222.9 -62.1 165.5 165.8 0.3 0.50

and 225 225.5 0.5 1.18

and 261 262 1 0.97

MOEX002 434769 6673279 339 478.07 243.99 -64.61 169 170 1 1.87

MOEX003 434958.4 6672734 339.001 372.9 241.1 -60 148 149 1 8.75

and 311.55 312.5 0.95 1.03

and 338.8 341.75 2.95 0.93

and 356.1 357.05 0.95 1.44

MOEX004 434639.1 6672985 339.083 256 247.5 -60.5 no significant results

MOEX005 434712 6672920 339 363.6 236.87 -61.2 249 249.95 0.95 0.81

and 258 259 1 0.97

MOEX006 434889 6673070 338.99 516.95 222.2 -60.3 459.4 460.5 1.1 0.66

MOEX007 435016 6672900 339 532.08 220.27 -65.6 386 387 1 0.70

and 474.3 476.15 1.85 0.79MORD001 434860.9 6672871 338.5 406.2 238.37 -60.5 327.8 334.9 7.1 2.19

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Table 9 – Mt Celia Drill Results

Table 10 – Bannockburn Aircore Drill Results

MOUNT CELIA DRILLING NOVEMBER 2018 Significant results only Downhole

Hole Easting Northing RL Depth Azimuth Dip From (m) To (m) Width (m) Grade Au ppb

MCAC0208 446096 6736005 371 55 0 -90 40 44 4 25.0

MCAC0225 447810 6736001 388 66 0 -90 56 60 4 25.6

MCAC0232 447803 6735102 380 59 0 -90 0 4 4 69.7

MCAC0258 443504 6735990 356.98 66 0 -90 52 64 12 28.6

MCAC0288 444603 6735098 366 63 0 -90 56 60 4 20.9

MCAC0297 445110 6734197 349 73 0 -90 72 73 1 33.2

BANNOCKBURN DRILLING NOVEMBER 2018 Significant results only Downhole


BBAC0001 291824.5 6853671 411 85 0 -90 20 24 4 23.1

BBAC0002 292049.1 6853748 411 98 0 -90 20 24 4 21.0

BBAC0008 292978 6854088 411 68 0 -90 48 52 4 62.9

BBAC0015 293819 6853506 411 56 0 -90 40 44 4 53.5

BBAC0017 292272.7 6853017 411 96 0 -90 92 96 4 39.0

BBAC0020 292690 6852317 411 78 0 -90 72 78 6 120.7

BBAC0021 292819 6852364 411 97 0 -90 88 92 4 22.9

BBAC0022 292887 6852389 411 105 0 -90 84 96 12 73.0

BBAC0023 293109 6852472 413 102 0 -90 92 96 4 21.3

BBAC0025 293353 6852562 413 108 0 -90 64 68 4 29.8

BBAC0036 294445.4 6852151 411 80 0 -90 16 20 4 39.8

BBAC0037 294263.8 6852086 411 96 0 -90 16 20 4 46.7

BBAC0038 294087.3 6852009 411 102 0 -90 16 20 4 31.2

BBAC0039 293596.4 6851831 411 42 0 -90 36 40 4 23.8

BBAC0044 293908.9 6848362 411 22 0 -90 12 16 4 37.4

BBAC0056 293938.2 6847510 411 33 0 -90 16 20 4 51.6

BBAC0057 294132.9 6847582 411 28 0 -90 16 20 4 74.8

BBAC0058 294326.9 6847654 411 40 0 -90 8 16 8 45.7

BBAC0059 294512 6847724 411 48 0 -90 16 20 4 34.1

BBAC0062 295965.7 6848231 411 43 0 -90 16 32 16 88.2

BBAC0064 296046.8 6848265 411 40 0 -90 28 32 4 22.4

BBAC0066 294359 6846801 411 36 0 -90 4 16 12 355.1

and 32 36 4 33.5

BBAC0067 294547.4 6846867 411 34 0 -90 0 8 8 31.7

and 16 28 12 44.7

BBAC0068 294927.8 6847001 411 53 0 -90 16 20 4 34.6

and 24 28 4 38.9

BBAC0069 295127 6847076 411 47 0 -90 16 20 4 28.4

BBAC0076 296741.6 6847428 411 54 0 -90 40 48 8 33.1

BBAC0083 294519.4 6853843 411 87 0 -90 68 72 4 52.2

BBAC0087 294945.7 6854011 411 91 0 -90 84 91 7 27.1

BBAC0093 294683.1 6853052 411 65 0 -90 52 56 4 38.0

BBAC0123 295702.1 6851069 411 83 0 -90 0 48 48 734.4

and 52 64 12 76.1

BBAC0127 295391.9 6851932 411 66 0 -90 32 36 4 25.9

and 40 66 26 144.4

BBAC0128 295454.2 6851967 411 65 0 -90 44 48 4 21.5

and 56 60 4 41.7

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BANNOCKBURN DRILLING NOVEMBER 2018 Significant results only Downhole


BBAC0134 296125.9 6851772 411 99 0 -90 52 56 4 72.2

BBAC0139 295590.9 6850465 411 12 0 -90 0 4 4 104.0

BBAC0140 295645.2 6850478 411 38 0 -90 0 4 4 70.0

and 28 38 10 356.9

BBAC0141 295701.3 6850495 411 56 0 -90 8 12 4 44.2

and 16 24 8 56.9

BBAC0142 295790.2 6850529 411 42 0 -90 8 12 4 30.0

BBAC0147 296556 6850808 411 15 0 -90 4 12 8 32.5

BBAC0148 296352.6 6850734 411 32 0 -90 0 4 4 50.0

and 20 24 4 37.3

BBAC0151 295950.1 6849763 411 52 0 -90 4 8 4 31.7

and 28 32 4 24.6

and 40 44 4 91.9

BBAC0180 296327.8 6848370 411 58 0 -90 16 20 4 21.6

and 32 40 8 70.8

and 48 56 8 99.5

BBAC0181 296398.7 6848397 411 57 0 -90 28 36 8 43.8

BBAC0185 296539.8 6848007 411 99 0 -90 44 52 8 83.3

and 84 99 15 41.1

BBAC0186 296492.2 6847991 411 70 0 -90 12 16 4 22.6

BBAC0201 294561 6853860 411 79 0 -90 64 68 4 38.9

BBAC0213 295369.1 6853772 411 96 0 -90 88 96 8 41.6

BBAC0214 297321.6 6848095 411 48 0 -90 32 36 4 28.0

BBAC0227 296135.2 6849387 411 39 0 -90 4 16 12 125.0

BBAC0228 296095.2 6849365 411 78 0 -90 12 16 4 20.8

and 24 32 8 27.1

BBAC0232 295762.2 6850137 411 54 0 -90 16 28 12 100.9

and 32 36 4 136.0

BBAC0233 295800.7 6850152 411 30 0 -90 8 16 8 69.6

BBAC0254 295987.9 6852180 411 93 0 -90 68 80 12 41.1

BBAC0255 296257.9 6852296 411 72 0 -90 32 36 4 20.1

BBAC0260 296725.4 6852484 411 60 0 -90 16 20 4 28.2

BBAC0262 295608.4 6852023 411 80 0 -90 44 48 4 26.4

BBAC0265 295878.4 6852159 411 72 0 -90 56 60 4 33.5

BBAC0268 296088 6852708 411 41 0 -90 32 36 4 62.7

BBAC0279 295478.4 6852932 411 33 0 -90 32 33 1 904.0

BBAC0282 295169.6 6852799 411 32 0 -90 4 8 4 22.5

BBAC0283 295100.5 6852771 411 35 0 -90 0 4 4 21.4

BBAC0290 294016.1 6852408 411 49 0 -90 48 49 1 45.5

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Karari 2012 JORC Table 1 (Including KA Sth)

Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sampling Techniques Nature and quality of sampling (e.g. cut channels,

random chips, or specific specialised industry standard 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.

Sampling methods undertaken by Saracen at Karari have included reverse circulation drillholes (RC), diamond drillholes (DD) and RC grade control drilling within the pit, and diamond drilling and face chip sampling underground. Historic sampling methods conducted since 1991 have included aircore (AC), rotary air blast (RAB), reverse circulation and diamond drillholes.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used

Sampling for diamond and RC drilling and face chip sampling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard. RC chips and diamond core provide high quality representative samples for analysis. RC, RAB, AC and DD core drilling was completed by previous holders to industry standard at that time (1991- 2004).

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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information

RC chips are cone or riffle split and sampled into 1m intervals, diamond core is NQ or HQ sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core and underground faces are chip sampled to geological boundaries (0.2-1m). All methods are used to produce representative sample of less than 3 kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage. Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to

produce a 40g or 50 g sub sample for analysis by FA/AAS. Some grade control RC chips were analysed in the Saracen on site laboratory using a PAL (pulverise and leach) method. Visible gold is sometimes encountered in underground drillcore and face samples. Historical AC, RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire assay and unspecified methods.

Drilling Techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).

The deposit was initially sampled by 11 AC holes, 452 RAB holes, 496 RC holes (assumed standard 5 ¼ ‘’bit size) and 25 surface unknown diameter diamond core holes. Saracen has completed 14 surface RC precollars with HQ and NQ diamond tail drill holes (precollars averaging 287m, diamond tails averaging 168m) , 76 RC holes from both surface and within the pit ( recent drilling utilised a 143mm diameter bit with a face sampling hammer and an external auxiliary booster) and 3052 grade control RC holes within the pit. 786 NQ diamond holes have been drilled underground. 2002 underground faces and walls have been chip sampled. Diamond tails were oriented using an Ezi-mark tool. Some historic surface diamond drill core appears to have been oriented by unknown methods.

Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results assessed

RC sampling recoveries are recorded in the database as a percentage based on a visual weight estimate; no historic recoveries have been recorded.

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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary

Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the database. Recoveries average >90%.

Measures taken to maximise sample recovery and ensure representative nature of the samples

RC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues. Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against depth given on the core blocks. UG faces are sampled from left to right across the face at the same height from the floor. During GC campaigns the sample bags weight versus bulk reject weight are compared to ensure adequate and even sample recovery.

Historical AC, RAB, RC and diamond drilling to industry standard at that time.

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.

There is no known relationship between sample recovery and grade for RC drilling. Diamond drilling has high recoveries due to the competent nature of the ground meaning loss of material is minimal. Any historical relationship is not known.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

Logging of RC chips and diamond drill core records lithology, mineralogy, texture, mineralisation, weathering, alteration and veining. Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material, shape and roughness and alpha and beta angles. All faces are photographed and mapped.

Chips from all RC holes (exploration and GC) are stored in chip trays for future reference while remaining core is stored in core trays and archived on site. Core is photographed in both dry and wet state. Qualitative and quantitative logging of historic data varies in its completeness.

The total length and percentage of the relevant intersections logged

All RC and diamond drillholes holes are logged in full and all faces are mapped. Every second drill line is logged in grade control programs with infill logging carried out as deemed necessary. Historical logging is approximately 95% complete.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

All drill core is cut in half onsite using an automatic core saw. Samples are always collected from the same side.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

All exploration and grade control RC samples are cone or riffle split. Occasional wet samples are encountered. Underground faces are chip sampled using a hammer. AC, RAB and RC drilling has been sampled using riffle and unknown methods.

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For all sample types, the nature, quality and appropriateness of the sample preparation technique.

The sample preparation of diamond core and RC and underground face chips adhere to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns. Best practice is assumed at the time of historic sampling.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory. Sampling by previous holders assumed to be industry standard at the time.

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.

RC field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions. No duplicates have been taken of underground core or face samples. Sampling by previous holders assumed to be industry standard at the time.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Sample sizes of 3kg are considered to be appropriate given the grain size (90% passing 75 microns) of the material sampled.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

RC chip samples, grade control chip samples, underground face chip samples and diamond core are analysed by external laboratories using a 40g or 50g fire assay with AAS finish. These methods are considered suitable for determining gold concentrations in rock and are total digest methods. Some GC samples were analysed in the Saracen onsite laboratory using pulverise and leach method. This method is a partial digest.

Historic sampling includes fire assay and unknown methods.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

No geophysical tools have been utilised for reporting gold mineralisation.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for exploration RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine further action. QAQC data is reported monthly. Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns. The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision. Industry best practice is assumed for previous holders.

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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

Significant intercepts are verified by the Geology Manager and corporate personnel.

The use of twinned holes. No specific twinned holes have been drilled at Karari but grade control drilling and underground diamond drilling has confirmed the width and grade of previous exploration drilling.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols

Primary data is collated in a set of excel templates utilising lookup codes. This data is forwarded to the Database Administrator for entry into a secure acQuire database with inbuilt validation functions. Data from previous owners was taken from a database compilation and validated as much as practicable before entry into the Saracen acQuire database.

Discuss any adjustment to assay data. No adjustments have been made to assay data. First gold assay is utilised for resource estimation.

Location of data points Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Exploration drillholes are located using a Leica 1200 GPS with an accuracy of +/- 10mm. Drillhole collars within the pit and immediate surrounds are picked up by company surveyors using a Trimble R8 GNSS (GPS) with an expected accuracy of +/-8mm. All underground drillhole collars are picked up by company surveyors using a Leica TS15i (total station) with an expected accuracy of +/-2mm. Underground faces are located using a Leica D5 disto with and accuracy of +/- 1mm from a known survey point. Downhole surveys are carried out using the DeviFlex RAPID continuous inrod survey instrument taking readings every 5 seconds, In and Out runs and reported in 3m intervals, survey accuracy +-3:1000. A number of drillholes have also been gyroscopically surveyed.

Previous holders’ survey accuracy and quality is unknown

Specification of the grid system used. A local grid system (Karari) is used. The two point conversion to MGA_GDA94 zone 51 is KAREast KARNorth RL MGAEast MGANorth RL Point 1 4000 8000 0 439359.94 6663787.79 0 Point 2 3000 7400 0 438359.84 6663187.72 0 Historic data is converted to the Karari local grid upon export from the database.

Quality and adequacy of topographic control. Topographic control originally used site based survey pickups in addition to Kevron aerial photogrammetric surveys with +/- 5m resolution. Pre mining, new and more detailed topography has since been captured and will be used in future updates and for subsequent planning purposes.

Data spacing and distribution

Data spacing for reporting of Exploration Results. The nominal spacing for drilling is 25m x 25m.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource

Data spacing and distribution are sufficient to establish the degree of geological and grade continuity appropriate for JORC classifications applied.

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and Ore Reserve estimation procedure(s) and classifications applied.

Orientation of data in relation to geological structure

Whether sample compositing has been applied.

Sample compositing is not applied until the estimation stage. Some historic RAB and RC sampling was composited into 3-4m samples with areas of interest re-sampled to 1m intervals. It is unknown at what threshold this occurred.

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

The majority of drillholes are positioned to achieve optimum intersection angles to the ore zone as are practicable. Underground diamond drilling is designed to intersect the orebody in the best possible orientation given the constraints of underground drill locations. UG faces are sampled left to right across the face allowing a representative sample to be taken.

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.

No significant sampling bias has been recognised due to orientation of drilling in regards to mineralised structures.

Sample security The measures taken to ensure sample security. Samples are prepared on site under supervision of Saracen geological staff. Samples are selected, bagged into tied numbered calico bags then grouped into secured cages and collected by the laboratory personnel. Sample submissions are documented via laboratory tracking systems and assays are returned via email

Audits or reviews The results of any audits or reviews of sampling techniques and data.

An internal review of companywide sampling methodologies was conducted to create the current sampling and QAQC procedures. No external audits or reviews have been conducted.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The Karari pit is located on M28/166 and M28/167 Mining Leases M28/166 and M28/167 are held 100% by Saracen Gold Mines Pty Ltd a wholly owned subsidiary of Saracen Mineral Holdings Limited. Mining Leases M28/166 and M28/167 have a 21 year life (held until 2020) and are renewable for a further 21 years on a continuing basis. There are no registered Aboriginal Heritage sites within Mining Leases M28/166 and M28/167. M28/166 and M28/167 are the subject of the Maduwongga native title claim (WC2017/001). Mining Leases M28/166 and M28/167 are subject to two third party royalties payable on the tenements, a bank mortgage (Mortgage 499142) and two caveats (Caveat 51H/067 and 52H/067, respectively). All production is subject to a Western Australian state government NSR royalty of 2.5%.

The tenements are subject to the Pinjin Pastoral Compensation Agreement. The Mining Rehabilitation Fund applies to the tenements.

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.

The tenements are in good standing and the licence to operate already exists

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

The Carosue Dam project area in which the Karari deposit is located has been subjected to extensive gold exploration by numerous companies since 1991. Karari was highlighted as an area of interest following an aeromagnetic survey conducted by CRA Exploration. Auger sampling of the target defined a widespread gold anomaly with follow up RAB drilling intersecting significant gold mineralisation. RC and DD drilling further defined the mineralisation before Aberfoyle entered into a joint venture agreement with CRA. Further drilling by Aberfoyle defined mineralisation over a 600m strike length. Aberfoyle were subject to a hostile takeover by Western Metals with PacMin then purchasing the Carosue Dam project. An intensive resource definition program consisting of both RC and DD drilling was carried out before mining of Karari commenced in 2000.

Geology Deposit type, geological setting and style of mineralisation.

The Karari deposit sits along the regional NNW-trending Keith-Kilkenny fault zone within the eastern edge of the Norseman-Wiluna greenstone belt. The deposit itself is lithologically and structurally controlled and sits within an altered volcaniclastic sandstone unit that has been offset along a series of major faults running NE-SW and NW-SE, as well as intruded by large lamprophyre units post mineralization. Mineralization is dominated by pyrite and hosted in broad hematite altered sandstone units with a central high grade siliceous core light-moderately dipping to the North.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Drillhole information A summary of all information material to the

understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole

collar dip and azimuth of the hole down hole length and interception depth 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.

All material data is periodically released on the ASX: 31/07/2018, 01/05/2018,15/02/2018, 27/11/2017, 26/09/2017, 13/07/2017, 01/05/2017, 21/02/2017, 13/04/2016, 23/02/2016, 10/12/2015, 03/07/2015, 25/05/2015, 05/05/2015, 11/03/2015, 16/01/2014, 14/10/2013, 25/01/2013, 28/07/2011, 03/06/2011, 21/04/2011, 09/02/2011, 03/11/2008

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

All underground diamond drillhole significant intercepts have been length weighted with a minimum Au grade of 2.5ppm. No high grade cut off has been applied.

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.

Intercepts are aggregated with minimum width of 0.5m and maximum width of 3m for internal dilution. Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

There are no metal equivalents reported in this release.

Relationship between mineralisation 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 (e.g. ‘down hole length, true width not known’).

Previous announcements included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All results are reported as downhole lengths.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary 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.

No Diagrams are referenced in this release.

Balanced Reporting Where comprehensive reporting of all Exploration Results are not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

All results from previous campaigns have been reported, irrespective of success or not.

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.

No substantive data acquisition has been completed in recent times.

Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or 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

Further infill drilling may be carried out inside the reserve UG design to improve confidence. The drilling is getting to the depth where exploration is expensive and the approach needs to be carefully considered. Underground drilling continues and surface drilling is being evaluated. A seismic project is also being assessed.

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Whirling Dervish JORC Table 1



Sampling methods undertaken by Saracen at Whirling Dervish have included reverse circulation (RC), surface and underground diamond drillholes (DD) and RC grade control drilling within the pit. Historic methods conducted since 1993 have included aircore (AC), rotary air blast (RAB), reverse circulation and diamond drillholes.


Sampling for diamond and RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard. RC chips and diamond core provide high quality representative samples for analysis. RC, RAB, AC and DD core drilling was completed by previous holders to industry standard at that time (1993- 2002).


Diamond core is NQ sized, sampled to 1m intervals and geological boundaries where necessary and cut into half core to give sample weights under 3 kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage. RC chips are riffle or cone split and sampled into 1m intervals with total sample weights under 3kg Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub sample for analysis by FA/AAS. Historical AC, RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire assay, aqua regia, B/ETA and unspecified methods.


The deposit was initially sampled by 35 AC holes, 159 RAB holes, 407 RC holes (assumed standard 5 ¼ ‘’bit size) and 53 surface diamond HQ core and unknown diameter holes. Saracen has completed 51 surface RC precollar with NQ diamond tail drill holes (precollars averaging 193m, diamond tails averaging 200m) , 12 diamond geotechnical holes , 80 RC holes from both surface and within the pit,4039 grade control RC holes within the pit and 222 NQ underground diamond drillholes. Diamond tails were oriented using an Ezy-mark tool. Some historic surface diamond drill core appears to have been oriented by unknown methods.


Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the database. Recoveries average >90%. RC sampling recoveries are recorded as a percentage based on a visual weight estimate; no historic recoveries have been recorded.

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Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against depth given on the core blocks. During GC campaigns daily rig inspections are carried out to check splitter condition, general site and address general issues. The sample bags weight versus bulk reject weight is compared to ensure adequate and even sample recovery. Historical AC, RAB, RC and diamond drilling to industry standard at that time.


Diamond drilling has high recoveries meaning loss of material is minimal. There is no known relationship between sample recovery and grade for RC drilling. Any historical relationship is not known.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

Logging of diamond drill core and RC chips records lithology, mineralogy, texture, mineralisation, weathering, alteration, veining and other features. Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material, shape and roughness and alpha and beta angles. Chips from all RC holes (exploration and GC) are stored in chip trays for future reference. Core is photographed in both dry and wet state. Qualitative and quantitative logging of historic data varies in its completeness.


All diamond drillholes and exploration RC holes are logged in full. Every drill line is logged in grade control programs. Historical logging is approximately 95% complete.



All drill core is cut in half onsite using an automatic core saw. Samples are always collected from the same side. Historic diamond drilling has been half core sampled.

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

All exploration and GC RC samples are cone or riffle split. Occasional wet samples are encountered; increased air capacity is routinely used to aid in keeping the sample dry when water is encountered. Historic AC, RAB and RC drilling was sampled using spear, grab, riffle and unknown methods.


The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns. Best practice is assumed at the time of historic sampling.


All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory. Sampling by previous holders assumed to be industry standard at the time. F

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Duplicate sampling is carried out at a rate of 1:10 for exploration drilling and 1:20 for GC drilling and is sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions. Sampling by previous holders assumed to be industry standard at the time.


Sample sizes are considered to be appropriate.



RC chip samples, grade control chip samples and diamond core are analysed by external laboratories using a 40g or 50g fire assay with AAS finish. These methods are considered suitable for determining gold concentrations in rock and are total digest methods. Historic sampling includes fire assay, aqua regia, B/ETA and unknown methods.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

No geophysical tools have been utilised for reporting gold mineralisation at Whirling Dervish.


Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for exploration RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine

further action. QAQC data is reported monthly. Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns. The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision. Industry best practice is assumed for previous holders.

Verification of sampling and assaying



The use of twinned holes. No specific twinned holes have been drilled at Whirling Dervish but grade control drilling has confirmed the width and grade of previous exploration drilling.




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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Location of data points Accuracy and quality of surveys used to locate

drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Exploration drillholes are located using a Leica 1200 GPS with an accuracy of +/- 10mm. Drillhole collars within the pit and immediate surrounds are picked up by company surveyors using a Trimble R8 GNSS (GPS) with an expected accuracy of +/-8mm. All underground drillhole collars are picked up by company surveyors using a Leica TS15i (total station) with an expected accuracy of +/-2mm. Downhole surveys are carried out using the DeviFlex RAPID continuous inrod survey instrument taking readings every 5 seconds, In and Out runs and reported in 3m intervals, survey accuracy +-3:1000. A number of drillholes have also been gyroscopically surveyed. Previous holders’ survey accuracy and quality is unknown

Specification of the grid system used. A local grid system (Whirling Dervish) is used. It is rotated 45 degrees west of MGA_GDA94. The one point conversion to MGA_GDA94 zone 51 is WDEast WDNorth RL MGAEast MGANorth RL Point 1 20003.8190 50277.5540 0 437865.3740 6665770.2100 0 Historic data is converted to Whirling Dervish local grid upon export from the database.


Data spacing and

distribution

Data spacing for reporting of Exploration Results. The nominal spacing for exploration drilling is 25m x 25m

Whether the data spacing and 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.






The majority of drillholes are positioned to achieve optimum intersection angles to the ore zone as are practicable.


No significant sampling bias is thought to occur due to orientation of drilling in regards to mineralised structures.

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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sample security The measures taken to ensure sample security. Samples are prepared on site under supervision of Saracen geological staff. Samples are selected, bagged

into tied numbered calico bags then grouped into secured cages and collected by the laboratory personnel. Sample submissions are documented via laboratory tracking systems and assays are returned via email.


An internal review of companywide sampling methodologies was conducted to create the current sampling and QAQC procedures.



The Whirling Dervish pit is located on M28/166 and M31/220, while near mine exploration has been carried out on M28/245. The tenements are held 100% by Saracen Gold Mines Pty Ltd, a wholly owned subsidiary of Saracen Mineral Holdings Limited. Mining Leases M28/166 and M31/220 have a 21 year life (held until 2020) and are renewable for a further 21 years on a continuing basis. Mining Lease M28/245 has a 21 year life (held until 2029) and is renewable for a further 21 years on a continuing basis. Mining Lease M28/166 is subject to two third party royalties and one caveat (Caveat 51H/067). Mining Lease M31/220 is subject to two third party royalties and one caveat (Caveat 64H/067) and Mining Lease M28/245 is subject to one third party royalty. There are no caveats associated with Mining Lease M28/245. Mining Leases M28/166, M28/245 and M31/220 are subject to a bank mortgage (Mortgage 499142). All production is subject to a Western Australian state government NSR royalty of 2.5%. Mining Leases M28/166, M31/220 and M28/245 are subject to the Pinjin Pastoral Compensation Agreement. Mining Lease M31/220 is subject to the Pinjin and Gindalbie Pastoral Compensation Agreements. M28/166, M31/220 and M28/245 are the subject of the Maduwongga native title claim (WC2017/001). The Mining Rehabilitation Fund applies to the tenements.


The tenements are in good standing and the licence to operate already exists.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Exploration done by other parties


The Carosue Dam project area in which the Whirling Dervish deposit is located has been subjected to extensive gold exploration by numerous companies since 1991. Airborne geophysics conducted by Aberfoyle Resources in 1997 highlighted numerous targets in the project area with subsequent RAB drilling intersecting the Whirling Dervish mineralisation and an extensive RC campaign confirming it. Oriole Resources obtained the project in 1998 and, through wholly owned subsidiary company PacMin, completed closely spaced RC drilling to develop the resource through to reserve status. Sons of Gwalia carried out minor drilling before their collapse and takeover of the project by St Barbara.


Whirling Dervish is situated along the Kilkenny-Yilgangi fault zone on the boundary of the Steeple Hill and Mulgabbie domains.

The lithology comprises primarily intermediate felsic volcaniclastic sandstones, intermediate tuffs and intermediate porphyry units intruded by granites of varying composition, with stratigraphy dipping generally to the east at approx. 60 degrees. Mineralization has a combined lithological and structurally control dipping parallel to the stratigraphy. Mineralization is continuous along strike in the footwall but is very discontinuous and patchy in the hanging wall structures and overall controlled by the general NW trending ductile faulting and is characterized by weak Hematite banding on the margins to intense hematite-silica alteration hosted in breccia zones adjacent to the faulting with high grade cores typically sericite-silica breccia. Pyrite is the dominant sulphide. The mineralization is terminated to the west by the by a NW trending shear zone dipping 60 degrees to the east.

Drillhole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth 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.

All material data is periodically released on the ASX: 31/07/2018, 01/05/2018, 15/02/2018, 27/11/2017, 15/10/2015, 14/10/2013, 23/07/2013, 03/12/2012, 10/10/2012, 31/07/2012, 27/04/2012, 06/03/2012, 27/01/2012, 06/01/2012, 26/10/2011, 01/08/2011, 28/07/2011, 03/06/2011, 21/04/2011, 09/02/2011

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Data aggregation methods


All significant intercepts have been length weighted with a minimum Au grade of 1ppm. No high grade cut off has been applied.


Intercepts are aggregated with minimum width of 1m and maximum width of 3m for internal dilution. Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also.






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.






Drilling is on going on surface and underground. A seismic project is also being assessed.

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Deep South JORC Table 1



Sampling methods undertaken by Saracen at Deep South have included reverse circulation drillholes (RC), aircore drilling (AC), surface and underground diamond drillholes (DD), underground face chip sampling and RC grade control drilling within the pit. Historic sampling methods conducted since 1983 have included rotary air blast (RAB), reverse circulation and diamond drillholes.


Sampling for diamond, face chip and RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard. RC and UG face chips and diamond core provide high quality representative samples for analysis. RC, RAB and DD core drilling was completed by previous holders to industry standard at that time (1983- 2004).


RC chips are cone or riffle split and sampled into 1m intervals with total sample weights under 3kg Diamond core is NQ sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core to give sample weights under 3 kg. UG faces are chip sampled to geological intervals (0.2 to 1m). Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage. Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub sample for analysis by FA/AAS. Some grade control RC chips were analysed in the Saracen on site laboratory using a PAL (pulverise and leach) method. Historical RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire assay, aqua regia, atomic absorption spectroscopy and unspecified methods.


The deposit was initially sampled by 114 RAB holes, 211 RC holes (assumed standard 5 ¼ ‘’bit size) and 29 surface HQ and unknown diameter diamond core holes. Saracen has completed 15 surface RC precollars with NQ diamond tail drill holes (precollars averaging 185m, diamond tails averaging 140m) , 3 geotechnical surface diamond NQ drillholes, 57 RC holes from surface and 107 grade control RC holes within the pit. Underground sampling activities have included 646

NQ diamond drillholes and 1596 faces. Exploration of the broader Deep South area has included 312AC holes. Diamond tails were oriented using an Ezi-mark tool. A limited amount of historic surface diamond drill core appears to have been oriented by unknown methods.


RC sampling recoveries are recorded in the database as a percentage based on a visual weight estimate; limited historic recoveries have been recorded.

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Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the database. Recoveries average >98%. Limited historic diamond recoveries have been recorded.


During AC and RC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues. Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against depth given on the core blocks. UG faces are sampled left to right across the face allowing a representative sample to be taken due to the vertical nature of the orebody. During GC campaigns the sample bags weight versus bulk reject weight are compared to ensure adequate

and even sample recovery. Historical RAB, RC and diamond drilling to industry standard at that time.


There is no known relationship between sample recovery and grade for RC or AC drilling. Diamond drilling has high recoveries meaning loss of material is minimal. Any historical relationship is not known.


Logging of RC and AC chips and diamond drill core records lithology, mineralogy, texture, mineralisation, weathering, alteration and veining. Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material, shape and roughness and alpha and beta angles. Chips from all RC holes (exploration and GC) are stored in chip trays for future reference while remaining core is stored in core trays and archived on site.

All faces are photographed and mapped. Core is photographed in both dry and wet state. Qualitative and quantitative logging of historic data varies in its completeness.


All AC, RC and diamond drillholes and grade control holes are logged in full. Historical logging is complete.



All drill core is cut in half onsite using an automatic core saw. Some grade control diamond holes have been full core sampled. Samples are always collected from the same side. Some historic drillcore was half core sampled, or sampled via unknown methods.


All exploration and grade control RC samples are cone or riffle split. AC drillholes are spear sampled. Occasional wet samples are encountered; increased air capacity is routinely used to aid in keeping the sample dry when water is encountered. UG faces are chip sampled using a hammer. Historic RAB and RC drilling was sampled using riffle and unknown methods.


The sample preparation of diamond core, UG face chips and RC chips adhere to industry best practice. It is conducted by a commercial laboratory or onsite laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns. Best practice is assumed at the time of historic sampling.

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All subsampling activities are carried out by commercial laboratory or onsite laboratory and are considered to be satisfactory. Sampling by previous holders assumed to be industry standard at the time.


RC field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions. Sampling by previous holders assumed to be industry standard at the time.





RC and UG chip samples and diamond core are analysed by external laboratories using a 50g fire assay with AAS finish. AC samples are analysed using a 25g aqua regia digest. These methods are considered suitable for determining gold concentrations in rock and are total digest methods. GC samples were analysed in the Saracen onsite laboratory using a pulverise and leach method. This method is a partial digest. Historic sampling includes fire assay, aqua regia, atomic absorption spectroscopy and unspecified methods.


No geophysical tools have been utilised for reporting gold mineralisation.


Certified reference material (standards and blanks) with a wide range of values are inserted into every

drillhole at a rate of 1:25 for exploration AC, RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine further action. QAQC data is reported monthly. Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns. The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision. Industry best practice is assumed for previous holders.




The use of twinned holes. No specific twinned holes have been drilled at Deep South but grade control drilling has confirmed the width and grade of previous exploration drilling.




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Exploration drillholes are located using a Leica 1200 GPS with an accuracy of +/- 10mm. Drillhole collars within the pit and immediate surrounds are picked up by company surveyors using a Trimble R8 GNSS (GPS) with an expected accuracy of +/-8mm. All underground drillhole collars are picked up by company surveyors using a Leica TS15i (total station) with an expected accuracy of +/-2mm. Underground faces are located using a Leica D5 disto with and accuracy of +/- 1mm from a known survey point. Downhole surveys are carried out using the DeviFlex RAPID continuous inrod survey instrument taking readings every 5 seconds, In and Out runs and reported in 3m intervals, survey accuracy +-3:1000. A number of drillholes have also been gyroscopically surveyed.

Previous holders’ survey accuracy and quality is unknown

Specification of the grid system used. A local grid system (Safari Bore) is used at Deep South. The two point conversion to MGA_GDA94 zone 51 is: SBEast SBNorth RL MGAEast MGANorth RL Point 1 51000 34000 0 451137.753 6734157.921 0 Point 2 51000 30000 0 451137.896 6730157.896 0 Historic data is converted to the Safari Bore local grid upon export from the database.


Data spacing and

distribution

Data spacing for reporting of Exploration Results. The nominal spacing for drilling is 20m x 40m and 40m x 40m





AC drilling is sampled in 4m composites, no other sample compositing has been utilised Some historic RAB and RC sampling was composited into 3-4m samples with areas of interest re-sampled to 1m intervals. It is unknown at what threshold this occurred.




No significant sampling bias has been recognised due to orientation of drilling in regards to mineralised structures. F

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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sample security The measures taken to ensure sample security. Samples are prepared on site under supervision of Saracen geological staff. Samples are selected, bagged

into tied numbered calico bags then grouped into secured cages and collected by the laboratory personnel. Sample submissions are documented via laboratory tracking systems and assays are returned via email


An internal review of companywide sampling methodologies was conducted to create the current sampling and QAQC procedures. No external audits or reviews have been conducted.



The Deep South pit is located on M39/740. The tenement is held 100% by Saracen Gold Mines Pty Ltd, a wholly owned subsidiary of Saracen Mineral Holdings Limited. Mining Lease M39/740 has a 21 year life (held until 2024) and is renewable for a further 21 years on a continuing basis. Mining Lease M39/740 is subject to one royalty agreement, one caveat (151H/067) and a bank mortgage (499142). All production is subject to a Western Australian state government NSR royalty of 2.5%. Mining Lease M39/740 is subject to the Edjudina Pastoral Compensation Agreement. There are no registered Aboriginal Heritage sites within Mining Lease M39/740. The Mining Rehabilitation Fund applies to Mining Lease 39/740.


The tenement is in good standing and the licence to operate already exists



Exploration in the vicinity of Deep South commenced in the 1980’s with drilling around the historic Deep Well workings 500m north of Deep South, as well as regional RC drilling carried out by Western Mining Corporation. Initial auger sampling carried out over Deep South by Pancontinental Mining in 1994 failed to detect mineralisation due to the transported material overlying the deposit. Wide spaced east angled RAB drilling carried out by Goldfields in 1999 intersected mineralisation, but results were not repeated in further drilling and the project area was sold to Sons of Gwalia. Sons of Gwalia completed extensive RC and diamond drilling to define the Deep South resource, with mining operations undertaken in 2004 before their collapse and takeover by St Barbara.


Deep South lies on the eastern margin of the Norseman – Wiluna greenstone belt. This belt is differentiated into numerous structural-stratigraphic domains separated by major regional structures, with Deep South located within the narrow NNW trending Linden Domain. The lithology comprises metasedimentary and felsic volcaniclastic rocks with an ultramafic and high magnesium basalt layer. Mineralisation occurs in two loads concordant to geology, the Butler and Scarlett lodes, and is confined between layered metasedimentary and felsic volcaniclastic units on both the hangingwall and footwall. The two lodes are separated by a high magnesium basalt and an ultramafic unit.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary

The Butler lode is located in the hangingwall and is strongly silica and pyrrhotite-pyrite altered, and well laminated (appearing like a BIF within the oxidise portion). The contrasting physical properties of this unit to the surrounding unit have created fluid pathways and traps, as well as the high iron content of the unit providing a chemical trap, for gold deposition The Scarlett lode is strongly weathered in the upper oxide portion to a gossanous material comprising hematite, goethite and quartz fragments. Weathering at Deep South has been preferential along Scarlett lode due to its high carbonate content. Where fresh, the lode is a fine grained banded carbonate unit with variable pyrrhotite, pyrite and magnetite. It is weakly foliated in line with the regional foliation.

Drillhole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on


All material data is periodically released on the ASX:

15/02/2018, 27/11/2017, 26/09/2017, 01/05/2017, 21/02/2017, 17/12/2016, 07/09/2016, 11/05/2016, 23/02/2016, 23/07/2013, 10/10/2012, 31/07/2012, 03/06/2011, 29/07/2010 Future drill hole data will be periodically released or when a results materially change the economic value of the project. Exclusion of the drilling information will not detract from the reader’s view of the report.



All significant intercepts have been length weighted with a minimum Au grade of 1ppm, or 20ppb for AC drilling No high grade cut off has been applied.






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

Previous announcement included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All results are reported as downhole lengths. This remains consistent with other announcements.

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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’).


All significant exploration results released by Saracen are accompanied by the appropriate diagrams and maps at the time of the release.


All results from the recent campaign have been reported, irrespective of success or not.



A small geochemical program was undertaken in 2013 to determine the key features associated with mineralisation. The program gave some insight into the local characteristics of the Scarlett and Butler lodes. More work is needed to fully appreciate the geochemical signature associated with the mineralisation.

A detailed gravity survey was recently completed at Deep South on a 400m x 100m grid to assist in the interpretation of the basement geology. The data is currently being processed and interpreted.

Saracen has recently completed a biogeochemical sampling program at Deep South involving the sampling

of new leaf growth on established Acacia trees on a 100m x 800m spacing. Samples were collected from trees of a consistent species and height. The biogeochemical program was an orientation survey only and results will not be used in any calculation of mineralisation. The leaves were washed, dried and pulverised followed by an aqua regia digest for multielement determination.

Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or 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

Surface and underground drilling will continue, and regional aircore program will continue across the Mt Celia district.

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Thunderbox JORC Table 1

Section 1: Sampling Techniques and Data

Criteria JORC Code Explanation Commentary

Sampling Techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard 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.

Sampling methods undertaken by Saracen at Thunderbox include diamond drilling (DD) and reverse

circulation (RC) drilling.

Sampling methods undertaken by previous owners have included rotary air blast (RAB), DD and RC drilling and blast hole sampling within the pit.

Limited historical data has been provided by previous owners.


Sampling for diamond and RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard.

RC chips and diamond core provide high quality representative samples for analysis

Historic RC, RAB, and DD core drilling is assumed to have been completed by previous holders to industry standard at that time (1999- 2007).

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 (e.g. ‘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.

RC chips are cone split and sampled into 4m or 1m intervals with total sample weights under 3kg

Diamond core is NQ or HQ sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core to give sample weights under 3 kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage.

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g sub sample for analysis by FA/AAS.

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Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information

All historic RAB, RC and DD and sampling is assumed to have been carried out to industry standard at that time.

RC grade control drilling was used to obtain 1m samples or 2m composite samples from which 3 kg was pulverised to create a 50g charge for fire assay, while blast hole samples were composited into 2.5m before a 3kg sample was obtained for pulverising to a final 50g charge for fire assay.


The deposit was initially sampled by 470 RAB holes. Further drilling included 306 RC holes (assumed

standard 5 ¼ ‘’bit size) , 216 HQ, NQ and PQ diamond drillholes , approximately 15,400 blast holes and 2,400 RC grade control holes.

Some diamond drilling carried out for geotechnical studies was oriented (the method is unknown), it is unknown if other core was oriented.

Saracen completed 46 RC drillholes, 8 diamond geotechnical holes, 65 RC precollar diamond tail drillholes (precollars averaging 122m, diamond tails averaging 351m), 93 underground DD holes and 1998 RC grade control holes. The RC drilling was completed with a 5.5 inch diameter bit with a face sampling hammer. The rig was equipped with an external auxiliary booster.

Diamond drilling was HQ or NQ diameter. Drill core was oriented utilising an ACT II core orientation tool.


Recoveries for RC drillholes and precollars are recorded as a percentage based on a visual weight estimate.

Recoveries for some grade control drilling and blast hole sampling have been recorded based on a visual weight estimate. No other recoveries have been provided, it is unknown if they were recorded

Measures taken to maximise sample recovery andensure representative nature of the samples

During RC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues. Measures were taken to supress groundwater.

Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against depth given on the core blocks.

Historical drilling is assumed completed to industry standard at that time

Whether a relationship exists between sample recovery and grade and whether sample bias may

There is no known relationship between sample recovery and grade for RC drilling.

Diamond drilling has high recoveries meaning loss of material is minimal.

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have occurred due to preferential loss/gain of fine/coarse material.

Any historical relationship is not known.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature.

Core (or costean, channel, etc) photography.

Logging of RC chips and diamond drill core records lithology, mineralogy, texture, mineralisation, weathering, alteration and veining.

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material, shape and roughness and alpha and beta angles.

Chips from all RC holes are stored in chip trays for future reference while remaining core is stored in core trays and archived on site.

Core is photographed in both dry and wet state.

Qualitative and quantitative logging of historic data varies in its completeness.

The total length and percentage of the relevant

intersections logged

All drillholes completed by Saracen have been logged in full.



All drill core is cut in half onsite using an automatic core saw. Duplicate core samples are quarter cored. Samples are always collected from the same side.


All exploration RC samples are cone split. Occasional wet samples are encountered.

The sampling method for historic RAB and RC drilling is unknown.

Grade control RC drilling has been cone split while blast hole sampling has been riffle split. Wet drilling was rarely encountered, and extra care was taken to clean the splitter after encountering wet samples. Drillholes in puggy, wet clays were abandoned and redrilled once dewatering of the pit had commenced.

Care was taken to adjust the splitter orifice for grade control drilling to ensure the sample weight did not exceed 3kg, meaning no subsampling was needed at the preparation stage.


The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90%

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passing 75 microns. The sampling techniques for historic exploration RAB, RC and DD drilling are unknown, best practice is assumed.

The sample preparation of RC grade control drilling and blast hole sampling involved oven drying, coarse crushing and total grinding in an LM5.


All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory.

Best practice is assumed at the time of historic RAB, DD and RC sampling.

Procedures adopted to ensure sample representivity for RC grade control and blast hole sampling included weight analysis to determine split ratio (at least 2 holes per program) and sizing analysis of every 25th sample, with an expected return of 90% passing 75um.

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.

RC field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions.

It is unknown if duplicate sampling was performed on historic exploration RAB, RC and DD drilling.

Field duplicates were carried out on RC grade control drilling at a rate of one per hole, collected from the second sample port on the cone splitter. Duplicates were carried out at a rate of 1 in 20 for blast hole sampling.


Analysis of data determined sample sizes were considered to be appropriate.



RC chip samples and diamond core are analysed by an external laboratory using a 40g fire assay with AAS finish. This method is considered suitable for determining gold concentrations in rock and is a total digest method.

A 50 gram fire assay with AAS finish was used to determine the gold concentration for all grade control

samples. This method is considered suitable for determining gold concentrations in rock and is a total digest method.

Methods for exploration RC, RAB and DD drilling included fire assay with AAS finish, BAAS and unknown methods.

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The clay mineralogy of the deposit was investigated using PIMA (Portable Infra-red Microscopic Analyser) analysis to assist with geological interpretation. This data was not used in the estimation process.


Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for exploration RC and DD. These are not identifiable to the laboratory.

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine further action.

QAQC data is reported monthly.

Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns.

The laboratory performs a number of internal processes including standards, blanks, repeats and checks.

QAQC data analysis demonstrates sufficient accuracy and precision.

Industry best practice is assumed for previous holders.



Significant intercepts are verified by the Geology Manager and corporate personnel

The use of twinned holes. A number of exploration RC holes were drilled to twin original RAB holes and verify results.


Primary data is collated in a set of excel templates utilising lookup codes. This data is forwarded to the Database Administrator for entry into a secure acQuire database with inbuilt validation functions.

Data from previous owners was taken from a database compilation and validated as much as practicable before entry into the Saracen acQuire database


Location of data points Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches,

Exploration drillholes are located using a Leica 1200 GPS with an accuracy of +/- 10mm.

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mine workings and other locations used in Mineral Resource estimation.

Downhole surveys are carried out using a hired Reflex EZ-gyro by the respective drilling companies on a regular basis, between 10-30m.

Specification of the grid system used. MGA Zone 51 grid coordinate system is used

Quality and adequacy of topographic control. Kevron Geomatic Services flew and processed aerial photography and provided ortho images at 1:5000 scale over the Thunderbox deposit and environs.


Data spacing for reporting of Exploration Results. The nominal spacing for drilling is varied from 20mx20m to 40mx40m


The drilling is distributed and spaced such that geological and grade continuity can be established to estimate the mineral resource and ore reserve appropriately. The mineralisation is continuous over a 2km strike length, therefore the 80m x 80m exploration drill spacing effectively defines the continuity.



RC precollar sampling was composted into 4m samples.

Historic RAB drilling was sampled with 4m composite samples. Grade control RC drilling was carried out on 2m composite samples, while blast hole sampling was carried out on 2.5m composites.


The bulk of the drilling has been oriented to the east in order to provide the best intersection angles possible for the steeply west dipping orebody.


All drilling from surface has been drilled as close to perpendicular as possible. This has reduced the risk of introducing a sampling bias as far as possible.

Sample security The measures taken to ensure sample security. Samples are prepared on site under supervision of Saracen geological staff. Samples are selected, bagged

into tied numbered calico bags then grouped into secured cages and collected by the laboratory personnel.

Sample submissions are documented via laboratory tracking systems and assays are returned via email

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An internal review of companywide sampling methodologies was conducted to create the current sampling and QAQC procedures. No external audits or reviews have been conducted

Section 2: Reporting of Exploration Results


Mineral tenement and land tenure status


M36/504, M36/512 and M36/542 form part of the Thunderbox project and are in good standing.

There are no native title claims over the Thunderbox deposit.

A number of heritage surveys have been undertaken with Aboriginal groups with no sites of significance identified.

In addition a detailed archaeological survey has been conducted with no sites of significance identified


The tenements are in good standing and the license to operate already exists.



Extensive nickel exploration was undertaken in the area during the 1960s and 1970s. Grassroots gold and PGE exploration was undertaken during and since the 1980s by BHP, Dominion, Dalrymple Resources and Forrestania Gold. Thunderbox was discovered in 1999.

Geology Deposit type, geological setting and style of

mineralisation.

Thunderbox is a mesothermal lode gold deposit located at the southern end of the Yandal greenstone belt in an area where several major shear zones converge and join with the Perseverance Fault.

The shear zone dips at 30° to 60° WSW, with the exception in the vicinity of the mineralisation, where the shear is vertical to steeply dipping. Mineralisation is hosted by strongly deformed, silicified and carbonate altered albite-quartz porphyry in the hangingwall of the shear zone. The shear juxtaposes foliated basalts and intrusive porphyries in the hangingwall against sedimentary rocks in the footwall. The zone of shearing is over 200m wide. An ultramafic unit occurs within the shear, in the footwall of the deposit and is attenuated along the shear.

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The main gold related hydrothermal alteration assemblage comprises quartz-ankerite-arsenopyrite-pyrrhotite-galena and gold. This assemblage has been overprinted by a retrograde chlorite-epidote-white mica-biotite-quartz and pyrite assemblage. Syn-mineralisation veins have a continuum of vein textures ranging from laminated to pseudo-breccias.

Drillhole information A summary of all information material to the

understanding of the exploration results including a

tabulation of the following information for all Material drill holes:




A total of 2722 holes have been used in the mineral resource and are deemed to be material. It is not practical to summarise all of the holes here in this release. Exclusion of the drilling information will not detract from the reader’s view of the report.

All material data is periodically released on the ASX:

31/07/2018, 01/05/2018, 13/07/2017, 21/02/2017, 07/12/2016, 25/11/2015, 29/04/2015, 23/03/2015



All significant intercepts have been length weighted with a minimum Au grade of 0.5ppm. No high grade cut off has been applied.


Intercepts are aggregated with minimum width of 1m and maximum width of 3m for internal dilution.

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The assumptions used for any reporting of metal

equivalent values should be clearly stated.



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’).

This announcement includes sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All results are reported as downhole lengths.

The geometry of the mineralisation is well known and true thickness can be calculated.

Drilling intersects the mineralisation perpendicular and at an average intersection angle of 45 degrees.

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.

Included in this release is an appropriately orientated longsection of the mineralisation, illustrating the centroids of the intercept point projected to a plane.

Included also in this release are cross section views of the mineralisation which provides the visual perspective of the typical drilling angle.

Balanced Reporting Where comprehensive reporting of all Exploration

Results are not practicable, representative reporting of both low and high grades and/or widths should be


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practiced to avoid misleading reporting of Exploration Results.


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.

Historic activities have included drilling to obtain samples for metallurgical test work, bulk density analyses and geotechnical analyses.

A number of geophysical surveys including dipole-dipole IP, Gradient array IP and TEM were carried out over known mineralisation to determine effectiveness in delineating mineralisation/alteration. None were

deemed effective.

An environmental survey investigated the erosional characteristics of the soil, surface hydrology and groundwater and identified no issues.

A partial leach soil sampling program carried out over the deposit was deemed effective in identifying anomalous gold values associated with the deposit.

A detailed structural review of the mineralisation has been conducted by Model Earth

Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or 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

Underground drilling is ongoing in the A zone area and future deep surface drilling is still being assessed

under A and D Zones.

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Kailis JORC Table 1



Saracen has completed reverse circulation drilling (RC) at Kailis. Sampling methods undertaken at Kailis by previous owners have included rotary air blast (RAB), (RC), aircore (AC) and diamond drillholes (DD). Limited historical data has been provided by previous owners.


Sampling for RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard. RC chips provide high quality representative samples for analysis.

RC, RAB, AC and DD core drilling is assumed to have been completed by previous holders to industry standard at that time (1980- 2008).


RC Chips are cone split and sampled into 1m intervals with total sample weights under 3kg to ensure total sample inclusion at the pulverisation stage. Saracen chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g sub sample for analysis by FA/AAS.

All RAB, RC, AC and DD and sampling is assumed to have been carried out to industry standard at that time. The majority of recent drillholes have been riffle or cone split to provide 1m samples for analysis. Older drillholes have been sampled via spear sampling or unknown methods. Analysis methods include aqua regia, fire assay and unknown methods.


The deposit was initially sampled by 156 RAB holes. Further drilling included 51 RAB holes, 1186 RC holes (assumed standard 5 ¼“ face sampling hammer bit) 220 AC holes and 54 HQ (mostly standard tube, a limited number were triple tube) and unknown diameter diamond drillholes. A number of these were diamond tails on existing RC drillholes.

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Saracen has completed 123 RC drill holes, completed with a 5.5 inch diameter bit with a face sampling hammer. The rig was equipped with an external auxiliary booster. 2479 grade control RC drillholes have been completed within the pit. It is unknown if diamond drill core was oriented.


Recoveries for RC drilling are recorded as a percentage based on a visual weight estimate. In historical data it has been noted that recoveries were rarely less than 100% although recovery data has not been provided. Some problems were reported with wet samples from RC drilling. Core loss through the ore zone was reported occasionally however recoveries for diamond drilling programs were around 95%.


During RC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues. It is unknown what, if any, measures were taken to ensure sample recovery and representivity.


There is no known relationship between sample recovery and grade for RC drilling.



Logging of RC chips has recorded lithology, mineralogy, texture and colour, mineralisation, weathering, alteration and veining. Chips from all RC holes are stored in chip trays for future reference.

Some diamond drilling has been geotechnically logged to provide data for geotechnical studies.

It is unknown if historic diamond core was photographed.





The sampling method for most historic drill core is unknown, a small amount is recorded as half core sampled.


All RC samples are cone split. Occasional wet samples are encountered. The sampling method for the majority of the historic RAB, AC and RC drilling is unknown: a small number have been recorded as spear sampled. Some wet sampling has been reported in historic drilling but only a small proportion of these had poor recoveries


The sample preparation of RC chips adheres to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns. The sampling techniques for historic RAB, RC, AC and DD drilling are unknown, best practice is assumed.

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All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory. Best practice is assumed at the time of historic RAB, DD, AC and RC sampling. Procedures adopted to ensure sample representivity for more recent drilling included sizing analysis, with an expected return of 85% passing 75um.


RC field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions. It is unknown if duplicate sampling was performed on historic RAB, RC, AC and DD drilling.





RC chip samples are analysed by an external laboratory using a 40g fire assay with AAS finish. This method is considered suitable for determining gold concentrations in rock and is a total digest method. Methods for historic RC, RAB, AC and DD drilling included fire assay, aqua regia and unknown methods.


No geophysical tools have been utilised at the Kailis project


Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for RC drilling. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed

on import. A report is generated and reviewed by the geologist as necessary upon failure to determine further action. QAQC data is reported monthly. Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns. The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision. Industry best practice is assumed for previous holders.




The use of twinned holes. A number of historic DDH holes were drilled to twin original RC holes and verify results.


Primary data is collated in a set of excel templates utilising lookup codes. This data is forwarded to the

Database Administrator for entry into a secure acQuire database with inbuilt validation functions. Data from previous owners was taken from a database compilation and validated as much as practicable before entry into the Saracen acQuire database


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Drillhole are located using a Trimble R8 GPS/GNSS with an accuracy of +/- 10mm. Downhole surveys are carried out using a hired Reflex EZ-gyro by the respective drilling companies on a regular basis, between 10-30m.

Historic drilling was located using mine surveyors and standard survey equipment; more recent drilling has been surveyed using a Real Time Kinetic GPS system.

The majority of downhole surveys for RC drilling were carried out using an Eastman single shot camera at regular intervals. Some drillholes were gyroscopically surveyed and some survey methods remain unknown.

Specification of the grid system used. MGA Zone 51 grid coordinate system is used

Quality and adequacy of topographic control. DTM surveys were obtained for the project area from Tesla Airborne Geoscience


Data spacing for reporting of Exploration Results. No exploration results reported in this release


Data spacing is nominally 20m N-S by 20m E-W and 20m N-S by 40m E-W in more sparsely drilled areas of the resource. 10m N-S x16m E-W to 5m N-S x8m E-W grade control drilling is staged over mined areas to establish continuity of the main lode.



No samples have been composited. Some historic RAB and AC drilling was sampled with 3-4m composite samples. Anomalous zones were resampled at 1m intervals in some cases; it is unknown at what threshold this occurred.


Sampling is perpendicular to the main mineralisation orientation and is well understood from past

production.


There is no record of any sample bias that has been introduced because of the relationship between the orientation of the drilling and that of the mineralised structures. There is the possibility of the very high nugget and visual gold distribution introducing a local bias. This is factored into the modelling of domains and estimation with broader mineralised envelopes, top cuts and indicator estimation techniques.



An internal review of companywide sampling methodologies was conducted to create the current sampling

and QAQC procedures. No external audits or reviews have been conducted

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The Kailis pit and near mine exploration are located on M37/46, M37/219, M37/564, and M37/902 which are granted until 2027, 2031, 2020, and 2030 respectively. All mining leases have a 21 year life and are renewable for a further 21 years on a continuing basis. The mining leases are 100% held and managed by Saracen Metals Pty Limited, a wholly owned subsidiary of Saracen Minerals Holdings Limited. The tenements are subject to a 1.5% International Royalty Corporation (IRC) royalty. The tenements are subject to an IRC caveat (68H/067, 87H/067, 122H/067, and 403551) and a St Barbara Limited caveat (498250, 498249, 498248, and 498251). The tenements are subject to a Westpac mortgage (499141). All production is subject to a Western Australian state government NSR royalty of 2.5%.

The tenements are subject to the Mining Rehabilitation Fund. There are currently no native title claims applied for or determined across the tenements. However, an historic agreement for Heritage Protection with the Wutha People still applies. Lodged Aboriginal Heritage site 17587 (Kailis Project Quartz Site) is located on M37/46.





Mineralisation was discovered in the Kailis project area in the early 1980s after RAB drilling returned anomalous gold and arsenic values. Carr Boyd minerals intersected mineralisation with an initial RC program targeting these anomalies in 1982. Esso, City Resources and Sons of Gwalia all held the project at various times and carried out RAB, RC, AC and DDH programs delineating the resource. The deposit was mined in 2000-2001 by Sons of Gwalia. Mining was carried out by St Barabara at the nearby Trump deposit between 2008-2009.


Gold mineralisation at Kailis is hosted in quartz-sericite schist within a broad north trending, shallow to moderately dipping (40-50 degrees SSE) shear zone with a strike length in excess of 1800m. Mineralised intervals are often narrow (3-8m) but thicken to 15-20m in places. Structural studies identified narrow sub vertical NE-SW trending quartz vein sets that cross cut the main shear zone as possible controls on high grade mineralisation. The best gold grades tend to occur in the oxide and transitional zones with lower grades in the fresh rock. Mineralisation is open at depth but closed along strike.

Drillhole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar - dip and azimuth of the hole - down hole length and interception depth - hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this

A total of 3400 holes have been used in the mineral resource and are deemed to be material. It is not practical to summarise all of the holes here in this release. All material data is periodically released on the ASX:

31/07/2018, 27/11/2017, 01/05/2017

Future drill hole data will be periodically released or when a results materially change the economic value of the project. Exclusion of the drilling information will not detract from the reader’s view of the report.

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exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.



All significant intercepts have been length weighted with a minimum Au grade of 0.5ppm. No high grade cut off has been applied.






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’).

Saracen has not previously reported exploration results nor are any included in this release. The geometry of the mineralisation is well known and true thickness can be calculated. Mineralisation at Kailis has been mainly intersected by vertical drill holes which have an average intersection angle to mineralisation of approximately 68 degrees.


Included also in this release are cross section views of the mineralisation which provides the visual perspective of the typical drilling angle.


Saracen has not previously reported exploration results nor are any included in this release.


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

Historic activities have included drilling to obtain samples for metallurgical, geotechnical and hydrological test work. A number of geophysical surveys including airborne magnetics, radiometrics, and gravity have been carried out over the project area by various companies to identify strike extensions and /or strike parallel mineralisation. Drilling of identified targets proved successful identifying several anomalous zones. A detailed structural review of the nearby Trump deposit was carried out in 2012, highlighting the importance of the cross cutting structures as possible controls on the high grade mineralisation.

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characteristics; potential deleterious or contaminating substances.

A detailed gravity survey has been completed and the results are being interpreted.

Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or 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

Regional data sets are being reviewed and targets are being generated for future testing.

Bannockburn JORC Table 1



Sampling methods undertaken by Saracen at Bannockburn include reverse circulation (RC) drilling and aircore (AC) drilling.

Sampling methods undertaken at Bannockburn by previous owners have included rotary air blast (RAB), reverse circulation (RC) and diamond drillholes (DD).

Limited historical data has been provided by previous owners.


Sampling for RC and AC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard.

RC, RAB, and DD core drilling is assumed to have been completed by previous holders to industry standard at that time (1990- 2008).

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RC chips are cone split, while AC samples are spear sampled, with both sampled into 4m or 1m intervals with total sample weights under 3kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage.

Saracen chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g sub sample for analysis by FA/AAS.

Initial RC drilling in the early 1990s included single stage mix and grind sample preparation to create a 300g pulp from which a 50g charge was used for assay determination. More recent RC drilling involved total preparation of a 4m composite sample to provide a 40g charge for

fire assay. No other information has been found or supplied so it is assumed all RAB, RC and DD and sampling was carried out to industry standard at that time.


Historic drilling activities at Bannockburn have included 684 RAB holes, 1694 RC holes (some with diamond tails) and 78 DD holes (HQ, NQ, and unknown diameter). Saracen has completed 138 RC drillholes and 332 AC holes. The RC drilling was completed with a 5.5 inch diameter bit with a face sampling hammer. The rig was equipped with an external auxiliary booster. Some historic HQ core was oriented by unknown methods.


Recoveries for RC and AC drillholes are recorded as a percentage based on a visual weight estimate.

No other recoveries have been provided, it is unknown if they were recorded.


During RC and AC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues. Measures were taken to supress groundwater.

It is unknown what, if any, measures were taken to ensure sample recovery and representivity.


There is no known relationship between sample recovery and grade for RC or AC drilling.


Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

Logging of RC and AC chips record lithology, mineralogy, texture, mineralisation, weathering, alteration and veining. Chips from all RC holes are stored in chip trays for future reference. Some historic diamond drilling has been photographed and geotechnically logged. It is unknown if all diamond core was photographed. Qualitative and quantitative logging of historic data varies in its completeness

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The sampling method for most drill core is unknown. Some historic core was half core sampled.


All RC samples were cone split. Occasional wet samples were encountered. AC drillholes were spear sampled RC drilling carried out in the 1990s includes spear sampled composites and riffle split 1m samples. RAB drilling was spear sampled. More recent RC drilling has been riffle split or spear sampled. Some sampling methods remain unknown.


The sample preparation of RC and AC chips adheres to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns. The sample preparation of 1990s RC drilling involved a single stage mix and grind method, more recent RC drilling involved a total preparation method. The sampling techniques for much of the remaining historic RAB, RC and DD drilling are unknown, best practice is assumed.


All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory Best practice is assumed at the time of historic RAB, DD and RC sampling.


Field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions

It is unknown if duplicate sampling was performed on historic RAB, RC and DD drilling. Limited field duplicates were carried out on some more recent RC grade control drilling at a rate of one per hole.





RC chip samples are analysed by an external laboratory using a 40g fire assay with AAS finish. AC samples are analysed using a 25g aqua regia digest. Both method are considered suitable for determining gold concentrations in rock and are total digest methods.

Limited historic samples were assayed using a leachwell digest and AAS finish in the onsite laboratory.

More recent RC drilling has been assayed using a 50g aqua regia or 40g fire assay with AAS finish. Other assay methods for exploration RC, RAB and DD drilling included fire assay with AAS finish, aqua regia with AAS finish and unknown methods.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make

It is unknown if any instruments of this nature have been used at Bannockburn.

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and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for RC and AC. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine further action. QAQC data is reported monthly.

Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns.

The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision.

Industry best practice is assumed for previous holders.




The use of twinned holes. Specific drilling programs consisting of twinned holes are not apparent. However, grade control from both open pit and underground operations have confirmed the width and grade of previous exploration drilling.


Primary data is collated in a set of excel templates utilising lookup codes. This data is forwarded to the Database Administrator for entry into a secure acQuire database with inbuilt validation functions. Data from previous owners was taken from a database compilation and validated as much as practicable

before entry into the Saracen acQuire database

Discuss any adjustment to assay data. No adjustment to assay data appears to have been made


Saracen drillholes are located using a Leica 1200 GPS with an accuracy of +/- 10mm. Downhole surveys are carried out using a hired Reflex EZ-gyro by the respective drilling companies on a regular basis, between 10-30m.

Collar locations for early 1990s RC, RAB and DD drilling were surveyed using an EDM theodolite. The precision of this equipment in unknown. Downhole surveys were carried out using a CHAMP downhole electronic multishot system.

More recent drilling has collar locations surveyed by unknown GPS and DGPS equipment, while downhole surveys have been carried out at regular intervals by unknown methods.

Specification of the grid system used. MGA Zone 51 grid coordinate system is used. Some historic data drilled on local grid systems has been converted to this grid system

Quality and adequacy of topographic control. No detail of topographic control was supplied or found.


Data spacing for reporting of Exploration Results. AC drilling was carried out on a broad 400x200m to 600x800m grid, with some closer spacing (50x50m) designed to test geophysical and geochemical targets

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The drilling is distributed and spaced such that geological and grade continuity can be established to estimate the mineral resource and ore reserve appropriately. The mineralisation is continuous over a 2km strike length, therefore the 25m x 25m exploration drill spacing effectively defines the continuity. The tight drill spacing at the exploration and mineral resource definition stage highlight the complex nature of some areas of the resource.



RC and ACsampling was composited into 4m samples with mineralised areas resampled to 1m intervals Historic 1990s RC drilling was sampled on 6m composites due to the depth of overburden, with significant gold results being resampled in 1m intervals. Historic RAB drilling was generally 4m composite sampled with anomalous zones resampled to 1m intervals. Some more recent RC drilling was composited into 3m or 4m samples with areas of interest resampled to 1m.


Due to the variability in the dip direction of the various lodes at Bannockburn, drilling has been orientated in multiple directions to ensure all mineralisation has been tested effectively. This ensures that minimal bias is introduced when sampling.


All drilling from surface has been drilled as close to perpendicular as possible. This has reduced the risk of introducing a sampling bias as far as possible. Multiple drill orientations have been used to test the variably orientated mineralisation.

Sample security The measures taken to ensure sample security. Samples are prepared on site under supervision of Saracen geological staff. Samples are selected, bagged into tied numbered calico bags then grouped into secured cages and collected by the laboratory personnel.

Sample submissions are documented via laboratory tracking systems and assays are returned via email


An internal review of companywide sampling methodologies was conducted to create the current sampling and QAQC procedures. No external audits or reviews have been conducted



The Bannockburn pit and associated infrastructure is located across M37/339, M37/340, M37/360, and M37/361. The tenements are 100% held by Saracen Metals Pty Ltd. The mining leases have a 21 year life and are all held until 2034. All are renewable for a further 21 years on a continuing basis. The tenements are the subject of a purchase and sale agreement between Norilsk Nickel Wildara Pty Ltd and Saracen Metals Pty Limited dated the 6 May 2014, whereby Saracen purchased 100% shares in the tenements. The tenements are all subject to a royalty of $25 p/oz over 33,000 and up to 73,000 oz of gold produced from the Resources, and $1 p/oz on each ounce of gold after 73,000 oz of gold produced from the Resource payable to Challenger Gold Operations Pty Ltd. Mining Lease 37/340 is subject to a Westpac mortgage (499139). All production is subject to a Western Australia state government NSR royalty of 2.5%.

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There are two registered heritage sites located over the tenements: Bannockburn 1 site (Place ID 1119) located over M37/361 and Koara Camp site (Place ID 1522) located over M37/339 and M37/340 There are no caveats relating to the tenements. There are no native title claims or pastoral compensation agreements over the tenements.





Gold was discovered at Bannockburn in the late 1800s with intermittent working of the deposit until the 1950s. Modern exploration began in the late 1970s with initial exploration targeting nickel sulphides before gold exploration began in 1979. Exploration activities by numerous companies including Freeport of Australia, Kulim Limited and Arboyne took place until Dominion purchased the project and commenced mining in 1991. The mine was placed on care and maintenance in 1995. The project changed hands numerous times after this with owners including Consolidated Gold Mines, Arrow Resources, Breakaway Resources, LionOre Australia and Norilsk Nickel Australia carrying out exploration activities leading to the discovery of numerous other deposits in the vicinity.


The Bannockburn deposit is located along the western margin within the central portion of the Norseman-Wiluna greenstone belt. Locally the project area is dominated by an extensive sequence of tholeiitic, high-Mg and komatiitic basalts with intercalated sedimentary and intermediate volcaniclastic horizons. Dolerite and gabbro sills intrude the sequence. The deposit is complex with multiple controlling factors. The gross geometry of the deposit is controlled by the Bannockburn fault, a steeply dipping NNW trending fault that is continuous over at least 2.3km on the western margin of the orebody. The fault separates an ultramafic unit in the west from the

Bannockburn host sequence in the east. It dips steeply east, rolling to vertical and steep west dipping in the northern part of the orebody. The Bannockburn fault is effectively the western boundary to the orebody with very little mineralisation penetrating the western side of the fault. The Central fault which hosts the Central orebody has a shallow northerly plunge and is the orebody on which the majority of the underground workings have focused on. There are a series of steeply east dipping lodes in the hangingwall of the central lode; these are interpreted as either tensional veins of reverse faults with shearing present along the veins. Black graphic shale units present within the stratigraphy have acted as a localised control on the mineralisation. The black shale units have taken up some of the deformation with stratigraphy parallel shearing and mafic sequences between the shales have extended to form steep east dipping extension veins.

Drillhole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole

A total of 17642 holes have been used in the mineral resource and are deemed to be material. It is not practical to summarise all of the holes here in this release.

Future drill hole data will be periodically released or when a results materially change the economic value of the project. Exclusion of the drilling information will not detract from the reader’s view of the report.

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down hole length and interception depth hole length. If the exclusion of this information is justified on




All significant intercepts have been length weighted with a minimum Au grade of 1ppm for RC drilling or 20ppb for AC drilling . No high grade cut off has been applied.


Intercepts are aggregated with minimum width of 1m and maximum width of 3m for internal dilution. Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also





The geometry of the mineralisation is highly variable and the complex nature of the orebodies makes the definitive calculation of true thickness difficult.

Drilling has been orientated to intersect the various orebodies at most optimum angle where possible. This has not always been achieved. Where holes have drilled parallel to or within a lode, additional holes have been drilled at a more suitable orientation to account for the poor angle.






Other exploration data, if meaningful and material, should be reported including (but not limited to):

Various geophysical surveys have been carried out over the Bannockburn deposit in an effort to delineate structure and mineralisation including magnetics, gravity, CSMAT (Controlled Source Audio Magneto

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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.

Telluric), radiometrics and SAM (sub-audio magnetics). CSMAT was deemed ineffective due to penetration issues while other methods returned varying results.


Saracen is currently working on establishing an exploration program which will identify areas of opportunity to extend or enhance the Bannockburn mineral resource. A regional aircore program is currently underway testing the regional structures.

Section 3: Estimation and Reporting of Mineral Resources Criteria JORC Explanation Commentary Database Integrity Measures taken to ensure that data has not been

corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

The database provide to Saracen was an extract from an acquire SQL database. The primary database is regulated by a locked framework called the acquire data model which fixes the relationships between tables. The data model minimises the potential for data collection and data usage errors through pre-

determined look up tables, storage and export functions. User defined permissions also regulate the ability to add, edit or extract data. It is unknown at this stage how the process used to record the primary data. Typical methods are manual translation of logging and data capture from written logs, direct import of csv tables through a data import scheme where data is validated upon import or direct data entry options into the database using predefined look up values.

Data validation procedures used. The rigid structure of the acquire data model is such that predefined rules and look up tables are applied to all data entry. Data that does not meet the criteria are highlighted and moved to a buffer area until the data is rectified to meet the passing rules. It is unknown at this stage how the database was managed and who was responsible for its maintenance. It is also unknown if there was any built in functionality around pass/fail checks on assay importing. This data extract was cross validated with the database provided by Norilsk Nickel Australia LTD PTY

during the due diligence process, and also the database supplied to Golder by Norilsk Nickel Australia LTD PTY for the earlier resource estimate. Such cross validations highlighted variances that were reconciled against, surface, pit and underground surveys. This reconciled database was used for the estimation.

Site Visits Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

The Competent person together with Saracen’s technical team has conducted numerous site visits. Historical drill core was inspected during the visits.

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Section 3: Estimation and Reporting of Mineral Resources Criteria JORC Explanation Commentary

If no site visits have been undertaken indicate why this is the case.

n/a

Geological Interpretation Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

The interpretation has been based on the detailed geological work completed by a series of previous owners of the project. This knowledge is based on extensive geological logging of drill core, RC chips, detailed open pit mapping, underground mapping and assay data. The gross architecture of the deposit is well known however the local scale structural controls are complex. Confidence can be taken from the fact that the deposit has been mined previously by open pit and underground methods.

Nature of the data used and any assumptions made. The interpretations have been constructed using all available geological logging descriptions including but not limited to, stratigraphy, lithology, texture, and alteration. Open pit and underground observations have been included in the interpretation, however only affects the location of the domain boundaries around the previously mined sections of the resource. Cross sectional interpretations of the mineralisation have been created and from the basic framework through which the 3D wireframe solid is built.

The affect, if any, of alternative interpretations on Mineral Resource estimation.

No other interpretations have been tested at this point. The tightness of the drilling restricts the possible options of the interpretations. The main Bannockburn fault and Central thrust are highly continuous and predictable. The shorter scale extensional lodes in the hanging wall of the central thrust are more variable, however can still be interpreted between sections.

The use of geology in guiding and controlling the Mineral Resource estimation.

The geology has been used to assist controlling the mineral resource estimation. The main mineralised shear zones have been domained such that the geological characteristics have been honoured. This includes discriminating between the main shear zones and the extensional vein arrays splaying off the shear zones and mineralisation associated with black shale zones.

The factors affecting continuity both of grade and geology.

At the deposit scale laminated quartz veins have higher grades than bucky and coarsely brecciated quartz

veins. Highly silicified mafic schist is the main locus for mineralisation. The stronger the silicic and biotite alteration the high the grade. It is estimated that 75% of the gold is located in the alteration halos and 25% in the veins themselves. Additionally it has been noted that mineralisation is strong where increased percentages of arsenopyrite are present. A small amount of remobilised mineralisation can be found on the margins of porphyry and lamprophyric intrusives.

Dimensions The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

Bannockburn mineralisation extends from 6849500mN to 6852000mN, 292600mE to 294100mE and 150 meters below surface. The Bannockburn gold deposit has a strike of 340° (NNW) and has a shallow plunge 5-10° to the NNW.

Estimation and modelling techniques

The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points.

Block estimation has been completed in Datamine software. All wireframes have been constructed in Datamine. All estimation uses these wireframes as hard boundaries. Ordinary Kriging has been chosen as

the estimation method. Estimation of parent blocks are interpolated, and assigned to sub-cells. The maximum distance of extrapolation is less than 50m. Univariate statistical analysis of length weighted, (1m), domain coded down hole composites have been completed for all domains and top-cuts applied where applicable. Extreme grades have been appraised in each domain and have been analysed to determine specific top-cut values. Log-probability plots were used supplementary to the histogram analysis.

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KNA was performed on grouped domains to determine appropriate block size, sample support, search dimensions and block discretisation values.

The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

The OK model has been compared to the due diligence inverse distance cubed resource estimate with similar global results, (<2% variance in tonnes, grade and ounces). This comparison suggests a robust estimation. Since the due diligence the underground void and open pit mined surfaces have been scrutinised. Updated void models have been sourced and surfaces updated to include last stages of production that

correlate with grade control production holes. Globally the OK estimate and total production reconcile within 5% of the ounces.

The assumptions made regarding recovery of by-products.

No assumptions have been made with respect to the recovery of by-products.

Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).

There has been no estimate at this point of deleterious elements. Saracen is unaware if any elements other than gold have been assayed. Arsenic may have been assayed; however this data has not been made available.

In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

The parent block sizes for the resource model are X (12.5m) by Y (25m) by Z (5m). These are deemed appropriate for the majority of the resource, where drill spacing is in the order of 25m x 15m to 25m x 20m and up to 40m x 40m. Parent blocks have been sub-celled to X (1.25m) by Y (2.5m) by Z (1.0m) to ensure that the wireframe boundaries are honoured and preserve the location and shape of the mineralisation.

Search ranges have been informed by knowledge of the drill spacing and the known mineralisation geometry including direction of maximum continuity. Three search estimation runs are used with the aim to satisfy the minimum sample criteria in the first search range where possible.

Any assumptions behind modelling of selective mining units.

No selective mining units have been assumed.

Any assumptions about correlation between variables.

No assumptions have been made regarding correlation between variables.

Description of how the geological interpretation was used to control the resource estimates.

The geological interpretation correlates with the mineralised domains. Specifically where the mineralised domain corresponds with the key mineralised fault zones. All wireframe boundaries including those where lithology and mineralisation correspond, hard boundaries are enforced.

Discussion of basis for using or not using grade cutting or capping.

Statistical analysis of all domains highlight that there are very few grades (1% of the total samples) in the domain populations that require top-cutting. Top-cut have been employed to eliminate the risk of overestimating in the local areas where high grade samples exist.

The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

Several key model validation steps have been taken to validate the resource estimate. These steps include; The volume variance between the estimate and the wireframed domains are compared.

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The metal variance between top cut values, and composited values are measured to original Au and non-composited values. These composited grades are compared to the estimate mean grade for each individual domain. These comparisons are further investigated by appropriate northing, easting and bench intervals in the form of swathe plots. The mineral resource model has been stepped through visually in sectional and plan view to appreciate the composite grades used in the estimate and the resultant block grades. Kriging efficiency and slope results give an indication of the quality of the estimate.

Moisture Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

All tonnages are estimated on a dry basis.

Cut-off parameters The basis of the adopted cut-off grade(s) or quality parameters applied.

Based on Saracen’s current economic operations at Carosue Dam, and the natural grade distinction above background, a grade of 0.5g/t has been chosen.

Mining factors or assumptions

Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

The Bannockburn deposit is amenable to mining by both open pit and underground methods. The deposit has been mined by open pit and underground methods historically. There are reasonable grounds to assume that in the future this deposit will again be mined by conventional open pit load and haul operations. It is unlikely that the mineralisation would be accessed by underground methods. Any open pit operations that may interact with historical underground workings would need to assume a higher ore loss factor around the margins of effected areas. This is particularly the case if underground voids have not been filled.

Metallurgical factors or assumptions

The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment process and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

It is expected that any future mining of the Bannockburn deposit will be processed at the Thunderbox processing facility which is currently on care and maintenance. The Thunderbox mill employs a conventional crushing, grinding and CIL leaching process to extract the gold. The mill operated successfully between 2002 and 2007, processing in excess of 9Mt of ore. The conventional plant displayed excellent performance with gold recoveries between 93.4 to 96.6 % over the life of the mine. Test work by Ammtec completed historically suggests Bannockburn mineralisation should achieve similar recoveries to the mineralisation previously processed at Thunderbox.

Environmental factors or assumptions

Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic

As arsenic is present in the mineralogy of the deposit, the processing plant has been designed to ensure effective management of potentially harmful arsenic contamination. A 20m diameter high rate thickener is used to thicken the tails to maximise water and cyanide recovery. Process water is added to the thickener feed to create one wash stage prior to detoxification. Arsenic

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extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

precipitation is effected in a stirred closed tank with air sparging. Ferric sulphate solution is metered into the reactor on the basis of dissolved arsenic concentration. The fumes from the precipitation tank are passed through a packed bed caustic scrubber before venting to the atmosphere. The precipitation tank overflow is then passed to the tails hopper.

Bulk Density Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

Previous owners have taken routine density measurements when drilling diamond core. The method of calculation is the water displacement technique. Measurements have been recorded in the acquire database and extraction schemes pair this data with the major lithology code for statistical analysis. At this point Saracen does not have the available data to comment on the frequency and distribution of the density measurements. The size and nature of the samples is also unknown to Saracen at this time.

The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit.

As stated above the frequency and distribution is unknown at this point in time. It has assumed from the very good reconciliation performance from mine to mill that the determined density assignments from the mine are accurate.

Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

An average mean of densities collected for each lithological type has been uniformly applied to the modelled geological units. This includes the primary fresh lithologies as well as the weathered oxide and

transitional zones.

Classification The basis for the classification of the Mineral Resources into varying confidence categories.

The mineral resource has been classified into Measured, Indicated and Inferred categories based on drill hole spacing, geological confidence, and grade continuity and estimation quality. The combinations of these factors together guide the formation of 3D wireframes that code the appropriate blocks with the nominated resource classification category.

Whether appropriate account has been taken of all the relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

All care has been taken to account for relevant factors influencing the mineral resource estimate. Confidence in the predicted tonnes and grade estimated in the model is high and previous mining performance suggests that the input data and geological continuity are such that a reasonable resource estimate can achieved.

Whether the result appropriately reflects the Competent Person's view of the deposit.

The geological model and the mineral resource estimate reflect the competent person’s view of the deposit.

Audits or reviews The results of any audits or reviews of Mineral Resource estimates.

Saracen has adopted a process for geological modelling, estimation and reporting of mineral resources that meets high industry standards. Due to the short time frame for the due diligence review, no external audits have been conducted.

Discussion of relative accuracy/confidence

Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For

The mineral resource has been reported in accordance with the guidelines established in the 2012 edition of the JORC code.

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example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

Analysis, cross checks and validation of the acquired database occurred prior to the construction of this detailed mineral resource update. The previous sections of this table identify the areas that require further update and validation. It is unlikely that these minor checks would have any material effect on the results of mineral resource. It was highlighted in the review process that updated surveys for surfaces and mined surfaces would be beneficial. It has been identified that the surfaces supplied by the previous owners were incomplete. The final pit surface is limited to the in pit water level and the underground voids appear to be piecemeal. Whilst blast hole grade control helped to define the base of the pit with some confidence, the underground voids need further validation. A plan has been put in place to deal with these

inconsistencies. Where logic prevails, the estimation within these “unsurveyed zones” has been preferentially depleted, assuming mining has occurred.

The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

The statements relate to a global estimate of tonnes and grade.

These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

Previous mining operation reports suggest that the estimated metal is within 5%.

Greater Luvironza JORC Table 1



Sampling methods undertaken by Saracen at Greater Luvironza has consisted of reverse circulation (RC) drilling. Historic methods conducted since 1993 have included aircore (AC), rotary air blast (RAB), reverse

circulation and diamond drillholes.

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Sampling for RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard. RC chips provide high quality representative samples for analysis. RC, RAB, AC and DD core drilling was completed by previous holders to industry standard at that time (1993- 2002).


RC chips are cone split and sampled into 4m composite intervals and 1m intervals with total sample weights under 3kg Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub sample for analysis by FA/AAS.

Historical AC, RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire assay, aqua regia, B/ETA and unspecified methods.


The Greater Luvironza area was initially sampled by 85 AC holes, 170 RAB holes, 224 RC holes (assumed standard 5 ¼ ‘’bit size) and 22 surface diamond HQ core and unknown diameter holes. Saracen has completed 10 surface RC drill holes, 5 surface diamond holes Diamond holes were oriented using an Ezy-mark tool. Some historic surface diamond drill core appears to have been oriented by unknown methods.


Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the database. Recoveries average >90%. RC sampling recoveries are recorded as a percentage based on a visual weight estimate; no historic recoveries have been recorded.


Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against depth given on the core blocks. Daily rig inspections are carried out to check splitter condition, general site and address general issues. The sample bags weight versus bulk reject weight is compared to ensure adequate and even sample recovery. Historical AC, RAB, RC and diamond drilling to industry standard at that time.


Diamond drilling has high recoveries meaning loss of material is minimal. There is no known relationship between sample recovery and grade for RC drilling. Any historical relationship is not known.

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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Logging Whether core and chip samples have been geologically

and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

Logging of diamond drill core and RC chips records lithology, mineralogy, texture, mineralisation, weathering, alteration, veining and other features. Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material, shape and roughness and alpha and beta angles. Chips from all RC holes (exploration and GC) are stored in chip trays for future reference. Core is photographed in both dry and wet state. Qualitative and quantitative logging of historic data varies in its completeness.


All diamond drillholes and exploration RC holes are logged in full. Every drill line is logged in grade control programs. Historical logging is approximately 95% complete.



All drill core is cut in half onsite using an automatic core saw. Samples are always collected from the same side. Historic diamond drilling has been half core sampled.


All exploration and GC RC samples are cone or riffle split. Occasional wet samples are encountered; increased air capacity is routinely used to aid in keeping the sample dry when water is encountered. Historic AC, RAB and RC drilling was sampled using spear, grab, riffle and unknown methods.


The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns.

Best practice is assumed at the time of historic sampling.




Duplicate sampling is carried out at a rate of 1:10 for exploration drilling and 1:20 for GC drilling and is sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions. Sampling by previous holders assumed to be industry standard at the time.


Sample sizes are considered to be appropriate.



RC chip samples, grade control chip samples and diamond core are analysed by external laboratories using a 40g or 50g fire assay with AAS finish. These methods are considered suitable for determining gold concentrations in rock and are total digest methods. Historic sampling includes fire assay, aqua regia, B/ETA and unknown methods.

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For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

No geophysical tools have been utilised for reporting gold mineralisation at Whirling Dervish.


Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for exploration RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine

further action. QAQC data is reported monthly. Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns. The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision. Industry best practice is assumed for previous holders.




The use of twinned holes. No specific twinned holes have been drilled at Greater Luvironza


Primary data is collated in a set of excel templates utilising lookup codes. This data is forwarded to the

Database Administrator for entry into a secure acQuire database with inbuilt validation functions. Data from previous owners was taken from a database compilation and validated as much as practicable before entry into the Saracen acQuire database.



Exploration drillholes are located using a Leica 1200 GPS with an accuracy of +/- 10mm. Downhole surveys are carried out using the Axis Champ north seeking Gyroscopic continuous inrod survey instrument taking readings every 18m (diamond drilling) or 30m (RC drilling) down hole as drilling progresses, with a continuous survey conducted at the end of the hole taking a reading every 1m metre. Previous holders’ survey accuracy and quality is unknown

Specification of the grid system used. MGA_GDA94 zone 51 is used

Quality and adequacy of topographic control. Topographic control originally used site based survey pickups in addition to Kevron aerial photogrammetric surveys with +/- 5m resolution.

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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Data spacing and distribution

Data spacing for reporting of Exploration Results. The nominal spacing for early stage exploration drilling is 80m x 80m. Later stage exploration drilling is 40m x 40m





RC drillholes were composited into 4m samples, with mineralised areas being resampled to 1m intervals. Some historic RAB and RC sampling was composited into 3-4m samples with areas of interest re-sampled to 1m intervals. It is unknown at what threshold this occurred.




No significant sampling bias is thought to occur due to orientation of drilling in regards to mineralised structures.

Sample security The measures taken to ensure sample security. Samples are prepared on site under supervision of Saracen geological staff. Samples are selected, bagged into tied numbered calico bags then grouped into secured cages and collected by the laboratory

personnel. Sample submissions are documented via laboratory tracking systems and assays are returned via email.


An internal review of companywide sampling methodologies was conducted to create the current sampling and QAQC procedures.

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The Greater Luvironza area is located on M31/210, M31/219, and M31/220 The tenements are held 100% by Saracen Gold Mines Pty Ltd, a wholly owned subsidiary of Saracen Mineral Holdings Limited. Mining Leases M31/219 and M31/220 have a 21 year life (held until 2020) and are renewable for a further 21 years on a continuing basis. Mining Lease M31/210 has a 21 year life (held until 2023) and is renewable for a further 21 years on a continuing basis. Mining Lease M31/210 is subject to two third party royalties and associated caveats (Caveat 62H/067 and Caveat 513935) Mining Lease M31/219 is subject to two third party royalties and one caveat (Caveat 63H/067). Mining Lease M31/220 is subject to two third party royalties and one caveat (Caveat 64H/067). Mining Lease M31/220 is subject to a bank mortgage (Mortgage 499142).

All production is subject to a Western Australian state government NSR royalty of 2.5%. Mining Leases M31/210 and M31/219 are subject to the Gindalbie Pastoral Compensation Agreement. Mining Lease M31/220 is subject to the Pinjin and Gindalbie Pastoral Compensation Agreements. Mining Leases M31/210, M31/220, and M31/219 are the subject of the Maduwongga native title claim (WC2017/001). The Mining Rehabilitation Fund applies to the tenements.





The Carosue Dam project area in which the Greater Luvironza area is located has been subjected to extensive gold exploration by numerous companies since 1991. Airborne geophysics conducted by Aberfoyle Resources in 1997 highlighted numerous targets in the project area with subsequent AC, RAB and RC drilling intersecting mineralisation.. Oriole Resources obtained the project in 1998 and, through wholly owned subsidiary company PacMin, completed closely spaced RC drilling to develop the Luvironza resource through to reserve status. Sons of Gwalia carried out minor drilling before their collapse and takeover of the project by St Barbara.


The Greater Luvironza area is situated along the Kilkenny-Yilgangi fault zone on the boundary of the Steeple Hill and Mulgabbie domains. The lithology comprises primarily intermediate felsic volcaniclastic sandstones, intermediate tuffs and intermediate porphyry units intruded by granites of varying composition, with stratigraphy dipping generally to the east at approx. 60 degrees. Mineralization has a combined lithological and structurally control dipping parallel to the stratigraphy. Mineralization is continuous along strike in the footwall but is very discontinuous and patchy in the hanging wall structures and overall controlled by the general NW trending ductile faulting and is

characterized by weak Hematite banding on the margins to intense hematite-silica alteration hosted in breccia zones adjacent to the faulting with high grade cores typically sericite-silica breccia. Pyrite is the dominant sulphide.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Drillhole information A summary of all information material to the

understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on


A total of 868 holes have been used in the mineral resource and are deemed to be material. It is not practical to summarise all of the holes here in this release. Future drill hole data will be periodically released or when a results materially change the economic value of the project. Exclusion of the drilling information will not detract from the reader’s view of the report.



All significant intercepts have been length weighted with a minimum Au grade of 1ppm. No high grade cut off has been applied.








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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary 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.








Extensional exploration for the Greater Luvironza area at this time is under review. Recent results are likely to be followed up with urgency.

Monty’s Dam- Elliot’s JORC Table 1


random chips, or specific specialised industry standard measurement tools appropriate to the minerals under

Sampling methods undertaken by Saracen at Monty’s Dam-Elliot’s Lode have included reverse circulation drillholes (RC) and one RC-pre-collared diamond drillhole (DD).

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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.

Historic sampling methods conducted since 1983 have included auger, aircore (AC), rotary air blast (RAB), RC and DD drillholes.


Sampling for diamond and RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per industry standard. RC chips and diamond core provide high quality representative samples for analysis. RC, RAB, AC and DD core drilling was completed by previous holders to industry standard at that time (1991-2003).


RC chips are cone or riffle split and sampled into 1m intervals with total sample weights under 3kg. Diamond core is NQ or HQ sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core to give sample weights under 3 kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage. Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub sample for analysis by FA/AAS. Some grade control RC chips were analysed in the Saracen on site laboratory using a PAL (pulverise and leach) method. Historical AC, RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire assay and unspecified methods.


The Monty’s Dam-Elliot’s Lode deposit was initially sampled by 93 AC holes, 249 RAB holes, 329 RC holes

(assumed standard 5 ¼ ‘’bit size) and 15 surface diamond core holes of unknown diameter. Of the 329 RC holes, Saracen drilled 89 RC holes using a 143mm diameter bit with a face sampling hammer. The rig was equipped with an external auxiliary/ booster. Saracen has completed 8 surface RC precollar with NQ diamond tail drillhole (precollar averaging 259m, diamond tails averaging 154m). Diamond tails were oriented using an Ezi-mark tool. Some historic surface diamond drill core appears to have been oriented by unknown methods.


RC sampling recoveries are recorded in the database as a percentage based on a visual weight estimate; no historic recoveries have been recorded. Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the database. Recoveries average >90%.


During RC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues. Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against depth given on the core blocks. During GC campaigns the sample bags weight versus bulk reject weight are compared to ensure adequate and even sample recovery. Historical AC, RAB, RC and diamond drilling to industry standard at that time.

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There is no known relationship between sample recovery and grade for RC drilling. Diamond drilling has high recoveries meaning loss of material is minimal. Any historical relationship is not known.


Logging of RC chips and diamond drill core records lithology, mineralogy, texture, mineralisation, weathering, alteration and veining. Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material, shape and roughness, and alpha and beta angles. Chips from all RC holes are stored in chip trays for future reference while remaining core is stored in core trays and archived on site.

Core is photographed in both dry and wet state. Qualitative and quantitative logging of historic data varies in its completeness.


All RC and diamond drillholes holes are logged in full. Historical logging is approximately 100% complete.



All drill core is cut in half onsite using an automatic core saw. Samples are always collected from the same side.


All RC samples are cone or riffle split. Occasional wet samples are encountered. AC, RAB and RC drilling has been sampled using riffle and unknown methods.


The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns. Best practice is assumed at the time of historic sampling.




RC field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions. Sampling by previous holders assumed to be industry standard at the time.





RC chip samples and diamond core are analysed by external laboratories using a 40g or 50g fire assay with AAS finish. These methods are considered suitable for determining gold concentrations in rock and are total digest methods.

Historic sampling includes fire assay and unknown methods.


No geophysical tools have been utilised for reporting gold mineralisation. For

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Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for exploration RC and DD. These are not identifiable to the laboratory. QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is generated and reviewed by the geologist as necessary upon failure to determine further action. QAQC data is reported monthly. Sample preparation checks for fineness are carried out to ensure a grindsize of 90% passing 75 microns. The laboratory performs a number of internal processes including standards, blanks, repeats and checks. QAQC data analysis demonstrates sufficient accuracy and precision. Industry best practice is assumed for previous holders.




The use of twinned holes. No specific twinned holes have been drilled at Monty’s Dam-Elliot’s Lode by Saracen. It is unknown if previous holders twinned any hole.


Primary data is collated in a set of acquire data entry objects utilising lookup codes. This data is forwarded to the Database Administrator for entry into a secure acQuire database with inbuilt validation functions. Data from previous owners was taken from a database compilation and validated as much as practicable before entry into the Saracen acQuire database.



Drillholes are located using a Leica 1200 GPS with an accuracy of +/-10mm. Downhole surveys are carried out using an Eastman single shot camera at regular intervals (usually 30m).

A number of drillholes have also been gyroscopically surveyed. Previous holders’ survey accuracy and quality is unknown

Specification of the grid system used. A local grid system, Old Plough Dam West (OPDW) is used. The two point conversion to MGA_GDA94 zone 51 is: OPDWEast OPDWNorth RL MGAEast MGANorth RL Point 1 8035.58 20901.34 0 431948.52 6674917.54 0 Point 2 8147.50 17313.10 0 434806.92 6672750.25 0 Historic data is converted to the Old Plough Dam West local grid upon export from the database.



Data spacing for reporting of Exploration Results. Monty’s Dam has a nominal drill spacing ranging from 10m x 10m to 20m x 20m, while Elliot’s Lode has nominal 20m x 20m drill spacing.



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Section 1: Sampling Techniques and Data Criteria JORC Code Explanation Commentary Orientation of data in relation to geological structure






No significant sampling bias has been recognised due to orientation of drilling in regards to mineralised structures.



An internal review of company-wide sampling methodologies was conducted to create the current sampling and QAQC procedures. No external audits or reviews have been conducted.



The Monty’s Dam-Elliot’s Lode gold deposit is located in M31/209. The tenement is held 100% by Saracen Gold Mines Pty Ltd, a wholly owned subsidiary of Saracen Mineral Holdings Limited. Mining Lease M31/209 has a 21 year life (held until 2023) and is renewable for a further 21 years on a continuing basis. Mining Lease M31/209 is subject to two third party royalties, two caveats (Caveats 61H/067 and 340983) and a bank mortgage (Mortgage 415495). All production is subject to a Western Australian state government NSR royalty of 2.5%. Mining Lease M31/209 is subject to the Gindalbie Pastoral Compensation Agreement.





The Old Plough Dam project area in which the Monty’s Dam-Elliot’s Lode deposit is located has been subjected to extensive gold exploration by numerous companies since the 1980s. Monty’s Dam was highlighted as an area of interest following a geochemical and ground magnetic survey conducted by Freeport-McMoran Australia in 1983. Auger sampling undertaken by Pancontinental Mining in 1991 further defined a target which was followed up by RAB drilling. Gold mineralisation at Monty’s Dam was confirmed

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in March 1993 and additional RAB and step-out RC drilling discovered the adjacent Elliot’s Lode to the north in 1994-1995. By this time, control over the prospects was transferred to Goldfields Exploration which conducted resource definition drilling, geophysical surveys and metallurgical tests until 2000. Tenement ownership then transferred to Oriole Resources which conducted infill drilling to follow up on previous works. In 2001, Sons of Gwalia (SOG) took over from Oriole Resources and undertook step-out AC drilling to test the NW extension of the deposit. SOG started mining at Monty’s Dam in 2002 while drilling AC, RC and DD at the Elliot’s Lode prospect. The tenement was then acquired by St Barbara and mined the Monty’s Dam deposit until 2005. In 2006, Saracen took over the tenement and started step-out and infill RC drilling in 2010 at the Elliot’s Lode prospect.


The Monty’s Dam and Elliot’s Lode deposits are classified as a late-tectonic, epigenetic (mesothermal) gold deposit reported to be associated with late (D4) N-NNE-trending faults. Stockwork mineralization overprinting wallwork foliation was produced by low-salinity H2O-CO2 fluids. Mineralization at Monty’s Dam-Elliot’s Lode is related to moderately intense quartz veining centered along the contact between fine-grained porphyry and underlying sediment with a strong and pervasive hematite alteration halo that also extends around felsic porphyry unit. Disseminated pyrite and moderate to weak sericitization also characterize the mineralized zone at Monty’s Dam. As such, the mineralized zone is pinkish and the grade is correlatable to the degree of coloration (Fig. 12). These lensoidal to anastomosing mineralized zones vary in widths from 5 to 40 m. Because of this shape, the orientation can only be inferred to trend northwest, dipping 50 to 60 degrees to the east with a shallow plunge of 10 degrees to the south, which is similar to the regional geologic fabric (Longworth, 1994). Gold commonly occurs as blebs, intergrown

within pyrite or as disseminated particles throughout the host rocks.

Drillhole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:




All material data is periodically released on the ASX, notably on 9 December 2011 and 27 April 2012. Future drill hole data will be periodically released or when a results materially change the economic value of the project. Exclusion of the drilling information will not detract from the reader’s view of the report.

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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Data aggregation methods


All significant intercepts have been length weighted with a minimum Au grade of 1ppm.




Metal equivalent values are not reported


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’).

Previous announcements included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All results were reported as downhole lengths.








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Section 2: Reporting of Exploration Results Criteria JORC Code Explanation Commentary Further work The nature and scale of planned further work (eg

tests for lateral extensions or depth extensions or 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

Infill drilling is planned on the resource. Open pit evaluation work is ongoing.

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