TIDMTHR

RNS Number : 5151Y

Thor Mining PLC

07 September 2022

7 September 2022

Thor Mining PLC

("Thor" or the "Company")

Exploration Update

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an exploration update on the Company's 100% owned Wedding Bell and Radium Mountain uranium and vanadium projects in the Uravan Mineral Belt, USA, Ragged Range gold-nickel project in the Pilbara, WA and Molyhil tungsten-molybdenum project, NT.

Project highlights:

-- Maiden 2000m drilling program to commence in mid-September 2022 at the priority Rim Rock, Groundhog and Section 23 prospects within the Wedding Bell and Radium Mountain Projects (Figure 2). Site preparation has commenced.

-- Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25% uranium (U(3) O(8) and 3.47% vanadium (V(2) O(5) ) (THOR ASX, AIM: 21 July 2020).

-- Section 23 is the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the perspective "Salt Wash" Member precluded from historic prospecting, drilling and mine production.

-- Drill assay results from the recently completed 3000m RC drilling program at Sterling Prospect, Ragged Range Project are pending due to delays with the laboratory (THR ASX, AIM; 11 July 2022).

-- Sampling at Kelly's prospect, Ragged Range continues to return high-grade gold and copper rock chip results including 15.5g/t Au (and 185 g/t Ag) and 0.91g/t Au (and 535 g/t Ag).

-- Airborne Magnetics Survey over the eastern portion of Ragged Range tenure completed with interpretation underway, with emphasis on Kelly's copper-gold area and lithium prospective ground associated with the Split Rock super suite (THOR ASX, AIM 1 August 2022).

-- Downhole Electromagnetic Survey (DHEM) completed on Krona nickel drill hole with data interpretation underway.

-- Discussions have commenced with potential Joint Venture partners to progress the Molyhil tungsten-molybdenum project, NT towards development.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"The Thor team has been busy on the ground at our Ragged Range Project, WA and in the US, at the Wedding Bell Uranium-Vanadium Project, as such we are keen to provide a brief exploration update.

" We are seeing an increase in the uranium price as it becomes clear that many countries, including the UK, USA and Japan, are revisiting nuclear power as a response to rising energy prices driven by the Ukraine war and as a 'green baseload energy' source to meet decarbonization goals. Thor is positioned well as we advance our uranium-vanadium projects and looking forward to the commencement of our upcoming drilling program. "

US Uranium and Vanadium - Wedding Bell and Radium Mountain, Colorado Drilling Program

Thor's maiden 2000m drilling program is to commence mid-September at the Company's 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan mineral belt, southwest Colorado, USA (See Figure 1).

Douglas Exploration LLC has been contracted to undertake the drilling program, with local contractors commencing the site preparation work in readiness.

Based on initial due diligence completed by Thor, confirming uranium and vanadium mineralisation within the Salt Wash member of the Morrison Formation within the claim area, drilling will test three priority targets at Groundhog, Rimrock and Section 23 Prospects (See Figure 1).

Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25% U(3) O(8) and 3.47% V(2) O(5) (THOR ASX, AIM: 21 July 2020).

Section 23 (Figure 2) in the southeast corner of the Wedding Bell claim blocks has been identified by Thor Mining and World Industrial Minerals LLC (US Consulting team) as the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the "Salt Wash" Member precluded from historic prospecting, drilling and mine production. Proposed drill holes for this area are designed to target potential mineralisation in the third sandstone unit estimated to be within 30-40m of surface, stratigraphically, the mapped contact with the overlying upper Brushy Basin Member of the Morrison Formation.

Full details on Thor's US uranium and vanadium projects may be found on Thor's website https://www.thormining.com/projects/us-uranium-and-vanadium .

Figure 1: US Uranium and Vanadium Project location map showing Wedding Bell and Radium Mountain in Colorado and Vanadium King in Utah, USA.

Ragged Range Project, Pilbara WA

Thor has continued to undertake mapping and rock chip sampling at Kelly's copper-gold prospect, targeting areas along strike of known copper mineralisation, zones of alteration, shears/faults and zones of brecciation, including sampling along the northwest trending, 1.2km long x 25m wide ridge between Euro Basalt and Boobina Porphyry (Figure 2 and Figure 3). In addition to the previously reported anomalous gold (up to 1.46g/t) and copper (up to 4.28% Cu) identified (THR ASX: AIM 25 July 2022), new sampling has returned up to 15.5g/t Au (R0070) and up to 535g/t Ag along strike (Table A, Figure 3 and Figure 4).

Drill assay results from the recently completed 3000m RC drilling program at Sterling gold prospect, remain pending due to delays with the laboratory (THR ASX, AIM; 11 July 2022) (Figure 2).

A close-spaced high-resolution airborne magnetics survey over the eastern portion of Ragged Range tenure has been flown, with interpretation underway (Figure 2). Key areas of interest include Kelly's copper-gold prospect and lithium prospective ground associated with the Split Rock Super Suite (THOR ASX, AIM 1 August 2022).

One drill hole was drilled beneath the nickel gossan at Krona Prospect testing a modelled conductor identified from the Fixed Loop Electromagnetic survey. A downhole electromagnetic survey (DHEM) was subsequently completed with data interpretation underway.

Thor will update the market as soon as assays have been processed, along with interpretations from the two geophysics surveys.

Figure 2 : Key Prospects within the Ragged Range Project TenureTable A: Significant samples above 0.1g/t Au and 0.6% Cu (Projection: GDA94 Zone 50)

 
   PROSPECT    SAMPLE    EASTING   NORTHING   g/t    g/t    % COPPER    Sample 
                ID                             Au     Ag                  Type 
              --------  --------  ---------  -----  -----  --------- 
 Kelly's       R00013     797776    7586901   1.46   31.8      NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00014     794733    7588377    NS     NS      0.87     Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00015     797143    7587790   0.1    2.4      0.69     Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00016     797131    7587762    NS     NS      4.48     Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00017     797234    7587632   0.2    5.6      2.75     Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00042     794076    7586684   0.36   28.8     1.22     Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00070     797778    7586904   15.5   185       NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00076     797618    7587105   0.91   535       NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00075     797646    7587065   0.66    33       NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00069     797792    7586889   0.63   10.6      NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00071     797770    7586902   0.37   40.4      NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00077     797608    7587116   0.33   87.8      NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00074     797646    7587052   0.2    41.8      NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00072     797733    7586951   0.17    9        NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00078     797601    7587123   0.17   133       NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 Kelly's       R00086     797376    7587411   0.16    29       NS      Rock Chip 
              --------  --------  ---------  -----  -----  ---------  ---------- 
 

NS - Not Significant

Figure 3: Kelly's Sampling Location Map

Figure 4: Kelly's Prospect - prospective ridge looking southeast between Euro Basalt and Boobina Porphyry

   (1.   https: //www.mindat.org/loc-122951.html ) 

Molyhil Tungsten-Molybdenum Project, NT

The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor and is located 220km north-east of Alice Springs within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (Figure 5).

The Molyhil Project is Thor's most advanced project with significant work having been undertaken including a feasibility study completed in 2018, showing the project to be profitable production with low operating costs and early payback of capex (THR ASX, AIM 23 August 2018).

As part of Thor's corporate strategy to add value to projects through discovery or partnerships, the Company has commenced discussions with potential Joint Venture/Earn-in partners to progress Molyhil towards development.

A full background on the project is available on the Thor Mining website: www.thormining.com/projects .

Figure 5: Molyhil Project

 
 
 

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

 
 Thor Mining PLC 
 Nicole Galloway Warland, Managing Director     Tel: +61 (8) 7324 
  Ray Ridge, CFO / Company Secretary             1935 
                                                 Tel: +61 (8) 7324 
                                                 1935 
 
 WH Ireland Limited (Nominated Adviser          Tel: +44 (0) 207 
  and Joint Broker)                              220 1666 
 Jessica Cave / Darshan Patel / Megan Liddell 
 
 SI Capital Limited (Joint Broker)              Tel: +44 (0) 1483 
                                                 413 500 
 Nick Emerson 
 
 Yellow Jersey (Financial PR)                   thor@yellowjerseypr.com 
 Sarah Hollins / Henry Wilkinson                Tel: +44 (0) 20 3004 
                                                 9512 
 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking 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'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining .

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold(1).

Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.(2)(3)

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.

Notes

(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

(2) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

(3) www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

(4) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf

(5) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf

   1   JORC Code, 2012 Edition - Table 1 report template 
   1.1         Section 1 Sampling Techniques and Data 
 
  Criteria        JORC Code explanation                                           Commentary 
 Sampling                                                                         The programme comprised 
  techniques        *    Nature and quality of sampling (eg cut channels,          rock chip sampling 
                         random chips, or specific specialised industry            based on geological 
                         standard measurement tools appropriate to the             outcrops, with 
                         minerals under investigation, such as down hole gamma     analysis for Au 
                         sondes, or handheld XRF instruments, etc). These          by 25g fire assay 
                         examples should not be taken as limiting the broad        FA001 and multi-element 
                         meaning of sampling.                                      by mixed acid digest 
                                                                                   - ICP-AES MA101 
                                                                                   and ICP-MS MA102 
                    *    Include reference to measures taken to ensure sample      at Bureau Veritas 
                         representivity and the appropriate calibration of any     Minerals Laboratory 
                         measurement tools or systems used.                        in Adelaide SA 
 
 
                    *    Aspects of the determination of mineralisation that 
                         are Material to the Public Report. 
 
 
                    *    In cases where 'industry standard' work has been done 
                         this would be relatively simple (eg 'reverse 
                         circulation drilling was used to obtain 1 m samples 
                         from which 3 kg was pulverised to produce a 30 g 
                         charge for fire assay'). In other cases more 
                         explanation may be required, such as where there is 
                         coarse gold that has inherent sampling problems. 
                         Unusual commodities or mineralisation types (eg 
                         submarine nodules) may warrant disclosure of detailed 
                         information. 
                ============================================================== 
 Drilling                                                                         Not applicable 
  techniques        *    Drill type (eg core, reverse circulation, open-hole       - no drilling reported 
                         hammer, rotary air blast, auger, Bangka, sonic, etc) 
                         and details (eg core diameter, triple or standard 
                         tube, depth of diamond tails, face-sampling bit or 
                         other type, whether core is oriented and if so, by 
                         what method, etc). 
==============  ==============================================================  =========================== 
 Drill sample                                                                     Not applicable 
  recovery          *    Method of recording and assessing core and chip           - no drilling reported 
                         sample recoveries and results assessed. 
 
 
                    *    Measures taken to maximise sample recovery and ensure 
                         representative nature of the samples. 
 
 
                    *    Whether a relationship exists between sample recovery 
                         and grade and whether sample bias may have occurred 
                         due to preferential loss/gain of fine/coarse 
                         material. 
==============  ==============================================================  =========================== 
 Logging                                                                          No logging was 
                    *    Whether core and chip samples have been geologically      undertaken. 
                         and geotechnically logged to a level of detail to         Lithological description 
                         support appropriate Mineral Resource estimation,          recorded for all 
                         mining studies and metallurgical studies.                 samples collected 
 
 
                    *    Whether logging is qualitative or quantitative in 
                         nature. Core (or costean, channel, etc) photography. 
 
 
                    *    The total length and percentage of the relevant 
                         intersections logged. 
==============  ==============================================================  =========================== 
 Sub- sampling                                                                    Samples were screened 
  techniques        *    If core, whether cut or sawn and whether quarter,         in the field as 
                         half or all core taken.                                   described in "Sampling 
                                                                                   Techniques" above. 
                                                                                   The sample sizes 
                    *    If non-core, whether riffled, tube sampled, rotary        are as per industry 
                         split, etc and whether sampled wet or dry.                standard for stream 
 
 
                    *    For all sample types, the nature, quality and 
==============  ==============================================================  =========================== 
 
 
  Criteria               JORC Code explanation                                             Commentary 
 and sample              appropriateness of the sample preparation                         sediment geochemistry. 
  preparation             technique.                                                        Field duplicates 
                           *    Quality control procedures adopted for all                  and blank samples 
                                sub-sampling stages to maximise representivity of           were submitted for 
                                samples.                                                    assay with the other 
                                                                                            samples. 
 
                           *    Measures taken to ensure that the sampling is 
                                representative of the in situ material collected, 
                                including for instance results for field 
                                duplicate/second-half sampling. 
 
 
                           *    Whether sample sizes are appropriate to the grain 
                                size of the material being sampled. 
                       ================================================================ 
 Quality                                                                                   The proposed assay 
  of assay                 *    The nature, quality and appropriateness of the              method is appropriate 
  data and                      assaying and laboratory procedures used and whether         for preliminary 
  laboratory                    the technique is considered partial or total.               exploration. 
  tests 
 
                           *    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. 
 
 
                           *    Nature of quality control procedures adopted (eg 
                                standards, blanks, duplicates, external laboratory 
                                checks) and whether acceptable levels of accuracy (ie 
                                lack of bias) and precision have been established. 
=====================  ================================================================  ============================= 
 Verification                                                                              Not undertaken 
  of sampling              *    The verification of significant intersections by 
  and assaying                  either independent or alternative company personnel. 
 
 
                           *    The use of twinned holes. 
 
 
                           *    Documentation of primary data, data entry procedures, 
                                data verification, data storage (physical and 
                                electronic) protocols. 
 
 
                           *    Discuss any adjustment to assay data. 
=====================  ================================================================  ============================= 
 Location                                                                                  Hand held GPS - 
  of data                  *    Accuracy and quality of surveys used to locate drill        MGA94 zone 50 (GDA) 
  points                        holes (collar and down-hole surveys), trenches, mine 
                                workings and other locations used in Mineral Resource 
                                estimation. 
 
 
                           *    Specification of the grid system used. 
 
 
                           *    Quality and adequacy of topographic control. 
=====================  ================================================================  ============================= 
 Data spacing                                                                              Not applicable - 
  and distribution         *    Data spacing for reporting of Exploration Results.          no resource is being 
                                                                                            reported 
 
                           *    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. 
 
 
                           *    Whether sample compositing has been applied. 
=====================  ================================================================  ============================= 
 Orientation                                                                               Orientational bias 
  of data                  *    Whether the orientation of sampling achieves unbiased       is not applicable 
  in relation                   sampling of possible structures and the extent to           to stream and rockchip 
  to geological                 which this is known, considering the deposit type.          sampling at this 
  structure                                                                                 stage 
 
                           *    If the relationship between the drilling orientation 
                                and the orientation of key mineralised structures is 
                                considered to have introduced a sampling bias, this 
                                should be assessed and reported if material. 
=====================  ================================================================  ============================= 
 Sample                                                                                    Geochemistry samples 
  security                 *    The measures taken to ensure sample security.               were trucked back 
                                                                                            from 
                                                                                            Nullagine to the 
                                                                                            Bureau Veritas Adelaide, 
                                                                                            SA 
 
                                                                                            Sample Security 
                                                                                            levels are considered 
                                                                                            appropriate for 
                                                                                            preliminary surface 
                                                                                            geochemistry assessment. 
=====================  ================================================================  ============================= 
 Audits                                                                                   None undertaken 
  or reviews             *    The results of any audits or reviews of sampling 
                              techniques and data. 
=================  ================================================================  =============================== 
 
 
   1.1        Section 2 Reporting of Exploration Results 
 
  Criteria                  JORC Code explanation                                           Commentary 
 Mineral tenement                                                                           Exploration results 
  and land tenure              *    Type, reference name/number, location and ownership      are reported on 
  status                            including agreements or material issues with third       E46/1190, E46/1262, 
                                    parties such as joint ventures, partnerships,            E46/1393 in Western 
                                    overriding royalties, native title interests,            Australia held 100% 
                                    historical sites, wilderness or national park and        by Pilbara Goldfields 
                                    environmental settings.                                  Pty Ltd, Thor Mining 
                                                                                             PLC. 
 
                               *    The security of the tenure held at the time of 
                                    reporting along with any known impediments to 
                                    obtaining a licence to operate in the area. 
                          ============================================================== 
 Exploration                                                                                Sporadic surface 
  done by other                *    Acknowledgment and appraisal of exploration by other     geochemistry over 
  parties                           parties.                                                 tenure carried out 
                                                                                             by Great Southern 
                                                                                             Mines up to 1997. 
                                                                                             No previous lithium 
                                                                                             exploration. 
========================  ==============================================================  ============================ 
 Geology                                                                                    Yet to be determined 
                               *    Deposit type, geological setting and style of 
                                    mineralisation. 
========================  ==============================================================  ============================ 
 Drill hole                                                                                 No drilling has 
  Information                  *    A summary of all information material to the             been undertaken 
                                    understanding of the exploration results including a     or reported 
                                    tabulation of the following information for all 
                                    Material drill holes: 
 
 
                              o easting and northing of the drill hole 
                              collar 
                              o elevation or RL (Reduced Level - elevation 
                              above sea level in metres) of the drill 
                              hole collar 
                              o dip and azimuth of the hole 
                              o down hole length and interception depth 
                              o hole length. 
                               *    If the exclusion of this information is justified on 
                                    the basis that the information is not Material and 
                                    this exclusion does not detract from the 
                                    understanding of the report, the Competent Person 
                                    should clearly explain why this is the case. 
========================  ==============================================================  ============================ 
 Data aggregation                                                                           Only rock chip and 
  methods                     *    In reporting Exploration Results, weighting averaging     stream assays have 
                                   techniques, maximum and/or minimum grade truncations      been reported. There 
                                   (eg cutting of high grades) and cut-off grades are        has been no data 
                                   usually Material and should be stated.                    aggregation. 
 
 
                              *    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. 
 
 
                              *    assumptions used for any reporting of metal 
                                   equivalent 
 
 
                              *    The values should be clearly stated. 
========================  ==============================================================  ============================ 
 Relationship                                                                               No drilling has 
  between mineralisation      *    These relationships are particularly important in the     been undertaken 
  widths and                       reporting of Exploration Results.                         or reported 
  intercept 
  lengths 
                              *    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'). 
========================  ==============================================================  ============================ 
 Diagrams                                                                                   A sample location 
                               *    Appropriate maps and sections (with scales) and          plan including current 
                                    tabulations of intercepts should be included for any     1:100k scale geology 
                                    significant discovery being reported These should        has been provided 
                                    include, but not be limited to a plan view of drill 
                                    hole collar locations and appropriate sectional 
                                    views. 
========================  ==============================================================  ============================ 
 Balanced                                                                                   All results have 
  reporting                    *    Where comprehensive reporting of all Exploration         been reported 
                                    Results is not practicable, representative reporting 
                                    of both low and high grades and/or widths should be 
                                    practiced to avoid misleading reporting of 
                                    Exploration Results. 
========================  ==============================================================  ============================ 
 Other substantive                                                                          All data have been 
  exploration                 *    Other exploration data, if meaningful and material,       reported 
  data                             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. 
========================  ==============================================================  ============================ 
 Further work                                                                               It is anticipated 
                               *    The nature and scale of planned further work (eg        that follow up and 
                                    tests for lateral extensions or depth extensions or     reconnaissance 
                                    large-scale step- out drilling).                        geochemistry 
                                                                                            (rockchip, soil 
                                                                                            & stream) and geological 
                               *    Diagrams clearly highlighting the areas of possible     mapping will be 
                                    extensions, including the main geological               undertaken over 
                                    interpretations and future drilling areas, provided     tenure , including 
                                    this information is not commercially sensitive.         Sterling and Kelly's 
                                                                                            prospects. 
========================  ==============================================================  ============================ 
 
 
  Criteria            JORC Code explanation                                           Commentary 
 Other substantive                                                                    All data have 
  exploration data      *    Other exploration data, if meaningful and material,       been reported 
                             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. 
                    ============================================================== 
 Further work                                                                         It is anticipated 
                         *    The nature and scale of planned further work (eg         that follow up 
                              tests for lateral extensions or depth extensions or      and reconnaissance 
                              large-scale step- out drilling).                         geochemistry (rockchip, 
                                                                                       soil & stream) 
                                                                                       and geological 
                         *    Diagrams clearly highlighting the areas of possible      mapping will be 
                              extensions, including the main geological                undertaken over 
                              interpretations and future drilling areas, provided      tuenure , including 
                              this information is not commercially sensitive.          Sterling and Kellys 
                                                                                       prospects. 
==================  ==============================================================  ========================== 
 

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