Saracen Mineral Holdings Limited

Saracen set for further growth in production and mine life following more outstanding drilling results across the board

Organic growth strategy continues to deliver exceptional results

11th November 2019

HIGHLIGHTS

  • Strong start to the FY20 exploration campaign, with outstanding drilling results from Carosue Dam and Thunderbox
  • The results highlight the substantial potential for further growth in mine life and production at both centres
  • A$50m FY20 exploration budget is the centrepiece of Saracen's highly successful organic growth strategy
  • This strategy saw Reserves grow by 32% to 3.3Moz in FY19 at a discovery cost of just A$30 per Reserve ounce

Carosue Dam

  • At Karari - Dervish, thick high-grade drill results included:

Karari:

Dervish:

•

51m

@ 8.5g/t

•

20m @ 4.6g/t

•

24m

@ 14.3g/t

•

21m @ 4.5g/t

•

33m

@ 7.5g/t

•

26m @ 3.5g/t

•

18m

@ 6.0g/t

•

17m @ 4.0g/t

  • At the Atbara discovery (just 4km from the Carosue Dam mill), framework drill results included (aggregated):
    • 139m @ 1.1g/t (including 122m @ 1.1g/t, 8m @ 2.6g/t and 9m @ 1.1g/t)
    • 127m @ 1.3g/t (including 90m @ 1.1g/t, 10m @ 1.0g/t and 27m @ 2.2g/t)
  • At the Carosue Dam Seismic Project, 3D seismic survey completed with results anticipated during the current quarter
  • At Mt Celia regional, air core drilling has identified another strong anomaly south of the previously reported Okavango prospect, with new results up to 1640ppb

Thunderbox

  • At Thunderbox A Zone underground, drill results included 89m @ 2.0g/t and 72m @ 2.4g/t
  • At Thunderbox D Zone open pit, drill results included 86m @ 1.7g/t and 72m @ 2.4g/t
  • At Otto Bore, drill results included 8m @ 27.2g/t and 13m @ 7.9g/t

Registered Office:

Level 11/40 The EsplanadeASX:SAR

Perth WA 6000

Saracen Managing Director Raleigh Finlayson said the latest results highlighted the significant growth potential at the Company's existing assets.

"Our organic growth strategy continues to deliver exceptional returns on our investment by any measure," he said. "There is still immense potential to grow production and mine life at our assets, which also allows us to capitalise on our existing infrastructure. This combination of extremely low discovery costs and access to existing infrastructure ensures we generate outstanding returns on our capital, which is our overall objective."

More growth in FY20

Western Australian gold miner Saracen Mineral Holdings (ASX: SAR) is pleased to report another round of strong drilling results.

Saracen's increased exploration spend in recent years has past three years (after mining depletion) to a record 3.3Moz increase of 800,000oz despite 330,000oz mining depletion.

delivered global-leading growth, with Reserves doubling over the at 30 June 2019. FY19 was particularly successful, with a Reserve

Figure 1 - Track record of exploration investment delivering growth

4.0

60

3.5

50

Exploration spend (A$m) - Line

Ore Reserve (Moz) - Bars

3.0

2.5

40

2.0

30

1.5

20

1.0

0.5

10

0.0

0

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

This track record of success (FY19 discovery cost of A$30 per Reserve oz) has motivated FY20 exploration guidance of A$50m.

Figure 2 - FY20 group exploration spend

Carosue Dam Corridor

A$5m

Karari - Dervish

Exploration A$17m

Other

A$50m

A$18m

Thunderbox

A$10m

The FY20 campaign has started very strongly, with A$16m invested on exploration activities in the recent September quarter and a host of impressive results returned across the portfolio.

Page 2 of 64

Carosue Dam Operations - Drilling update

Karari - Dervish underground

The Karari - Dervish underground mine comprises two sister deposits, Karari and Dervish, adjacent to the Carouse Dam mill.

Karari drilling has focused on infill grade control following a significant increase in Ore Reserves at 30 June 2019. Drilling has continued with two underground rigs from the 1940 and 1916 drill drives. Multiple thick high grade results have confirmed the increasing grade profile with depth.

Significant results include 51m @ 8.5g/t, 33m @ 7.5g/t and 24m @ 14.3g/t. The high grade shoots remain open at depth and will be tested further during FY20.

Figure 3 - Karari Long Section, New Drill Results (Karari-Dervish mine)

Drilling will revert to extensional exploration and Resource definition early in the March quarter 2020, when the new 1805 drill drive is fully developed. This will be located 135m below the existing drill platform to facilitate the next phase of Reserve growth, weighted to FY21. This will be counterbalanced by enhanced contributions in FY20 from other areas within the portfolio.

Below is a table of significant Karari infill intercepts:

Significant drill results include:

KRGC681

51.0m

@ 8.5g/t

KRGC677

33.2m

@ 7.5g/t

KRGC682

24.0m

@ 14.3g/t

KRGC702

17.9m

@ 6.0g/t

KRGC655

11.4m

@ 8.7g/t

KRGC676

19.3m

@ 5.1g/t

Page 3 of 64

At the sister Dervish deposit, drilling in the south has continued to define the thick high grade shoot bound by the Osman Fault, with strong results including 17.0m @ 4.0g/t, 26.1m @ 3.5g/t and 13.9m @ 3.6g/t.

Drilling in the north similarly has defined thick high grade mineralisation within the current Ore Reserve. Significant new results include 20.3m @ 4.6g/t, 20.7m @ 4.5g/t and 10.2m @ 7.9 g/t.

Figure 4 - Dervish Long Section, New Drill Results (Karari-Dervish mine)

Extensional drilling from the existing drill platform is largely complete, with a hiatus planned in the June half 2020 whilst drilling capacity is deployed to Deep South to commence infill drilling ahead of ore development.

The next extensional exploration and Resource definition program at Dervish will commence when a new drill drive is established at depth, anticipated late in the June quarter 2020.

Below is a table of significant Dervish intercepts:

Significant drill results include:

WDGC271

20.3m @ 4.6g/t

WDGC272

20.7m @ 4.5g/t

WDGC254

26.1m @ 3.5g/t

WDGC211

17.0m @ 4.0g/t

WDGC229

29.3m @ 2.1g/t

WDGC292A

20.5m @ 2.7g/t

Page 4 of 64

Thunderbox Operations - Drilling update

Thunderbox underground

Recent drilling has been testing the margins of the mineralisation to optimise the extents of the Ore Reserve ahead of underground mining. The latest results have continued to demonstrate the consistent and persistent nature of the Thunderbox mineralisation, boding well for future underground stoping.

Significant new A Zone underground results include 89m @ 2.0g/t and 72m @ 2.4 g/t.

Figure 5 - Thunderbox Long Section, New Drill Results

Thunderbox D Zone

A small surface RC program has been completed in the D Zone to increase the definition of the high grade shoot. Previous drilling highlighted the prominence of the shoot with the new drilling adding further confidence.

Significant new D Zone open pit results include 86m @ 1.7g/t and 72m @ 2.4 g/t.

Below is a table of significant Thunderbox intercepts:

Significant drill results include:

THGC147

89.1m @ 2.0g/t

THGC150

72.0m @ 2.4g/t

THGC148

74.0m @ 1.7g/t

TBRC127

86.0m @ 1.7g/t

TBRC125

53.0m @ 1.5g/t

TBRC124

53.0m @ 1.1g/t

Page 5 of 64

Otto Bore

Extensional infill RC drilling has resumed at Otto Bore following the successful maiden Ore Reserve of 950kt at 2.0g/t for 60,000 ounces at 30 June 2019. The extensional drilling has focused on further defining the high grade shoots proximal to the Ore Reserve.

The recent drilling has further demonstrated the growth potential of the project with some impressive results being returned.

Significant new Otto Bore results include 8m @ 27.2g/t, 13m @ 7.8g/t and 16m @ 6.1 g/t.

Figure 6 - Otto Bore Long Section, New Drill Results

The recent program is only partially complete, with drilling set to resume when the Thunderbox D Zone program is finished later this month. The program will then focus on testing north of the Ore Reserve.

Below is a table of significant Otto Bore intercepts:

Significant drill results include:

OBRC0096

8.0m

@ 27.2g/t

OBRC0106

5.0m

@ 11.6g/t

OBRC0089

13.0m @ 7.9g/t

OBRC0088

16.0m @ 6.1g/t

OBRC0120

9.0m

@ 7.3g/t

Page 6 of 64

Regional Exploration - Update

Atbara (Carosue Dam Corridor)

Drilling along the highly prospective Carosue Dam Corridor has delivered early success, with a significant discovery at Atbara (announced in November 2018), only 4km north of the mill.

Broad 160m x 160m framework drilling has recently been completed, aimed at understanding the size of the system. A large system has been identified, with the majority of the mineralisation occupying a strike length of 860m between two major post mineralisation Proterozoic dykes. The system remains open at depth.

Significant new framework results include 122m @ 1.1g/t and 89m @ 1.1 g/t.

Figure 7 - Atbara Long Section, New Drill Results

Following completion of the framework drilling, a tight spaced 20m x 20m program has commenced. This program will assess the close space variability and continuity of the mineralisation, and assist in optimising the drill spacing required to define and build a future Mineral Resource estimate.

Detailed re-logging of the copper-molybdenum minerals with respect to gold has not identified any direct correlations, indicating the gold and copper-molybdenum may be from separate mineralising events. Recently over 15,000 pulp samples have been submitted for copper and molybdenum assay to determine if the copper-molybdenum is a key element of the overall system.

Page 7 of 64

Below is a table of significant Atbara exploration intercepts:

Significant drill results include:

Aggregated

Primary (or including)

ATEX027

139.2m @ 1.1g/t

122.0m @ 1.1g/t

7.7m @ 2.6g/t

9.5m @ 1.1g/t

ATEX035

126.7m @ 1.3g/t

89.5m

@ 1.1g/t

10.0m

@ 1.0g/t

27.2m

@ 2.2g/t

ATEX079

60.0m

@ 1.3g/t

26.0m

@ 1.5g/t

7.0m @ 1.4g/t

5.0m @ 1.2g/t

22m @ 1.2g/t

ATEX075

49.0m

@ 1.1g/t

49.0m

@ 1.1g/t

ATEX061

29.0m

@ 0.9/t

29.0m

@ 0.9/t

Carosue Dam Seismic Project

Completion of the 3D seismic survey data processing is anticipated in the current December quarter.

The high-resolution fully nodal acquisition recorded 263 million traces of seismic data over 50km2 including Karari, Dervish and Atbara. This is the highest resolution hard rock survey in Australia and the second largest by area to date. The majority of the survey has a 400-fold cover in a 7.5m x 7.5m bin size. Each depth slice of the final 3D cube will have about 1 million data points. Early indications suggest resolution of geological features in the 3D cube will be excellent.

Early review of the processed data confirms the high geological resolution that has been mapped by the survey. The fine detail that will be resolved will facilitate the construction of a highly definitive 3D geology model. This model will be extremely valuable when defining new drilling targets proximal to the existing mines and along the Carosue Dam corridor north to Atbara.

Figure 8 - Carosue Dam, 3D Seismic data

Page 8 of 64

Mt Celia

Broad pattern drilling (900m x 100m) has continued to progress south along the previously unexplored corridor proximal to the Pinjin Fault (approximately 80km north of the Carosue Dam mill).

The aircore drilling which commenced in FY19 has successfully identified a large anomaly (Okavango) to the west of Safari Bore. This significant anomaly is now defined over a strike length of 6.0km and is up to 1.2km wide. The Okavango prospect is a strong basement anomaly that is coincident with albite-sericite alteration and key pathfinder elements including; As, Bi, Mo, Sb, Te and Ce.

The aircore drill spacing at Okavango will be closed in to 200m lines during the remainder of the December quarter to better understand the geology and define the core of the anomaly. This will then form the basis of the initial deep test for primary mineralisation.

The recent wide spaced air core drilling further south has identified a new anomaly that strikes north-northwest between the Two Lids Fault and the Pinjin Fault. This new anomaly has been defined over a strike length of 6km.

Figure 9 - Mt Celia, Air core drilling results

Further air core drilling is planned during FY20 to complete the full program to the south and infill significant zones of anomalism defined during FY19 and FY20.

Page 9 of 64

Corporate Structure:

Ordinary shares on issue:

833.1m

Unvested employee performance rights:

17.2m

Market Capitalisation:

A$2.8b (share price A$3.41)

Cash, bullion and investments (30 September):

A$196.1m

Debt:

Nil

Substantial Shareholders:

Van Eck Global 12.1%

BlackRock Group 9.8%

Mitsubishi UFJ 5.0%

For further information please contact:

Investors:

Troy Irvin

Corporate Development Officer Email: info@saracen.com.au Contact (08) 6229 9100

Competent Person Statements

Media Enquiries:

Read Corporate

Paul Armstrong / Nicholas Read Email: info@readcorporate.comContact: (08) 9388 1474

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.

Page 10 of 64

Table 1 - Karari Drill Results

KARARI DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

KRGC632A

438621.5

6663775

-63.8198

123

299.4

-30.61

275

284.8

9.8

3.56

KRGC634

438621.7

6663775

-64.0198

315

300

-41.09

276

277

1

3.08

and

279

280.1

1.1

2.72

and

289

289.6

0.6

3.68

KRGC638

438730.7

6663301

-93.6925

177.36

188.7

-41.12 no significant results

KRGC639

438730.9

6663301

-93.716

206.5

172.8

-35.94

163.6

164.2

0.6

3.66

and

171.6

172.55

0.95

8.07

KRGC641

438640.7

6663720

-61.34

204

246.2

-56.3

144.3

147.7

3.4

2.70

KRGC642

438640.8

6663720

-61.39

222

211.6

-65.15

156.75

158.3

1.55

3.85

and

168

169.1

1.1

2.55

and

179.3

183

3.7

3.63

KRGC643

438640.5

6663720

-61.39

215

237.1

-62.46

132

134

2

2.77

and

150.6

157

6.4

2.99

and

162

162.4

0.4

3.65

and

188.8

189.45

0.65

5.34

and

193.6

203.05

9.45

5.88

KRGC644

438640.7

6663720

-61.204

240

214.76

-74.01

168.24

169.77

1.53

5.26

and

176.45

177.45

1

2.54

and

183.53

184.07

0.54

3.50

and

188.09

188.41

0.32

2.97

and

196.87

197.47

0.6

2.71

KRGC645

438640.9

6663720

-61.329

227.82

252.3

-67.59

164.7

166

1.3

5.45

and

169.96

170.68

0.72

5.63

and

171

172.02

1.02

2.75

and

175.12

175.85

0.73

2.95

and

207

214.4

7.4

8.82

KRGC646

438640.3

6663721

-61.3

231

264.5

-62.28

202.6

204.8

2.2

5.53

and

208.2

212.1

3.9

7.48

and

217.2

218.2

1

2.80

KRGC647

438640.4

6663721

-61.302

248

243.5

-77.86

212.4

213.2

0.8

2.83

and

219

220.8

1.8

2.67

and

230.3

231.9

1.6

2.92

KRGC648

438640.5

6663721

-61.318

249

259.4

-75.88

171.25

171.7

0.45

2.59

and

180.9

184.3

3.4

2.76

and

194.6

198.4

3.8

2.88

and

211.4

212.9

1.5

3.35

and

225.8

226.3

0.5

3.95

KRGC649

438640.7

6663720

-61.314

267

284.1

-72.83

133.85

134.8

0.95

4.86

and

182.8

183.65

0.85

3.28

and

188.6

188.95

0.35

5.30

and

243.3

244.9

1.6

4.29

KRGC650

438640.7

6663720

-61.295

275.1

295.7

-70.75

211.35

212.2

0.85

2.51

and

242

243

1

6.84

KRGC651

438641.1

6663720

-61.327

258

197.6

-82.3

203

203.9

0.9

4.10

and

209.25

212.2

2.95

3.19

and

215.3

221.7

6.4

2.68

and

230.5

249

18.5

3.21

KRGC652

438641

6663720

-61.312

260.5

238.3

-82.09

185.2

186.05

0.85

2.77

and

189

189.45

0.45

3.20

and

195

195.5

0.5

2.95

and

197

198

1

2.79

and

201.3

202

0.7

5.18

and

208

208.7

0.7

6.05

and

213.1

221

7.9

2.81

and

224.5

232

7.5

4.64

and

241.5

241.9

0.4

2.74

Page 11 of 64

KARARI DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

KRGC653

438641.2

6663720

-61.328

273

261.4

-83.76

210.8

211.7

0.9

3.26

and

214.4

215.4

1

6.44

and

218.6

228.6

10

3.38

and

231.7

246.8

15.1

4.29

KRGC654

438642.1

6663721

-61.309

318

294.8

-79.3

201

202

1

2.81

and

229

229.9

0.9

3.52

and

234.2

234.95

0.75

2.66

and

246

247

1

7.78

and

250.2

251

0.8

2.98

KRGC655

438619.6

6663777

-63.784

275.6

296.6

-51.93

235.5

246.9

11.4

8.69

KRGC656

438620.1

6663778

-63.407

293

297.7

-42.36

254.8

256

1.2

5.84

KRGC657

438620.2

6663778

-63.407

168

299.3

-38.18 hole not sampled

KRGC658

438620.2

6663778

-63.206

317

302.4

-36.45

138.3

138.8

0.5

2.81

and

283.3

287.1

3.8

3.94

and

292.55

293.6

1.05

7.87

KRGC658A

438620.3

6663778

-63.539

311.8

304

-33.12

283.15

290.8

7.65

3.50

KRGC659

438620.2

6663778

-63.206

150.13

304.7

-34.81 hole not sampled

KRGC660

438620.2

6663778

-63.605

180

308.8

-30.1 hole not sampled

KRGC661

438619.5

6663776

-63.256

162

302.4

-45.78 hole not sampled

KRGC661A

438620.4

6663778

-63.313

360

306.5

-43.21

283.15

290.8

7.65

3.50

and

315.7

316

0.3

5.37

and

318

321.05

3.05

3.06

KRGC662

438620.2

6663778

-63.518

351

305.2

-37.28

304

306

2

7.64

and

309.75

310.4

0.65

3.27

and

313.25

313.9

0.65

4.67

and

317.55

320.1

2.55

3.36

and

322

327

5

4.99

and

336.5

337.2

0.7

3.28

KRGC663

438620.1

6663778

-63.518

234

307.7

-40.36 no significant results

KRGC664

438620.5

6663778

-63.544

342

308.5

-33.58 no significant results

KRGC665

438620.2

6663778

-63.68

198

310.7

-38.7 hole not sampled

KRGC666

438620.3

6663778

-63.634

312

302.6

-26.37

254.9

255.75

0.85

3.45

and

256.85

257.95

1.1

3.14

and

262.2

263.3

1.1

3.04

and

265.95

267

1.05

2.83

KRGC667

438703.3

6663343

-93.922

186

251

-74.01

140

141

1

4.29

and

145

146

1

2.75

and

157

157.4

0.4

2.98

KRGC668

438701.6

6663345

-92.522

182.6

269.4

-67.85

120

121.7

1.7

3.45

and

127.6

127.9

0.3

3.19

and

137.6

138.4

0.8

6.32

and

149.45

149.75

0.3

20.70

and

170.5

171.05

0.55

6.50

KRGC669

438701.5

6663346

-93.927

170.8

269.1

-58.01

110.85

115.3

4.45

3.57

and

119.5

124

4.5

2.72

and

141

142

1

4.19

and

147.15

148

0.85

2.99

KRGC670

438701

6663345

-92.413

192

285.4

-71.79

132.6

137

4.4

2.88

and

149.2

150

0.8

2.70

KRGC671

438702.2

6663347

-93.809

183.1

283.4

-51.52

112.6

113

0.4

2.70

and

113.5

114

0.5

2.99

and

120.2

125

4.8

11.39

and

133

135

2

3.56

and

149

149.81

0.81

3.23

and

169

173

4

14.24

KRGC672

438702.2

6663347

-93.757

193.2

288.7

-60.33

133.6

135.12

1.52

6.56

and

138.33

139.21

0.88

9.13

and

166.32

166.92

0.6

4.97

Page 12 of 64

KARARI DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

KRGC673

438702.7

6663346

-93.897

219

297

-69.02

140.5

141

0.5

11.10

and

145

146

1

2.54

and

152

153

1

6.30

and

157.2

157.65

0.45

6.36

and

158.85

159.15

0.3

4.39

and

178

179.15

1.15

3.70

KRGC674

438703.1

6663345

-93.916

230.9

307.9

-73.2

145.7

148.56

2.86

4.34

KRGC675

438702.3

6663347

-93.71

233.89

313.9

-58.35

153

157.1

4.1

5.16

and

165.5

166

0.5

4.12

and

178.03

178.6

0.57

2.98

and

182

182.8

0.8

2.51

and

185.6

186

0.4

2.97

and

191.5

192

0.5

2.58

and

208.2

208.7

0.5

10.50

KRGC676

438702.4

6663347

-93.688

216

313.6

-51.55

168.2

187.5

19.3

5.06

and

208

210

2

3.02

and

214

215

1

2.69

KRGC677

438620.4

6663778

-63.493

414

316

-46.36

336.85

370

33.15

7.45

KRGC678

438620.3

6663778

-63.858

350

313.5

-46.19

312.4

318

5.6

6.69

and

323

324

1

4.13

and

335

336

1

4.22

KRGC680

438620.4

6663778

-63.344

357

310.1

-40.87

320.15

321.45

1.3

5.62

and

331.1

344

12.9

5.79

KRGC681

438620.5

6663778

-63.786

362.8

312.8

-50.91

311.05

362

50.95

8.55

KRGC682

438620.4

6663778

-63.567

344.2

315.2

-53.74

296

320

24

14.25

and

327

332.7

5.7

3.74

KRGC683

438620.2

6663778

-63.731

248.9

304.7

-47.75 no significant results

KRGC684

438704.3

6663345

-93.927

251.4

333.7

-75.74

204

205

1

3.23

KRGC685

438704.7

6663345

-93.87

261

327.6

-63.8

189

190

1

2.93

and

205.77

208

2.23

4.18

and

213

226

13

3.89

and

232.05

232.38

0.33

5.99

and

236.22

238

1.78

2.83

KRGC686

438704.3

6663345

-93.917

245.7

322

-58.86

171.65

172.89

1.24

3.66

and

178.05

180

1.95

4.09

and

184.95

186.35

1.4

10.94

and

206

207

1

3.42

KRGC687

438703.3

6663348

-93.745

258

331.3

-55.76

189

212

23

3.11

and

219.5

219.9

0.4

2.51

KRGC688A

438704.2

6663345

-93.913

245.6

327.6

-51.58

188

190.45

2.45

7.96

and

193.5

198

4.5

11.34

and

205.65

210

4.35

7.69

KRGC689

438702.4

6663347

-92.557

263.6

334.2

-50.37

209.5

216.95

7.45

4.42

and

220.45

221.1

0.65

7.31

and

225.25

227

1.75

6.88

and

245

247

2

3.24

KRGC690

438704

6663348

-93.768

249

324.1

-47.72

198

203.5

5.5

2.73

and

209.2

209.5

0.3

3.88

and

220

220.46

0.46

2.63

KRGC691

438702.4

6663347

-92.557

254.6

330.7

-47.22

209

222.7

13.7

4.23

KRGC692

438704.2

6663345

-93.934

281.6

337.4

-47.83

224.6

247

22.4

3.88

and

258.6

259.3

0.7

4.03

and

262.7

264

1.3

2.68

KRGC693

438732.7

6663301

-93.373

216

174.9

-30.67

150.6

152.84

2.24

12.59

and

160

162.2

2.2

3.63

and

166

168.3

2.3

4.47

and

177.3

177.9

0.6

14.50

Page 13 of 64

KARARI DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

KRGC694

438732.7

6663301

-93.4

195

179.5

-34.18

135

136

1

3.07

and

152.46

152.9

0.44

2.64

and

183.8

184.25

0.45

3.17

KRGC695

438732.8

6663301

-93.304

260.82

162.6

-28.41

200.7

205.6

4.9

2.69

and

247.5

248.6

1.1

4.07

KRGC696

438619.6

6663777

-63.979

249

288.4

-43.28

206

215.1

9.1

4.55

and

222.74

224

1.26

3.83

KRGC697

438619.7

6663777

-63.991

237

283.2

-53.52

194.9

195.85

0.95

8.57

and

213

220.9

7.9

4.61

KRGC698

438620.1

6663778

-63.474

324

303.9

-46.17

279

280

1

3.37

KRGC699

438619.8

6663778

-63.898

285

299.6

-55.3

244

254.91

10.91

7.17

KRGC700

438619.7

6663777

-63.585

165

307.2

-50.84

163.15

163.5

0.35

2.91

KRGC701

438619.8

6663777

-63.594

282

303.5

-56.6

256.33

260

3.67

4.27

and

261.73

263

1.27

3.01

and

263.65

270

6.35

5.80

KRGC702

438619.7

6663777

-63.52

294

307.1

-60.21

253

270.9

17.9

6.00

KRGC703

438619.7

6663777

-63.586

141

301

-51.76 results pending

KRGC704A

438733.1

6663301

-93.041

302

160.9

-19.98

232

232.45

0.45

7.07

KRGC705

438733.1

6663301

-93.225

315

155.2

-25.93 no significant results

KRGC706

438619.5

6663777

-63.353

312

299.7

-31.46

249.2

249.7

0.5

6.73

and

253

266.85

13.85

3.96

KRGC707

438619.7

6663777

-63.72

341

304.8

-37.33

260.7

263.7

3

4.70

KRRD444

438729.3

6663312

-93.8787

282

65.4

-83.05 no significant results

KRRD449

438732.9

6663301

-93.003

285

158.8

-31.66

253

253.9

0.9

4.45

KRRD450

438732.7

6663300

-93.092

261

163.7

-34.67

188.1

194.9

6.8

4.99

and

201

202.3

1.3

2.85

KRRD451

438732.9

6663301

-93.055

261

160.9

-39.77

194.9

197.7

2.8

5.64

and

219.5

219.9

0.4

3.69

and

229.5

230

0.5

10.50

KRRD452

438733

6663301

-93.131

255

162.5

-44

180.5

181.1

0.6

11.90

and

220

221

1

5.71

KRRD453

438732.8

6663301

-93.208

231

169.9

-43.97

155.8

156.3

0.5

2.50

and

156.8

157.15

0.35

2.71

and

164

164.7

0.7

3.06

and

193

193.87

0.87

2.56

KRRD454

438732.8

6663301

-93.442

207

184.4

-53.77

136

136.75

0.75

10.00

and

156.15

156.9

0.75

2.56

KRRD455

438732.7

6663301

-93.477

261

161.1

-50.56

184.3

185

0.7

7.23

Page 14 of 64

Table 2 - Whirling Dervish Drill Results

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

WDEX063

438335

6665537

140.42

576

344.20

-66.95

236

237

1

1.71

and

280

281.6

1.6

2.49

and

397.25

399

1.75

2.97

and

408.6

419

10.4

2.43

and

452.2

453

0.8

1.55

and

471.31

476

4.69

1.52

and

479.15

480.5

1.35

2.24

and

482

483

1

1.54

and

489.32

490.15

0.83

2.76

WDGC207

438381.5

6665508

141.345

267

188.88

-54.27

155

156

1

18.10

and

161.94

166.64

4.7

4.10

and

179

182.72

3.72

3.52

and

190.95

191.5

0.55

4.58

and

228.11

229.19

1.08

1.55

and

240.53

241.55

1.02

6.41

and

249

256

7

4.39

WDGC208

438381.1

6665508

141.353

191.4

173.40

-53.76 no significant results

WDGC209

438381.6

6665508

141.273

326.9

164.70

-51.64

170.6

172.15

1.55

3.01

and

177.15

177.6

0.45

2.94

and

213.05

214.05

1

1.84

and

226.6

227.6

1

8.44

and

239

254.4

15.4

1.69

and

263

264

1

2.62

and

285

297

12

1.99

WDGC210

438381.4

6665508

141.295

284.9

184.80

-58.96

170.1

178

7.9

2.44

and

187.05

194.75

7.7

2.92

and

206

207

1

2.08

and

217.8

218.25

0.45

8.04

and

225.65

227.1

1.45

3.55

and

253.4

263.7

10.3

1.71

WDGC211

438381

6665508

141.243

323.8

166.70

-58.70

128.2

128.75

0.55

12.70

and

172

173

1

2.06

and

191

192

1

1.72

and

217.05

228

10.95

2.05

and

236

243

7

2.99

and

254.6

255.6

1

2.00

and

265.7

266.4

0.7

1.86

and

293

310

17

3.95

WDGC212

438380.8

6665508

141.352

294

192.10

-68.31

139

141.8

2.8

2.26

and

146

146.6

0.6

2.53

and

230.75

234

3.25

3.41

and

251.9

276

24.1

1.93

WDGC213

438380.5

6665508

141.299

279

210.00

-65.64

133.85

137.4

3.55

1.98

and

147.15

147.95

0.8

2.67

and

184.25

185.55

1.3

3.86

and

221.2

223.1

1.9

13.07

and

232.8

233.25

0.45

23.30

and

249.4

253.35

3.95

2.96

and

259.65

260.45

0.8

1.53

WDGC214

438380.5

6665508

141.308

278.8

213.20

-68.59

138.9

139.6

0.7

4.75

and

150.25

151

0.75

2.29

and

224.5

225.6

1.1

2.23

and

228.5

230.65

2.15

1.68

and

238.55

244

5.45

3.03

and

250

262.1

12.1

3.53

Page 15 of 64

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

WDGC223

438262.4

6665623

142.0054

267

263.30

-16.07

71

72

1

1.67

and

111

112

1

2.97

and

114.9

118.55

3.65

1.88

and

226.1

227.3

1.2

1.55

and

240.05

241

0.95

2.58

and

244.95

245.95

1

3.26

WDGC224

438262.5

6665623

141.6945

261

264.00

-24.15

108.4

118

9.6

2.08

and

141

142

1

2.14

and

171

172.1

1.1

3.26

and

219.1

220.35

1.25

1.55

and

228.2

234.5

6.3

2.61

and

245

246.15

1.15

1.78

WDGC228

438264.2

6665621

142.511

237

251.40

-34.66

89.3

90

0.7

3.03

and

93

95

2

3.88

and

99

100

1

1.98

and

129

134.7

5.7

1.66

and

137

144.5

7.5

2.11

and

210

211

1

4.31

and

221.85

222.55

0.7

2.15

WDGC229

438264.1

6665621

142.43

246

257.30

-33.49

86

115.3

29.3

2.14

and

140.6

147

6.4

4.66

and

205

205.45

0.45

1.54

and

212

213

1

1.85

and

220.6

227

6.4

1.88

WDGC231

438264.1

6665621

142.586

254.9

256.30

-22.72

103.05

104

0.95

1.91

and

105

106

1

1.51

and

108.7

109.35

0.65

2.24

and

125

126

1

2.06

and

140

141

1

2.10

and

157.4

161.95

4.55

6.85

and

195.7

198

2.3

2.06

and

222.3

225.5

3.2

1.62

and

228

231.55

3.55

2.02

WDGC231A

438263.7

6665622

142.557

261

255.30

-18.82

75.05

76

0.95

2.00

and

85

86

1

1.63

and

110.15

110.65

0.5

2.99

and

136.4

136.75

0.35

5.77

and

138

139

1

1.77

and

196

197.15

1.15

1.65

and

227.5

228.1

0.6

1.90

and

231.8

233

1.2

1.92

and

236.1

236.7

0.6

4.72

WDGC232

438263.6

6665622

142.299

177

267.00

-40.66

122

122.4

0.4

6.51

and

142

142.75

0.75

2.33

WDGC233

438262.8

6665627

142.271

285

278.70

-34.79

132

142

10

2.35

and

151

154

3

1.81

and

174

175

1

1.94

and

253

254

1

7.73

WDGC234

438262.5

6665627

142.665

402

285.50

-22.07

141.9

144

2.1

1.70

and

154.15

154.65

0.5

4.96

and

165.2

175.7

10.5

2.11

and

183.8

184.5

0.7

2.80

and

190

191

1

1.82

and

347.2

353.2

6

1.50

WDGC235

438262.4

6665626

142.537

299.6

281.20

-24.63

117.96

118.34

0.38

1.59

and

133.44

134.2

0.76

2.77

and

135.91

136.37

0.46

1.79

and

143.96

144.43

0.47

5.53

and

150.32

162.55

12.23

1.67

and

287.81

290.42

2.61

4.85

Page 16 of 64

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

WDGC236

438262.7

6665627

142.553

245.9

294.90

-17.54

158.6

159.12

0.52

3.76

and

165.65

195.45

29.8

1.83

and

202.9

218.14

15.24

1.77

WDGC237

438268.1

6665617

142.354

219

228.10

-37.39

117.9

119

1.1

2.68

and

132.9

135

2.1

2.84

and

144

146

2

3.38

and

202

203

1

2.09

and

205.2

207.2

2

1.82

WDGC238

438268.1

6665617

142.304

231

233.30

-46.47

132.55

140

7.45

2.26

and

148.45

149.35

0.9

1.53

and

208.2

212.55

4.35

2.33

WDGC239

438268.2

6665617

141.979

242.9

214.60

-50.83

105.8

107

1.2

2.09

and

144

145

1

2.62

and

208

210

2

4.79

and

216.3

224.55

8.25

3.51

WDGC240

438268.1

6665617

141.932

236.9

233.60

-52.77

104.9

105.45

0.55

1.63

and

208.7

218.95

10.25

4.95

WDGC241

438268.1

6665617

142.08

237

256.60

-51.31

102.65

104.1

1.45

4.71

and

110.7

111.2

0.5

2.89

and

149.8

151.8

2

2.49

and

216

228

12

2.90

WDGC242

438262.6

6665627

142.359

389.9

292.01

-22.41

160.7

162.5

1.8

1.91

and

172

173

1

1.90

and

193.15

204

10.85

2.61

and

212

213

1

1.97

and

220

221.25

1.25

1.79

and

376.25

377

0.75

2.50

WDGC243

438268.2

6665617

141.952

260.8

200.60

-54.56

113

113.85

0.85

2.58

and

206.4

207.15

0.75

2.49

and

214

215

1

2.82

and

225

226

1

1.58

and

237.1

238

0.9

2.85

WDGC244

438268.4

6665616

141.953

254.7

210.00

-58.79

110.9

111.35

0.45

2.32

and

213

226.2

13.2

1.77

and

234

237

3

2.75

WDGC245

438268.4

6665616

141.99

255.05

223.38

-61.80

114.05

115.9

1.85

1.79

and

217.05

238.25

21.2

2.47

WDGC246

438268.4

6665617

141.991

241.9

233.50

-60.81

113.2

113.55

0.35

1.73

and

217.05

221.25

4.2

5.58

and

227.45

234

6.55

3.83

WDGC247

438268

6665617

142.16

258

259.90

-59.81

117.95

121.2

3.25

1.93

and

225

235.1

10.1

4.26

and

241

242.1

1.1

2.53

WDGC248

438268

6665617

142.021

263.93

273.10

-55.32

123.8

124.3

0.5

3.59

and

132.6

134

1.4

2.38

and

255

256

1

1.64

WDGC249

438379.4

6665508

141.63

209.85

156.90

-33.27

180.75

181.5

0.75

2.64

and

188.4

189.25

0.85

5.59

WDGC250

438379.5

6665508

141.844

305.6

171.30

-24.44

127

129

2

7.49

and

266.35

283.4

17.05

1.58

and

285.25

285.65

0.4

2.77

and

289

290

1

1.77

WDGC251

438379.4

6665508

141.571

300.07

174.60

-41.39

130.95

131.35

0.4

1.65

and

153

154

1

1.92

and

182.45

189.95

7.5

1.62

and

228

229

1

1.51

and

236.5

242

5.5

2.68

and

253.1

255

1.9

6.56

and

260.95

262.4

1.45

4.39

and

271

284

13

1.76

Page 17 of 64

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

WDGC252

438379.5

6665508

141.676

315.6

163.10

-38.76

149.3

150

0.7

2.22

and

228.8

236

7.2

1.83

and

238

238.4

0.4

1.81

and

281

314

33

1.73

WDGC253

438378.7

6665508

141.904

296.8

180.10

-28.70

121

122

1

7.55

and

139

140

1

1.55

and

163.35

163.8

0.45

2.36

and

236.87

248.55

11.68

2.42

and

254

256.7

2.7

3.28

and

284.35

285.15

0.8

12.00

WDGC254

438378.5

6665508

141.924

279

187.00

-30.91

143

144.08

1.08

2.16

and

219

221

2

3.43

and

229.75

255.8

26.05

3.51

WDGC256

438378.6

6665508

141.694

261

199.40

-31.43

94

95

1

1.79

and

101.45

101.9

0.45

3.12

and

119

119.9

0.9

3.96

and

157.5

174.15

16.65

3.26

and

189.3

190

0.7

1.91

and

218

220.65

2.65

2.76

WDGC257

438379.4

6665508

141.253

266.7

201.90

-58.72

121.7

122.25

0.55

18.80

and

174.3

175.9

1.6

2.33

and

193

193.75

0.75

2.28

and

218.05

219.95

1.9

5.95

and

239.15

247.15

8

4.15

WDGC258

438379

6665509

141.174

258

210.00

-50.66

126.35

126.75

0.4

3.93

and

206

207

1

3.21

and

213.7

214

0.3

1.58

and

217.45

225.75

8.3

2.08

WDGC259

438334.9

6665534

140.295

273

193.90

-65.89

119.05

125.8

6.75

1.92

and

162.25

169.4

7.15

1.79

and

174.7

175.35

0.65

4.43

and

224.4

224.85

0.45

7.71

and

234.9

248.85

13.95

3.58

WDGC260

438334.5

6665533

140.661

221.6

204.00

-51.31

91.15

94

2.85

2.65

and

108.4

108.8

0.4

1.56

and

154

161

7

2.80

and

168

169

1

4.84

and

174.8

176

1.2

2.17

and

182

183

1

4.78

and

210.05

210.95

0.9

2.85

WDGC261

438334.6

6665533

140.634

252.41

198.90

-61.54

94.5

95

0.5

3.64

and

103

108

5

4.28

and

115.15

116.83

1.68

2.17

and

122

123

1

1.60

and

153.6

154.64

1.04

1.92

and

182.2

183

0.8

2.97

and

216.6

225

8.4

1.59

and

228.6

229.62

1.02

9.29

WDGC262

438334.6

6665533

140.871

243

201.40

-34.46

62

63

1

2.37

and

99.8

103

3.2

1.61

and

107

112.5

5.5

1.91

and

151

153.2

2.2

2.96

and

175.95

176.5

0.55

3.89

and

200.4

201

0.6

2.34

and

205.4

207

1.6

5.82

Page 18 of 64

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

WDGC263

438334.4

6665533

140.488

254.78

212.10

-68.38

117.45

122.85

5.4

3.07

and

164

166.65

2.65

1.68

and

167.5

168

0.5

2.07

and

224.75

230.8

6.05

1.54

and

236.2

239

2.8

12.59

WDGC264

438262.4

6665626

142.615

318

280.00

-20.86

91.4

91.8

0.4

4.27

and

144.7

145.25

0.55

1.61

and

149

149.75

0.75

1.78

and

150.35

150.7

0.35

1.68

and

158

159

1

4.64

and

164

166.1

2.1

2.13

and

294.5

294.8

0.3

1.53

WDGC265

438268.5

6665616

141.939

240.1

217.10

-52.67

106.5

108

1.5

4.15

and

138.37

139.23

0.86

2.47

and

143.65

147.25

3.6

2.38

and

209.45

211

1.55

2.86

and

216.55

222

5.45

4.52

WDGC266

438268.5

6665616

141.838

246

227.50

-57.24

143.15

143.5

0.35

2.82

and

212.6

219

6.4

2.13

and

224

224.5

0.5

1.60

and

227.15

228

0.85

2.02

WDGC267

438268.3

6665616

141.875

237

241.50

-54.37

210

220.2

10.2

7.89

WDGC268A

438268.6

6665616

141.87

281.7

196.20

-59.90

119.19

121.4

2.21

2.38

and

230.8

232

1.2

6.61

and

239

240

1

1.63

WDGC269

438268.5

6665616

141.939

263.94

215.15

-68.02

124.44

125

0.56

2.32

and

230.92

244.8

13.88

1.83

and

251

252.5

1.5

3.56

WDGC270

438268.5

6665616

141.924

264

229.00

-65.41

117.4

118.55

1.15

4.30

and

221.85

231

9.15

1.54

and

238

247

9

2.29

WDGC271

438268.4

6665617

141.923

258

243.10

-64.20

136

137

1

3.32

and

222.7

243

20.3

4.64

WDGC272

438268.3

6665617

141.916

254.9

253.00

-62.52

113.35

113.95

0.6

8.12

and

220.35

241.05

20.7

4.52

WDGC273

438263.9

6665622

142.63

216.15

239.80

-38.25

88.5

92.1

3.6

3.42

and

103.6

104.65

1.05

9.48

and

128.3

131.1

2.8

9.45

and

136.4

140.5

4.1

4.95

and

201.45

208.35

6.9

4.24

WDGC274

438264.2

6665621

142.089

222

239.50

-46.60

92.65

94.1

1.45

2.23

and

145

146

1

2.01

and

203.45

213.95

10.5

4.35

WDGC275

438261.8

6665626

142.753

339

282.90

-17.20

125

129

4

4.18

and

133.3

134

0.7

2.76

and

136.7

143

6.3

1.75

and

145

147

2

1.79

and

162.45

163.65

1.2

1.77

and

165.37

165.8

0.43

3.48

and

324.75

332

7.25

3.29

WDGC276

438262.3

6665627

141.987

255

270.60

-49.22

53

54

1

1.76

and

119.3

123

3.7

1.77

WDGC277

438261.8

6665626

142.468

311.7

279.60

-22.30

112

112.55

0.55

5.11

and

126.65

128.35

1.7

10.04

and

137

143.55

6.55

6.78

and

157

159

2

3.29

and

288.83

289.2

0.37

1.64

and

295

295.95

0.95

5.13

Page 19 of 64

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

WDGC278

438268.2

6665617

142.003

237

217.20

-45.36

101

103.05

2.05

1.99

and

121.95

122.3

0.35

12.60

and

130

131

1

2.74

and

136

139.3

3.3

4.41

and

209.2

212

2.8

1.91

and

217

218.2

1.2

2.03

WDGC279

438304.1

6665582

141.381

237

213.80

-50.33

147.95

152

4.05

1.96

and

193.55

194

0.45

3.88

and

211.4

212.1

0.7

3.08

WDGC280

438304.1

6665582

141.187

249

211.40

-60.02

117

118.7

1.7

1.64

and

165.95

166.35

0.4

3.51

and

208.7

209.2

0.5

1.89

and

226

236.8

10.8

2.92

and

239

240

1

2.56

WDGC281

438304.4

6665582

141.142

237

205.30

-49.10

112.55

112.9

0.35

1.78

and

143

144.12

1.12

1.70

and

188.85

190

1.15

3.25

and

193.8

194.25

0.45

2.86

and

214.95

217.97

3.02

2.51

WDGC282

438304.6

6665582

141.147

267

199.40

-59.53

122

123

1

2.64

and

164.5

167.07

2.57

3.08

and

201.2

203

1.8

5.97

and

215

215.97

0.97

2.00

and

227.97

236

8.03

2.74

WDGC283

438379.4

6665508

141.721

275.65

186.60

-34.01

223.25

223.55

0.3

8.51

and

230.2

245

14.8

2.30

and

253.15

254.5

1.35

1.70

and

255.4

255.9

0.5

1.82

WDGC284

438334.4

6665533

140.404

195.05

222.30

-48.92

101.8

102.85

1.05

4.87

and

135.3

138.3

3

1.76

WDGC285

438334.5

6665533

140.654

179.9

210.70

-51.00

60.6

61.15

0.55

3.88

and

69.5

70.15

0.65

2.68

and

104.55

106.6

2.05

3.09

and

138.8

139.15

0.35

1.83

and

149

149.95

0.95

2.07

and

168

168.85

0.85

1.77

WDGC286

438304.5

6665582

141.295

261

188.80

-53.17

124.35

124.65

0.3

2.45

and

164

164.7

0.7

1.97

and

167

168.5

1.5

1.92

and

193.8

198.2

4.4

7.35

and

217.75

218.3

0.55

5.88

and

228

228.35

0.35

2.13

and

233.8

237.1

3.3

3.74

WDGC287

438261.7

6665626

142.805

212.7

278.50

-12.41

116.8

140

23.2

2.18

and

160

165.4

5.4

1.89

and

169

170

1

1.61

WDGC289

438260.8

6665625

142.35

333

278.30

-19.97

140.6

140.95

0.35

5.42

and

144.25

146.7

2.45

1.67

and

154

155

1

8.92

and

280

284.88

4.88

5.21

and

292

293.27

1.27

2.03

WDGC290

438260.9

6665625

142.349

330

282.50

-20.84

140.2

141.5

1.3

2.15

and

147.77

151.75

3.98

1.73

and

154.8

157

2.2

2.94

and

161

169.75

8.75

1.59

and

302.55

306.6

4.05

2.25

Page 20 of 64

WHIRLING DERVISH NOVEMBER 2019

Downhole

Hole

Easting Northing RL

Depth

Azimuth Dip

From (m) To (m)

Width (m)

Grade g/t

WDGC291

438261.6

6665626

142.427

339

285.40

-21.81

70.35

71

0.65

2.20

and

154.8

155.7

0.9

6.98

and

161

162

1

1.80

and

170

171

1

3.55

and

310.4

310.7

0.3

1.93

and

311.5

312.45

0.95

1.51

and

315

315.65

0.65

2.11

and

318

319.25

1.25

2.93

WDGC292A

438261.6

6665626

142.562

351

291.30

-24.42

73

74

1

3.67

and

154.55

175

20.45

2.65

and

325.7

327.15

1.45

3.85

and

332.9

333.5

0.6

1.51

and

338

338.85

0.85

2.24

WDGC293

438260.9

6665625

142.349

330

285.70

-24.82

149.1

149.45

0.35

3.07

and

156

164.45

8.45

2.14

and

179

180

1

2.26

and

297.1

297.75

0.65

2.42

and

305.1

306

0.9

43.70

WDGC294

438261.6

6665626

142.52

162

287.30

-29.05

146

146.9

0.9

2.94

WDGC295

438261.4

6665625

142.318

327

289.20

-27.21

149.8

151.5

1.7

2.48

and

162.3

163

0.7

3.08

and

305.1

308.25

3.15

2.53

WDGC297

438261.5

6665626

142.44

335.8

291.50

-31.35

113.9

114.4

0.5

1.57

and

154

155.95

1.95

2.58

and

304.35

305

0.65

1.54

and

318.25

319.13

0.88

6.15

WDGC298

438334.7

6665533

140.635

258

188.30

-52.61

92.6

105

12.4

1.62

and

111.85

117

5.15

5.29

and

154.9

156.35

1.45

3.09

and

215.25

217

1.75

2.69

and

226.25

232

5.75

4.48

WDGC299

438382.1

6665507

141.577

374.6

158.90

-33.60

318.05

334.6

16.55

2.64

WDGC300

438382

6665507

141.672

363

156.10

-42.90 results pending

WDGC301

438381.8

6665507

141.237

317

162.11

-45.28 results pending

WDGC302

438381.8

6665507

141.237

341.9

164.12

-49.93 results pending

WDGC304

438272

6665620

141.931

192.12

94.80

-88.56

179.9

180.6

0.7

1.95

WDGC305

438272

6665620

141.937

288.05

40.50

-83.36

190

192.25

2.25

7.44

WDGC306

438264

6665627

142.079

197.9

328.90

-79.65

172.5

173.2

0.7

3.53

WDGC307

438263.9

6665627

142.068

201

322.90

-74.31

176

178.07

2.07

2.46

WDGC308

438264

6665627

142.073

231

357.35

-79.44

188.75

189.7

0.95

1.85

Table 3 - Thunderbox Drill Results

THUNDERBOX DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

TBRC125

304134.6

6880735

2498.574

160 88.12

-60.93

67

68

1

1.49

and

82

83

1

2.26

and

90

143

53

1.49

TBRC126

304159.3

6880730

2498.772

148 90

-60

0

1

1

2.19

and

34

35

1

2.62

and

61

62

1

1.41

and

63

64

1

1.34

and

69

84

15

1.47

TBRC127

304127

6880690

2498.411

202 90.98

-60.22

79

165

86

1.72

TBRC128

304153.1

6880690

2498.19

160 90

-60

results pending

TBRC129

304090

6880980

2500

142 91.86

-75.17

results pending

TBRC130

304120

6880980

2500

76 89.82

-59.78

results pending

TBRC131

304160

6880980

2500

100 89.82

-60.66

results pending

TBRC132

304160

6881000

2500

106 86.96

-60.11

results pending

TBRC133

304100

6881020

2502

88 90

-60

results pending

TBRC134

304200

6881020

2502

64 90

-60

37

38

1

1.16

and

41

42

1

1.03

Page 21 of 64

THUNDERBOX DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

TBRC096

304240

6880660

2499

124 91.49

-59.94

results pending

TBRC097

304260

6880660

2499

82 90

-60

results pending

TBRC099

304258

6880700

2499

70 90.87

-60.91

results pending

TBRC100

304220

6880740

2499

118 90

-60

82

88

6

1.67

TBRC101

304240

6880740

2499

88 90.73

-61.02

2

3

1

1.12

and

8

10

2

1.06

and

20

21

1

1.13

and

64

73

9

1.45

TBRC102

304260

6880740

2499

52 90

-60

35

40

5

2.42

TBRC103

304200

6880820

2499

118 88.48

-65.62

24

48

24

1.52

and

93

94

1

2.51

and

108

114

6

1.30

TBRC104

304220

6880820

2499

94 89.48

-61

63

67

4

0.94

TBRC105

304180

6880860

2500

124

89.4

-61.15

7

12

5

2.27

and

67

68

1

3.63

TBRC106

304200

6880860

2500

100 91.38

-60.92

28

29

1

3.83

and

52

53

1

1.03

and

62

67

5

3.41

and

81

83

2

1.21

and

98

100

2

1.50

TBRC107

304220

6880860

2500

70 92

-61.27

50

64

14

1.82

TBRC108

304180

6880900

2500

106 92.37

-60.35

27

28

1

2.31

and

52

55

3

1.58

and

101

102

1

1.05

and

105

106

1

1.32

TBRC109

304200

6880900

2500

82 90.05

-60.81

55

58

3

1.64

and

65

66

1

1.00

TBRC110

304220

6880900

2500

52 90

-60

31

34

3

1.07

and

37

38

1

1.20

TBRC111

304070

6880940

2501

148 95.16

-60.86

114

115

1

1.94

and

121

122

1

1.74

TBRC112

304180

6880940

2500

82 90

-60

TBRC113

304200

6880940

2500

58 90

-60

no significant results

TBRC114

304080

6880980

2500

112 91.95

-65.22

results pending

TBRC115

304160

6881020

2502

106 92.74

-60.68

no significant results

TBRC116

304100

6881040

2502

64 90

-60

no significant results

TBRC117

304060

6881080

2502

112 90

-60

results pending

TBRC118

304100

6881080

2502

64 91.96

-60.57

no significant results

TBRC119

304140

6881080

2502

142 90

-60

no significant results

TBRC120

304180

6881080

2502

82 90

-60

66

69

3

1.19

TBRC121

304108.8

6880925

2501.333

106 90

-60

56

86

30

2.07

TBRC122

304112.3

6880890

2500.741

124 89.36

-60.9

54

94

40

1.79

and

100

101

1

2.43

TBRC123

304125.7

6880810

2499.67

130 90

-60

62

63

1

9.66

and

70

90

20

1.57

and

99

100

1

7.38

and

107

112

5

2.86

and

122

123

1

1.41

TBRC124

304123.8

6880780

2499.163

148 89.08

-61.24

68

69

1

1.45

and

89

142

53

1.08

Page 22 of 64

THUNDERBOX UNDERGROUND DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

THGC133

304238.4

6879183

253.407

240.87

95.4

-32.19

124

125.04

1.04

6.50

and

136

137

1

2.63

and

218.36

222.3

3.94

3.64

THGC134

304219.7

6879254

252.203

233.92

94.1

-25.24

109.86

114.6

4.74

1.53

and

207.73

215.77

8.04

3.27

THGC135

304219.7

6879254

252.221

224.66

81.1

-28.25

107.4

114.9

7.5

1.34

and

188.54

189

0.46

6.40

and

200

217.75

17.75

2.62

THGC136

304219.6

6879254

252.051

229.9

77.7

-36.32

111.6

112.18

0.58

2.63

and

123.5

124

0.5

7.14

and

203

227.24

24.24

2.55

THGC137

304204.8

6879310

250.879

238.01

67.1

-34.29

110

110.45

0.45

4.24

and

194.62

215.67

21.05

2.05

and

223

225.8

2.8

2.12

THGC138

304183.8

6879388

250.674

243.1

74.1

-35.88

98.15

99

0.85

2.59

and

193

213.65

20.65

2.05

THGC139

304183.7

6879388

250.668

245.92

62.9

-35.77

94.76

95.1

0.34

4.01

and

194.78

206

11.22

1.84

and

212

212.8

0.8

25.60

THGC140

304169.8

6879438

251.715

243

55.8

-32.95

180.66

181.12

0.46

3.61

and

188.55

215.07

26.52

1.40

and

227.1

228.1

1

5.53

THGC141

304169.8

6879438

251.681

231

70.1

-29.85

93

93.8

0.8

2.20

and

184

192.5

8.5

2.89

and

217

217.7

0.7

2.47

THGC142

304169.8

6879439

251.703

248.82

52.8

-27.06

92.5

95

2.5

1.68

and

184.7

196.25

11.55

1.74

and

205.32

206

0.68

2.00

and

212.92

214

1.08

6.32

and

237

239.1

2.1

2.21

THGC143

304239.1

6879181

253.347

244.99

81.4

-40.75

219

230

11

2.91

THGC144

304239.3

6879180

253.364

248.8

103.1

-37.95

132

133.8

1.8

6.12

and

229.2

240

10.8

1.76

THGC145

304239.2

6879181

253.335

248.7

73.3

-46.10

125.6

132.9

7.3

1.79

and

226.45

239.2

12.75

1.45

THGC146

304239.3

6879180

253.254

270.1

111.6

-40.55

141

142

1

2.72

and

254.28

255.03

0.75

2.58

THGC147

304169.9

6879437

252.131

353.2

25.8

-38.29

254.88

344

89.12

2.02

incl

266

333.71

67.71

2.29

THGC148

304169.9

6879437

252.131

321.01

31.6

-36.11

118.75

119.2

0.45

2.61

and

241

315

74

1.67

THGC149

304169.9

6879437

252.131

272.95

48.7

-40.49

85

85.75

0.75

2.20

and

201.7

202

0.3

4.99

and

204.85

261.3

56.45

1.85

THGC150

304169.9

6879437

252.131

317.87

43.5

-45.14

109

109.95

0.95

2.52

and

220

292

72

2.35

and

301.4

302

0.6

2.16

Page 23 of 64

THUNDERBOX UNDERGROUND DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

THGC151

304169.9

6879437

252.131

255

63.5

-41.35

197

236

39

1.41

THGC152

304169.9

6879437

252.131

276.04

68.3

-47.00

95

96

1

8.31

and

207

252.45

45.45

2.38

THGC153

304183.4

6879389

250.326

264.23

65.8

-41.97

182.97

183.9

0.93

5.81

and

202.13

220

17.87

1.91

THGC154

304183.4

6879389

250.48

282

65.4

-50.37

225

229.79

4.79

1.36

and

240

246.41

6.41

1.67

THGC155

304183.4

6879389

250.47

267.13

78.3

-48.85

110

111

1

2.49

and

214

227

13

2.10

247.2

248.16

0.96

2.27

THGC156

304183.5

6879389

250.506

269.95

95.7

-46.99

242.95

244.65

1.7

3.16

and

256

258

2

2.68

THGC157

304204.7

6879310

251.048

270

76.1

-48.98

208.46

209.27

0.81

4.05

and

229

232

3

2.80

and

255.75

259

3.25

1.87

THGC158

304229.6

6879256

252.46

264.75

74.7

-49.32

217.87

218.33

0.46

2.43

and

224

224.3

0.3

3.94

THGC159

304230.6

6879256

253.164

128.85

85.7

-10.01

no significant results

THGC160

304230.7

6879256

253.146

134.78

98.2

-8.38

102

108.35

6.35

1.73

THGC161

304230.4

6879256

253.131

149.92

107.3

-7.61

113.12

115.6

2.48

2.26

and

121

122

1

2.88

THGC162

304230.5

6879257

253.044

113.23

82.2

-23.45

95

95.52

0.52

2.07

THGC163

304230.4

6879256

253.069

127.15

100.3

-21.28

117

118

1

3.40

THGC164

304230.4

6879256

253.069

146.98

111

-18.99

116.3

119.15

2.85

18.25

THGC165

304236.4

6879359

255.723

78.31

65.9

-18.46

no significant results

THGC166

304236.5

6879358

255.865

79.78

86

-17.97

63.85

64.79

0.94

7.59

THGC167

304236.4

6879359

254.959

82.8

87

-42.99

67

70

3

3.66

THGC189

304418.6

6879208

149.071

14.92

78

45.00

0

11

11

3.16

THGC190

304418.6

6879208

149.076

15.02

78

0.00

0

5

5

3.22

THGC191

304418.4

6879208

147.86

14.58

78

-45.00

0

4

4

4.05

THGC192

304419.9

6879197

149.306

14.87

78

45.00

3

10.55

7.55

2.62

THGC193

304419.9

6879197

149.194

15.01

78

0.00

0

5.5

5.5

3.76

THGC194

304419.7

6879197

147.924

15

78

-45.00

0

5.1

5.1

2.47

THGC195

304420.1

6879196

149.181

14.82

135

0.00

1.1

10.8

9.7

2.28

THRD043

304239.4

6879179

254.351

278.05

107.3

-3.75

236.88

242.3

5.42

2.23

THRD044

304239.3

6879179

254.485

279

114.5

-3.07

262.9

265.26

2.36

3.15

and

272

273

1

2.18

THRD045

304239.4

6879180

254.453

270

112.7

-8.66

242.09

247.03

4.94

4.25

THRD046A

304239.3

6879180

254.133

243

106.6

-16.36

228.8

232

3.2

3.07

THRD047

304239.4

6879179

254.145

255.1

113.9

-14.80

139

139.7

0.7

2.37

and

240.57

243.25

2.68

3.70

THRD048

304239.4

6879179

254.065

288.4

120.8

-13.31

178

179

1

9.17

and

259

261.13

2.13

2.42

THRD049

304239.4

6879180

253.868

249.35

112.3

-22.53

145.7

146.41

0.71

3.41

and

225.62

227.36

1.74

3.36

THRD050

304239.3

6879179

253.857

309

125.8

-19.95

289.47

292.5

3.03

2.05

THRD051

304239.2

6879179

253.859

280

119.6

-20.29

172

173

1

6.38

and

260.78

261.82

1.04

2.76

THRD052

304239.2

6879179

253.794

267.36

113.5

-28.21

240.8

243

2.2

3.42

and

261

262

1

2.65

THRD053

304239.4

6879180

253.819

291.7

120.4

-24.98

264.08

266.1

2.02

3.18

Page 24 of 64

THUNDERBOX UNDERGROUND DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

THRD054

304239.2

6879179

254.918

273

107.8

2.12

256.6

260

3.4

2.87

THRD055

304239.2

6879179

254.98

296.98

114.8

1.64

184

185

1

3.87

and

267.4

268

0.6

2.09

and

280

283.9

3.9

2.78

THRD056

304239.2

6879179

254.777

294.01

119.6

-8.53

176

176.6

0.6

2.00

and

191

195.4

4.4

4.36

and

276

277

1

2.11

and

278.8

281

2.2

2.46

THRD057

304239

6879179

254.193

363.07

131.4

-11.00

350.7

353.6

2.9

3.07

THRD058

304239

6879179

254.442

381.73

130

-6.09

no significant results

THRD059

304239.1

6879179

254.431

305.17

124.5

-12.20

175.5

176.4

0.9

3.48

and

291

295.87

4.87

2.77

THRD060

304239.2

6879179

254.664

321.36

120

0.34

194.52

195.5

0.98

2.44

and

204

205

1

4.74

and

292.07

293

0.93

2.48

THRD061

304239.1

6879179

253.886

264.13

111.7

-21.52

237.62

239.96

2.34

3.39

THRD062

304239.2

6879179

254.958

309.43

113.1

6.02

184.9

185.3

0.4

4.93

and

192

193

1

4.18

and

267

268

1

3.86

and

279

280

1

3.71

THRD063

304239.2

6879179

255.045

270.2

105.9

6.80

245

245.5

0.5

2.89

and

260.59

261.3

0.71

2.21

THRD064

304238.7

6879181

254.561

265.5

99

7.23

231.68

232.08

0.4

25.20

and

238.73

239.3

0.57

3.47

and

244

246.4

2.4

3.28

THRD065

304238.7

6879181

254.561

272.11

103.3

1.80

232.22

233

0.78

2.19

and

245.4

248

2.6

3.27

Page 25 of 64

Table 4 - Otto Bore Drill Results

OTTO BORE DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

OBRC0088

304919.2

6889315

487.569

142 94.23

-59.73

66

82

16

6.12

OBRC0089

304890.4

6889298

487.77

160 90.34

-60.52

99

112

13

7.80

and

116

117

1

1.78

and

124

138

14

1.75

OBRC0090

304829.6

6889254

488.124

220 88.75

-59.65

76

77

1

1.39

OBRC0091

304861.6

6889252

488.062

202 89.15

-60.89

174

175

1

1.41

OBRC0092

304902.7

6889248

487.811

160 90

-60

97

98

1

2.51

and

101

102

1

2.49

OBRC0093

304844.4

6889220

488.083

216 89.07

-60.43

159

161

2

11.62

and

168

172

4

1.52

OBRC0094

304870.6

6889225

487.859

190 86.23

-60.36

135

140

5

2.89

OBRC0095

304913.1

6889215

487.71

154 85.78

-60.25

92

93

1

3.19

and

97

98

1

3.72

OBRC0096

304933.7

6889225

487.688

130 90.33

-60.1

60

61

1

1.16

and

63

64

1

1.12

and

68

76

8

27.22

OBRC0097

304863.6

6889189

488

190 90

-60

and

145

148

3

3.65

and

153

154

1

1.01

and

157

159

2

1.50

OBRC0098

304889.9

6889199

487.926

166 90

-60

126

134

8

1.03

OBRC0099

304939.6

6889200

487.647

124 86.58

-60.23

59

60

1

1.73

and

64

69

5

1.22

and

100

101

1

1.07

OBRC0100

304880.3

6889176

488.099

184 87.7

-60.56

138

140

2

2.31

and

146

147

1

1.29

OBRC0101

304846.5

6889160

488.343

214 89.49

-60.11

169

174

5

4.28

OBRC0102

304910.3

6889154

487.879

160 91.17

-60.24

110

111

1

1.43

and

116

119

3

1.48

OBRC0103

304866.5

6889137

488.259

184 93.17

-59.71

148

149

1

3.57

and

154

161

7

4.16

and

178

179

1

3.00

OBRC0104

304890.2

6889140

488.079

184 90

-60

138

144

6

1.30

OBRC0105

304928.1

6889139

487.832

202 90.06

-60.11

73

74

1

1.90

and

85

87

2

1.58

and

91

92

1

3.30

and

116

117

1

1.46

and

128

129

1

2.25

OBRC0106

304854.6

6889120

488.247

220 90

-60

168

173

5

11.64

OBRC0107

304881.8

6889121

488.149

220 90.31

-60.48

139

140

1

2.57

and

145

146

1

1.87

and

149

152

3

1.83

OBRC0108

304939.4

6889118

487.79

154 88.7

-59.83

83

89

6

1.95

OBRC0109

304920

6889098

487.888

190 92.32

-59.88

101

102

1

3.07

and

119

121

2

1.69

OBRC0110

304860.8

6889079

488.305

220 90

-60

no significant intercepts

OBRC0111

304881

6889053

488.134

202 89.42

-60.73

148

156

8

1.58

OBRC0112

304911.8

6889053

487.939

172 90

-60

91

92

1

1.67

121

122

1

2.98

136

137

1

1.26

152

153

1

2.46

OBRC0113

304860

6889035

488.38

220 90

-60

no significant intercepts

OBRC0114

304900.5

6889033

488.189

190 90

-60

134

137

3

1.35

and

149

150

1

1.23

OBRC0115

304879.8

6889015

488.3

214 88.87

-60.95

144

145

1

1.63

and

162

163

1

1.35

and

168

169

1

1.29

Page 26 of 64

OTTO BORE DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

OBRC0116

304900.6

6889014

488.148

190 90

-60

117

118

1

1.03

and

136

137

1

1.37

and

139

140

1

1.37

OBRC0117

304943.5

6889009

487.831

154 87.73

-60.43

74

76

2

1.29

OBRC0118

304859.1

6888988

488.441

232 87.34

-60.49

183

185

2

1.61

and

195

196

1

1.25

OBRC0119

304892.5

6888973

488.299

214 90

-60

22

24

2

1.84

and

151

155

4

1.06

and

168

169

1

1.10

and

173

174

1

1.04

and

179

180

1

1.81

OBRC0120

304918.5

6888974

488.265

184 91.03

-60.73

119

128

9

7.30

and

144

145

1

2.95

and

161

163

2

1.39

and

174

175

1

1.22

OBRC0121

304951.2

6888973

488.058

148 94.57

-60.59

99

100

1

5.67

and

104

106

2

1.88

OBRC0122

304882.6

6888955

488.528

226 90

-60

165

170

5

2.58

and

187

188

1

4.10

OBRC0123

304872.1

6888934

488.626

244 86.95

-59.93

176

182

6

7.06

and

193

195

2

1.28

OBRC0124

304901.2

6888933

488.552

208 90

-60

146

147

1

1.12

and

175

176

1

2.25

OBRC0125

305014

6888940

487.889

94 87.54

-61.3

4

5

1

1.11

and

32

36

4

2.53

OBRC0126

304892.2

6888912

488.601

220 94.06

-60.2

157

160

3

2.85

OBRC0127

304891.7

6888878

488.526

220 90

-60

183

184

1

2.24

and

189

190

1

1.37

OBRC0128

304943.5

6888885

488.321

184 90

-60

123

124

1

1.22

and

128

132

4

6.71

OBRC0129

305026

6888880

487.901

100 84.23

-61.06

31

33

2

5.64

and

37

38

1

5.80

and

47

48

1

1.11

OBRC0130

304881.1

6888854

488.636

232 86.44

-61.01

56

57

1

2.26

and

174

179

5

1.81

OBRC0131

304911.1

6888854

488.539

190 95.57

-60.12

137

139

2

1.54

and

176

177

1

5.56

OBRC0132

304990

6888860

488.1

118 90

-60

results pending

OBRC0133

304903.5

6888835

488.618

214 89.74

-60.97

152

153

1

2.80

and

159

162

3

2.31

and

165

166

1

1.29

OBRC0134

304882.9

6888809

488.696

232 90

-60

no significant intercepts

OBRC0135

304919.8

6888809

488.572

196 85.99

-59.87

139

140

1

1.89

and

154

155

1

6.01

and

174

175

1

1.31

and

178

180

2

1.34

OBRC0136

304910.9

6888790

488.598

214 83.6

-60.77

151

153

2

2.33

and

157

163

6

1.61

OBRC0137

304951.9

6888789

488.421

184 96.29

-59.91

135

142

7

5.62

and

157

161

4

5.16

Page 27 of 64

Table 5 - Atbara Drill Results

ATBARA DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

ATEX025

437366

6668084

350

378.9

235

-60

55.3

62.2

6.9

2.11

and

94.5

98.6

4.1

0.52

and

102.5

104.5

2

3.66

and

158

159

1

0.86

ATEX027

437497.9

6668176

350

547

234.67

-60

140

142

2

2.01

and

171

172

1

2.41

and

190

192

2

0.78

and

198

199

1

0.62

and

208

330

122

1.05

and

383

387

4

0.78

and

414

421.66

7.66

2.62

and

427

428

1

1.37

and

435

436

1

2.54

and

455

457

2

1.62

and

469

471

2

0.75

and

482

483.19

1.19

0.65

and

494

496

2

1.04

and

501.1

510.62

9.52

1.06

ATEX035

437293.1

6668568

345

853

235

-70

168

177

9

0.55

and

200.55

290

89.45

1.09

and

308

309

1

2.58

and

315

325

10

1.04

and

335

336.35

1.35

0.86

and

429

432.5

3.5

0.61

and

470

488.72

18.72

3.03

and

516

520

4

1.43

and

628

629

1

0.65

ATEX036

437009.5

6668169

345

545.8

235

-60 results pending

ATEX037

437408

6668407

345

805

235

-65 results pending

ATEX042

437233

6668910

350

712

235

-65 results pending

ATEX043

437300

6668698

350

480.8

235

-70

357.3

360.1

2.8

2.23

and

372

373

1

1.77

and

438

451.1

13.1

1.52

and

460.2

463.8

3.6

0.80

ATEX044

437003

6668337

350

430

233

-70

39.65

43

3.35

0.71

and

47

48

1

1.37

and

144

145

1

1.69

ATEX045

437847.3

6667835

350

550

236.67

-65

449.13

452.93

3.8

2.67

ATEX046

437715.8

6667744

350

573.5

235

-65

229

231

2

1.52

and

241

242

1

1.23

and

252

253

1

1.94

ATEX049

437615.4

6668062

350

250

235.61

-64.74 no significant results

ATEX050

437483.9

6667971

350

250

235

-65

100

104

4

0.50

ATEX051

437346.8

6667873

350

334

236.65

-64.83

196

200

4

0.53

and

224

236

12

1.09

and

268

272

4

0.50

ATEX053

437382

6667314

350

406

234.67

-65

56

59

3

1.91

and

171.58

174

2.42

1.55

and

226

227

1

0.56

and

272

273

1

0.77

Page 28 of 64

ATBARA DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

ATEX054

437513.1

6667406

350

424

235

-65

242

263

21

0.56

and

270

271

1

0.52

and

273

275

2

0.64

and

390

391

1

1.76

and

396.8

405.2

8.4

0.82

ATEX055

437644.2

6667497

350

454.2

235

-65

258.12

260.5

2.38

0.52

ATEX056

437558.9

6667828

350

415

235

-65

132

133

1

0.56

and

189

192

3

0.81

and

250

251

1

1.00

ATEX057

437427.8

6667737

350

405.1

235

-65

173

174

1

1.10

and

240

241

1

0.52

and

243

244

1

1.62

and

260.7

279

18.3

0.65

ATEX058

437270

6667650

350

406

234.67

-65

206

211

5

2.68

and

276

284

8

3.78

and

306

318

12

0.68

ATEX059

437385

6668485

350

1404.7

200

-81.5

589.78

591

1.22

1.60

and

647.48

649

1.52

1.46

and

691.12

695.04

3.92

1.89

and

710

711.41

1.41

0.88

and

717.57

719.19

1.62

1.05

and

732

733.03

1.03

0.57

and

741.06

743.1

2.04

0.75

and

748.09

757

8.91

1.71

and

770.65

773.6

2.95

1.48

and

780.9

786.69

5.79

0.98

and

801

802

1

0.85

and

811

812

1

7.16

and

838.71

840.98

2.27

0.95

and

850.11

853.24

3.13

1.54

and

1169.35

1170.61

1.26

1.84

and

1225.95

1235

9.05

0.83

ATEX061

436996

6668802

347.75

290

240.1

-54.57

30

37

7

0.73

and

52

53

1

0.57

and

71

74

3

0.63

and

148

149

1

0.66

and

178

179

1

0.80

and

188

217

29

0.88

ATEX068

437097

6668607

348.3

298

235.11

-60.51

44

46

2

0.93

and

85

86

1

0.64

and

90

91

1

0.67

and

100

101

1

0.84

and

128

129

1

0.51

and

160

161

1

0.59

and

201

202

1

2.04

and

210

215

5

0.87

and

227

229

2

0.57

and

251

257

6

4.27

ATEX075

437132.7

6668494

347.682

334

234.74

-60.86

71

73

2

0.58

and

116

117

1

0.63

and

152

153

1

0.72

and

157

158

1

0.64

and

169

170

1

0.83

and

183

185

2

1.26

and

200

249

49

1.13

and

254

255

1

0.63

and

261

262

1

0.66

and

264

265

1

0.94

and

305

306

1

0.77

Page 29 of 64

ATBARA DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade g/t

ATEX076

437227.1

6668546

346.544

400

231.27

-64.63

47

48

1

2.17

and

56

57

1

0.57

and

68

69

1

1.04

and

99

100

1

0.67

and

154

155

1

1.59

and

163

165

2

4.31

and

173

174

1

0.54

and

181

186

5

0.54

and

192

194

2

7.62

and

201

202

1

0.50

and

203

204

1

0.50

and

208

209

1

1.74

ATEX079

437306.5

6668515

346.036

318

235

-55

104

130

26

1.47

and

136

143

7

1.35

and

162

167

5

1.15

and

173

174

1

0.53

and

197

198

1

0.64

and

210

232

22

1.22

and

238

239

1

0.71

and

244

245

1

1.07

and

282

283

1

0.53

and

291

292

1

0.56

and

298

299

1

1.57

and

312

318

6

2.46

ATEX082

437203.7

6668387

347.586

322

235.22

-60.44

85

86

1

1.11

and

123

134

11

0.91

and

140

143

3

0.58

and

146

147

1

0.60

and

174

175

1

0.61

and

180

181

1

0.65

and

274

283

9

0.71

and

290

292

2

0.71

and

297

298

1

0.60

ATEX085

437337.6

6668385

347.05

232

234.42

-59.84

112

116

4

0.74

and

148

150

2

1.38

and

163

165

2

0.55

and

170

171

1

0.66

and

178

192

14

1.11

and

201

206

5

0.84

and

213

216

3

2.68

and

221

222

1

14.79

and

228

229

1

0.56

Page 30 of 64

Table 6 - Mt Celia Drill Results

MT CELIA DRILLING NOVEMBER 2019

Downhole

Hole

Easting

Northing

RL

Depth

Azimuth

Dip

From (m) To (m)

Width (m)

Grade ppb

MCAC0951

451900

6722052

358

110

0

-90

60

64

4

37.9

MCAC0974

454197

6722077

360

98

0

-90

92

98

6

45.1

MCAC0975

454300

6722059

360

112

0

-90

80

84

4

46.1

MCAC0977

454504

6722046

360

87

0

-90

84

87

3

31.4

MCAC0981

452003

6721139

360

108

0

-90

60

64

4

33.2

and

92

96

4

30.4

MCAC0982

452101

6721147

360

114

0

-90

84

88

4

27.9

and

112

114

2

24.1

MCAC0983

452199

6721150

359

108

0

-90

56

60

4

25.7

and

76

80

4

26.2

and

100

108

8

87.5

MCAC0984

452302

6721145

360

119

0

-90

56

64

8

30.4

MCAC0989

452800

6721140

360

97

0

-90

72

76

4

21.1

MCAC0992

453099

6721157

365

96

0

-90

60

64

4

24.6

MCAC0993

453205

6721169

365

100

0

-90

80

84

4

27.6

MCAC0994

453139

6721152

365

108

0

-90

104

108

4

24.7

MCAC1003

454010

6721160

370

91

0

-90

84

88

4

65.5

MCAC1004

454103

6721142

370

91

0

-90

80

88

8

250.9

MCAC1012

452116

6720316

380

87

0

-90

52

56

4

41.0

MCAC1017

452611

6720318

380

105

0

-90

80

88

8

26.9

MCAC1023

453218

6720315

360

118

0

-90

60

64

4

34.5

MCAC1027

453614

6720322

360

98

0

-90

88

96

8

1639.6

MCAC1028

453714

6720316

360

101

0

-90

80

84

4

31.8

and

88

96

8

160.1

MCAC1030

453907

6720323

360

95

0

-90

16

20

4

56.8

MCAC1031

454010

6720321

360

109

0

-90

92

96

4

22.0

MCAC1048

453497

6719360

357

93

0

-90

80

84

4

52.3

MCAC1059

452398

6719346

359

95

0

-90

92

95

3

24.7

MCAC1070

451997

6718449

364

107

0

-90

64

68

4

49.4

and

104

107

3

56.1

MCAC1081

453102

6718442

381

91

0

-90

84

91

7

71.2

Page 31 of 64

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,

Sampling methods undertaken by Saracen at Karari have included reverse circulation drillholes (RC), diamond drillholes (DD) and

or specific specialised industry standard measurement tools

RC grade control drilling within the pit, and diamond drilling and face chip sampling underground.

appropriate to the minerals under investigation, such as down hole

Historic sampling methods conducted since 1991 have included aircore (AC), rotary air blast (RAB), reverse circulation and

gamma sondes, or handheld XRF instruments, etc.). These

diamond drillholes.

examples should not be taken as limiting the broad meaning of

sampling.

Include reference to measures taken to ensure sample

Sampling for diamond and RC drilling and face chip sampling is carried out as specified within Saracen sampling and QAQC

representivity and the appropriate calibration of any measurement

procedures as per industry standard.

tools or systems used

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

RC chips are cone or riffle split and sampled into 1m intervals, diamond core is NQ or HQ sized, sampled to 1m intervals or

the Public Report. In cases where 'industry standard' work has

geological boundaries where necessary and cut into half core and underground faces are chip sampled to geological boundaries

been done this would be relatively simple (e.g. 'reverse circulation

(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

drilling was used to obtain 1 m samples from which 3 kg was

to ensure total sample inclusion at the pulverisation stage.

pulverised to produce a 30 g charge for fire assay'). In other cases

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub

more explanation may be required, such as where there is coarse

sample for analysis by FA/AAS.

gold that has inherent sampling problems.

Some grade control RC chips were analysed in the Saracen on site laboratory using a PAL (pulverise and leach) method.

Unusual commodities or mineralisation types (e.g. submarine

Visible gold is sometimes encountered in underground drillcore and face samples.

nodules) may warrant disclosure of detailed information

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

The deposit was initially sampled by 11 AC holes, 452 RAB holes, 496 RC holes (assumed standard 5 ¼ ''bit size) and 25 surface

air blast, auger, Bangka, sonic, etc.) and details (e.g. core

unknown diameter diamond core holes.

diameter, triple or standard tube, depth of diamond tails, face-

Saracen has completed 14 surface RC precollars with HQ and NQ diamond tail drill holes (precollars averaging 287m, diamond

sampling bit or other type, whether core is oriented and if so, by

tails averaging 168m) , 76 RC holes from both surface and within the pit ( recent drilling utilised a 143mm diameter bit with a face

what method, etc.).

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

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

recoveries and results assessed

have been recorded.

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

RC drilling daily rig inspections are carried out to check splitter condition, general site and address general issues.

representative nature of the samples

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

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

and whether sample bias may have occurred due to preferential

Diamond drilling has high recoveries due to the competent nature of the ground meaning loss of material is minimal.

loss/gain of fine/coarse material.

Any historical relationship is not known.

Logging

Whether core and chip samples have been geologically and

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

geotechnically logged to a level of detail to support appropriate

veining.

Page 32 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Mineral Resource estimation, mining studies and metallurgical

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material,

studies.

shape and roughness and alpha and beta angles.

Whether logging is qualitative or quantitative in nature.

All faces are photographed and mapped.

Core (or costean, channel, etc) photography.

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

All RC and diamond drillholes holes are logged in full and all faces are mapped.

intersections logged

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

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

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

sample preparation

taken.

If non-core, whether riffled, tube sampled, rotary split, etc and

All exploration and grade control RC samples are cone or riffle split. Occasional wet samples are encountered.

whether sampled wet or dry.

Underground faces are chip sampled using a hammer.

AC, RAB and RC drilling has been sampled using riffle and unknown methods.

For all sample types, the nature, quality and appropriateness of

The sample preparation of diamond core and RC and underground face chips adhere to industry best practice. It is conducted by

the sample preparation technique.

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

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

maximise representivity of samples.

Sampling by previous holders assumed to be industry standard at the time.

Measures taken to ensure that the sampling is

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

representative of the in situ material collected,

are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions.

including for instance results for field duplicate/second half

No duplicates have been taken of underground core or face samples.

sampling.

Sampling by previous holders assumed to be industry standard at the time.

Whether sample sizes are appropriate to the grain size of the

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

material being sampled.

Quality of assay data and

The nature, quality and appropriateness of the assaying and

RC chip samples, grade control chip samples, underground face chip samples and diamond core are analysed by external

laboratory tests

laboratory procedures used and whether the technique is

laboratories using a 40g or 50g fire assay with AAS finish. These methods are considered suitable for determining gold

considered partial or total.

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

No geophysical tools have been utilised for reporting gold mineralisation.

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 (e.g. standards,

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25

blanks, duplicates, external laboratory checks) and whether

for exploration RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory.

acceptable levels of accuracy (i.e. lack of bias) and precision

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is

have been established.

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

The verification of significant intersections by either independent

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

assaying

or alternative company personnel.

Page 33 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

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

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

verification, data storage (physical and electronic) protocols

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

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

and down-hole surveys), trenches, mine workings and other

Drillhole collars within the pit and immediate surrounds are picked up by company surveyors using a Trimble R8 GNSS (GPS)

locations used in Mineral Resource estimation.

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

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

establish the degree of geological and grade continuity

classifications applied.

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Orientation of data in relation

Whether sample compositing has been applied.

Sample compositing is not applied until the estimation stage.

to geological structure

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

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

of possible structures and the extent to which this is known,

Underground diamond drilling is designed to intersect the orebody in the best possible orientation given the constraints of

considering the deposit type.

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

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

orientation of key mineralised structures is considered to have

introduced a sampling bias, this should be assessed and

reported if material.

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

Page 34 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Audits or reviews

The results of any audits or reviews of sampling techniques and

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

data.

procedures. No external audits or reviews have been conducted.

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land

Type, reference name/number, location and ownership including

The Karari pit is located on M28/166 and M28/167

tenure status

agreements or material issues with third parties such as joint

Mining Leases M28/166 and M28/167 are held 100% by Saracen Gold Mines Pty Ltd a wholly owned subsidiary of Saracen

ventures, partnerships, overriding royalties, native title interests,

Mineral Holdings Limited.

historical sites, wilderness or national park and environmental

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

settings.

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

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

any known impediments to obtaining a licence to operate in the

area.

Exploration done by other

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

parties

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

The Karari deposit sits along the regional NNW-trendingKeith-Kilkenny fault zone within the eastern edge of the Norseman-

mineralisation.

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.

Page 35 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Drillhole information

A summary of all information material to the

All material data is periodically released on the ASX:

understanding of the exploration results including a

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,

tabulation of the following information for all Material drill holes:

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,

•

easting and northing of the drill hole collar

21/04/2011, 09/02/2011, 03/11/2008

•

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.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques,

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

maximum and/or minimum grade truncations (e.g. cutting of high

grade cut off has been applied.

grades) and cut-off grades are usually Material and should be

stated.

Where aggregate intercepts incorporate short lengths of high

Intercepts are aggregated with minimum width of 0.5m and maximum width of 3m for internal dilution.

grade results and longer lengths of low grade results, the

Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also.

procedure used for such aggregation should be stated and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal

There are no metal equivalents reported in this release.

equivalent values should be clearly stated.

Relationship between

These relationships are particularly important in the reporting of

Previous announcements included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All

mineralisation widths and

Exploration Results If the geometry of the mineralisation with

results are reported as downhole lengths.

intercept lengths

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').

Diagrams

Appropriate maps and sections (with scales) and tabulations of

No Diagrams are referenced in this release.

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.

Balanced Reporting

Where comprehensive reporting of all Exploration Results are not

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

practicable, representative reporting of both low and high grades

and/or widths should be practiced to avoid misleading reporting

of Exploration Results.

Page 36 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Other substantive exploration

Other exploration data, if meaningful and material, should be

No substantive data acquisition has been completed in recent times.

data

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

The nature and scale of planned further work (e.g. tests for

Further infill drilling may be carried out inside the reserve UG design to improve confidence. The drilling is getting to the depth

lateral extensions or depth extensions or large-scalestep-out

where exploration is expensive and the approach needs to be carefully considered.

drilling).

Underground drilling continues and surface drilling is being evaluated. A seismic project is also being assessed.

Diagrams clearly highlighting the areas of possible extensions,

including the main geological interpretations and future drilling

areas, provided this information is not commercially sensitive

Whirling Dervish 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,

Sampling methods undertaken by Saracen at Whirling Dervish have included reverse circulation (RC), surface and underground

or specific specialised industry standard measurement tools

diamond drillholes (DD) and RC grade control drilling within the pit.

appropriate to the minerals under investigation, such as down hole

Historic methods conducted since 1993 have included aircore (AC), rotary air blast (RAB), reverse circulation and diamond

gamma sondes, or handheld XRF instruments, etc.). These

drillholes.

examples should not be taken as limiting the broad meaning of

sampling.

Include reference to measures taken to ensure sample

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

representivity and the appropriate calibration of any measurement

standard.

tools or systems used

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).

Aspects of the determination of mineralisation that are Material to

Diamond core is NQ sized, sampled to 1m intervals and geological boundaries where necessary and cut into half core to give

the Public Report. In cases where 'industry standard' work has

sample weights under 3 kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation

been done this would be relatively simple (e.g. 'reverse circulation

stage.

drilling was used to obtain 1 m samples from which 3 kg was

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

pulverised to produce a 30 g charge for fire assay'). In other cases

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub

more explanation may be required, such as where there is coarse

sample for analysis by FA/AAS.

gold that has inherent sampling problems.

Historical AC, RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire

Unusual commodities or mineralisation types (e.g. submarine

assay, aqua regia, B/ETA and unspecified methods.

nodules) may warrant disclosure of detailed information

Drilling Techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary

The deposit was initially sampled by 35 AC holes, 159 RAB holes, 407 RC holes (assumed standard 5 ¼ ''bit size) and 53 surface

air blast, auger, Bangka, sonic, etc.) and details (e.g. core

diamond HQ core and unknown diameter holes.

diameter, triple or standard tube, depth of diamond tails, face-

Saracen has completed 51 surface RC precollar with NQ diamond tail drill holes (precollars averaging 193m, diamond tails

sampling bit or other type, whether core is oriented and if so, by

averaging 200m) , 12 diamond geotechnical holes , 80 RC holes from both surface and within the pit,4039 grade control RC

what method, etc.).

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.

Page 37 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Drill Sample Recovery

Method of recording and assessing core and chip sample

Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the

recoveries and results assessed

database.

Recoveries average >90%.

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

recorded.

Measures taken to maximise sample recovery and ensure

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

representative nature of the samples

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.

Whether a relationship exists between sample recovery and grade

Diamond drilling has high recoveries meaning loss of material is minimal. There is no known relationship between sample

and whether sample bias may have occurred due to preferential

recovery and grade for RC drilling.

loss/gain of fine/coarse material.

Any historical relationship is not known.

Logging

Whether core and chip samples have been geologically and

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

geotechnically logged to a level of detail to support appropriate

and other features.

Mineral Resource estimation, mining studies and metallurgical

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material,

studies.

shape and roughness and alpha and beta angles.

Whether logging is qualitative or quantitative in nature.

Chips from all RC holes (exploration and GC) are stored in chip trays for future reference.

Core (or costean, channel, etc.) photography.

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

All diamond drillholes and exploration RC holes are logged in full.

intersections logged

Every drill line is logged in grade control programs. Historical logging is approximately 95% complete.

Sub-sampling techniques and

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

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

sample preparation

taken.

Historic diamond drilling has been half core sampled.

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

All exploration and GC RC samples are cone or riffle split. Occasional wet samples are encountered; increased air capacity is

whether sampled wet or dry.

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.

For all sample types, the nature, quality and appropriateness of

The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial

the sample preparation technique.

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

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

maximise representivity of samples.

Sampling by previous holders assumed to be industry standard at the time.

Measures taken to ensure that the sampling is

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

representative of the in situ material collected,

on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are

including for instance results for field duplicate/second half

unaware of such submissions.

sampling.

Sampling by previous holders assumed to be industry standard at the time.

Whether sample sizes are appropriate to the grain size of the

Sample sizes are considered to be appropriate.

material being sampled.

Quality of assay data and

The nature, quality and appropriateness of the assaying and

RC chip samples, grade control chip samples and diamond core are analysed by external laboratories using a 40g or 50g fire

laboratory tests

laboratory procedures used and whether the technique is

assay with AAS finish. These methods are considered suitable for determining gold concentrations in rock and are total digest

considered partial or total.

methods.

Historic sampling includes fire assay, aqua regia, B/ETA and unknown methods.

For geophysical tools, spectrometers, handheld XRF

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

instruments, etc., the parameters used in determining the

analysis including instrument make and model, reading times,

calibrations factors applied and their derivation, etc.

Page 38 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Nature of quality control procedures adopted (e.g. standards,

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25

blanks, duplicates, external laboratory checks) and whether

for exploration RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory.

acceptable levels of accuracy (i.e. lack of bias) and precision

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is

have been established.

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

The verification of significant intersections by either independent

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

assaying

or alternative company personnel.

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.

Documentation of primary data, data entry procedures, data

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

verification, data storage (physical and electronic) protocols

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

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

and down-hole surveys), trenches, mine workings and other

Drillhole collars within the pit and immediate surrounds are picked up by company surveyors using a Trimble R8 GNSS (GPS)

locations used in Mineral Resource estimation.

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.

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 exploration drilling is 25m x 25m

Whether the data spacing and distribution is sufficient to

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

establish the degree of geological and grade continuity

classifications applied.

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Orientation of data in relation

Whether sample compositing has been applied.

Sample compositing is not applied until the estimation stage.

to geological structure

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.

Page 39 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Whether the orientation of sampling achieves unbiased sampling

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

of possible structures and the extent to which this is known,

considering the deposit type.

If the relationship between the drilling orientation and the

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

orientation of key mineralised structures is considered to have

introduced a sampling bias, this should be assessed and

reported if material.

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

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

data.

procedures.

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land

Type, reference name/number, location and ownership including

The Whirling Dervish pit is located on M28/166 and M31/220, while near mine exploration has been carried out on M28/245.

tenure status

agreements or material issues with third parties such as joint

The tenements are held 100% by Saracen Gold Mines Pty Ltd, a wholly owned subsidiary of Saracen Mineral Holdings

ventures, partnerships, overriding royalties, native title interests,

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

historical sites, wilderness or national park and environmental

continuing basis. Mining Lease M28/245 has a 21 year life (held until 2029) and is renewable for a further 21 years on a

settings.

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 security of the tenure held at the time of reporting along with

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

any known impediments to obtaining a licence to operate in the

area.

Exploration done by other

Acknowledgment and appraisal of exploration by other parties.

The Carosue Dam project area in which the Whirling Dervish deposit is located has been subjected to extensive gold exploration

parties

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.

Page 40 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Geology

Deposit type, geological setting and style of

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

mineralisation.

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

All material data is periodically released on the ASX:

understanding of the exploration results including a

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,

tabulation of the following information for all Material drill holes:

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

•

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.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques,

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

maximum and/or minimum grade truncations (e.g. cutting of high

grades) and cut-off grades are usually Material and should be

stated.

Where aggregate intercepts incorporate short lengths of high

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

grade results and longer lengths of low grade results, the

Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also.

procedure used for such aggregation should be stated and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent

There are no metal equivalents reported in this release.

values should be clearly stated.

Relationship between

These relationships are particularly important in the reporting of

Previous announcements included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All

mineralisation widths and

Exploration Results. If the geometry of the mineralisation with

results are reported as downhole lengths.

intercept lengths

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').

Diagrams

Appropriate maps and sections (with scales) and tabulations of

No Diagrams are referenced in this release.

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.

Page 41 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Balanced Reporting

Where comprehensive reporting of all Exploration Results are not

All results from previous campaigns have been reported, irrespective of success or 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 exploration

Other exploration data, if meaningful and material,should be

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

data

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.

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,

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

or specific specialised industry standard measurement tools

appropriate to the minerals under investigation, such as down hole

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

gamma sondes, or handheld XRF instruments, etc.). These

within the pit.

examples should not be taken as limiting the broad meaning of

sampling.

Limited historical data has been provided by previous owners.

Include reference to measures taken to ensure sample

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

representivity and the appropriate calibration of any measurement

standard.

tools or systems used

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

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

the Public Report. In cases where 'industry standard' work has

been done this would be relatively simple (e.g. 'reverse circulation

Diamond core is NQ or HQ sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core to give

drilling was used to obtain 1 m samples from which 3 kg was

sample weights under 3 kg. Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation

pulverised to produce a 30 g charge for fire assay'). In other cases

stage.

more explanation may be required, such as where there is coarse

gold that has inherent sampling problems.

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g sub sample

Unusual commodities or mineralisation types (e.g. submarine

for analysis by FA/AAS.

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.

Page 42 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

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.

Drilling Techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary

The deposit was initially sampled by 470 RAB holes. Further drilling included 306 RC holes (assumed standard 5 ¼ ''bit size) , 216

air blast, auger, Bangka, sonic, etc.) and details (e.g. core

HQ, NQ and PQ diamond drillholes , approximately 15,400 blast holes and 2,400 RC grade control holes.

diameter, triple or standard tube, depth of diamond tails, face-

sampling bit or other type, whether core is oriented and if so, by

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

what method, etc.).

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.

Drill Sample Recovery

Method of recording and assessing core and chip sample

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

recoveries and results assessed

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

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

representative nature of the samples

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

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

and whether sample bias may have occurred due to preferential

loss/gain of fine/coarse material.

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

Any historical relationship is not known.

Logging

Whether core and chip samples have been geologically and

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

geotechnically logged to a level of detail to support appropriate

Mineral Resource estimation, mining studies and metallurgical

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material,

studies.

shape and roughness and alpha and beta angles.

Whether logging is qualitative or quantitative in nature.

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

Core (or costean, channel, etc) photography.

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

All drillholes completed by Saracen have been logged in full.

logged

Page 43 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Sub-sampling techniques and

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

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

sample preparation

taken.

collected from the same side.

If non-core, whether riffled, tube sampled, rotary split, etc and

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

whether sampled wet or dry.

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.

For all sample types, the nature, quality and appropriateness of

The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial laboratory

the sample preparation technique.

and involves oven drying, coarse crushing then total grinding to a size of 90% 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.

Quality control procedures adopted for all sub-sampling stages to

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

maximise representivity of samples.

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

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

representative of the in situ material collected,

submitted for the same assay process as the original samples and the laboratory are unaware of such submissions.

including for instance results for field duplicate/second half

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

sampling.

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.

Whether sample sizes are appropriate to the grain size of the

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

material being sampled.

Quality of assay data and

The nature, quality and appropriateness of the assaying and

RC chip samples and diamond core are analysed by an external laboratory using a 40g fire assay with AAS finish. This method is

laboratory tests

laboratory procedures used and whether the technique is

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

considered partial or total.

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.

For geophysical tools, spectrometers, handheld XRF instruments,

The clay mineralogy of the deposit was investigated using PIMA (Portable Infra-red Microscopic Analyser) analysis to assist with

etc, the parameters used in determining the analysis including

geological interpretation. This data was not used in the estimation process.

instrument make and model, reading times, calibrations factors

applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards,

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25 for

blanks, duplicates, external laboratory checks) and whether

exploration RC and DD. These are not identifiable to the laboratory.

acceptable levels of accuracy (i.e. lack of bias) and precision have

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is

been established.

generated and reviewed by the geologist as necessary upon failure to determine further action.

QAQC data is reported monthly.

Page 44 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

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

The verification of significant intersections by either independent

Significant intercepts are verified by the Geology Manager and corporate personnel

assaying

or alternative company personnel.

The use of twinned holes.

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

Documentation of primary data, data entry procedures, data

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

verification, data storage (physical and electronic) protocols

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

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

and down-hole surveys), trenches, 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 and distribution

Data spacing for reporting of Exploration Results.

The nominal spacing for drilling is varied from 20mx20m to 40mx40m

Whether the data spacing and distribution is sufficient to establish

The drilling is distributed and spaced such that geological and grade continuity can be established to estimate the mineral resource

the degree of geological and grade continuity appropriate for the

and ore reserve appropriately. The mineralisation is continuous over a 2km strike length, therefore the 80m x 80m exploration drill

Mineral Resource and Ore Reserve estimation procedure(s) and

spacing effectively defines the continuity.

classifications applied.

Orientation of data in relation to

Whether sample compositing has been applied.

RC precollar sampling was composted into 4m samples.

geological structure

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.

Whether the orientation of sampling achieves unbiased sampling

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

of possible structures and the extent to which this is known,

dipping orebody.

considering the deposit type.

If the relationship between the drilling orientation and the

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

orientation of key mineralised structures is considered to have

bias as far as possible.

introduced a sampling bias, this should be assessed and reported

if material.

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

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

data.

No external audits or reviews have been conducted

Page 45 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement

and

land

Type, reference name/number, location and ownership including

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

tenure status

agreements or material issues with third parties such as joint

ventures, partnerships, overriding royalties, native title interests,

There are no native title claims over the Thunderbox deposit.

historical sites, wilderness or national park and environmental

settings.

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 security of the tenure held at the time of reporting along with

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

any known impediments to obtaining a licence to operate in the

area.

Exploration done

by

other

Acknowledgment and appraisal of exploration by other parties.

Extensive nickel exploration was undertaken in the area during the 1960s and 1970s. Grassroots gold and PGE exploration was

parties

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

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.

mineralisation.

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.

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-whitemica-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

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.

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:

• easting and northing of the drill hole collar

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

• 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

Page 46 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Competent Person should clearly explain why this is the

case.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques,

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

maximum and/or minimum grade truncations (e.g. cutting of high

grades) and cut-off grades are usually Material and should be

stated.

Where aggregate intercepts incorporate short lengths of high

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

grade results and longer lengths of low grade results, the

procedure used for such aggregation should be stated and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent

There are no metal equivalents reported in this release.

values should be clearly stated.

Relationship

between

These relationships are particularly important in the reporting of

This announcement includes sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All results

mineralisation widths and

Exploration Results. If the geometry of the mineralisation with

are reported as downhole lengths.

intercept lengths

respect to the drill hole angle is known, its nature should be

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

reported.

If it is not known and only the down hole lengths are reported,

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

there should be a clear statement to this effect (eg 'down hole

length, true width not known').

Diagrams

Appropriate maps and sections (with scales) and

Included in this release is an appropriately orientated longsection of the mineralisation, illustrating the centroids of the intercept

tabulations of intercepts should be included for any

point projected to a plane.

significant discovery being reported These should

include, but not be limited to a plan view of drill hole

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

collar locations and appropriate sectional views.

angle.

Balanced Reporting

Where comprehensive reporting of all Exploration

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

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.

Other substantive

exploration

Other exploration data, if meaningful and material,

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

data

should be reported including (but not limited to):

analyses.

geological observations; geophysical survey results;

A number of geophysical surveys including dipole-dipole IP, Gradient array IP and TEM were carried out over known mineralisation

geochemical survey results; bulk samples - size and

to determine effectiveness in delineating mineralisation/alteration. None were deemed effective.

method of treatment; metallurgical test results; bulk

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

density, groundwater, geotechnical and rock

issues.

characteristics; potential deleterious or contaminating

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

substances.

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

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

extensions or depth extensions or large-scalestep-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

Page 47 of 64

Otto Bore 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

Sampling methods undertaken by Saracen at Otto Bore include reverse circulation (RC) and diamond (DD) drillholes

chips, or specific specialised industry standard

Sampling methods undertaken at Otto Bore by previous owners have included aircore (AC), rotary air blast (RAB),

measurement tools appropriate to the minerals under

RC and diamond drillholes (DD).

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.

Include reference to measures taken to ensure sample

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

representivity and the appropriate calibration of any

per industry standard. AC, RC, RAB, and DD core drilling is assumed to have been completed by previous holders to

measurement tools or systems used

industry standard at that time (1988- 2012).

Aspects of the determination of mineralisation that are

RC chips are cone split and sampled into 1m intervals with total sample weights under 3kg. Diamond core is HQ

Material to the Public Report. In cases where 'industry

sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core to give sample

standard' work has been done this would be relatively

weights under 3 kg.

simple (e.g. 'reverse circulation drilling was used to obtain

Samples are selected to weigh less than 3 kg to ensure total sample inclusion at the pulverisation stage.

1 m samples from which 3 kg was pulverised to produce a

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g

30 g charge for fire assay'). In other cases more

sub sample for analysis by FA/AAS.

explanation may be required, such as where there is

Limited information has been found for historic drilling so it is assumed all AC, RAB, RC and DD and sampling was

coarse gold that has inherent sampling problems.

carried out to industry standard at that time.

Unusual commodities or mineralisation types (e.g.

More recent RAB and RC drilling has involved a total preparation sample protocol involving 4m composite or 1m

submarine nodules) may warrant disclosure of detailed

samples from which a 50g charge is produced for aqua regia or fire assay digest and flame AAS finish.

information

Drilling Techniques

Drill type (e.g. core, reverse circulation, open-hole

Drilling activities at Otto Bore have included 31 AC holes, 748 RAB holes, 141 RC holes (assumed standard 5 ¼'' bit

hammer, rotary air blast, auger, Bangka, sonic, etc.) and

size) and 4 DD holes (HQ and unknown diameter).

details (e.g. core diameter, triple or standard tube, depth of

Limited historic diamond core hole was oriented by unknown methods.

diamond tails, face-sampling bit or other type, whether

Saracen completed 96 RC holes and 6 geotechnical DD holes. The RC drilling was completed with a 5.5 inch

core is oriented and if so, by what method, etc.).

diameter bit with a face sampling hammer. The rig was equipped with an external auxiliary booster.

Diamond drilling was HQ sized and orientated using an ACT 11 core orientation tool.

Historical drilling is assumed completed to industry standard at that time

Drill Sample Recovery

Method of recording and assessing core and chip sample

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

recoveries and results assessed

Measures taken to maximise sample recovery and ensure

During RC drilling daily rig inspections are carried out to check splitter condition, general site and address general

representative nature of the samples

issues. Measures were taken to supress groundwater.

Whether a relationship exists between sample recovery

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

and grade and whether sample bias may have occurred

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

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

Any historical relationship is not known.

Logging

Whether core and chip samples have been geologically

Logging of RC chips and DD core records lithology, mineralogy, texture, mineralisation, weathering, alteration and

and geotechnically logged to a level of detail to support

veining.

Page 48 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

appropriate Mineral Resource estimation, mining studies

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number,

and metallurgical studies.

type, fill material, shape and roughness and alpha and beta angles.

Whether logging is qualitative or quantitative in nature.

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

Core (or costean, channel, etc) photography.

archived on site.

Some historic diamond drilling has had limited geotechnical logging carried out.

Core has been photographed in both dry and wet state. It is unknown if historic diamond core was photographed.

It is unknown if any historic diamond core was photographed.

The total length and percentage of the relevant

All drillholes completed by Saracen have been logged in full.

intersections logged

Sub-sampling techniques

If core, whether cut or sawn and whether quarter, half or

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

and sample preparation

all core taken.

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

If non-core, whether riffled, tube sampled, rotary split, etc

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

and whether sampled wet or dry.

The sampling methods for much of the historic AC, RC and RAB drilling are unknown.

More recent RC and RAB drilling has been riffle split or spear sampled.

It is unknown if wet samples were encountered.

For all sample types, the nature, quality and

The sample preparation of RC chips and DD core adhere to industry best practice. It is conducted by a commercial

appropriateness of the sample preparation technique.

laboratory and involves oven drying, coarse crushing then total grinding to a size of 90% passing 75 microns.

The sampling techniques for much of the historic AC, RAB, RC and DD drilling are unknown, best practice is

assumed.

Quality control procedures adopted for all sub-sampling

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

stages to maximise representivity of samples.

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

Measures taken to ensure that the sampling is

RC field duplicate samples are carried out at a rate of 1:20 and are sampled directly from the on-board splitter on the

representative of the in situ material collected,

rig. These are submitted for the same assay process as the original samples and the laboratory are unaware of such

including for instance results for field duplicate/second half

submissions.

sampling.

It is unknown if duplicate sampling was performed on the majority of historic AC, RAB, RC and DD drilling.

There is evidence of field duplicate sampling being conducted in more recent campaigns.

Whether sample sizes are appropriate to the grain size of

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

the material being sampled.

Quality of assay data and

The nature, quality and appropriateness of the assaying

RC chip and DD core samples are analysed by an external laboratory using a 40g fire assay with AAS finish. This

laboratory tests

and laboratory procedures used and whether the

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

technique is considered partial or total.

Numerous assay techniques have been used in the history of the deposit, most commonly fire assay, fire assay with

flame finish and aqua regia. These methods are considered suitable for determining gold concentrations in rock and

are total digest methods.

Other assay methods utilised for gold determination include BETA, atomic absorption spectrometry and unknown

methods.

For geophysical tools, spectrometers, handheld XRF

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

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 (e.g.

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

standards, blanks, duplicates, external laboratory checks)

rate of 1:25 for exploration RC and DD. These are not identifiable to the laboratory.

Page 49 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

and whether acceptable levels of accuracy (i.e. lack of

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import.

bias) and precision have been established.

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

The verification of significant intersections by either

Significant intercepts are verified by the Geology Manager and corporate personnel

assaying

independent or alternative company personnel.

The use of twinned holes.

Specific drilling programs consisting of twinned holes are not apparent.

Documentation of primary data, data entry procedures,

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

data verification, data storage (physical and electronic)

Administrator for entry into a secure acQuire database with inbuilt validation functions.

protocols

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

Location of data points

Accuracy and quality of surveys used to locate drillholes

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

(collar and down-hole surveys), trenches, mine workings

Downhole surveys are carried out using a hired Reflex EZ-gyro by the respective drilling companies on a regular

and other locations used in Mineral Resource estimation.

basis, between 10-30m.

The survey quality and control is unknown for the majority of historic drilling.

More recent drilling has collar locations surveyed by unspecified GPS and DGPS equipment.

Downhole survey methods recorded include Eastman single and multishot, gyro, inferred and 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.

Digital ortho-imagery of the area from Kevron Aerial Surveys was used in the early 2000s to establish topographic

control.

Data spacing and

Data spacing for reporting of Exploration Results.

No exploration results reported in this release. The nominal drillhole spacing is 20 m (northing) by 20 m (easting) in

distribution

the core of the deposit, and increases to the margins of the deposit.

Whether the data spacing and distribution is sufficient to

The mineralised domains at Otto Bore have demonstrated sufficient continuity in both geological and grade

establish the degree of geological and grade continuity

continuity to support the definition of Mineral Resources, and the classifications applied under the 2012 JORC Code.

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Orientation of data in

Whether sample compositing has been applied.

No sample composting has been carried out

relation to geological

Historic 1990s RAB and RC drilling was generally sampled on 3 - 4m composites with significant gold results being

structure

resampled in 1m intervals

Some more recent RAB and RC drilling was composited into 4m samples with any assay >250ppb, or >500ppb in

resource definition programs, resampled to 1m.

Whether the orientation of sampling achieves unbiased

The deposit is drilled towards grid east at angles varying from -600 and -900 to intersect the mineralised zones at a

sampling of possible structures and the extent to which

close to perpendicular relationship for the bulk of the deposit.

this is known, considering the deposit type.

If the relationship between the drilling orientation and the

All drilling from surface has been drilled as close to perpendicular as possible. This has reduced the risk of

orientation of key mineralised structures is considered to

introducing a sampling bias as far as possible. No orientation based sampling bias has been identified at Otto Bore

in the data at this point.

Page 50 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

have introduced a sampling bias, this should be assessed

and reported if material.

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

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

techniques and data.

QAQC procedures. No external audits or reviews have been conducted

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land

Type, reference name/number, location and ownership

The Otto Bore resource is located on M36/421, M36/462, and M36/177. The mining leases have a 21 year life:

tenure status

including agreements or material issues with third parties

M36/462 is held until 2022, M36/421 is held until 2023, and Mining Lease M36/177 is held until 2032. All are

such as joint ventures, partnerships, overriding royalties,

renewable for a further 21 years on a continuing basis.

native title interests, historical sites, wilderness or national

Mining Leases M36/421 and M36/462 are currently held by Saracen Metals Pty Limited (90%) and Black Mountain

park and environmental settings.

Gold NL (10%). The tenements are the subject of a purchase agreement with Saracen Metals Pty Limited whereby

Saracen purchased a 90% share of the tenements from Norilsk Nickel Wildara Pty Ltd and Dalrymple Resources Pty

Ltd. Mining Lease M36/462 is subject to a joint venture agreement (Agreement 127H/012 (129675)) between

Oresearch NL, Dalrymple Resources NL, and Black Mountain Gold NL, as assigned to Saracen Metals Pty Limited

at the time of purchase.

Mining Lease M36/177 is held by Saracen Metals Pty Limited (67.8%) and Agnew Gold Mining Company Pty Ltd

(32.2%). The tenement is the subject of a purchase agreement between Norilsk Nickel Wildara Pty Ltd and Saracen

Metals Pty Limited whereby Saracen has purchased the 67.8% share from Norilsk. Mining Lease M36/177 is the

subject of a joint venture agreement (Agreement 163H/945 (104991)) between Plutonic Operations Ltd and Black

Mountain Gold NL, as assigned to Saracen Metals Pty Limited at the time of purchase.

There are no caveats relating to the tenements.

All production is subject to a Western Australian state government NSR royalty of 2.5%.

Tenement M36/462 is subject to a Westpac Mortgage (499141).

All tenements are subject to a pastoral compensation agreement between Saracen Metals Pty Ltd and Weebo

Station.

There are no native title claims over the tenements.

There is a newly identified Aboriginal Heritage on M36/462 that is yet to be confirmed and registered by an

Anthropologist.

The security of the tenure held at the time of reporting

No known impediment to obtaining a licence to operate exists and the remainder of the tenements are in good

along with any known impediments to obtaining a licence

standing.

to operate in the area.

Exploration done by other

Acknowledgment and appraisal of exploration by other

Gold exploration was conducted near Otto Bore in the 1950s following the discovery of the nearby Goanna Patch

parties

parties.

mineralisation. Nippon picked up the ground to the north of Otto Bore in the late 1980s and intersected anomalous

zones at the Otto Bore prospect, but mineralisation was not deemed extensive enough.

Otto Bore was discovered by Kismet in 1990 after they followed up regional RAB traverses at Goanna Patch and

encountered mineralisation. It was deemed not large enough for consideration. Leader Resources picked up the

Page 51 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

area and completed RAB drilling before also deeming the area not worthy of follow up. They did however mine the

nearby Double A open cut between March 1990 and May 1991 and concentrated much of the exploration in this

area.

Forrestania and LionOre entered into a JV on the area in the early 2000s. RAB drilling following up anomalous

values from historic drilling intersected mineralisation and was followed up with RC and DD drilling and the Otto Bore

resource was defined.

Norilsk acquired the deposit but conducted no further exploration in the Otto Bore region.

Geology

Deposit type, geological setting and style of

The Otto Bore mineralised deposit is situated within a complex sequence of sheared basalts and felsic

mineralisation.

volcaniclastics. To north ultramafics occur as part of the stratigraphy. At depth mineralisation is typically associated

with quartz veining and is more strongly developed at the rheological boundary between the sheared complex and

the hangingwall and footwall units. The shear zone strikes roughly north-south and dips moderately (50-60degrees)

to the west. NW trending structures cross cut the main shear and interplay positively with gold mineralisation. It is

hypothesised that it's the interaction of these cross cutting structures and/or the folded network within the shear zone

that defines the well delineated southerly plunging shoots. Mineralisation has been well tested along a strike length

of 650m.

Drillhole information

A summary of all information material to the

A total 253 holes have been used in the mineral resource and are deemed to be material. It is not practical to

understanding of the exploration results including a

summarise all of the holes here in this release.

tabulation of the following information for all Material drill

All material data is periodically released on the ASX:

holes:

18/02/2019, 01/05/2018

• easting and northing of the drill hole collar

Exclusion of the drilling information will not detract from the reader's view of the report.

• 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.

Data aggregation methods

In reporting Exploration Results, weighting averaging

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

techniques, maximum and/or minimum grade truncations

been applied.

(e.g. cutting of high grades) and cut-off grades are usually

Material and should be stated.

Where aggregate intercepts incorporate short lengths of

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

high grade results and longer lengths of low grade results,

the procedure used for such aggregation should be stated

and some typical examples of such aggregations should

be shown in detail.

The assumptions used for any reporting of metal

There are no metal equivalents reported in this release.

equivalent values should be clearly stated.

Page 52 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Relationship between

These relationships are particularly important in the

Previous announcements included sufficient detail to clearly illustrate the geometry of the mineralisation and the

mineralisation widths and

reporting of Exploration Results.

recent drilling. All results are reported as downhole lengths.

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

(e.g. 'down hole length, true width not known').

Diagrams

Appropriate maps and sections (with scales) and

No diagrams are referenced in this release.

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.

Balanced Reporting

Where comprehensive reporting of all Exploration Results

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

are 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

Other exploration data, if meaningful and material,should

Geophysical surveys including aeromagnetics and gravity have been carried out by previous owners to highlight and

exploration data

be reported including (but not limited to): geological

interpret prospective structures in the project area.

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

The nature and scale of planned further work (e.g. tests for

Saracen is currently exploring proximal to the Otto Bore deposit and is working on an exploration program which will

lateral extensions or depth extensions or large-scale step-

test the lateral and down dip extents of the Otto Bore mineral resource.

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

Page 53 of 64

Atbara (Greater Luvironza) 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,

Sampling methods undertaken by Saracen at Greater Luvironza has consisted of reverse circulation (RC) drilling.

or specific specialised industry standard measurement tools

Historic methods conducted since 1993 have included aircore (AC), rotary air blast (RAB), reverse circulation and diamond

appropriate to the minerals under investigation, such as down hole

drillholes.

gamma sondes, or handheld XRF instruments, etc.). These

examples should not be taken as limiting the broad meaning of

sampling.

Include reference to measures taken to ensure sample

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

representivity and the appropriate calibration of any measurement

RC chips provide high quality representative samples for analysis.

tools or systems used

RC, RAB, AC and DD core drilling was completed by previous holders to industry standard at that time (1993- 2002).

Aspects of the determination of mineralisation that are Material to

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

the Public Report. In cases where 'industry standard' work has

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub

been done this would be relatively simple (e.g. 'reverse circulation

sample for analysis by FA/AAS.

drilling was used to obtain 1 m samples from which 3 kg was

Historical AC, RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire

pulverised to produce a 30 g charge for fire assay'). In other cases

assay, aqua regia, B/ETA and unspecified methods.

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

Drilling Techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary

The Greater Luvironza area was initially sampled by 85 AC holes, 170 RAB holes, 224 RC holes (assumed standard 5 ¼ ''bit

air blast, auger, Bangka, sonic, etc.) and details (e.g. core

size) and 22 surface diamond HQ core and unknown diameter holes.

diameter, triple or standard tube, depth of diamond tails, face-

Saracen has completed 10 surface RC drill holes, 5 surface diamond holes

sampling bit or other type, whether core is oriented and if so, by

Diamond holes were oriented using an Ezy-mark tool.

what method, etc.).

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

Diamond core recovery percentages calculated from measured core versus drilled intervals are logged and recorded in the

recoveries and results assessed

database.

Recoveries average >90%.

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

recorded.

Measures taken to maximise sample recovery and ensure

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

representative nature of the samples

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.

Whether a relationship exists between sample recovery and grade

Diamond drilling has high recoveries meaning loss of material is minimal. There is no known relationship between sample

and whether sample bias may have occurred due to preferential

recovery and grade for RC drilling.

loss/gain of fine/coarse material.

Any historical relationship is not known.

Logging

Whether core and chip samples have been geologically and

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

geotechnically logged to a level of detail to support appropriate

and other features.

Mineral Resource estimation, mining studies and metallurgical

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material,

studies.

shape and roughness and alpha and beta angles.

Whether logging is qualitative or quantitative in nature.

Chips from all RC holes (exploration and GC) are stored in chip trays for future reference.

Core (or costean, channel, etc.) photography.

Core is photographed in both dry and wet state.

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

Page 54 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

The total length and percentage of the relevant

All diamond drillholes and exploration RC holes are logged in full.

intersections logged

Every drill line is logged in grade control programs. Historical logging is approximately 95% complete.

Sub-sampling techniques and

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

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

sample preparation

taken.

Historic diamond drilling has been half core sampled.

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

All exploration and GC RC samples are cone or riffle split. Occasional wet samples are encountered; increased air capacity is

whether sampled wet or dry.

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.

For all sample types, the nature, quality and appropriateness of

The sample preparation of diamond core and RC chips adhere to industry best practice. It is conducted by a commercial

the sample preparation technique.

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

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

maximise representivity of samples.

Sampling by previous holders assumed to be industry standard at the time.

Measures taken to ensure that the sampling is

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

representative of the in situ material collected,

on-board splitter on the rig. These are submitted for the same assay process as the original samples and the laboratory are

including for instance results for field duplicate/second half

unaware of such submissions.

sampling.

Sampling by previous holders assumed to be industry standard at the time.

Whether sample sizes are appropriate to the grain size of the

Sample sizes are considered to be appropriate.

material being sampled.

Quality of assay data and

The nature, quality and appropriateness of the assaying and

RC chip samples, grade control chip samples and diamond core are analysed by external laboratories using a 40g or 50g fire

laboratory tests

laboratory procedures used and whether the technique is

assay with AAS finish. These methods are considered suitable for determining gold concentrations in rock and are total digest

considered partial or total.

methods.

Historic sampling includes fire assay, aqua regia, B/ETA and unknown methods.

For geophysical tools, spectrometers, handheld XRF

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

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 (e.g. standards,

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25

blanks, duplicates, external laboratory checks) and whether

for exploration RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory.

acceptable levels of accuracy (i.e. lack of bias) and precision

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is

have been established.

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

The verification of significant intersections by either independent

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

assaying

or alternative company personnel.

The use of twinned holes.

No specific twinned holes have been drilled at Greater Luvironza

Documentation of primary data, data entry procedures, data

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

verification, data storage (physical and electronic) protocols

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.

Page 55 of 64

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

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

and down-hole surveys), trenches, mine workings and other

Downhole surveys are carried out using the Axis Champ north seeking Gyroscopic continuous inrod survey instrument taking

locations used in Mineral Resource estimation.

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.

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

Whether the data spacing and distribution is sufficient to

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

establish the degree of geological and grade continuity

classifications applied.

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Orientation of data in relation

Whether sample compositing has been applied.

RC drillholes were composited into 4m samples, with mineralised areas being resampled to 1m intervals.

to geological structure

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

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

of possible structures and the extent to which this is known,

considering the deposit type.

If the relationship between the drilling orientation and the

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

orientation of key mineralised structures is considered to have

introduced a sampling bias, this should be assessed and

reported if material.

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

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

data.

procedures.

Page 56 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land

Type, reference name/number, location and ownership including

The Greater Luvironza area is located on M31/210, M31/219, and M31/220

tenure status

agreements or material issues with third parties such as joint

The tenements are held 100% by Saracen Gold Mines Pty Ltd, a wholly owned subsidiary of Saracen Mineral Holdings

ventures, partnerships, overriding royalties, native title interests,

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

historical sites, wilderness or national park and environmental

continuing basis. Mining Lease M31/210 has a 21 year life (held until 2023) and is renewable for a further 21 years on a

settings.

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 security of the tenure held at the time of reporting along with

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

any known impediments to obtaining a licence to operate in the

area.

Exploration done by other

Acknowledgment and appraisal of exploration by other parties.

The Carosue Dam project area in which the Greater Luvironza area is located has been subjected to extensive gold exploration

parties

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.

Geology

Deposit type, geological setting and style of

The Greater Luvironza area is situated along the Kilkenny-Yilgangi fault zone on the boundary of the Steeple Hill and Mulgabbie

mineralisation.

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.

Drillhole information

A summary of all information material to the

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

understanding of the exploration results including a

the holes here in this release.

tabulation of the following information for all Material drill holes:

•

easting and northing of the drill hole collar

Future drill hole data will be periodically released or when a results materially change the economic value of the project.

•

elevation or RL (Reduced Level - elevation

Exclusion of the drilling information will not detract from the reader's view of the report.

•

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.

Page 57 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques,

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

maximum and/or minimum grade truncations (e.g. cutting of high

grades) and cut-off grades are usually Material and should be

stated.

Where aggregate intercepts incorporate short lengths of high

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

grade results and longer lengths of low grade results, the

Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also.

procedure used for such aggregation should be stated and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent

There are no metal equivalents reported in this release.

values should be clearly stated.

Relationship between

These relationships are particularly important in the reporting of

Previous announcements included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All

mineralisation widths and

Exploration Results.

results are reported as downhole lengths.

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 (e.g. 'down hole length, true width

not known').

Diagrams

Appropriate maps and sections (with scales) and tabulations of

No Diagrams are referenced in this release.

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.

Balanced Reporting

Where comprehensive reporting of all Exploration

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

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.

Other substantive exploration

Other exploration data, if meaningful and material, should be

No substantive data acquisition has been completed in recent times.

data

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

The nature and scale of planned further work (e.g. tests for

Extensional exploration for the Greater Luvironza area at this time is under review. Recent results are likely to be followed up with

lateral extensions or depth extensions or large-scalestep-out

urgency.

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

Page 58 of 64

Deep South - Mt Celia 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,

Sampling methods undertaken by Saracen at Deep South have included reverse circulation drillholes (RC), aircore drilling (AC),

or specific specialised industry standard measurement tools

surface and underground diamond drillholes (DD), underground face chip sampling and RC grade control drilling within the pit.

appropriate to the minerals under investigation, such as down hole

Historic sampling methods conducted since 1983 have included rotary air blast (RAB), reverse circulation and diamond

gamma sondes, or handheld XRF instruments, etc.). These

drillholes.

examples should not be taken as limiting the broad meaning of

sampling.

Include reference to measures taken to ensure sample

Sampling for diamond, face chip and RC drilling is carried out as specified within Saracen sampling and QAQC procedures as per

representivity and the appropriate calibration of any measurement

industry standard.

tools or systems used

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).

Aspects of the determination of mineralisation that are Material to

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

the Public Report. In cases where 'industry standard' work has

Diamond core is NQ sized, sampled to 1m intervals or geological boundaries where necessary and cut into half core to give

been done this would be relatively simple (e.g. 'reverse circulation

sample weights under 3 kg. UG faces are chip sampled to geological intervals (0.2 to 1m). Samples are selected to weigh less

drilling was used to obtain 1 m samples from which 3 kg was

than 3 kg to ensure total sample inclusion at the pulverisation stage.

pulverised to produce a 30 g charge for fire assay'). In other cases

Saracen core and chip samples are crushed, dried and pulverised to a nominal 90% passing 75µm to produce a 40g or 50 g sub

more explanation may be required, such as where there is coarse

sample for analysis by FA/AAS.

gold that has inherent sampling problems.

Some grade control RC chips were analysed in the Saracen on site laboratory using a PAL (pulverise and leach) method.

Unusual commodities or mineralisation types (e.g. submarine

Historical RAB, RC and diamond sampling was carried out to industry standard at that time. Analysis methods include fire assay,

nodules) may warrant disclosure of detailed information

aqua regia, atomic absorption spectroscopy and unspecified methods.

Drilling Techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary

The deposit was initially sampled by 114 RAB holes, 211 RC holes (assumed standard 5 ¼ ''bit size) and 29 surface HQ and

air blast, auger, Bangka, sonic, etc.) and details (e.g. core

unknown diameter diamond core holes.

diameter, triple or standard tube, depth of diamond tails, face-

Saracen has completed 15 surface RC precollars with NQ diamond tail drill holes (precollars averaging 185m, diamond tails

sampling bit or other type, whether core is oriented and if so, by

averaging 140m) , 3 geotechnical surface diamond NQ drillholes, 57 RC holes from surface and 107 grade control RC holes

what method, etc.).

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.

Drill Sample Recovery

Method of recording and assessing core and chip sample

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

recoveries and results assessed

recoveries have been recorded.

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.

Measures taken to maximise sample recovery and ensure

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

representative nature of the samples

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.

Whether a relationship exists between sample recovery and grade

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

and whether sample bias may have occurred due to preferential

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

loss/gain of fine/coarse material.

Any historical relationship is not known.

Page 59 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Logging

Whether core and chip samples have been geologically and

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

geotechnically logged to a level of detail to support appropriate

and veining.

Mineral Resource estimation, mining studies and metallurgical

Geotechnical and structural logging is carried out on all diamond holes to record recovery, RQD, defect number, type, fill material,

studies.

shape and roughness and alpha and beta angles.

Whether logging is qualitative or quantitative in nature.

Chips from all RC holes (exploration and GC) are stored in chip trays for future reference while remaining core is stored in core

Core (or costean, channel, etc) photography.

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.

The total length and percentage of the relevant

All AC, RC and diamond drillholes and grade control holes are logged in full.

intersections logged

Historical logging is complete.

Sub-sampling techniques and

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

All drill core is cut in half onsite using an automatic core saw. Some grade control diamond holes have been full core sampled.

sample preparation

taken.

Samples are always collected from the same side.

Some historic drillcore was half core sampled, or sampled via unknown methods.

If non-core, whether riffled, tube sampled, rotary split, etc and

All exploration and grade control RC samples are cone or riffle split. AC drillholes are spear sampled. Occasional wet samples

whether sampled wet or dry.

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.

For all sample types, the nature, quality and appropriateness of

The sample preparation of diamond core, UG face chips and RC chips adhere to industry best practice. It is conducted by a

the sample preparation technique.

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.

Quality control procedures adopted for all sub-sampling stages to

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

maximise representivity of samples.

Sampling by previous holders assumed to be industry standard at the time.

Measures taken to ensure that the sampling is

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

representative of the in situ material collected,

are submitted for the same assay process as the original samples and the laboratory are unaware of such submissions.

including for instance results for field duplicate/second half

Sampling by previous holders assumed to be industry standard at the time.

sampling.

Whether sample sizes are appropriate to the grain size of the

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

material being sampled.

Quality of assay data and

The nature, quality and appropriateness of the assaying and

RC and UG chip samples and diamond core are analysed by external laboratories using a 50g fire assay with AAS finish. AC

laboratory tests

laboratory procedures used and whether the technique is

samples are analysed using a 25g aqua regia digest. These methods are considered suitable for determining gold concentrations

considered partial or total.

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.

For geophysical tools, spectrometers, handheld XRF

No geophysical tools have been utilised for reporting gold mineralisation.

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 (e.g. standards,

Certified reference material (standards and blanks) with a wide range of values are inserted into every drillhole at a rate of 1:25

blanks, duplicates, external laboratory checks) and whether

for exploration AC, RC and DD, and 1:40 for GC drilling. These are not identifiable to the laboratory.

acceptable levels of accuracy (i.e. lack of bias) and precision

QAQC data returned are checked against pass/fail limits with the SQL database and are passed or failed on import. A report is

have been established.

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.

Page 60 of 64

Section 1: Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Industry best practice is assumed for previous holders.

Verification of sampling and

The verification of significant intersections by either independent

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

assaying

or alternative company personnel.

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.

Documentation of primary data, data entry procedures, data

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

verification, data storage (physical and electronic) protocols

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

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

and down-hole surveys), trenches, mine workings and other

Drillhole collars within the pit and immediate surrounds are picked up by company surveyors using a Trimble R8 GNSS (GPS)

locations used in Mineral Resource estimation.

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.

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 20m x 40m and 40m x 40m

Whether the data spacing and distribution is sufficient to

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

establish the degree of geological and grade continuity

classifications applied.

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Orientation of data in relation

Whether sample compositing has been applied.

AC drilling is sampled in 4m composites, no other sample compositing has been utilised

to geological structure

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

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

of possible structures and the extent to which this is known,

considering the deposit type.

If the relationship between the drilling orientation and the

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

orientation of key mineralised structures is considered to have

introduced a sampling bias, this should be assessed and

reported if material.

Page 61 of 64

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

Audits or reviews

The results of any audits or reviews of sampling techniques and

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

data.

procedures. No external audits or reviews have been conducted.

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land

Type, reference name/number, location and ownership including

The Deep South pit is located on M39/740. The tenement is held 100% by Saracen Gold Mines Pty Ltd, a wholly owned

tenure status

agreements or material issues with third parties such as joint

subsidiary of Saracen Mineral Holdings Limited. Mining Lease M39/740 has a 21 year life (held until 2024) and is renewable for a

ventures, partnerships, overriding royalties, native title interests,

further 21 years on a continuing basis.

historical sites, wilderness or national park and environmental

Mining Lease M39/740 is subject to one royalty agreement, one caveat (151H/067) and a bank mortgage (499142). All

settings.

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 security of the tenure held at the time of reporting along with

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

any known impediments to obtaining a licence to operate in the

area.

Exploration done by other

Acknowledgment and appraisal of exploration by other parties.

Exploration in the vicinity of Deep South commenced in the 1980's with drilling around the historic Deep Well workings 500m

parties

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.

Geology

Deposit type, geological setting and style of

Deep South lies on the eastern margin of the Norseman - Wiluna greenstone belt. This belt is differentiated into numerous

mineralisation.

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.

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

All material data is periodically released on the ASX:

understanding of the exploration results including a

tabulation of the following information for all Material drill holes:

Page 62 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

•

easting and northing of the drill hole collar

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,

•

elevation or RL (Reduced Level - elevation

10/10/2012, 31/07/2012, 03/06/2011, 29/07/2010

•

above sea level in metres) of the drill hole collar

Future drill hole data will be periodically released or when a results materially change the economic value of the project.

•

dip and azimuth of the hole

•

down hole length and interception depth

Exclusion of the drilling information will not detract from the reader's view of the report.

•

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 methods

In reporting Exploration Results, weighting averaging techniques,

All significant intercepts have been length weighted with a minimum Au grade of 1ppm, or 20ppb for AC drilling

maximum and/or minimum grade truncations (e.g. cutting of high

No high grade cut off has been applied.

grades) and cut-off grades are usually Material and should be

stated.

Where aggregate intercepts incorporate short lengths of high

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

grade results and longer lengths of low grade results, the

Where stand out higher grade zone exist with in the broader mineralised zone, the higher grade interval is reported also.

procedure used for such aggregation should be stated and some

typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent

There are no metal equivalents reported in this release.

values should be clearly stated.

Relationship between

These relationships are particularly important in the reporting of

Previous announcement included sufficient detail to clearly illustrate the geometry of the mineralisation and the recent drilling. All

mineralisation widths and

Exploration Results. If the geometry of the mineralisation with

results are reported as downhole lengths. This remains consistent with other announcements.

intercept lengths

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

Appropriate maps and sections (with scales) and tabulations of

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

intercepts should be included for any significant discovery being

release.

reported These should include, but not be limited to a plan view

of drill hole collar locations and appropriate sectional views.

Balanced Reporting

Where comprehensive reporting of all Exploration

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

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.

Other substantive exploration

Other exploration data, if meaningful and material, should be

A small geochemical program was undertaken in 2013 to determine the key features associated with mineralisation. The program

data

reported including (but not limited to): geological observations;

gave some insight into the local characteristics of the Scarlett and Butler lodes. More work is needed to fully appreciate the

geophysical survey results; geochemical survey results; bulk

geochemical signature associated with the mineralisation.

samples - size and method of treatment; metallurgical test

results; bulk density, groundwater, geotechnical and rock

A detailed gravity survey was recently completed at Deep South on a 400m x 100m grid to assist in the interpretation of the

characteristics; potential deleterious or contaminating

basement geology. The data is currently being processed and interpreted.

substances.

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

Page 63 of 64

Section 2: Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

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

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

extensions or depth extensions or large-scalestep-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

Page 64 of 64

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Saracen Mineral Holdings Limited published this content on 11 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2019 01:09:06 UTC