Pioneer Resources : Further Drilling Results from the Cade Spodumene Discovery include 15m at 1.48% Li₂O

ASX Announcement

Further Drilling Results from the Cade Spodumene Discovery

include 15m at 1.48% Li2O

Perth, Western Australia: 10 October 2019: Pioneer Resources Limited ("Company" or "Pioneer") (ASX: PIO) is pleased to advise that the assay results from the final 11 holes of the recent drilling programme at the Company's 100%-owned Pioneer Dome Project have been received. Drilling recently tested two of four lithium-caesium-tantalum ("LCT") pegmatite targets, resulting in the discovery of the Cade Spodumene Deposit, and intersections of significant mineralisation at Spodumene Target 1. The target cluster is located 10km west of the Goldfields-Esperance Highway (refer to Figure1).

Assays reported herein are for holes PDRC278-PDRC288, and include:

From the Cade Deposit, intersections of low iron (<1% Fe2O3) spodumene:

• PDRC278: 15m at 1.48 Li2O
• PDRC287: 13m at 1.00 Li2O
• PDRC288: 15m at 1.13 Li2O

From the CNE target, which was an unrecognised pegmatite located immediately northeast of the Cade Deposit:

• PDRC282: 4m at 1.22 Li2O

From Spodumene Target 1, which outcrops approximately 2km west of the Cade Deposit;

• PDRC291: 10m at 1.00 Li2O

All mineralised pegmatites remain open and drilling will resume in November to further determine their dimensions. It is noteworthy that the 4 targets identified to date have same apparent orientation and dip, suggestive of regional pegmatite stacking.

Results for holes PDRC263 to PDRC277 were reported to ASX on 26 September 2019.

David Crook, Managing Director, commented:

"The Cade Deposit is a significant low-iron spodumene discovery confirmed by our first pass of drilling. This is testament to the way Pioneer approaches exploration and provides us with an outstanding starting base from which we hope to build a substantial lithium project."

Board-Management Contact Details
Craig McGown	David Crook
Non-Executive	T: [phone]
Chairman	E:[e-mail]
David Crook	James Moses
Managing Director
Media and Investor Relations
Wayne Spilsbury
Mandate Corporate
Non-Executive Director
T: [phone]
Allan Trench	[e-mail]
Non-Executive Director
Timothy Spencer

G/72 Kings Park Road, West Perth, WA 6005 | Ph: [phone]| www.PIOresources.com.au| ASX: PIO

DRILLING RESUMES IN NOVEMBER

The Company is scheduled to resume drilling in November 2019, initially targeting mineralisation at Spodumene Target 1 and the CNE pegmatite, as well as other substantiated geochemical and geophysical targets, including anomalies identified by deep ground penetrating radar ("DGPR"). The DGPR survey is currently in progress (refer to Figure 2).

In addition, six diamond core holes will be drilled into the Cade Spodumene Deposit to test the proposed plunge of the mineralisation (refer to Figure 3) and to produce samples for metallurgical testing.

Pioneer Dome Lithium-Caesium-Tantalum Project

100% owned and is the Company's priority exploration project.

The Pioneer Dome Project is located approximately 130km south of Kalgoorlie and 200km north of the Port of Esperance, and 10km west of the Goldfields-Esperance Highway and other relevant infrastructure including rail, gas and water.

The Dome North Area and the Cade Spodumene Deposit

In June this year the Company reported that spodumene- bearing LCT pegmatites had been discovered by its geologists at two locations within the Dome North Area.

Drilling commenced in August, testing targets beneath the discovery outcrops (see ASX announcements 30 July, 23 August 2019) on panels of holes spaced on a nominal 160m x 80m grid.

The programme saw 29 reverse circulation ("RC") drill holes (PDRC263-PDRC288) completed for a total of 4,919m. Twenty- one (21) of the drill holes intersected pegmatite.

Results confirm that the Cade Spodumene Deposit is a significant discovery, and that Spodumene Target 1 is also well mineralised. There is great potential to expand the extent of the

Figure 1: Pioneer's Tenement Holdings with Key Projects known spodumene mineralisation for both deposits.

Results released on 26 September 2019 from the Cade Spodumene Deposit included:

• PDRC265: 25m at 1.61 Li2O
• PDRC267: 33m at 1.63 Li2O
• PDRC268: 18m at 1.47 Li2O
• PDRC270: 23m at 1.36 Li2O
• PDRC277: 10m at 1.60 Li2O

and from the Spodumene 1 Target included:

• PDRC275: 10m at 1.08 Li2O and 129ppm Ta2O5

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Deep Ground Penetrating Radar Survey Underway

Ultramag Geophysics is currently undertaking a DGPR survey comprising 5 x 4-kilometre-long traverses across the Dome North Area. The technology has been used as a targeting tool to identify dykes (a type of geological intrusion that includes pegmatite) by another spodumene producer in areas where geochemistry may be ineffective.

The Company ran trials of DGPR at its Sinclair Mine where pegmatite was clearly identified and subsequently mined.

OUTLOOK

• DGPR survey, currently in progress, to provide pegmatite targets in areas where alluvial cover is thick;
• Drilling to resume in November. Primary targets include extensions to the Spodumene Target 1 pegmatite and the CNE pegmatite which are located parallel and west of the Cade Spodumene Deposit. Secondary targets include Spodumene Targets 3 and 4, plus substantiated targets that result from the DGPR survey;
• Diamond core drilling to provide samples for metallurgical testing; and
• Geological Target and Inferred Resource modelling.

Figure 2: The Dome North Area showing Drill Hole Collar Locations, the Cade Deposit and other spodumene drill targets. Green dashed lines are the proposed DGPR survey traverses. Hole numbers are prefixed with PDRC.

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Figure 3: Long Section looking east of the Cade Spodumene Deposit showing a possible interpretation of mineralisation with a moderate plunge to the north. A high-grade zone is illustrated with lines containing intersections above 20m% Li2O for mineralisation >0.80% Li2O.

Figure 4: Cross Section of the Cade Spodumene Deposit. Shallow intersections show lithium-depletion due to weathering.

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Table 1

Selected High Grade Results

Hole ID	From	To	Interval	Li2O
	(m)	(m)	(m)	(%)
Cade Spodumene Deposit
PDRC278	206	221	15	1.48
PDRC287	248	261	13	1.00
Includes	248	253	5	1.44
PDRC288	271	286	15	1.13
Includes	275	284	9	1.36
CNE Target
PDRC281	53	55	2	0.93
PDRC282	125	129	4	1.22
Spodumene Target 1
PDRC291	48	58	10	1.00

About Pioneer Resources Limited

Having successfully completed its first mining operation at the Sinclair Caesium Mine, and now well-funded through the sale of pollucite, Pioneer returns to being an active explorer focused on key global demand-driven commodities, looking for its next mining opportunity.

The Company operates a portfolio of strategically located lithium, caesium, potassium ("alkali metals"), nickel, cobalt and gold projects in mining regions in Western Australia, plus a high-quality lithium asset in Canada.

Lithium: In addition to the Pioneer Dome LCT Project, the Company holds a 51% Project interest in the Mavis Lake Lithium Project, Canada where Company drilling has intersected spodumene.

Nickel: The Company owns the Golden Ridge Project which includes the suspended Blair Nickel Sulphide Mine, located between Kalgoorlie and Kambalda, WA. Near-mine target generation is continuing, with the Company announcing a new disseminated nickel sulphide drilling discovery at the Leo's Dam Prospect in 2018, highlighting the prospectivity of the greater project area.

Gold: Pioneer's key gold projects are free-carried with well credentialed JV partners:

• Acra JV Project near Kalgoorlie W.A.: Northern Star Resources limited has earned a 75% Project Interest and continues to fully fund exploration programmes until a decision to mine.
• Kangan Project in the West Pilbara W.A: A farmin & JV agreement with Novo Resources Corp and Sumitomo Corporation will fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a 30% free-carried position.
• Balagundi Project: A farmin & JV agreement with where Black Cat Syndicate Limited may earn a 75% interest in the Project located at Bulong, near Kalgoorlie, W.A.

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