for personal use only - asx.com.au · pld corp diligence highlight ... of the adm, and most re ades...

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PLD Corpdiligencehighlight The Inferand 18pp25/11/14higher gr Drilling bsignificanlimited ahigher‐grrepresen The threarea drilespeciallMineral that som Further dunderstasignature DD is noPositive Admiral

de: PLD uary 2015

Grade Zo

h grade zinource Estim

ck high grad

ABRD001 20

ABRD003 8m

ABRD005 13

ABRD006 16

SS02 19m at

SS14 15.5m

MRE is curr

gher‐grade

poration Lime (DD) on theted a number

rred Mineralpm Ag) and l4). The assesrade zone wit

by CRA Explont zones of band hence thrade intersecnt the trap zo

e best Zn‐richled in more y the reconnResource Est

me of these co

drilling will banding of thees of high‐gra

ow due to bediscussions aBay Zinc Proj

one inclu

c and lead ate (MRE), w

e intersectio

0m at 14.5%

m at 11.5%Zn

3m at 13.1%

6m at 8.8% Z

t 8.3% ZnEq f

at 20.9% ZnE

rently limite

resource zo

mited (ASX:PLe Admiral Bayr of high grad

Resource Esimited to 2.1sment of thethin the MRE

oration Pty base metal me Company ictions are alone of maxim

h intersectiondetail by Kanaissance drtimate), it is ould be of sub

be required te controls ofade zones, an

e completed are progressinect. The Com

uding 15.

zones idenwhich is 72M

ons identifie

ZnEq from 13

nEq from 134

ZnEq from 13

nEq from 13

from 1324m

Eq from 1471

ed to 2.1km

one within t

LD) (“PLD” oy Zinc Projectde zinc and le

stimate (MRE1km of a drill ese high‐gradE.

Ltd in 1986 mineralisationis providing aong the traceum fluid flow

ns with Zn grgara. Considilling along tconsidered lbstantial scal

to define higf high‐grade nd hence may

by the end ong with a widmpany will kee

.5m at 20

ntified withMt at 6.7% Z

ed include:

321m;

46m;

352m;

342m

and 14m at 1

1m

of a drill te

he defined

r “the Compt, where the ad intersectio

E) at Admiraltested 18km de intersectio

and 1989, an, however pa JORC Code e of the Admw, and most re

rades above 1dering the stythe 15 km mikely that mue at the Adm

her‐grade zomineralisatioy allow more

of February dde range of inep the marke

Suite 6, 245 C

Phone: +61 8 9

0.9% ZnE

hin the AdmZnEq, emph

17.7%ZnEq fr

sted 18km m

resource is

pany”) is plereview of theons (Table 1)

Bay is 72Mtmineralised

ons will form

and Kagara Zpast public re2012 compl

miral Fault Zoeactive host

10% occur in yle of mineramineralised zultiple additi

miral Bay Zinc

ones within ton and of theffective targ

due primarilynvestors andet informed o

hurchill Avenue SPO Box 1273 S

9217 3300 | Fax:

Eq at Adm

miral Bay Zihasise a high

rom 1369m

mineralised

currently be

eased report e extensive t.

t at 6.7% Zncorridor, (as the basis fo

Zinc Limited eporting of thiant presentaone (ABFZ) arock.

the central palisation andzone along tonal higher gProject.

he deposit, ae litho‐structgeting for fut

y to the availd potential paof any materia

Subiaco WA 6008Subiaco WA 6904+61 8 9388 3006

miral Bay

inc Project h grade core

d corridor

eing assesse

progress onechnical data

Eq (3.1% Zn,announced br the compila

in 2008, inthese results ation of the dnd are interp

part of the zo wide‐spacedhe ABFZ (ougrade zones

and this maytural and geture work.

lability of conartners to deval changes.

8 4 6

y

Mineral e zone.

ed

n the due abase has

, 2.9% Pb by PLD on ation of a

tersected has been data. The preted to

one in the d drilling, utside the exist and

y improve eophysical

ntractors. velop the

For

per

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Figure 1silver gre

Figure 2.

. ABRD001 Cey); HQ drill c

. Admiral Bay

Core showingcore from 13

y Zinc Project

g sphalerite 333.0m and 1

t core viewin

(zinc sulphid1328.7m dept

ng and assess

Suite 6, 245 C

Phone: +61 8 9

de, yellow/bths

sment at core


9217 3300 | Fax:

rown) and g

e shed in Bro


galena (lead

ome.

8 4 6

sulphide,

For

per

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Figure 3:

Figure 4

Tenements/d

: Plan View o

drill hole loca

f resource are

ations over 2k

ea within ML4

km MRE withi

4/249 showin

Suite 6, 245 C

Phone: +61 8 9

n ML2/249 &

ng drill holes


9217 3300 | Fax:

& 18km minera


alised corrido

8 4 6

or

For

per

sona

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F

Figure 5: Schemati

B

N

ic WNW‐ESE long

166

ongabinniFmn

Nita Fmn

Goldwyer Fmn

section of the Adm

[email protected], .0Zn, 2.0Pb,

22.6Ag

8m6

Suite 6, 24

Phone: +61

miral Bay Deposit,

[email protected], 5.0Pb,

29.1Ag

[email protected]%ZnEq, .0Zn, 1.5Pb,

26.9Ag

45 Churchill Avenue SuPO Box 1273 Su

1 8 9217 3300 | Fax: +6

, showing intersec

[email protected]

3q,

biaco WA 6008 biaco WA 6904 61 8 9388 3006

ctions of >4% Zn+P

@14.5%ZnEq, Zn, 4.9Pb, 35.8Ag

Pb (with up to 1m

[email protected]%Zn0.6Zn, 17.3Pb

62.8Ag

19m4

internal waste), Z

nEq, b,

[email protected]%ZnEq, 4.1Zn, 3.6Pb,

15.1Ag

[email protected]%ZnE0.1Zn, 16.4Pb,

7.9Ag

8m

ZnEq, Zn & Pb in %

q, ,

[email protected]%ZnEq, 8.3pb, 2.2Pb,

27.3Ag

, Ag in ppm

For

per

sona

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Table 1 Wintersect

Hole ID

ABRD001

ABRD002

ABRD003

ABRD004

ABRD005

ABRD006

ABRD008

ABRD009

ABRD010A

ABRD011

ABRD011D2

CUDALGARRA

DD86SS02

Weighted Ations >4% Zn

Easting MGA Z51

428591

428523

429133

428140

428208

427830

427451

429185

A 427069

429099

2 429099

A1 428763

428883

Average Drill +Pb, with up

Northing MGA Z51

7874672

7874521

7874499

7874692

7874905

7874916

7875057

7874683

7875172

7874351

7874351

7874655

7874628

hole intersp to 1m intern

RL EOH

91 1431

90 1567

90 1454

95 1498

96 1469

96 1469

97 1490

90 1464

98 1525

90 1516

90 1488

100 1703

92 1754

sections fromnal waste

H DepthFrom (m)

1

1267.1

1286.0

1316.0

1321.0

7 1382.0

4 1346.0

8 1375.0

1438.0

9

1276.0

1343.0

1347.0

1352.0

1367.0

9

1312.0

1321.0

1324.0

1333.0

1342.0

1365.0

0

1372.0

1376.0

1391.0

1433.0

4 1349.0

1358.0

5 1385.0

6

1257.0

1286.0

1416.0

8

1254.0

1283.0

1411.0

3

1294.0

1327.0

1384.0

1399.0

1555.0

1591.0

4 1264.0

1285.0

Suite 6, 245 C

Phone: +61 8 9

m the Admi

Int. (m)

Z%

2.9 4

5.0 5

2.0 4

20.0 8

2.0 5

8.0 8

2.0 4

1.0 0

2.0 5

2.0 6

3.0 5

13.0 7

5.0 0

2.0 3

2.0 3

3.0 5

7.0 6

16.0 6

8.0 0

1.0 10

3.0 5

1.0 4

1.0 0

2.0 3

3.0 0

3.0 5

2.0 4

1.0 8

2.0 4

3.0 6

1.0 9

2.0 5

6.0 5

12.0 4

12.0 0

3.0 0

3.0 0

3.0 0

2.0 7

1.5 11


9217 3300 | Fax:

iral Bay Min

Zn %

Pb %

4.8 1.1

5.6 0.3

4.1 0.7

8.3 4.9

5.0 1.2

8.3 2.2

4.6 0.8

0.0 8.2

5.7 0.9

6.2 1.5

5.2 0.9

7.0 5.0

0.1 6.9

3.6 1.1

3.6 1.5

5.8 1.7

6.2 1.3

6.0 2.0

0.8 6.0

0.7 1.1

5.7 1.2

4.4 5.6

0.0 18.5

3.4 3.7

0.1 4.6

5.0 1.1

4.2 1.3

8.2 2.1

4.0 1.1

6.8 1.7

9.9 2.5

5.1 1.1

5.0 0.2

4.5 1.2

0.1 7.0

0.5 9.0

0.0 5.0

0.2 10.9

7.5 2.6

1.5 8.3


neral Resour

Ag ppm

B

21.0 0

19.8 1

10.5 1

35.8 21

21.0 13

27.3 10

21.5 4

10.0 9

9.5

34.0 5

11.7 3

29.1 14

11.2 2

20.5 0

25.5 13

22.0 0

22.9 12

22.6 12

15.5 37

20.0 7

33.0 5

15.0 27

37.0

22.0 18

9.7 21

28.3 7

14.0

12.0

17.0 7

16.0

16.0

16.0 7

23.5 0

19.5 3

20.4 7

18.0 11

12.0 6

15.5

53.8 0

112.0 0

8 4 6

rce area;

Ba %

Zn_EQ

0.63 6.6

.43 6.4

.96 5.2

1.04 14.5

3.05 6.8

0.46 11.5

4.99 6.1

.86 9.0

6.9

.94 8.8

.54 6.5

4.95 13.1

24 7.7

0.52 5.4

3.66 5.9

0.31 8.3

2.67 8.2

2.36 8.8

7.32 7.7

.48 12.5

5.6 7.9

7.04 10.9

20.7

8.04 7.9

1.39 5.3

.04 7.0

6.1

10.9

.54 5.6

9.1

13.0

.31 6.7

0.58 5.9

3.9 6.3

.36 8.1

1.41 10.6

.95 5.6

0 12.2

0.1 11.8

0.09 23.6

For

per

sona

l use

onl

y

Hole ID

DD86SS03

DD89SS14

DD89SS15

DD89SS16

NB Holes n

Zinc equ

are deri

included

The calc

Easting MGA Z51

425045

428706

428339

429498

not reported di

uivalent (ZnE

ved from m

d in the meta

ulation form

Northing MGA Z51

7875850

7874442

7874789

7874511

d not contain i

Eq) calculatio

metallurgical

al equivalent

mula is ZnEq=

RL EOH

100 1724

96 1620

104 1639

94 1508

ntersections ex

on paramete

testwork co

calculation

=Zn+1.06Pb+

H DepthFrom (m)

1288.0

1294.0

1324.0

1369.0

1513.0

1520.0

1573.0

1603.0

1666.0

1690.0

1697.0

4

1258.0

1382.0

1610.0

1622.0

1627.0

1643.0

0

1424.0

1458.0

1471.0

1494.5

1501.0

1505.5

1516.0

9

1326.0

1343.5

1348.5

1357.0

1366.0

1372.0

1578.0

1605.0

1619.0

8 1349.0

xceeding the ca

rs are prese

ompleted in

have a reaso

0.03Ag

Suite 6, 245 C

Phone: +61 8 9

Int. (m)

Z%

2.0 8

4.0 4

19.0 4

14.0 0

4.0 0

1.0 0

3.0 0

7.0 8

2.0 0

1.0 0

2.0 0

1.0 8

11.0 5

1.0 0

3.0 0

4.0 0

6.0 0

2.5 5

1.0 0

15.5 0

5.0 0

2.0 0

2.5 0

2.0 0

1.0 2

1.4 4

2.5 7

8.0 6

4.5 5

4.0 1

1.0 0

2.0 5

5.0 0

5.0 6

alculation thres

nted in Tabl

2010. It is

onable poten


9217 3300 | Fax:

Zn %

Pb %

8.0 1.3

4.4 0.8

4.1 3.6

0.1 16.4

0.1 10.1

0.1 12.3

0.0 12.0

8.5 1.2

0.0 4.8

0.0 12.0

0.0 26.4

8.8 2.6

5.1 3.3

0.0 8.0

0.0 4.8

0.0 4.9

0.1 5.4

5.1 2.3

0.0 15.9

0.6 17.3

0.0 9.8

0.0 5.6

0.0 5.6

0.0 4.8

2.4 5.8

4.9 0.9

7.5 2.5

6.0 1.5

5.2 2.9

1.0 8.0

0.0 9.5

5.4 0.0

0.1 7.0

6.1 1.3

hold

e 2. The me

PLD’s opinio

ntial to be re


Ag ppm

B

61.3 3

38.1 0

15.1 13

7.9 25

34.8 2

27.5 2

14.8 9

2.1 2

6.3 5

13.0 0

22.0 0

20.0 0

33.4 5

33.5 2

12.8 3

19.9 38

24.8 34

15.2 7

27.5 11

62.8 1

45.7 16

22.0 13

21.4 2

15.5 23

75.0

22.5 0

25.0 2

26.9 3

30.6 14

25.6 11

22.5 7

3.0 1

19.1 3

33.3 4

etallurgical re

on that all e

covered and

8 4 6

Ba %

Zn_EQ

.64 11.2

0.46 6.4

3.66 8.3

5.74 17.7

0.2 11.8

9.3 13.9

.17 13.2

.12 9.8

.27 5.2

0.06 13.1

0.35 28.6

0.33 12.1

.85 9.6

7.5 9.5

2.3 5.5

8.75 5.9

4.87 6.6

.37 8.0

1.12 17.7

.51 20.9

6.53 11.7

3.99 6.6

2.7 6.6

3.33 5.5

4 10.8

0.25 6.5

.28 10.9

.24 8.4

4.17 9.2

1.87 10.2

.03 10.7

8.1 5.5

4.8 8.0

4.4 8.4

ecoveries

elements

d sold.

For

per

sona

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Table 2

Met

Zin

Lea

Silv1

FOR MO

Matt GaManaginT: +61 41

Compete

The Aust‘JORC CoAustralasannouncIndicated

The inforinformatGeoscienDr Dorlinunder codefined Resourcehis inform

All partieinterpretevidencethey are make nointerpret

Zinc Equiv

tal

nc

ad

er 1 Appro

ORE INFORM

auci ng Director 17 417 907

ent Person Sta

tralasian Codode’) sets ousia of Exploracement has bd and Inferred

rmation in thtion compiledntists. Mr Jeffng has sufficionsideration in the 2012es and Ore Remation in the

es have constations and coe available tofounded on

o claim for atations or con

valence Param

Metal Price US$

1.00/lb

1.00/lb

19/oz

oximating to he

ATION:

atement

de for Reporut minimum ation Results,been presentd Resources”

his report thad by Mr Grafress is emploient experienand to the Edition of eserves’. Mr e form and co

sented to theonclusions reo the authorsan assessmeabsolute certnclusions con

meters

Price in AunitsUS$

22.04 pe

22.04 pe

0.61 per

ead grade

rting of Explostandards,

, Mineral Rested in accord” are to those

t relates to Gaham Jeffressoyed by CSA nce which is activity whicthe ‘AustralaJeffress consontext in whic

e inclusion oeached in thiss at the time ent of probabtainty. Any entained in this

Assay s

ConRe

er %

er %

ppm

oration Resurecommendasources and Odance with te terms as def

Geology and s RPGeo, whGlobal Pty Ltrelevant to tch he is undeasian Code fsents to the ich it appears

of their works report are bof writing. It

bilities and, heconomic decs report will t

Suite 6, 245 C

Phone: +61 8 9

ncentrate ecovery %

90

95

95

lts, Mineral ations and gOre Reservesthe JORC Cofined in the J

Exploration Rho is a Memtd, independthe style of mertaking to qfor Reportinginclusion in t.

k for the purbased on currt is the natuowever high cisions whichtherefore car


9217 3300 | Fax:

RecovereUnit Pricin

US$

19.84

20.94

0.58

Resources aguidelines fo. The Informade and referORC Code.

Results is basmber of the Aent resourcemineralisationqualify as a Cg of Explorahe report of

poses of thisrent geologicre of all scienthese probah might be trry an elemen

David TaskProfessionaT: +61 8 93


ed ng

ZFa

1

0

nd Ore Reser Public Repation containrences to “M

sed, and fairlyAustralian Inse industry conn and type oCompetent Pation Results,the matters

s announcemal theory andntific conclusbilities mighttaken on thent of risk.

ker al Public Re388 0944

8 4 6

ZnEq actor1

1.0

1.06

0.03

erves (the porting in ned in this Measured,

y reflects, stitute of nsultants. of deposit Person as , Mineral based on

ment. The d the best sions that t be, they e basis of

lations

For

per

sona

l use

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Criteria Section 1

Section 1 SamplingData

Sampling technique

JO

g Techniques and

es NachsptoinvsoThlim

Incenapto

AsmiPusta

ORC Code explanatio

ature and quality of hannels, random chpecialised industry stanols appropriate to tvestigation, such as dondes, or handheld XRFhese examples shouldmiting the broad meani

clude reference to mnsure sample represppropriate calibration ools or systems used.

spects of the ineralisation that areublic Report. In caseandard’ work has been

Suite 6, 24

Phone: +6

on

sampling (e.g. cut hips, or specific ndard measurement the minerals under down hole gamma F instruments, etc.). d not be taken as ing of sampling.

measures taken to sentivity and the of any measurement

determination of e Material to the es where ‘industry n done this would be


1 8 9217 3300 | Fax: +

Commentary

The deposit was samby Kagara Ltd. A totadrillholes were vertica

CRAE drillhole cocollar could be lothe drillholes (±1

The Kagara drillhABRD002, ABRD0RLs for the unsuris estimated that

The CRAE drillhowith no assignedbeing 88 degrees

Kagara drillholeso

o

o

Sample collect

For Kagara drilo

ubiaco WA 6008 ubiaco WA 6904 +61 8 9388 3006

pled using diamond coal of 21 surface diamoal.

ollar locations were recocated, the rehabilitate10m) and also the surfa

holes were sited using a003, ABRD005, and ABrveyed holes have beent these RLs are within 1

oles were surveyed eved azimuth. Because of ts.

s were surveyed downhAs part of a larger geomagnetic deviation toThe second phase of spart of this survey, ththe gyro. A comparisothe validity of the magThe third phase of sur

tion procedures for CRA

llholes The mud rotary presamples were not

ore drilling (DD) over seond drillholes were us

corded from the CRAE eed drillhole pads were eace RL values (±1m).

a handheld GPS (approRD010 had been accurn estimated based on t1.5m of the true RL.

ry 50‐100m using a sinthe lack of azimuth data

hole in three phases. ophysical logging exercool. surveys was completede diamond tail of hole on of both surveys revegnetic deviation surveyrveys was completed b

AE core are not docum

ecollars were collectedanalysed

everal drilling campaignsed for the resource e

exploration reports andeasily located. This surv

ximate error ± 5m). At ately surveyed by licenthe surveyed holes and

gle shot survey tool wha, the CRAE drillholes w

ise, downhole surveys

d by Scientific Drilling InABRD009 was surveyedeals only minimal variatys. y Downhole Surveys of

ented

d as 10m composite sam

ns undertaken by CRA estimation, of which 1

d checked by Survey Novey confirmed the app

the time of writing drinsed surveyors, Survey d ground control provid

hich recorded the deviawere assumed to be ve

were completed by We

nternational using a Ked using both the magnetion in the northing coo

f Kalgoorlie using a SPT

mples by the contract m

Exploration Pty Ltd and1 drilled by Kagara. A

orth. Although only oneroximate locations of

llholes ABRD001, North using DGPS. Theded by Survey North. It

ation from vertical onlyrtical, with average dip

eatherford using a

eper Gyro System. As etic deviation tool and ordinate and confirms

T north–seeking gyro

mud loggers. These

d All

e

e

y p

For

per

sona

l use

onl

y

Criteria Section 1

Drilling techniques

JO

reldrfro30mowhsaminoinf

DropBadiadiatypwh

ORC Code explanatio

latively simple (e.g. rilling was used to obom which 3 kg was pulv0 g charge for fire assore explanation may bhere there is coarse goampling problems. Unusineralisation types odules) may warrant diformation.

rill type (e.g. core, pen‐hole hammer, rotaangka, sonic, etc.) andameter, triple or standamond tails, face‐sampe, whether core is orhat method, etc.).

Suite 6, 24

Phone: +6

on

‘reverse circulation btain 1 m samples verised to produce a say’). In other cases be required, such as old that has inherent sual commodities or (e.g. submarine

isclosure of detailed

reverse circulation, ary air blast, auger, d details (e.g. core dard tube, depth of mpling bit or other riented and if so, by


1 8 9217 3300 | Fax: +

Commentary

o

ooo

Sample prepar

For Kagara drilo

CRAE samples hydrofluoric acXRF (pressed p

Kagara sampleICP40Q (4 acid

The deposit wacompleted by Kagara.

Kagara 2007‐0of up to 1,515sections, 150m

o

o


The diamond core Core or Metre m RQD, ge Photog Geologi Specific Samplin

The entire length oThe HQ core was sThe core was routi

ration procedures for C

llholes: The samples prepapulverised to 90%

were processed by Ancid digest with AAS finipowder XRF; Fusion (Fu

es were processed by Sd digest with ICPOES fin

as sampled using DiamKagara Ltd. A total of 2

08 drilling programme cm for a total of 13,137m apart. The drilling comPrecollars drilled with(ADS) utilising a KremHQ core tails drilled w1,500m – by Boart Lon

was processed systemrientation based on a nmarks and recoveries.eotechnical and magneraphs (dry and wet). ical and structural loggc gravity measurementsng. of the drill core was samampled as quarter corenely sampled on 1m in

CRAE samples are not d

aration process used wpassing 75µm

alabs and utilised the psh); 104‐AAS (perchlorusion/Specific ion elect

GS Mineral Services annish); CSA06V (Leco ana

mond Drilling (DD) over 21 surface diamond dri

comprised 10 mud rota.1 rotary and 3,608m omprised two elements:h a rotary mud rig to deco K‐600‐T rig; and with a diamond core dringyear (BL) utilising a U

matically conforming to ominal “cut line”.

etic susceptibility.

ging. s (20m above the mine

mpled. e, and the NQ (ABRD00ntervals, with a minimu

documented

as PRP88 whereby up t

processes – 103‐AAS (pric, nitric, hydrochloric rode)

nd utilised the processealyser).

several drilling campaillholes were used for t

ary/core holes and one of diamond drilling. Hol: epths of between 1,200

illing rig to extend eachUDR 1500 rig.

the following routine:

eralised interval and 10

01 – partial) as half coreum interval of 0.25m

to 3.5kg of sample is dr

perchloric, nitric, hydroand hydrofluoric acid d

es – AAS43B (4 acid dig

gns. The latest drilling he resource estimation

incomplete pre‐collar les were drilled on nom

0‐1300m – by Australia

h hole to a total depth

0m below).

e

ried, crushed, then

chloric and digest with AAS finish);

estion with AAS finish)

campaign was n, of which 11 drilled by

hole drilled to depths minally 400m spaced

n Drilling Services

of approximately

;

y

For

per

sona

l use

onl

y

Criteria Section 1

Drill Sample Recove

Logging

Sub‐sampling te

JO

ry Mch

Mreof

Wsasaprma

WgelevMan

Wquch

Threl

echniques and If

ORC Code explanatio

ethod of recording andhip sample recoveries an

easures taken to covery and ensure repf the samples.

Whether a relationshiample recovery and gample bias may havereferential loss/gain aterial.

Whether core and chip eologically and geotechvel of detail to suineral Resource estimand metallurgical studies

Whether logging isuantitative in nature. hannel, etc.) photograp

he total length and levant intersections log

core, whether cut or

Suite 6, 24

Phone: +6

on

d assessing core and nd results assessed.

maximise sample presentative nature

ip exists between grade and whether e occurred due to

of fine/coarse

samples have been hnically logged to a upport appropriate ation, mining studies s

s qualitative or Core (or costean,

hy

percentage of the gged.

sawn and whether


1 8 9217 3300 | Fax: +

Commentary

All drilling by K

used in hole A

recoveries of 9

Diamond core won the core bloc

oooooo

Sample Recovebias is not con

Diamond core orientation areDMP core libra

The level of geconstruct a ba

Detailed qualitphotography o

All drill core w

For CRAE core


Kagara through the min

BRD001. Logged core r

99% of cored portions o

as reconstructed into cks. Additionally the diaMetre marks and recoRQD, geotechnical anPhotographs (dry andGeological and structuSpecific gravity measuSampling

ery is generally very higsidered material at this

was geotechnically loge recorded in the databary.

eological logging is not sic resource model. Fu

tative logs of lithology of earlier CRAE core wa

as logged in full; summ

one third core was sam

neralised zones utilised

recovery is only availab

of the drillholes.

continuous runs for oriamond core was procesoveries. d magnetic susceptibil wet). ural logging. urements (20m above t

gh (99%) within the mis stage of resource dev

gged for recovery and Rbase. Kagara core is sto

fully documented; howll wireline log suites ar

and mineralisation areas not available for this

mary chip logs of the rot

mpled

d predominantly HQ dia

ble for the Kagara drillh

entation marking, deptssed systematically con

ity.

the mineralised interva

neralised zones. No sigvelopment.

RQD for Kagara drillholored in Broome for futu

wever, the drillhole date available for all drill h

available. Additionallywork).

tary mud sections of th

amond core, with excep

oles. The data indicate

ths being checked againforming to the followin

al and 10m below).

gnificant bias is expecte

es. Information on struure reference; CRAE ho

abase contains adequaholes

y all core was photogra

he holes are also availa

ption being NQ core

es excellent average

nst the depth marked ng routine.

ed, and any potential

ucture type and oles are stored in the

ate geological detail to

phed (though some

ble.

For

per

sona

l use

onl

y

Criteria Section 1

sample preparation

JO

qu

If roor

Foapte

Qusurep

ORC Code explanatio

uarter, half or all core ta

non‐core, whether rifftary split, etc. and whr dry.

or all sample types, theppropriateness of the chnique.

uality control proceduub‐sampling stages presentivity of samples

Suite 6, 24

Phone: +6

on

aken.

ffled, tube sampled, hether sampled wet

e nature, quality and sample preparation

ures adopted for all to maximise

s.


1 8 9217 3300 | Fax: +

Commentary

For Kagara dril(ABRD001 – pa

10m composit

Sample prepar

For Kagara samo

No QA/QC datsubmitted with

Most QA/QC dcovers only Ba

Blanks oo

Standards oo

Coarse reject doo

Pulp Duplicateoo

Repeat Assayso

Repeat Assayso


llholes the entire lengtartial) as half core.

es of rotary mud chips

ration procedures for C

mples: The samples preparatpulverised to 90% pas

ta for CRAE is documenh the lab batches thoug

data pertains to Kagara and Sr assays. Appare

Kagara – no blank samLaboratory – Genalysiapproximate detectio

Kagara – One standarLaboratory – GenalysiOnly Ba and Sr assay a

duplicates Kagara – not submitteLaboratory – not subm

es Kagara – not submitteLaboratory – not subm

(same pulp) Laboratory – Genalysioriginal samples

(AAS Respray) Laboratory‐ Genalysis

h of the drillcore was s

were collected.

CRAE samples are not d

tion process used was Pssing 75µm

nted; discussions with tgh selected duplicate c

’s samples submitted tnt lack of review of Pb,

mples submitted is assayed 34 control bon limits of the assays. N

d was included for eveis analysed approximatare referenced, with no

ed mitted

ed mitted

is documented that 30

s documented that 44 p

sampled. The HQ core w

documented.

PRP88 whereby up to 3

he rig geologists at thecore was submitted.

to Genalysis. Genalysis , Zn, Cu, and Ag results

lanks. Genalysis reviewNo details of Pb, Zn, Cu

ry 25 samples in the sately 47 standard sampleo details on any analyse

pulp repeats were ana

pulp repeats were anal

was sampled as quarte

3.5kg of sample is dried

e time reveal that no st

QA/QC documentations is a major omission.

w of Ba and Sr assays ofu and Ag results are giv

ample run. Kagara usedes comprising 3 differees for Pb, Zn, Cu and Ag

alysed – re‐assayed at a

ysed – re‐assayed at th

r core, and the NQ

d, crushed, then

andards or blanks were

n (Genalysis, 2008)

f blank material at the en.

d Gannet standards. ent reference materialsg elements.

a later time than the

he same time as the

e

s.

For

per

sona

l use

onl

y

Criteria Section 1

Quality of assay dattests

JO

Mis cofie

Wgr

ta and laboratory Ththusco

Fohapaincrean

Naadexacbia

ORC Code explanatio

easures taken to ensurrepresentative of th

ollected, including for eld duplicate/second‐ha

Whether sample sizes arrain size of the material

he nature, quality and e assaying and labosed and whether onsidered partial or tota

or geophysical tooandheld XRF instruarameters used in detecluding instrument mading times, calibratind their derivation, etc.

ature of quality cdopted (e.g. standards,xternal laboratory checceptable levels of acas) and precision have

Suite 6, 24

Phone: +6

on

re that the sampling he in situ material instance results for alf sampling.

re appropriate to the l being sampled.

d appropriateness of oratory procedures the technique is al.

ls, spectrometers, uments, etc., the rmining the analysis make and model, ons factors applied

control procedures , blanks, duplicates, ecks) and whether ccuracy (i.e. lack of been established.


1 8 9217 3300 | Fax: +

Commentary

Umpire and ChKagara or CRA

The entire leng

The HQ core w

The core was r

The mud rotaranalysed

Sample sizes a

thickness and

elements.

CRAE samples hydrofluoric acdigest with AA

Kagara sample

for Cu, Fe, Pb,

DP/OES specif

A Wireline suit

collected from

Field QAQC princluded a limi

No external labacceptable lev


original samples.

heck Assaying – No rouE. 50 pulp samples from

gth of the drill core wa

was sampled as quarter

routinely sampled on 1

ry precollars were colle

re considered to be ap

consistency of the inte

were processed by Ancid digest with AAS finiAS finish) for Ca, Mg; XR

es were processed by S

Zn; ICP40Q (4 acid dige

ic fusion with OES finis

te comprising gamma,

m all drill holes

ocedures included the ited number of field du

boratory checks were pvels of accuracy and pre

utine assaying of selectem CRAE core were re‐a

s sampled.

r core, and the NQ (ABR

1m intervals, with a min

ected as 10m composite

ppropriate to accurately

ersections, the sampling

alabs and utilised the psh) for Cu, Fe, Pb, Zn, ARF (pressed powder XR

GS Mineral Services an

est with ICPOES finish)

h) for Ba and Sr.

calliper, density, neutr

insertion of commerciuplicates of ¼ core.

performed on samples.ecision.

ed samples through anassayed by Kagara using

RD001 – partial) as half

nimum interval of 0.25m

e samples by the contr

y represent the minera

g methodology and the

processes – 103‐AAS (pAg; 104‐AAS (perchloricF for Ba, Sr; Fusion (Fus

nd utilised the processe

for Ag, Ca, Mg, As, Bi, C

ron, resistivity, SP, temp

al standards (one stand

. Assay results have be

n umpire laboratory wag Australian Laboratory

f core

m

act mud loggers. These

alisation at Admiral Bay

e percent value assay r

perchloric, nitric, hydroc, nitric, hydrochloric asion/Specific ion electr

es – AAS43B (4 acid dig

Co Cd, Sb; CSA06V (Lec

perature, sonic and ma

dard for every 25 samp

en generally satisfacto

s completed either by y Services (ALS).

e samples were not

y based on the

anges for the primary

chloric and nd hydrofluoric acid rode) for F

estion with AAS finish)

co analyser) for S;

agnetic deviation was

ples) by Kagara; CRAE

ry demonstrating

For

per

sona

l use

onl

y

Criteria Section 1

Verification of assaying

Location of data poi

JO

sampling and Thbyco

Th

Dopr(ph

Dis

ints Aclocsuloces

Sp

Qu

ORC Code explanatio

he verification of signy either independenompany personnel.

he use of twinned holes

ocumentation of primarocedures, data verifichysical and electronic)

iscuss any adjustment t

ccuracy and quality ocate drill holes (collurveys), trenches, mine cations used in timation.

pecification of the grid s

uality and adequac

Suite 6, 24

Phone: +6

on

ificant intersections nt or alternative

s.

ary data, data entry cation, data storage protocols.

to assay data

of surveys used to lar and down‐hole workings and other Mineral Resource

system used.

cy of topographic


1 8 9217 3300 | Fax: +

Commentary

No physical co(SS02, SS14, SS

Only one hole ABRD011D2 w

All core was lo

No adjustment

CRAE drillhole one collar coulocations of th

The Kagara driABRD002, ABRThe RLs for theNorth. It is est

The CRAE drillhonly with no a

Kagara drillholo

o

The third phas

The grid system

Earlier CRAE w

All collar locat


ore was inspected by CSS22, SS24) and all holes

has been twinned, by wwas reasonable

ogged then data was se

ts were made

collar locations were rld be located, the rehae drillholes (±10m) and

illholes were sited usinRD003, ABRD005, and Ae unsurveyed holes havimated that these RLs a

holes were surveyed evssigned azimuth. Becau

les were downhole survAs part of a larger geomagnetic deviation toThe second phase of spart of this survey, ththe gyro. A comparisothe validity of the mag

se of surveys was comp

m is GDA94 Zone 51

work used AGD84 Zone

ions have been picked

SA; however, CSA was ps drilled by Kagara.

wedging, due the dept

nt for validation and st

recorded from the CRAbilitated drillhole padsd also the surface RL va

g a handheld GPS (appABRD010 had been accve been estimated baseare within 1.5m of the

very 50‐100m using a suse of the lack of azimu

veyed in 3 phases. ophysical logging exercool. surveys was completede diamond tail of hole on of both surveys revegnetic deviation survey

pleted by Downhole Su

51, but Kagara convert

up by means of DGPS.

provided by high qualit

h and cost of the holes

torage into a relational

E exploration reports a were easily located. Talues (±1m).

proximate error ± 5m). Aurately surveyed by liced on the surveyed holtrue RL.

single shot survey tool wuth data, the CRAE dril

ise, downhole surveys

d by Scientific Drilling InABRD009 was surveyedeals only minimal variatys.

rveys of Kalgoorlie usin

ted all data to GDA94

Apart from drillhole co

ty photographs of the c

s. Repeatability betwee

database.

and checked by Survey his survey confirmed th

At the time of writing densed surveyors, Surveles and ground control

which recorded the delholes were assumed to

were completed by We

nternational using a Ked using both the magnetion in the northing coo

ng a SPT north–seeking

ollar surveys, survey de

core for CRAE holes

en ABRD011 and

North. Although only he approximate

drillholes ABRD001, ey North using DGPS. provided by Survey

viation from vertical o be vertical.

eatherford using a

eper Gyro System. As etic deviation tool and ordinate and confirms

g gyro tool

efinition of surface

For

per

sona

l use

onl

y

Criteria Section 1

Data spacing and di

Orientation of datgeological structure

Sample Security

Audits or reviews

JO

co

istribution DaRe

Wsufgeforesap

Wap

a in relation to e

Wacstrkn

If ormiintas

Thse

Thsa

ORC Code explanatio

ontrol.

ata spacing for reporesults.

Whether the data spacinufficient to establisheological and grade conr the Mineral Resourctimation procedure(s)pplied.

Whether sample comppplied.

Whether the orientachieves unbiased samructures and the extenown, considering the d

the relationship berientation and the oineralised structures istroduced a sampling bssessed and reported if

he measures taken curity.

he results of any auampling techniques and

Suite 6, 24

Phone: +6

on

rting of Exploration

ng and distribution is h the degree of ntinuity appropriate ce and Ore Reserve and classifications

positing has been

tion of sampling mpling of possible ent to which this is deposit type.

tween the drilling orientation of key s considered to have bias, this should be material.

to ensure sample

udits or reviews of d data.


1 8 9217 3300 | Fax: +

Commentary

topography wa

Kagara drillholhorizon within

The data spaci

Geological evid

Lithological pacontinuity

Grade continu

It is consideredsupport the de

The mud rotaranalysed

Kagara drillhol2.7km mineral

Diamond drillizones.

No informatioPerth.

In general, drilsurveys for noresource classi


as not essential as a co

les were drilled on nomn M4/249

ng and distribution is v

dence is sufficient to im

ackages hosting the min

ity is less well establish

d that available data is efinition of Inferred Mi

ry precollars were colle

les were drilled on nomlized horizon within M4

ng confirmed that drill

n available; it is assume

llhole data was compilen‐Kagara drillholes sugification categories Ind

onstraint for the top of

minally 400m spaced se

very limited

mply but verify geologic

neralisation are discern

hed and given the natu

sufficient to demonstrneral Resources under

ected as 10m composite

minally 400m spaced se4/249

ing orientation did not

ed that both CRAE and

ed to industry standardggests to remove these dicated and Measured a

the resource model giv

ections, 150m apart. Th

cal continuity

nible on seismic imager

re of MVT‐style minera

rate spatial and grade cthe 2012 JORC code.

e samples by the contr

ections, 150m apart, pe

introduce any bias reg

Kagara organised deliv

d. Lack of documentatioholes from the future applied.

ven the depth of the m

his tested the entire 2.7

ry and provide evidence

alisation is expected to

continuity of the miner

act mud loggers. These

erpendicular to strike. T

garding the orientation

very of samples directly

on, QA/QC data, and coresource estimations w

mineralisation.

7km mineralized

e of geological

o be complex

alised horizon to

e samples were not

This tested the entire

of the mineralised

y to the laboratory in

omplete downhole where the higher

For

per

sona

l use

onl

y

Criteria Section 1

Criteria Section 2

Section 2 Reporting

Mineral tenement a

Exploration done by

Geology

JO

g of Exploration Result

and land tenure status

y other parties

ORC Code explanatio

JORC Code explan

ts

Type, reference nand ownership inmaterial issues wijoint ventures, proyalties, native tsites, wilderness environmental set

The security of theof reporting aloimpediments to operate in the area

Acknowledgment exploration by oth

Deposit type, geolof mineralisation.

Suite 6, 24

Phone: +6

on

nation

name/number, locationcluding agreements oith third parties such apartnerships, overridintitle interests, historicor national park an

ttings.

e tenure held at the timong with any knowobtaining a licence a.

and appraisal her parties.

logical setting and sty


1 8 9217 3300 | Fax: +

Commentary

No detailed va

Commentary

on or as ng cal nd

The Admir140km sou

The Admir20/3/2033

The Compcombinaticash and c

The tenemKarajarri P

me wn to

The minim

The tenem

of The Admir

acquired bexploratioexploratioproject. Ka

Past work

yle Admiral Ba

Canning B

Admiral Baand, to a lnominally


alidation of the assay da

ral Bay Project is locateuth of Broome, Wester

ral Bay deposit is locate3 and one granted Expl

pany has signed an agreon of cash and shares, convertible notes and a

ment is located wholly wPeople (Area A)

mum annual expenditur

ments are in good stand

ral Bay deposit was discby CRA Exploration (theon from 1986 to 1992. Kon programme that leadagara Ltd entered into

has been of a high stan

ay lies within the Admiasin.

ay is carbonate‐hostedesser degree, in the Cathe deposit is classified

ata against laboratory

ed in the central Canninrn Australia.

ed within two granted oration Licence (EL04/

eement with Kagara Ltdincluding $30,000 casha 1.5% NSR to acquire 1

within Vacant Crown La

re commitment is $248

ding with the WA Depa

covered in 1981 by Mee exploration arm of CRKagara Ltd acquired thed to an initial Inferred RAdministration in 2012

ndard and suitable for

ral Bay Fault Zone, whi

zinc‐lead‐silver‐bariumarribuddy and Goldwyed as a Mississippi Valle

certificates was comple

ng Basin, on the southe

Mining Leases (ML04/21610), which is valid un

d (in Liquidation) to acqh for an exclusive three100%, with a further $6

and and is covered by t

8,100 and annual rents

rtment of Mines and P

eridian Oil NL during peRA Limited, now Rio Tine deposit from CRA ExpResource, as well as a p2 and subsequently Liq

resource estimation.

ich separates the Broo

m deposit, with mineraer Formations, over a my Type deposit (MVT).

eted.

ern edge of the Kimber

244 and ML04/249), whntil 3/9/2017.

quire the Admiral Bay Pe month Due Diligence 6,000,000 in various mi

the Native Title Determ

are $46,910.

Petroleum (DMP).

etroleum exploration, anto Ltd), who undertooploration in 2004 and cpre‐feasibility study to uidation in 2013.

me Platform and Willa

lisation hosted mainly mineralised strike exten

ley region some

hich are valid until

Project, via a Period, $1,000,000 in ilestone payments.

mined Area of the

and was subsequently ok substantial ompleted an test the viability of the

ra Sub‐basin of the

in the Nita Formation t of at least 18km;

e

For

per

sona

l use

onl

y

Criteria Section 2

Drillhole informatio

Data aggregation m

on

methods

JORC Code explan

A summary of all the understandinresults including following informatholes:

In reporting weighting avemaximum and/truncations (e.g. and cut‐off gradeand should be stat

Where aggregateshort lengths of longer lengths of procedure used should be stateexamples of such

Suite 6, 24

Phone: +6

nation

information material ng of the exploratioa tabulation of th

tion for all Material dr

Exploration Resulteraging technique/or minimum gradcutting of high gradees are usually Materited.

e intercepts incorporahigh grade results anf low grade results, thfor such aggregatio

ed and some typicaggregations should b


1 8 9217 3300 | Fax: +

Commentary

Admiral BaMVT moreratio of m

Within theinto 2–10m

The stratigthick), whizinc‐rich z

Sulphides

Previous dup to 15mto 110‐120

In generalOrdovicianassociated

to on he rill

See Tables 1

ts, es, de es) ial

Result

No top

For tre

te nd he on cal be

Intersection

including up


ay does not appear to be like Reocin or Polaris,ineralised hits in the dr

e project area, the surfam high dunes towards t

graphy is comprised of ich overlies a variably done and a lower lead‐r

infill dissolution, brecc

drilling indicates that thm thick. The high‐grade 0m thick.

, base metal mineralisan‐age Nita and Goldwyd with calcareous rocks

1 and 2, presented in A

ts were weighted by sa

p or bottom cuts were

eatment of data used in

ns are length weighted

p to 2m of internal was

be a typical mid‐contin rather than the more rilling is actually very h

ace geology is dominatthe southeast.

a thick sequence of Crdolomitised siltstone/srich zone of mineralizat

cia and fracture porosit

he upper high‐grade Znzones described above

ation occurs in the loweer Formations over deps, commonly with appre

Appendix 1

mple intervals

applied

n the resource estimat

average grades for zon

ste

nental MVT. Rather it ap‘poddy’ Goongewa or igh for this style of min

ted by Quaternary Aeo

etaceous‐Jurassic‐Permhale/limestone – the Ntion.

ty and overprint stylolit

n‐rich zone is up to 20me are hosted within a br

er parts of the Siluro‐Dpths of around 1,250meciable barite.

ion see Section 3 below

nes wider than or equa

ppears to be a large anmid‐continental US or neralisation.

lian sand. Sand sheets

mian sandstones/siltstoNita Formation – which

tes

m thick, whilst the loweroad, moderately Zn‐Pb

Devonian Caribuddy Form to 1,700m. Mineralisa

w

l to 2m and greater tha

nd strongly focused Polish‐style MVTs. The

in the northwest grade

ones (up to 1,200m is host to an upper

r high‐grade Pb zone isb mineralised, zone up

rmation and the ation is most typically

an 2% Zn or Pb,

e

s

For

per

sona

l use

onl

y

Criteria Section 2

Relationship betwidths and intercep

Diagrams

Balanced reporting

tween mineralisationpt lengths

JORC Code explan

shown in detail.

The assumptions umetal equivalent stated.

n These relationshimportant in the rResults. If themineralisation wihole angle is knowreported. If it is ndown hole lengthshould be a clear (e.g. ‘down hole known’).

Appropriate mapscales) and tabshould be includdiscovery being include, but not bof drill hole appropriate sectio

Where compreheExploration Resul

Suite 6, 24

Phone: +6

nation

used for any reporting values should be clear

hips are particularreporting of Exploratioe geometry of thith respect to the drwn, its nature should bnot known and only thhs are reported, thestatement to this effelength, true width no

ps and sections (wibulations of intercepded for any significanreported These shoue limited to a plan viecollar locations an

onal views.

ensive reporting of alts is not practicabl


1 8 9217 3300 | Fax: +

Commentary

of rly

Zinc Equivalen

Based on Oc

US$2034.26

Metallurgica

a Ag recove

thresholds m

After review

zinc, lead an

rly on he rill be he re ect ot

The minera

1,350m belo

Mineralisati

th pts nt uld ew nd

Refer to Fig

all le, Results from


t calculated as ZnE

ctober 2014 monthly m

6/tonne for Pb

al testwork has predict

ry of 50% was selected

mean the significance o

w of the historical meta

nd silver to be recovere

lised zones at Admiral

ow the surface.

ion is generally interse

ures in the body of the

m all drill holes within t

Eq=0.9*Zn+0.85*Pb+

metal prices as listed in

ted recoveries in excess

d (however it should be

of silver is minor).

allurgical testwork it is t

ed and sold.

Bay are approximately

cted with near true wid

e report

the project tenements a

+0.01*Ag

www.indexmundi.com

s of 95% for Pb, 90% fo

e noted that the highly

the Company’s opinion

tabular and flat lying t

dth down hole lengths.

are reported

m of US$2276.83/tonne

or Zn and from 46–54%

variable grades Ag and

n that there is a reason

to shallowly dipping, at

.

e for Zn and

% for Ag; consequently

d unknown smelter

able potential for both

t a nominal depth of

h

For

per

sona

l use

onl

y

Criteria Section 2

Other substantive e

Further work

exploration data

JORC Code explan

representative rephigh grades andpracticed to avoidExploration Result

Other exploration material, should (but not limiobservations; geogeochemical surve– size and mmetallurgical testgroundwater, gecharacteristics; pcontaminating sub

The nature and swork (e.g. tests fdepth extensions drilling).

Diagrams clearly hpossible extensiongeological interpdrilling areas, provnot commercially s

Suite 6, 24

Phone: +6

nation

porting of both low and/or widths should bd misleading reporting ts.

data, if meaningful anbe reported includin

ited to): geologicophysical survey resultey results; bulk samplemethod of treatment results; bulk densiteotechnical and rocotential deleterious obstances.

scale of planned furthfor lateral extensions oor large‐scale step‐o

highlighting the areas ns, including the mapretations and futuvided this information sensitive.


1 8 9217 3300 | Fax: +

Commentary

nd be of

The table of

regional hol

nd ng cal ts; es nt; ty, ck or

Wireline loggsonic and ma

Extensive 2Davailable for

Metallurgica

er or ut

PLD aims to at Admiral Badvancing th

of ain re is

Work is not ymineralisatio


f drill intersections abo

les are reported

ging suites comprising agnetic deviation are a

D seismic data both fror the project area.

al, geotechnical, hydrog

design exploration andBay. Work to increase thhe project. Planned wo

yet sufficiently advanceon.

ove includes some isola

gamma, calliper, densiavailable for all drill hol

m dedicated surveys at

geological and mining s

d resource evaluation phe understanding of thrk includes additional d

ed to enable delineatio

ted regional holes with

ity, neutron, resistivity,es.

t Admiral Bay and from

studies have been com

programmes to test thee continuity of geologydrilling as well as applic

on of new target areas

h that intersected mine

, self‐potential, temper

m regional petroleum ex

pleted on the project.

e controls on and contiy and mineralisation arcation of suitable geop

and zones of potential

eralisation but not all

rature, compensated

xploration work are

nuity of mineralisationre fundamental to hysical techniques.

extensions to

For

per

sona

l use

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