Announcement PDF ASX ANNOUNCEMENT Date: 23 October 2015 Number: 436/231015 EXTREMELY HIGH GRADE DRILL INTERCEPT AT BROKEN HILL Drill Hole RHD012 returns true width of 1.2 metres at: 10.4 g/t platinum, 10.9 g/t gold, 294 g/t (9.5 ounces) palladium, 7.4% nickel, 1.8% copper and 19 g/t silver WITHIN a thicker zone of: 3.5 metres at 5 g/t platinum, 6 g/t gold, 144 g/t (4.6 ounces) palladium, 2.9% nickel, 2.3% copper and 14.5 g/t silver, and also including 0.5 metres at 5 g/t platinum, 6.6 g/t gold, 141 g/t (4.6 ounces) palladium 1.3% nickel, 10.4% copper and 82 g/t silver Drill Hole RHD008 returns unknown true width of 29 metres at: 2.7 g/t platinum, 0.5 g/t gold, 5.5 g/t palladium, 0.5% nickel, 2.4% copper and 57.8 g/t silver. ALSO Impact acquires 100% of nickel-copper-PGE rights for $60,000 cash and 1% gross production royalty. Buy-back of $1.5 million up to Decision to Mine Impact acquires 80% of lead-zinc-silver-other metals rights for $50,000 cash and 20% free-carried interest to JV partner to Decision to Mine Part of the high grade matrix-sulphide zone in RHD012 26 Richardson Street West Perth Western Australia 6005 Tel +61 (8) 6454 6666 Facsimile +61 (8) 6454 6667 Email info@impactminerals.com.au www.impactminerals.com.au SUMMARY Impact Minerals Limited (ASX:IPT) is pleased to announce three significant developments on Exploration Licence E7390, part of the Broken Hill Project in New South Wales: 1. An extremely high grade intercept of platinum group metals, gold, copper, nickel and silver from Hole RHD012, high grade assays of the same metals from RHD008 and a significant gold-copper intercept from RHD007 (see also Tables 1 and 2). 2. Impact to acquire E7390 from Golden Cross Resources Limited for $60,000 cash and a 1% gross production royalty to take Impact to 100% of the nickel-copper-PGE rights, previously in joint venture with Golden Cross. At its election, Impact has the right to buy back the royalty for $1.5 million cash at anytime up to a Decision to Mine, or, leave the royalty uncapped during production. In addition Impact will assume Golden Cross’s joint venture rights for lead-zinc-silver-other metals with Silver City Minerals Limited and, in a related transaction; 3. Impact to move to an 80-20 joint venture with Silver City Minerals on the lead-zinc-silverother metal rights for a payment of $50,000 cash and for Silver City’s 20% interest to be freecarried to a Decision to Mine. The mineralised intercepts discovered thus far occur in a north-south trending corridor, sub-parallel to the general trend of the drill holes. Accordingly the optimal orientation for drilling has not yet been established and the drill programme has been placed on hold for about a week pending detailed studies to more fully understand the controls on the mineralisation. In addition down hole EM surveys have identified a compelling conductor within 15 metres of the mineralised intercept in RHD012 and an interpretation is in progress to accurately locate its position. This will also be a drill target. The drill programme will also test a strong EM conductor that is prospective for lead-zinc-silver mineralisation (Target T2). Impact Minerals’ Managing Director Dr Mike Jones said, ‘This is an outstanding outcome for Impact’s shareholders. The Red Hill Project continues to deliver exceptional drill results and we have also now been able to greatly simplify the previous complex metal rights ownership that we inherited when acquiring this project only two and a half years ago”. “Also, considering that this is only the second prospect, together with Platinum Springs, in the entire 35 km trend of the project to have been drilled to any significant degree and that both have delivered very high grade nickel-copper-PGE assays, is testament to the exploration potential of our project” he said. “The challenge now is to understand the controls on this mineralisation and look to extend the zone of interest along trend and at depth below 50 metres. We look forward to re-starting drilling as soon as possible.” 1. Extremely High Grade Drill Intercept in RHD012 Hole RHD012 has returned: 3.5 metres at 5 g/t platinum, 6 g/t gold, 144 g/t (4.6 ounces) palladium, 2.9% nickel, 2.3% copper and 14.5 g/t silver from 67.3 metres down-hole including: 1.2 metres at 10.4 g/t platinum, 10.9 g/t gold, 294 g/t (9.5 ounces) palladium, 7.4% nickel, 1.8% copper and 19 g/t silver from 68.5 m and also including 0.5 metres at 5.1 g/t platinum, 6.6 g/t gold, 141 g/t (4.6 ounces) palladium, 1.3% nickel, 10.4% copper and 82 g/t silver from 68.0 metres down hole. All samples were assayed at the Intertek laboratory in Adelaide. The palladium-platinum-gold assays, including repeat assays, were done by the fire assay with lead collection technique. All QA/QC is within tolerance and done to JORC standard for Exploration Results. The sample pulps have been sent to the Intertek laboratory in Perth for repeat fire assays using a nickel sulphide collection method. This assay technique will also return assays for the rare PGM’s rhodium, osmium, iridium and ruthenium. Figure 1. Cross section through the Red Hill Prospect. About the mineralisation The mineralised intercept comprises a 1.2 metre thick unit (approximately true width) of matrix to locally massive copper and nickel sulphides within a 3.5 metre thick zone of variable disseminated and vein-hosted nickel and copper mineralisation at about 50 metres below surface. The photograph on page 1 shows about 40 cm of the matrix to massive sulphide unit. The zone is interpreted as the down dip extension of the Upper Zone of mineralisation, one of two zones of mineralisation intersected in Holes RHD001 and 006 beneath the Red Hill Mine (Figure 1). The Lower Zone was not been intersected in Hole RHD012. In addition the orientation of the mineralised intercepts at Red Hill has yet to be established. Results to date suggest that the overall trend of the mineralisation at Red Hill is north-south (Figure 2). Accordingly some of the drill holes may not have been optimally oriented to intersect the mineralisation and the true widths of many of the intercepts (except Hole RHD012) are likely to be thinner than the down hole thicknesses. Figure 2. Drill hole location plan for Red Hill (see also Table 2 for drill hole details). Down hole EM Survey identifies moderate conductor close to RHD012 A down hole EM survey of Hole RHD012 showed that the matrix sulphide mineralisation was weakly to moderately conductive, in accordance with both the style of sulphide mineralisation and its width. In addition the survey also identified a second moderate EM conductor of small to modest size about 15 metres off hole and about 50 metres below surface (Figure 1). Hole RHD017 was drilled to test this anomaly and intersected a 10 m thick zone of anomalous weathered copper-nickel-arsenic mineralisation (as measured by a hand held XRF instrument) at 35 metres down hole. The source of the EM conductor was not found and a down hole EM survey of RHD017 is now in progress to better determine its location. Assays from the mineralised zone are expected within three to four weeks. 2. High grade Drill Intercept in RHD08 RHD008 was drilled to test the surface projection of the Upper and Lower Zones of mineralisation found in Holes RHD001 and 006 (Figure 1). The hole was drilled sub-parallel to the mineralisation because of steep terrain west of the Red Hill Mine Shaft. The true width of the zone is not known. The hole returned: 29 metres at 2.7 g/t platinum, 0.5 g/t gold, 5.5 g/t palladium, 0.5% nickel, 2.4% copper and 57.8 g/t silver from surface. The mineralisation is associated with variable copper and nickel oxide and sulphide minerals. It is interpreted that the mineralisation is mostly within the Lower Zone of mineralisation and that the dormant Red Hill shaft was sunk predominantly on the Upper Zone of mineralisation (Figure 1). These results confirm that high grade mineralisation at Red Hill extends to surface. All mineralised intercepts at Red Hill are within 50 metres to 60 metres from surface and are open at depth and to the south. 3. Gold Intercept in RHD007 Hole RHD007 was drilled to test the depth extent of the southern part of the Red Hill Intrusion (Figures 2 and 3). The hole intersected variable types of ultramafic rock with weak copper and nickel mineralisation in places. The lower contact of the ultramafic unit with underlying metasedimentary rocks was intersected at 346.5 metres down hole. A second thinner ultramafic unit 18 m thick was intersected at 357 metres down hole. A significant assay was returned of: 5 metres at 0.6 g/t gold, 0.1% copper, 25 parts per billion (ppb) palladium and 15 ppb platinum from 364 metres and including 2 metres at 1.8 g/t gold and 0.1% copper from 365 metres down hole. The lower most part of the main ultramafic unit also contains anomalous copper and returned: 10 metres at 700 ppm copper from 332 metres down hole. A down hole EM survey of RHD007 has identified an off-hole conductor of limited size extent offhole at about 350 metres down hole and close to the lower contact of the main ultramafic unit. This contact is prospective for massive sulphides. Detailed modelling of the EM conductor is in progress. All of these results are very encouraging for further exploration along the basal contact of the ultramafic unit. Figure 3. Drill Targets at Red Hill 4. Other Drill Holes Assays are expected for the remaining drill holes over the next three to four weeks. Details relevant to mineralised intercepts (as measured by the hand held XRF instrument) are: Collar ID RHD017 RHD016 RHD015 RHD014 RHD013 RHD011 RHD010 RHD009 Comments 10 m zone of anomalous copper-nickel-arsenic from 35 m associated with 3 m thick ultramafic dyke. 15 m zone of anomalous copper-nickel-arsenic from 40 m. No ultramafic. 2 m zone of gossan with thin ultramafic dyke at about 60 m. Weak copper-nickel anomalism. Two ultramafic units with about 10 m of anomalous copper-nickel-arsenic from 40 m 30 cm thick zone of breccia gossan at about 55 m. Weakly anomalous copper-nickel. Failed to hit shallow magnetic target. No significant anomalism. Weak pyrite mineralisation along eastern contact of intrusion. No significant copper-nickel anomalism in the ultramafic intrusion. Up to 50 m of weak lead-zinc-copper mineralisation in footwall. No significant copper-nickel anomalism in the ultramafic unit. 5. Purchase of E7390 from Golden Cross Resources Limited Impact and Golden Cross Resources have signed a binding term sheet for Impact (via its 100% owned subsidiary Siouville Pty Limited) to acquire E7390 to take Impact to 100% of the nickel-copper-PGE rights, previously in joint venture with Golden Cross. In addition Impact will assume Golden Cross’s joint venture rights for lead-zinc-silver-other metals with Silver City Minerals. The consideration payable to Golden Cross is $60,000 cash and a 1% gross production royalty on all metals to which Impact and or Siouville has the rights for. At its election Impact also has the right to buy back the royalty for $1.5 million at anytime up to a Decision to Mine, or leave the royalty uncapped during any production. The transaction is now only subject to Ministerial approval, which is expected within two months. Squadron Resources Pty Limited has the right to invest $1 million for a 19.9% interest in the nickel-copper-PGE rights under the terms of an investment into Impact as outlined in the announcement to the ASX dated 17 July 2015. However, Squadron is not liable for any payment of the royalty to Golden Cross. 6. Impact to acquire 80% of the Lead-Zinc-Silver-Other Metals Rights Impact and Silver City Minerals Limited have signed a binding term sheet for Impact (also via its 100% owned subsidiary Siouville Pty Limited) to form a joint venture for exploration for lead-zinc-silver-other metals. Impact will own 80% of the rights to those metals and will free-carry Silver City’s 20% interest to a Decision to Mine. The consideration payable to Silver City is $50,000 cash. The agreement with Silver City will come into force upon the Ministerial approval of the transfer of E7390 to Impact. Squadron Resources Pty Limited has no rights to earn into the lead-zinc-silver-other metals rights. 7. Next Steps Detailed core logging and a synthesis and interpretation of all the geological, assay and geophysical data collected is in progress together with a down hole EM survey on RHD017. Drilling will recommence next week and will first test a significant EM anomaly at Target T2. The anomaly occurs down dip of outcrops of Broken Hill style mineralisation (lode rocks) and is considered a compelling drill target (Figure 3). Further drill holes at Red Hill will be designed as the interpretation progresses. However new environmental permits for follow up drill holes will be required in places and these may take up to a further 30 days to be granted. Table 1. Significant Intercepts Hole ID From To Interval 3PGE g/t Pt g/t Pd g/t Au g/t Cu % RHD007 RHD008 including also including also including RHD012 including Also including 364 0 7 18.6 27.7 67.3 68.5 68.0 369 29 9 24 28.3 70.8 69.7 68.5 5 29 2 5.4 0.6 3.5 1.2 0.5 0.63 8.6 22.7 16.1 29.1 155 315 153 0.02 2.7 1.7 7.6 14.4 5.0 10.4 5.1 0.02 5.5 20.6 7.8 13.2 144 294 141 0.59 0.50 0.45 0.73 1.5 6.0 10.9 6.6 0.09 2.4 2.5 3.8 12.2 2.3 1.8 10.4 Ni % 0.1 4 0.5 0.5 0.5 0.5 2.9 7.4 1.3 Ag g/t Cut-off 0.80 57.8 55.8 58.6 28.3 19.4 14.5 82.2 0.1 g/t Au 0.5 g/t 3PGE 10 g/t 3PGE 10 g/t 3PGE 10 g/t 3PGE 0.5 g/t 3PGE 10 g/t 3PGE 10 g/t 3PGE Table 2. Summary of Drill Holes Collar ID RHD007 RHD008 RHD009 RHD010 RHD011 RHD012 RHD013 RHD014 RHD015 RHD016 RHD017 Drill type Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Easting 555517.071 555381.452 555434.326 555443 555440 555379.368 555394.199 555373.806 555397 555397 555383 Northing 6454391.569 6454371.979 6454599.89 6454596 6454604 6454279.118 6454303.997 6454292.504 6454292 6454280 6454263 Dip -70 -45 -55 -45 -50 -55 -51 -50 -54 -61 -46 Azimuth 150 178 300 110 345 10 10 345 353 342 355 Depth 420.9 50 195.3 168.4 96.5 120.5 108.5 96.5 102.3 90.5 90.6 Dr Michael G Jones Managing Director The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. APPENDIX 1 - SECTION 1 SAMPLING TECHNIQUES AND DATA Criteria JORC Code explanation Commentary Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Rock Chip Samples Random rock samples were taken at surface which represented favourable geology and alteration to known mineralisation in the region. Samples are variably weathered. Soil Samples Soil samples were taken at 50 m intervals from a hole 15-20 deep and sieved to -2mm to collect about 250 g of material. Diamond Drilling Diamond drilling was used to produce drill core either with a diameter of 63.5 mm (HQ) or 47.6 mm (NQ). A handheld XRF instrument was used to analyse the drill core at 50 cm intervals. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used Rock Chip Samples Representative rock chip samples at each sample site weigh between 0.8 and 1.2 kg. Soil samples are taken at a consistent depth below surface and sieved. Soil Samples and Drill Samples Sample representivity was ensured by a combination of Company Procedures regarding quality control (QC) and quality assurance / testing (QA). Examples of QC include (but are not limited to), daily workplace and equipment inspections, as well as drilling and sampling procedures. Examples of QA include (but are not limited to) collection of “field duplicates”, the use of certified standards and blank samples approximately every 50 samples. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information Rock Chip and Diamond Drill Samples Rock samples and split diamond core were sent to Intertek Adelaide where they were crushed, dried and pulverised (total prep) to produce a 25-30 g sub-sample for analysis by four acid digest with an ICP/AES finish for ore grade base metal samples and either lead collection or nickel sulphide fire assay with AAS or MS finish for gold and the PGMs. Weathered samples contained gossanous sulphide material. Soil samples were sent to SGS Perth for analysis by the MMI digest. The XRF data is qualitative only. A comparison between the XRF results and wet chemical assay data will be completed on receipt of final results. Sampling techniques Drilling techniques Drill sample recovery Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed Diamond Drilling comprises NQ (47.6 mm diameter) and HQ (63.5 mm diameter) sized core. Impact diamond core is triple tube and is oriented. Historical diamond core was not oriented. Diamond core recoveries for all holes are logged and recorded. Recoveries are estimated to be approximately >97% for the Red Hill Prospect. No significant core loss or sample recovery problems are observed in the drill core. Criteria JORC Code explanation Commentary Measures taken to maximise sample recovery and ensure representative nature of the samples Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against the depth given on the core blocks and rod counts are routinely carried out by the driller. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No sample bias has been established. Logging Geological logging of samples followed company and industry common practice. Qualitative logging of samples included (but not limited to); lithology, mineralogy, alteration, veining and weathering. Diamond core logging included additional fields such as structure and geotechnical parameters. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Magnetic Susceptibility measurements were taken for each 0.5 m diamond core interval. For diamond core, information on structure type, dip, dip direction, texture, shape and fill material has been recorded in the logs. RQD data has been recorded on selected diamond holes. Handheld XRF analysis was completed at 50 cm intervals on diamond core. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. All logging is quantitative, based on visual field estimates. Systematic photography of the diamond core in the wet and dry form was completed. All diamond drill holes were logged in full. The total length and percentage of the relevant intersections logged Sub-sampling techniques and sample preparation Detailed diamond core logging, with digital capture was conducted for 100% of the core by Impact’s onsite geologist. If core, whether cut or sawn and whether quarter, half or all core taken. All core samples were sampled by half core. Selected intervals of quarter core will be selected for check assays if required. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. No RC drilling results are reported. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Company procedures were followed to ensure sub-sampling adequacy and consistency. These included (but were not limited to) daily work place inspections of sampling equipment and practices, as well as sub-sample duplicates (“field duplicates”). Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Laboratory QC procedures for rock sample and diamond drill core assays involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/secondhalf sampling. Rock and Soil Samples Field duplicates were taken at selected sample sites. Criteria Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points Data spacing and distribution JORC Code explanation Commentary Whether sample sizes are appropriate to the grain size of the material being sampled. Diamond Core Samples Quarter core duplicate samples are taken randomly every 50 samples. Sample sizes at Red Hill are considered adequate due to mineralisation style. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. An industry standard fire assay technique for samples using lead collection with an Atomic Absorption Spectrometry (AAS) finish was used for gold and aqua regia digest for base metals and silver. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. No geophysical tools were used to determine material element concentrations. A handheld XRF was used for qualitative analysis only. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Rock Chip Samples For the rock chips, quality control procedures for assays were followed via internal laboratory protocols. Accuracy and precision are within acceptable limits. Diamond Drill Samples Reference standards and blanks are routinely inserted into every batch of samples at a rate of 1 in every 50 samples. The verification of significant intersections by either independent or alternative company personnel. The results have not been verified by independent or alternative companies. This is not required at this stage of exploration. The use of twinned holes. No drilling results are reported. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Primary assay data for rock chips has been entered into standard Excel templates for plotting in Mapinfo. All historical drill data has been entered digitally by previous explorers and verified internally by Impact. Discuss any adjustment to assay data. There are no adjustments to the assay data. Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Sample locations and drill holes were located by hand held GPS. Specification of the grid system used. The grid system for Broken Hill is MGA_GDA94, Zone 54. Quality and adequacy of topographic control. Standard government topographic maps have been used for topographic validation. For the diamond holes, down-hole single shot surveys were conducted by the drilling contractor. Surveys were conducted at 15 m, 30 m and then approximately every 30 m down-hole. Data spacing for reporting of Exploration Results. Sample spacing for the soil survey was on a 50 m by 50 m grid. Reconnaissance drill spacing is approximately 200 m. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Estimations of grade and tonnes have not yet been made. Criteria JORC Code explanation Commentary Whether sample compositing has been applied. Sample compositing has not been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Not relevant to soil and rock chip results. The orientation of mineralisation in RHD001 yet to be determined. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Not relevant to soil and rock chip results or early stage exploration drill results. Sample security The measures taken to ensure sample security. Chain of custody is managed by Impact Minerals Ltd. Samples for Broken Hill are delivered by Impact Minerals Ltd by courier who transports them to the laboratory for prep and assay. Whilst in storage, they are kept in a locked yard. Tracking sheets have been set up to track the progress of batches of samples. Audits or reviews The results of any audits or reviews of sampling techniques and data. At this stage of exploration a review of the sampling techniques and data by an external party is not warranted. Orientation of data in relation to geological structure SECTION 2 REPORTING OF EXPLORATION RESULTS Criteria JORC Code explanation Commentary Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Broken Hill Project currently comprises 1 exploration licences covering 100 km2. The tenement is held 100% by Golden Cross Resources Ltd. Impact Minerals Limited is earning 80% of the nickel-copper-PGE rights in the licence from Golden Cross. No aboriginal sites or places have been declared or recorded over the licence area. There are no national parks over the license area. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The tenement is in good standing with no known impediments. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. There has been no significant previous work at this prospect. Geology Deposit type, geological setting and style of mineralisation. Nickel-copper-PGE sulphide mineralisation associated with an ultramafic intrusion. Mineral tenement and land tenure status Criteria Drill hole Information Data aggregation methods JORC Code explanation Commentary A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length. See Table in text. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. All reported assays have been length weighted. No top cuts have been applied. A cut-off of approximately 0.1% Cu, 0.4% Cu and 1.0% Cu has been applied for reporting of exploration results. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. High grade massive sulphide intervals internal to broader zones of disseminated sulphide mineralisation are reported as included intervals. The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalents have been reported. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be