Outline 2015 Copper and Gold Exploration Programmes

January 27, 2015

Further encouraging drilling results and significant new geological interpretation for Stavely Copper Project; new DHEM conductors at Mt Ararat; follow-up plans for unexpected “Stawell-style” gold mineralisation at Mt Ararat; plus planned geophysics on distinctive magnetic features at Mortlake

Highlights

SMD004 (Thursday’s Gossan) – assay results from final diamond drill hole for 2014:

  • Assay results now received for drill hole SMD004 including:
    • 52m at 0.23% copper from 39 metres drill depth, and
    • 69m at 0.15% copper from 466m drill depth.
  • SMD004 also intersected an interpreted shallow dipping structure at 480m drill depth.

Significant new structural interpretations for Thursday’s Gossan opens up a new priority target area:

  • The Thursday’s Gossan porphyry is interpreted to be offset to the east by a shallow dipping ‘normal’ fault. If correct, the interpreted porphyry core would be much closer to surface, but approximately 500m further to the east than the previous target location. This new interpreted location is very lightly explored with very little drilling and will be a key focus for follow-up exploration in 2015.

Mt Ararat VMS Project – successful down-hole EM identifies new conductor:

  • Down-hole EM (DHEM) completed on selected Stavely drill holes resulting in the identification of an off-hole conductor off the northern end of the existing Mineral Resource.

Carroll’s Prospect – another new DHEM conductor:

  • Drill hole SARC011 at the northern end of the Carroll’s prospect has produced an off-hole conductor of unresolved geometry.

Mt Ararat ‘Stawell-style’ gold mineralisation – an exciting new gold opportunity:

  • Significant and unexpected intersection of 12m at 0.97g/t gold including 3m at 3.04g/t gold, to be followed-up with additional drilling.

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