Tennant Creek Copper-Gold Project, NT (MLS 80%)

The Tennant Creek Cu-Au Project in the Northern Territory (NT) includes granted E32725, directly along strike to the east of the Warrego copper-gold deposit (production 6.75Mt @ 1.9% Cu, 6.6 g/t Au) and three EL applications both north and south of Tennant Creek along strike from high-grade Cu-Au deposits (Figure 3).

Figure 3: Location of Tennant Creek Project tenements and major Cu-Au deposits and targets.

The Company has completed a detailed gravity survey in the area of shallow cover directly east of the Warrego Cu-Au deposit in EL 32725 (Figure 3). Processing of the gravity data is in progress.

Drilling will be planned to test coincident gravity-magnetic targets in fresh rock, below the zone of weathering, targeting high-grade copper-gold discoveries similar to Bluebird and Warrego.

Murchison Gold Project, WA (MLS 80%)

The Murchison Gold Projects in WA, including granted E51/2058 and E51/2059 west of Meekatharra, occur along strike from the >5Moz Big Bell deposit and the >3Moz Mt Gibson mine, in un-explored areas of shallow cover.

Very little previous exploration has been carried out in the White Well and Star Well tenement areas due to extensive soil cover and the lack of recognition of greenstone lithologies and prospective splay structures that are interpreted from magnetics imagery to extend under sediment cover in untested areas and represent targets for the discovery of major gold deposits similar to Big Bell.

The Mt Gibson South tenement applications, E70/5853 (Geranium Rock) and E70/5854 (Pedan Rocks), are located 20km south of the 3Moz Mt Gibson gold mine in an area of cover where interpreted greenstones and fault zones have not been tested. Mt Gibson North E59/2596 is located to the north of Mt Gibson on projected strike extensions of fault zones associated with this major gold deposit. Mt Gibson has produced approximately 900,000oz and hosts a resource of 2.1Moz recently released by Capricorn Metals Ltd, representing a 3Moz endowment for Mt Gibson gold deposit.

Capricorn has recently undertaken 100,000m of drilling, defining additional mineralised zones on north-south structures that continue south (and north) into the Payne Gully tenement areas. The Company will target continuations of these structures where they intersect buried greenstone, to be defined with detailed magnetics and gravity prior to drill testing.

The Company will carry out detailed magnetics and gravity surveys to detect buried greenstones intersected by these key gold bearing structures that will be drill tested, targeting significant gold deposits under shallow cover.

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