Base Resources Limited Preliminary Exploration Results

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Base Resources Limited	LSE:BSE	London	Ordinary Share	AU000000BSE5	ORD NPV (DI)

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.375	-2.97%	12.25	12.50	12.75	12.625	12.40	12.625	1,024,702	16:35:17

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
Iron Ores	271.43M	-4.84M	-0.0041	-58.54	283.2M

TIDMBSE

AIM and Media Release

2 March 2017

BASE RESOURCES LIMITED
Preliminary Exploration Results

HIGHLIGHTS

* Additional mineralisation discovered that extends the footprint of the
Kwale South Dune Deposit to the south by 950m and east by up to a further
500m.
* Discovery of a new dunal mineral deposit at Mafisini, a continuation of the
Kwale South Dune Deposit mineralisation, with recorded intercepts over a
contiguous 1240m of strike and up to 480m in width.
* Discovery of new dunal mineralisation and marine sediments in the NE
Sector, adjacent to the Kwale Central Dune.

Base Resources Limited (ASX & AIM: BSE) ("Base Resources" or the "Company") is
pleased to provide preliminary exploration results of the extensional and
infill drilling program completed to date for its Kwale Mineral Sands
Operations ("Kwale Operations") in Kenya, East Africa. Strong drilling results
clearly demonstrate the potential to grow resources and mine life to the north
and south of existing project reserves.

As previously announced, the Company commenced an aircore drilling program in
the December 2016 quarter, within its Special Prospecting License 173 ("SPL 173
"). The drill program aims to provide mine life extension to the Kwale
Operations by exploring two previously identified prospective areas adjoining
or near the existing Kwale Operation ore bodies: the south-west sector ("SW
Sector") and north east sector ("NE Sector") (refer Figure 1).

An airborne geophysics program, conducted in 2015, covering the south coast
region of Kenya from Mombasa to the Tanzanian border, identified a series of
exploration targets that were subsequently confirmed through ground
reconnaissance. A summary of drilling completed to the 23rd February 2017 is
included in Table 1 and shown in Figure 1.

"Figures" (graphics) referenced in this release have been omitted. A full PDF
version of this release, including all Figures, is available from the Company's
website: www.baseresources.com.au.

Table 1. Drilling completed by location.

Location Holes Metres

SW Sector (Kwale South Dune extension & 361 5,726
Mafisini)

NE Sector 43 1,119

Kwale South Dune Deposit edge definition 53 720

Kwale South Dune Deposit infill drilling 140 2,059

TOTAL 597 9,624

SW Sector - Kwale South Dune Deposit extension & Mafisini Deposit

Exploration drilling in the SW Sector at Kwale has substantially increased the
dimensions of the South Dune Deposit and intersected a new dunal heavy mineral
sand deposit at Mafisini ("Mafisini Deposit") (refer Figure 2). The Kwale
South Dune Deposit has been extended a further 950m to the south at an average
of 700m across strike. The Mafisini Deposit is a continuation of the Kwale
South Dune mineralisation, separated from it by a narrow alluvial lowland.
Mafisini records mineralised intervals over a contiguous 1240m of strike and up
to 480m in width.

Visual inspection of the Kwale South Dune Deposit extension and Mafisini
Deposit mineralisation indicates a similar composition and high-value
mineralogy as that reported for the Kwale Operations Mineral Resources (134.6Mt
at 4.2% heavy mineral ("HM"), 26% slimes, 2% oversize and a HM assemblage of
59% ilmenite, 13% rutile and 6% zircon - refer ASX release 11th October
20161). Detailed mineralogy and resource estimation are expected to be
completed in the September quarter.

[Note 1: Refer to the "2016 Mineral Resources and Ore Reserves Update for
Kwale" released on 11 October 2016, which is available at http://
www.baseresources.com.au/investor-centre/asx-releases/. Base Resources confirms
that it is not aware of any new information or data that materially affects the
information included in the original market announcement and, in the case of
Mineral Resources and Ore Reserves, that all material assumptions and technical
parameters underpinning the estimates in the original market announcement
continue to apply and have not materially changed.]

Representative cross sections of the discoveries are included in Figures 3 and
4 (excluding infill holes) and significant drill intercepts are included in
Appendix 2.

NE Sector

Exploration drilling has commenced in the NE Sector, where the marine
escarpment falls away to the coastal plain (Figure 5). Initial results
indicate significant additional, high-value, mineralised dune accumulations
occur on the escarpment adjacent to the Kwale Central Dune Deposit (Figure 6).

Extensive community engagement has continued in the NE Sector to obtain
informed consent and access to the target drill sites located in this area.
However, increasing political positioning ahead of Kenya's general elections,
currently scheduled for August 2017, has produced community tensions not
conducive to exploration and so the Company has decided to postpone further
drilling until sentiment improves, likely to be after the elections.

Marine sediments have been intersected at the base of the escarpment in the NE
Sector at around 20m above sea level (Figure 6). Mineralisation (incl. 1.5m @
10.75% HM from 25.5m in ke001) has been discovered in what appears to be a
beach placer setting. The extent of the new discovery remains to be determined
by further drilling and is open in all axes.

Return of complete assays from the drilling in the NE Sector is awaited.
Mineralised intercepts received to-date are included in Appendix 2. Intensive
geological interpretation of down-hole results and further community engagement
will be conducted prior to further drilling in this region.

Kwale South Dune Deposit - edge definition and infill drilling

Base Resources has completed a program of edge-definition drilling along the
eastern margin of the Kwale South Dune Deposit (currently 88.5Mt @ 3.5% HM -
refer ASX/AIM Release 11th October 20162). Results suggest that the deposit
may be extended by as much as 500m east of its current location.

[Note 2: Refer to note 1.]

Additionally, an infill drill program has been completed to bring the Kwale
South Dune Deposit to a (nominally) 100m x 100m drill pattern, and provide the
basis for upgrading the geological confidence of Inferred and part of the
Indicated Resource areas of the deposit to a Measured status. Any Inferred
Resources achieving an Indicated or Measured Resource status will in turn be
eligible for inclusion within the Kwale South Dune Ore Reserves. Appreciable
Ore Reserve increases are anticipated from this work.

Detailed mineralogy and resource estimation are expected to be completed in the
September quarter.

Competent Persons Statements

The information in this report that relates to Exploration Results is based on
and fairly represents, information and supporting documentation prepared by
Mr. Richard Stockwell, who acts as contract Exploration Manager for Base
Resources. Mr. Stockwell is the Principal for Hornet Drilling and Geological
Services Pty Ltd, a mineral sands exploration consultancy engaged by Base
Resources to manage the Company's exploration strategy in Kenya and Tanzania.
Mr Stockwell is a member of the Australian Institute of Geoscientists and has
sufficient experience that is relevant to the style of mineralisation and type
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 (JORC Code). Mr. Stockwell consents to the inclusion in this
report of the matters based on the information in the form and context in which
it appears.

Forward Looking Statements

Information in this report should be read in conjunction with other
announcements made by Base Resources to ASX. No representation or warranty,
express or implied, is made as to the fairness, accuracy or completeness of the
information contained in this report (or any associated presentation,
information or matters). To the maximum extent permitted by law, Base
Resources and its related bodies corporate and affiliates, and their respective
directors, officers, employees, agents and advisers, disclaim any liability
(including, without limitation, any liability arising from fault, negligence or
negligent misstatement) for any direct or indirect loss or damage arising from
any use or reliance on this report or its contents, including any error or
omission from, or otherwise in connection with, it.

Certain statements in or in connection with this report contain or comprise
forward looking statements. By their nature, forward looking statements
involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future and may be outside Base Resources'
control. Accordingly, results could differ materially from those set out in
the forward-looking statements.

Nothing in this report constitutes investment, legal or other advice. You must
not act on the basis of any matter contained in this report, but must make your
own independent investigation and assessment of Base Resources and obtain any
professional advice you require before making any investment decision based on
your investment objectives and financial circumstances. This document does not
constitute an offer, invitation, solicitation, advice or recommendation with
respect to the issue, purchase or sale of any security in any jurisdiction.

APPIX 1: Table 1, JORC Code 2012

Section 1: Sampling Techniques and Data

Criteria Explanation Comment

Sampling Nature and quality of sampling Sample sub-splits are collected at a
techniques (e.g. cut channels, random chips, standard 1.5m down-hole interval, using

or specific specialised industry an on-board rotary splitter mounted
standard measurement tools beneath the drill rig cyclone. Sample
appropriate to the minerals under gates are set at 25% of the splitter
investigation, such as down hole cycle, which delivers about 2kg of
gamma sondes, or handheld XRF sample, dependant on ground conditions.
instruments, etc.). These
examples should not be taken as
limiting the broad meaning of
sampling.

Include reference to measures Appropriate drilling equipment and
taken to ensure sample driller training is a prerequisite of
representivity and the the drilling contract. A rotary
appropriate calibration of any splitter (regularly cleaned) is used for
measurement tools or systems splitting drill samples in the field and
used. a robust QA/QC and audit system is
established.
Consistency in split sample weights is
monitored via intermittent testing in
the field with spring scales and through
recording of air-dried sample weights at
sample preparation. Weights are
generally between two and three
kilograms and this is considered
representative for the detrital material
being sampled.

Aspects of the determination of RCAC drilling is used to obtain a 1.5m
mineralisation that are Material samples from which approximately 1.2-2.5
to the Public Report. In cases kg is collected using a rotary splitter
where 'industry standard' work beneath a cyclone. The sample is then
has been done this would be dried, de-slimed (material less than 45
relatively simple (e.g. 'reverse µm removed) and then oversize (material
circulation drilling was used to +1mm) is removed.
obtain 1 m samples from which 3 Approximately 100g of the resultant
kg was pulverised to produce a 30 sample is then subjected to a heavy
g charge for fire assay'). In mineral (HM) float/sink technique using
other cases, more explanation may Lithium Heteropolytungstates (LST:SG=
be required, such as where there 2.85g/cm3).
is coarse gold that has inherent The resulting HM concentrate is then
sampling problems. Unusual dried and weighed.
commodities or mineralisation
types (e.g. submarine nodules)
may warrant disclosure of
detailed information.

Drilling Drill type (e.g. core, reverse All samples are generated by RCAC
techniques circulation, open-hole hammer, drilling utilising 71 mm diameter (NQ)
rotary air blast, auger, Bangka, air-core drill tooling. Drill holes are
sonic, etc.) and details (e.g. oriented vertically by eye.
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.).

Drill sample Method of recording and assessing Base Resources log sample quality at the
recovery core and chip sample recoveries rig as either good or poor, with 'good'
and results assessed. meaning not contaminated and of an
appropriate sample size (recovery), and
'poor' meaning contaminated or grossly
over/undersized.
Ground conditions vary and as such, the
use of water injection is also logged in
the sample quality field for every
sample interval (dry, moist, injected or
wet).
No sample loss has been recorded. The
configuration of drilling and nature of
sediments encountered results in
negligible loss.

Measures taken to maximise sample Drill penetration is halted at the end
recovery and ensure of each sample interval to allow time
representative nature of the for the sample to return to surface and
samples. be collected. Drilling proceeds once
sample delivery ceases.
Sampling on the drill rig is observed to
ensure that rotary splitter remains
clean. Water flush and manual cleaning
of the cyclone occurs at regular
intervals to ensure contamination is
minimised.

Whether a relationship exists No relationship is believed to exist
between sample recovery and grade between grade and sample recovery. The
and whether sample bias may have high percentage of silt and low
occurred due to preferential loss hydraulic inflow of groundwater results
/gain of fine/coarse material. in a sample size that is well within the
expected size range.

Logging Whether core and chip samples Base Resources collects detailed
have been geologically and qualitative logging of geological
geotechnically logged to a level characteristics to allow a comprehensive
of detail to support appropriate geological interpretation to be carried
Mineral Resources estimation, out.
mining studies and metallurgical Logging of HM sinks with a microscope
studies. also is used to inform the geological
interpretation.

Whether logging is qualitative or Logging of RCAC samples record sample
quantitative in nature. Core (or quality, washability, colour, lithology,
costean, channel, etc.) grainsize, sorting, induration type,
photography. hardness, estimated rock and estimated
HM.

The total length and percentage All drill holes are logged in full and
of the relevant intersections all samples with observed HM (and
logged. designated for assay) are assayed.

Sub-sampling If core, whether cut or sawn and All samples are unconsolidated and
techniques and whether quarter, half or all core comprise sand, silt, clay and rock
sample preparation taken. fragments.

If non-core, whether riffled, Base Resources rotary split the samples
tube sampled, rotary split, etc. on the drill rig as they are delivered
and whether sampled wet or dry. from drilling (wet, moist, injected or
dry). Low groundwater pressure and
rotary splitting delivers a
representative sample for logging. The
25% split delivers approximately 2 kg of
sample for analysis.
Drill samples are dried then riffle
split to produce a 300g sample for
de-sliming and oversize removal. The
resultant sand fraction is then
delivered to the laboratory for heavy
liquid (LST) separation.

Sub-sampling For all sample types, the nature, Base Resources use a standard flow sheet
techniques and quality and appropriateness of and detailed QA/QC is undertaken.
sample the sample preparation technique. The sample, designated in the field for
preparation, analysis, is air dried, weighed and

cont'd. pulverized for riffle splitting. Two
splits are generated of approximately
350 - 500g each and the remainder of the
original sample is recorded and stored.

One split is oven dried to establish
moisture content of the air-dried
sample. The second split is soaked in
water and a de-flocculating agent prior
to attritioning and de-sliming with a 45
µm screen.
The sample is then dried and weighed to
determine material lost (Slimes weight)
during screening. The dried sample is
then screened at 1mm and the oversize is
weighed. The remaining dry sand
fraction is then delivered to the
on-site analysis laboratory (SGS) for
heavy liquid separation by TBE.

Quality control procedures To maintain QA/QC, a duplicate and
adopted for all sub- sampling standard assaying procedure has been
stages to maximise representivity implemented.
of samples. A duplicate sample is collected at the
rig at every 20th sample by the
application of a second calico bag to
the second, 25% split chute on the
splitter. Both samples are subjected to
the complete sample preparation and
assaying process.
In the sample preparation area, at a
rate of 1:40, duplicates of the moisture
content sample and screened sample are
taken. These are subjected to moisture
content (split 1) and de-sliming/
oversize (split 2) determinations to
ensure samples do not exhibit bias.
A certified standard sample is submitted
in the field and a second certified
standard sample is submitted to the
laboratory after the sample preparation
stage, each at a rate of 1:40, to
monitor analysis accuracy.

Sub-sampling Measures taken to ensure that the Analysis of sample duplicates is
techniques and sampling is representative of the undertaken by standard geostatistical
sample in-situ material collected, methodologies (QQ Plots) to test for
preparation, including for instance results bias and to ensure that sample splitting
cont'd. for field duplicate/second-half is representative.
sampling. Standards determine assay accuracy
performance, monitored on control
charts, where failure (beyond 3SD from
the mean) triggers re-assay of the
affected batch.

Whether sample sizes are Given that the grain size of the
appropriate to the grain size of material being sampled is sand and
the material being sampled. approximately 70 to 300 µm, an
approximate sample size of 2 kg is more
than adequate.

Quality of assay The nature, quality and Laboratory analysis of drill samples is
data and appropriateness of the assaying conducted by the Kwale, onsite contract
laboratory tests and laboratory procedures used laboratory, managed by SGS.
and whether the technique is Analysis is conducted according to a
considered partial or total. flow sheet that represents standard,
best practice for the assessment of HM
and is supported by robust QA/QC
procedures.
Sand samples delivered to SGS are rotary
split to generate a 100g sample for LST
separation. Excess sand fraction is
labelled and stored.
The LST sink progresses till it clears
and the sink is removed, washed in
acetone, oven dried and weighed.
LST is cleaned and density checked on a
daily basis.

For geophysical tools, None used.
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.

Quality of assay Nature of quality control Field duplicates, sample preparation
data and procedures adopted (e.g. duplicates and laboratory replicates are
laboratory tests, standards, blanks, duplicates, submitted for precision and bias
cont'd. external laboratory checks) and analysis. Standard samples are
whether acceptable levels of submitted to determine analysis
accuracy (i.e. lack of bias) and accuracy.
precision have been established.

Verification of The verification of significant Verification of significant intercepts
sampling and intersections by either is conducted by the Base Resources
assaying independent or alternative Exploration Superintendent. The deposit
company personnel. type and consistency of mineralization
leaves little room for unexplained
variance.
Data entry errors were identified by the
Exploration Superintendent and these
were corrected (where obvious) or
re-assay was completed.

The use of twinned holes. Twinned holes account for 4 - 5% of
holes drilled at Mafisini Deposit and
Kwale South Dune Deposit extensions.
These will be used to determine
short-range geological and assay field
variability for resource modelling
purposes.

Documentation of primary data, Data collected by Base Resources is
data entry procedures, data entered digitally in the field using
verification, data storage ruggedized computer with Maxwell
(physical and electronic) Geoscience logging software. Data is
protocols. downloaded daily to the site server.
Migration to a Datashed Database is
planned.

Discuss any adjustment to assay No adjustments were made to data.
data.

Location of data Accuracy and quality of surveys Base Resources use a real time kinematic
points used to locate drill holes global positioning system ('RTK GPS') to
(collar and down-hole surveys), pick up drill collar locations. Survey
trenches, mine workings and other is completed by Company surveyors.
locations used in Mineral Original drill set-out is completed by
Resources estimation. hand-held GPS.

Specification of the grid system The grid system used is the Arc1960
used. (Zone 37 South). The drill pattern is
based on a local grid rotation to ensure
drill lines are oriented orthogonal to
the trend of mineralization. The Kwale
South Dune Deposit Local Grid is used at
Mafisini Deposit and Kwale South Dune
Deposit extensions.

Location of data Quality and adequacy of A LiDAR survey was conducted in November
points, cont'd. topographic control. 2013 at an accuracy of 0.015m and is
available for topography modelling in
the NE Sector and at Mafisini Deposit
and Kwale South Dune Deposit extension
areas.

Data spacing and Data spacing for reporting of The data spacing drilling is nominally
distribution Exploration Results. 100m North, 50m East, and 1.5m down hole
for exploration results. Variations
from this spacing result from
line-clearing difficulties prior to
drilling and drill site survey and are
not a result of access or traversing
issue.

Whether the data spacing and Based on the experience of the competent
distribution is sufficient to person, the data spacing and
establish the degree of distribution is considered adequate for
geological and grade continuity the definition of mineralisation and
appropriate for the Mineral adequate for proposed mineral resource
Resources and Ore Reserves estimation.
estimation procedure(s) and
classifications applied.

Whether sample compositing has No sample compositing or de-compositing
been applied. has been applied.

Orientation of Whether the orientation of Sample orientation is vertical and
data in relation sampling achieves unbiased approximately perpendicular to the dip
to geological sampling of possible structures and strike of the mineralization, which
structure and the extent to which this is results in true thickness estimates.
known, considering the deposit Drilling and sampling is carried out on
type. a regular rectangular grid that is
broadly aligned and in a ratio
consistent with the anisotropy of the
mineralisation.

If the relationship between the There is no apparent bias arising from
drilling orientation and the the orientation of the drill holes with
orientation of key mineralised respect to the strike and dip of the
structures is considered to have deposit.
introduced a sampling bias, this
should be assessed and reported
if material.

Sample security The measures taken to ensure All samples are numbered, with sample
sample security. splits, residues and HM sinks registered
and stored at Kwale site in a restricted
access storage shed.

Audits or reviews The results of any audits or Richard Stockwell (Hornet Drilling and
reviews of sampling techniques Geological Services Pty Ltd) conducted
and data. two site visits to review drilling and
sample preparation procedures. Minor
recommended changes were made on each
occasion.

Section 2: Reporting of Exploration Results

Criteria Explanation Comment

Mineral tenement Type, reference name/number, The exploration results are coincident
and land tenure location and ownership including with the granted Special Mining Lease
status agreements or material issues No.23 and Special Prospecting License
with third parties such as joint No. 173.
ventures, partnerships, Mining on SML23 is subject to an ad
overriding royalties, native valorem royalty of 2%, payable to the
title interests, historical previous owners, and currently a 2.5%
sites, wilderness or national royalty, payable to the Kenyan
park and environmental settings. government.

The security of the tenure held There are no known impediments to the
at the time of reporting along security of tenure over the area
with any known impediments to containing the reported exploration
obtaining a licence to operate in results.
the area.

Exploration done Acknowledgment and appraisal of The previous owners of the project
by other parties exploration by other parties. (Tiomin Kenya Ltd) undertook exploration
drilling over the Kwale Project (incl.
South Dune area). Tiomin data is
included in the Kwale HM Resource
estimations.

Geology Deposit type, geological setting Exploration results are indicative of
and style of mineralisation. aeolian (dunal) detrital heavy mineral
sand deposits.

Drill hole A summary of all information Intercepts are listed in the body of the
Information material to the understanding of release.
the exploration results including There are no further drill hole results
a tabulation of the following that are considered material to the
information for all Material understanding of the exploration
drill holes: results. Identification of the wide and
If the exclusion of this thick zone of mineralisation is made via
information is justified on the multiple intersections of drill holes
basis that the information is not and to list them all would not give the
Material and this exclusion does reader any further clarification of the
not detract from the distribution of mineralisation
understanding of the report, the throughout the deposit.
Competent Person should clearly
explain why this is the case.

Data aggregation In reporting Exploration Results, Exploration results are reported at a
methods weighting averaging techniques, minimum 2% HM bottom cut-off over a
maximum and/or minimum grade minimum depth interval of 3m. This has
truncations (e.g. cutting of high been applied to ensure brevity in the
grades) and cut-off grades are release.
usually Material and should be Kwale HM Resources are reported at a 1%
stated. HM bottom cut-off.

Where aggregate intercepts Does not apply
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.

Data aggregation The assumptions used for any No metal equivalents were used for
methods, cont'd. reporting of metal equivalent reporting of exploration results.
values should be clearly stated.

Relationship These relationships are All drill holes are vertical and
between particularly important in the perpendicular to the dip and strike of
mineralisation reporting of Exploration Results. mineralisation and therefore all
widths and interceptions are approximately true
intercept lengths thickness.

If the geometry of the Dune deposits typically approximate a
mineralisation with respect to horizontal accumulation over a variable
the drill hole angle is known, basement topography.
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     Refer to main body of release. 
                  (with scales) and tabulations of 
                  intercepts should be included for 
                  any significant discovery being 
                  reported These should include, 
                  but not be limited to a plan view 
                  of drill hole collar locations 
                  and appropriate sectional views. 
 
Balanced          Where comprehensive reporting of  Reporting of results is restricted to 
reporting         all Exploration Results is not    type sections and more comprehensive 
                  practicable, representative       tabulated results at a 2% HM bottom cut 
                  reporting of both low and high    and a minimum 3m interval. 
                  grades and/or widths should be 
                  practiced to avoid misleading 
                  reporting of Exploration Results. 
 
Other substantive Other exploration data, if        Whilst mineralogical investigation is 
exploration data  meaningful and material, should   still awaited, a similar high-value 
                  be reported including (but not    assemblage, as recorded for the Kwale 
                  limited to): geological           Mineral Resource (19% Rutile + Zircon), 
                  observations; geophysical survey  has been observed on the dunal deposits 
                  results; geochemical survey       during preliminary microscope 
                  results; bulk samples - size and  investigation of exploration samples. 
                  method of treatment;              Some lateritic fragments have been 
                  metallurgical test results; bulk  observed in a narrow and discontinuous 
                  density, groundwater,             zone (3-6m in thickness) near the base 
                  geotechnical and rock             of the South Dune southern extension and 
                  characteristics; potential        Mafisini Deposits that will have 
                  deleterious or contaminating      resulted in elevated HM results 
                  substances.                       returning from heavy mineral analysis. 
                                                    This zone will be constrained during 
                                                    geological interpretation and subsequent 
                                                    works. 
 
Further work      The nature and scale of planned   Geological interpretation is ongoing at 
                  further work (e.g. tests for      the Kwale South Dune Deposit extension, 
                  lateral extensions or depth       Mafisini Deposit and in the NE Sector. 
                  extensions or large-scale         Once complete, mineralogical analysis 
                  step-out drilling).               will ensue and results will feed into 
                                                    updated and new resource estimates. 
                                                    Resource estimation of the Kwale South 
                                                    Dune and Mafisini is anticipated the 
                                                    September quarter. 
                                                    Further community engagement is required 
                                                    to continue drilling in the NE Sector, 
                                                    which is not expect to take place until 
                                                    after Kenya's general elections, 
                                                    currently scheduled for August 2017. 
 
                  Diagrams clearly highlighting the Refer to main body of release. 
                  areas of possible extensions, 
                  including the main geological 
                  interpretations and future 
                  drilling areas, provided this 
                  information is not commercially 
                  sensitive. 
 
APPIX 2: Mineralised intercepts in the Kwale South Dune Deposit extension, 
Mafisini Deposit and NE Sector areas (3m @ 2% HM bottom cut off; UTM ARC1960 
Zone 37S). 
 
                            UTM_E     UTM_N     RL   From  Interval DH Average    DH        DH 
  Project area   Hole_ID   ARC1960   ARC1960   (m)   (m)     (m)       THM      Average  Average 
                                                                                Slimes   Oversize 
 
Mafisini          ks372   543636.1  9509281.9   88    0      4.5       3.76      26.17     0.88 
 
Mafisini          ks372   543636.1  9509281.9   88    6       6        4.37      39.47     4.48 
 
Mafisini          ks373   543719.5  9509213.5   86    3       6        2.84      36.94     6.35 
 
Mafisini          ks374   543787.4  9509148.6   82    0       3        4.61      19.90    10.61 
 
Mafisini          ks375   543812.6  9509398.5   95   1.5      3        8.72      32.65    29.80 
 
Mafisini          ks375   543812.6  9509398.5   95    6       3        3.13      69.15     2.51 
 
Mafisini          ks389   543489.0  9509154.7   83    0      10.5      4.36      28.70     1.16 
 
Mafisini          ks390   543568.7  9509077.6   81    0       12       4.20      26.77     2.01 
 
Mafisini          ks391   543637.1  9509017.5   77    0      10.5      3.94      24.55     1.15 
 
Mafisini          ks392   543707.5  9508943.4   72    0      7.5       2.20      3.97      2.07 
 
Mafisini          ks394   543517.9  9508849.2   76   4.5      3        3.39      26.37    14.57 
 
Mafisini          ks397   543298.4  9509057.7   83    0      13.5      3.73      21.93     1.67 
 
Mafisini          ks408   543080.5  9508976.0   80    0      10.5      2.89      27.77     6.85 
 
Mafisini          ks409   543026.3  9509047.5   72    0       6        3.14      44.10     2.69 
 
Mafisini          ks410   543418.0  9509209.7   75    0       6        3.34      30.17     7.01 
 
Mafisini          ks412   542874.5  9508898.2   72    0       3        2.49      17.99     1.44 
 
Mafisini          ks412   542874.5  9508898.2   72   4.5      6        2.81      26.47     5.71 
 
Mafisini          ks414   542953.7  9508822.4   80    3       9        2.66      26.52     2.13 
 
Mafisini          ks428   542801.4  9508696.6   74    6       3        2.04      27.92    12.93 
 
Mafisini          ks436   543199.4  9508056.3   56    3       3        2.37      31.07    25.18 
 
Mafisini          ks454   542768.0  9507374.5   51    6       3        2.44      44.39     0.80 
 
Mafisini          ks462   542181.3  9507905.7   31    12      3        2.90      21.13    39.82 
 
Mafisini          ks466   544017.2  9509467.8   81   4.5      6        4.15      49.55     9.72 
 
Mafisini          ks466   544017.2  9509467.8   81   31.5    4.5       3.66      57.18     8.89 
 
Mafisini          ks487   543717.9  9509333.9   92    6       3        3.45      35.49    17.90 
 
Mafisini          ks492   543544.8  9509233.3   84    0       12       3.89      28.90     2.53 
 
Mafisini          ks494   543473.8  9509298.0   68    0       6        2.48      58.23     4.79 
 
Mafisini          ks495   543628.7  9509151.8   84    0      13.5      3.96      24.73     3.36 
 
Mafisini          ks496   543664.0  9509128.9   83    0       12       3.68      26.88     3.40 
 
Mafisini          ks497   543736.4  9509056.4   78    3       6        2.79      28.47     2.00 
 
Mafisini          ks498   543827.9  9509119.3   80    3      4.5       2.39      27.70     1.81 
 
Mafisini          ks499   543676.8  9509253.5   88    0       9        3.29      31.37     5.04 
 
Mafisini          ks503   543533.9  9508975.9   78    0      10.5      2.84      26.33     1.43 
 
Mafisini          ks504   543460.3  9509042.7   82    0       15       3.35      23.07     1.83 
 
Mafisini          ks505   543382.9  9509108.1   82    0       6        3.02      20.18     0.75 
 
Mafisini          ks505   543382.9  9509108.1   82   7.5      6        3.40      28.08     1.74 
 
Mafisini          ks506   543312.8  9509178.7   74    0       3        3.22      36.00     1.08 
 
Mafisini          ks509   543188.8  9509020.3   80    3       3        2.33      30.89     1.51 
 
Mafisini          ks509   543188.8  9509020.3   80   7.5      3        2.53      26.27     3.54 
 
Mafisini          ks511   543060.1  9508868.8   84   4.5      3        2.17      27.73     2.19 
 
Mafisini          ks511   543060.1  9508868.8   84    9      4.5       2.33      26.19     3.27 
 
Mafisini          ks512   542985.4  9508932.2   79    0      16.5      3.10      25.65     4.69 
 
Mafisini          ks513   542916.4  9509001.3   70    0      4.5       2.83      26.61     1.81 
 
Mafisini          ks513   542916.4  9509001.3   70    6       3        2.89      29.82    10.08 
 
Mafisini          ks515   543056.8  9509013.7   76    0       3        2.97      26.69     1.09 
 
Mafisini          ks515   543056.8  9509013.7   76   4.5      3        3.25      36.29     1.93 
 
Mafisini          ks516   543135.5  9508942.3   83    9       3        2.10      24.57     4.05 
 
Mafisini          ks519   543338.5  9509012.9   84    3      10.5      2.33      22.14     2.05 
 
Mafisini          ks520   543259.2  9509101.4   79    0      7.5       3.64      27.77     1.18 
 
Mafisini          ks522   543424.0  9509077.7   83    0       3        3.23      21.71     0.53 
 
Mafisini          ks522   543424.0  9509077.7   83   4.5      9        3.59      25.01     1.56 
 
Mafisini          ks523   543499.5  9509011.5   81   1.5     10.5      3.20      23.95     2.24 
 
Mafisini          ks524   542924.1  9508715.2   81    0      4.5       2.09      27.26     1.66 
 
Mafisini          ks524   542924.1  9508715.2   81    6       3        2.35      34.14     3.22 
 
Mafisini          ks525   542848.1  9508787.2   74    0       9        2.54      27.44     2.30

Mafisini          ks536   542838.8  9508660.9   77    3      4.5       2.10      39.37     7.68 
 
Mafisini          ks537   543353.7  9509145.3   80    0      10.5      3.31      27.17     2.47 
 
Mafisini          ks538   543611.4  9509045.2   79    0       12       4.34      26.00     3.33 
 
Mafisini          ks539   543691.9  9509089.9   81    0      13.5      3.38      31.63     2.43 
 
Mafisini          ks540   543529.9  9509111.2   83    0      13.5      3.76      23.97     1.96 
 
Mafisini          ks541   543436.0  9509180.3   80    0      10.5      4.07      30.73     3.13 
 
Mafisini          ks543   543024.5  9508901.4   82    0      13.5      2.55      22.45     1.98 
 
Mafisini          ks544   542949.7  9508968.1   75    0      10.5      3.38      25.29     2.61 
 
Mafisini          ks545   542879.5  9509037.0   64    0       3        2.27      23.64     2.28 
 
Mafisini          ks549   542925.2  9508866.8   77    0      13.5      2.94      22.41     2.81 
 
Mafisini          ks550   542837.6  9508924.2   67    0       9        2.45      23.04     5.06 
 
Mafisini          ks554   542887.2  9508751.8   79    0      10.5      2.75      27.59     2.26 
 
Mafisini          ks555   542819.5  9508817.0   71    0      7.5       2.56      24.79     5.44 
 
Mafisini          ks568   543608.7  9509191.4   85    0      4.5       3.59      22.26     0.50 
 
Mafisini          ks568   543608.7  9509191.4   85    6      7.5       3.89      26.40     2.93 
 
Mafisini          ks569   543276.5  9509213.1   66    9       3       15.19      42.02     4.48 
 
Mafisini          ks570   543368.0  9509251.8   65    0       3        2.93      31.88     1.58 
 
Mafisini          ks571   543517.0  9509271.6   79    0      10.5      3.71      38.45     4.48 
 
Mafisini          ks572   543603.4  9509322.3   88    0      13.5      3.81      29.01     1.92 
 
Mafisini          ks573   543686.5  9509368.1   93   4.5      3        2.36      36.88    17.12 
 
Mafisini          ks576   543991.5  9509252.0   79    6       3        3.07      31.73    16.43 
 
NE Sector         ke001   551155.9  9514670.6   44   19.5     12       5.27      42.38     2.73 
 
NE Sector         ke004   550928.7  9514870.5   51    0       6        2.33      12.17     1.20 
 
NE Sector         ke004   550928.7  9514870.5   51    24     4.5       4.61      32.34     0.81 
 
NE Sector         ke005   550853.5  9514942.2   61    0      10.5      4.60      16.13     1.16 
 
NE Sector         ke005   550853.5  9514942.2   61   22.5     3        2.08      39.46     0.78 
 
NE Sector         ke006   550785.3  9515005.2   68    3       3        2.16      19.81     2.33 
 
NE Sector         ke006   550785.3  9515005.2   68   7.5      3        2.14      19.08     2.84 
 
Sth Dune          ks323   544726.4  9510058.5   76    3      4.5       2.07      21.61     1.20 
Extension 
 
Sth Dune          ks324   544804.7  9509994.6   83    0       18       3.37      19.48     0.71 
Extension 
 
Sth Dune          ks325   544908.6  9509910.0   94    0      22.5      3.84      21.56     0.16 
Extension 
 
Sth Dune          ks326   544607.7  9509747.9   82    0       21       4.42      21.20     1.74 
Extension 
 
Sth Dune          ks327   544679.6  9509675.8   86    0      22.5      4.37      19.70     0.81 
Extension 
 
Sth Dune          ks328   544756.7  9509611.9   85    0      22.5      5.17      22.15     1.25 
Extension 
 
Sth Dune          ks329   544832.5  9509550.4   81    0      19.5      4.95      22.87     2.65 
Extension 
 
Sth Dune          ks331   544908.7  9509476.7   75    0       15       2.44      16.47     0.96 
Extension 
 
Sth Dune          ks332   544743.0  9509896.3   85    0       21       3.88      21.31     1.87 
Extension 
 
Sth Dune          ks333   544676.6  9509965.9   76    0      10.5      2.50      23.26     0.97 
Extension 
 
Sth Dune          ks334   544534.2  9509816.8   75    0       15       3.88      23.84     1.97 
Extension 
 
Sth Dune          ks335   544493.7  9509856.3   68    0       6        3.24      11.87     1.27 
Extension 
 
Sth Dune          ks337   544442.0  9509633.9   83    0      13.5      4.64      20.80     0.97 
Extension 
 
Sth Dune          ks338   544512.2  9509565.7   80    0       21       6.49      21.82     1.75 
Extension 
 
Sth Dune          ks339   544590.6  9509498.1   75    0      16.5      4.73      22.47     3.49 
Extension 
 
Sth Dune          ks340   544735.5  9509361.6   65    0      7.5       2.45      8.75      0.77 
Extension 
 
Sth Dune          ks341   544648.5  9509428.0   70    0      13.5      3.26      16.77     1.50 
Extension 
 
Sth Dune          ks342   544517.0  9509286.8   69    0       6        2.84      9.25      2.59 
Extension 
 
Sth Dune          ks343   544449.6  9509356.7   74    0      10.5      3.51      26.93     2.69 
Extension 
 
Sth Dune          ks344   544376.4  9509425.8   80    0       3        5.04      21.00     0.84 
Extension 
 
Sth Dune          ks344   544376.4  9509425.8   80   4.5     7.5       5.26      24.82     7.13 
Extension 
 
Sth Dune          ks345   544304.1  9509491.0   80    0      7.5       4.14      33.08     1.16 
Extension 
 
Sth Dune          ks349   545396.6  9511200.0   94    12      3        3.26      60.29     6.64 
Extension 
 
Sth Dune          ks353   545124.0  9509546.2   80    3      10.5      2.37      22.26     0.65 
Extension 
 
Sth Dune          ks355   545294.8  9509558.6   79    0      10.5      2.16      23.15     0.63 
Extension 
 
Sth Dune          ks356   545361.7  9509606.1   82    0       12       2.23      27.27     5.75 
Extension 
 
Sth Dune          ks357   545438.4  9509538.1   76    0       6        2.17      25.15     1.26 
Extension 
 
Sth Dune          ks359   545217.5  9509628.7   85    3       6        2.88      21.80     0.32 
Extension 
 
Sth Dune          ks359   545217.5  9509628.7   85   10.5     9        3.56      22.77     3.58 
Extension 
 
Sth Dune          ks360   545159.0  9509686.6   91    0      16.5      3.58      22.35     0.20 
Extension 
 
Sth Dune          ks360   545159.0  9509686.6   91   19.5     3        3.77      21.72     2.92 
Extension 
 
Sth Dune          ks380   545707.3  9509690.3   74    0       3        2.93      14.59     1.90 
Extension 
 
Sth Dune          ks382   545741.0  9509797.3   76    0      7.5       2.33      32.00     1.50 
Extension 
 
Sth Dune          ks383   545666.9  9509861.7   91    0       3        2.48      24.56     0.86 
Extension 
 
Sth Dune          ks383   545666.9  9509861.7   91   4.5     7.5       3.72      28.58    10.99 
Extension 
 
Sth Dune          ks384   545633.0  9509760.1   85    0       12       3.26      28.34     9.05 
Extension 
 
Sth Dune          ks385   545457.2  9509791.2   91    0      4.5       2.66      24.03     0.49 
Extension 
 
Sth Dune          ks385   545457.2  9509791.2   91    6       12       4.30      27.45    10.22 
Extension 
 
Sth Dune          ks477   545216.6  9509626.0   85    0       18       3.27      20.71     1.75 
Extension 
 
Sth Dune          ks478   545294.8  9509556.4   79    3      10.5      2.54      24.96     2.04 
Extension 
 
Sth Dune          ks479   545121.7  9509556.9   81    0       3        2.35      15.53     0.41 
Extension 
 
Sth Dune          ks479   545121.7  9509556.9   81   4.5     10.5      2.48      23.52     0.78 
Extension 
 
Sth Dune          ks480   544901.0  9509475.9   75    3       12       2.61      20.06     0.74 
Extension 
 
Sth Dune          ks481   544759.0  9509618.5   85    0       24       5.73      21.28     0.86 
Extension 
 
Sth Dune          ks482   544600.1  9509749.6   81    3       18       4.57      21.80     2.07 
Extension 
 
Sth Dune          ks483   544743.9  9509891.6   85    0      19.5      4.03      21.79     2.26 
Extension 
 
Sth Dune          ks484   544906.1  9509906.1   94    0       15       3.97      23.47     0.20 
Extension 
 
Sth Dune          ks484   544906.1  9509906.1   94   16.5    4.5       4.81      14.00     1.15 
Extension 
 
Sth Dune          ks579   544198.3  9509450.3   64    0       3        4.45      28.06    10.68 
Extension 
 
Sth Dune          ks580   544239.1  9509418.5   71    0      4.5       4.17      42.26     7.59 
Extension 
 
Sth Dune          ks581   544268.0  9509379.5   76    0       6        4.53      39.01     5.34 
Extension 
 
Sth Dune          ks582   544311.8  9509346.8   78    0       9        4.00      31.39     3.31 
Extension 
 
Sth Dune          ks583   544347.8  9509307.6   77    0       9        2.83      30.35     1.77 
Extension 
 
Sth Dune          ks584   544382.6  9509279.1   75    0      7.5       2.27      27.37     1.32 
Extension 
 
Sth Dune          ks590   544484.7  9509320.1   71    0       9        2.78      16.11     5.41 
Extension 
 
Sth Dune          ks591   544416.5  9509386.0   77   1.5      9        3.74      21.22    13.17 
ExtensionS. 
 
CORPORATE PROFILE 
 
Directors 
Keith Spence (Non-Executive Chairman) 
Tim Carstens (Managing Director) 
Colin Bwye (Executive Director) 
Sam Willis (Non-Executive Director) 
Michael Anderson (Non-Executive Director) 
Michael Stirzaker (Non-Executive Director) 
Malcolm Macpherson (Non-Executive Director) 
 
Company Secretary 
Chadwick Poletti 
 
NOMINATED ADVISOR & BROKERS 
RFC Ambrian Limited 
As Nominated Adviser: 
Andrew Thomson / Stephen Allen 
Phone: +61 (0)8 9480 2500 
As Joint Broker: 
Jonathan Williams 
Phone: +44 20 3440 6800 
 
Numis Securities Limited 
As Joint Broker: 
John Prior / James Black / Paul Gillam 
Phone:  +44 20 7260 1000 
 
SHARE REGISTRY:  ASX 
Computershare Investor Services Pty Limited 
Level 11, 172 St Georges Terrace 
PERTH WA 6000 
Enquiries: 1300 850 505 / +61 (3) 9415 4000 
www.computershare.com.au 
 
SHARE REGISTRY:  AIM 
Computershare Investor Services PLC 
The Pavilions 
Bridgwater Road 
BRISTOL BS99 6ZZ 
Enquiries: +44 (0) 870 702 0003 
www.computershare.co.uk 
 
AUSTRALIAN MEDIA RELATIONS 
Cannings Purple 
Annette Ellis / Andrew Rowell 
Email: aellis@canningspurple.com.au / 
arowell@canningspurple.com.au 
Phone: +61 (0)8 6314 6300 
 
UK MEDIA RELATIONS 
Tavistock Communications

Jos Simson / Emily Fenton 
Phone: +44 (0) 207 920 3150 
 
KENYA MEDIA RELATIONS 
Africapractice (East Africa) 
Evelyn Njoroge / James Njuguna/Joan Kimani 
Phone: +254 (0)20 239 6899 
Email: jkimani@africapractice.com 
 
PRINCIPAL & REGISTERED OFFICE 
Level 1, 50 Kings Park Road 
West Perth, Western Australia, 6005 
Email:  info@baseresources.com.au 
Phone: +61 (0)8 9413 7400 
Fax: +61 (0)8 9322 8912 
 
 
 
END

(END) Dow Jones Newswires

March 02, 2017 02:00 ET (07:00 GMT)

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