Conroy Gold & Natural Resources Plc Updated mineral resource estimate for Clontibret

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Conroy Gold & Natural Resources Plc	LSE:CGNR	London	Ordinary Share	IE00BZ4BTZ13	ORD EUR0.001 (CDI)

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.30	-2.91%	10.00	9.50	10.50	10.00	10.00	10.00	350,546	08:00:00

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
Gold Ores	257k	-363k	-0.0081	-12.35	4.48M

TIDMCGNR

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR").

28 July 2017

Conroy Gold and Natural Resources plc

("Conroy" or "the Company")

UPDATED MINERAL RESOURCE ESTIMATE FOR

CLONTIBRET PROJECT BY TETRA TECH

* Indicated resource grade increased to 2.1 g/t Au in lodes
* Indicated resource category increased to 320,000 ounces (Au)
* Cut off of 1g/t Au applied
* Structural continuity of lode mineralisation demonstrated
* Additional opportunities to increase the size of the resource

Conroy Gold and Natural Resources plc (AIM: CGNR; ESM: CGNR.I) the gold
exploration and development company focused on Ireland and Finland, is pleased
to announce that it has received an Updated Mineral Resource Estimate prepared
by Tetra Tech Canada Inc. ("Tetra Tech") on its wholly owned Clontibret gold
project in Co. Monaghan, Ireland. The new resource estimate was developed to
Joint Ore Reserves Committee ("JORC") standard and represents a detailed
geological revision and update on the scoping study previously undertaken by
Tetra Tech (2011).

Table 1. Summary of Updated Mineral Resources for the Clontibret project

Classification Zone Tonnage Grade Metal

Au (g/t) Au (Ozt)

Indicated Lodes 4,460,000 2.1 301,000

Stockwork 500,000 1.2 19,000

Indicated Total 4,960,000 2.0 320,000

Inferred Lodes 2,980,000 2.0 193,000

Stockwork 110,000 1.2 4,000

Inferred Total 3,090,000 2.0 197,000

Notes:

* Mineral Resources do not have demonstrated economic viability but have
reasonable prospects for eventual economic extraction
* The effective date of the Mineral Resource is 17th July 2017
* Mineral Resources have been reported above a (1.0 g/t cut-off)
* Numbers may not add exactly due to rounding.
* Resource Estimate was prepared by Mr. Robert Davies B.Sc., European
Geologist (EurGeol) and Chartered Geologist (CGeol). Mr Davies is a Senior
Resource Geologist and Competent Person as defined by the JORC code.
* The last site visit was conducted by Mr. Joe Hirst B.Sc, M.Sc., European
Geologist (EurGeol) and Chartered Geologist (CGeol), between the 25th and
27th of November 2015. Mr Hirst is a Resource Geologist and Competent
Person as defined by the JORC code.

The Mineral Resource Statement has been classified and reported in accordance
with the guidelines defined in the Australasian Code of Reporting of
Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012).

The Clontibret deposit comprises two styles of gold mineralisation (i) lodes
and (ii) stockwork. This updated resource estimate focused on determining the
grade and continuity of the lode mineralisation where over 95% of the contained
ounces occur. The stockwork resource still contributes to the overall
contained ounces.

Compared with the 2011 Tetra Tech study, this new resource estimate represents
an increase in gold grade of 26% and an increase in contained ounces in the
indicated category of 23%.

As part of this study additional opportunities to increase the size of the
resource have been identified. There is strong geological evidence to suggest
that the lodes have a more extensive strike length than previously interpreted
- up to at least 850m. Mineralisation remains open in all directions.

Resource Estimate

Prof. Garth Earls EurGeol, PGeo, FSEG, Conroy's Consultant Geologist, in
association with Conroy Senior Geologists Kevin McNulty, EurGeol, PGeo, FSEG
and Andrew Murrells EurGeol, PGeo re-interpreted the geology to include the
latest drilling and to improve the continuity in the correlation of the
mineralised lodes. This information was used as a basis for the new Resource
Estimate completed by independent mining consultants, Tetra Tech.

The new Resource Estimate for the Clontibret project is being disclosed in
accordance with Joint Ore Reserves Committee (JORC) 2012. The estimate
includes 85 diamond drillholes, with a drill spacing typically ranging from 25
to 50 m (see JORC Table 1 below).

The Company provided Tetra Tech with a coded drillhole database and sectional
interpretations to guide the wireframe model construction. In total 46
individual lodes and a stockwork body were identified by Conroy. The lodes
generally have a north / south strike, dipping to the west at between 60 and 70
degrees. The strike of the stockwork zone trends north east / south west,
dipping to the north west at approximately 50 degrees. The mineralised lodes
penetrate into the stockwork body, terminating against the footwall of the
stockwork (Figure 1).

Figure 1. Plan view of lode and stockwork wireframe models.

http://www.conroygoldandnaturalresources.com/sites/default/files/Figure%201.jpg

The lodes and stockwork are distinct geological domains that have been
estimated separately. Bulk density has been estimated into the block model
based on 346 samples averaging 2.712 grams per cubic centimetre (g/cm3). The
grade interpolation was by the Ordinary Kriging (OK) method.

Figure 2 presents a grade tonnage curve for the Clontibret Project.

Figure 2. Grade Tonnage Curve for the Clontibret Project

http://www.conroygoldandnaturalresources.com/sites/default/files/Figure%202.jpg

Professor Richard Conroy, Chairman, commented:

"This update confirms a grade increase of 26% above the previous estimate and a
23% increase in contained ounces in the indicated category with a robust cut
off of 1g/t Au. Significantly, the structural continuity of the lodes has been
established."

Contacts:

Conroy Gold and Natural Resources plc
Tel: +353-1-479-6180

Professor Richard Conroy, Chairman

Allenby Capital Limited (Nomad)
Tel: +44-20-3328-5656

Virginia Bull/James Thomas/Nick Harriss

Beaufort Securities (Broker)
Tel: +44-20-7382-8300

Jon Belliss/ Elliot Hance

IBI Corporate Finance Limited (ESM Adviser)
Tel: +353-766-234-800

Ger Heffernan / Jan Fitzell

Lothbury Financial Services
Tel:
+44-20-3290-0707

Michael Padley

Hall Communications
Tel:
+353-1-660-9377

Don Hall

Editor's Notes

Competent Person:

The information in this release that relates to Mineral Resources has been
compiled by Mr. Robert Davies of Tetra Tech, who is a fellow of the London
Geological Society. Mr. Davies is an independent consultant to Conroy Gold and
Natural Resources plc. Mr. Davies has sufficient experience that is relevant
to the style of mineralisation and type of deposit under consideration and to
the activity being undertaken 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'. Mr. Davies consents to the
inclusion in the report of the matters based on his information in the form and
context in which it appears.

The information in this release that relates to exploration and geological
interpretation was compiled by Mr. Kevin McNulty, EurGeol, PGeo, FSEG of Conroy
Gold and Natural Resources, who holds a BSc/MSc in Geology and Remote Sensing
and is a Professional Geologist with the Institute of Geologists of Ireland.
Mr. McNulty is a Senior Geologist with Conroy Gold and Natural Resources plc.
Mr. McNulty has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken 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'. Mr. McNulty consents to the inclusion in the
report of the matters based on his information in the form and context in which
it appears.

JORC Table 2

Conroy Gold and Natural Resources Clontibret Project

JORC Code, 2012 Edition - Table 2

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code Explanation Commentary

Sampling * Nature and quality of sampling (e.g. cut channels,
techniques 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.
* Include reference to measures taken to ensure
sample representivity and the appropriate
calibration of any measurement tools or systems
used.
* 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.

Drilling * Drill type (e.g. core, reverse circulation, * Diamond drilling totalling 11,122.05 m of drilling
techniques open-hole hammer, rotary air blast, auger, Bangka, across 85 drill holes has been completed at the
sonic, etc.) and details (e.g. core diameter, Clontibret deposit.
triple or standard tube, depth of diamond tails, * Diamond drillholes are typically triple barrel and
face-sampling bit or other type, whether core is HQ (63.5 mm) in diameter.
oriented and if so, by what method, etc.). * All holes were drilled by external contract
drillers.

Drill sample * Method of recording and assessing core and chip * All drilling was supervised by a company
recovery sample recoveries and results assessed. geologist. The length of core recovered was
* Measures taken to maximise sample recovery and measured by an assistant after removal from the
ensure representative nature of the samples. core barrel. All core was put into core boxes and
* Whether a relationship exists between sample transported to the core shed where the core length
recovery and grade and whether sample bias may have was checked by a geologist.
occurred due to preferential loss/gain of fine/ * The length of core was recorded on paper logs, as
coarse material. well as the length of the core run. These
recordings were later transferred into a
spreadsheet. The recovery is calculated by
dividing the core length by the drill run length,
which provides the percentage of core recovered per
drill run.
* Core recovery is recorded by Conroy staff and
averages 92.43% for the complete database and
87.30% for the mineralised zones.

Logging * Whether core and chip samples have been * Core was logged geotechnically and geologically by
geologically and geotechnically logged to a level company geologists using a standard logging
of detail to support appropriate Mineral Resource protocol.
estimation, mining studies and metallurgical * Logging intervals are based on lithologies.
studies. * The core is marked up for sampling during logging.
* Whether logging is qualitative or quantitative in * The core is photographed before logging to provide
nature. Core (or costean, channel, etc.) a record of all core.
photography. * Logging is to a standard suitable for the support
* The total length and percentage of the relevant of a Mineral Resource Estimate.
intersections logged.

Sub-sampling * If core, whether cut or sawn and whether quarter, * Core samples were cut using a circular saw with
techniques half or all core taken. water supply for dust suppression.
and sample * If non-core, whether riffled, tube sampled, rotary * Sampling was taken across all Au mineralised zones
preparation split, etc. and whether sampled wet or dry. and extended into un-mineralised wall rock for all
* For all sample types, the nature, quality and drilling excluding CLA designated holes. The CLA
appropriateness of the sample preparation holes include spot samples, but were not used
technique. within the Resource Estimate.
* Quality control procedures adopted for all * Core samples were always cut on the same side of
sub-sampling stages to maximise representivity of the core, after core was marked up, orientated to
samples. split the mineralisation present in the core
* Measures taken to ensure that the sampling is equally.
representative of the in situ material collected, * 1 m samples were reduced to honour mineralogical or
including for instance results for field duplicate/ lithological boundaries to generally a 20 cm sample
second-half sampling. minimum.
* Whether sample sizes are appropriate to the grain * The sampling methods can be considered to
size of the material being sampled. adequately represent the mineralisation without
undue bias.
* Field duplicates have been sawn from ¼ core, and
assessed for metallurgical performance

Quality of * The nature, quality and appropriateness of the * All samples were submitted to ALS Minerals for
assay data assaying and laboratory procedures used and whether sample preparation and analysis, where crushing,
and the technique is considered partial or total. pulping, homogenisation and sample splitting was
laboratory * For geophysical tools, spectrometers, handheld XRF completed in accordance with company standards.
tests instruments, etc., the parameters used in * Laboratory duplicate samples for QA/QC were taken
determining the analysis including instrument make every 20th sample. All duplicates were assayed.
and model, reading times, calibrations factors Results were statistically analysed and found to
applied and their derivation, etc. show adequate correlation to primary samples. Some
* Nature of quality control procedures adopted (e.g. minor bias exists in the pulp duplicate results
standards, blanks, duplicates, external laboratory compared to the original samples. Assay quality
checks) and whether acceptable levels of accuracy control was achieved by the use of duplicates,
(i.e. lack of bias) and precision have been blanks and certified reference material (CRM).
established. * Laboratory duplicates were routinely collected at
every 20th sample, in each case reproducing the
previous sample.
* CRMs were used throughout all drilling programmes
since 2011 at a rate of 1 in 20 samples. All CRMs
were monitored using Assay Quality Control Charts.
CRMs generally remained within acceptable control
ranges, indicating that the assays reported provide
an accurate reflection of the contained elements.
* CRM's were purchased from ORE Research &
Exploration Pty Ltd. The primary standard used was
OREAS 6ca (mean 1.48 g/t Au) and OREAS 6pc (mean
1.52 g/t Au) adequately represents the mean grade
of the mineralisation.
* Blank samples for QA/QC were inserted every 20th
sample. The performance was adequate for resource
estimation work with no samples above 0.01 ppm Au.
* The QA/QC programme is in line with industry best
practice and the failure rate is not statistically
significant therefore the resultant dataset is
suitable for Resource estimation.

Verification * The verification of significant intersections by * Significant intercepts were inspected by Mr. Joe
of sampling either independent or alternative company Hirst (Tetra Tech) during a site inspection from
and assaying personnel. 25th to 27th November 2015.
* The use of twinned holes. * Some twinned holes have been cored in recent times
* Documentation of primary data, data entry to validate holes drilled in the 1950's to 1970s.
procedures, data verification, data storage * Data input has been completed in accordance with
(physical and electronic) protocols. company procedures, which have been reviewed by
* Discuss any adjustment to assay data. Tetra Tech.
* Prior to resource estimation, below detection limit
assay results have been replaced with values of
half detection limit.

Location of * Accuracy and quality of surveys used to locate * All collar locations are reported in Irish National
data points drill holes (collar and down-hole surveys), Grid (TM65) with their locations recorded using a
trenches, mine workings and other locations used in handheld GPS.
Mineral Resource estimation. * Typically the survey was a Flexit single shot
* Specification of the grid system used. survey taken at the end of the hole, with a small
* Quality and adequacy of topographic control. proportion of recent holes (CDG-02-14, CDG-03-14,
CDG-04-14) drilled with Reflex multi-shot survey,
surveyed every 6 m. Eight of the holes are
recorded as un-surveyed and have no downhole
survey, only the collar azimuth and dip.
* A topographic survey was provided by Conroy with
the LiDAR data from Ordnance Survey of Ireland 2 m
resolution and minimum vertical accuracy of 25 cm.

Data spacing * Data spacing for reporting of Exploration Results. * Drilling does not conform to a grid due to local
and * Whether the data spacing and distribution is access constraints and variations in exploration
distribution sufficient to establish the degree of geological strategy between various owners. Most holes are
and grade continuity appropriate for the Mineral within 50 m of the next nearest hole, many are
Resource and Ore Reserve estimation procedure(s) within 25 m in the central zone.
and classifications applied. * Some assays for the CLA holes have been used to
* Whether sample compositing has been applied. interpret the geology but excluded from the Mineral
Resource Estimation due to a lack of data
validation and QA/QC.
* The current data spacing is sufficient to establish
geological continuity and grade continuity, as such
the Resource has been classified in the Indicated
and Inferred categories.

Orientation * Whether the orientation of sampling achieves * The lode mineralisation is typically dipping at
of data in unbiased sampling of possible structures and the between 60 and 70 degrees towards the west. The
relation to extent to which this is known, considering the majority of the holes have been drilled to achieve
geological deposit type. intercepts that are perpendicular to the strike of
structure * If the relationship between the drilling the lodes. However, due to the angle of dip, the
orientation and the orientation of key mineralised parallel veins, and the hole inclination, some of
structures is considered to have introduced a the angles of intercept are very acute. This has
sampling bias, this should be assessed and reported been considered in the interpretation to give
if material. representative true thicknesses.

Sample * The measures taken to ensure sample security. * Samples are stored in a locked and secure core shed
security located in Cremartin, Ireland.

Audits or * The results of any audits or reviews of sampling * Tetra Tech's CP has completed a single visit to the
reviews techniques and data. site but not during sampling operations.
* No independent samples were collected by Tetra Tech
for comparative purposes
* Tetra Tech has completed an independent analysis of
the QA/QC data and 10% of the original assay
certificates have been independently interrogated
by Tetra Tech geologists. The data is considered
appropriate for Resource estimation.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)

Criteria JORC Code Explanation Commentary

Database * Measures taken to ensure that data has not been * All data used in the Resource was provided by
integrity corrupted by, for example, transcription or Conroy as separate Excel drill hole files. The
keying errors, between its initial collection and separate files have been transposed into a central
its use for Mineral Resource estimation purposes. Excel database for verification prior to Mineral
* Data validation procedures used. Resource estimation.
* Leapfrog was utilised to validate the database with
any errors in interval overlaps and surveys
reported to Conroy for correction.
* 10% of Assay results were compared to the original
certificates to ensure that there are no
transcription errors.

Site visits * Comment on any site visits undertaken by the * The Competent Persons for this project are Mr.
Competent Person and the outcome of those visits. Robert Davies B.Sc., European Geologist (EurGeol)
* If no site visits have been undertaken indicate and Chartered Geologist (CGeol) and Mr. Joe Hirst
why this is the case. B.Sc, M.Sc., EurGeol) and CGeol.
* Mr. Hirst is a Senior Resource Geologist and
Competent Person as defined by the JORC code. Mr.
Hirst has visited the project between the 25th to
27th November 2015 and has inspected the core and
observed mineralisation in the field.

Geological * Confidence in (or conversely, the uncertainty of) * Geological Interpretation used a combination of
interpretation the geological interpretation of the mineral surface mapping, drilling, trenching and sectional
deposit. interpretations provided by Conroy. The glacial
* Nature of the data used and of any assumptions till covering the deposit increases the reliance on
made. drilling and sectional interpretations throughout
* The effect, if any, of alternative geological modelling.

interpretations on Mineral Resource estimation. * The initial geological interpretation and
* The use of geology in guiding and controlling correlation of mineralised lodes was completed by
Mineral Resource estimation. Conroy and provided to Tetra Tech as a flagged
* The factors affecting continuity both of grade column within the drillhole database.
and geology. * Geological modelling was completed in Leapfrog
initially, creating 3D wireframe models according
to the coded database and sectional interpretation
provided by Conroy.
* The Leapfrog wireframes were sent to Conroy for
comment and approval. Where required adjustments
were made to the geological model to ensure all
coded samples were included.
* Manual wireframing was then undertaken in Surpac
using the Leapfrog models as a guide.
* The manual wireframes where again sent to Conroy
for further comment and sign-off prior to the
Resource Estimate.
* Geological Domains were interpreted for the deposit
according to geology, grade, lithological
descriptions and geological structures. Two main
domains have been identified; a stockwork zone and
a set of parallel mineralised lodes.

Dimensions * The extent and variability of the Mineral * The Au lode mineralisation interpretation is
Resource expressed as length (along strike or projected north for several hundred metres.
otherwise), plan width, and depth below surface * Two of the eastern lodes correlate with trenches
to the upper and lower limits of the Mineral excavated at St. Mary's Creamery, some 500 m to the
Resource. north of the main Clontibret area, supporting the
extrapolation of the wireframes along strike.
* A number of the lodes extend south into the
stockwork zone. The correlation is supported by
intercepts that are higher in grade than would be
expected in the stockwork mineralisation. These
lodes terminate against the stockwork footwall.
* The lode wireframe models extend to a maximum depth
of approximately 500 m (-400 m elevation).

Estimation and * The nature and appropriateness of the estimation * The Mineral Resources have been estimated into a
modelling technique(s) applied and key assumptions, block model prepared in Geovia Surpac V.6.7. The
techniques including treatment of extreme grade values, block model comprises the following parameters:
domaining, interpolation parameters and maximum
distance of extrapolation from data points. If a * Parent cell dimension of 5 m x 20 m x 20 m (x, y,
computer assisted estimation method was chosen z).
include a description of computer software and * Sub-cell dimensions of 1.25 m x 5.0 m x 5.0 m (x,
parameters used. y, z).
* The availability of check estimates, previous
estimates and/ or mine production records and * A set of geological and Au grade based wireframe
whether the Mineral Resource estimate takes models were prepared in Surpac to select the
appropriate account of such data. samples used in the estimation and to constrain the
* The assumptions made regarding recovery of interpolation.
by-products. * Two geological domains were determined: The high
* Estimation of deleterious elements or other grade lodes trending roughly N-S and the lower
non-grade variables of economic significance grade stockwork (roughly E-W).
(e.g. sulphur for acid mine drainage * Grade estimates were based on 0.4 m composited
characterisation). assay data.
* In the case of block model interpolation, the * The interpolation of the element concentration was
block size in relation to the average sample undertaken using ordinary kriging.
spacing and the search employed. * The resource estimation techniques are appropriate
* Any assumptions behind modelling of selective for the style of mineralisation.
mining units. * In addition to Au, the following elements/
* Any assumptions about correlation between parameters were estimated into the model: As and
variables. density.
* Description of how the geological interpretation * To limit the impact of anomalous, outlier samples,
was used to control the resource estimates. a top-cut was applied at 20 g/t, 16 samples are
* Discussion of basis for using or not using grade affected by the top cut.
cutting or capping. * Block model validation was completed using a full
* The process of validation, the checking process set of statistical measures and plots, along with
used, the comparison of model data to drill hole visual inspection on plan and section.
data, and use of reconciliation data if
available.

Moisture * Whether the tonnages are estimated on a dry basis * Tonnage is estimated on a dry basis in accordance
or with natural moisture, and the method of with the specific gravity determination.
determination of the moisture content.

Cut-off * The basis of the adopted cut-off grade(s) or * A Cut-off grade of 1 g/t Au has been applied to
parameters quality parameters applied. demonstrate reasonable prospects for economic
extraction.

Mining factors * Assumptions made regarding possible mining * It is assumed that the deposit will be exploited
or assumptions methods, minimum mining dimensions and internal using standard open pit mining techniques.
(or, if applicable, external) mining dilution. * No dilution or any other modifying factors have
It is always necessary as part of the process of been applied to the Resources.
determining reasonable prospects for eventual
economic extraction to consider potential mining
methods, but the assumptions made regarding
mining methods and parameters when estimating
Mineral Resources may not always be rigorous.
Where this is the case, this should be reported
with an explanation of the basis of the mining
assumptions made.

Metallurgical * The basis for assumptions or predictions * Metallurgical assumptions are based on the
factors or regarding metallurgical amenability. It is previously completed Prefeasibility standard
assumptions always necessary as part of the process of Metallurgical study carried out by Tetra Tech on
determining reasonable prospects for eventual the Clontibret deposit in 2013.
economic extraction to consider potential * The study was overseen by Tetra Tech including;
metallurgical methods, but the assumptions test work programme design, sample selection and
regarding metallurgical treatment processes and test work progress monitory.

parameters made when reporting Mineral Resources * The investigation report determined that the
may not always be rigorous. Where this is the Clontibret deposit is refractory in nature and
case, this should be reported with an explanation would require treatment such as BIOX® to produce
of the basis of the metallurgical assumptions acceptable gold extraction.
made. * The metallurgical investigation confirmed an
overall gold recovery of 84% with BIOX®.

Environmental * Assumptions made regarding possible waste and * A Preliminary Environmental Scoping Report for
factors or process residue disposal options. It is always Clontibret Gold Project Co. Monaghan by Golder
assumptions necessary as part of the process of determining Associates has been completed.
reasonable prospects for eventual economic * Ecological studies and detailed monitoring of
extraction to consider the potential surface water are on-going, and a weather station
environmental impacts of the mining and has been installed.
processing operation. While at this stage the
determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
impacts should be reported. Where these aspects
have not been considered this should be reported
with an explanation of the environmental
assumptions made.

Bulk density * Whether assumed or determined. If assumed, the * Bulk density values have been estimated into the
basis for the assumptions. If determined, the block model using an inverse distance weighting
method used, whether wet or dry, the frequency of interpolation. The density estimate was based upon
the measurements, the nature, size and 346 samples determined by Archimedes method for
representativeness of the samples. density determinations, completed by Conroy
* The bulk density for bulk material must have been
measured by methods that adequately account for
void spaces (vugs, porosity, etc.), moisture and
differences between rock and alteration zones
within the deposit.
* Discuss assumptions for bulk density estimates
used in the evaluation process of the different
materials.

Classification * The basis for the classification of the Mineral * The resource classification at the project
Resources into varying confidence categories. considers the following criteria:
* Whether appropriate account has been taken of all
relevant factors (i.e. relative confidence in * Confidence in the sampling data and geological
tonnage/grade estimations, reliability of input interpretation.
data, confidence in continuity of geology and * The data distribution (based upon graphical
metal values, quality, quantity and distribution analysis and average distance to informing
of the data). composites).
* Whether the result appropriately reflects the * Grade continuity analysis.
Competent Person's view of the deposit.
* The model was classified according to Joint Ore
Reserves Committee of the Australasian Institute of
Mining and Metallurgy (JORC) guidelines (JORC, 2012
Edition).
* The classification appropriately reflects the
status of the resource development.

Audits or * The results of any audits or reviews of Mineral * An internal peer review was conducted for this
reviews Resource estimates. study. No external reviews or audits have been
completed.

Discussion of * Where appropriate a statement of the relative * The resource estimate is deemed appropriately
relative accuracy and confidence level in the Mineral accurate globally, based upon the informing data.
accuracy/ Resource estimate using an approach or procedure The accuracy and global/ local basis of the
confidence deemed appropriate by the Competent Person. For resource estimate is suitably accounted for in the
example, the application of statistical or resource classification.
geostatistical procedures to quantify the
relative accuracy of the resource within stated
confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of
the factors that could affect the relative
accuracy and confidence of the estimate.
* The statement should specify whether it relates
to global or local estimates, and, if local,
state the relevant tonnages, which should be
relevant to technical and economic evaluation.
Documentation should include assumptions made and
the procedures used.
* These statements of relative accuracy and
confidence of the estimate should be compared
with production data, where available.

END

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July 28, 2017 05:18 ET (09:18 GMT)

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