Aphrodite Gold Project

THE APHRODITE GOLD PROJECT

EXCELLENT EXPLORATION POTENTIAL

Located in the heart of Western Australia’s world famous Eastern Goldfields region, the Aphrodite Gold Project is ideally positioned. Just 65km north of Kalgoorlie, it is close to all the major infrastructure and workforce required for the Project’s proposed commercialisation.

The Project Overview

The Aphrodite Gold Project is located 65 kilometres north of Kalgoorlie in the Eastern Goldfields of Western Australia and has a long history of exploration and resource estimation by several parties dating from its discovery in the mid-1990s.

The Company’s current 2012 JORC Compliant mineral resource estimate completed in May 2017 as part of a Pre-Feasibility Study comprises 13.1Mt averaging 2.99g/t Gold (Au) for a total of 1.26 million ounces with Indicated (741,364 ounces) and Inferred (519,502 ounces) Resource categories.

The Aphrodite deposit is covered by five contiguous mining leases 100% owned Aphrodite Gold. All five tenements have been granted a 21-year life, with the earliest expiry date in 2028.

The Company also has been granted one exploration licence, two prospecting licences and three Miscellaneous Licences within proximity to the mining leases.

The Aphrodite mineralisation and current mineral resource estimate is situated in the Kalgoorlie Terrance of the Yilgarn Craton,and within the Bardon tectonic Zone – a high-straight zone in supracrustal rocks extending about 120km north of Kalgoorlie.

Kalgoorlie is the largest town in the region and a major mining centre with extensive infrastructure and other facilities servicing the mining industry.
The sealed road from Kalgoorlie to Meekatharra passes within 5km of the Project area. The distance by road from Kalgoorlie is about 80km.
Kalgoorlie is the premier gold producing region of Australia with a long history of mining and discovery of substantial gold deposits.

The world-renowned Golden Mile has produced over 50 million ounces of gold alone and KCGM’s Super Pit continues to produce about 800,000 ounces of gold each year.

The Company acquired the advanced Aphrodite Gold Project from Apex Minerals NL in November 2009 following Apex’s decision to focus on its Wiluna gold mining operation.

Aphrodite Gold Deposit

Gold mineralisation within the Aphrodite Gold Project area was first discovered in 1996 when Goldfields Limited drill-tested a 1200 metre-long supergene gold anomaly identified during a calcrete sampling program the previous year. The first significant intersection returned from this drilling program was 10 metres at 8.6 grams per tonne (g/t) gold from within the area’s weathered bedrock (saprolite), above what was subsequently labelled the Alpha zone.

Subsequent drill programs testing the fresh rock mineralisation around the Alpha zone confirmed that the mineralisation at the Aphrodite Deposit was contained within two sub-parallel lode structures known as Alpha and Phi.

ALPHA LODE

The Alpha lode occurs along a sediment-porphyry contact and is controlled by a north-northwest trending fault zone that acted as the primary conduit for fluid flow and, thus, mineralisation. The result is a zone of mineralisation with average width within the porphyry unit of five metres and which increases significantly to 20 metres within the sedimentary unit.

Drilling has confirmed that the gold mineralisation at Alpha continues for at least 650 metres below the surface, opening up the potential for an underground operation of the Alpha lode following any open pit mining.

Previous work on the Alpha lode, including historic drilling, assumed the strike length of this gold lode was limited to 430 metres. However drill results indicate that the Alpha lode may have a total strike length of up to 1400 metres.

PHI LODE

The Phi lode is located only 200 metres west of the Alpha lode and comprises three parallel zones of gold mineralisation within a sediment package. Each mineralised zone within the Phi lode has an average width of six metres and extends to a depth of at least 400 metres. These zones are yet to be closed off by drilling thus remaining open at depth.

Primary mineralisation at Phi extends for at least 450 metres along strike and recent modelling indicates the strike length of the Phi zone may be approximately 1800 metres.

At present, both lodes remain open along strike and at depth which offers excellent exploration potential for the Company to target in order to increase resources and potential mine life.

View the Resource Statement

RESOURCE STATEMENT – AS PREPARED BY MCDONALD SPIEJERS IN 2012

Exploration Potential

The Aphrodite Project has outstanding potential for additional ounces of gold to be added to the existing gold resource.

ALPHA/PHI ZONE

Previous drill indicates that the strike length of the Alpha and Phi Lodes could extend for up to 1400 metres and 1800 metres respectively. Also the Alpha and Phi lodes remain open at depth with historic drilling indicating that mineralisation could extend for a further 200 metres below the current resource.

Exploration at the Aphrodite Gold Project to date has primarily focused on Alpha and Phi, however the area hosts other known gold mineralisation lodes that have been identified through previous drilling. These include mineralisation at the Epsilon, Gamma and Omega lodes, which have the potential to host new gold deposits.

ADDITIONAL ZONES

Epsilon lies between Alpha and Phi, and contains gold mineralisation that is similar in style to Alpha. Its mineralisation is interpreted as a northeast-striking lode that joins Alpha and Phi, and is best considered as a component of the Alpha-Phi system.

Further drilling at Epsilon is required to determine its potential.

The Gamma lode has had very little exploration despite being only 200m east of Alpha. A limited drilling program at Gamma has returned encouraging assay results.

Omega is 40 metres west of Phi, hosted within a sedimentary unit. According to an independent geologist’s report, the lode has a strike length of up to 1000 metres and continues at depth for 200 metres. The Company reported that part of Omega had been modelled by an independent geologist and incorporated in the Aphrodite Gold Project’s resource estimate.

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