Recent Exploration

Desktop studies relating to historical drilling have occurred with planning at various stages across most of the tenure. The majority of the drill programs were put on hold during 2017, due to the transfer of the tenements to Relentless Resources. Future drilling programs are expected to take place. In the Copi and Sunshine deposits (EL8312 and EL8385 respectively), BHM completed a campaign of resource drilling in early 2015 at the Copi North extension on EL8385. A smaller campaign of drilling was also conducted on the Sunshine deposit, shortly afterward. These confirmed the continuity of higher-grade mineralisation. As part of the on-going work, a bulk sample was collected from the drilling conducted in early 2016 and sent for further mineral classification and initial processing test-work.

RecentExploration

Two programs of exploration drilling have been approved to date across the Copi-Sunshine (Copi Project) and the Magic–Woolcunda-Budgeree deposits, with a total of 450 holes for 16,000m of drilling planned undertaken in May and October 2019. The proposed drilling will test for resource infilling and extensions to the above deposits while adding valuable information about the existing Mineral Resources. Air-core drilling was conducted on the Springwood deposit (EL8309) during early 2017. Thirty seven vertical air-core holes for 1,236m were drilled. Assays were conducted and a maiden Inferred Mineral Resource of 3.0Mt grading at 3.3% THM was delineated with ilmenite of 49%, zircon of 6.6% and rutile of 11%. Two further exploration targets are to be tested and planning has commenced on EL8309 to further assess these targets. Historical drilling review conducted by Relentless Resources has also identified additional zones of mineralisation on the remaining Tenements, including but not limited to, potential extensions and new targets on the Magic deposit (EL8311), as well as the Budgeree deposit (EL8560) and the Woolcunda deposit (EL8648).