1 2 3 4 5 6 7 Molybdenum (Mo) and Tungsten (W) Mineralisation - - PowerPoint PPT Presentation

SLIDE 1

1

SLIDE 2

2

SLIDE 3

3

SLIDE 4

4

SLIDE 5

5

SLIDE 6

6

SLIDE 7

7

SLIDE 8

SLIDE 9

Molybdenum (Mo) and Tungsten (W) Mineralisation Styles

The bulk of the world's Mo is produced from porphyry deposits where grades vary widely but rarely exceed 0.25%. Mo is predominately mined as molybdenum sulphide (MoS2). Grades can be as low as 0.05% Mo for bulk tonnage systems where Mo is mined as the primary economic commodity or as low as 0.01% Mo where Mo is mined as a co-product or by-product. Typically, the lower grade deposits enjoy co-product credits such as copper (Cu) or W. Mo also occurs in greisen, skarn or vein style deposits often in association with W and occasionally bismuth (Bi). Mo is sometimes mined underground from narrow vein deposits predominately from mines in China, CIS and South Korea. Grades of Mo from economically recoverable vein deposits are more varied but generally tend to be higher. Grades in excess of 0.15% Mo have historically been considered economic. W is typically mined from skarn, vein, greisen and less commonly porphyry deposits. W is mined both as wolframite ((Fe, Mn)WO4) and scheelite (CaWO4). W is commonly mined in association with Mo and tin (Sn) in various styles of deposits. Economic grades mined rarely exceed 1% W in ore and are typically much lower with cut-off grades as low as 0.01% W reported from mines where W is mined as a co-product or by-product of Sn or Mo mining. Sources: International Molybdenum Association, USGS, Geoscience Australia

Daehwa Project Background

Exploration in South Korea is being conducted through wholly owned Korean Resources Limited (“KRL”) and in turn, its wholly owned subsidiary Suyeon Mining Company Limited (“SMCL”) SMCL has contractual rights to acquire the Daehwa Molybdenum/Tungsten Project. The Daehwa Project is located some 100km southeast of Seoul in Chungcheong-buk Province in central South Korea. The Daehwa Project contains two former molybdenum / tungsten mines, Daehwa and Donsan. It is believed that the mines closed during a period of low commodity prices and recent drilling confirms that the mineralisation extends well below and into the hangingwall of the historic workings. The Daehwa Project is comprised of three Mining Rights with granted tenure, subject to performance conditions, until 2027-2028.

9

SLIDE 10

10

SLIDE 11

11

SLIDE 12

12

SLIDE 13

13

SLIDE 14

14

SLIDE 15

15

SLIDE 16

16

SLIDE 17

17

SLIDE 18

18

SLIDE 19

19

SLIDE 20

20

SLIDE 21

21

SLIDE 22

22

SLIDE 23

23

SLIDE 24

24

SLIDE 25

25

SLIDE 26

26

SLIDE 27

27

SLIDE 28

SLIDE 29

29

SLIDE 30

30

SLIDE 31

31

SLIDE 32

32

SLIDE 33

33

SLIDE 34

34

SLIDE 35

35

SLIDE 36

36

SLIDE 37

Background on Molybdenum and Tungsten

Molybdenum and Tungsten are both metals whose principal use is as alloying agents in the manufacture of specialty steels. Molybdenum (Mo) metal is used mostly in steels and superalloys to enhance strength, toughness, thermal and corrosion resistance, and to reduce brittleness. Applications include high speed steels, stainless steels, high temperature steels and in cast iron. The US Geologic Survey (USGS) estimates that world molybdenum production in 2011 amounted to 250kt. China, the USA, Chile and Peru accounted for about 86% of global outputs in 2011 with China producing 94kt, followed by the USA with 64kt, Chile with 38kt and Peru with 18kt. The most common economic mineral from which Mo is extracted is molybdenite (MoS2). Tungsten (W) metal and its alloys are amongst the hardest of all metals and has the highest melting point of all pure metals. Tungsten is noted for its hardness and high temperature capabilities which makes it desirable for many industrial applications. Tungsten’s range of properties also makes it difficult to substitute it with other metals. The major use for tungsten is within cemented carbides, which are also called hard metals. Tungsten carbide is used for cutting and in wear-resistant materials, primarily in the metalworking, mining, oil drilling and construction industries. Tungsten alloys are used also in electrodes, filaments (light bulbs), wires and components for electrical, heating, lighting and welding applications. The USGS estimated that world production of tungsten in 2011 amounted to 72kt. China was the major producer with approximately 83%, followed by Russia with 4.3%. USA production was not recorded for confidential reasons. Over the past few years, the Chinese Government has restricted the amount of its tungsten ores which can be

• ffered on the world market by applying export quotas and taxes.

Sources: International Molybdenum Association, USGS, Geoscience Australia

37

SLIDE 38

Drilling, Transport and Laboratory Procedures

The drilling completed to date at Daehwa is shown in plan view earlier in this presentation and the specific details of each hole where known are summarised in the table

• below. Minimal information is available regarding the drilling completed at Daehwa and Donsan prior to 2010.

The assaying of the 2010 drill core was undertaken by the previous Australian project operators. The assay data available from the two holes is presented in Appendix 1. The assaying was undertaken at ALS Brisbane and SGS Perth following sample preparation at the internationally accredited laboratory facilities of ALS, Guangzhou and SGS Tianjin, China. The half and quarter core samples were cut using a diamond bladed brick saw. The 2010 assays have been generated from a mixture of half core samples and a selection of check repeat quarter core samples. The quarter core check samples were assayed at both SGS and ALS laboratories as part of an overall QA/QC programme. The remaining half core sample has been retained for future reference. All core logging and sampling was undertaken by SMCL geological team. The samples were packed in lots of 6 to 10 samples depending on sample weight by a SMCL geologist and then dispatched to JMK Express freight forwarders Seochu-gu,

• Seoul. JMK Express then arranged for the samples to be air freighted to Tianjin or Guangzhou, China using TNT International. The samples cleared customs in China

and were then transported by laboratory personnel to the laboratory in Tianjin or Guangzhou. The samples upon receipt were sorted to ensure that all the samples in the assay job had been received and matched the sample request consignment details supplied by email to the respective ALS or SGS laboratory. After sorting, the samples were stacked on trolleys and dried at 105oC. The sample preparation varied marginally between the two labs in China. ALS Guangzhou followed ALS sample prep procedure Prep-32. This involved jaw crushing the dried core sample until >70% sample passing 2mm and then riffle splitting the crushed sample to produce a 1500gm sub sample for pulverisation in a LM5 pulveriser using a Ferro-chrome mill and puck. The samples were pulverised until a nominally >85% of the sample was passing 75 microns. At SGS Tianjin, the dried samples were jaw crushed until >90% of the sample passing 3mm was achieved. The sample was then homogenised and split (splitting method is unknown) and a 1 kg sub sample was then pulverised until >85% of the sample passing 75 microns was achieved. The excess sample has been retained and stored by the laboratories for any future metallurgical testing by the company. The prepared sample pulps were then air freighted by the Chinese laboratories to partner laboratory facilities in Brisbane (ALS) and Perth (SGS). ALS completed both an ICP analysis of a range of elements using method ME-MS61 (this method uses a four acid digest) along with a separate Mo and W analysis using XRF pressed pellet method lab code XRF-05. The results of the XRF Mo and W analyses and the ICP Cu analysis are reported in Appendix 1. The results of other elements analysed for as part of the overall ICP analysis suite that are not considered material have been omitted from the attached appendix. These analyses only provide geochemical information on the deposit that is

• f academic interest.

Similarly, SGS Perth on receipt of sample pulps from SGS Tianjin completed a range of analyses. The results of the analyses are summarised in Appendix 1. The core samples were analysed for Mo and W by SGS Perth using XRF Fusion (method XRF780), XRF pressed pellet (method XRF75V) and ICP using a four acid digest (method ICP40Q). In the appendix below, the XRF fusion number has been reported where available and when an XRF fusion analysis was not undertaken, the XRF pressed pellet number has been reported. The detection limit for Mo by XRF fusion is 100ppm compared with 4ppm by XRF pressed pellet. Where the XRF fusion number was below the detection limit for Mo, the result of XRF pressed pellet number has been reported. All Cu assays reported were determined using an acid digest preparation and an ICP analysis method.

38

SLIDE 39

A comprehensive QA/QC programme was run as part of this initial 2010 drill core assay programme. This included the submission of both blank samples and Certified Reference Material (CRM) samples (material of a known grade as defined by the average analytical results of 20 to 30 independent laboratories). A check sample repeat programme was also run to compare laboratories and to try gauge the impact of the "nugget effect". The results of the repeat study indicated that the Daehwa mineralisation is extremely nuggetty with very poor sample repeatability achieved between the A and B sample. The results of the blind sample blanks suggest that the sample preparation of both laboratories is excellent with no cross sample contamination evident. The results of the CRM analyses using ICP show a slight degree of Mo underestimation and a stronger tendency of this method to underestimate W grades. The Mo assay results show less variation between the various analysis methods compared to W. The ICP and the XRF pressed pellet method to a lesser extent, tended to underestimate the Mo grade when compared to XRF fusion results and the CRM sample results. All intercepts reported are length weighted calculations and reflect down hole widths, while the true widths are not known at this stage. KORES Sampling The results of the KORES assaying are included in this release as Appendix II and significant intercepts have been illustrated on the sections earlier in the presentation. Holes DW001_2012 and DW003_2012 were both drilled with Korean NQ3 drill rods to produce 50.25mm diameter drill core. The longer hole DW002 _2012 was drilled with 50.25mm diameter core to ~300m and completed in NQ (47.6mm). KORES assayed quarter core samples from various intervals from all 3 drill holes. This has allowed SMCL to take half core samples for assay and retain the remaining quarter core as a permanent geological record. All sampling was undertaken by SMCL from the intervals chosen by KORES for analysis. The samples were packed by SMCL and dispatched by courier directly to the KORES office in Dongjak-gu, Seoul. All KORES assay work is performed in house at their own laboratory facility at Dongjak-gu. All core samples were jaw crushed nominally to 5 mm and then pulverised to passing 200 mesh size. The pulverised samples were then cone and quartered to produce a 60 gm sub sample for assay. Samples were digested using a mixture of sulphuric and hydrofluoric acid (the specific ratio of the acid mix is unknown) the final sample aliquot was then analysed using ICP-AES. SMCL is of the view that due to the nuggetty nature of the Daehwa Mo mineralisation, the assay procedure chosen by KORES may not have been the most appropriate

• methodology. As a result, the assays though indicative of the overall grade potential at Daehwa, individually may not truly reflect the Mo and in particular the W grade of

each sampled interval. Due to concerns that SMCL has over the quality of the W assays, these have not been reported on at this stage. SMCL intends to undertake repeat check sampling at an internationally accredited laboratory in Perth, Australia. SMCL plans to use XRF fusion and/or XRF pressed pellet as the main analytical method to analyse for Mo and W at Daehwa to avoid the solubility and/or precipitate issues that can occur during acid digestions of Mo and W bearing samples. All intercepts reported are length weighted calculations and reflect down hole widths, while the true widths are not known at this stage. Due to budget constraints, KORES focussed their sampling on the first two drill holes and the sampling was generally concentrated on zones with more readily identifiable molybdenite mineralisation rather than zones with stronger scheelite or wolframite mineralisation

39

SLIDE 40

Table of Hole Details HoleID From To Total Depth Core Size Dip Azimuth Down Hole Surveyed Northing* Easting* mRL#

DW001_1972 220 220 Unknown

• 75

255 No

4104460 392684 156

DW002_1972 220 220 Unknown

• 75

270 No

4104563 392656 146

DS001_1979 200 200 Unknown

• 85

255 No

4105309 392430 160

DS002_1979 200 200 Unknown

• 85

255 No

4105254 392443 140

DW001_2010^ 88.52 88.52 NQ

• 70

270 No

4104775 392869 148

DW001_2010 88.52 299.88 211.36 BQ No DW002_2010^ 301.88 301.88 NQ

• 70

270 No

4104693 392883 148

DW002_2011^ 99 99 NQ

• 30

250 No

4104643 392865 157

DW002_2011 99 300.1 201.1 BQ No DW003_2011^ 120.1 120.1 NQ

• 30

250 No

4104526 392885 175

DW003_2011 120.1 300.95 180.85 BQ No DW004_2011^ 122.5 122.5 NQ

• 30

250 No

4104436 392868 184

DW004_2011 122.5 300.49 177.99 BQ No DW001_2012^ 400.12 400.12 50.25mm

• 30

250 No

4104786 392839 157

DW002_2012^ 294.56 294.56 50.25mm

• 50

250 No

4104681 392863 153

DW002_2012 294.56 500.79 206.23 47.6mm No DW003_2012^ 401.3 401.3 50.25mm

• 30

250 No

4104854 392807 163

DW001_2013 451.05 451.05 50.6mm

• 31

259.4 Yes

4104681 392864 153

DW002_2013 450 450 50.6mm Pending

4104380 392975 163

DW003_2013 450.3 450.3 50.6mm

• 50

250.2 Yes

4104858 392813 163

DW004_2013 551 551 50.6mm

• 70

248.3 Yes

4104858 392813 163 # RL are heights above mean sea level at Incheon * Collar coordinates are in UTM Zone 52 N ^ Collar location surveyed 40

SLIDE 41

Appendix 1

Table of Assay Results

HoleID from to Interval Mo%* Mo ppm W%* W ppm# Cu%* Cu ppm Core size Sample size Recovery % Rock Type Lab DW001_2010 31.6 32.6 1 0.22 2200 tr 40 0.01 72 NQ

Half

94 Sheared Gneiss ALS DW001_2010 32.6 33.9 1.3 0.09 918 tr 30 0.01 86 NQ Half 96 Sheared Gneiss ALS DW001_2010 33.9 35.05 1.15 0.01 86 bdl bdl 0.02 154 NQ Half 100 Gneiss ALS DW001_2010 35.05 35.65 0.6 Core Missing^ DW001_2010 35.65 36.85 1.2 0.07 670 bdl bdl 0.09 859 NQ Half 83 Porphyry ALS DW001_2010 36.85 38 1.15 tr 32 bdl bdl tr 41 NQ Half 100 Porphyry ALS DW001_2010 64 64.75 0.75 0.03 320 tr 10 tr 22 NQ Half 93 Gneiss ALS DW001_2010 64.75 66 1.25 0.17 1695 bdl tr 14 NQ Half 88 Gneiss ALS DW001_2010 66 66.6 0.6 Core Missing^ DW001_2010 66.6 67.9 1.3 0.06 565 tr 10 tr 30 NQ Half 100 Porphyry ALS DW001_2010 99.48 100.49 1.01 0.12 1185 tr 10 tr 11 BQ Half 100 Gneiss ALS DW001_2010 100.49 101.61 1.12 0.00 16 bdl bdl tr 5 BQ Half 100 Gneiss ALS DW001_2010 101.61 102.61 1 0.27 2650 bdl bdl tr 35 BQ Half 100 Gneiss ALS DW001_2010 102.61 103.61 1 0.05 536 bdl bdl 0.01 64 BQ Half 100 Gneiss ALS DW001_2010 103.61 104.61 1 0.01 105 tr 20 tr 11 BQ Quart 100 Gneiss ALS DW001_2010 139.55 140.3 0.75 0.14 1350 bdl bdl 0.02 177 BQ Half 100 Porphyry ALS DW001_2010 140.3 141.5 1.2 tr 25 bdl bdl tr 7 BQ Half 100 Porphyry ALS DW001_2010 141.5 141.65 0.15 BQ Core Missing^ DW001_2010 141.65 142.65 1 tr 22 bdl bdl 0.01 71 BQ Half 100 Porphyry ALS DW001_2010 142.65 143.65 1 0.01 118 bdl bdl tr 8 BQ Half 100 Porphyry ALS DW001_2010 143.65 144.65 1 0.04 441 0.001 10 tr 5 BQ Half 100 Porphyry ALS DW001_2010 144.65 145.88 1.23 tr 46 bdl bdl tr 7 BQ Half 100 Porphyry ALS DW001_2010 145.88 146.85 0.97 0.02 169 bdl bdl tr 7 BQ Half 100 Gneiss ALS DW001_2010 155.51 156.57 1.06 0.17 1725 bdl bdl tr 9 BQ Half 100 Porphyry ALS DW001_2010 156.57 157.47 0.9 0.03 280 tr 20 tr 16 BQ Half 100 Gneiss ALS DW001_2010 157.47 158.6 1.13 0.09 915 tr 10 tr 29 BQ Half 100 Gneiss ALS DW001_2010 158.6 158.98 0.38 0.00 13 bdl bdl tr 40 BQ Half 100 Gneiss ALS 41

SLIDE 42

DW001_2010 158.98 159.28 0.3 BQ Core Missing^ DW001_2010 159.28 160.3 1.02 tr 22 0.03 320 tr 6 BQ Half 100 Gneiss ALS DW001_2010 160.3 160.7 0.4 BQ Core Missing^ DW001_2010 160.7 161.45 0.75 0.44 4350 bdl bdl tr 8 BQ Half 100 Porphyry ALS DW001_2010 167.4 168.4 1 0.55 5460 tr 30 0.01 88 BQ Half 100 Gneiss ALS DW001_2010 168.4 169.4 1 0.01 146 bdl bdl tr 4 BQ Half 100 Gneiss ALS DW001_2010 169.4 170.4 1 tr 24 bdl bdl tr 11 BQ Half 100 Gneiss ALS DW001_2010 170.4 171.4 1 0.01 134 tr 60 tr 42 BQ Half 100 Gneiss ALS DW001_2010 171.4 172.4 1 tr 47 bdl bdl tr 10 BQ Quart 100 Gneiss ALS DW001_2010 172.4 173.4 1 tr 29 tr 10 tr 11 BQ Half 100 Gneiss ALS DW001_2010 173.4 174.4 1 tr 14 bdl bdl tr 31 BQ Half 100 Gneiss ALS DW001_2010 174.4 175.4 1 0.03 314 bdl bdl tr 13 BQ Half 100 Gneiss ALS DW001_2010 175.4 176.4 1 0.04 379 tr 10 tr 9 BQ Half 100 Gneiss ALS DW001_2010 176.4 177.43 1.03 0.28 2760 tr 40 0.01 60 BQ Half 100 Gneiss ALS DW001_2010 218.6 219.65 1.05 0.52 5200 bdl bdl tr 9 BQ Half 100 Gneiss ALS DW001_2010 219.65 220.65 1 tr 19 bdl bdl 0.01 58 BQ Half 100 Gneiss ALS DW001_2010 220.65 221.65 1 0.13 1305 bdl bdl tr 20 BQ Half 100 Gneiss ALS DW002_2010 38.000 38.95 0.95 0.08 783 tr 8 tr 9 NQ

Half

100 Porphyry SGS DW002_2010 38.950 40.00 1.05 0.07 725 tr 7 tr 33 NQ

Half

100 Gneiss SGS DW002_2010 40.000 40.80 0.80 0.05 547 tr 7 tr 6 NQ

Half

100 Porphyry SGS DW002_2010 40.800 41.66 0.86 0.04 412 tr 7 tr 9 NQ

Half

100 Porphyry SGS DW002_2010 41.660 42.60 0.94 0.14 1351 tr 8 0.01 56 NQ

Half

100 Gneiss SGS DW002_2010 48.550 49.55 1.00 0.16 1562 tr 5 tr 47 NQ

Half

100 Gneiss SGS DW002_2010 49.550 50.50 0.95 0.01 109 tr 6 tr 44 NQ

Half

100 Gneiss SGS DW002_2010 50.500 51.50 1.00 0.03 325 tr 8 tr 34 NQ

Half

100 Gneiss SGS DW002_2010 51.500

52.5 1.00

0.16 1649 tr 5 0.06 563 NQ

Half

100 Gneiss SGS DW002_2010 52.500 53.50 1.00 0.05 487 tr 10 tr 34 NQ

Half

100 Porphyry SGS DW002_2010 53.500

54.63 1.13

0.01 109 0.03 294 tr 34 NQ

Half

100 Gneiss SGS DW002_2010 79.850 80.65 0.80 0.02 243 tr 12 tr 14 NQ

Half

100 Lamprophyre SGS DW002_2010 80.650 81.65 1.00 0.01 72 tr 9 tr 12 NQ

Half

100 Gneiss SGS DW002_2010 81.650 82.65 1.00 0.01 116 bdl bdl tr 23 NQ

Half

100 Gneiss SGS DW002_2010 82.650 83.75 1.10 tr 33 tr 44 tr 30 NQ

Half

100 Gneiss SGS DW002_2010 83.750 84.50 0.75 0.01 73 0.01 104 tr 37 NQ

Half

100 Gneiss SGS DW002_2010 100.000 101.00 1.00 0.58 5800 bdl bdl 0.01 71 NQ

Quarter

100 Porphyry SGS DW002_2010 101.000 102.00 1.00 0.34 3400 0.05 500 0.08 809 NQ

Quarter

100 Porphyry SGS DW002_2010 102.000 102.75 0.75 0.01 74 bdl bdl tr 33 NQ

Quarter

100 Porphyry SGS DW002_2010 102.750 103.50 0.75 0.09 900 bdl bdl 0.01 95 NQ

Quarter

100 Porphyry SGS 42

SLIDE 43

DW002_2010 103.500 104.50 1.00 0.01 100 bdl bdl tr 33 NQ

Quarter

100 Porphyry SGS DW002_2010 123.300 123.70 0.40 tr 49 bdl bdl tr 41 NQ

Quarter

100 Gneiss SGS DW002_2010 123.700 125.00 1.30 0.01 100 bdl bdl tr 9 NQ

Quarter

100 Gneiss SGS DW002_2010 125.000 126.00 1.00 0.03 300 tr 12 0.03 288 NQ

Quarter

100 Gneiss SGS DW002_2010 126.000

127 1.00

0.01 100 bdl bdl tr 40 NQ

Quarter

100 Gneiss SGS DW002_2010 127.000 128.00 1.00 0.42 4200 tr 6 tr 4 NQ

Quarter

100 Gneiss SGS DW002_2010 128.000

129 1.00

0.31 3100 bdl bdl tr 3 NQ

Quarter

100 Gneiss SGS DW002_2010 129.000 130.00 1.00 0.00 49 bdl bdl tr 2 NQ

Quarter

100 Gneiss SGS DW002_2010 130.000 131.00 1.00 tr 19 bdl bdl tr 3 NQ

Quarter

100 Gneiss SGS DW002_2010 189.550 190.55 1.00 0.03 300 bdl bdl tr 6 NQ

Quarter

100 Gneiss SGS DW002_2010 190.55 191.55 1 0.07 700 bdl bdl tr 10 NQ

Quarter

100 Gneiss SGS DW002_2010 191.55 192.55 1 0.01 104 bdl bdl tr 26 NQ

Quarter

100 Gneiss SGS DW002_2010 192.55 193.55 1 0.02 200 bdl bdl tr 4 NQ

Quarter

100 Gneiss SGS DW002_2010 193.55 194.55 1 0.03 300 bdl bdl tr 6 NQ

Quarter

100 Gneiss SGS DW002_2010 194.55 195.55 1 0.01 54 bdl bdl tr 6 NQ

Quarter

100 Gneiss SGS DW002_2010 195.55 196.55 1 0.13 1300 tr 13 tr 17 NQ

Quarter

100 Gneiss SGS DW002_2010 196.55 197.55 1 0.01 100 bdl bdl tr 6 NQ

Quarter

100 Gneiss SGS DW002_2010 201.160 202.50 1.34 0.18 1770 0.01 123 0.01 67 NQ

Half

100 Gneiss SGS DW002_2010 202.500 203.50 1.00 0.03 320 tr 31 tr 35 NQ

Half

100 Gneiss SGS DW002_2010 203.500 204.50 1.00 0.01 92 bdl bdl tr 34 NQ

Half

100 Gneiss SGS DW002_2010 204.500 205.50 1.00 0.03 261 bdl bdl tr 35 NQ

Half

100 Gneiss SGS DW002_2010 205.500 206.50 1.00 tr 45 tr 5 tr 31 NQ

Half

100 Gneiss SGS DW002_2010 206.500 207.50 1.00 0.01 70 0.01 68 tr 19 NQ

Half

100 Gneiss SGS DW002_2010 207.500 208.50 1.00 0.08 793 bdl bdl tr 13 NQ

Half

100 Gneiss SGS DW002_2010 208.500 209.50 1.00 0.01 100 tr 6 tr 17 NQ

Half

100 Gneiss SGS DW002_2010 209.500 210.50 1.00 0.04 358 bdl bdl tr 17 NQ

Half

100 Gneiss SGS DW002_2010 230.42 231.42 1 0.07 700 tr 6 0.01 108 NQ

Quarter

100 Gneiss SGS DW002_2010 231.42 232.42 1 0.07 700 tr 5 tr 42 NQ

Quarter

100 Gneiss SGS DW002_2010 232.42 233.45 1.03 0.02 200 0.01 76 0.01 103 NQ

Quarter

100 Gneiss SGS DW002_2010 233.45 234.68 1.23 tr 35 tr 13 tr 33 NQ

Quarter

100 Gneiss SGS

# The detection limit for Mo by XRF fusion is 100ppm and for XRF pressed pellet is 3 ppm with SGS and 4 ppm with ALS. The detection limit for W is 10ppm with ALS and 5 ppm with SGS laboratories. The detection limit with ICP for Cu 50ppb with SGS and 20 ppb with ALS. The values below detection limit are shown as bdl in the above table of results. * In the above table, low level values <0.005% Mo, <0.005% Cu and <0.005% W are shown as tr in the % columns.

^ It is SMCL's understanding that these sections of core were removed by University personnel for academic study purposes.

43

SLIDE 44

Appendix II

Table of KORES 2012 Assay Results HoleID From To Interval Mo% Mo ppm Recovery % Rock Type

DW001_2012 6 7 1 0.01 100 73 Porphyry DW001_2012 7 7.9 0.9 0.005 50 100 Porphyry DW001_2012 7.9 9 1.1 0.05 500 100 Porphyry DW001_2012 9 10.33 1.33 0.09 900 100 Porphyry DW001_2012 10.33 11.33 1 0.05 500 100 Porphyry DW001_2012 11.33 12.33 1 0.06 600 100 Porphyry DW001_2012 12.33 13.33 1 0.03 300 100 Porphyry DW001_2012 13.33 14.33 1 0.05 500 100 Porphyry DW001_2012 14.33 15.33 1 0.03 300 100 Porphyry DW001_2012 15.33 16.33 1 0.12 1200 100 Porphyry DW001_2012 16.33 17.33 1 0.23 2300 100 Porphyry DW001_2012 17.33 18.33 1 0.02 200 100 Porphyry DW001_2012 18.33 19.33 1 0.04 400 100 Porphyry DW001_2012 19.33 20.33 1 0.11 1100 100 Porphyry DW001_2012 20.33 21.33 1 0.04 400 100 Porphyry DW001_2012 21.33 22.33 1 0.005 50 100 Porphyry DW001_2012 22.33 23.33 1 0.03 300 100 Porphyry DW001_2012 23.33 24.33 1 0.02 200 100 Porphyry DW001_2012 24.33 25.33 1 0.04 400 100 Porphyry DW001_2012 25.33 26.33 1 0.11 1100 100 Porphyry DW001_2012 26.33 27.33 1 0.11 1100 100 Porphyry DW001_2012 27.33 28.33 1 0.005 50 100 Porphyry DW001_2012 28.33 29.33 1 0.09 900 100 Porphyry DW001_2012 29.33 30.33 1 0.06 600 100 Porphyry DW001_2012 30.33 31.33 1 0.25 2500 100 Porphyry DW001_2012 31.33 32.33 1 0.02 200 100 Porphyry DW001_2012 32.33 33.33 1 0.11 1100 100 Porphyry 44

SLIDE 45

DW001_2012 33.33 34.33 1 0.02 200 100 Porphyry DW001_2012 34.33 35.33 1 0.01 100 100 Porphyry DW001_2012 35.33 36.33 1 0.03 300 100 Porphyry DW001_2012 36.33 37.33 1 0.04 400 100 Porphyry DW001_2012 37.33 38.33 1 0.02 200 100 Porphyry DW001_2012 38.33 39.33 1 0.005 50 100 Porphyry DW001_2012 39.33 40.33 1 0.2 2000 100 Porphyry DW001_2012 40.33 41.13 0.8 0.12 1200 100 Porphyry DW001_2012 41.13 41.88 0.75 0.03 300 100 Porphyry DW001_2012 41.88 42.6 0.72 0.08 800 100 Porphyry DW001_2012 48.81 49.81 1 0.01 100 100 Gneiss DW001_2012 49.81 50.81 1 0.005 50 100 Gneiss DW001_2012 50.81 51.81 1 0.02 200 100 Gneiss DW001_2012 51.81 52.81 1 0.005 50 100 Gneiss DW001_2012 52.81 53.81 1 0.02 200 100 Gneiss DW001_2012 53.81 54.81 1 0.005 50 100 Gneiss DW001_2012 54.81 55.81 1 0.03 300 100 Gneiss DW001_2012 55.81 56.81 1 0.005 50 100 Gneiss DW001_2012 56.81 57.81 1 0.01 100 100 Gneiss DW001_2012 57.81 58.81 1 0.005 50 100 Gneiss DW001_2012 58.81 59.81 1 0.07 700 100 Gneiss DW001_2012 59.81 60.81 1 0.03 300 100 Gneiss DW001_2012 60.81 61.81 1 0.005 50 100 Gneiss DW001_2012 61.81 62.31 0.5 0.005 50 100 Gneiss DW001_2012 71.16 72.16 1 0.49 4900 100 Gneiss DW001_2012 72.16 73.16 1 0.03 300 100 Gneiss DW001_2012 73.16 74.16 1 0.005 50 100 Gneiss DW001_2012 74.16 75.16 1 0.01 100 100 Gneiss DW001_2012 75.16 76.16 1 0.7 7000 100 Gneiss DW001_2012 76.16 77.16 1 0.005 50 100 Gneiss DW001_2012 86.87 88.12 1.25 0.18 1800 100 Gneiss DW001_2012 97.32 98.32 1 0.05 500 100 Porphyry DW001_2012 98.32 99.4 1.08 1.19 11900 93 Porphyry DW001_2012 99.4 100.4 1 0.005 50 100 Porphyry DW001_2012 100.4 101.4 1 0.02 200 100 Porphyry DW001_2012 101.4 102.4 1 0.37 3700 100 Porphyry DW001_2012 102.4 103.4 1 0.07 700 100 Porphyry

SLIDE 46

DW001_2012 103.4 104.4 1 0.02 200 100 Porphyry DW001_2012 109.4 110.4 1 0.04 400 100 Porphyry DW001_2012 137.23 137.73 0.5 0.03 300 100 Gneiss DW001_2012 137.73 138.92 1.19 0.03 300 100 Gneiss DW001_2012 138.92 139.92 1 0.04 400 100 Gneiss DW001_2012 139.92 140.92 1 0.005 50 100 Gneiss DW001_2012 140.92 142.02 1.1 0.03 300 100 Gneiss DW001_2012 142.02 143.02 1 0.13 1300 100 Gneiss DW001_2012 143.02 144.02 1 0.01 100 100 Gneiss DW001_2012 144.02 145.02 1 0.005 50 100 Gneiss DW001_2012 145.02 146.02 1 0.02 200 100 Gneiss DW001_2012 146.02 147.02 1 0.01 100 100 Gneiss DW001_2012 147.02 148.02 1 0.06 600 100 Gneiss DW001_2012 148.02 149.02 1 0.03 300 100 Gneiss DW001_2012 149.02 150.02 1 0.02 200 100 Gneiss DW001_2012 150.02 151.02 1 0.02 200 100 Gneiss DW001_2012 151.02 152.02 1 0.01 100 100 Gneiss DW001_2012 152.02 153.02 1 0.02 200 100 Gneiss DW001_2012 153.02 154.02 1 0.01 100 100 Gneiss DW001_2012 154.02 155.02 1 0.01 100 100 Gneiss DW001_2012 155.02 156.02 1 0.01 100 100 Gneiss DW001_2012 156.02 157.02 1 0.005 50 100 Gneiss DW001_2012 157.02 157.56 0.54 0.07 700 100 Gneiss DW001_2012 157.56 158.28 0.72 0.005 50 100 Porphyry DW001_2012 158.28 159.02 0.74 0.005 50 100 Porphyry DW001_2012 196.62 197.62 1 0.02 200 100 Gneiss DW001_2012 197.62 198.62 1 0.59 5900 100 Gneiss DW001_2012 198.62 199.62 1 0.02 200 100 Gneiss DW001_2012 199.62 200.62 1 0.03 300 100 Gneiss DW001_2012 200.62 201.62 1 0.01 100 100 Gneiss DW001_2012 201.62 202.62 1 0.04 400 100 Gneiss DW001_2012 202.62 203.62 1 0.02 200 100 Gneiss DW001_2012 203.62 204.62 1 0.005 50 100 Gneiss DW001_2012 204.62 205.42 0.8 0.005 50 100 Gneiss DW001_2012 205.42 206.47 1.05 0.09 900 100 Gneiss DW001_2012 206.47 207.47 1 0.005 50 100 Gneiss DW001_2012 207.47 208.54 1.07 0.005 50 100 Gneiss

SLIDE 47

DW001_2012 208.54 209.26 0.72 0.005 50 100 Porphyry DW001_2012 209.26 209.97 0.71 0.03 300 100 Porphyry DW001_2012 209.97 210.72 0.75 0.02 200 100 Gneiss DW001_2012 256.74 257.78 1.04 0.05 500 100 Gneiss DW001_2012 267.69 268.69 1 0.005 50 100 Gneiss DW001_2012 268.69 269.69 1 0.04 400 100 Gneiss DW001_2012 269.69 270.69 1 0.01 100 100 Gneiss DW001_2012 270.69 271.49 0.8 0.005 50 100 Gneiss DW001_2012 271.49 272.49 1 0.04 400 100 Gneiss DW001_2012 272.49 273.14 0.65 0.15 1500 100 Gneiss DW001_2012 273.14 274.14 1 0.005 50 100 Gneiss DW001_2012 274.14 275.09 0.95 0.01 100 100 Gneiss DW001_2012 275.09 276.09 1 0.005 50 100 Gneiss DW001_2012 276.09 276.99 0.9 0.03 300 100 Gneiss DW001_2012 296.03 296.43 0.4 1.89 18900 100 Quartz Vein DW001_2012 301.79 302.93 1.14 0.06 600 100 Gneiss DW001_2012 302.93 303.93 1 0.005 50 100 Gneiss DW001_2012 310.18 311.18 1 0.54 5400 100 Gneiss DW001_2012 311.18 312.08 0.9 0.04 400 100 Gneiss DW001_2012 312.08 313.08 1 0.005 50 100 Quartz Vein DW001_2012 313.08 314.08 1 0.01 100 100 Gneiss DW001_2012 314.08 315.08 1 0.005 50 100 Gneiss DW001_2012 315.08 316.08 1 0.05 500 100 Gneiss DW001_2012 316.08 317.08 1 0.02 200 100 Gneiss DW001_2012 317.08 318.08 1 0.04 400 100 Gneiss DW001_2012 318.08 319.08 1 0.52 5200 100 Gneiss DW001_2012 319.08 320.08 1 0.19 1900 100 Gneiss DW001_2012 320.08 321.08 1 0.01 100 100 Gneiss DW001_2012 321.08 322.27 1.19 0.01 100 100 Gneiss DW001_2012 322.27 323.38 1.11 0.005 50 100 Quartz Vein DW001_2012 323.38 324.38 1 0.02 200 100 Gneiss DW001_2012 324.38 325.12 0.74 0.005 50 100 Gneiss DW001_2012 325.12 325.78 0.66 0.01 100 100 Quartz Vein DW001_2012 364.56 365.56 1 0.02 200 100 Gneiss DW002_2012 45.77 46.97 1 0.06 600 100 Gneiss DW002_2012 59 60 1 0.17 1700 100 Gneiss

SLIDE 48

DW002_2012 60 61 1 0.13 1300 100 Gneiss DW002_2012 61 62 1 0.21 2100 100 Gneiss DW002_2012 62 62.7 0.7 0.11 1100 100 Gneiss DW002_2012 72.36 72.93 0.57 0.02 200 100 Gneiss DW002_2012 72.93 73.5 0.57 0.88 8800 100 Gneiss DW002_2012 73.5 74.5 1 0.02 200 100 Gneiss DW002_2012 74.5 75.42 0.92 0.005 50 100 Gneiss DW002_2012 75.42 76.43 1.01 0.04 400 100 Gneiss DW002_2012 76.43 77.43 1 0.01 100 100 Gneiss DW002_2012 77.43 78.43 1 0.02 200 100 Gneiss DW002_2012 78.43 79.43 1 0.21 2100 100 Gneiss DW002_2012 79.43 80.43 1 0.03 300 100 Gneiss DW002_2012 80.43 81.45 1.02 0.005 50 100 Gneiss DW002_2012 81.45 82.28 0.83 0.04 400 84 Gneiss DW002_2012 82.28 82.9 0.62 0.005 50 100 Gneiss DW002_2012 82.9 84 1.1 0.005 50 100 Gneiss DW002_2012 84 85 1 0.005 50 100 Gneiss DW002_2012 85 86 1 0.005 50 100 Gneiss DW002_2012 86 87 1 0.005 50 100 Gneiss DW002_2012 87 88 1 0.05 500 100 Gneiss DW002_2012 88 89 1 0.05 500 100 Gneiss DW002_2012 89 90 1 0.03 300 100 Gneiss DW002_2012 90 90.7 0.7 0.005 50 100 Gneiss DW002_2012 90.7 91.37 0.67 0.02 200 100 Gneiss DW002_2012 91.37 92 0.63 0.81 8100 100 Quartz Vein DW002_2012 128.04 129.04 1 0.02 200 100 Porphyry DW002_2012 129.04 129.5 0.46 0.02 200 100 Gneiss DW002_2012 129.5 130.48 0.98 0.005 50 100 Gneiss DW002_2012 130.48 131.48 1 0.02 200 100 Gneiss DW002_2012 131.48 132.56 1.08 0.13 1300 100 Gneiss DW002_2012 132.56 133.64 1.08 0.02 200 100 Gneiss DW002_2012 133.64 134.64 1 0.02 200 100 Gneiss DW002_2012 142.67 143.47 0.8 0.08 800 100 Porphyry DW002_2012 143.47 144.3 0.83 0.005 50 100 Porphyry DW002_2012 144.3 145.05 0.75 0.005 50 100 Gneiss DW002_2012 145.05 146.05 1 0.01 100 100 Gneiss DW002_2012 146.05 147.15 1.1 0.19 1900 100 Porphyry

SLIDE 49

DW002_2012 147.15 148.32 1.17 0.005 50 100 Porphyry DW002_2012 176 176.91 0.91 0.18 1800 100 Gneiss DW002_2012 176.91 177.91 1 0.005 50 100 Gneiss DW002_2012 177.91 178.91 1 0.07 700 100 Gneiss DW002_2012 178.91 179.91 1 0.02 200 100 Gneiss DW002_2012 179.91 180.91 1 0.03 300 100 Gneiss DW002_2012 180.91 181.77 0.86 0.03 300 100 Gneiss DW002_2012 181.77 182.77 1 0.06 600 100 Gneiss DW002_2012 182.77 183.77 1 0.07 700 100 Gneiss DW002_2012 183.77 184.77 1 0.02 200 100 Gneiss DW002_2012 184.77 185.77 1 0.01 100 100 Gneiss DW002_2012 185.77 186.77 1 0.03 300 100 Gneiss DW002_2012 186.77 187.77 1 0.005 50 100 Gneiss DW002_2012 187.77 188.77 1 0.005 50 100 Gneiss DW002_2012 188.77 189.97 1.2 0.01 100 100 Gneiss DW002_2012 189.97 190.97 1 0.01 100 100 Gneiss DW002_2012 190.97 191.97 1 0.03 300 100 Gneiss DW002_2012 191.97 192.97 1 0.02 200 100 Gneiss DW002_2012 192.97 193.97 1 0.05 500 100 Gneiss DW002_2012 193.97 195.11 1.14 0.04 400 100 Gneiss DW002_2012 195.11 195.86 0.75 0.005 50 100 Lamprophyric Dyke DW002_2012 217.5 218.5 1 0.005 50 100 Porphyry DW002_2012 221.1 222.1 1 0.005 50 100 Porphyry DW002_2012 222.1 223.1 1 0.14 1400 100 Porphyry DW002_2012 223.1 223.93 0.83 0.15 1500 100 Porphyry DW002_2012 223.93 224.93 1 0.53 5300 100 Gneiss DW002_2012 224.93 226.04 1.11 0.05 500 100 Gneiss DW002_2012 226.04 226.54 0.5 0.05 500 100 Gneiss DW002_2012 226.54 227.54 1 0.01 100 100 Gneiss DW002_2012 227.54 228.54 1 0.06 600 100 Gneiss DW002_2012 236.54 237.54 1 0.005 50 100 Gneiss DW002_2012 237.54 238.54 1 0.005 50 100 Gneiss DW002_2012 238.54 239.7 1.16 0.01 100 100 Gneiss DW002_2012 268.87 269.87 1 0.65 6500 100 Gneiss DW002_2012 269.87 270.87 1 0.27 2700 100 Gneiss DW002_2012 270.87 271.87 1 0.005 50 100 Gneiss DW002_2012 271.87 272.87 1 0.005 50 100 Gneiss

SLIDE 50

DW002_2012 272.87 273.87 1 0.005 50 100 Gneiss DW002_2012 273.87 274.87 1 0.005 50 100 Gneiss DW002_2012 293.87 294.56 0.69 0.005 50 100 Gneiss DW002_2012 299.91 300.91 1 0.09 900 100 Gneiss DW002_2012 302.91 303.91 1 0.19 1900 100 Gneiss and Quartz Vein DW002_2012 303.91 304.91 1 0.005 50 100 Gneiss DW002_2012 304.91 305.91 1 0.005 50 100 Gneiss DW002_2012 305.91 306.91 1 0.005 50 100 Gneiss DW002_2012 306.91 307.91 1 0.005 50 100 Gneiss DW002_2012 316.02 317.02 1 0.02 200 100 Gneiss DW002_2012 317.02 318.02 1 0.005 50 100 Gneiss DW002_2012 318.02 319.02 1 0.005 50 100 Gneiss DW002_2012 319.02 320.02 1 0.005 50 100 Quartz Vein and Gneiss DW002_2012 320.02 321.02 1 0.005 50 100 Gneiss DW002_2012 321.02 322.02 1 0.01 100 100 Gneiss DW002_2012 322.02 323.02 1 0.005 50 100 Gneiss DW002_2012 323.02 323.83 0.81 0.005 50 100 Gneiss DW002_2012 333.73 334.51 0.78 0.31 3100 100 Quartz Vein and Gneiss DW002_2012 334.51 335.51 1 0.005 50 100 Gneiss DW002_2012 335.51 336.51 1 0.005 50 100 Gneiss DW002_2012 336.51 337.51 1 0.03 300 100 Gneiss DW002_2012 337.51 338.51 1 0.24 2400 100 Gneiss DW002_2012 338.51 339.51 1 0.005 50 100 Gneiss DW002_2012 339.51 340.51 1 0.005 50 100 Gneiss DW002_2012 340.51 341.51 1 0.005 50 100 Gneiss DW002_2012 341.51 342.51 1 0.005 50 100 Gneiss DW002_2012 342.51 343.51 1 0.005 50 100 Gneiss DW002_2012 343.51 344.51 1 0.01 100 100 Gneiss DW002_2012 344.51 345.51 1 0.005 50 100 Gneiss DW002_2012 345.51 346.51 1 0.005 50 100 Gneiss DW002_2012 346.51 347.71 1.2 0.005 50 99 Gneiss DW002_2012 427.96 428.96 1 0.06 600 100 Gneiss DW002_2012 428.96 429.66 0.7 0.005 50 100 Gneiss DW002_2012 429.66 430.36 0.7 0.03 300 100 Gneiss DW002_2012 432.92 433.92 1 0.01 100 100 Greisenised Gneiss DW002_2012 433.92 434.92 1 0.01 100 100 Greisenised Gneiss DW002_2012 434.92 436.06 1.14 0.005 50 100 Gneiss

SLIDE 51

DW002_2012 475.12 476.12 1 0.005 50 100 Gneiss DW002_2012 476.12 477.12 1 0.005 50 100 Gneiss DW002_2012 477.12 478.12 1 0.005 50 100 Gneiss DW002_2012 478.12 478.86 0.74 0.04 400 100 Gneiss DW002_2012 478.86 479.33 0.47 0.06 600 100 Gneiss DW002_2012 479.33 480.33 1 0.005 50 100 Gneiss DW002_2012 480.33 481.33 1 0.02 200 100 Gneiss DW002_2012 481.33 482.54 1.21 0.005 50 100 Gneiss DW002_2012 491.13 492.23 1.1 0.005 50 100 Gneiss DW003_2012 23.66 24.54 0.88 1.01 10100 100 Gneiss DW003_2012 38.42 39.42 1 0.52 5200 100 Gneiss DW003_2012 39.42 40.42 1 0.02 200 100 Gneiss DW003_2012 40.42 41.42 1 0.005 50 100 Gneiss DW003_2012 41.42 42.42 1 0.005 50 100 Gneiss DW003_2012 42.42 43.42 1 0.005 50 100 Gneiss DW003_2012 43.42 44.32 0.9 0.005 50 100 Gneiss DW003_2012 70.27 70.67 0.4 0.02 200 100 Gneiss DW003_2012 75.55 75.95 0.4 0.19 1900 100 Gneiss DW003_2012 84.11 85.11 1 0.04 400 100 Gneiss DW003_2012 85.11 86.11 1 0.005 50 100 Gneiss DW003_2012 86.11 87.11 1 0.005 50 100 Gneiss DW003_2012 87.11 88.11 1 0.03 300 100 Gneiss DW003_2012 88.11 89.11 1 0.01 100 100 Gneiss DW003_2012 89.11 90.11 1 0.005 50 100 Gneiss DW003_2012 90.11 91.11 1 0.005 50 100 Gneiss DW003_2012 91.11 92.11 1 0.005 50 92 Gneiss DW003_2012 92.11 93.11 1 0.005 50 91 Gneiss DW003_2012 93.11 94.01 0.9 0.02 200 98 Gneiss DW003_2012 94.01 94.81 0.8 0.005 50 100 Gneiss DW003_2012 122.04 123.19 1.15 0.005 50 100 Greisenised Gneiss DW003_2012 130.5 131.8 1.3 0.01 100 100 Gneiss DW003_2012 138.7 139.08 0.38 0.005 50 100 Porphyry DW003_2012 139.08 140.08 1 0.005 50 100 Gneiss DW003_2012 140.08 141.08 1 0.005 50 100 Gneiss DW003_2012 141.08 141.85 0.77 0.005 50 100 Gneiss DW003_2012 166.53 167.53 1 0.005 50 100 Gneiss

SLIDE 52

DW003_2012 167.53 168.53 1 0.005 50 100 Gneiss DW003_2012 168.53 169.53 1 0.005 50 100 Gneiss DW003_2012 169.53 170.53 1 0.005 50 100 Gneiss DW003_2012 170.53 171.53 1 0.37 3700 100 Gneiss DW003_2012 171.53 172.53 1 0.005 50 100 Gneiss DW003_2012 172.53 173.43 0.9 0.44 4400 100 Gneiss DW003_2012 173.43 174.28 0.85 0.005 50 100 Gneiss DW003_2012 253.49 254.49 1 0.1 1000 100 Porphyry DW003_2012 254.49 255.69 1.2 0.005 50 100 Porphyry DW003_2012 260.11 260.51 0.4 0.005 50 100 Porphyry DW003_2012 267.31 268.51 1.2 0.02 200 100 Porphyry DW003_2012 268.51 269.51 1 0.4 4000 100 Porphyry DW003_2012 287.4 288.6 1.2 0.06 600 100 Porphyry DW003_2012 332.44 333.44 1 0.02 200 100 Porphyry DW003_2012 333.44 334.44 1 0.005 50 100 Porphyry DW003_2012 334.44 335.44 1 0.005 50 100 Porphyry DW003_2012 335.44 336.44 1 0.005 50 100 Porphyry DW003_2012 336.44 337.44 1 0.005 50 100 Porphyry DW003_2012 337.44 338.44 1 0.24 2400 100 Porphyry

* The detection limit for Mo at the KORES laboratory using ICP-AES is 100 ppm, all results reported as having assay values below the detection limit are shown here at half the detection

limit (50 ppm) for the purpose of making length weighted average calculations.

52