Australian Securities Exchange Announcement

29 January 2016

ASX Market Announcements Australian Securities Exchange 20 Bridge Street

SYDNEY NSW 2000

SPARGOVILLE DRILLING DELIVERS HIGH GRADE RESULTS

HIGHLIGHTS

Maximus Resources Limited (ASX:MXR) announces;

• Significant gold intersection reported in several holes including high grade intercepts

• 24m at 3.05 g/t including 8 metres at 4.0g/t in hole MXENRC04

• 7m at 4.0g/t including 1m at 14.7g/t in hole MXENRCO5

• Drilling, sampling and assay protocols to JORC 2012 standard

  
  

  Tychean Resources Limited (ASX:TYK) wishes to update investors on exploration activities carried out by Maximus Resources Limited ('Maximus').

  
  

  Maximus yesterday announced drilling results from Spargoville drilling.

  
  

  The announcement as released by Maximus is attached subsequent to this release.

  
  

  For further information please contact

  
  

  Mr. Robert Kennedy Mr. Duncan Gordon

  Chairman Executive Director

  Tychean Resources Limited Adelaide Equity Partners Limited

  M: 0418 836 965 M: 0404 006 444

  
  

  Further information relating to Tychean Resources Ltd and its various exploration projects can be found at its website: www.tycheanresources.com

  
  

  ASX Announcement

  
  

  28 January 2016

  
  

  Spargoville Drilling Delivers High Grade Gold Results

  
  

  HIGHLIGHTS

  
  

  • Significant gold intersections reported in several holes including high grade intercepts

  • 24m at 3.05 g/t including 8 metres at 4.0g/t in hole MXENRC04

  • 7m at 4.0 g/t including 1m at 14.7 g/t in hole MXENRC05

  • Drilling, sampling and assay protocols to JORC 2012 standard

Maximus Resources Limited (ASX: MXR) is pleased to update shareholders following completion of the Company's maiden drilling program on the Eagles Nest project in December 2015 and the receipt of assay results from the Project, located 70 kilometres south of Kalgoorlie, WA.

A total of 8 holes were completed for a total of 809 metres testing for strike and depth extensions to known mineralisation in the Eagles Nest goldfield. Visual logging of the drill chips by the geologist confirmed alteration and sulphides at the interpreted mineralised horizon in 7 holes.

A further important component of this drilling program is that it was designed to check the validity of historical mineralised intercepts, by drilling adjacent to or twinning previous drillhole locations, and assaying all samples using the fire assay method. Technical reports indicate that utilising the partial leach or aqua regia assaying method on high grade oxide samples (particularly samples with a high coarse gold component) does not provide a representative assay result.

Significant mineralised intersections recorded in the recent Eagles Nest drill program include 24m @ 3.05g/t, from 19m, including 8m @ 4.0 g/t from 35m, in hole MXENRC004, 7m @ 4.0 g/t from 33m, including 1m @ 14.7g/t from 34m in hole MXENRC005, 6m @ 1.98g/t from 81m, including 1m @ 5.3g/t from 81m in hole MXENRC07. Alteration assemblages included biotite, pyrrhotite, pyrite, arsenopyrite and chalcopyrite and are typical in areas of stronger gold mineralisation.

The Eagles Nest project is located on the Spargoville shear approximately 8km south of the previously mined high grade Wattle Dam gold mine. The drill results at the Eagles Nest Project demonstrate the potential for similar high grade gold mines, along strike from Wattle Dam, within the prospective Spargoville Shear Zone.

Results to date indicate a mineralized body dipping steeply to the east, and plunging to the north is present at Eagles Nest.

The company is currently planning the next drilling program on the Spargoville tenements, with approval received for the subsequent Eagles Nest drilling program.

Figure 1: Map showing southern portion of Spargoville project over TMI background

Table 1. Drill results completed on Eagles Nest project in December 2015. NSR means no significant result (> 1g/t)

Figure 2: Cross section showing recent RC drill results from holes MXENRC04 and RC07 with historical results shown in half tone

MXR is now sufficiently encouraged that the correlation between recent drilling and historical results will allow the company to include past drill assay results in planned preliminary resource calculations for internal use only. The historic data cannot be considered JORC compliant, however the correlation (see figure 2) between recent RC holes drilled perpendicular to historic drillholes is sufficiently robust to warrant inclusion in internal calculations. Future drilling will however include further infill and twin drilling to increase the confidence and accuracy of the existing mineralised outline.

One drill hole was cancelled due to difficulties accessing the location with the large drill rig available to complete the drill program. This hole may be completed in a subsequent drill program when a smaller unit is available.

For further information contact

Kevin Malaxos on 08 7324 3172 Duncan Gordon, Adelaide Equity Partners [email protected] on 08 8232 8800 or 0404 006 444

[email protected]

Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus' website: www.maximusresources.com

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Stephen Hogan who is a Member of the Australasian Institute of Mining and Metallurgy, and who has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activities being 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 (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person.