Hole

Width down hole (m)

Depth from

Cu

(%)

Ag

(ppm)

Core recovery (%)

Comment

ALDDH026

5

131

0.11

99

ALDDH027

10.04

180

0.32

6.69

93

Core loss of 0.7 m between 187 and 189m

ALDDH027

10.37

216.9

0.28

66.64

70

Core loss of 0.4m between 216.9 and 217.6m and

2.3m between 222.3 and 225.7m

ALDDH027

12.3

258.3

0.09

6.67

93

Core loss of 1m between 259.5 and 261.6m

ALDDH027

3.9

287.3

1.19

6.7

87

Core loss of 0.6m between 287.3 and 289.2m

East

North

Dip

Azimuth

Total

Depth

From

To

Interval

Cu

(%)

Ag

(ppm)

Pb

(%)

Zn

(%)

U (ppm)

764475.6

6258050

-59

89

304.90

63.40

65.50

2.10

49.20

111.00

112.00

1.00

0.21

126.00

127.00

1.00

0.13

131.00

136.00

5.00

0.11

138.00

139.00

1.00

0.13

147.65

148.60

0.95

52

223.00

225.30

2.30

0.14

225.30

226.00

0.70

62

292.06

295.00

2.94

54

296.57

298.00

1.43

56

301.95

302.97

1.02

57

764733.4

6257625

-59

269

394.60

108.00

109.00

1.00

0.19

123.90

126.50

2.60

0.11

175.00

176.00

1.00

0.10

178.00

182.00

4.00

0.36

11.19

414

180.00

190.04

10.04

0.32

6.69

168

180.00

185.00

5.00

0.50

11.76

321

200.00

202.00

2.00

53

210.96

212.01

1.05

0.17

51

216.90

227.27

10.37

0.28

66.64

220.00

228.50

8.50

0.30

32.64

240.10

241.47

1.37

1.42

5.86

258.30

268.90

10.60

0.09

6.67

0.34

0.22

270.60

275.00

4.40

0.17

283.30

284.65

1.35

0.14

287.30

294.60

7.30

0.73

4.12

287.30

291.20

3.90

1.19

6.70

298.40

302.50

4.10

0.38

317.99

318.97

0.98

0.14

332.22

333.20

0.98

0.21

341.98

344.00

2.02

0.45

383.75

384.99

1.24

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g. cut channels, 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 1m samples from which 3kg was pulverised

to produce a 30g 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.

• The Netherleigh Park prospect was sampled using diamond drill holes. A total of two drill holes were drilled for a total of

699.50 metres.

• Diamond drillcore only was sampled. Drillcore was logged for lithology, weathering, alteration, mineralisation and structure. Sampling was conducted as half core (NQ and HQ) for

visibly mineralised intervals with an appropriate buffer into the unmineralised country rock. Sampling followed SFR protocols and industry best practice QA/QC procedures.

• Drillcore sampled on nominal 1 metre intervals which varied with respect to lithological and geological boundaries in mineralised zones. A general 2 metre maximum sample length outside mineralized zones, also varied with respect to lithological and geological boundaries.

• Samples were dried, crushed (~5mm), split up to 1.2kg, pulverised and pulp taken for four acid digest followed by ICP- AES / ICP-MS (multi-element) or Aqua Regia/AAS (Au) finish.

Drilling techniques

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details

(e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• Diamond core only, NQ with HQ collars. HQ and NQ drillcore was oriented using an Ezy Mark orientation tool.

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• Drillcore recoveries are logged per drilling run, overall core recoveries greater than 90%.

• Drillcore reconstructed on angle iron for run length measurement against driller's blocks, orientation lines and recording of driller's breaks.

• Diamond drillcore has moderately high recoveries with some core loss recorded. Zones of core loss noted in the drill hole log.

Logging

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core

(or costean, channel, etc) photography.

• The total length and percentage of the relevant intersections logged.

• Drillcore has been logged for geological (lithology, mineralisation, alteration) and geotechnical (alpha/beta angles, RQD, recovery) information, all data is stored in a database and or spreadsheets.

• All holes are logged and photographed.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• All drillcore was cut in half using core saws at ALS Pooraka, and half core (HQ and NQ size) collected for sampling, ensuring the same side of the drillcore was consistently sampled.

• Samples were prepared at and crushed to 85%

1.2kg subsample split (rotary and riffle) for pulverising to 85%

• Sample sizes are appropriate to the grain size of the material being sampled.

Criteria

JORC Code explanation

Commentary

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

• Samples were submitted to a four acid digest (sulphuric, nitric, perchloric and hydrofluoric) and Inductively Coupled Plasma (ICP) finish.

• QA/QC procedures include a chain of custody protocol, systematic submittal of 10 to 20% QA/QC samples including duplicates, field blanks and externally sourced certified reference samples into the flow of samples submitted to the laboratory.

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay data.

• Significant intersections are reported by ARE and checked by

SFR.

• No drill holes have been twinned.

• Data entry and verification is undertaken by SFR following an established protocol into software, all data is stored in a digital database and regularly backed-up.

• No statistical adjustments to data have been applied.

Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

• Drill hole locations have been surveyed by averaged Garmin

GPS measurements, down hole surveys were collected every

30 metres using a down hole survey instrument by Ranger

Surveys.

• Appropriate QC procedures were applied to verify down hole surveys.

• The grid system for the Alford Project is UTM GDA94, Zone 53.

• All GPS collar locations corrected to SRTM.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

• Wide spaced exploration drilling.

• No resources or reserves reported.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• Interpretation undertaken at prospect scale to refine gross structural fabric and thus to drill perpendicular to the structural orientation.

• No orientation based bias had been identified in the data to this point.

Sample security

• The measures taken to ensure sample security.

• The chain of custody for sample dispatch was implemented and is as follows:

¬ Polywoven bags containing samples, labelled, sealed with cable ties and weighed.

¬ Sample dispatch shipments were delivered to the sample preparation laboratory and the sample dispatch form signed and returned with a confirmation of the cable tie seals in place and the delivery of all samples within each batch.

Audits or reviews

• The results of any audits or reviews of sampling techniques and data.

• Visits and review of the laboratory at ALS Pooraka were conducted by senior personnel.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting

along with any known impediments to obtaining a licence to operate in the area.

• Exploration Licence, 5212, Glenrae, approximately 70km south of Port Pirie, South Australia. Current expiry date is 4/11/2015. Prior to expiry an application for renewal of term will be submitted to DSD Tenements. Kelaray Pty Ltd holds 100%

of the licence (100% subsidiary of Argonaut Resources NL). Sandfire Resources has an earn in joint venture. Project located on freehold land.

• No known impediments.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• Jododex/St Joe/NBH/Uranerz (1980s) - Regional augering, geophysical surveys, RAB and diamond drilling. Drilling at Netherleigh Park area (Drill hole PB09).

• MIM (1990s - early 2000s) - geophysical surveys, surface geochemical surveys, RC and diamond drilling. Drilling at Netherleigh Park area (Drill holes MPBD03, MPB05-09).

• Kelaray (2002 - 2003) - Diamond drilling and ground magnetic survey. Drilling at Netherleigh Park area (Drill holes ALDDH01 and ALDDH04).

• Hillgrove (2003 - 2009) - Diamond, mud rotary and aircore drilling geophysical surveys, surface geochemical surveys. Drilling at Netherleigh Park area (Drill holes ALDDH05 - 08 plus shallow AC drilling).

• Kelaray (2010 - 2012) - Diamond and aircore drilling, geophysical surveys. Drilling at Netherleigh Park area (Drill holes ALDDH09 - 11 plus shallow AC drilling).

• Sandfire (2012 - present) - Diamond and aircore drilling, geophysical surveys. Drilling at Netherleigh Park area

(AC drilling).

Geology

• Deposit type, geological setting and style of mineralisation.

• Style of mineralisation targeted is IOCG style, Cu +/- Au, Ag, REE and U.

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

¬ easting and northing of the drill hole collar

¬ elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

¬ dip and azimuth of the hole

¬ down hole length and interception depth

¬ hole length.

• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• See Table - Alford Project Drill holes

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• Length-weighted average grades reported. No upper limit has been applied to copper grades in these exploration results.

• A cut-off grade of 0.1% Cu and a maximum internal dilution of

3m (down hole width) are used as a guideline when delineating the drilled thickness intervals of mineralisation.

• All metal grades reported are single element.

Criteria

JORC Code explanation

Commentary

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

• Down hole length, true width not known.

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited

to a plan view of drill hole collar locations and appropriate sectional views.

• Refer to figures within report.

Balanced reporting

• Where comprehensive reporting of all Exploration Results

is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All results reported.

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical

survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• There is no outstanding exploration data considered material that has not been previously reported or is not contained within this report.

Further work

• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Further geological interpretation and structural analysis to be completed on these prospects. Target testing contingent on positive interpretation.

• All future exploration work is commercially sensitive and will not be released to the market until results are available.