Assets, Experience, Growth

ASX ANNOUNCEMENT - 14 September 2015

NEW REGIONAL DRILLING PROGRAM COMMENCES IN NORTH QUEENSLAND

DRILLING WILL TEST FOUR NEW TARGET AREAS DEFINED BY GEOPHYSICS AND SOIL SAMPLING

HIGHLIGHTS

• 1200m Reverse Circulation (RC) drill program commences across four recently identified target areas within Syndicated's 100%-owned Northern Hub tenements, North Queensland.
• Program will comprise approximately 6-10 holes in total, with between 1 and 3 RC holes to be drilled at the following high-priority targets:
o Neso (Neptune area) - copper-gold;
o Proteus (Neptune area) - copper-gold;
o Coolibah/Ironbark (Mt Remarkable) - copper-gold;
o Fisher (Mt Remarkable) - copper-lead-zinc
• The new targets were selected from extensive analysis of recently completed airborne EM
survey data, together with detailed soil sampling and geological mapping.
• The new exploration program is consistent with Syndicated's strategic objective of growing its copper inventory within economic haulage distance of the Barbara Copper- Gold Project, where a Feasibility Study is being progressed by the Company's joint venture partner, CopperChem Limited.
Syndicated Metals Limited (ASX: SMD - "Syndicated" or "the Company") is pleased to advise that a new regional exploration drilling program has commenced this week across four high-priority exploration targets identified recently within its extensive copper-gold portfolio in North Queensland.
The Company has contracted Mitchell Drilling to complete the program. A Reverse Circulation drill rig has mobilised to the Neptune area within the Mount Remarkable Project area and commenced drilling over the weekend.
The current program represents the culmination of a highly successful regional exploration and targeting exercise conducted by Syndicated in recent months resulting in the discovery of these exciting new targets.
The Company has recently completed follow-up detailed soil sampling (Figure 1) and geological mapping over the identified VTEM anomalies to refine the drill targets after earlier completing an extensive regional airborne VTEM survey across its 100%-owned Northern Hub Project (Figure 2).
The overall objective of this program is to delineate additional copper resources within a 10-25km radius of the Barbara Copper-Gold Project, where a Feasibility Study is being progressed by the Company's joint venture partner, CopperChem Limited.
Exploration is targeting both high-grade Barbara-style deposits as well as larger, IOCG-style deposits associated with the Mt Remarkable Fault.

Figure 1 : Mt Remarkable Soil Geochemical Summary

Figure 2 : Mt Remarkable VTEM Coverage Summary

Drilling Program

The new targets have been delineated following extensive analysis of airborne VTEM data, soil sampling data, geological mapping and ground-truthing. Holes are generally targeted approximately
75 metres to 100 metres below surface and towards conductive plates modelled from the recent
VTEM survey results.
The new program will comprise approximately 1200 metres of Reverse Circulation drilling (6-10 holes in total) across the following four prospects:
• 2-3 holes at Neso - 350m;
• 1-2 holes at Proteus - 250m;
• 2-3 holes at Coolibah/Ironbark - 350m; and
• 1-2 holes at Fisher - 250m.
It is anticipated that the overall drilling program will take approximately two weeks to complete, with results to be reported as they come to hand.
ENDS
For further information:

Investors

Andrew Munckton - Syndicated Metals
Mobile: 0435 635 598

Media

Nicholas Read - Read Corporate
Mobile: 0419 929 046

Competent Person's Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Andrew Munckton who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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"). Mr Munckton is a full-time employee of Syndicated Metals Limited and consents to the inclusion in the report of the Exploration Targets and Exploration Results in the form and context in which they appear.

Exploration Targets

This report comments on and discusses Syndicated Metals Limited's exploration in terms of target size and type. The information relating to Exploration Targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. The potential quantity and quality of material discussed as Exploration Targets is conceptual in nature since there has been insufficient work completed to define them as Mineral Resources or Ore Reserves. It is uncertain if further exploration work will result in the determination of a Mineral Resource or Ore Reserve.