EKJV Exploration Report‌

September 2015 Quarter‌‌‌

ASX ANNOUNCEMENT

2 November 2015

Australian Securities Exchange Code: TBR‌

Board of Directors:

Mr Otakar Demis

Chairman and Joint Company Secretary‌‌

Mr Anton Billis‌

Managing Director

Mr Gordon Sklenka

Non-Executive Director

Mrs Lyndall Vaughan

Joint Company Secretary

Suite G1, 49 Melville Parade South Perth WA 6151‌‌‌‌‌‌‌‌‌‌

T: +61 8 9474 2113

F: +61 8 9367 9386

E: [email protected]

W: www.tribune.com.au ABN: 11 009 341 539

Tribune Resources Ltd (ASX code: TBR) has pleasure in providing the Quarterly EKJV Exploration Report dated 29 October 2015.

For further information please contact: Lyndall Vaughan

E: [email protected]

Ph: +61 8 9474 2113

East Kundana Joint Venture

SEPTEMBER 2015 QUARTERLY EKJV EXPLORATION REPORT

For distribution to JV Partners:

• Northern Star Resources

• Tribune Resources

• Rand Mining

1. SUMMARY

   A total of 9,099.0m of drilling has been completed at the East Kundana Joint Venture during the September Quarter (Table 1). Of this 6,180m was diamond drilling with 1,956m being drilled at the Pegasus deposit, 631m drilled at Drake, 3,873m drilled at Falcon, 1,572m drilled at Lunar Duck and 1,067m drilled at Ambition. A further 2,919m of RC drilling was conducted. With 1,347m being drilled at Falcon and 1,572m drilled at Lunar Duck.

   
   

   Project	Prospect	Tenement	Metres - RC	No. Samples	Metres - DD	No. Samples	Comments
   EKJV	Pegasus	M16/309	-	-	1956	1797
   EKJV	Drake	M16/309	-	-	631	1256
   EKJV	Falcon	M16/309	1347	1542	2526	-
   EKJV	Lunar Duck	M16/309	1572	1793	-	-
   EKJV	Ambition	M16/326	-	-	1067	-
   EKJV	Raleigh Corridor	M16/309	-	-	-	771
   Total	2,919m	3,335	6,180m	3,824

   Table 1. EKJV Drilling Summary for the Quarter

   
   

2. Pegasus Prospect Locations

   The prospect locations as referred to in this report are presented in Figure 1.

   
   

   Drake

   Old Pegasus

   Poseidon

   
   

   Arcas

   Jewellery Box

   
   

   Medusa

   Polaris

   Centauri

   Link Zone

   
   

   500m

   
   

   Figure 1. Long Section of the Pegasus Deposit showing the Local Prospect Names

   
   

3. Schematic Pegasus Cross Section

   A schematic cross section of the Pegasus deposit is presented in Figure 2. The conceptual positions of mineralisation are shown in red. References throughout this report are made to these mineralisation locations; namely K2, K2E, K2B, Mbp veins and Pode.

   
   

   K2B

   West East

   
   

   Pode

   
   

   Mbp Veins

   K2 (FW)

   
   

   
   

   K2B

   Centenary Shale (Shl)

   
   

   K2E (HW)

   
   

   Bent Tree Basalt (Mb)

   Victorious Basalt (Mbp)

   
   

   Intermediate Volcaniclastic Tuff (Ivt)

   
   

   Figure 2. Schematic Cross Section of the Pegasus K2 Deposit showing Mineralisation Positions (Red Outlines)

   
   

4. July

5. DRILLING

During July, two surface diamond rigs drilled 1,956m, 631m, and 654m respectively at the Pegasus, Drake and Falcon prospects, for a total of 3,241m (Table 2, Figure 3). Drilling consisted primarily of two drill testing programmes, one targeting the Pode structure at Drake, and one targeting the volcaniclastics and K2A structure at Falcon, directly west of Pegasus. A resource targeting programme targeted the K2 and Pode structures at Pegasus to upgrade the Polaris area to an indicated classification.

Nine diamond holes were drilled during July, with 996 samples being sent to the lab in July, all samples were from holes drilled in May and June.




2.1.1 Pegasus

Five diamond holes were drilled in northern Pegasus in July (Table 3, Figure 3). PGDD15021, PGDD15022, PGDD15023, and PGDD15030, were drilled as part of a four hole resource targeting programme infilling the Polaris zone to a 40m x 40m drill spacing, which should subsequently