c702ef43-981a-4815-8fee-f9ca8df96434.pdf
SECOND FORTUNE STAGE 2 DIAMOND DRILLING PROGRAMME COMPLETE - FURTHER VISIBLE GOLD IN MULTIPLE HOLES
the Stage 1 program
Exterra Resources Limited
ACN 138 222 705
ASX Code: EXC
www.exterraresources.com.au Issued Capital:
Ordinary Shares: 201.2m Options: 12.5m
Cash (30 Sept 2015): $667,000
Directors and Management: John Davis
Managing Director
Justin Brown
Non-Executive Director
Peter Cole
Non-Executive Director
Dennis Wilkins
Company Secretary
14 December 2015
Exterra Resources Limited (ASX:EXC) ("Exterra") is pleased to advise that the Stage 2 diamond drilling programme at the Second Fortune Gold Project, pursuant to the option agreement ("Agreement") with PIT n PORTAL Corporate Services Pty Ltd ("PnP"), has been completed.
The Stage 2 drilling programme consisted of 8 diamond core tail drill holes, totalling 177m of RC pre-collars and 925m of HQ/NQ coring and was funded 50:50 between Exterra and PnP.
The programme focussed on intersections on the Main Lode north and south of the Stage 1 programme and at depth. Drilling also intersected the West, H/W and F/W lodes.
Results are pending and will be reported when received.
Following completion of the Stage 2 drilling programme all data from the co-funded Stage 1 and Stage 2 programmes will be forwarded to PnP who will incorporate the enhanced drilling data into a revised mineral resource estimate.
This will form the basis of a revised mine plan and feasibility study to develop the Second Fortune Underground Gold Mine, under a Profit Share agreement between Exterra and PnP as announced on the 29 September 2015.
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Stage 2 Drilling Completed
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Stage 1 Drilling Completed
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Stage 2 Drilling Completed
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Figure 1: Second Fortune Main Lode long section showing mineralised zones, Resource and Probable Reserve1 outlines and location of Stage 1 and Stage 2 diamond drilling.
1http://www.exterraresources.com.au/images/uploads/Second_Fortune_PFS_ASX_Release_July_2014.pdf
About Exterra Resources Limited
Exterra Resources Limited (ASX:EXC) is a gold exploration and development company based in Perth, Western Australia, with a focus on high grade, high margin gold projects with near term production potential to fund the future growth of the Company.
The Company's projects are all located in the Archaean Yilgarn Craton in WA, a world class gold province which has been a prolific producer of gold since the late 1880's and includes the Kalgoorlie "Golden Mile" deposit which has produced over 50 million ounces of gold since discovery in 1893.
About PIT n PORTAL Corporate Services Pty Ltd
Pit n Portal is a Perth based mining Group of companies offering wide range of cost effective mining services from equipment to the complete whole of mine operations from feasibility to production; it departs from traditional mining contract model by actively partnering with the clients that consequently results in projects fast tracking from low cost start-up to rapid production and optimum profitability.
For further information:
Mr John Davis Managing Director T +61 8 6315 1411
Competent Persons Statement
The information in this report that relates to database compilation, sampling processes, geological interpretation and mineralisation, project parameters and costs and overall supervision and direction of Mineral Resource is based on and fairly represents, information and supporting documentation compiled under the overall supervision and direction of John Davis (Member of the Australasian Institute of Mining and Metallurgy and the AIG). Mr Davis has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Davis consents to the inclusion in the release of the statements based on their information in the form and context in which they appear.
Information in this report that relates to estimation, depletion and reporting of Mineral Resources is based on and fairly represents, information and supporting documentation compiled by Mike Job who is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of QG Consulting Pty Ltd. Mike Job 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". Mike Job consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
The information in this report that relates to Ore Reserves has been compiled by Stephen O'Grady, Principal of Intermine Engineering Consultants, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr O'Grady has had sufficient experience in Ore Reserve estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr O'Grady consents to the inclusion in this announcement in the form and context in which it appears.
Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.
Forward Looking Statements
Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding gold prices, exploration costs and other operating results, growth prospects and the outlook of Exterra Resources' operations contain or comprise certain forward looking statements regarding Exterra Resources' exploration operations, economic performance and financial condition. Although Exterra Resources believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties in foreign countries, fluctuations in gold prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Exterra Resources undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events.