Macphersons Resources : New Western Contact Mineralisation Identified High-Grade Aircore Drill Results up to 16 g/t gold

Newly identified Boorara Western Contact adjacent to the Northern Stockwork Deposit reported reverse circulation (RC) results including:

• BORC 144 - 44-46m 2 metres @ 4.26 g/t (previously reported) 50-53m 3 metres @ 3.26 g/t (previously reported) 56-75m 19 metres @ 1.9 g/t Au (previously reported)

   BORC 163 - 39-45m 6 metres @ 1.48 g/t Au

   BORC 164 - 31-37m 6 metres @ 1.48 g/t Au

• 42 metres @ 0.86 g/t Au

  The 5,488 metre Air Core (AC) wide spread drill program testing some 500 metres north of the Northern Stockwork deposit at Boorara reported significant intercepts with amongst others:

• BOAC 149 - 66-68m 2 metres @ 16.03 g/t Au EOH

• BOAC 063 - 53-69m 16 metres @ 0.71g/t Au (western contact)

• BOAC 064 - 54-58m 4 metres @ 3.39g/t Au (western contact)

• BOAC 086 - 7-14m 7 metres @ 0.53 g/t Au (western contact) 47-48m 1 metre @ 5.46 g/t Au (western contact)

 BOAC 111 - 33-34m 1 metre @ 3.69 g/t Au

 BOAC 115 - 32-33m 1 metre @ 9.62g/t Au

 BOAC 120 - 29-41m 12 metres @ 0.52 g/t Au

109 Maritana Street, Kalgoorlie WA 6430, Australia: P O Box 10977 Kalgoorlie WA, Australia

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Introduction

MacPhersons Resources Ltd (ASX:MRP) is pleased to report assay results from reverse circulation (RC) and aircore drilling (AC) recently completed at the Boorara Gold Project, 15km east of Kalgoorlie. The objective of the RC drilling was to confirm newly identified western contact mineralisation intersected in previously drilled BORC 144 in October 2016 (ASX announcement 31st October 2016). A 5488 metre aircore drilling program was undertaken to test significant gold geochemistry anomalies >200 ppb gold west and north of the Northern Stockwork gold deposit.

MacPhersons Resources is encouraged by these drilling results with further drilling planned as part of the company strategy of discovering additional ounces with a view to establishing a mining reserve base that can be part of a potentially profitable future gold mining operation.

Western Contact

Two RC drill holes (BORC 163-164) were drilled for 204 metres into the newly identified western contact confirming this trend as being gold mineralised with now three reverse circulation holes and three aircore holes intercepting significant gold mineralisation.

The western contact is a lithological contact of the Boorara dolerite and sediments that has a potential strike length of 750 metres. Initial observations of mineralised drill intervals indicate that gold mineralisation is shear zone hosted with associated quartz veining, the true width of mineralisation is unclear at this stage.

Aircore Drilling

The recently completed first pass air core drilling program targeting significant gold auger geochemical anomalism (>200 ppb Au) to the north and on the western flank of Boorara has resulted in significant drill hole intercepts (figure 1). The drill program was a broad spaced program (140 metre line spacing by 40 metre hole spacing) with holes drilled to blade refusal.

Five drill holes ended in significant gold mineralisation including BCAC 149, intercepted 1m @ 18.45 g/t at end of hole (EOH) from 67-68 metres.

Structural Study

A structural study and geological mapping at the Boorara trial pit and surrounding Boorara area has confirmed the gold mineralisation at Boorara is hosted by quartz-dolerite and basalt in moderately NW-dipping quartz- carbonate-sulphide veinlet arrays with iron-carbonate alteration halos controlled by bounding shear zones and late cross faults identical to the 6 million ounce Mount Charlotte gold deposit part of the nearby Kalgoorlie Golden Mile.

Future Drilling

A six hole 870 metre RC drilling program has commenced to further test the strike extent and continuity of gold mineralisation associated with the western contact. Diamond drilling is planned to commence at Boorara in late January drilling three holes to test down dip extensions of existing mineralisation. This drilling will specifically target the Mt Charlotte style North West-dipping quartz-carbonate- sulphide veinlet arrays.

Figure 1: Boorara Aircore Plan

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MacPhersons Resources Ltd (MRP) is a Western Australian resource company with a number of advanced gold, silver and zinc projects.

The company's long term objective is the development of its existing assets and unlocking the full potential of its 100% owned highly prospective Boorara/Nimbus and Coolgardie projects.

For more information on MacPhersons Resources Limited and to subscribe for regular updates, please visit our website at: www.mrpresources.com.au or contact our Kalgoorlie office on info@mrpresources.com.au or - 08 9068 1300

The information is this report that relates to exploration results is based on information compiled by Andrew Pumphrey who is a Member of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Andrew Pumphrey is a full time employee of Macphersons Resources Ltd and has sufficient experience which is 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". Mr Pumphrey has given his consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.