Minotaur Exploration : 22 May 14 – Significant Gold Intersections From Inaugural Mingary (SA) Drillingnew!

Hole

East

North

RL

Dip

Azimuth

Depth (m)

14RCBH07

14RCBH08

14RCBH09

480000

480125

480122

6422059

6422053

6422672

223

216

227

- 60

- 60

- 60

105

105

105

120

180

191

Criteria JORC Code explanation Commentary

Sampling techniques

Nature and quality of sampling (eg 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 (eg '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

(eg submarine nodules) may warrant disclosure of detailed information.

Three inclined RC drillholes for 491m were drilled into basement rocks to test under historical workings and ground EM anomalies associated with a mineralised horizon at Mingary Mine prospect.

The holes were drilled to a depth that allowed the geophysical targets and mineralised horizon to be tested (see Figures 4 and 5 in the body of this Report).

For each RC drillhole a 1 metre sample was collected in plastic bags from the rig cyclone by the drilling contractor for the entire length of each hole. The metre samples were placed on the ground in rows. The cyclone spilt the sample to produce a 75:25 split with a representative 1m calico produced along with the 1m green bag sample. The cyclone was scraped clean at the change of every six metre rod. Drilling samples consisted of pulverized clay, rock powder and

rock chips within rock powder or clay.

A 4m composite was collected by spearing through each 1 metre sample bag using a plastic

50mm diameter spear. The sampling of the

1 metre drill samples was conducted so as to collect a representative sample from each metre to produce the 4m composite of 2 to 4kg with the majority of samples weighing approximately 3kg. The 4m composite sample was collected in an industry standard calico bag with sample number written in black on the bag and sample number ticket inserted into the bag.

Composite RC samples were placed in large plastic polyweave bags, labeled with the sample number range and secured with a plastic cable tie for transport to the analytical laboratory.

Drilling Techniques

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

RC drilling technique through thin weathered zone and basement rocks using a standard

124mm RC hammer bit with dust suppression unit attached to cyclone.

Professional drilling contractors Macquarie Drilling Pty Ltd drilled the RC drillholes under the supervision of Minotaur geological personnel.

Criteria JORC Code explanation Commentary

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.

Hole orientation survey conducted every ~60m with Reflex multishot tool by Macquarie Drilling.

A qualitative judgment of the volume of each metre RC sample was undertaken visually by comparing the volumes of each sample bag. Sample volume or return was manually recorded with significant variations in volume or wet samples documented and recorded onsite using Minotaur's OCRIS Mobile logging system.

Monitoring the drilling technique of the drilling contractor and liaising with the drilling contractor regarding drilling speed and pressure ensured maximum sample recovery was achieved.

Full sample recovery was achieved for almost all RC samples. A 10% loss of recovery occurred from 100m to end of hole for drillhole 14RCBH07 due to lower air pressure from the booster air compressor. Water was intersected at 132m in drillhole 14RCBH08 and 160m in 14RCBH09 resulting in wet sample and a loss of sample between 30% and 40% for each hole to the end of hole. Some sample bias may have occurred

for the water affected intervals for drillholes

14RCBH08 and 09 as an unknown portion of the very fine material was washed away.

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.

Representative drill cuttings were geologically logged for each metre for the entire length of the RC drillholes.

Lithological and magnetic susceptibility

logging data for the entire hole was entered onsite into Minotaur's OCRIS Mobile logging system.

RC drilling produces drill chips which are not suitable for geotechnical assessment. No geotechnical assessment has been undertaken

on the drillcore. Such assessment is not required to adequately evaluate the significance of the results at this preliminary exploration stage.

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.

For every metre drilled the sample returned was contained in a plastic bag. Bags were lined up at the drill site and carefully sampled to prevent sample crossover or contamination.

4m composite RC samples were collected along the entire length of the RC drillhole. A 50mm diameter PVC spear was pushed through the

one-metre sample bags with a consistent spearing technique used to obtain a representative sample. The sample from each metre was transferred to a calico sample bag.

Criteria JORC Code explanation Commentary

Sub-sampling techniques and sample preparation continued

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.

The sampling technique was monitored by the supervising geologist.

The volume of each spear sample was maximized to facilitate sample representivity. Composite sample weights ranged from 2kg-4kg with the majority of samples weighing 3kg.

The majority of 1 metre bulk samples were dry and, where encountered, wet samples were noted. Wet samples were sampled as to maximize the sample representativeness; however there is unknown amount of loss of fine material from these samples.

RC drilling was performed by Macquarie Drilling Pty Ltd under supervision of Minotaur geological personnel. Regular cleaning of the drill rig cyclone to avoid contamination and production of consistent RC sample recoveries were ensured.

The recovery of RC sample was consistently 60 to

100% with the majority of samples at 100% except where affected by water.

6 field duplicate composite samples representing one duplicate every 20 samples were collected from the RC drilling to be submitted to the laboratory as part of Minotaur's quality control procedure.

The RC hammer bit size employed is considered appropriate to indicate degree and extent of mineralisation for regional exploration purposes.

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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Aqua regia digest (for Au) is considered a near

total digest and appropriate for regional exploratory appraisal.

Additional fire assay (AAS finish) of samples

was used to assist in determining the level of gold mineralisation.

ALS Laboratory Services analysed regular blanks

(around 1 in 40), regular standards (around 1 in

60) and regular duplicates (around 1 in 20) when analysing the sample batch.

Blind, commercially-sourced standards (around 1 in 60) and duplicate field samples (around 1 in 20) were submitted by Minotaur with the sample batch sent to ALS Laboratory Services.

For the laboratory results received and reported in the body of this Report an acceptable level

of accuracy and precision has been confirmed by

Minotaur's QAQC protocols.

Criteria JORC Code explanation Commentary

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.

All hole information, collars, hole orientation, total depth, geochemical data and lithological logging were recorded using OCRIS Mobile logging software with inbuilt data validation. The data has been imported into the company's GBIS database and validated by Minotaur's data manager.

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.

Drillhole collar locations (GDA94, MGA zone 54) were determined using handheld GPS with an accuracy of +/- 3m, which is considered appropriate level of accuracy for regional drilling appraisal.

RL estimated from handheld GPS.

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.

The RC drillholes were designed to test beneath historical workings and ground EM anomalies associated with a mineralised horizon.

One sample was collected for every metre drilled and composited to 4 metres for laboratory submission. Any anomalous composite samples will be re-sampled on a one‐metre basis.

Variable spacings specified by the project geologist for downhole geochemical sampling of drillcore are coincident with lithological intervals.

No mineral resource or ore reserve estimation has been undertaken.

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.

Drillhole orientation was optimized to intersect the centre of the target geophysical anomalies and be perpendicular to the strike of outcrop of the target mineralized horizon.

No orientation-based sampling bias was identified.

Sample security

The measures taken to ensure sample security.

All drill samples were stored at a secure location with a number of samples in calico bags contained in plastic bags secured with a plastic cable tie.

Samples were transported to a courier by Minotaur personnel, to be then transported to the laboratory for analysis.

Laboratory pulps and residues will be discarded after 3 months temporary storage.

Criteria JORC Code explanation Commentary

Audits or reviews

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

No audit or review has been undertaken.

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 of significance have been included in this Report.

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.

No significant exploration data has been omitted.

Further work

The nature and scale of planned further work

(eg 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.

Follow-up drilling is proposed to locate extensions of mineralised zones determined by this drilling programme.

Further review and collection of exploration data is required to determine future drill targets in the area.

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.

The three hole RC drill programme at Mingary Mine prospects occurs on EL 4745 (Bonython Hill tenement), which is a 100% owned and operated tenement of Minotaur.

The Mingary Mine prospect and EL 4745 is located on Tepco Pastoral Lease.

The area of the above mentioned tenement is subject to a new Native Title Mining Agreement with the Wilyakali Native Title claimants, which has been formally recognised by DMITRE.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

Previous historical exploration by Minotaur and other companies includes geological mapping, rock chip sampling, surface geochemical surveys, airborne magnetic surveys, gravity surveys, AEM, ground EM and induced polarization (IP) surveys, aircore/RAB, RC and diamond drilling.

Geology

Deposit type, geological setting and style of mineralisation.

The deposit style is Broken Hill type base metal or Mutooroo Cu deposit-style Cu-Au mineralisation. These types of deposit occur in Palaeoproterozoic metasedimentary and metavolcanic sequences of the Wilyama Complex.

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

• 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.

Full drill collar details for RC drillhole 14RCBH07,

-08 and -09 including location coordinates, orientation and final depth are provided in the Table 1 of the body of this Report.

Assay results are reported in this report.

Data aggregation methods

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

be stated.

The location of RC drillholes 14RCBH07, -08

and -09 are specified in Table 1 of the body of this Report. The holes were collared at -60 degrees dip and drilling techniques managed to allow intersection of the middle of the targeted geophysical anomaly and perpendicular to strike

of target mineralised horizon.

Criteria JORC Code explanation Commentary

Data aggregation methods continued

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.

No aggregation of the assay results were undertaken.

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 (eg 'down hole length, true width not known').

The target mineralised horizon is estimated to dip at 75 degrees to the west based on outcrop measurements. The drillhole downhole

surveys indicate that the RC drillholes where drilled at -60 to -52 degrees. The true thickness of the mineralised horizon based on these

above mentioned geometries indicates that it is approximately 75% of the downhole width of the mineralised interval.

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.

See Figures 1 to 2 of this Report.