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REG-Base Resources Limited: Tanzanian exploration – Umba South Phase 1 drill results

AIM and Media Release 

8 May 2023

BASE RESOURCES LIMITED
Tanzanian exploration – Umba South Phase 1 drill results

Key Points
* Phase 1 reverse circulation drilling program completed at the Umba South
prospect in northern Tanzania, with 3,015m in 122 holes drilled.
* Assay results confirm the presence of rutile mineralisation, which averages
approximately 20% of the heavy mineral but is highly variable and can range
from 5 to 50% of the heavy mineral.
* Three primary geological domains were identified: * Soil/colluvial cover
sequence (the primary exploration target) – typically quite thin (~1-2m) but
can be locally up to 9m thick and has demonstrated widespread rutile
mineralisation.
* Underlying saprolite material – variable thickness with sporadic rutile
mineralisation, and does not appear to be sufficiently weathered to represent
free-dig material from which rutile is readily liberated.
* Bedrock - heavy mineral content is variable but typically high grade (~20%);
however it is dominated by pyrite - a known deleterious element for mineral
sands processing, requiring dedicated tailings handling and storage.

* Preliminary mineralogical assessment of drill samples is yet to be
completed, with the presence of rutile calculated based on XRF analysis of the
non-magnetic fraction of heavy mineral.
* While graphite is present in some drill samples, analysis suggests the
overall grade and distribution of mineralisation is not significant.
* A Phase 2 infill drilling program to assess the continuity of saprolite
mineralisation has been completed, with the results expected to be available
in the September 2023 quarter.  These results will assist in planning future
exploration activity at Umba South and elsewhere along the prospective
geological zone once necessary approvals are obtained.
Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) is
pleased to provide assay results from the first phase of drilling at its Umba
South Project (Umba South) in northern Tanzania (Phase 1). 

Figures referenced in this release have been omitted.  A full PDF version of
this release, including all figures, is available from the Company’s
website:  www.baseresources.com.au.  A glossary of key terms used in this
release is set out at the end of this release.  

Location of Phase 1 drilling and other exploration activities 

Umba South is located near the junction of the Umba and Bombo Rivers in
northern Tanzania, approximately 75km west-south-west of the Company’s Kwale
Operations in Kenya (refer to Figure 1).  Exploration at Umba South was
designed to test the southern extremity of a prominent north-south trending
ridge of quartzite and gneiss that extends 35km north to the Kuranze region of
Kenya, where initial rock chip and soil sampling indicated the presence of
rutile.  With the Company unable to carry out exploration activities in
Kuranze due to its prospecting licence applications for that area being on
hold following the Government of Kenya’s ongoing moratorium on issuance of
new mineral rights, efforts were instead directed to the southern portion of
the ridge in Tanzania.  

Exploration activity in Tanzania has so far been confined to areas south of
the Umba River, while the Company seeks to obtain the necessary approvals from
various government departments to explore in the Mkomazi Game Controlled Area
to the north which hosts the target ridge feature extending north to the
Kenyan border (refer to Figure 2).

Details about exploration activities

Exploration at Umba South targeted a high-grade metamorphic sequence within
the Mozambique Belt that comprises paragneiss (quartzo-feldspathic gneiss) and
sillimanite-kyanite(-garnet) schists.  The sequence includes accessory
minerals pyrite, rutile, magnetite and graphite, with rutile the primary
exploration target.  The focus of exploration is secondary rutile
mineralisation associated with alluvial and colluvial deposits eroding from
the outcropping linear ridges of pyritic quartz-feldspar gneiss, and primary
rutile mineralisation within the weathered saprolite material flanking the
ridge feature that is sufficiently weathered to represent free-dig material
from which rutile can be readily liberated.

In early 2022, mechanised auger sampling of the soil profile to approximately
1m depth on a 500m x 500m sample grid was undertaken across the broader
tenement area, with the best results (up to 5% rutile) reported from the
flanks of Kigwase Hill.  In the June quarter of 2022, rockchip sampling of
the outcropping ridge confirmed the presence of rutile mineralisation, with
grades of up to 2.5% rutile reported from banded gneiss on Kigwase Hill.
 Selected rockchip samples were sent for mineralogical analysis, and this
confirmed the presence of rutile together with pyrite (in fresh samples),
Fe-oxides (in weathered samples), magnetite and altered ilmenite.

A series of test pits were then completed to assess the soil profile,
including the nature of contact with the underlying saprolite.  Mapping
suggests that red-brown soil is typically developed within rubbly colluvium
overlying the brown saprolite material.  Pit depths ranged from 1.5m to 6.5m
and samples of material collected from the test pits were processed at the
Kwale Operations laboratory.  Encouraging results were obtained from several
samples with potential HM products of rutile, leucoxene, altered ilmenite and
magnetite generated using conventional mineral sands processing techniques.
 One of the test pits, pit 11, was investigated in detail and reported
in-situ grades of approximately 1% rutile, 1% leucoxene-altered ilmenite and
1% magnetite (refer to Figure 2).

Following the encouraging results from the reconnaissance exploration, the
Phase 1 program was planned to obtain preliminary data regarding the
sub-surface geology and rutile mineralisation in the vicinity of Kigwase Hill.
 A 400m North-South x 200m East-West reconnaissance grid was subsequently
drilled over Kigwase Hill where access was available, with the terrain and the
presence of small-scale gemstone tenure (known as primary mining licences)
restricting complete coverage (refer to Figure 3 for the drill hole collar
locations).  A total of 122 holes were drilled for 3,015m using a RC drill
rig with a hammer bit, primarily due to lack of available aircore drill rigs
and concerns regarding the ability of aircore to penetrate both the rubbly
colluvium and the saprolite.  As a result of the drill samples being
mechanically pulverised by the hammer bit, the slimes content of samples is
likely to be overstated, the oversize content is likely understated, and the
sand fraction likely contains mechanically generated sand together with
natural sand.

Results from Phase 1 drilling

The sample analysis for rutile has been completed on the sand fraction using
conventional mineral sands techniques (and back-calculated for in-situ
grades).  There is the potential that rutile assays reported may not reflect
true in-situ grade and/or represent rutile that is readily amenable to
conventional mineral sands processing.  Analysis of selected oversize
fractions confirmed significant rutile is present in the oversize.  For holes
TN092 to TN122, the oversize fraction from the first stage of sample
processing was crushed and added to the sand fraction prior to HM analysis –
such that these holes report a “total” rutile grade (assuming no loss to
the slimes fraction), whereas holes TN001 to TN091 report only the rutile from
the sand fraction and may therefore only be a “partial” rutile grade.

Drill logging has identified three primary geological domains, as follows:
* Red-brown soil and colluvium with abundant gravel – typically 1-2m thick
on the eastern flank of Kigwase Hill and 2-4m thick on the western flank of
Kigwase Hill.  Consistently mineralised and reports high levels of
ferruginous HM and significant TiO(2) in the magnetic fraction.  The HM is
enriched in the upper part of the profile.  This domain is confirmed as a
viable exploration target for the province, but lacks the depth/thickness at
Umba South to have significant economic potential.
* Brown saprolite and saprock – weathered bedrock, subdivided into sandy and
clayey units.  It is thought that this reflects the protolith (quartz rich vs
feldspar rich), rather than weathering intensity as there is limited evidence
for a well-developed chemical weathering profile with remobilisation and
volume reduction.  Depth of weathering ranges down to 50m but is typically
~30m distal to the ridge, and localised variability is evident.  The HM
content is highly variable, and often variable HM magnetic fractions both down
and between holes.  The saprolite is considered a viable exploration target
for the province, but at Umba South it appears to lack the consistent intense
weathering that concentrates rutile in the upper profile and promotes free dig
mining and simple processing.
* Grey bedrock – fresh gneiss, typically with abundant pyrite.  Garnet
gneiss logged distal to the ridge, but logging has not attempted to classify
the bedrock lithology in detail.  The HM content is variable but typically
high grade (~20% HM) although dominated by pyrite.  The bedrock is not
considered a viable exploration target for rutile due to cost and complexity
that would be introduced by hard rock mining and comminution, and the negative
impact of pyrite mineralisation on mineral processing recoveries and tails
storage – with results only reported for geological interest.
Set out in the table below are notable hole intercepts.  Due to the
variability of mineralisation between the geological domains – and potential
mining, mineral processing and tailings handling and storage implications –
the rutile mineralisation has been reported by domain and not by total hole
intercepts.  For a list of all Phase 1 assay results, refer to Table 1 in
Appendix 1.  Refer also to the cross sections in Figures 4 to 6 for a
detailed rutile HM analysis of each drill hole.

 Notable drill hole intercepts                                                                                                      
 Colluvium                                    Saprolite                                    Bedrock                                  
 * TN042 - 8m at 1.39% rutile from surface    * TN038 - 15m at 2.54% rutile from 18m       * TN015 - 4m at 3.48% rutile from 18m    
 * TN094 - 4m at 1.40% rutile from surface    * TN011 - 10m at 2.55% rutile from 13m       * TN009 - 9m at 1.52% rutile from 10m    
 * TN095 - 4m at 1.24% rutile from surface    * TN015 - 11m at 1.99% rutile from 7m        * TN056 - 6m at 2.11% rutile from 20m    
 * TN093 - 3m at 1.50% rutile from surface    * TN051 - 17.5m at 1.15% rutile from 0.5m                                             
                                              * TN039 - 7m at 2.02% rutile from 6m                                                  
                                              * TN056 - 6m at 2.02% rutile from 13m                                                 

Graphite is a common accessory mineral within the paragneiss sequence being
explored and is routinely observed during panning and logging of the drill
samples.  Approximately 320 samples from all geological domains were randomly
selected for analysis to assess the graphite mineralisation potential, with
around a third of samples reporting below detection and the remainder
averaging around 0.5% Total Graphitic Carbon including peak values up to 2.5%
TGC.  The graphite mineralisation is not typically coincident with rutile
mineralisation and appears confined to specific stratigraphic units within the
drilled sequence.  Preliminary assessment suggests that graphite does not
represent a viable exploration target due to unfavourable grade and
distribution of mineralisation but may have value as a potential co-product
where it occurs coincident with rutile.

For further details in respect of the results, refer to the Appendices to this
release, containing a table of all assay results (refer to Appendix 1) and
information provided for the purposes of Sections 1 and 2 of Table 1 of the
JORC Code (refer to Appendix 2).

Phase 2 infill drilling and further planned activities

With the Phase 1 program drill spacing unable to establish geological and
grade continuity of saprolite mineralisation, an infill drilling program was
undertaken in the first quarter of 2023, with 86 holes drilled for 2,128m
(Phase 2).  Assay results from Phase 2 are expected to be available in the
September quarter of 2023, due to delays associated with the export of samples
from Tanzania to Kenya and prioritisation of operational assay requirements
and near-mine exploration assays at the Kwale Operations laboratory.  The
Phase 2 results should provide the Company with a more fulsome understanding
of the Umba South mineralisation, which will assist in planning future
exploration activity at Umba South and elsewhere along the prospective
geological zone.

Other further work planned includes:
* Geostatistical assessment of data to establish grade continuity parameters.
* A program of shallow trenching to expose the saprolite and conduct rock chip
channel sampling, geological mapping, and collection of saprolite samples to
assess physical properties related to mining and processing characteristics.
* Seek to progress approvals to allow exploration access to granted
prospecting licences north of the Umba River, particularly PL11686/2021, and
conduct reconnaissance exploration in this area to establish if broad areas of
rutile mineralisation are present within either colluvial/alluvial material
shedding from the prospective ridge line, or strongly weathered saprolite
associated with the targeted prospective zone.
Competent Person’s Statement

The information in this release that relates to the Umba South exploration
results is based on, and fairly represents, information and supporting
documentation prepared by Mr. Ian Reudavey.  Mr. Reudavey is a member of the
Australasian Institute of Geoscientists.  Mr. Reudavey is employed by Base
Resources.  Mr. Reudavey has sufficient experience that 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 JORC Code and as Qualified Person for the purposes of the AIM Rules for
Companies.  Mr. Reudavey has reviewed this release and consents to the
inclusion in this release of the Umba South exploration results and the
supporting information in the form and context in which the relevant
information appears.

Appendix 1

Table 1: Umba South Exploration Project drill hole table.  All drill holes
have dip of -90 degrees and azimuth of 360 degrees (i.e. vertical).

 Section N  Hole ID  Easting  Northing  RL SRTM  Survey  Hole Depth   Unit  Interval  From  To  HM (%)  Rut (%)  
  9500978    TN001    474096   9500978    222     HHGPS       8      TOTAL      8       0    8     -      NSR    
             TN002    473895   9500977    219     HHGPS      17      TOTAL     17       0   17     -      NSR    
             TN003    473297   9500983    234     HHGPS      19      TOTAL     19       0   19     -      NSR    
             TN004    473098   9500980    242     HHGPS      13      TOTAL     13       0   13     -      NSR    
  9500578    TN005    473494   9500579    233     HHGPS      13      TOTAL     13       0   13     -      NSR    
             TN006    473696   9500578    228     HHGPS       4      TOTAL      4       0    4     -      NSR    
             TN007    473897   9500576    238     HHGPS      28      TOTAL     28       0   28     -      NSR    
             TN008    474091   9500583    245     HHGPS      11      TOTAL     11       0   11     -      NSR    
             TN009    474293   9500578    239     HHGPS      19        CS       1       0    1    5.9     0.75   
                                                                      SAP       9       1   10    5.3     0.89   
                                                                      BDR       9      10   19   22.3     1.52   
                                                                     TOTAL     19       0   19   13.4     1.18   
             TN117    475491   9500576   225.5    HHGPS      19      TOTAL     19       0   19     -      NSR    
             TN118    475297   9500582   227.5    HHGPS      13      TOTAL     11                  -      NSR    
             TN119    475096   9500575    230     HHGPS      22      TOTAL     22       0   22     -      NSR    
             TN120    474901   9500579   231.5    HHGPS      19      TOTAL     19       0   19     -      NSR    
  9500178    TN010    474297   9500174   260.5    HHGPS      22      TOTAL     22       0   22     -      NSR    
             TN011    474499   9500183   253.5    HHGPS      32        CS       1       0    1    7.2     1.32   
                                                                      SAP      12       1   13     -      NSR    
                                                                      SAP      11      13   24    8.0     2.34   
                                                          including   SAP      10      13   23    8.6     2.55   
                                                                      BDR       8      24   32     -      NSR    
                                                                     TOTAL     32       0   32    6.0     0.99   
             TN012    474701   9500175   246.5    HHGPS      22      TOTAL     22       0   22     -      NSR    
             TN013    475095   9500180    239     HHGPS      28      TOTAL     28       0   28     -      NSR    
             TN112    475298   9500179    234     HHGPS      40      TOTAL     40       0   40     -      NSR    
             TN113    475497   9500186    231     HHGPS      20      TOTAL     20       0   20     -      NSR    
             TN114    475696   9500180   224.5    HHGPS      18      TOTAL     18       0   18     -      NSR    
             TN115    475885   9500183    218     HHGPS      19      TOTAL     19       0   19     -      NSR    
             TN116    476095   9500179    213     HHGPS      11      TOTAL     11       0   11     -      NSR    
             TN121    473698   9500171   251.5    HHGPS      19        CS       1       0    1     -      NSR    
                                                                      SAP       9       1   10     -      NSR    
                                                                      SAP       5      10   15   33.6     1.60   
                                                                      BDR       4      15   19     -      NSR    
                                                                     TOTAL     19       0   19   29.5     0.73   
             TN122    473498   9500174   236.5    HHGPS      14      TOTAL     14       0   14     -      NSR    
  9499778    TN014    475096   9499786    244     HHGPS      25      TOTAL     25       0   25     -      NSR    
             TN015    474700   9499779    255     HHGPS      22        CS       1       0    1     -      NSR    
                                                                      SAP      17       1   18   35.6     1.48   
                                                          including   SAP      11       7   18    8.9     1.99   
                                                                      BDR       4      18   22   34.4     3.48   
                                                                     TOTAL     22       0   22   19.6     1.78   
             TN016    474501   9499785    261     HHGPS      28      TOTAL     28       0   28     -      NSR    
             TN017    474296   9499775    272     HHGPS      20        CS       1       0    1    9.4     1.00   
                                                                      SAP      12       1   13    4.7     0.78   
                                                          including   SAP       9       4   13    5.6     0.91   
                                                                      SAP       5      13   18     -      NSR    
                                                                      BDR       2      18   20     -      NSR    
                                                                     TOTAL     20       0   20     -      NSR    
  9499378    TN018    474460   9499377   273.5    HHGPS       7        CS       1       0    1    5.9     0.98   
                                                                      SAP       2       1    3   11.9     1.00   
                                                                      BDR       4       3    7   15.8     0.77   
                                                                     TOTAL      7       0    7   14.4     0.86   
             TN019    474696   9499380   259.5    HHGPS      16        CS       1       0    1   56.3     1.87   
                                                                      SAP      11       1   12   13.9     0.77   
                                                          including   SAP       2       7    9   10.7     1.43   
                                                                      BDR       4      12   16   20.9     0.89   
                                                                     TOTAL     16       0   16   18.3     0.87   
             TN020    475097   9499384    244     HHGPS      32      TOTAL     32       0   32     -      NSR    
             TN021    475301   9499370    238     HHGPS      26        CS       1       0    1     -      NSR    
                                                                      SAP      21       1   22    8.0     0.25   
                                                          including   SAP       3       1    4    5.2     0.95   
                                                                      BDR       4      22   26     -      NSR    
                                                                     TOTAL     26       0   26     -      NSR    
             TN035    475499   9499375    227     HHGPS      19      TOTAL     19       0   19     -      NSR    
             TN099    473491   9499373    253     HHGPS      38        CS       7       0    7    1.9     0.29   
                                                          including    CS       2       0    2    4.0     0.72   
                                                                      SAP      27       7   34     -      NSR    
                                                                      BDR       4      34   38     -      NSR    
                                                                     TOTAL     38       0   38     -      NSR    
             TN108    473299   9499383   246.5    HHGPS      28      TOTAL     28       0   28     -      NSR    
             TN109    473097   9499375   255.5    HHGPS      31      TOTAL     31       0   31     -      NSR    
             TN110    473693   9499377    261     HHGPS      33        CS       8       0    8    4.7     0.78   
                                                          including    CS       3       0    3    7.2     1.41   
                                                                      SAP      21       8   29     -      NSR    
                                                                      BDR       4      29   33     -      NSR    
                                                                     TOTAL     33       0   33     -      NSR    
             TN111    474088   9499373    275     HHGPS      20        CS       1       0    1   21.4     1.90   
                                                                      SAP      16       1   17     -      NSR    
                                                                      BDR       3      17   20     -      NSR    
                                                                     TOTAL     20       0   20     -      NSR    
  9498978    TN022    475299   9498977    229     HHGPS      17        CS       6       0    6     -      NSR    
                                                                      SAP       8       6   14   17.2     0.60   
                                                          including   SAP       4       6   10   16.5     0.82   
                                                                      BDR       3      14   17     -      NSR    
                                                                     TOTAL     17       0   17     -      NSR    
             TN023    475098   9498967    235     HHGPS      25        CS       5       0    5    7.1     0.67   
                                                          including    CS       3       0    3    6.9     0.84   
                                                                      SAP      17       5   22     -      NSR    
                                                                      BDR       2      22   25     -      NSR    
                                                                     TOTAL     25       0   25     -      NSR    
             TN024    474890   9498980    248     HHGPS      24        CS       3       0    3    6.7     1.24   
                                                                      SAP      17       3   20     -      NSR    
                                                                      BDR       4      20   24     -      NSR    
                                                                     TOTAL     24       0   24     -      NSR    
             TN025    474715   9498970   256.5    HHGPS      13        CS       1       0    1    4.5     0.93   
                                                                      SAP       8       1    9    4.7     0.53   
                                                          including   SAP       4       3    7    5.0     0.92   
                                                                      BDR       4       9   13     -      NSR    
                                                                     TOTAL     13       0   13     -      NSR    
             TN026    474501   9498979    275     HHGPS       3        CS      0.5      0    1   12.4     1.96   
                                                                      BDR      2.5     0.5   3   25.9     2.14   
                                                                     TOTAL      3       0    3   23.6     2.11   
             TN032    475495   9498978   225.5    HHGPS      16      TOTAL     16       0   16     -      NSR    
             TN033    475696   9498976    223     HHGPS      14      TOTAL     14       0   14     -      NSR    
             TN034    475832   9498981    225     HHGPS      19      TOTAL     19       0   19     -      NSR    
             TN096    473495   9498973    264     HHGPS      44        CS       6       0    6    3.8     0.60   
                                                          including    CS       2       0    2    6.8     1.07   
                                                                      SAP      34       6   40   10.8     0.39   
                                                          including   SAP       4       6   10    5.5     0.83   
                                                          including   SAP       3      37   40   46.0     0.79   
                                                                      BDR       4      40   44     -      NSR    
                                                                     TOTAL     44       0   44     -      NSR    
             TN097    473690   9498974    269     HHGPS      40        CS       8       0    8    4.3     0.44   
                                                          including    CS       1       0    1   10.0     1.14   
                                                                      SAP      27       8   35    7.4     0.49   
                                                          including   SAP      10      10   20    5.8     0.89   
                                                                      BDR       5      35   40   35.2     1.63   
                                                                     TOTAL     40       0   40     -      NSR    
             TN098    473899   9498982   271.5    HHGPS      51        CS       5       0    5    8.8     0.57   
                                                          including    CS       2       0    2   14.1     0.84   
                                                                      SAP      42       5   47     -      NSR    
                                                                      BDR       4      47   51     -      NSR    
                                                                     TOTAL     51       0   51     -      NSR    
             TN100    473297   9498979   256.5    HHGPS      36      TOTAL     36       0   36     -      NSR    
             TN101    473092   9498973    257     HHGPS      31      TOTAL     31       0   31     -      NSR    
             TN102    472902   9498980   256.5    HHGPS      31        CS       5       0    5    1.0     0.25   
                                                          including    CS       1       0    1    2.7     0.86   
                                                                      SAP      22       5   27     -      NSR    
                                                                      BDR       4      27   31   28.1     1.33   
                                                                     TOTAL     31       0   31     -      NSR    
  9498578    TN027    474695   9498578    266     HHGPS      22        CS       1       0    1    7.5     0.71   
                                                                      SAP      17       1   18     -      NSR    
                                                                      BDR       4      18   22   25.4     1.00   
                                                                     TOTAL     18       0   18     -      NSR    
             TN028    474899   9498575    254     HHGPS      42        CS       1       0    1    7.1     1.18   
                                                                      SAP       4       1   42     -      NSR    
                                                                     TOTAL     42       0   42     -      NSR    
             TN029    475099   9498577    241     HHGPS      25        CS       2       0    2    6.9     0.58   
                                                          including    CS       1       0    1    9.8     0.97   
                                                                      SAP      21       1   22     -      NSR    
                                                                      BDR       3      22   25     -      NSR    
                                                                     TOTAL     25       0   25     -      NSR    
             TN030    475297   9498577   229.5    HHGPS      16        CS       1       0    1     -      NSR    
                                                                      SAP      10       1   11     -      NSR    
                                                                      BDR       5      11   16   15.0     0.61   
                                                          including   BDR       2      11   13   18.2     1.10   
                                                                     TOTAL     16       0   16   14.2     0.51   
             TN031    475427   9498515    226     HHGPS      23      TOTAL     23       0   23     -      NSR    
             TN092    473296   9498579   266.5    HHGPS      40        CS       7       0    7     -      NSR    
                                                                      SAP      29       7   36    5.7     0.47   
                                                          including   SAP      10      19   29   11.6     1.03   
                                                                      BDR       4      36   40     -      NSR    
                                                                     TOTAL     40       0   40     -      NSR    
             TN093    473492   9498573    271     HHGPS      43        CS       7       0    7    4.5     0.81   
                                                          including    CS       3       0    3    7.3     1.50   
                                                                      SAP      33       7   40     -      NSR    
                                                                      BDR       3      40   43     -      NSR    
                                                                     TOTAL     43       0   43     -      NSR    
             TN094    473696   9498579    276     HHGPS      36        CS       6       0    6    6.1     1.05   
                                                          including    CS       4       0    4    7.6     1.40   
                                                                      SAP      25       6   31    5.9     0.65   
                                                          including   SAP       5       6   11    3.4     0.70   
                                                          including   SAP      14      17   31    7.0     0.81   
                                                                      BDR       2      34   36   40.7     2.25   
                                                                     TOTAL     36       0   36    8.7     0.79   
             TN095    473897   9498579   286.5    HHGPS      48        CS       7       0    7    6.1     0.92   
                                                          including    CS       4       0    4    7.3     1.24   
                                                                      SAP      37       7   44    6.8     0.30   
                                                          including   SAP       9      13   22   18.0     0.78   
                                                                      BDR       4      44   48     -      NSR    
                                                                     TOTAL     48       0   48     -      NSR    
             TN103    472898   9498579    265     HHGPS      34        CS       7       0    7    3.0     0.47   
                                                          including    CS       3       0    3    3.0     0.89   
                                                                      SAP      23       7   30     -      NSR    
                                                                      BDR       4      30   34     -      NSR    
                                                                     TOTAL     34       0   34     -      NSR    
             TN104    473092   9498576   265.5    HHGPS      31      TOTAL     31       0   31     -      NSR    
  9498178    TN036    475096   9498177   242.5    HHGPS      25        CS       4       0    4    6.6     0.46   
                                                          including    CS       1       0    1   15.2     1.29   
                                                                      SAP      17       4   21     -      NSR    
                                                                      BDR       4      21   25     -      NSR    
                                                                     TOTAL     25       0   25     -      NSR    
             TN037    475295   9498179   233.5    HHGPS      16      TOTAL     16       0   16     -      NSR    
             TN038    474899   9498176    250     HHGPS      46        CS       1       0    1     -      NSR    
                                                                      SAP      38       1   39    3.0     1.13   
                                                          including   SAP      15      18   33    5.3     2.54   
                                                                      BDR       7      39   46     -      NSR    
                                                                     TOTAL     46       0   46    3.6     0.96   
             TN039    474699   9498179   265.5    HHGPS      21        CS       1       0    1    5.0     0.98   
                                                                      SAP      15       1   16    3.7     1.21   
                                                          including   SAP       7       6   13    5.4     2.02   
                                                                      BDR       5      16   21     -      NSR    
                                                                     TOTAL     21       0   21    5.7     1.06   
             TN088    473490   9498175    275     HHGPS      49        CS       5       0    5    4.0     0.58   
                                                          including    CS       2       0    2    5.7     0.98   
                                                                      SAP      41       5   46     -      NSR    
                                                                      BDR       3      46   49     -      NSR    
                                                                     TOTAL     49       0   49     -      NSR    
             TN089    473697   9498177    282     HHGPS      54        CS       9       0    9    5.4     0.76   
                                                          including    CS       3       0    3    7.8     1.06   
                                                                      SAP      39       9   48     -      NSR    
                                                                      BDR       6      48   54     -      NSR    
                                                                     TOTAL     54       0   54     -      NSR    
             TN090    473893   9498179    289     HHGPS      16        CS       2       0    2    8.7     1.69   
                                                                      SAP      10       2   12    3.6     0.65   
                                                          including   SAP       6       2    8    4.3     0.82   
                                                                      BDR       4      12   16   23.2     1.28   
                                                                     TOTAL     16       0   16    9.1     0.94   
             TN091    474095   9498176    307     HHGPS      23      TOTAL     23       0   23     -      NSR    
             TN105    473295   9498177    273     HHGPS      17      TOTAL     17       0   17     -      NSR    
             TN106    473089   9498176    271     HHGPS      19        CS       1       0    1   11.2     0.87   
                                                                      SAP      15       1   16     -      NSR    
                                                                      BDR       3      16   19     -      NSR    
                                                                     TOTAL     19       0   19     -      NSR    
             TN107    472897   9498177    271     HHGPS      34      TOTAL     34       0   34     -      NSR    
  9497778    TN040    475094   9497776    242     HHGPS      30      TOTAL     30       0   30     -      NSR    
             TN041    474895   9497776    254     HHGPS      40        CS       5       0    5    5.4     0.55   
                                                          including    CS       1       0    1   18.1     1.43   
                                                                      SAP      29       5   34     -      NSR    
                                                                      BDR       6      34   40   29.1     0.79   
                                                                     TOTAL     40       0   40     -      NSR    
             TN042    474695   9497779    262     HHGPS      25        CS       8       0    8    6.1     1.39   
                                                                      SAP      12       8   20    6.2     0.51   
                                                          including   SAP       3       8   11    3.1     0.85   
                                                                      BDR       5      20   25   15.9     0.71   
                                                                     TOTAL     25       0   25    8.1     0.83   
             TN043    474493   9497771    278     HHGPS       7        CS       4       0    4   13.5     0.66   
                                                          including    CS       3       0    3   16.8     0.83   
                                                                      BDR       3       4    7   20.4     1.29   
                                                                     TOTAL      7       0    7   16.4     0.93   
             TN044    475289   9497777    235     HHGPS      19      TOTAL     19       0   19     -      NSR    
             TN081    473894   9497776    285     HHGPS      26        CS       2       0    2    6.0     0.92   
                                                                      SAP      20       2   22   12.9     0.47   
                                                          including   SAP       3      17   21   13.5     0.79   
                                                                      BDR       4      22   26     -      NSR    
                                                                     TOTAL     26       0   26     -      NSR    
             TN082    474093   9497777    300     HHGPS      19        CS       1       0    1    8.9     0.80   
                                                                      SAP      14       1   15     -      NSR    
                                                                      BDR       4      15   19     -      NSR    
                                                                     TOTAL     19       0   19     -      NSR    
             TN083    473695   9497777   281.5    HHGPS      52        CS       2       0    2    6.1     1.42   
                                                                      SAP      46       2   48     -      NSR    
                                                                      BDR       4      48   52     -      NSR    
                                                                     TOTAL     52       0   52     -      NSR    
             TN084    473494   9497780    276     HHGPS      57        CS       2       0    2    7.0     1.00   
                                                                      SAP      49       3   52     -      NSR    
                                                                      BDR       5      52   57     -      NSR    
                                                                     TOTAL     57       0   57     -      NSR    
             TN085    473295   9497775   270.5    HHGPS      31        CS       2       0    2     -      NSR    
                                                                      SAP      25       2   27    8.3     0.46   
                                                          including   SAP       7      16   23   12.9     0.83   
                                                                      BDR       4      27   31     -      NSR    
                                                                     TOTAL     31       0   31     -      NSR    
             TN086    473094   9497777    272     HHGPS      25      TOTAL     25       0   25     -      NSR    
             TN087    472897   9497777    273     HHGPS      31        CS       1       0    1    5.3     1.00   
                                                                      SAP      26       1   27     -      NSR    
                                                                      BDR       4      27   31     -      NSR    
                                                                     TOTAL     31       0   31     -      NSR    
  9497378    TN045    475098   9497377    236     HHGPS      22      TOTAL     22       0   22     -      NSR    
             TN046    475293   9497373    230     HHGPS      15      TOTAL     15       0   15     -      NSR    
             TN047    474896   9497377    244     HHGPS      16        CS       1       0    1   11.2     1.71   
                                                                      SAP       9       1   10   11.1     0.72   
                                                          including   SAP       5       1    6   10.2     0.81   
                                                                      BDR       6      10   16   33.3     1.32   
                                                                     TOTAL     16       0   16   19.4     1.01   
             TN048    475294   9497371    230     HHGPS      16      TOTAL     16       0   16     -      NSR    
             TN049    474695   9497378    252     HHGPS      16        CS       1       0    1    6.6     1.73   
                                                                      SAP       8       1    9    4.8     1.09   
                                                                      BDR       7       9   16   20.4     1.00   
                                                                     TOTAL     16       0   16   11.7     1.09   
             TN050    474493   9497371    267     HHGPS      10        CS       1       0    1    9.4     1.22   
                                                                      SAP       5       1    6    6.7     1.35   
                                                                      BDR       4       6   10   19.0     1.43   
                                                                     TOTAL     10       0   10   11.9     1.37   
             TN075    473099   9497377    270     HHGPS      30        CS       4       0    4    1.5     0.35   
                                                          including    CS       1       0    1    2.4     0.74   
                                                                      SAP      22       4   26     -      NSR    
                                                                      BDR       4      26   30     -      NSR    
                                                                     TOTAL     30       0   30     -      NSR    
             TN076    473297   9497376    271     HHGPS      31      TOTAL     31       0   31     -      NSR    
             TN077    473495   9497377   270.5    HHGPS      41        CS       3       0    3    5.9     0.62   
                                                          including    CS       2       0    2    6.0     0.92   
                                                                      SAP      33       3   36     -      NSR    
                                                                      BDR       5      36   41     -      NSR    
                                                                     TOTAL     41       0   41     -      NSR    
             TN078    473694   9497378   273.5    HHGPS      46        CS       9       0    9    9.6     0.62   
                                                          including    CS       2       0    2    9.6     2.06   
                                                                      SAP      33       9   42     -      NSR    
                                                                      BDR       4      42   46     -      NSR    
                                                                     TOTAL     46       0   46     -      NSR    
             TN079    473892   9497382    281     HHGPS      33        CS       2       0    2    8.5     2.06   
                                                                      SAP      26       2   28     -      NSR    
                                                                      BDR       5      28   33     -      NSR    
                                                                     TOTAL     33       0   33     -      NSR    
             TN080    474090   9497375    286     HHGPS       4       SAP       1       0    1    9.9     0.73   
                                                                      BDR       3       1    4   21.0     1.27   
                                                                     TOTAL      4       0    4   18.2     1.13   
  9496978    TN051    474494   9496976    254     HHGPS      23        CS      0.5      0    1   10.4     2.38   
                                                                      SAP     17.5     0.5  18    5.0     1.15   
                                                                      BDR       5      18   23   26.7     1.85   
                                                                     TOTAL     23       0   23    9.9     1.35   
             TN052    474693   9496976   243.5    HHGPS      16        CS       1       0    1    9.1     1.49   
                                                                      SAP      10       1   11     -      NSR    
                                                                      BDR       5      11   16     -      NSR    
                                                                     TOTAL     16       0   16     -      NSR    
             TN053    474867   9496978    233     HHGPS      13      TOTAL     13       0   13     -      NSR    
             TN054    475099   9496983    232     HHGPS      13      TOTAL     13       0   13     -      NSR    
             TN055    474290   9496973    265     HHGPS      13        CS       1       0    1    7.2     2.19   
                                                                      SAP       8       1    9    6.7     0.84   
                                                                      BDR       4       9   13   20.8     1.04   
                                                                     TOTAL     13       0   13   11.1     1.01   
             TN056    474090   9496978    264     HHGPS      26        CS       1       0    1    7.6     1.52   
                                                                      SAP      19       1   20    6.4     0.94   
                                                          including   SAP       6      13   19   14.2     2.02   
                                                                      BDR       6      20   26   30.2     2.11   
                                                                     TOTAL     26       0   26   12.0     1.23   
             TN057    473897   9496976    265     HHGPS      27        CS       2       0    2     -      NSR    
                                                                      SAP      20       2   22   11.0     0.45   
                                                          including   SAP       3      14   17   15.2     1.05   
                                                                      BDR       5      22   27     -      NSR    
                                                                     TOTAL     27       0   27     -      NSR    
             TN058    473697   9496978    261     HHGPS      30        CS       4       0    4    6.2     0.94   
                                                          including    CS       2       0    2    8.7     1.60   
                                                                      SAP      21       4   25     -      NSR    
                                                                      BDR       5      25   30     -      NSR    
                                                                     TOTAL     30       0   30     -      NSR    
             TN059    473496   9496975    258     HHGPS      33      TOTAL     33       0   33     -      NSR    
             TN060    473296   9496976    261     HHGPS      34      TOTAL     34       0   34     -      NSR    
             TN073    473095   9496978    263     HHGPS      32      TOTAL     32       0   32     -      NSR    
             TN074    472899   9496976    263     HHGPS      30      TOTAL     30       0   30     -      NSR    
  9496578    TN061    473496   9496575   253.5    HHGPS      25      TOTAL     25       0   25     -      NSR    
             TN062    473698   9496572    254     HHGPS      25        CS       4       0    4    3.6     0.60   
                                                          including    CS       2       0    2    5.3     1.12   
                                                                      SAP      16       4   20     -      NSR    
                                                                      BDR       5      20   25     -      NSR    
                                                                     TOTAL     25       0   25     -      NSR    
             TN063    473891   9496579   253.5    HHGPS      22        CS       2       0    2     -      NSR    
                                                                      SAP      15       2   17    8.4     0.38   
                                                          including   SAP       2      15   17   17.2     1.31   
                                                                      BDR       5      17   22   17.7     1.50   
                                                          including   BDR       3      19   22   20.6     2.13   
                                                                     TOTAL     22       0   22     -      NSR    
             TN064    474093   9496571    249     HHGPS      25        CS       2       0    2   11.5     0.92   
                                                                      SAP      19       2   21     -      NSR    
                                                                      BDR       4      21   25     -      NSR    
                                                                     TOTAL     25       0   25     -      NSR    
             TN065    474295   9496576    251     HHGPS      19        CS       2       0    2   12.5     1.00   
                                                                      SAP      13       2   15    6.0     0.53   
                                                          including   SAP       2       2    4    9.7     0.74   
                                                                      BDR       4      15   19   24.7     1.09   
                                                                     TOTAL     19       0   19   11.4     0.71   
             TN066    474495   9496573   244.5    HHGPS      22        CS       2       0    2    9.4     1.18   
                                                                      SAP      15       2   17     -      NSR    
                                                                      BDR       5      17   22     -      NSR    
                                                                     TOTAL     22       0   22     -      NSR    
             TN067    474700   9496575    238     HHGPS      20      TOTAL     20       0   20     -      NSR    
             TN068    474833   9496578    233     HHGPS      11      TOTAL     11       0   11     -      NSR    
  9496178    TN069    474698   9496173    235     HHGPS      16      TOTAL     16       0   16     -      NSR    
             TN070    474497   9496176    243     HHGPS      15      TOTAL     15       0   15     -      NSR    
             TN071    474300   9496182    245     HHGPS      22      TOTAL     22       0   22     -      NSR    
             TN072    474095   9496179    243     HHGPS      22      TOTAL     22       0   22     -      NSR    

Appendix 2

JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

 Criteria                                        Explanation                                                                                                                                                               Comment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 Sampling techniques                             Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under            Reverse circulation hammer drilling was used to obtain 1m samples from which approximately 2.0 kg was riffle split to produce a sub-sample for HM analysis utilizing heavy liquid separation, magnetic separation and XRF assay.  All holes were sampled over consistent 1m intervals.  All holes were drilled using a reverse circulation method to collect 25% of the sample via cyclone separation of drill returns with a 4-way splitter attachment at the base of the cyclone discharging into a calico bag.  Samples are collected from alternate discharge chutes of the splitter, and assessment of duplicate samples collected at routine intervals show that no bias is evident from the cyclone splitter.  Samples were analysed by mineral sands industry standard techniques of screening, desliming and heavy liquid separation using SPT (sodium polytungstate: SG = 2.85g/cm (3)). XRF analysis of HM magnetic fractions was used to define the VHM content.  
                                                 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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                 information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Drilling techniques                             Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth All drilling was undertaken using a Smith Capital 10R3H track mounted reverse circulation drill rig operated by Amazon Mineworks Tanzania.  All holes were drilled vertically, with the drill rig levelled using hydraulic jacks.  Drill rod diameter is 4 (1)/ (2)” with 3m rods fitted with a face sampling 5 (3)/ (8)” button hammer bit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                 of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 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  Sample size is monitored by the rig geologist and logged quantitatively as either good, moderate or poor, with good meaning not contaminated and appropriate sample size (recovery), moderate meaning not contaminated, but sample over or under sized, and poor meaning contaminated or grossly over/undersized. Samples from the Phase 1 drilling at Umba South were logged as ~80% dry good, ~16% dry poor and ~3% moist good.  The drill rig uses a face sampling pneumatic hammer bit and operates at air pressures of 24 Bar and low rotation speeds (45-65 rpm) to maximize sample recovery.  There is no correlation evident between sample recovery and grade, resulting in no sample bias.                                                                                                                                                                                                                                                                          
                                                 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
 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 All samples were visually checked and logged on site by the rig geologist and logged for lithotype, grain size, colour, hardness, and moisture content.  A small subsample was taken for each drill interval and manually panned for estimation of slimes and HM content.  Any relevant comments e.g., water table, gangue HM components and stratigraphic markers were included to aid in the subsequent geological modelling.  The use of a pneumatic hammer bit is believed to have modified the grain size characteristics of the sample, with potential overstatement of slimes content and understatement of the oversize fraction. The drilling technique makes logging and assessment of the geotechnical parameters of the material unreliable.                                                                                                                                                                                                                      
                                                 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 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.  An approximate 25% split of the drilled sample interval is collected from the drill cyclone. The calico sample bags from site were air dried before sub-sampling. Any material that was bound together by clay was manually attritioned so it would pass through the splitter.  The material was split using a 25 mm three tier riffle splitter to produce a sub-sample for assay submission of approximately 2.0 kg in a small calico sample bag.  For one sample in every 20, an additional sample was collected from an alternate discharge chute on the cyclone mounted splitter for QAQC purposes.  Results of field duplicates confirm the sampling process is generating representative results.  The sample preparation technique, sample size and riffle aperture used is considered appropriate for mineral sands analysis.                                                                                                                                         
                                                  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.   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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

   

 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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.  Samples were analysed by conventional mineral sands techniques of screening, desliming and heavy liquid separation using SPT (sodium polytungstate: SG = 2.85g/cm3). XRF  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     analysis of HM magnetic fractions was used to define the VHM content.  All 3,015 drill samples were submitted to the Base Titanium laboratory at the Kwale Operations in  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Kenya.  The separation of HM was by sodium polytungstate (SPT) at density 2.85 g/cc.  All samples were: (i) Dried, weighed. (ii) Sample rotary split to produce ~400 g    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     sample. Sample wet screened using 45 µm and 1 mm sieves, to generate oversize and sand fractions, with slimes lost during screening and calculated by difference. (iii)   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     For samples UD2121 to UD3015 the oversize fraction was crushed until minimal oversize was present, with heavy liquid separation being undertaken on the combined mass of  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     as received sand fraction and lab generated sand fraction. (iv) SPT heavy liquid separation of sand fraction to generate a HM fraction. (v) HM fraction subject to        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     magnetic separation on a roll magnet to generate a high susceptibility (HS) fraction, magnetic (Mag) fraction and non-magnetic (NonMag) fraction. (vi) XRF analysis of Mag 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     fractions, with rutile (assumed 95% TiO2) calculated from TiO2 assay of NonMag by dividing by 0.95. (vii) NonMag fraction subject to Nitric acid dissolution to determine 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     pyrite content, with rutile grade adjusted to reflect XRF normalisation.  Select float fraction samples were despatched to BV Centurion SA for analysis of TGC, with assay 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     grades adjusted to reflect losses to slimes and oversize.  Various quality control samples were submitted routinely to assure assay quality. A total of 150 duplicate     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     field samples, 301 lab duplicate sample preparation samples, and an unspecified number of internal laboratory standards, repeats and blanks have been assayed at Kwale    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Operations’ site laboratory.                                                                                                                                              

   

 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.                                                                   Drilling, logging and sampling undertaken by contract geologists following on-site training by Base Titanium’s Exploration Manager.  Twinned holes have been completed but 
                                                                                                                                                                                                                                                                                                                                                                                                                                   assay results are not yet available for comparison.  Drill hole logging and site sample data is collected electronically and regularly emailed to the exploration office  
                                                                                                                                                                                                                                                                                                                                                                                                                                   in Kwale, Kenya. Assay data is captured electronically via LIMS and merged with logging and sample data in Datashed.  No adjustment to assay data has been made – but it  
                                                                                                                                                                                                                                                                                                                                                                                                                                   is noted that rutile grades from holes TN001 to TN091 reflect rutile in the sand fraction only, while for holes TN092 to TN122 the rutile grades reflect the combined sand 
                                                                                                                                                                                                                                                                                                                                                                                                                                   and (crushed) oversize fraction.                                                                                                                                          
 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.                                                                                                      Drill hole collars were surveyed using handheld GPS.  All drill holes are vertical, down hole surveys were deemed unnecessary.  Grid system used throughout the program is 
                                                                                                                                                                                                                                                                                                                                                                                                                                   UTM, Zone 37S, ARC60 datum.  Topographic data was derived from a DTM generated from SRTM 30m spaced point data and all drill collars were levelled to the SRTM topographic 
                                                                                                                                                                                                                                                                                                                                                                                                                                   surface for consistency. The topographic control is considered adequate for reporting of exploration results but will require improved definition for any future resource 
                                                                                                                                                                                                                                                                                                                                                                                                                                   estimation.                                                                                                                                                               
 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 drilling program that forms the basis of this release is based upon 200m hole spacing along E-W oriented lines with 400m between lines. The drill program was designed 
                                                                                                                                                                                                                                                                                                                                                                                                                                   to test a prominent N-S trending ridge of quartzite and gneiss that reported anomalous rock chip and soil geochemistry.  The current data spacing, and distribution is    
                                                                                                                                                                                                                                                                                                                                                                                                                                   likely not sufficient to establish geological and grade continuity and additional work programs are being implemented to better understand the geological controls on     
                                                                                                                                                                                                                                                                                                                                                                                                                                   mineralisation.  No sample compositing has been applied.                                                                                                                  
 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.  All drill holes were drilled vertically. The mineralisation drilled comprises a sub-horizontal soil and weathered saprolite profile, and primary bedrock. The geological  
                                                                                                                                                                                                                                                                                                                                                                                                                                   structure of the bedrock comprises 40° to 50° E dipping metamorphic fabric, and it is likely this is also evident in the saprolite as deep / intense weathering is not    
                                                                                                                                                                                                                                                                                                                                                                                                                                   evident.  Drill lines were drilled north - south, east - west within 10 degrees of the topographic ridgeline that reflects the strike of the metamorphic fabric.  A bias  
                                                                                                                                                                                                                                                                                                                                                                                                                                   to sampling has likely been introduced via vertical drilling of a moderately dipping geological unit, but as the geological controls on mineralisation are not fully      
                                                                                                                                                                                                                                                                                                                                                                                                                                   understood at this time – the potential bias is still under assessment. Reported mineralisation widths in the bedrock and likely saprolite will be significantly greater  
                                                                                                                                                                                                                                                                                                                                                                                                                                   (up to 1.5x) than true width.                                                                                                                                             
 Sample security                                          The measures taken to ensure sample security.                                                                                                                                                                                                                                                                                                                            All samples from the drilling rig were transported to the Umba South exploration camp daily, where they are stored in a shed with a secure compound. Once sample          
                                                                                                                                                                                                                                                                                                                                                                                                                                   preparation is completed, the sub-samples for assay are placed in drums for transport to both Tanga (for government assessment) and ultimately the Kwale Operations in    
                                                                                                                                                                                                                                                                                                                                                                                                                                   Kenya.  The samples bags were labelled by both marker and paper tags with a unique sample number.                                                                         
 Audits or reviews                                        The results of any audits or reviews of sampling techniques and data.                                                                                                                                                                                                                                                                                                    No external audits of the sampling techniques and data have been carried out, but the techniques and data have been reviewed by experienced Base Titanium and Base        
                                                                                                                                                                                                                                                                                                                                                                                                                                   Resources personnel.  The sample analytical procedure has undergone several internal reviews with modifications occurring as required. The results of mineralogical       
                                                                                                                                                                                                                                                                                                                                                                                                                                   analysis are awaited to further review the analytical procedure.                                                                                                          

Section 2 Reporting of Exploration Results

 Criteria                                                          Explanation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Comment                                                                                                                                                                   
 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 Umba South project is located within Prospecting Licences PL 11686/2021, PL 11687/2021, and PL 19524/2022, which are held by BET Two Ltd, Base Resources’ wholly      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  owned, Tanzanian subsidiary.  Several Primary Mining Licences (PMLs) for gemstones, up to 10ha in size, occur at Umba South and BET Two has entered into access agreements 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  with the PML holders allowing exploration drilling activity to be carried out in areas of interest.  At the time of reporting, the BET Two tenure is in compliance with   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  all requirements and there are no known impediments to obtaining a licence to operate in the area.                                                                        
 Exploration done by other parties                                 Acknowledgment and appraisal of exploration by other parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  No previous exploration for rutile is believed to have been undertaken in the Umba South area, with historical prospecting limited to reconnaissance sampling for         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  gemstones.                                                                                                                                                                
 Geology                                                           Deposit type, geological setting and style of mineralisation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The project area is underlain by part of the Mozambique Belt – a major N-S trending geological structure extending along the Eastern Coast of Africa. High-grade          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  metamorphic rocks in the project area occur as prominent N-S trending ridgelines, with rutile being a common accessory mineral together with reported occurrences of      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  graphite, pyrite, sillimanite, kyanite, garnet and gemstones (primarily tourmaline).  The primary focus of exploration is eluvial / alluvial HM (rutile) deposits sourced 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  from the mineralised ridges, and / or saprolitic deposits enriched in rutile that are sufficiently weathered to represent free-dig material from which rutile is readily  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  liberated.  The eluvial profile developed at Umba South is typically quite thin (~1-2m) but can locally be up to 9m thick. Rutile mineralisation is widespread throughout 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  this unit proximal to the ridgeline at Umba South and is present as HM grains within gravelly clayey sand and soil.  The saprolite present at Umba South has variable     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  depth and the weathering profile is not well developed. Rutile mineralisation occurs sporadically throughout this unit and appears related to specific lithological zones 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  that are enriched in rutile. The nature of the saprolite rutile mineralisation has not been established at this time.                                                     
 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                                                                                                                                                                                                                                                                                                                                        BET Two has conducted two drilling programs to date, with this release relating to the Phase 1 reconnaissance drilling for which assay results are complete.  A total of  
                                                                   * elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar                                                                                                                                                                                                                                                                                                                                                                                                                                                               122 holes for 3,015m with an average depth of 25m were completed for Phase 1.  All holes were drilled vertically.  See drill hole location plan - Figure 2.  Drill hole   
                                                                   * dip and azimuth of the hole                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  collars and significant assays are presented in Table 1 in Appendix 1.                                                                                                    
                                                                   * 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 Data aggregation methods                                          In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.   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.  Exploration results are reported as length-weighted average grades of rutile mineralisation using a nominal 0.7% rutile cut-off grade. No top-cutting has been applied.   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Grades reflect in-situ rutile content based upon analysis of the sand fraction.  Aggregate downhole significant intercepts were calculated using the following parameters: 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  * Minimum 3m interval of mineralisation.                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  * Maximum 2m interval of internal “low grade” allowed provided the aggregate grade exceeds 0.7%, with multiple “low-grade” intervals permitted.                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  For clarity the aggregate downhole intercept is also tabulated by geological domain.                                                                                      
 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 (e.g. ‘down hole length, true width not known’).                                                                                                                                                                              The mineralised eluvial soil horizon forms a relatively flat lying blanket and is intersected by vertical holes; hence the intercept length is approximately equivalent to 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the mineralization thickness.  The mineralised saprolite material likely has rutile mineralisation reflecting the primary metamorphic fabric, as the weathering profile is 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  relatively shallow and weak with minimal mass reduction and chemical mobilisation. The metamorphic fabric dips 40° – 50° to the east and this would result in down hole   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  mineralisation lengths being up to 1.5 times true width.  The mineralised bedrock has rutile mineralisation aligned with the primary metamorphic fabric (as above) and    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  this would result in down hole mineralisation lengths being up to 1.5 times true width.                                                                                   
 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.                                                                                                                                                                                                                                                                                              Plan of Drill hole locations see Figure 2 and representative drill hole cross sections see Figures 4 to 6.  Tabulation of drill intercepts see Table 1 of Appendix 1.  Due 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  to the limited understanding of geological controls on mineralisation only simplified representative cross-sections are reported at this time.                            
 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 drill hole collar locations are tabulated, including those with no significant assays.                                                                                
 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.                                                                                                                                                                          Metallurgical testwork on samples collected from shallow test pits within the soil /eluvial domain highlighted the presence of altered ilmenite (averaging ~65% TiO (2))  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  within the heavy mineral assemblage. Significant TiO (2)can be present within the Mags fraction of the HM from rutile mineralised zones, but in the absence of            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  mineralogical data and a more refined analytical technique it has not been possible to quantify this TiO (2)as an ilmenite that has economic potential.  The geotechnical 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  characteristics of the saprolite material being drilled is not able to be reliably determined given the RC hammer drilling method. This is potentially significant as the 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  economic potential of the rutile mineralisation within the saprolite will be partially determined by the mining method (cost) and the processing required to generate     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  rutile product (e.g. liberation of rutile grains, efficient recovery processes). There is a risk that the saprolite may require drill and blast hardrock mining methods   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (at high cost) and that rutile mineralisation may require comminution (at high cost) to achieve liberation and amenability to conventional mineral sands processing       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  methods. If this were the case a substantially higher economic cut-off grade would need to be applied.  Similarly, the bedrock mineralisation will necessitate hard rock  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  mining methods and comminution to achieve rutile liberation – and there is no certainty that metallurgical testwork will deliver economic outcomes.  The bedrock          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  mineralisation also contains a significant amount of pyrite - a known deleterious element for mineral sands processing, together with its unfavourable environmental      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  impact necessitating dedicated tailings handling and storage.                                                                                                             
 Further work                                                      The nature and scale of planned further work (e.g. 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.                                                                                                                                                                                                                      Once necessary approvals have been obtained for the Game Controlled Area north of the Umba River, future work will consist of reconnaissance exploration to establish if  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  broad areas of rutile mineralisation are present within either colluvial/alluvial material shedding from the prospective ridge line, or strongly weathered saprolite      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  associated with the targeted prospective zone.  Samples from Umba South have been sent for detailed mineralogical analysis to assist with geological interpretation,      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  validation of analytical flowsheet, metallurgical assessment, and economic potential.  A program of trenching or core-drilling at Umba South would provide samples of the 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  saprolite that will allow geotechnical assessment and detailed mapping / logging of the geology and mineralisation.                                                       

Glossary

 Base Titanium  Base Resources’ wholly-owned Kenyan subsidiary, Base Titanium Limited.                                                                                                                                                                                                             
 BDR            Bedrock geological domain.                                                                                                                                                                                                                                                         
 BET Two        Base Resources’ wholly-owned Tanzanian subsidiary, BET Two Limited.                                                                                                                                                                                                                
 Collar         Location of a drill hole.                                                                                                                                                                                                                                                          
 CS             Colluvium and Soil geological domain.                                                                                                                                                                                                                                              
 DTM            Digital terrain model.                                                                                                                                                                                                                                                             
 Easting        A figure representing eastward distance on a map.                                                                                                                                                                                                                                  
 GPS            Global positioning system.                                                                                                                                                                                                                                                         
 HHGPS          Handheld global positioning system.                                                                                                                                                                                                                                                
 HM             Heavy mineral.                                                                                                                                                                                                                                                                     
 JORC Code      The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.  
 Mag            Magnetic fraction of HM.                                                                                                                                                                                                                                                           
 Non-mag        Non magnetic fraction of HM.                                                                                                                                                                                                                                                       
 Northing       A figure representing northward distance on a map.                                                                                                                                                                                                                                 
 NSR            No significant result.                                                                                                                                                                                                                                                             
 RC             Reverse circulation.                                                                                                                                                                                                                                                               
 SAP            Saprolite (weathered bedrock) geological domain.                                                                                                                                                                                                                                   
 SPT            Sodium polytungstate solution used for heavy liquid separation.                                                                                                                                                                                                                    
 SRTM           Shuttle radar topography mission flown by space shuttle Endeavour to acquire radar data used to create global land elevation dataset.                                                                                                                                              
 TGC            Total graphitic carbon.                                                                                                                                                                                                                                                            
 TiO (2)        Titanium dioxide.                                                                                                                                                                                                                                                                  
 UD             Umba drilling sample prefix.                                                                                                                                                                                                                                                       
 UTM            Universal Transverse Mercator is a plane coordinate grid system.                                                                                                                                                                                                                   
 VHM            Valuable heavy mineral.                                                                                                                                                                                                                                                            
 XRF            A spectroscopic method used to determine the chemical composition of a material through analysis of secondary X-ray emissions, generated by excitation of a sample with primary X-rays that are characteristic of a particular element.                                            

ENDS.

For further information contact:

 Australian Media Relations        UK Media Relations             
 Citadel Magnus                    Tavistock Communications       
 Cameron Gilenko and Michael Weir  Jos Simson and Gareth Tredway  
 Tel: +61 8 6160 4900              Tel: +44 207 920 3150          

About Base Resources

Base Resources is an Australian based, African focused, mineral sands producer
and developer with a track record of project delivery and operational
performance.  The Company operates the established Kwale Operations in Kenya,
is developing the Toliara Project in Madagascar and is conducting exploration
in Tanzania.  Base Resources is an ASX and AIM listed company.  Further
details about Base Resources are available at www.baseresources.com.au.

PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email:  info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912

NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 8 9480 2500

JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800

JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
Phone: +44 20 7523 8000
 



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