ABN 63 110 396 168 FOR THE PERIOD ENDED 30 About Atlas Gold Limited Atlas listed on 17th December 2004 with the aim of defining and developing high value mineral deposits in the Pilbara of Western Australia. Since listing the company has maintained an aggressive exploration programme, increased its prospective landholding by 85 from 2,220 km 2 to 4,101 km 2 and identified significant iron ore, gold and base metal potential. HIGHLIGHTS FOR THE QUARTER Direct Shipping grade drill intercepts achieved in maiden iron ore drilling programme at Pardoo. Results include; Bobby - 18 metres at 62.4 Fe - 10 metres at 62.2 Fe - 6 metres at 62.86 Fe New iron ore drill targets identified through detailed mapping and rock chip traverse sampling programmes. Results include; Alice - 24.33 metres at 63.18 Fe Olivia Extensions - 47.0 metres at 60.08 Fe South Limb - 28.16 metres at 60.77 Fe Bobby Extensions - 26.07 metres at 60.19 Fe 28th October 2005 Orson Grant - 40.81 metres at 62.4 Fe - 27.0 metres at 60.2 Fe For more information visit the Atlas Gold Limited website www.atlasgold.com.au Atlas Gold Limited Ground Floor, 25 Richardson St WEST PERTH WA 6005 ASX Code: AGO David Flanagan Managing Director Phone +61 8 9476 7900 Richard Revelins Chairman Phone +61 3 9824 8166 Goldsworthy Agreement - Increased Pardoo Project landholding from 114 km 2 to 604 km 2 from Independence Group and CO2 Group, includes South Limb iron ore prospect. Turner River Agreement Acquired a further 413 km 2 of prospective iron ore tenure 50 km from Port Hedland from De Grey Mining. Area includes the Wallareenya channel iron deposit (CID). Western Shaw Project New tenement application on which 7 channel iron deposits have been identified and rock chip sampled, returning results up to 62.66 Fe. Agreement to raise up to $6m through placement to LinQ Corporate to accelerate iron ore exploration and project development. 1
Introduction Exploration results achieved during and subsequent to this quarter have significantly contributed towards the ultimate development of an iron ore mine. Firstly through the outstanding results of the first drilling programme at Pardoo and secondly through new tenement applications and acquisition of iron ore rights to granted tenure on strategic landholdings. Atlas Current Iron Ore Projects PARDOO IRON ORE PROJECT During the quarter the company completed 70 RC drill holes for 2,454 metres, and collected 130 rock chip samples, 262 stream samples and 360 soil samples across the Pardoo Project. Further rock chip traverses have been completed subsequent to quarter end and results at hand are included in this report. From drilling and surface sampling results to date Atlas maintains the Pardoo project is prospective for greater than 10-12 million tonnes of direct shipping grade iron ore. This target is conceptual in nature and further exploration is required to determine a mineral resource. Drilling was completed across eight areas of previously mapped surface iron enrichment (BHP Goldsworthy1960-80s). Two of these areas adjoin BHP Billiton owned tenements where defined resources potentially strike onto Atlas ground. 2
Pardoo, Prospect Location Plan Seven of the eight target areas returned intercepts over 55 Fe with the highest values being returned from the Bobby Prospect. The drilling clearly demonstrates that the Pardoo Project hosts direct shipping grade mineralisation. Better results include; Bobby Prospect PDRC061, 52 m at 60.6 Fe and 0.1 P from 6m, including 18 m at 62.4 Fe and 0.1 P from 12 m and 10 m at 62.2 Fe and 0.08 P from 36 m PDRC040, 22 m at 59.3 Fe, and 0.12 P from 4 m including 6 m at 60.9 Fe, and 0.13 P from 14 m 3
Dean Prospect PDRC065, 4 m at 60.3 Fe, and 0.17 P from 4 m Connie Prospect PDRC057, 14m at 56.9 Fe, and 0.03 P from surface On achieving high grade drill intercepts in RC drilling at Pardoo, the company has commenced further detailed mapping and rock chip sampling. Work has specifically targeted geological horizons considered prospective for economic iron ore deposits. Bobby Prospect - Extensions Mapping and sampling has defined a further 2 kilometres of prospective strike. Additional outcrop of iron enrichment hosted within a prospective geothitic chert sequence has been delineated both east and west of previously defined high-grade iron enrichment at the Bobby prospect. In total an additional 22 rock chip channel samples were collected from the Bobby area. Of the 22 samples 11 samples returned values exceeding 55 with values up to 60.2 Fe. Better results include; ARK00094, 26.07 metres at 60.19 Fe ARK00052, 26.07 metres at 59.23 Fe Bobby Extensions Prospect Rock Chip Sampling and Drill Hole Collar Plan The goethitic chert shaded in pink, and areas between under shallow cover, in the above diagram present a highly prospective target horizon to be further tested by drilling during the December quarter. 4
Alice Prospect New Prospect Recent mapping and sampling at Pardoo has highlighted potential at the Alice prospect which returned high grades of up to 63.8 Fe. Eight of the total 17 sample traverses returned values of greater than 55 Fe. Over an average width of 16.3 metres these samples returned an average grade of 62.58 Fe. Five traverse lines spaced at approximately 50-100 metres were sampled across the prospect area and better results include; ARK00056, 19.02 metres at 63.1 Fe ARK00063, 6.08 metres at 63.8 Fe ARK00058, 10.77 metres at 63.17 Fe ARK00065, 10.44 metres at 63.3 Fe ARK00069, 24.33 metres at 63.18 Fe Alice Prospect Rock Chip Sampling Plan These results are particularly high grade and present a priority target to be tested by RC drilling in the December quarter. South Limb Prospect New Prospect Atlas has completed a surface mapping and sampling programme at the South Limb Prospect comprising 36 rock chip channel samples on 6 traverses spaced at approximately 100 metres. Enrichment has been confirmed over an area 600 metres in length at an average width of 80 metres. Of a total 36 channel samples, 27 assayed better than 55 Fe and averaged 57.88 Fe over an average channel sample length of 32.8 metres. Better results include; 5
ARK00009, 28.2 metres at 60.77 Fe ARK00023, 26.2 metres at 59.96 Fe ARK00019, 40.0 metres at 59.37 Fe ARK00013, 30.9 metres at 59.26 Fe ARK00005, 34.8 metres at 58.98 Fe These results provide a large RC drill target in the vicinity BHP Billiton s Ord iron ore deposits. Atlas recently acquired an option to purchase the iron ore rights to this and three other adjacent tenements from Independence Group and CO2 Group (reported 2 nd September 2005 and also detailed in this report ). South Limb Prospect Rock Chip Sampling Plan Olivia Prospect - Extensions Additional traverse sampling was undertaken at Olivia. Of the 17 samples collected, only one did not return a value greater than 55 Fe. Average grade of traverse samples exceeding 55 is 59.27 Fe. Four sample traverse lines running east west were completed at 50 to 80 metre spacing and have delineated a zone of iron enrichment striking 250 metres to the southeast of previous drilling. Better results include; ARK00075, 29.15 metres at 61.5 Fe ARK00084, 19.23 metres at 60.7 Fe ARK00085, 16.12 metres at 60.38 Fe 6
Note - The results achieved in the sample traverses (Bobby, Olivia, Alice, South Limb) may not necessarily represent what will be intersected at depth in the pending RC drilling programme, nor can they be considered an estimate of resources. The company is very encouraged by the results which will be used as a guide for planning drill hole locations. Goldsworthy Agreement (Fe rights only) Atlas reached agreement with Independence Group NL ( IGO ) and their joint venture partners CO2 Group Limited ( CO2 ) to acquire 100 of the iron ore rights on tenements totaling 490 km 2 immediately adjoining Atlas highly prospective Pardoo Iron Ore Project, located 75km east of Port Hedland, Western Australia (reported 2 nd September 2005). Goldsworthy JV Iron Ore Rights Acquisition The tenements host the South Limb Iron Ore Prospect and significantly increase Atlas tenement interests in the region between Pardoo and the BHP Billiton owned Goldsworthy Iron Ore Project. Goldsworthy has produced in excess of 50 million tonnes of high grade (>63 Fe) iron ore valued in excess of $2 billion dollars (at current prices) since commencing production. The key terms of the agreement are; The owners refers to the IGO/CO2 joint venture. AGO pay the owners 100,000 AGO shares for a 12 month option to evaluate the South Limb prospect and the other tenements. On exercising the option AGO transfer to the owners 2,000,000 AGO shares subject to voluntary 12 month escrow. 7
AGO must commence development within 4 years of exercising the option to retain 100 of the iron ore rights. The owners will retain a shared 2 gross sales revenue royalty. The owners will retain a once off right to claw back 30 equity for two times AGO s exploration spend across the tenement group if Atlas defines a resource exceeding 5mt. If AGO fails to commence development within 4 years it s equity interest reverts to 49 and exploration/development proceeds at the direction of a JV committee and standard dilution formulas apply. The tenements covered by this agreement are E45/2381, E45/2285, E45/2286 and E45/2380. Turner River Agreement (Fe rights only) Atlas has reached agreement with De Grey Mining Limited (DEG) to acquire 100 of the iron ore rights on tenements totaling 413 km 2 located 50 km south east of Port Hedland, Western Australia (reported 21 st September 2005). The tenements host the Wallareenya Iron Ore Prospect and significantly increase Atlas tenement interests in the region. The tenements are prospective for Channel Iron Deposits (CID) of the style currently being mined at Robe River, Yandi and Yandicogina by BHP Billiton and Rio Tinto. The key terms of the agreement with DEG are: AGO pay the De Grey (DEG) 100,000 AGO shares for a 12 month option to evaluate the Wallareenya prospect and the other tenements. On exercising the option AGO to allot to DEG 1,000,000 AGO shares subject to voluntary 12 month escrow. DEG will retain a 2 gross sales revenue royalty. DEG will retain a once off right to claw back 30 equity for two times AGO s exploration spend across the tenement group if Atlas defines a resource exceeding 3 mt. The tenements covered by this agreement are E45/2533, E45/2354, E45/2597 and E45/1353 8
Turner River Iron Ore Project Location Plan WESTERN SHAW PROJECT New Tenement Acquisition Subsequent to quarter end Atlas pegged approximately 222 km 2 of open ground prospective for Channel Iron Deposits as mined at Robe, Yandi and Yandicogina by Rio Tinto and BHP Billiton. As at the date of reporting the company has completed site investigations and verified the occurrence of 7 channel iron deposits. During site investigations 18 rock chip samples were collected and 15 samples assayed better than 55 Fe. Over these results which exceded 55 the average grade was 58.51 Fe. The company will complete detailed mapping and sampling of the tenements in order to prioritise targets for drilling on grant of the tenement. FARREL WELL PROJECT Gold and Base Metals During the quarter 6 RAB drill holes for 334 metres and 2 RC drill holes for a total 123 metres were completed (results reported 27 th July 2005). Surface sampling continued with a total of 2,377 soil samples and 148 rock chip samples being collected. Significant results include highly anomalous soils results from the Tudor and Singers prospects that returned peak values of 844 ppb Au and 728 ppb Au respectively. Sampling also extended known anomalism at the Fordor Prospect to approximately 650 m in strike length. Detailed geological mapping at 1:2000 scale was completed over several prospective areas. Mapping has highlighted the structural complexity of the project area. From this and all previous work the company has now formulated a structural model for mineralisation at the project. It is anticipated that this will greatly assist in predicting the location of economic ore systems as well as gaining an improved understanding of known prospects 9
Farrel Well, Shaw River and Pear Creek Projects Location Plan Ground EM Surveys were undertaken over the Morgans, Doms and Impala Prospects. Subtle anomalies were highlighted at Doms and Impala where rock chip sampling with results up to 5.3 copper appear to be related to a 500 metre long buried conductor. Using recently completed and acquired outcrop mapping and high resolution magnetics flown earlier in the year an improved geological interpretation has also been compiled for a large part of the tenement group. SHAW RIVER PROJECT First pass mapping of the trend has highlighted further areas to be investigated by detailed rock chip sampling and mapping prior to drilling later next year. Atlas has confirmed the presence of iron enrichment at its Shaw River Iron Ore Project that abuts the Farrel Well Project located adjacent to the Marble Bar highway approximately 120km south east of Port Hedland. Rock chip traverse sampling and mapping at the Grant prospect has identified an area of surface iron enrichment approximately 500 metres long by 50 metres wide. Sampling was conducted on three traverse lines spaced approximately 170 metres and 200 metres apart. Seven samples were collected from rock chipping over intervals varying in length from 25 to 57 metres along each traverse. Better results include; FWRK016, 43 metres at 59.17 Fe, 0.16 P FWRK019, 27 metres at 60.2 Fe, 0.07 P FWRK020, 25 metres at 60.14 Fe, 0.07 P. 10
Iron ore resources held by BHP Billiton at Pincunah and Lalla Rookh to the south west within the same geological formation also support the company s view that the Shaw River Project is prospective for further occurrences of iron enrichment. Atlas maintains an active strategy focused on developing satellite iron ore operations within close trucking distance to the port of Port Hedland. While these results do not construe an estimate of resources nor can they be assumed to reflect mineralisation at depth, the company maintains the view that the geological environment is suitable for hosting direct shipping grade iron ore and on that basis further exploration is warranted. Shaw River Iron Ore Project Plan MT MINNIE PROJECT Located 70km south east of Onslow, the tenements total 1440 km 2 and are prospective for Iron Oxide Copper - Gold (IOCG) and roll front uranium mineralisation. Atlas engaged the services of MinCorp Consultants Pty Ltd to complete a comprehensive literature review, data and GIS compilation and target appraisal exercise. The area was previously explored for hydrothermal iron oxide related copper-gold ± uranium (IOCG) systems by WMC is the 1990 s and for Sandstone hosted roll-front uranium deposits by Minatome and CRA in the 1970 s and early 1980 s. The IOCG Cu-Au-U style exploration concept is well supported by regional geological considerations and by the previous exploration work. Targets outlined during previous exploration have in general only been subjected to cursory evaluation by recent explorers. 11
Mineralisation has been identified coincident with a large gravity anomaly, the margins of which are the loci for a number of isolated magnetic anomalies. These gravity and magnetic features lie adjacent to a major zone of faulting which is also evident in the magnetic data. Drilling at Seahorse prospect by WMC returned gold values of 0.2-0.3g/t gold with supporting copper, arsenic and anomalous uranium values. Shallow aircore drilling by Pandell at an adjacent prospect returned values up to 8m at 0.24 g/t Au with anomalous arsenic. These are priority areas for follow up work. The Manyingee deposit (resource of ~7,000 tonnes U 3 O 8 ) which is less than 10km from the Mt Minnie Project confirms the validity of the sandstone hosted uranium target. Manyingee is hosted by a Cretaceous palaeochannel developed into Proterozoic basement and similar channels occur to the north within the Mt Minnie Project. An assessment of the previous exploration work has highlighted two areas in the Mt Minnie channel system, and one possible area north of Manyingee, as worthy of further investigation. TENEMENTS During the quarter Atlas pursued an aggressive ground acquisition strategy within the Pilbara. Atlas has lodged 5 new tenement applications, E45/2779,2778 E45/2794,2767 and 2765 in it s own right and a purchased further two tenement applications from Scott Raymond Bishop E45/2479 and 2594. Atlas also acquired options over the iron ore rights to eight granted exploration licences under agreements with De Grey Mining (E45/2354, 1353, 2533 and 2597) and Independence Group/CO2 Group (E45/2380,2381,2286 and 2285). Details are also contained in September Quarter Cash flow Report. Subsequent to quarter end Atlas also lodged the application for the Western Shaw Tenement, E45/2795. CORPORATE Atlas Gold Limited has reached agreement with LinQ Corporate Pty Ltd ( LinQ ) for the private placement of up to 27.3 million new shares and 1 for 2 attaching options at an issue price of 22 cents per share to professional and institutional clients of LinQ. The options are unlisted and exercisable at 30 cents within 3 years of the date of allotment. The placement is subject to the approval of Atlas shareholders at the company s Annual General Meeting to be held on November 16 th. As at the end of the quarter the company had 47,930,010 shares on issue. The top 40 shareholders hold 74 of the issued capital. 12
PLANS FOR THE DECEMBER QUARTER 2005 Complete RC drill testing of South Limb, Bobby Extensions, Olivia, Dean, Alice and Orson prospects within Pardoo/Goldsworthy Project. Continue detail mapping and sampling over prospective units within the Nimingarra Iron Formation at Pardoo. Complete review of Turner River Iron Ore Prospects. Further review and assessment of iron ore potential within newly acquired ground at Western Shaw, Hillside and Hedland Projects. Continue to develop gold and base metal targets on Farrel Well Project utilizing recently acquired geochemical, geophysical and geological data. Complete literature review and prioritize targets within Pear Creek Project. 13
PARDOO ROCK CHIP TRAVERSE SAMPLING Results greater than 55 Fe SampleID North Start East Start North End East End Width Fe SiO 2 P Al 2 O 3 LOI Bobby Prospect ARK00038 7760310 723500 7760270 723511 41.48 57.93 5.09 0.099 0.83 10.58 ARK00040 7760452 723452 7760438 723474 26.07 59.19 2.13 0.276 1 10.88 ARK00041 7760438 723474 7760414 723437 44.10 58.43 3.93 0.167 0.84 10.69 ARK00042 7760207 722984 7760190 722981 17.26 56.88 6.66 0.116 1.17 10.24 ARK00046 7759977 721430 7759956 721438 22.47 57.53 2.93 0.093 0.69 11.35 ARK00050 7759795 720782 7759820 720772 26.92 55.83 7.35 0.136 1.1 9.94 ARK00052 7759879 720777 7759901 720763 26.07 59.23 3.11 0.084 0.88 10.32 ARK00053 7759751 720704 7759778 720699 27.45 57.82 4.07 0.124 1 10.96 ARK00094 7760273 722396 7760251 722410 26.07 60.19 2.68 0.148 0.41 10.12 PDRK0185 7760042 722070 7760059 722070 17.00 57.76 8.78 0.106 0.32 8.03 PDRK0187 7760073 722065 7760093 722058 21.18 58.7 6.29 0.108 0.45 8.77 PDRK0086 7760132 722600 7760166 722600 34.00 60.1 2.61 0.147 0.56 9.92 Alice Prospect ARK00056 7758621 721271 7758602 721272 19.02 63.61 1.11 0.206 0.2 6.84 ARK00058 7758639 721375 7758629 721379 10.77 63.17 1.97 0.233 0.15 6.95 ARK00061 7758677 721443 7758664 721453 16.40 62.6 1.68 0.206 0.23 7.88 ARK00062 7758664 721453 7758645 721455 19.10 57.87 9.81 0.19 0.15 6.58 ARK00063 7758645 721455 7758639 721454 6.08 63.8 1.35 0.199 0.3 6.55 ARK00065 7758626 721452 7758616 721449 10.44 63.3 1.18 0.222 0.18 7.57 ARK00068 7758726 721648 7758707 721663 24.20 63.17 1.8 0.168 0.18 6.76 ARK00069 7758707 721663 7758683 721667 24.33 63.18 1.26 0.162 0.35 7.29 PDRK0112* 7758627 721320 63.42 0.9 0.095 0.15 8.24 PDRK0114* 7758642 721420 65.79 1.43 0.125 0.24 3.65 14
PARDOO ROCK CHIP TRAVERSE SAMPLING CONT. Results greater than 55 Fe SampleID North- Start East Start North End East End Width Fe SiO 2 P Al 2 O 3 LOI South Limb Prospect ARK00002 7749950 723150 7749983 723140 34.48 57.88 4.78 0.24 2.13 9.2 ARK00003 7749983 723140 7749922 723141 61.00 55.97 8.41 0.161 3.34 6.7 ARK00004 7749859 723260 7749904 723250 46.09 58.33 4.05 0.169 1.93 10.04 ARK00005 7749904 723250 7749937 723261 34.78 58.98 3.26 0.172 1.48 9.87 ARK00006 7749937 723261 7749986 723250 50.21 56.24 4.83 0.133 3.36 10.14 ARK00008 7749885 723358 7749912 723361 27.16 57.17 6.15 0.168 1.95 9.35 ARK00009 7749912 723361 7749939 723353 28.16 60.77 3.84 0.079 1.35 7.42 ARK00010 7749939 723353 7749968 723350 29.15 57.36 5.06 0.127 2.79 9.46 ARK00012 7749875 723462 7749899 723455 25.00 57.48 6.43 0.109 1.62 9.1 ARK00013 7749899 723455 7749927 723442 30.87 59.26 3.37 0.136 2.03 9.46 ARK00014 7749927 723442 7749940 723427 19.84 58.43 5.03 0.137 0.91 10.19 ARK00017 7749984 723560 7749971 723554 14.31 56.04 5.47 0.154 3.37 10.29 ARK00018 7749971 723554 7749933 723544 39.29 56.01 8.05 0.159 1.95 9.1 ARK00019 7749933 723544 7749894 723535 40.02 59.37 4.02 0.193 2.09 7.96 ARK00021 7749880 723553 7749848 723554 32.01 58.12 4.81 0.136 2.8 7.91 ARK00022 7749848 723554 7749818 723556 30.06 57.52 6.71 0.155 2.91 6.68 ARK00023 7749818 723556 7749782 723552 36.22 59.96 3.59 0.205 1.72 7.93 ARK00024 7749782 723552 7749754 723554 28.07 58.88 5.2 0.082 2.67 6.91 ARK00025 7749754 723554 7749733 723564 23.25 58.43 7.28 0.139 2.76 5.03 ARK00026 7749733 723564 7749715 723550 22.80 58.97 5.56 0.156 1.65 6.93 ARK00027 7749962 723627 7749932 723621 30.59 57.05 7.32 0.124 1.49 9.0 ARK00028 7749877 723736 7749915 723752 41.23 56.81 7.93 0.147 1.89 8.06 ARK00029 7749915 723752 7749942 723766 30.41 56.8 6.65 0.194 1.62 9.46 ARK00031 7749831 723709 7749814 723691 24.75 57.53 8.48 0.158 1.76 6.24 ARK00032 7749814 723691 7749796 723650 44.77 57.65 7.38 0.246 2.2 6.82 ARK00033 7749796 723650 7749769 723631 33.01 57.39 8.43 0.182 1.94 6.08 ARK00034 7749769 723631 7749746 723618 26.41 58.24 5.8 0.167 2.06 7.72 ARK00095 7749894 719421 7749875 719434 23.02 56.03 4.99 0.321 2.89 10.91 Orson Prospect ARK00159 7759149 724109 7759114 724130 40.81 62.4 2.9 0.139 1.35 5.73 ARK00160 7759114 724130 7759073 724129 41.01 59.67 5 0.098 2.84 6.14 ARK00161 7759073 724129 7759055 724122 19.31 59.17 6.3 0.089 3.52 4.96 ARK00162 7759055 724122 7759013 724150 50.47 57.12 6.85 0.154 4.2 6.05 15
PARDOO ROCK CHIP TRAVERSE SAMPLING CONT. Results greater than 55 Fe SampleID North Start East Start North End East End Width Fe SiO 2 P Al 2 O 3 LOI Olivia Prospect ARK00071 7756977 719021 7756966 719003 21.09 58.23 5.59 0.094 1.42 9.02 ARK00073 7756962 718990 7756954 718968 23.40 59.53 4.49 0.062 0.81 7.62 ARK00074 7756954 718968 7756938 718947 26.40 59.69 3.85 0.088 1.17 8.71 ARK00075 7756938 718947 7756927 718920 29.15 61.5 2.95 0.093 1.09 7.29 ARK00076 7756914 719045 7756904 719021 26.0 58.43 6.28 0.096 0.95 7.84 ARK00077 7756904 719021 7756898 718992 29.61 57.66 6.19 0.094 0.96 9.08 ARK00078 7756898 718992 7756901 718961 31.14 57.62 6.7 0.067 1.13 8.27 ARK00079 7756901 718961 7756897 718926 35.22 58.52 6.14 0.068 0.71 8.04 ARK00080 7757021 719004 7757018 718981 23.19 58.27 7.02 0.118 1.24 7.27 ARK00081 7757018 718981 7757004 718949 34.92 59.23 5.15 0.038 1.00 7.4 ARK00082 7757004 718949 7757003 718930 19.02 59.81 4.4 0.037 0.83 7.52 ARK00083 7757003 718930 7757003 718883 47.00 60.08 4.62 0.037 0.98 7.2 ARK00084 7757003 718883 7756994 718866 19.23 60.7 2.88 0.103 1.41 8.32 ARK00085 7757064 718951 7757072 718937 16.12 60.38 4.07 0.08 1.6 7.24 ARK00086 7757072 718937 7757093 718900 42.54 58.89 5.33 0.046 1.22 7.92 ARK00087 7757093 718900 7757103 718862 39.29 59.88 4.1 0.074 0.82 8.3 SHAW RIVER ROCK CHIP TRAVERSE SAMPLING Results greater than 55 Fe SampleID North- Start East Start North End East End Width Fe SiO 2 P Al 2 O 3 LOI Grant Prospect FWRK014 7689995 756800 7689950 756765 57 57.49 4.93 0.084 2.79 9.36 FWRK016 7689920 756594 7689881 756612 43 59.17 3.11 0.163 1.44 9.84 FWRK019 7689908 756374 7689881 756375 27 60.2 2.72 0.074 1.44 9.18 FWRK020 7689881 756375 7689857 756380 25 60.14 3.54 0.073 1.36 8.64 Note: Composited rock chip surface traverse sampling. 55.0 Fe lower threshold, elements analysed by X-Ray Flourescence Spectrometry Method with Loss on Ignition (LOI) determined using Thermo-Gravimetric Analysers. * denotes spot surface rock chip sampling. 16
WESTERN SHAW ROCK CHIP SAMPLING Results greater than 55 Fe Sample ID North East Fe SiO 2 P Al 2 O 3 LOI ARK00201 7561209 712754 56.72 4.43 0.067 5.05 8.31 ARK00202 7558950 717470 57.58 3.9 0.035 3.62 9.13 ARK00203 7558386 719439 59.63 3.07 0.051 2.70 7.94 ARK00204 7558700 719350 58.01 3.63 0.046 4.29 8.29 ARK00205 7559048 719292 58.46 2.43 0.04 3.36 9.7 ARK00206 7559300 719320 56.34 4.68 0.042 5.71 7.79 ARK00207 7560094 719476 57.14 2.77 0.031 5.83 8.92 ARK00209 7560326 719504 59.92 2.28 0.04 2.94 8.08 ARK00210 7560288 719481 59.95 2.6 0.044 3.49 7.77 ARK00211 7557533 717817 62.66 2.78 0.056 3.02 3.54 ARK00212 7557542 718250 58.36 2.21 0.074 3.32 10.1 ARK00213 7557042 718503 56.44 3.11 0.113 4.00 10.89 ARK00214 7556912 718589 59.88 2.04 0.029 1.83 9.44 ARK00215 7556453 721748 58.54 5.68 0.082 4.45 5.51 ARK00216 7556452 721748 58.03 3.89 0.022 4.11 8.04 Note: Surface rock chip sampling. 55.0 Fe lower threshold, elements analysed by X-Ray Flourescence Spectrometry Method with Loss on Ignition (LOI) determined using Thermo-Gravimetric Analysers. 17
Pardoo RC Drilling Results Hole ID Northing () Easting () Dip ( o ) Max Depth Depth from Depth to Width Fe () SiO 2 () Al 2 0 3 () P () LOI () Bobby PDRC039 7760140 722510-90 50 10 16 6 57.13 5.2 1.37 0.093 9.85 PDRC040 7760125 722525-90 79 4 26 22 59.26 5.52 0.85 0.116 7.98 Includes 8 10 2 62.09 2.6 0.7 0.11 7.06 Includes 14 20 6 60.86 2.54 0.6 0.13 9 PDRC041 7760115 722535-90 70 6 22 16 58.18 6.12 1.44 0.117 8.27 Includes 6 20 14 58.57 5.22 1.55 0.121 8.46 40 42 2 55.37 11.7 0.27 0.087 8.43 48 50 2 58.38 9.09 0.78 0.094 6.29 PDRC061 7760154 722609-90 58 6 58* 52 60.64 4.53 0.83 0.103 6.75 Includes 12 30 18 62.43 3.63 0.71 0.104 5.56 Includes 36 46 10 62.18 3.55 0.67 0.08 5.98 PDRC062 7760180 722656-90 43 20 26 6 56.22 10.88 0.6 0.113 7.23 PDRC070 7760115 722450-90 49 6 8 2 55.52 6.67 2.51 0.115 9.92 16 32 16 56.03 10.78 1.22 0.105 7.09 Olivia PDRC044 7757100 718865-90 30 10 12 2 58.63 9.39 0.6 0.023 5.18 PDRC045 7757096 718882-90 30 8 10 2 58.3 7.66 0.83 0.053 6.87 PDRC048 7757072 718936-90 50 42 44 2 56.04 8.5 1.49 0.028 7.41 PDRC049 7757067 718954-90 30 10 12 2 56.06 8.26 1.15 0.057 9.12 18 30* 12 56.27 7.53 1.49 0.05 6.64 Connie PDRC056 7752593 719821-90 30 0 10 10 56.04 6.67 2.68 0.028 9.89 PDRC057 7752650 719800-90 25 0 14 14 56.96 5.02 2.54 0.026 10.43 Monty PDRC055 7755088 726794-90 30 4 6 2 56.65 5.6 4.48 0.087 7.2 Dean PDRC063 7759583 723844-90 37 2 6 4 57.67 3.89 2.08 0.314 10.84 PDRC064 7759567 723849-90 30 6 8 2 55.65 7.9 3.66 0.131 8.23 PDRC065 7759578 723940-90 30 4 16 12 57.77 5.79 1.84 0.183 8.85 Includes 4 8 4 60.28 3.60 0.86 0.17 8.77 PDRC066 7759600 724100-90 30 2 4 2 55.92 5.18 1.72 0.253 11.16 18
Pardoo RC Drilling Results Cont. Hole ID Northing () Easting () Dip ( o ) Max Depth Depth from Depth to Width Fe () SiO 2 () Al 2 0 3 () P () LOI () Joan PDRC004 7758740 722560-90 30 10 14 4 56.79 11.15 2.96 0.08 3.76 PDRC013 7758700 722460-90 30 0 2 2 55.97 6.35 3.63 0.086 6.94 Orson PDRC015 7759040 724090-90 30 10 14 4 58.38 7.67 2.87 0.19 4.72 PDRC017 7759020 724090-90 49 6 8 2 57.12 10.92 1.55 0.134 4.93 PDRC019 7759100 724090-90 30 4 6 2 55.46 9.34 2.25 0.184 6.71 PDRC020 7759080 724090-90 30 2 4 2 55.6 8.56 3.59 0.056 6.53 PDRC021 7759060 724090-90 30 6 8 2 55.21 13.7 2.6 0.059 3.55 PDRC023 7759090 724065-90 30 2 10 8 57.13 8.28 2.95 0.195 5.45 PDRC024 7759080 724040-90 30 10 14 4 57.81 8.6 2.11 0.227 5.48 Includes 10 12 2 60.4 5.05 1.72 0.202 5.76 PDRC025 7759090 724015-90 40 2 6 2 55.46 8.42 4.47 0.118 6.6 PDRC026 7759080 723990-90 37 2 4 2 57.49 4.95 1.62 0.075 8.09 PDRC027 7759080 723965-90 28 4 10 6 59.62 5.28 3.22 0.083 5.78 Includes 4 6 2 60.54 5.33 3.25 0.089 4.66 Note: 2m composite samples, mixture of PVC speared and riffle split sampling, 55.0 Fe lower cut, no upper cut, maximum internal waste of 2 m, analysis by X-Ray Flourescence Spectrometry Method with Loss on Ignition (LOI) determined using Thermo-Gravimetric Analysers. * denotes bottom of hole. The information in this report that relates to exploration results is based on information compiled by Mr Mark Gunther who is a member of the Australian Institute of Geoscientists and is a full time employee of Atlas Gold Limited. Mark Gunther has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results. Mark Gunther consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 19