Borroloola West Project Group Annual Mineral Exploration Report GR121-13 Report period 11 April 2015 to 10 April 2016

Abstract

This annual report for the period 11 April 2015 to 10 April 2016 covers the mineral exploration completed by Pacifico Minerals Ltd (Pacifico) on fifteen granted Exploration Licences of the Borroloola West Project Group Report Number GR121-13. Work completed includes reconnaissance geological mapping, rock chip sampling, reverse circulation and diamond drilling and a DHEM survey. The Borroloola West Project, which is under a farm-in agreement between Sandfire Resources NL and Pacifico Minerals Ltd (formerly West Rock Resources Ltd), also includes the Exploration Licence Application ELA 26599, and granted Mining Lease MLN 624 at Coppermine Creek which lies within EL 26938. A Strategic Alliance Agreement with Cliffs Natural Resources Inc. was terminated in February 2014 and Pacifico executed the Deed of Settlement in January 2015. Pacifico has now earned a 51% interest in the project and in April 2016 made an election and provided notice to Sandfire to maintain its 51% interest in the Project and form an unincorporated joint venture. The project area lies within the Batten Trough of the Middle Proterozoic sediments and minor volcanics of the Tawallah, McArthur and Roper Groups of the McArthur Basin, with Cretaceous and Tertiary cover sediments. During the reporting period in 2015, Pacifico carried out field evaluations and prospect scale geological mapping, portable X-Ray fluorescence instrument ('pXRF') geochemical reconnaissance and rock chip sampling. Diamond drilling with RC pre-collars was completed on Bing Bong (2 holes for 203m RC drilling and 497m diamond drilling). Collaboration funding from the NT Government was obtained for these 2 holes. RC and diamond drilling was completed at Coppermine Creek (4 holes for 171m RC drilling and 776.9m diamond drilling). Drilling obtained a best intersection in CCD03 at Coppermine Creek of 5m @ 2.5%Cu from 68m, including 2m @ 4.0%Cu from 69m. A DHEM survey was completed on hole CCD04 at Coppermine Creek. The field evaluations and reconnaissance defined new target zones for copper, zinc and lead at the Coppermine Creek, Four Mile, Berjaya, and Johnstons prospects. These zones are planned to be followed up with prospect mapping and target definition ahead of drilling in 2016.