Borroloola West Project Group Annual Mineral Exploration Report GR121-13 Report Period 11 April 2016 to 10 April 2017

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 twelve granted Exploration Licences of the Borroloola West Project Group Report Number GR121-13. During (21 June 2016) the reporting period Pacifico Minerals Ltd, with the agreement of Sandfire Resources NL ('Sandfire'), withdrew from three licences (ELs 24401, 26587 and 26837) of the joint venture, and these will no longer be operated by, or reported on, by Pacifico. The Borroloola West Project, which is under a farm-in agreement between Sandfire and Pacifico (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 with Sandfire (49%) and in April 2016 an unincorporated joint venture was formed, with Pacifico continuing as operator. 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 2016, Pacifico carried out field evaluations and prospect scale geological mapping, and portable X-Ray fluorescence instrument ('pXRF') geochemical reconnaissance and rock chip sampling. Reverse circulation drilling (total 17holes, 2477m) was completed at Coppermine Creek (4 holes for 505m), Mariner (4 holes for 552m), Berjaya (3 holes for 450m), Four Mile (5 holes for 820m) and Johnstons (1 hole for 150). At Coppermine Creek CCR08 in the main previously known prospect, intersected a significant thickness of low grade copper mineralisation - 42m at 0.5% Cu (0.1%Cu c/o), including 10m at 1.3% Cu (0.5% Cu c/o) - associated with quartz and dolomite veining. At Mariner MNR01 obtained 21m of 1%Pb (6m to 27m), including 6m of 2.5%Pb (13m to 19m) inoxidized mineralization at the base of the Roper Formation. Appraisals of the results, field evaluations, geological mapping and reconnaissance has defined new target zones for copper, zinc and lead at the Coppermine Creek, Lorella, Berjaya, and Mariner prospects. These zones are planned to be followed up with prospect mapping and target definition ahead of further drilling in 2017.