Woolwonga Project EL 31306 Second Annual Report for the period 29 December 2017 to 28 December 2018

Abstract

During the 2018 reporting period Bacchus has spent $2,877,416 mainly on support of and diamond drilling. 2018 saw the significant expansion of the drilling below the Woolwonga Open Pits, it has been demonstrated that the deposit is open at depth and along strike. The drillhole distribution from the 2018 drilling is now 100m x 100m grid along the strike of the anticline axis for 1,100m. The 100m grid drill spacing is a little too wide to calculate an inferred resource at this stage, infill drilling will be required to progress to a maiden resource late 2019. Previous studies on ore sorting of the mineralised waste in the south-east end of the pit (Wilson Pit) were successful in 2017, successful application to remove a bulk sample of 120,000t from site was granted, access to a 3rd party mill for processing is not available at present but access to a mill is anticipated in the 3rd Quarter of 2019. RC and Diamond drilling, metallurgical and mining studies will continue into 2019.