Ballarat Gold Project · 1/18/2018 · 2016 Passed 6t of gold 200 staff and contractors Z83- [94 Z05 Z07 Z09 [10 [12 [18 •Historical production of at least 408t (13Moz) of alluvial

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The Stone Age didn’t end because we ran out of stones.– Stephen Jeffers, GM, CGT

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15 Feb, 2018The Gekko story: Innovation in mineral processing.- Roger Jackman, Business Development Manager, Gekko.

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23 or 24 Jan, 6:30. AusIMM. Is Diamond Drilling the best guide to grade, Bendigo.27 Jan. AusIMM. Christmas that was. Lunch in the vineyards, Guilford.9 Feb, 5:30pm. Geopub. networking, Melbourne.13 Feb, 2:00. GPIC. Fosterville tour, Bendigo.22 Feb, 6:15. GSA Victoria. monthly presentation, Melbourne.25 Feb GPIC. History and geology tours, Bendigo.

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The Stone age didn’t end because we ran out of stones – Ballarat Gold

Stephen Jeffers

General Manager, CGT

[email protected]

Page 6

Castlemaine Goldfields Pty Ltd

Disclaimer & Disclosure

Page 7

The presentation (in this projected form and as presented) (“Presentation”) has been prepared by Castlemaine Goldfields Pty Ltd (the “Company”) and is provided on the basis that none of the Company nor its

respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability,

relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or

the future. The Company hereby excludes all warranties that can be excluded by law.

The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties and may differ materially

from results ultimately achieved.

The Presentation contains ”forward-looking statements” regarding future events, conditions, circumstances and the future performance of the Company, including for operating costs and capital expenditures,

production volumes, project capacity, project expansion and schedule for expected production. All statements other than those of historical facts included in the Presentation are forward-looking statements.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-

looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking

statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed

in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-

looking statement”.

The Presentation contains general background information about the Company and its activities current as at the date of this presentation. The information in this Presentation is in summary form only and

does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements

lodged with the SGX, which are available at www.liongoldcorp.com and other publicly available information on the Company available through LionGold Corp.

The Presentation contains information about LionGold Corp, extracted from information contained on their website at www.liongoldcorp.com. That information has not been independently verified by the

Company. Accordingly, the Company does not make any representation or warranty as to the accuracy or completeness of such information.

This Presentation is not a prospectus, disclosure document or other offering document. It is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or sell any

security of the Company in any jurisdiction, and does not form the basis of any contract or commitment. All persons should consider seeking appropriate professional advice in reviewing the Presentation and

the Company.

The information in this document which relates to Exploration Targets and Mineral Resources is based on information reviewed by Mr Bill Reid. Mr Reid is an employee of Castlemaine Goldfields Pty Ltd. He is a

Member of The AusIMM and is a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (the JORC Code)’. Mr Reid

consents to the publication of this information in the form and context in which it appears.

The project planning, mining schedule and any resources referred to in this presentation, other than those explicitly identified as Mineral Resources in accordance with the JORC Code, are not based on

estimations of Ore Reserves or Mineral Resources made in accordance with the JORC Code for the Ballarat East goldfield and caution should be exercised in any external technical or economic evaluation.

Considering the style of mineralisation, and particularly the uncertainty of gold grade continuity, Mineral Resource estimates of higher confidence than the Inferred Resource classification will only be possible

once mining has accessed the Lower Llanberris and Britannia gold mineralisation to gain further geological and grade information. The wide spaced drilling in the Britannia mineralisation is not currently

sufficient to produce a Mineral Resource estimation. CGT emphasises that no Ore Reserve currently exists and cannot be estimated until drilling results can be correlated with bulk tonnage mining outcomes.



• Historic – Capital, Pumping, People.

– Capital competition (eg. Broken Hill (1883), Kalgoorlie (1893)).

– Pumping requirements gradually overwhelmed surviving mines as surrounding mines progressively closed.

– WWI (investment, people)

• More recently – Focus

– ‘30’s to ‘70’s Gold price.

– 80’s Australian pre-occupation with surface mining

– Reporting codes are not kind to Ballarat ores.

Page 8

Beam pump (Sovereign Hill) - 22,700 l/hr.

The Stone Age analogy and what Ballarat ran out of…

Mono E106 positive displacement pump 72,000 l/hr

Ballarat Goldfields ‘83-’07Consolidated tenements Exploration and Float ’83-85 Planning and Permits‘95-05 Infrastructure devt.First gold 2005 Comm. Games~100 Staff

Lihir Gold ‘07-10~$250M InfrastructureProduced 28k oz~300+ Staff

Ballarat History

Castlemaine Goldfields ‘10-12C&M & Exploration, commenced mining 2010First production Sept 2011Produced ~40,000 oz~120 Staff

LionGold 2012-presSole shareholder CGTAveraging 40k oz p.a.2016 Passed 6t of gold200 staff and contractors

‘83-’94 ‘05 ‘07 ‘09 ’10 ’12 ’18

• Historical production of at least 408t (13Moz) of alluvial and reef gold - concluded at the outbreak of WWI

• 3.03 Moz Au of reef gold mined (1.6Moz Au from Ballarat East)

• 240 kOz Au mined by CGT since 2011.

Castlemaine GoldfieldsBendigo Zone

+ 64Moz

Page 10

22Moz Au

12Moz Au

CGT tenements

Fostervill

e 1.2Moz

Au

A summary of CGT and its projects.

Raydarra (Catalyst JV)

Tarnagulla

Ballarat

Berringa

Mine Footprint

• 2 Mining Licences, MN4847, MN5396

• Exploration Licence EL3018

• Key Surface Infrastructure

• Golden point shaft

• Elsworth St Substation

• Woolshed Gully Mine site

• 7,812 residences and businesses

within 1km of surface and

underground footprint

• Building densities make surface work

challenging (but not impossible)

throughout central Ballarat

Page 11Building density (surface access)Mine footprint and map

You are

here

Buninyong

Ballarat

Ballarat Terminology.

Page 12Ballarat East Schematic

• Fault – west-dipping thrust fault.

• Lines – where thrusts intersect

prospective geology – often the

overturned east limb of folds.

• Compartment – blocks of similar

‘tenor’ mineralisation domained by

late, oblique crosscourse faults

• 9 major thrust faults

• 3 major lines (and 3 more proximal

lines)

• 8 targeted compartments.

• Lines continue to the south.

Mineralisation Model.

Page 13

Ballarat East Mineralisation Schematic

• Mineralisation model at Ballarat Mine

focuses on intersections of West-

dipping thrusts and steep-dipping east

limbs of folds (frequently overturned).

• Mineralisation occurs as west-dipping,

and associated lesser east-dipping or

vertical lodes proximal to fault-fold

intersections.

• The model predicts location (but not

necessarily grades) of mineralisation.

• Grade continuity complicates

resources

Mineralisation.

Page 14


• West-dipping, thrust-hosted, quartz vein

mineralisation -cross-cuts geology

• ~70% of production ounces.

• Historic ‘leatherjacket’ mineralisation

1m

Mineralisation.

Page 15


• ‘East dipper’ tension array

mineralisation .


1m

Mineralisation.

Page 16


• ‘Hinge’ mineralisation .


• Axial plane-controlled mineralisation,

partially hosted by west-limb geology

1m

Mineralisation.

Page 17


• Indicator mineralisation.


• Subtle, narrow lithologies targeted by

historic mining to produce 11% of

historic mining ounces.

• Ambiguous term, subject to clarification.

Indicator specimen from Museum Victoria

Mineralisation.

Page 18


• West-limb mineralisation.

• ~minor% of production ounces.

• Bedding-parallel, high grade, narrow

veins

• Represents ~50% of historic mining at

Ballarat West – less developed at

Ballarat East.

1m

In-Mine Targets

Page 19

• Year-on-year, mine geology essentially

maintains the Mineral Resource in front of

mining.

• The exploration model is robust.

• Current mineralisation inventory includes:• 30+ conceptual Targets

• 8 exploration Targets

• 6 exploration Definition Targets

• 7 Resource Definition Targets

• 7 Remnant Targets

Britannia

Compartment

In-Mine Targets

Page 20



mining.







Llanberris

Compartment

In-Mine Targets

Page 21



mining.







Golden Point

Compartment

In-Mine Targets

Page 22



mining.







Canton

Compartment

In-Mine Targets

Page 23



mining.







Sovereign

Compartment

In-Mine Targets

Page 24



mining.







Normanby

Compartment

In-Mine Targets

Page 25



mining.







Prince

Compartment

Mineral Resource (31 March 2017).

Page 26

CategoryMineral

type

Gross attributable to

licence

Net attributable to issuer

Contained

gold

(koz Au)Tonnes

(kt)

Grade

(g/t Au)

Tonnes

(kt)Grade (g/t Au)

Change in ounces

Increase %/(Decrease

%)

Indicated

ResourcesGold 21.6 17.4 21.6 17.4 8 12.1

Inferred

ResourcesGold 371.9 8.4 371.9 8.4 19.2 118.5

Total Resources Gold 391 8.8 391 10.3 18.1 130.6

Mineral Resources which are not Ore

Reserves do not have demonstrated

economic viability. Tonnage is reported in

metric tonnes (t), grade as grams per tonne

(g/t Au) at a 0 g/t Au cut-off grade and

contained gold in troy ounces (oz Au).

Tonnages rounded to the nearest 500t.

Mineral Resources are reported inclusive of

Ore Reserves.

Page 27

Ballarat Gold Mine – Development, Resources and Targets

• 42 km of total development - 19.1km since Mar ‘11.

• 4.5km surface length

• Deepest point 760m – Llanberris Compartment

6

.7

.

6. Normanby Mako

7. Victoria Mako

Page 28

Mining

• Conventional drill and blast with

twin boom jumbos.

• Longhole open stoping on c.20m

levels with cemented rockfill

• Underground mining fleet –

5 loaders, 5 trucks, 2 jumbos

• 20-25kt ore mined per month

• Development advance rates are

c. 320m per monthLonghole open stoping

Sandvik TH540 Ejector Dump TruckTamrock Twin Boom Jumbo

Page 29

Processing - Ballarat Mill.

Looking southwest

Processing – Basic Flowsheet

Crush & Screen Gravity TailingsFlotation

Ball Mill (future)

Free Gold Sulphides

Leaching Detoxification

250 KTPA

70% of production

30% of production

Nameplate capacity: 600 KTPA

Typical Monthly Gold Deportment

20%

10%

0%

Page 31Interpreted fold and fault geometry, Ballarat

Regional Exploration Potential.

• Fold and fault intersections

and historic mining indicate

multiple repeats of structures

• Under-tested throughout

Ballarat

Page 32

Mineral Resource

393kt at 10.4 g/t Au for 140koz Au (Mar 2017)

In-Mine Exploration Potential (~50 targets)

3.55Mt for 0.84Moz Au (7.35g/t Au).

Near-Mine Target Potential (~40 Targets):

2.2 Moz to 6.2 Moz Au, (10.2 - 23.7 Mt and 5.9 g/t

Au-9.3 g/t Au).

NB. Exploration Potential

will not necessarily deliver a

Mineral Resource. Additional

testing is required.

Ballarat Potential

Simulated Tonnes (t) Simulated Grade (g/t Au) Simulated Ounces (Oz Au)

Simulation based on all available data (25,000 repeats of simulation)

• Historic 5.3Moz Au at ~11.5g/t Au (Hardrock only).

• 8,000 drill holes - only 752 deeper than 100m

• 3,686 historic hard rock mines

• 34% of the region is ‘outcropping’ (~50% of Oz)

• In covered areas, 75% of Oz within 1km of outcrop

• 49% of ground held by tenement

• 250kt spare capacity at Ballarat

Page 33

<<- 50km around

Ballarat – Blue is

outcrop, yellow is

cover

->> 50km radius around

Kalgoorlie WA showing

tenement coverage.

Regional Ballarat (50km) – Deliciously Underdone.

Ballarat Kalgoorlie

1. Continued development, Ballarat East

2. Ball Mill

3. Near Mine Targets (Ballarat Sth, Oregon, Exchange)

4. ‘Island hop’ through Ballarat Gap

5. Ballarat West

6. …and beyond.

Page 34

The future

• Historic – Capital, Infrastructure, People.

– Capital competition (eg. Broken Hill (1886), Kalgoorlie (1893)).

– WWI (investment, people)

– Pumping requirements gradually overwhelmed surviving mines as surrounding mines progressively closed.

• More recently – Focus

– ‘30’s to ‘70’s Gold price.

– 80’s Australian pre-occupation with surface mining

Page 35

Beam pump (Sovereign Hill) - 22,700 l/hr.

The Stone Age analogy and what Ballarat ran out of…

Mono E106 positive displacement pump 72,000 l/hr

• Today – Potential – and lots of it

– There is still plenty of gold under Ballarat

– Gold prices are rising

– Investor interest in Victoria is rising (dips lid to Fosterville)

– There’s more than enough metal to make gold mining in Ballarat great again.

Page 36

The Stone Age analogy leaves us with…

It is difficult to find a once-successful mine on the field

that shut because gold potential was exhausted.

The ‘Stone Ages’ difficulties throughout the sites history

re-present themselves now as opportunity.

Ballarat Gold Project · 1/18/2018 · 2016 Passed 6t of gold 200 staff and contractors Z83- [94 Z05 Z07 Z09 [10 [12 [18 •Historical production of at least 408t (13Moz) of alluvial

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