MacPhersons Resources Limited

Boorara Gold Project

MRP Signed a binding Heads of Agreement with Polymetals Mining Ltd, to acquire the 33 km² Boorara gold and polymetallic project which adjoins the Nimbus project area, creating a combined 205 km² of continuous tenements.

The Boorara tenements cover historic gold mining sites of the Boorara, Crown Jewel, Cataract and North Golden Ridge mines.

The project area is only 10 km from the Kalgoorlie Superpit.

Background Boorara

The various gold prospects in the Boorara Project area are hosted by the Menzies Boorara Shear Zone in the Eastern Goldfields Province of the Archaean Yilgarn Craton of Western Australia. The Yilgarn Craton is one of the largest gold provinces in the world - the Golden Mile and Mount Charlotte gold deposits have produced 1% of the world’s total gold production.

The Boorara Shear Zone is extensively under-explored and forms part of the Golden Ridge – Kanowna Belle zone, known as the second largest gold production domain at Kalgoorlie after the Barrick – Newmont owned superpit.

The gold mineralisation of the Boorara Project is contained within, and localised at the contact, of metasediments and intrusive dykes as quartz stockwork zones. Previous exploration by Polymetals and others delineated four main areas of near-surface mineralisation along a strike distance of approximately 1.5km. The exploration work culminated in a 2011 Mineral Resource estimate of 1.291 Mt at 1.3 g/t gold as Indicated Resources and 0.615 Mt at 1.5 g/t gold as Inferred, at 0.5 g/t gold cut-off.

A drilling program in 2009 intersected a mineralised zone of 44m at an average grade of 1.68 g/t gold was noted in drill hole BRD007 at the Southern Stockwork Zone. This intersection was outside and below the mineralisation boundaries used in the resource estimation.

The Southern Stockwork Zone contains the majority of the resource inventory (730kt averaging 1.14 g/t gold as Measured and Indicated and 86kt averaging 1.28 g/t gold as Inferred). A continuation of mineralisation to this depth along the strike of the zone has the potential to increase the resource estimate tonnage.

Block models were created in these four main areas.

The gold mineralisation is located along a two kilometre strike length of the Menzies-Boorara Shear Zone and comprises a complex array of tensional shears and quartz veins mainly hosted by dolerite and minor felsic volcanic rocks. Oxidation in the area extends down in excess of 50 metres in some areas and is important in constraining localised supergene gold mineralisation.