Macphersons Resources : Boorara Gold Resource 232,000 Ounces

ASX Announcement 25 January 2017 BOORARA GOLD RESOURCE 232,000 OUNCES

HIGHLIGHTS

A newly estimated total Mineral Resource at the Boorara Gold Project of 5.95 Million Tonnes

@ 1.2 g/t for 232,000 ounces of gold is based on a 0.4 g/t gold cut-off grade (previously used

0.3 g/t) with a maximum top cut grade applied of 24 g/t.

The Mineral Resource Estimate ('MRE')at the Boorara Gold Project is a result of Macpherson Resources Ltd (MRP) drilling 182 holes for 16,974 metres and historical drilling of 937 holes for 74,498 metres.

The MRE for Boorara has been determined using the hard wireframe boundary of 0.4 g/t for mineralisation envelopes that will be used for future mining studies.

Approximately 90% of the total MRE is within 120 metres of the surface.

The discovery of western contact mineralisation has potential to add significant tonnes to the current MRE and will underpin future organic growth of the Boorara deposit as we move toward a decision to mine. The location of the western contact zone can be seen on figure 1 in relation to the existing resource.

Total of the MRE Measured and Indicated Resources is 4.65 Million Tonnes @ 1.2g/t for 179,000 ounces of gold.

Geological knowledge of Boorara from trial pit exposure, diamond drilling 29 holes for 2,950 metres and recent structural/mapping work all bodes well for discovering more ounces and project development.

109 Maritana Street, Kalgoorlie WA 6430, Australia: P O Box 10977 Kalgoorlie WA, Australia

ABN 98 139 357 967 T [phone] F [phone] E [e-mail]

W www.mrpresources.com.au

Boorara Gold Project

Introduction

MacPhersons Resources Ltd (ASX:MRP) is pleased announce the MRE based on a 0.4 g/t cut-off grade that has recently been completed at the Boorara Gold Project, 15km east of Kalgoorlie. The objective of this new MRE for Boorara is to establish a solid resource base from which to undertake further mining studies.

The Boorara project is located on granted Mining Leases situated 1km south west of the Nimbus site where established offices are connected to the Kalgoorlie mains power supply and a production water supply has been established from the Stoneville borefield.

Gold mineralisation is predominantly hosted in the Boorara quartz dolerite. A structural study and geological mapping at the Boorara trial pit and surrounding Boorara area has confirmed the gold mineralisation at Boorara is hosted by quartz-dolerite and basalt in moderately NW-dipping quartz-carbonate-sulphide veinlet arrays with iron-carbonate alteration halos controlled by bounding shear zones and late cross faults similar to the 6 million ounce Mount Charlotte gold deposit part of the nearby Kalgoorlie Golden Mile.

Western contact mineralisation (sediments/dolerite/basalt) is a new exploration discovery that has potential to grow the existing Boorara resource. Further reverse circulation drilling and diamond drilling is being undertaken along the Western contact.

Figure 1: Typical Northern Stockwork deposit cross section 6591820N. Figure 2: Boorara gold project location plan. Mineral Resource Estimate

The MRE has been estimated at a 0.4 g/t lower cutoff grade for the Boorara Gold deposit as follows:

Tonnes	Grade	Ounces
MT	g/t	(k'000)
Measured Resource	1.74	1.10	62
Indicated Resource	2.91	1.20	117
Inferred Resource	1.3	1.30	52
Total Resource	5.95	1.20	232

The top cut off grade varies depending on geological domain with the maximum top cutoff grade of 24 g/t applied. The MRE will be subject to further infill and extensional drilling over the coming quarters with a view to updating it to be used as the basis for a future ore reserve.

The Other Material Information required by ASX Listing 5.8 are included in the page 6 of this announcement and the JORC Code, 2012 Edition Table disclosures are included at Appendix 1.

Grade-Tonnage Distribution

2.00

Tonnes

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

2

Grade g/t

The grade-tonnage curve of the Boorara MRE is shown below:

Boorara 0.4 g/t Grade-Tonnage Curve

10,000,000

5.00

9,000,000

8,000,000

4.00

7,000,000

6,000,000

3.00

5,000,000

4,000,000

3,000,000

2,000,000

1.00

1,000,000

0

0.00

Cutoff Grade g/t

Tonnes Cut g/t