Tribune Resources : Quarterly Activities & Cashflow Report - December 2021

ASX ANNOUNCEMENT

31 January 2022

For personal use only

ASX:TBR

Board of Directors

Mr Otakar Demis

Chairman & Joint Company

Secretary

Mr Anton Billis

MranagingGordonDirSklenkactor

Non-Executive Director

Mr Stephen Buckley

Company Secretary

	Quarterly Report for December 2021
Highlights
•	During the quarter Rand and Tribune toll processed 49,399
	tonnes of ore at 3.92 g/t from the EKJV operations at two
	process plants in the district, with Tribune's share equating to
•	37,049 tonnes.
	From that processing 5,204 ounces of gold was produced by
	Rand and Tribune, with Tribune's 75% share equating to 3,903
•	oz of Gold.
	Significant high grade intercepts from drilling at the EKJV
	project including results from the Pode lode of 0.5 m @ 19.8 g/t,
	0.7 m @ 23.6 g/t, and drilling in the Falcon lode including 0.6 m
•	@ 39.7 g/t and 0.10 m @ 146.1 g/t
	Continued exploration success at EKJV identifying the Nugget
	structure including 3.6m @ 164.9 g/t and 1.77 m @ 45.3 g/t

T:Suite+61G1,8 947449 Melville2113 |ParadeF: +61South8 9367Perth9386WA 6151

E: [e-mail] | W: www.tribune.com.au

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Ore Stockpiles

At the end of the quarter Tribune was entitled to a share of the following stockpiles -

ROM Pad	Ore Source	STOCKPILES
Ore	Grade	Tribune Entitlement
Rubicon ROM	EKJV RHP Ore	Tonnes	g/t	%
3,513	4.85	36.75
Rubicon ROM	EKJV RHP Low Grade	EKJV Stockpiles	1.26	36.75
62
Mungari ROM	EKJV RPH Ore	64,276	4.23	36.75
Mungari ROM	EKJV RPH Low Grade	10,104	1.26	36.75
Tribune Share of EKJV Stockpiles	28,468	3.87	100.00

Geology and Mining

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Raleigh remained on care and maintenance throughout the quarter.

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline is at 5602 m RL, 743 m from the surface, the top of the Sadler Incline remains at 5989 m RL, 356 m from the surface and the bottom of the Sadler Decline remains at 5944 m RL, 401 m from the surface.

Rubicon-Hornet-Pegasus Underground Mine Production

Contained gold in stope and development ore mined during the quarter is tabulated below:

ORE BODY			Rubicon, Hornet & Pegasus
Month		Tonnes	Grade	Ounces
October		36,222	3.75	4,363
November	021 Q	35,819	4.14	4,764
Dec	01 292	3 94	841
December		29,251	3.95	3,713
September 21 Q	124,711	4.04	16,216

Quarterly reconciled gold production was 1,642 oz above the EKJV Managers production forecast. The outlook for the next quarter is similar production to the December quarter.

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Quarterly Report for December 2021

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Tribune's Mine Production Entitlement (36.75%)

		Rubicon, Hornet & Pegasus
	Quarter	Ore	Grade	Ounces
		Tonnes	g/t	troy oz
Dec	1 Q	37 225	3 94	3 115
September 2021 Q	45,831	4.04	5,959

Rubicon-Hornet-Pegasus Underground Mine Development

Development performance for the quarter is summarised in the following table.

ORE BODY			Rubicon, Hornet & Pegasus
Month	Capital		Operating Lateral development
	Decline		Other	Ore	Waste	Paste
	(m)		(m)	(m)	(m)	(m)
October	28.6		86.0	142.5	0	5.03
November	21.8		41.0	81.4	31.4	4.7
December 2021	63.4		214.9	298.2	74.6	87.1
December	13.0		87.9	74.3	43.2	32.0

Toll Processing

During the quarter a total of 49,399 tonnes of Rand and Tribune ore at 3.92 g/t was processed under toll Milling contracts to recover 5,204 oz of gold at 93.70% gold recovery. Of this total, 29,495 tonnes were processed at Evolution Mining Limited's Mungari Mill and 19,904 tonnes were processed at Lakewood Mill. Rand and Tribune gold production for the December 2021 quarter, along with Tribune's share is tabulated below.

	Quarter				Rand and Tribune		Tribune's share
					Gold (oz)			Au (oz)
	Dec	021			5,204			3,903
	September 21			16,981			12,736
			Tribune Share of Ore Processed
Campaign Location			Tonnes		Head Grade		Recovery		Fine Au
		Milled		Au (g/t)		(%)	Produced (Oz)
GMM Lakewood			14,928		3.82			94.18	1,175
EVN Mungari			22,121		4.11			93.26	2,728
Total			37,049		3.92			93.70	3,903

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Quarterly Report for December 2021

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ExplorationKJV Undergroundactivity inExplorationFY22 Q2 across the East Kundana Joint Venture primarily focused on the Pode and Nugget prospects. Exploration being defined by Drill Targeting or Resource Targeting designations. A total of 15 diamond drill holes for 2,763 metres were completed between 1st October 2021 and 31st December 2021.

	Project	Prospect	Tenement	DD Metres	DD Samples
	EKJV	Nugget	M16/309	1,923	673
	EKJV	Pode	M16/309	841	152
		Total		2,763	825
	EKJV exploration activity for FY22 Q2. Drilled metres includes incomplete drillholes.

Results received for holes targeting Nugget down-dip and potential repeat structures at depth, with
ubicon
RUBDT21041 intercepting mineralisation proximal to K2A lithological contact.
Hole ID	East	North	RL	Dip	Azi	Hole	From	To	DH Width	Grade g/t Au	True
(MGA)	(MGA)	(AHD)	(MGA)	Depth	Width
RUBDT21041	333305	6597564	-227	18	261	213.04	35.94	36.45	0.5	3.2	0.4
							64.00	64.70	0.7	5.0	0.6
							74.44	75.40	1.0	14.0	0.8
							81.86	82.40	0.5	4.9	0.5
							173.18	177.00	3.8	3.6	3.3
							179.51	182.47	3.0	6.9	2.6
RUBDT21047	333281	6597583	-189	27	219	157.95	125.60	126.00	0.4	4.3	0.2

Summary of significant assays results returned for Rubicon drilling during Q2 FY22.

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Quarterly Report for December 2021

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East-west section of significant results received for Rubicon drilling during Q2 FY22.

ElevenPode diamond drillholes targeting the Pode and associated satellite structures returned significant intercept results during the quarter. A new satellite lode was intercepted in three holes with results from PODRT21174 returning 0.5 m @ 19.8 g/t. Drilling in the quarter also showed potential for the Typhon lode to be extended to the north, with PODRT20379 intercepting 0.7 m @ 23.6 g/t.

Falcon Lodes were also intercepted in PODRT21007 and PODRT21009 with significant results including 0.6 m @ 39.7 g/t and 0.10 m @ 146.1 g/t respectively.

Sections highlighting significant Pode drilling intercepts are shown below.

				East	North	RL		Azi	Hole							Grade	True
Hole ID		Dip	From		To	DH Width	g/t
	(MGA)	(MGA)	(AHD)	(MGA)	Depth		Width
											Au
PODRT20363				332712	6598482	-112	-17	294	636.44	597.77			598.07		0.3	6.8	0.3
									636.44	97.75			98.20		0.5	3.6	0.1
									636.44	99.06			100.20		1.1	5.7	0.3
PODRT20379			332712	6598484	-112	6	302	600.37	174.50			175.90		1.4	23.6	0.7
									600.37	291.26			291.56		0.3	6.3	0.3
PODRT21006			332627	6598094	-201	-33	173	444.04	Assays	Pending
PODRT21007			332627	6598095	-201	-40	131	348.07	168.49			169.95		1.5	39.7	0.6

TRIBUNE RESOURCES LTD (ASX:TBR) | ASX ANNOUNCEMENT	Page 5 of 41
Quarterly Report for December 2021