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White Well

The White Well Project, located in the Tuckabianna Greenstone Belt about 30km east of the historical mining centre of Cue in the Murchison region of WA was acquired by Mutiny in 2008 via a farm-in agreement and the Company holds an interest in excess of 85%.

The total estimated resources are 113,000oz gold comprised of 91,000oz free-digging oxidised Indicated Resource (4.2m @ 0.67g/t) and 22,000oz Inferred Resources (0.3Mt @ 2g/t for 20,000oz of transition mineralisation and 0.07Mt @ 1 g/t of oxidised material in stockpile for 2,000oz).

Part of this project's success will lie in the free-digging nature of the ore.  The majority of the gold at White Well occurs in vein quarts, which occurs within a deeply weathered granitiod.  It is the deep weathering nature of the ore that allows for the majority of the deposit to be free-digging which negates much of the expensive drill and blast in conventional mines.

A scoping study on the project, commissioned by Mutiny, found that, based on the existing JORC Compliant Indicated Resource, mining will be relatively simple.  Start up costs are expected to be minimal and significant cash flows would be generated over the life of the project.  The Scoping Study showed total project capital is expected to be approximately A$10M.

Metallurgical test work by Allan R.G Brown and Associates indicate that trommelling of the ore in assocation with a Knelson Concentrator would recover more than 90% of the gold bearing quartz.  Gold recoveries from a CIL plant would be in excess of 98%.  An overall recovery of approximatley 90% is expected.

Mutiny's financial modeling, using the results of Whittle Pit optimisation conducted by independent mining engineers shows an estimated cash surplus of A$22 million at a gold price of A$1,300.  A sensitivity analysis has also shown that for each A$12 increase in the gold price, the profit on the project increases by A$1 million.  The positive cash flow after accounting for the acquisition costs of the remaining 15% of the project.

White Well - Project Location

Bounty Zone

The Bounty Zone, which occurs in the more mafic units of the Tuckabianna Greenstone Belt ("TGB"), is located along the eastern two thirds of Mutiny's White Well tenement and forms a strong exploration target in the Company's White Well Project located 30km east of Cue in the Tuckabianna Mineral Field in WA's Murchison Goldfields.

Mutiny found that the Bounty Zone project consists of five strong minalised zones situated in the northern end of the TGB, abutting Silver Lake Resources Ltd's Tuckabianna tenements.  The TGB is host to over 500,000oz Au in undeveloped resources and has a historic production of over 500,000oz Au.

The Company conducted an eleven-hole drill program (totaling 1,546m) designed to test both the strike and dip extensions of the five identified mineralisation zones within the Bounty Zone.  This drilling concentrated on the mineralisation within the mafic-BIF layered sequence, which is the regional mineralisation host throughout the TGB.

The drilling has lead to an increased understanding of the mineralisation controls throughout the tenement area which in turn lead to the development of conceptual targeting in previously unexplored areas of the tenement.

During December 2009 Mutiny undertook a soil program utilizing the MMI assaying technique.  The purpose of this testing was to identify additional mineralisation and drill targets within the unexplored areas of the Bounty Zone. The MMI soil program consisted of 200m line spacing and 20m sample stations, totaling 190 samples.  It specifically tested three known mineralisation hosts.  Targets included previously untested extensions of the granitic porphyries defined by the Bounty Zone phase one drill program and the 4km of interpreted Banded Iron Formations ("BIF") that run north-south along the eastern half of the tenement along with a series of palaeochannels which are known for their near surface high grade gold expressions.

MMI response ratios in the southern portion averaged over four (4) times the background results calculated from over 70 samples taken and assayed.  The highest response ratio was over 17 times the background results in this area and also defined a strike length of over 500m of a greater than 7.5 response ratio anomaly called the Bligh prospect.  The sampling in the south targeted interpreted BIF horizons defined from Total Magnetic Intensity interpretation.

The strike length of the interpreted BIF units extends to the south.  The BIF units in the south appear to be an important factor in the newly discovered Genisis and Exodus prospects defined by Silver Lake Resources Ltd only 5km to the south of the White Well tenement.  Grades reported from both these prospects by Silver Lake Resources Ltd included 9m @ 1.8g/t from Genesis, and 6m @ 1.7 g/t from Exodus.  Those grades are comparable to the Bounty Zone's 7m @ 1.81 g/t.  Mutiny's aim is to replicate such grades with further testing of the anomalies.

Bounty Zone drilling

Bounty Zone - Bligh Prospect

Donnoleys Copper

• 100% owned by Mutiny.
• Located in the Ashburton region of WA.
• Mutiny has identified a significant copper mineralized field.
• Length is greater than 1500m with an apparent width of up to 30m.
• Rock chip samples up to 26% Cu.
• Mutiny is currently evaluating the deposit with hope of extending the strike length.