MacPhersons Resources Ltd.: Boorara Drill Results 163m at 1.94 g/t Gold

Boorara drill results of 163 metres at 1.94 g/t Gold (24 g/t top-cut) / 163 metres at 4.29 g/t Gold (uncut)

Perth, Feb 15, 2017 - MacPhersons Resources Limited (ASX:MRP) ("MacPhersons" or the "Company") is pleased to announce the first deep diamond drill results from the drill program at the Boorara southern stockwork deposit have confirmed gold mineralisation is open at depth and there is increase in grade.

- Outstanding Diamond Drill result from recently drilled hole BODH 025 intersected near continuous gold mineralisation of 163 metres grading 1.94* g/t from 28 metres downhole, drilled perpendicular to high grade sheeted vein mineralisation within quartz granophyre unit of the Boorara Dolerite to a vertical depth of 165 metres. Note that the grade of 1.94 g/t assumes a 24 g/t top cut and internal dilution allowances.

- An un-cut grade of 4.29* g/t would be realised by inclusions of the following intercepts: 1m @ 37.4 g/t between 144m and 145m and, 1m @ 394 g/t between 171m and 172m.

- Deepest MacPhersons drill hole intersection at Southern Stockwork Deposit and confirms an increase of grade at depth.

- BODH 025 intersects 5 stacked high grade quartz vein arrays which are open at depth.

- Company confidence in its efforts to grow the size and increase the grade of the current Boorara Gold Resource is high.

- Alteration, mineralisation and quartz veining seen in BODH 025 has similar geological controls to the 6 Million ounce Mt Charlotte Gold Deposit.

- Reverse circulation drilling of this new zone is planned commence immediately.

- BODH 025 is located 250m south east of the Boorara Trial Pit which recently produced 30,000 tonnes of ore at a recovered grade of 1.73 g/t.

Diamond drill hole BODH 025 at the Southern stock work deposit was drilled perpendicular to high grade quartz vein arrays intersected 163 metres grading 1.94 grams per tonne (g/t) cut grade (refer to Appendix 1 for all the 1 metre gold assays, see link below). The two high grade intervals below have increased the overall grade of the uncut intersection to 163m @ 4.29 g/t.

- 144 -145m 1 m @ 37.4 g/t
- 171-172m 1 m @ 394 g/t

BODH 025 diamond core visible gold in NW dipping quartz veins at the below down hole intervals;

- 83.5m
- 136.7m
- 144.23m
- 171.39m

This hole is the deepest MacPhersons has drilled at the Boorara southern stockwork deposit and was planned to be drilled perpendicular to NW dipping quartz vein arrays within the Boorara dolerite that are associated with gold mineralisation in the Boorara trial pit. This mineralised zone was extended to a vertical depth of 165 metres and is located 250 metres south west of the Boorara trail pit that recently produced 30,000t of ore grading 1.73 g/t.

In this program, two additional diamond holes were drilled at the Northern stockwork deposit to target Western Contact mineralisation and confirm stratigraphy in that area, the first hole BODH 024 intercepted mineralisation including 1 metre grading 5.79 g/t. Western contact mineralisation has been intersected in BODH 024, we await drill results from the second Northern stock work diamond hole.

BODH 024 Western Contact significant composite intervals (>0.3g/t Au):
- 63-64m 1m @ 2.61 g/t
- 72-80m 6m @ 1.14 g/t
- 86-89m 3m @ 1.52 g/t

Quartz veins in diamond hole BODH 025 were measured using a core orientation device that confirmed the dominant quartz vein geometry was shallow NW dipping similar to those seen in the Boorara trial pit (see figure 3, in link below). The 25 ounces of coarse gold recovered from a NW dipping quartz vein in the Boorara trial pit clearly validates the potential of high grade quartz veins intersected in BODH 025 to upgrade the Boorara deposit.

The drill program again demonstrated that Boorara gold mineralisation is hosted by quartz-dolerite 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 Mining Corporation Ltd (LON:GWMO) recognised the importance of drilling perpendicular to the NW dipping quartz veins at Mt Charlotte and the resulting increase in gold grade, this same strategy has been adopted by MacPhersons at Boorara.

The new Boorara structural geological model is an important step for MacPhersons to increase the grade and size of the existing Boorara resource based on interpretation of mineralised NW dipping quartz vein arrays identified in Boorara Trial Pit and BODH 025.

To add credence, the Southern stockwork gold zone extends some 600 metres in strike length from this diamond hole. MacPhersons reported in 22 September 2016, a reverse circulation drill hole BORC 118 to a vertical depth of 90 metres also within the Southern deposit at Boorara and close to BODH 025 reported from surface the best intercept discovered at that time of 66 metres grading 1.89 g/t. The intersection was still in ore with the final metre of 1.1 g/t and the 66 metres zone also commenced 30 metres downhole. The final 23 metres grading 1.66 g/t contained primary hard sulphide gold ores.

The one metre results of diamond drill holes BODH 024 and 025 can be found in a table as appendix 1 (see link below).

Managing Director Jeff Williams today commented:

"We are pleased to confirm these higher gold grades at the Southern stock work deposit, following visual identification of a number of stacked quartz vein arrays of mineralised dolerite within the broader Boorara dolerite about 50 metres in width. This drill hole is the best reported hole in the Boorara field and the results are extremely encouraging both in demonstrating depth extension with increasing gold grade. Adjacent to this hole in the Southern stock work we previously reported BORC 118 - 66 metres grading 1.89 g/t and still in mineralisation at 99 metres downhole.

"The southern area of Boorara is becoming a priority exploration target as higher grade mineralisation is intersected. We will now plan for a Reverse Circulation drill program to target depth extensions to 200 metres vertical.

*(composite interval >0.3 g/t bottom cutoff, top cut 24g/t & includes up to 2m of internal dilution including one 4m interval of internal dilution)

To view tables and figures, please visit:
http://abnnewswire.net/lnk/JF202QSV


About MacPhersons Resources Ltd

MRPMacPhersons Resources Ltd (ASX:MRP) is a Western Australian resource company with a number of advanced gold, silver and zinc projects. The company's long term objective is the development of its existing assets and unlocking the full potential of its 100% owned highly prospective Boorara/ and Nimbus projects. For more information on MacPhersons Resources Limited and to subscribe for regular updates, please visit our website at: www.mrpresources.com.au



Contact

Jeff Williams, Managing Director
MacPhersons Resources Ltd
T: +61-418-594-324

Andrew Pumphrey, General Manager
MacPhersons Resources Ltd
T: +61-419-965-976
E: info@mrpresources.com.au
www.mrpresources.com.au