30 September 2015 Quarterly Activities Report 1 Quarterly Activities Report For the Period Ending 30 September 2015 About Tian Poh Resources Limited Tian Poh Resources Limited (ASX: TPO) was incorporated with the purpose of investing in minerals projects in Mongolia. TPO listed on the ASX in November 2014. Overview • Signed an agreement to purchase Modun Resources LLC in Mongolia, the 100% owner of the Nuurst Thermal Coal Project, from Modun Resources Limited (ASX: MOU). Transaction has since been completed. • The Nuurst Thermal Coal Project has JORC (2004) Reportable Coal Resource of 478.3 million tonnes (326.1 million tonnes Measured, 103.8 million tonnes Indicated, 48.4 million tonnes Inferred). It is located 120km south east of Ulaanbaater. The Company intends to immediately commence planning development of the Project. • Completed 1,000m of due diligence drilling at the Khuvyn Khar Porphyry Complex, related to the potential acquisition of an interest in the Zuun Mod Porphyry Molybdenum-Copper Deposit from Erdene Resources Development Corp (TSX: ERD). Projects The Company’s licenses are grouped into five project areas across Mongolia (Figure 1): • Amulet Project in the Govi-Altai Province; • Mandal-Urghukh Project in the Umnugovi Province; • Khangailand Project also in the Umnugovi Province; • Huabei Kuangye Project in the Bayankhongor Province; and • Nuurst Project in the Tov Province of Central Mongolia. The Company also has an option to acquire 51% of the Zuun Mod Project located in the Bayankhongor Province (Figure 1). Figure 1: Locality Map of the Company’s Mongolian Projects For personal use only
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30 September 2015 Quarterly Activities Report 1
Quarterly Activities Report For the Period Ending 30 September 2015
About Tian Poh Resources Limited
Tian Poh Resources Limited (ASX: TPO) was incorporated with the purpose of investing in minerals projects in Mongolia.
TPO listed on the ASX in November 2014.
Overview • Signed an agreement to purchase Modun Resources LLC in
Mongolia, the 100% owner of the Nuurst Thermal Coal Project, from Modun Resources Limited (ASX: MOU). Transaction has since been completed.
• The Nuurst Thermal Coal Project has JORC (2004) Reportable Coal
Resource of 478.3 million tonnes (326.1 million tonnes Measured, 103.8 million tonnes Indicated, 48.4 million tonnes Inferred). It is located 120km south east of Ulaanbaater. The Company intends to immediately commence planning development of the Project.
• Completed 1,000m of due diligence drilling at the Khuvyn Khar Porphyry Complex, related to the potential acquisition of an interest in the Zuun Mod Porphyry Molybdenum-Copper Deposit from Erdene Resources Development Corp (TSX: ERD).
Projects The Company’s licenses are grouped into five project areas across Mongolia (Figure 1):
• Amulet Project in the Govi-Altai Province; • Mandal-Urghukh Project in the Umnugovi Province; • Khangailand Project also in the Umnugovi Province; • Huabei Kuangye Project in the Bayankhongor Province; and • Nuurst Project in the Tov Province of Central Mongolia.
The Company also has an option to acquire 51% of the Zuun Mod Project located in the Bayankhongor Province (Figure 1).
Figure 1: Locality Map of the Company’s Mongolian Projects
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Activities during the quarter Nuurst Thermal Coal Project On 11 August 2015, the Company announced that it signed an agreement with Modun Resources Limited (ASX: MOU) to purchase Modun Resources LLC of Mongolia, which owned 100% of the Nuurst Thermal Coal Project (Nuurst Project). The acquisition was completed on 27 August 2015. The Nuurst Project is a wholly owned 2,497Ha exploration license located 129km south east of Ulaanbaatar in an area with a number of operating coal mines and 6km from existing rail infrastructure, allowing direct access onto the existing Trans-Mongolian Railway line. The Nuurst Project has a historic coal resource reported in accordance with the JORC Code (2004 Edition) of 478.3 million tonnes (Mt) of coal (326.1Mt Measured, 103.8Mt Indicated and 48.4Mt Inferred). The coal resource was compiled in November 2012 by consultancy CSA Global Pty Ltd. The coal type is considered to be sub-bituminous dominantly A to B coal, according to the U.S ASTM-ASA classification parameters and a brown to hard coal according to the UN-ECE Classification.
Cautionary statement – The Mineral Resource estimate is regarded as a historic estimate and is not reported in accordance with the 2012 Edition of the JORC Code. The competent person has not done sufficient work to classify the historic estimates as Mineral Resources in accordance with the JORC Code 2012. The resources have been classified under the now superceded JORC Code (2004 Edition). No additional exploration has been undertaken on the project since these resource estimates were derived in 2012. It is likely, given access to a full raw dataset, a site visit and additional auditing of the existing resource reporting that the Competent Person will be able to report the Nuurst Project as Mineral Resources in accordance with the JORC Code 2012. The Company intends to immediately commence planning to develop the Nuurst Project. Additional details regarding the acquisition agreement, Nuurst Project and Competent Persons’ statement can be found in the Company’s ASX Announcement titled “Acquisition of Nuurst Thermal Coal Project & Capital Raising” released on 11 August 2015. Amulet Project No work was conducted on the project during the reporting period. Khangailand Project No work was conducted on the project during the reporting period.
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30 September 2015 Quarterly Activities Report 3
Mandal-Urghukh Project No work was conducted on the project during the reporting period. Huabei Kuangye Project No work was conducted on the project during the reporting period. Zuun Mod Molybdenum-Copper Project (Option to Acquire 51%) The Company announced on the 15 July 2015 that it had secured a further extension until 11 December 2015 to acquire an interest in the Zuun Mod Molybdenum-Copper deposit from Erdene Resources Development Corp (TSX: ERD). As consideration for the extension, the Company must complete a minimum of US$500,000 of exploration work on the project, which is to include a minimum of 1,000 meters of diamond drilling by 30 October 2015. Drilling commenced in August 2015, with the assay results pending at the end of the quarter. Subsequent to the end of the quarter, results of this drilling were released to the ASX on 12 October 2015. The drilling program was designed to test the Khuvyn Khar North target zone, located on the northeastern part of the Khuvyn Khar Porphyry Complex. The target was selected on the basis of a series of coincident and overlapping geological, geophysical and geochemical features. Drill hole collar information and significant assay results are tabulated below.
Hole ID East (m) North (m) RL (m) Azimuth (Degrees Magnetic)
Inclination (Degrees)
Total Depth (m)
ZMD129 516,493 4,872,079 1,374 145 -60 450
ZMD130 516,500 4,872,366 1,377 145 -60 550 Table 1: Drill Hole Collar Information, Coordinates are in WGS84 Zone 47N
Table 3: ZMD130 Significant Intersections, (Down hole intersections, true widths are not known). Additional details regarding the drilling program, competent persons’ statement and JORC 2012 Table 1 detailing the sampling techniques, data and reporting of exploration results can be found in the Company’s ASX Announcement titled “Completion of Due Diligence Drilling Program, Khuvyn Khar North Copper Prospect, Zuun Mod Project” released on 12 October 2015. Funding To assist with funding of the Company’s exploration programs and acquisition of the Nuurst Thermal Coal Project, the Company raised US$ 2,070,000 through the issue of convertible notes (“Notes”) on the following terms:
Total Notes: 2,070,000 of US$1 each Minimum conversion: 100,000 Notes Conversion price: A$0.12 Interest rate on Notes not converted: 8% per annum, net of any interest
withholding tax Interest payments: Annually in arrears Security: Unsecured Maturity: 8 June 2017
Mr. KP Poh Managing Director and CEO 30 October 2015
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Competent Persons Statement The information in this document that relates to the Nuurst Mineral Resources is extracted from the ASX announcement entitled “Acquisition of Nuurst Thermal Coal Project & Capital Raising” released on 11 August 2015. The information in this document that relates to the Zuun Mod Exploration Results is extracted from the ASX announcement entitled “Completion of Due Diligence Drilling Program, Khuvyn Khar North Copper Prospect, Zuun Mod Project” released on 12 October 2015. These reports are available to view at www.tianpoh.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in these ASX announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the ASX announcement. The information in this report that relates to Exploration Results is based on information compiled by Mr. Samuel Ulrich, an independent Consultant Geologist with over 20 years of experience. Mr. Ulrich who is member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG) has sufficient experience, which is relevant to the style of mineralization under consideration and to the activity being undertaken to qualify as a “Competent Person”, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the matters based on information in the form and context in which they appear.
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Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.
• Appendix 1
Exploration done by other parties
• Acknowledgment and appraisal of exploration by other parties.
• Not applicable
Geology • Deposit type, geological setting and style of mineralization.
• Not applicable as no activities were undertaken during the quarter
Drill hole Information
• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level –
elevation above sea level in meters) of the drill hole collar
o dip and azimuth of the hole o down hole length and interception depth o hole length.
• If the exclusion of this information is justified
on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case
• Not applicable as no activities were undertaken during the quarter
Data aggregation methods
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should be clearly stated.
• Not applicable as no activities were undertaken during the quarter
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Criteria JORC Code explanation Commentary
Relationship between mineralization widths and intercept lengths
• These relationships are particularly important in the reporting of Exploration Results.
• If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
• Not applicable as no activities were undertaken during the quarter
Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
• Not applicable as no activities were undertaken during the quarter
Balanced reporting
• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
• Not applicable as no activities were undertaken during the quarter
Other substantive exploration data
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
• Not applicable as no activities were undertaken during the quarter
Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
• Not applicable
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APPENDIX 1: CHANGES IN INTERESTS IN MINING TENEMENTS
