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ASX Release

Monday 5 September 2011

HORSESHOE IP SURVEY
IDENTIFIES 21 SIGNIFICANT ANOMALIES
Highlights:

Horseshoe Range IP Survey reveals 21 co-incident chargeable/resistive
anomalies and highly prospective sub-surface structural features;

These features likely to be resistive quartz veins with associated chargeable
sulphides, conducive geology for hosting high grade gold mineralisation;

Follow up dipole-dipole IP survey work scheduled to define depth of anomalies;

Field sampling and mapping currently underway over identified outcropping;
and

Drill program scheduled to commence mid-October.

Naracoota Resources Limited (“Naracoota” or “the Company”) (ASX:NRR) is pleased
to advise the first pass gradient array Induced Polarisation (“IP”)-Resistivity survey at its
Horseshoe Range project (Figure 4) in the premier gold district of Peak Hill has been
completed and the data collated and interpreted by geophysical consulting firm, Vector
Research Pty Ltd.
The Horseshoe Range project area is largely covered by cemented gravel and soils and has
never had any land based geophysical work conducted on it. The IP-Resistivity survey is part
of the first phase of the exploration program which has an objective to identify, develop and
prioritise deep drilling targets over the Company’s tenements using the latest geophysical
methods. The survey provides a better understanding of the sub-surface geology of the
Project, in particular the existence of any chargeable/resistive anomalies or structural features.
The co-incidence of high chargeability, which might be located on or adjacent to zones of high
resistivity, can indicate the presence of chargeable sulphide minerals in association with
resistive quartz veins. This is a geological setting which is highly conducive to hosting high
grade gold mineralisation.
The survey was carried out by Search Exploration Services at 100 metre line spacing for a
distance of 89 kilometres and 2,663 stations covering an area of 5.2 square kilometres.

Managing Director. or a formational contact in the underlying folded rocks. ENDS . The chargeability data (Figure 2) again identifies a strongly co-incident linear trend of multiple highly chargeable features likely to be sulphide mineralisation striking approximately 45 degrees. parallel to the local grid baseline. current mapping and sampling and the follow up dipole-dipole IP survey work to determine target priorities for the drill program scheduled to commence in mid-October. This interpreted sub-surface structural setting (Figure 3) of linear quartz veins with associated chargeable sulphides trending over much of the project area is a highly prospective geological setting for hosting high grade gold mineralisation. The resistivity and chargeability data also show a circular feature centred in the north-east corner of the survey area approximately 650 metres wide east-west. We know from historical workings that there are significant gold occurrences in our project area and the survey has identified at least 21 individual anomalies with geological features that may host gold mineralisation.” Results 21 significant anomalies with co-incident resistivity and chargeability were revealed by the data. They are very exciting and provide significant new targets for the Company to consider in its upcoming drill program. most of which are completely new targets to be considered and prioritised for Naracoota’s upcoming drill program scheduled for mid-October. The statutory approvals are in place for this program and drill rig availability has been confirmed by third party contractors.” “These results will be overlaid with historic exploration data. and geometry of target information. The prominent curvilinear feature seen in the resistivity data is also present in the chargeability data. Vector Research Pty Ltd has recommended a follow up program of 100 metre spaced dipoledipole IP survey work on 9 of the original survey lines to refine the data for depth. This work is scheduled to be performed in the coming weeks. Steve Crabbe said. The resistivity data (Figure 1) clearly identifies a linear trend of numerous highly resistive features which are likely to be quartz veins. “I don’t think we could have hoped for better results from the IP survey. Naracoota has a field sampling and mapping program underway and is preparing a drill program which is scheduled to begin in mid-October. the perimeter being delineated by high resistivity and high chargeability zones which is indicative of a siliceous intrusive body at depth. This may be related to a boundary of an underlying intrusive mass. A prominent curvilinear feature extending from north-north-east passing through south-south-west divides the survey area into two distinct regions from the highly resistive features in the west to the less resistant area in the east.

see www.naracoota. Mr Stockley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the 2004 Edition of the ‘Australasian Code for reporting of Exploration Results. no modern exploration has been performed since the early 1990s. The prospectivity of the area is evidenced by the Horseshoe Lights VMS discovery which is 7kms to the North of Naracoota’s tenements and the DeGrussa VMS discovery which is located 65 kms to the East.harris@ppr. Naracoota will continue to assess opportunities to expand its mineral assets in this sought after region. About Naracoota Resources Ltd (ASX: NRR) Naracoota Resources Ltd is an exploration company which listed on the ASX in June 2011 in a strongly supported IPO.au or contact: CONTACT: MEDIA CONTACT: Steve Crabbe Managing Director Naracoota Resources Tel: +61 8 9200 5858 James Harris Professional Public Relations T: +61 8 9388 0944 E: james. The Company has a highly experienced team which has assembled for the first time a tenement package in excess of 2. Mineral Resources and Ore Reserves’. Historic exploration indicates excellent prospectivity and walk up drill targets for copper and gold in the area. The tenement package includes Naracoota’s two flagship projects at Horseshoe Range and Fraser Range. who is a Fellow of The Australasian Institute of Mining and Metallurgy.au Competent Persons Statement Information in this release relating to exploration results is based information compiled by Naracoota Resources’ Director.For further information. Naracoota will target significant near surface gold deposits and deeper VMS copper and gold deposits which are typical of the region. near Meekatharra in WA. Mr Stockley consents to the inclusion of such information in this release and the context in which it appears.com. .com. Importantly. and no deep drilling or land based geophysics has ever been conducted over either project.500 Ha in the premier copper and gold region of Peak Hill – Horseshoe Lights – Fortnum. Mr John Stockley.

FIGURE 1 –RESISTIVITY FIGURE 2 – CHARGEABILITY .

M52/251 to base of range .FIGURE 3 – INTERPRETATION FIGURE 4 – LOCATION NB completed over P52/1257. P52/1337 – 1341.