Macphersons Resources : High Grade Boorara Diamond Drill Results 57 metres at 2.97*g/t Gold

ASX Announcement 28 March 2017 High Grade Boorara Diamond Drill Results 57 metres at 2.97*g/t Gold

Outstanding diamond drill result from recently drilled hole BODH 027 intersected high grade gold mineralisation of 57 metres grading 2.97 g/t from 139 metres downhole.

The recent drill results from three completed holes highlight the depth and strike extension of the Boorara Southern Stockwork deposit, including:

BODH 027	84 - 113m	29m	@	1.49 g/t
139 - 196m	57m	@	2.97 g/t
BODH 028	10 - 42m	32m	@	1.86 g/t
114 - 133m	19m	@	1.33 g/t
Incl	117 -118m	1m	@	13.15 g/t
163 - 198m	35m	@	1.37 g/t
158 - 158m	1m	@	15.05 g/t
201 - 212m	11m	@	2.96 g/t (top cut 24 g/t)
210 - 211m	1m	@	62.1 g/t
BORCD 174	182 - 246m	69m	@	1.32 g/t
Incl	233 - 234m	1m	@	16.2 g/t

• BORCD 175 Stratigraphic hole designed to define western extent of Boorara dolerite

Strike length for Southern Stockworks gold mineralisation has increased to 200 metres long and to a vertical depth of 200 metres.

Reverse Circulation (RC) and diamond drilling results confirm current geological model and understanding of mineralisation geometry.

Scale of alteration and mineralisation seen in all holes drilled to date are indicative of a large scale gold system.

Possible 1,500 metres of strike length over the known Boorara gold project containing three identified deposits will be drill tested using new 115° drill azimuth.

*composite interval >0.3 g/t bottom cut-off, includes up to 2m of internal dilution as host rock and mineralisation and alteration similar down hole.

109 Maritana Street, Kalgoorlie WA 6430, Australia: P O Box 10977 Kalgoorlie WA, Australia

ABN 98 139 357 967 T [phone] F [phone] E [e-mail]

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MacPhersons Resources Limited (ASX: MRP) is pleased to announce an initial set of two (2) Reverse Circulation (RC) drill results and two (2) diamond drill results drilled at the Boorara Project to support the outstanding result previously reported at BODH 025 of 163 metres (m) grading 1.94 grams per tonne (g/t) with a top-cut to 24 g/t. These new results confirm an extension of the Boorara Southern Stockwork deposit at a vertical depth below 200 metres from the surface and 120 metres north and 80 metres south along strike from BODH 025 - total strike length 200 metres (see ASX release of BODH 025 dated 14 February 2017). Importantly, BODH 027 has intersected high grade gold mineralisation and confirms mineralisation intersected in BORC 171 where grades of 2.8 g/t and significant widths were reported (see ASX release of BORC 171 dated 1 March 2017).

The Boorara trial pit completed in October 2016 to a depth of 20 metres is a further 80 metres north of the most northern drill hole drilled to date BORCD 174. Mining exposed a 20 metre wide zone in the pit floor which was 100 metres in length with mineralisation exposed in the north and south ends of the pit.

The ongoing drilling strategy is test the geology model and scope out the extent of mineralisation associated with diamond hole BODH 025 with wide 40 metre spaced holes. All significant gold intersections reported to date are associated with long drill intervals of consistent weak to strong pervasive hematite alteration, iron carbonate alteration, NW dipping quartz veining with >1% pyrite and >1% arsenopyrite mineralisation.

The scale of alteration and mineralisation intercepted by drilling to date is typical and indicative of a large scale gold mineralised system. The iron carbonate alteration and pyrite mineralisation -dolerite host -can be traced for 1.5 km along strike from the current Southern Stockwork drilling to the north at the historical Cataract gold mine workings situated within the Northern Stockwork deposit.

Drill holes were planned at 40 metre spacing as:

• BORCD 174 was collared in dolerite (120 metres grid north of BODH 025) and drilled across the contact at an azimuth of 115°.

• BORCD 175 collared in ultramafic (40m grid west of BODH 025) and drilled at an azimuth of 115°.

• BODH 027 collared in dolerite (80m grid north of BODH 025) and drilled at an azimuth of 115°.

• BODH 028 collared in dolerite (80m grid south of BODH 025) and drilled at an azimuth of 115°

Drilling Progress on site

The Company has contracted the diamond drill rig to continue diamond drilling on the same azimuth 115° and dip - 60° to test the strike extent of mineralisation, test the current geology model and scope out the extent of mineralisation associated with the first successful diamond hole BODH 025 (163 metres grading 1.94 g/t cut). The company await results from BODH 029, 030 and 031 which are located on 40 metre drill hole spacings. See plan view for location of drill collars (figure 5).

Managing Director Jeff Williams today commented: "The latest drill results have extended mineralisation to a depth of 200m that is still open at depth with a strike length of 200m expected to continue to the Boorara trial pit, some 280 metres from the most southern gold intersection in BODH 028".

Figure 1: Plan view of BODH 027 relative to previously drilled and announced MacPhersons drill holes.

Figure 2: Cross section 5660N perpendicular to BORC 157 showing an oblique view of BODH 027.