Orecorp : 20/01/2017 - Encouraging Regional Soil Sampling Gold Results from the Nyanzaga Project in Tanzania

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE Encouraging Regional Soil Sampling Gold Results from the Nyanzaga Project in Tanzania

OreCorp Limited (OreCorp or the Company) is pleased to announce the results from the reconnaissance soil sampling programs completed during 2016 across regional prospects at Nyanzaga (Nyanzaga or Project) in northwest Tanzania. The regional prospects are located in licences surrounding the Nyanzaga Deposit which hosts a JORC 2012 compliant Mineral Resource Estimate (MRE) of 3.3Mozs of gold at 3.5g/t (refer ASX release 10 August 2016). Significant areas of gold‐in‐soil anomalism have been defined within 13km radius of the Nyanzaga Deposit.

Highlights

• Twenty distinct gold‐in‐soil anomalies delineated in the Project area, including ten previously undefined anomalies.

• Peak gold‐in‐soil value of 4.96g/t gold recorded in recent sampling program.

• Six anomalies identified have strike extents of > 1km with gold‐in‐soil values of greater than 20ppb gold.

• The Nyamigono‐Ifugandi‐Kasubuya trend in the southwest of the Project has continuous gold‐in‐soil anomalism confirmed over 10km of strike.

• Gold‐in‐soil anomalies identified at Ifugandi 3 and 4, Kasubuya 3 and 4, Lubungo Dam, Lubungo Northeast, North VTEM 1 and 2, Nyamtukusa 1, and Rugeye 1 and 2 are either untested or ineffectively tested by drilling.

• The Nyamigono‐Ifugandi‐Kasubuya trend and Bululu anomaly have historically received limited wide‐spaced percussion reverse circulation and diamond drilling. Opportunity remains to identify significant mineralisation, as demonstrated by recent drilling results for the Bululu Prospect (OreCorp ASX Announcement, 16th December 2016).

• The 2016 soil sampling program has been effective in refining known gold prospects and defining previously unknown gold‐in‐soil anomalies within the Project Area.

These regional soil anomalies are a suite of exploration targets that have either been refined from previous work or newly defined by OreCorp since the commencement of the JV with Acacia Mining Plc (Acacia). OreCorp is encouraged by the wider potential of the Project area surrounding the Nyanzaga Deposit. The soil results will be integrated with the aeromagnetic data to delineate and rank targets for future drill testing.

For further information, please contact:

Matthew Yates

CEO & Managing Director Telephone: + 61 417 953 315

ASX RELEASE:

20 January 2017

ASX CODE:

Shares: ORR

BOARD:

Craig Williams

Non-Executive Chairman

Matthew Yates

CEO & Managing Director

Alastair Morrison

Non-Executive Director

Michael Klessens

Non-Executive Director

Robert Rigo

Non-Executive Director

Luke Watson

CFO & Company Secretary

ISSUED CAPITAL:

Shares: 173.4 million Unlisted Options: 9.8 million

ABOUT ORECORP:

OreCorp Limited is a Western Australian based company focused on the development of the Nyanzaga Gold Project in Tanzania & the Akjoujt South Nickel - Copper Project in Mauritania.

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Introduction

The Nyanzaga Project is the subject of a joint venture agreement (JVA) with Acacia and under terms of the JVA, OreCorp may earn up to a 51% interest. OreCorp is the operator of the Project and is currently conducting a Pre‐ Feasibility Study on the Nyanzaga Deposit.

Nyanzaga is situated in the Archean Sukumaland Greenstone Belt, part of the Lake Victoria Goldfields (LVG) of the Tanzanian Craton. The greenstone belts of the LVG host a suite of large gold mines (Figure 1). The Geita Gold Mine lies approximately 60km to the west along the strike of the greenstone belt and the Bulyanhulu Gold Mine is located 36km to the southwest of the Project.

Soil Sampling Program

Figure 1: Lake Victoria Goldfields, Tanzania - Existing Resources

During 2016, OreCorp collected a total of 8,836 soil samples (including QA/QC samples) (Figure 2). The sampling aimed to infill existing anomalism and provide coverage over otherwise unsampled areas within the Project. Samples were collected in the field as 200 grams of minus 2 millimetre sieved soils, and were sampled from an approximate depth of 30 centimetres. Sampling was generally conducted on 200m spaced lines with samples collected at 50m intervals. Samples were pulverised and assayed for gold by fire‐assay with an ICPMS finish and for multi‐element analyses using a portable XRF at Intertek Genalysis, Perth, Western Australia.

Results

Figure 2: 2016 Regional Soil Sampling Locations

The soil sampling program identified twenty distinct anomalies within the Project Area, which are situated within a 13km radius of the Nyanzaga Deposit. Ten of the anomalies are previously undefined and were not recorded in available historical datasets (Figure 3). The gold‐in‐soil results for the Project are presented below and described in detail in Appendix 1. Further information can be found in Appendix 2.

Figure 3: Regional Gold‐in‐Soil Anomalies over Simplified Geology

Bululu Gold‐in‐Soil Anomaly

The Bululu Prospect is situated in the centre of the Project (Figure 4). The Bululu gold‐in‐soil anomaly is confirmed over 1,100m of strike extent and up to 700m width at greater than 20ppb, with a peak value of 171ppb gold recorded. The XRF multi‐element data defined a coincident arsenic anomaly at 75‐500ppm As. The Bululu gold‐in‐soil anomalism has been confirmed by OreCorp's recent drilling as representing residual and locally transported regolith overlying bedrock‐hosted sulphide mineralisation within a package of sheared mudstone‐ siltstone‐sandstone, and is associated with quartz‐carbonate‐sulphide alteration. The best drillhole intersection to date is 16m @ 2.84g/t gold from 48m, including 8m @ 4.01 g/t gold from 56m in drillhole BULRC001 drilled by OreCorp in October 2016 (OreCorp ASX Announcement, 16th December 2016).

A single sample approximately 800m north of Bululu returned a gold‐in‐soil value of 154ppb gold. This will require follow up work.