ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE  |  April 4, 2017  |  ASX:WCP

170403_wcp_new_drilling_results_confirm_further_high_grade-1.pdf

• High grade lithium mineralization has been confirmed in the assays from the first 5 drill holes completed in the Phase 1 campaign on the spodumene bearing pegmatites at the Company’s 100% owned Piedmont Lithium Project
• Thick zones of high grade mineralisation have been recorded at shallow depths, with selected intercepts including:
  • 5.0m @ 1.90% Li2O from 41m within 22.9m @ 1.02% Li2O from 38m (hole 17-BD-23)
  • 4.0m @ 1.88% Li2O from 57m and 3.9m @ 1.47% Li2O from 67m within 13.6m @ 1.23% Li2O from 57m (hole 17-BD-24)
  • 6.0m @ 1.72% Li2O from 55m and 2.0m @ 1.61% Li2O from 37m within 28.9m @ 0.94% Li2O from 35m (hole 17-BD-21)
  • 2.2m @ 1.70% Li2O from 63m and 4.3m @ 1.55% Li2O from 67m within 11.3m @ 1.10% Li2O from 62m (hole 17-BD-22)
• The current high grade results together with the historical drill results continue to highlight the potential for the Company to define a strategic, US lithium resource within the world-class Carolina Tin-Spodumene belt at the Piedmont Lithium Project
• The Carolina Tin-Spodumene belt is host to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between 1950 and 1990 and are along strike, to the southwest, 6km and 12km respectively from the Piedmont Lithium Project
• Results from the remaining 7 holes from the Phase 1 drill program will be released by the Company over the coming weeks with the Phase 2 drill program set to start next month
• Results from the Phase 1 and 2 drill programs will form the basis for a maiden lithium resource estimate for the Project, which is expected to be completed in the September 2017 quarter
• The progress of WCP’s exploration campaign continues to leverage its initial land position with excellent access to infrastructure and nearby lithium processing plants operated by Albemarle and FMC, facilitating the Company’s efforts in restarting lithium production from this historic world-class lithium region

WCP Resources Limited (“WCP” or “Company”) (ASX: WCP) is pleased to announce that high grade mineralisation has been confirmed in the results from the first 5 drill holes completed in its maiden Phase 1 drilling program at the Piedmont Lithium Project (“Project”). The Project is located in the Carolina Tin-Spodumene Belt (“TSB”), a historic lithium producing district in North Carolina, United States.

The Company is extremely encouraged by the overall results and looks forward to receiving the remaining results of the Phase 1 drill program and the commencement of the Phase 2 drill program. Furthermore, the Company is confident in the ability to define a high grade, domestic source of lithium which will showcase the potential for the Project to become a leading U.S. based developer of lithium raw material supply into the growing US domestic Electric Vehicle and Battery Storage markets.

Figure 1: First Phase Drill Program on the Piedmont Lithium Project

The Phase 1 program consisting of 12 diamond core drill holes, totalling 1,662 meters, has now been completed and all core has been processed, sampled and shipped for assaying. The results from the first 5 holes are reported in this announcement. Results for the remaining 7 holes will be released by the Company over the coming weeks.

Significant, high grade intersections were seen in all 5 drill holes reported in this announcement, with grades as high as 1.90% over 5 meters. Please refer to Appendix 1 for the full results of the first 5 drill holes.

Four of the five holes (17-BD-20 to 17-BD-23) reported in this announcement were focused in the area of historic drill hole 10-BD-17. These four Phase 1 drill holes have increased confidence in pegmatite continuity and extended mineralization. The mineralization remains open along strike and down-dip.

Hole 17-BD-24, located 900 meters to the northeast of hole 17-BD-21, encountered significant mineralization and extended the mineralized pegmatite southeast of historic hole 09-BD-07.

Figure 2: Cross Section from 17-BD-23 in Phase 1 Drill Program

Hole 17-BD-20 intersected an alteration zone within the pegmatite dyke. This alteration event
caused the remobilization of lithium from the spodumene and is interpreted to be very localized due
to the significant mineralization reported in hole 17-BD-21, located 40 meters to the northeast, and in
hole 17-BD-23, an intercept located 40 meters down dip on the same section. In addition, historic
hole 10-BD-17 encountered significant mineralisation 40 meters to the southeast of hole 17-BD-20.
The planning for the Phase 2 drilling campaign is well underway and it is expected to commence by
the end of April 2017. One important aspect of the Phase 2 program is to drill the 900 meters
between holes 17-BD-21 and 17-BD-24, potentially connecting the two zones of mineralization.
The historic drilling together with the Phase 1 and Phase 2 drilling campaign will form the basis for a
maiden lithium resource estimate for the Project in accordance with the JORC Code, which is
expected to be completed in the September 2017 quarter.

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