Announcement PDF QUARTERLY ACTIVITIES REPORT Estrella Resources Limited Quarter ending 31 December 2018 ABN 39 151 155 207 ASX RELEASE 31 January 2019 HIGHLIGHTS ASX Code: ESR  High Powered Electro-Magnetics (HPEM) identified two conductors at Carr Boyd Board and Management Chief Executive Officer Christopher Daws (CEO) Non-Executive Directors John Kingswood Ray Shorrocks Stephen Brockhurst  Fosters Hill Prospect 8km East of the Carr Boyd mine HPEM completed  Phase III HPEM completed extends survey another 2.6km north to the Granites Prospect following the highly encouraging results of Phase II  Drilling at Spargoville Nickel Project returned very high-grade nickel mineralisation  Results included    Company Secretary David McEntaggart Address Level 11, London House 216 St Georges Terrace Perth WA 6000 PO Box 2517 Perth WA 6831 Telephone: +61 8 9481 0389 Facsimile: +61 8 9463 6103 info@estrellaresources.com.au www.estrellaresources.com.au 15m at 10.45% Ni, 0.78% Cu, 0.20% Co, 0.87g/t Pd, and 1.15g/t Pt from 20m in KWC0004 5m at 11.32% Ni, 0.54% Cu, 0.21% Co, 0.42g/t Pd, and 0.22g/t Pt from 61m in KWC0001 3m at 12.90% Ni, 1.37% Cu, 0.29% Co, 1.86g/t Pd, and 0.67g/t Pt from 69m in KWC0002  Nickel samples from the 5A drilling collected to conduct metallurgical test work  The drilling results, which exceeded expectations, will be used in a Mineral Resource estimate to JORC 2012 reporting standards for the Spargoville Nickel Project Estrella Resources Limited (ASX: ESR) (Estrella or Company) is pleased to provide its Activities Report for the quarter ended 31 December 2018. WORK SUMMARY The focus of fieldwork during the quarter was the Carr Boyd Layered Complex (CBLC), and the Spargoville Nickel Project. At Carr Boyd, Phase III ground HPEM surveying over the northern CBLC and the Fosters Hill area was completed. At Spargoville, drilling was completed on two high priority drill targets. One was sampling the highgrade mineralisation beneath the 5A open pit for metallurgical testwork and economic evaluations. The other was an EM target located between the 5A and 5B mines. Both objectives were successfully completed. GROUND HPEM SURVEYING AT CARR BOYD Phase II and Phase III moving loop HPEM surveys extending north from the Phase I survey were completed during the quarter, screening the interpreted basal contact position and immediate footwall sequence to over 4km north of the Carr Boyd Mine. There are several historic high priority exploration targets and prospects in this area based on surface geochemistry, downhole geochemistry, aero-magnetics, ground gravity, and interpreted geology datasets. HPEM has now defined two significant conductors indicative of the presence of welldeveloped sulphides associated with two of the exploration targets, Target A and Target 5. The Fosters Hill survey was also completed as part of the Phase II program. Figure 1. Geological map of the CBLC with outlines of Phase I, Phase II, and Phase III HPEM. Also shown are all ranked exploration targets (yellow dots) and advanced prospect locations (red dots). TARGET 5 The first known report of this target appears in an internal company report written for Titan Resources in 2004. It is described again in an internal company report written for Yilgarn Mining in 2008. The target is defined by a 450m long zone of highly anomalous nickel and copper mineralisation in drilling, located approximately 100m south of the newly defined EM conductor. The mineralisation and EM conductor appear to be located on or very close to the interpreted basal contact position of the CBLC. Historic drilling does not appear to have tested the conductor defined by the recently completed Phase II HPEM. Figure 2. Geological map showing the location of the T5 EM conductor, The T5 geochemical halo and nickel sulphide location, drillhole collar locations, and distance to the Carr Boyd Mine. The EM conductor is discrete and moderately to highly conductive. The modelled conductance is 3000 – 5000S, making this a very high priority drill target. Historic drilling returned many anomalous results over a 450m strike length of the interpreted basal contact at Target 5. The best of which was 3.35m at 0.79% Ni and 0.35% Cu, including 0.61m at 2.12% Ni and 0.56% Cu from 100.89m in GD124.* This occurs in a zone of disseminated and matrix sulphide on the interpreted basal contact of the CBLC. This is very positive support for the EM conductor located approximately 300m along strike to the north. Figure 3. Key cross section through Target 5 showing the location of nickel sulphide intercepts. *Refer to ESR announcement “EM Confirms Two High Priority Targets at Carr Boyd” 26 November 2018 Figure 4. Long section of Target 5 showing drillhole pierce points coloured by nickel grade, the EM model, and a bouger gravity inversion model located at depth. Table 1. Summary of drillholes and significant intercepts at Target 5. Intercepts have been generated on a trigger value of 0.25% Ni, a minimum width of 0.5m, maximum total waste 15m, maximum consecutive length of waste 5m, maximum gap 3m* Hole_ID Hole_Type Easting Northing RL Dip Azimuth EOH Depth mFrom mTo Interval Ni ppm Cu ppm Co ppm GD077 CORE 367214 6673376 430 -60 270 205.74 100.58 103.63 3.05 3140 1805 140 GD077 CORE 367160 6673376 333 -60 270 206 108.81 113.08 4.27 4014 2479 129 GD077 CORE 367150 6673376 314 -60 270 206 131.98 133.81 1.83 3167 3858 167 GD089 CORE 367247 6673378 430 -60 270 192 138.99 139.6 0.61 2600 1200 100 GD089 CORE 367175 6673378 305 -60 270 192 143.87 144.48 0.61 3200 1200 100 GD089 CORE 367158 6673378 275 -60 270 192 178 179.83 1.83 2633 2133 93 GD119 CORE 367218 6673501 425 -60 270 165 97.23 97.84 0.61 13700 700 800 GD120 CORE 367154 6673712 434 -60 270 67 39.62 45.72 6.1 2700 2275 176 GD121 CORE 367168 6673712 434 -60 270 93 79.86 81.08 1.22 2850 3100 150 GD122 CORE 367153 6673695 434 -60 270 51 41.76 44.2 2.44 6900 2231 625 GD124 CORE 367221 6673531 432 -60 270 116 99.67 103.02 3.35 7952 3530 546 GD124 CORE 367167 6673531 339 -60 270 116 106.38 108.2 1.82 6180 2491 435 GD128 CORE 367253 6673532 431 -60 270 191 128.63 129.24 0.61 6400 1225 100 GD134 CORE 367253 6673503 431 -60 270 210 170.08 176.17 6.09 2592 1430 141 GD137 CORE 367254 6673473 425 -60 270 188 168.55 173.43 4.88 5363 2916 200 GD139 CORE 367219 6673589 432 -60 270 114 73.53 74.75 1.22 2700 2625 100 GD139 CORE 367164 6673589 342 -60 270 114 104.7 105.77 1.07 5128 3004 357 GD140 CORE 367218 6673652 433 -60 270 123 115.06 117.35 2.29 11719 2390 GD162 CORE 367249 6673619 432 -60 270 182 147.52 148.13 0.61 4200 725 200 GD163 CORE 367293 6673476 430 -60 270 256 236.83 237.74 0.91 5500 6875 100 GD163 CORE 367160 6673476 228 -60 270 256 242.32 243.23 0.91 4500 4500 200 GD084 CORE 367223 6673315 430 -60 270 148 NSI GD116 CORE 367226 6673438 431 -60 270 142 NSI GD150 CORE 367294 6673430 430 -60 270 264 NSI GD126 CORE 367217 6673470 431 -60 270 151 NSI GD132 CORE 367254 6673564 431 -60 270 191 NSI Hole_ID Hole_Type Easting Northing RL Dip Azimuth EOH Depth GD125 CORE 367199 6673713 434 -60 270 113 mFrom mTo Interval NSI Ni ppm GD147 CORE 367196 6673778 434 -60 270 142 NSI GD143 CORE 367225 6673837 434 -60 270 220 NSI GD144 CORE 367222 6673899 435 -60 270 198 NSI GD129 CORE 367223 6673562 432 -60 270 134 NSI CBC022 RC 367613 6673407 421 -60 90 150 NSI CBR193 RAB 367638 6673707 435 -60 90 16 NSI CBR194 RAB 367588 6673707 435 -60 90 7 NSI CBR195 RAB 367538 6673707 435 -60 90 18 NSI CBR204 RAB 367638 6673402 433 -60 90 35 NSI CBR205 RAB 367588 6673402 433 -60 90 23 NSI CBR206 RAB 367538 6673402 433 -60 90 17 NSI CBR207 RAB 367488 6673402 433 -60 90 21 NSI CBR208 RAB 367438 6673402 434 -60 90 16 NSI CBR209 RAB 367388 6673402 435 -60 90 32 NSI CBR210 RAB 367338 6673402 435 -60 90 35 NSI CBR218 RAB 367488 6673757 420 -60 90 27 NSI CBR219 RAB 367438 6673757 420 -60 90 24 NSI CBR220 RAB 367388 6673757 420 -60 90 36 NSI CBR221 RAB 367338 6673757 420 -60 90 47 NSI CBR222 RAB 367288 6673757 420 -60 90 46 NSI CBR223 RAB 367238 6673757 420 -60 90 20 NSI CBR224 RAB 367188 6673757 420 -60 90 35 NSI CBR225 RAB 367138 6673757 420 -60 90 39 NSI CBR226 RAB 367088 6673757 420 -60 90 32 NSI CBR227 RAB 367038 6673757 420 -60 90 41 NSI CBR228 RAB 366988 6673757 420 -60 90 25 NSI CBR229 RAB 366938 6673757 420 -60 90 27 NSI CBR230 RAB 366888 6673757 420 -60 90 37 NSI CBR231 RAB 366838 6673757 420 -60 90 35 NSI CBR232 RAB 366788 6673757 420 -60 90 53 NSI GD078 DD 367443 6673327 426 -60 270 119 NSI GD082 DD 367504 6673537 427 -60 90 166 NSI GD141 DD 367387 6673936 431 -60 270 265 NSI GD148 DD 366923 6673820 439 -60 270 152 NSI Cu ppm Co ppm *Refer to ESR announcement “EM Confirms Two High Priority Targets at Carr Boyd” 26 November 2018 TARGET A This is a conceptual satellite style target located on an interpreted fault outside of the CBLC, in the footwall sequence. The target area also appears in the Titan and Yilgarn Mining reports, although the newly defined EM conductor is located approximately 200m further west, on a different magnetic feature. A diamond drillhole spudded by Defiance Mining in 1997, DD97CB043 appears to target the conductor position, suggesting it was detected by a SiroTEM survey completed at that time. Interrogation of the available datasets suggests the hole did not intersect the conductor, although more investigation is required to confirm this. The aim is to locate the hole collar in the field and have it picked up by a licensed surveyor. If the hole can be re-entered and gyro surveyed that will also be completed. As geological logs are not available for the hole, the core will be re logged and physical property tests carried out on it to determine the best course of action for the EM target (if historic core can be located). ABOUT THE PROJECT AND THE CBLC The CBLC is a 75km2 layered mafic igneous complex, which hosts several occurrences of nickel and copper sulphides. The most significant occurrence discovered to date is at the Carr Boyd Rocks mine, where mineralisation is hosted by bronzitite breccias (pyroxenites) emplaced within the gabbroic sequence of the Complex. The CBLC is in a Tier 1 jurisdiction approximately 80km north north-east of Kalgoorlie Western Australia. An all-weather haul road accessible by Estrella under a granted miscellaneous license connects the Project to the Goldfields Highway via Scotia. A “Voisey Bay” style model has not been adequately explored within the CBLC. This represents a compelling exploration target opportunity which the Company will continue to aggressively pursue. SPARGOVILLE 5A TARGET Recent drilling has exceeded the Company expectations at 5A. Assay results returned from the Company’s maiden drilling program have been consistently higher than historic drilling. The presence of elevated platinum group and cobalt mineralisation in the results is also a very encouraging development for the project. Figure 5. Cross Section section of Spargoville 5A showing the drill hole trace for RC hole KWC0002. Note historic drilling has been left off the cross section for clarity.+ Bulk samples have been collected from the drill spoils to conduct metallurgical test work and delivered to a laboratory in Perth, WA. There have been significant advances in metallurgical technology and the Company is excited by the significant platinum group element grades, and the high cobalt price have the potential to significantly enhance the economics of the project. Recent interrogation of historic geophysical datasets has revealed the presence of several high priority EM targets, which will be targeted by future drilling. Updates on these geophysical targets will be provided once the interrogation process is completed. +Refer to ESR announcement “Spectacular Maiden Drill Results Spargoville” 06 December 2018 Figure 6. Long section of Spargoville 5A showing the pierce point locations of the new RC holes, KWC0001, KWC0002, KWC0003, and KWC0005+ +Refer to ESR announcement “Spectacular Maiden Drill Results Spargoville” 06 December 2018 Figure 7. Map showing location of the 5A open pit, and the drill collars for the intercepts reported in this announcement M15/96-C1 TARGET An EM survey completed by Consolidated Minerals in 2010 on neighbouring tenement M15/96 identified this EM conductor, which was located close the eastern boundary of M15/395. KWC0003 targeted this conductor, which was found to be caused by a sulphidic black shale horizon in ultramafics and no follow up work will be required. There are several historic EM targets within the Spargoville Project tenure which the Company is currently interrogating and further updates will be provided once this is completed. Figure 8. Plan showing the location of the 5A drill target and KWC0003, targeting the M15/96-C1 EM target Figure 9. Cross section of the M15/96 C1 target, showing the position of the black shale horizon intersected by KWC0002. mFro m 61 mTo Width Ni % 270 EOH Depth 90 66 5 272 90 69 72 3 -60 90 300 -60 355 46 Hole_ID Type Easting Northing RL Dip Azi KWC0001 RC 357975 6530240 346 -60 KWC0002 RC 357972 6530190 348 -50 KWC0003 RC 357831 6529229 347 357935 6530233 317 KWC0004 RC KWC0004 RC KWC0005 RC 357932 6530223 317 -60 195 KWC0006 RC 357975 6530240 346 -45 258 KWC0006 RC 5ADD003 DD 357975 6530248 345 -54 270 83.9 5ADD010 DD 357876 6530177 346 -61 90 131.8 5ADD011 DD 357974 6530233 346 -50 270 72.3 5AM-1 UKN 357923 6530213 349 -60 90 5AM-2 UKN 357926 6530229 348 -45 5AM-3 UKN 357921 6530229 348 5AM-4 UKN 357927 6530246 5AM-5 RC 357919 5AM-7 UKN 5AM-8 Co ppm 2054 Pd ppb 11.32 Cu ppm 5413 423 Pt ppb 217 12.90 13667 2876 1856 672 NSI 0 14 14 4.18 6769 846 464 266 20 35 15 10.45 7840 1972 872 31 0 5 5 1.90 1738 469 148 114 9 44 80 39 40 1 1.50 234 136 21 21 52 66 14 4.83 3002 785 286 139 68 70.97 2.97 10.53 8225 2385 315 382 110.1 112.23 2.13 1.07 765 207 181 131 66.7 71.17 4.47 8.80 5902 2010 NA NA 32 18.45 26.25 7.8 3.01 NA NA NA NA 90 26 19.75 22.6 2.85 5.67 NA NA NA NA -60 90 38 27 32.5 5.5 2.49 NA NA NA NA 347 -60 90 37 25 31.2 6.2 1.84 NA NA NA NA 6530262 346 -60 90 60 42.2 47.6 5.4 2.73 NA NA NA NA 357897 6530203 348 -60 90 63 49 54 5 2.82 NA NA NA NA UKN 357890 6530172 348 -60 90 83 68.55 75.54 6.99 1.31 NA NA NA NA 5ARC009 RC 357916 6530175 349 -60 89 28 11 19 8 2.67 1538 NA NA NA 5ARC010 RC 357916 6530186 349 -60 90 40 15 27 12 2.07 3758 NA NA NA 5ARC011 RC 357926 6530197 349 -60 92 22 8 15 7 3.56 2400 NA NA NA 5ARC012 RC 357916 6530198 349 -60 91 34 19 29 10 1.94 1860 NA NA NA 5ARC013 RC 357928 6530214 349 -60 89 28 12 18 6 2.61 2383 NA NA NA 5ARC014 RC 357917 6530214 349 -60 90 40 27 30 3 2.95 3067 NA NA NA 5ARC015 RC 357936 6530230 348 -60 91 22 11 14 3 2.67 3267 NA NA NA 5ARC016 RC 357935 6530246 347 -60 88 28 14 19 5 1.33 1220 NA NA NA 5ARC017 RC 357935 6530263 346 -60 88 34 18 22 4 1.96 1175 NA NA NA 5ARC018 RC 357915 6530162 349 -60 89 28 14 17 3 1.59 4900 NA NA NA Easting Northing RL Dip Azi 5ARC019 Hole_Typ e RC Ni % 13 Interv al 13 Co ppm NA Pd ppb 2.56 Cu ppm 1746 NA Pt ppb NA 357925 6530176 317 -90 5ARC020 RC 357925 6530202 318 -90 4 4 1.75 3175 NA 5ARC020 RC -90 0 24 29 NA NA 5 7.46 6320 NA NA 5ARC021 RC 357925 6530187 317 -90 0 34 15 NA 33 18 6.65 8361 NA NA 5ARC022 RC 357928 6530201 318 -90 0 40 NA 28 40 12 4.46 1992 NA NA 5ARC023 RC 357929 6530214 317 -90 0 40 NA 0 6 6 1.70 2733 NA NA 5ARC023 RC -90 NA 0 19 23 4 2.27 1500 NA NA 5ARC023 RC NA -90 0 27 40 13 5.37 3900 NA NA 5ARC024 RC 357931 6530231 NA 318 -90 0 22 5 18 13 3.51 2569 NA NA 5ARC025 RC 357933 NA 6530231 318 -90 0 34 1 13 12 3.76 1883 NA NA 5ARC026 RC NA 357935 6530247 319 -90 0 22 10 22 12 3.61 3525 NA NA 5ARC027 NA RC 357940 6530262 321 -90 0 22 11 16 5 2.64 1700 NA NA NA 5ARC028 RC 357943 6530262 321 -90 0 28 6 15 9 1.93 1544 NA NA NA 5ARC041 RC 357959 6530177 349 -57 270 82 58 64 6 3.35 1773 750 NA NA 5ARC055 RC 357954 6530154 349 -49 272 52 38 46 8 1.61 2294 499 379 86 5ARC059 RC 357979 6530136 348 -63 268 106 101 103 2 1.37 864 349 410 106 5ARC060 RC 357957 6530173 349 -52 271 64 47 53 6 1.85 1390 640 424 85 P45 RC 357922 6530187 349 -60 90 30 8 17 9 2.83 NA NA NA NA P46 RC 357928 6530175 349 -90 360 30 3 6 3 1.06 NA NA NA NA P47 RC 357923 6530175 349 -90 360 33 9 15 6 4.68 NA 0 NA NA P47 UKN -90 360 19.5 27 7.5 3.34 NA NA NA NA P49 RC 357935 6530202 349 -90 360 22 2 12 10 1.47 NA NA NA NA P50 RC 357927 6530203 349 -90 360 33 21 30 9 2.27 NA NA NA NA P51 RC 357933 6530213 348 -90 360 30 15 27 12 5.27 NA NA NA NA WS5140 DD 357899 6530186 349 -60 90 137 46.93 55.47 8.54 3.50 5058 NA NA NA WS5143 DD 357918 6530246 348 -60 90 102 37.79 40.69 2.9 4.15 5673 NA NA NA WS5150 DD 357902 6530246 348 -60 90 128 57.6 61.26 3.66 13.01 10759 NA NA NA WS5154 DD 357883 6530213 348 -60 90 156 82.2 86.41 4.21 3.75 905 NA NA NA WS5161 DD 357913 6530229 349 -60 90 63 39.13 43.64 4.51 2.94 1773 NA NA NA WS5162 DD 357897 6530229 349 -60 90 104 56.02 62.94 6.92 4.47 3436 NA NA NA WS5145 DD 357918 6530120 350 -60 90 127 60.35 61.72 1.37 5.55 1409 NA NA NA WS5156 DD 357903 6530120 349 -60 90 181 84.09 84.33 0.24 7.50 1800 NA NA NA 5ADD008 DD 357873 6530153 347 -62 91 132 118.69 118.83 0.14 1.64 272 271 3 6 5ARC040 RC 357962 6530152 349 -60 270 64 52 53 1 1.06 234 82 NA NA WS5166 DD 357890 6530186 348 -60 90 112 73.67 74.15 0.48 4.71 887 NA NA NA WS5221 DD 357757 6530181 350 -65 90 306 248.22 248.56 0.34 3.44 3700 NA NA NA WS5226 DD 357731 6530181 351 -65 90 336 279.19 280.11 0.92 1.02 535 NA NA NA 5ADD004 DD 357882 6530203 346 -68 93 153 132.66 133.81 1.15 5.47 1101 695 447 371 5ADD012 DD 357791 6530233 349 -61 88 306 266.35 267.28 0.93 2.23 2273 577 59 95 5ADD013 DD 357836 6530222 347 -59 87 204 195.7 196.08 0.38 1.24 964 515 NA NA 5ADD006 DD 357873 6530230 345 -60 90 138 114.02 114.24 0.22 1.34 4566 268 137 87 WS5147 UKN 357887 6530246 347 -65 90 160 88.23 88.36 0.13 9.40 11500 NA NA NA Hole_ID mFro m 0 mTo 0 EOH Depth 22 0 34 0 5AM-6 UKN 357904 6530261 346 -60 90 72 65.4 66 0.6 7.21 NA NA NA NA WS5153 UKN 357892 6530280 346 -60 90 117 83.3 84 0.7 5.89 686 NA NA NA 5ARC050 RC 357923 6530342 350 -60 90 40 NSI 5ARC051 RC 357906 6530341 351 -60 90 64 NSI 07BKWD 0003 5ARC049 DD 357721 6530322 353 -59 89 399 NSI RC 357927 6530311 345 -60 90 40 NSI 5ARC048 RC 357909 6530309 347 -60 90 67 NSI WS5209 DD 357873 6530310 349 -60 90 141 NSI 5ARC047 RC 357891 6530308 348 -60 90 100 NSI 5ARC046 RC 357967 6530284 344 -50 270 52 NSI 5ARC052 RC 357908 6530280 341 -55 90 76 NSI WS5149 DD 357908 6530280 345 -60 90 99 NSI 5ADD007 DD 357895 6530280 341 -60 90 102 NSI 5ARC053 RC 357871 6530280 343 -60 88 142 NSI WS5155 DD 357875 6530279 347 -60 90 137 NSI 5ARC065 RC 357889 6530260 342 -60 90 106 NSI 5ADD009 DD 357867 6530259 342 -60 91 141 NSI WS5224 DD 357827 6530246 348 -60 90 214 NSI 5ARC054 RC 357861 6530230 345 -60 90 178 NSI 5ADD015 DD 357877 6530228 347 -55 90 117 WS5164 DD 357885 6530229 348 -60 90 152 2665 NA NA NA NSI 83.39 83.88 0.49 4.90 Easting Northing RL Dip Azi WS5088 Hole_Typ e DD 357865 6530212 347 -60 90 EOH Depth 203 5ARC063 RC 357883 6530203 346 -55 91 118 NSI 5ARC064 RC 357883 6530205 346 -61 92 142 NSI 07BKWD 0004 WS5017 DD 357800 6530229 348 -57 109 279 NSI DD 357804 6530186 349 -45 90 217 NSI 5ARC061 RC 357878 6530177 347 -57 91 130 NSI WS5171 DD 357898 6530168 349 -60 90 109 NSI WS5144 DD 357900 6530152 349 -60 90 151 NSI WS5022 DD 357881 6530092 351 -45 45 198 NSI 5ARC057 RC 357972 6530136 349 -61 266 76 NSI 5ARC058 RC 357958 6530137 349 -61 268 40 NSI 5ARC056 RC 357947 6530137 349 -61 270 34 NSI 5ARC038 RC 357968 6530122 350 -55 270 52 NSI 5ARC039 RC 357950 6530122 350 -58 270 34 NSI WS5232 DD 357856 6530121 350 -60 90 191 NSI WS5238 DD 357719 6530119 351 -70 90 361 NSI 5ARC037 RC 357928 6530096 349 -60 90 40 NSI 5ARC029 RC 357910 6530096 349 -60 90 72 NSI WS5176 DD 357901 6530092 350 -60 90 151 NSI 5ARC030 RC 357909 6530099 349 -74 90 102 NSI WS5234 DD 357815 6530095 352 -65 90 249 NSI 5ARC033 RC 357907 6530067 350 -74 90 100 NSI 5ARC032 RC 357907 6530070 350 -60 90 58 NSI PH278 UKN 357916 6530034 350 -60 90 71 NSI 5ARC035 RC 357903 6530013 350 -60 90 64 NSI 5ARC036 RC 357918 6530010 350 -60 90 40 NSI 5ARC042 RC 357887 6530013 351 -60 90 88 NSI Hole_ID mFro m mTo Interv al Cu ppm Ni % Co ppm Pd ppb Pt ppb NSI +Refer to ESR announcement “Spectacular Maiden Drill Results Spargoville” 06 December 2018 MUNDA PROJECT With the gold price rising above A$1800 per oz the Munda gold resource is becoming a potentially valuable asset for the Company. Efforts are currently underway to assess options to realise this increasing value for the benefit of shareholders. Figure 10. Cross section of Munda showing some of the thicker higher grade gold intercepts and interpreted gold shoots.x xRefer to ESR announcement “ESR to Acquire Munda Gold and Spargoville Nickel Projects” 04 September 2017 The Company plans to test a new “plunging shoot” structural interpretation to the high-grade gold mineralisation. The additional drilling and assay information obtained from this work will be used to update the current JORC2012 Mineral Resource of 511,000t @ 2.82g/t Au for 46,337 ounces Au. x Table 2. Munda Gold Mineral Resource Estimatex Resources Category Metal Grade Contained Metal Cut off Tonnage Gold Gold (Au g/t) (Kt) (g/t) (oz) Inferred 1 511 2.82 46,337 Total 1 511 2.82 46,337 Figure 11. Plan showing previous high-grade gold interceptsx xRefer to ESR announcement “ESR to Acquire Munda Gold and Spargoville Nickel Projects” 04 September 2017 Figure 12. Geological map showing the location of the Munda project, exploration targets on M15/87, and other relevant nearby landmarks. CORPORATE CAPITAL The Company placed the balance of the non-renounceable options entitlement issue on the 16 November 2018 raising $91,177 in working capital. The Company’s cash balance as at 31 December 2018 was A$282,000. During the Quarter 118,750 options exercisable at $0.080 and 750,000 options exercisable at $1.40 expired, unexercised. Fully Paid Ordinary Shares 491,883,292 Listed options exercisable $0.05 on or before the 27 June 2021 – 183,961,097 Unlisted options exercisable $0.024 on or before 31 March 2020 - 8,250,000 $0.05 on or before 15 May 2021 – 5,500,000 $0.05 on or before 27 June 2021 - 17,000,000 $0.40 on or before 13 November 2019 – 1,375,000 Competent Person Statement The information in this announcement relating to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Luke Marshall, who is a consultant to Estrella Resources and a member of The Australasian Institute of Geoscientists. Mr Marshall has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr Marshall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. FURTHER INFORMATION CONTACT Christopher J. Daws Chief Executive Officer Estrella Resources Limited info@estrellaresources.com.au Appendix 1 – Tenement Information as Required by Listing Rule 5.3.3. Change in Holding (%) Current Interest (%) Country Location Project Tenement Australia WA Carr Boyd Nickel Project E29/1012 - 100 Australia WA Carr Boyd Nickel Project E29/0982 - 100 Australia WA Carr Boyd Nickel Project L24/0186 - 100 Australia WA Carr Boyd Nickel Project E31/0726 - 100 Australia WA Carr Boyd Nickel Project E31/1124 - 100 Australia WA Carr Boyd Nickel Project M31/0012 - 100 Australia WA Carr Boyd Nickel Project M31/0109 - 100 Australia WA Carr Boyd Nickel Project M31/0159 - 100 Australia WA Carr Boyd Nickel Project E31/1162 - 100 Australia WA Munda Nickel & Gold Project M15/87 Australia WA Spargoville Nickel Project M15/395 Australia WA Spargoville Nickel Project M15/703 Australia WA Spargoville Nickel Project M15/1828 Australia WA Spargoville Nickel Project E15/967 Australia WA Spargoville Nickel Project E15/968 Australia WA Spargoville Nickel Project L15/128 Australia WA Spargoville Nickel Project L15/255 *Nickel rights only - underlying tenements held by third parties. 1 Expired during the quarter (100)* 1 (100)* 1 - 100 100* 100* 100* 100* 100*