drill hole 2 excellent results $$$$, page-31

pago, it appears that the Company is of the opinion that the resource will cover much of the 42 km sq tenement.

DGH44 has simply extrapolated out the 2m thick 1.5% cu equivalent mineralisation at over the 42 km sq.

I ran the same calculation based on the same assumptions and got the same result.

There is an expectation that the mineralisation will get thicker as we move away from the fault line.

The remaining drill holes will no doubt provide different mineralisation grade and thickness figures, so the dollar value amount quoted is a best guess at this point in time. The important thing is that this type of mineralisation is usually very continuous, hence the Company's view that the entire tenement may be involved.

From today's announcement;

"The Kupferschiefer has been previously reported as being intersected in historical drill holes to the north-east just outside the Balamara licence area. On this basis Balamara is confident that the favourable Kupferschiefer sequence underlies the majority of the 42sqkm Bogdan tenement area. Constant mineralisation over such a widespread area has significant consequences for the overall returns from an enlarged exploration drilling programme."

Assigning a preliminary dollar value to Bogdans potential puts a few things into perspective. I think we also all know it's early days. Really, more drilling needs to be done.

One thing that is yet to be mentioned is that the very gentle slope (or lack thereof) of the mineralisation will mean that it's a reasonably simple and quick job (cheap) to bring the resource up to an initial JORC estimate.