Ann: Drilling update No.16 - Agbaja Iron Ore Expl, page-6

re: Ann: Drilling update No.16 - Agbaja Iron ... No problem jlm.

These are only my basic calcs based on what the Co has released. It's worth pointing out again that I am assuming an SG of 2.8 and I have not applied any cut-off grade to speak-of.

For the sake of simplicity I am treating the extra drill area (51 holes) as 1 sq km (looks to be slightly greater on the map), making the target area 15 sq km overall.

So adding-in the data from this last ann (No.16), for the 300 holes released so far, I have an avg depth of 18.14m, at an avg grade of 40.37%Fe.

Using that as a base, and an SG of 2.8, potential tonnages are as follows:

Results released (300 holes) - 290Mt
Drilled, to be released (255) - 246Mt
To be drilled (136) - 131Mt
Not open (98) - 95Mt

So all up (789 holes), this 15 sq km drill area looks like it could host about 762Mt (536Mt indicated and 226Mt inferred).

Looking at the rest of the plateau area (approx 70 sq km) covered in this one lease, there's a possibility of a further 3.5Bt target in my opinion.