Ann: Quarterly Exploration and Activities Report , page-24

re: Ann: Quarterly Exploration and Activities... Hello posters...Well I have just finished reading the RIM report and perhaps they monitor the HC bloodspot... LOL

As suggested previously the holes 213-216 are pretty uninteresting for Au content but quite solid in the Ag results. The XRF would have told the GEO this as the bags were logged and scanned coming out of the ground which is probably why the previous report suggested assays for Au and Ag results were pending for these holes.

The associated mineralisation would have been apparent in the scans IE: Ag, Pb and probably As which considering the 212 hole results would have indicated some Au content in these new holes despite this Au content not registering on the XRF due to the low grade.

The Au results would seem to indicate the mineralisation is probably a vein located around the 20-25 metre depth with some results reported at this depth from the holes 213-216. It would suggest they have hit a small vein and drilled through it. The holes do not appear to finish in mineralisation at depth either in the Ag or Au.

The head GEO has indicated in the report they are finally drilling the IP anomalies indicated in the appendix for pending holes currently being assayed however the depth still is only around 160 metres. Also he states they are testing the periphery of the IP anomalies with the RC rig.

The significant chargeable anomalies appear to be slightly deeper than this. At least they have commenced to drill them. That is a plus.

The mineral associations sound as though this deposit is more like an Ag+Pb+Au style deposit and would suggest some As would be present in the assay results indicating a possible refractory style ore.

Bonanza Ag is perhaps PR style reporting. If your interested in significant Ag grades have a look at SVL. They have a Ag deposit up that way called Webbs, It might be more appropriate to call bonanza grades of Ag at a consistent 500-1000 g/t level.

There are quite a few new holes being assayed and a few with some depth pending. It will be interesting to see how they come out and the reporting style. I am not a big fan of sensationalised PR and reporting.

The Company has consistently promoted this area as a new major greenfield Au discovery in their reports. It may be something else. Time will tell.

To answer the query about 35. The share price is indicative of the Companies mineral assets in the ground equating to 35 million which on the face of it may be excessive but these are the vagaries of exploration values. Market sentiment is a key factor driving the share value.

All traders evaluate companies based on what is reported to them.
Cheers
JP