Ann: VHMS Target Identified At Depth At Red Bore-THX.AX, page-25

I have had a read and it did not excite me I have to say.

It's good that they have done some decent drilling but only anomalous readings have been found. What they are and their very existence indicates is that it's vms territory, but blind freddy knew that ages ago. They only had to read SFR and RNI documents to know that; and what's more, the expert paper writers such as Margy Hawke and mates (Geochronology paper - 2015 )and Franco Pirajno (Besshi-style paper - 2015) label Red Bore as being a vms deposit worthy of reporting on as such. And yet they keep on trying to tell the market that they're on to something vms as if it's news. Well it isn't!

They fiddled with the Red Bore deposit with repeated drilling of the same area and so created much interest, then they said the good stuff /source was in the feeder pipes. They raised good money on that activity and diagnosis. As posted here more than once, it was my opinion though that the deposit at surface was all that was left and that the feeder pipes and what may have been beneath, although likely to contain mineralisation (copper), would in all likelihood be anything but economic. The basis for that opinion was advice from an experienced Bryah Basin geologist and an appreciation that the only good stuff was at the surface.

Impaler has been tested but does not appear to be all that promising imo. That's a disappointment!

Now it all seems to rest on just 1 or 2 deeper holes. Maybe they'll hit something good with the gravity feature 170m nth-west of Gossan, but at a depth of 500+ metres it will need expert targeting. I know from RNI experience at Forrest to the west that geos need to be sure that the target will be hit as otherwise it would be a waste of money. RNI had excellent readings of copper beneath a gold surface cap and followed it down, then a DHEM found a very interesting off-hole conductor at 550m. The company was very keen to drill but with the 3 planned diamond holes at $250k each it had to be sure to hit. That was 2014. It has not drilled as yet. What I am saying here is that THX will need to get this absolutely right if it's going to drill this thing, and then there is the uncertainty, even if drilled perfectly, that it will be fruitful.

One more thing - remobilisation. That's the word to use I think when you don't understand the geo setting and deposit source. As you all would know, it took 6 years to discover another vms cu/au deposit at Doolgunna after DeGrussa - May 2009 to May 2015. For the first few years all thought finding another would be easy, but when nothing new was found, and despite extensive exploring by SFR, TLM and RNI in the area, the opinion started to change in some quarters: "Hmmm, Degrussa may have been remobilised". Maybe SFR believed that too, by going east and deep to Ventnor's copper tenement. "Is that the source?"

We should all know now though that the Monty discovery by SFR (using TLM work) demonstrated that Doolgunna was in fact a fertile vhms area after all, and as originally thought. I think that the 'remobilisation theory' went straight out the window as a result. However, it seems that it's alive and well at TLM HQ.

Look I have been a sceptic (I could add 'cynic' in some instances) of the company's modus operandi at Red Bore for a couple of years now, but stayed interested as an observer because of where it sat in relation to DeG and Homer. The company has got more serious over the past several months (more drilling and deeper and finally acknowledging the significance of vms vectors and assaying for them) so that provided reasons to drop some of the scepticism, but the results are not there yet; and now that we have the remobilisation theory thrown up my scepticism has rejuvenated.

I have to ask these rhetorical questions: "Do they really know what they are doing? Have they ever known what they have been doing?"

I've just about given up on them and Red Bore. Maybe they will enjoy success elsewhere, but if they do it will be without me.