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Ann: More Thick Zones of Spodumene-Bearing Pegmatite at Seymour, page-37

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posiedon ark

3,018 Posts.

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30/05/17

13:22

Post #: 24990717
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Originally posted by insaf ↑

You are correct in regards to more drilling over the next 12 months. However, there is a purpose behind the drill approach - to have a maiden jorc of high confidence. 5 mt as initially planned by the end of phase II would have been ideal as the market would have recognised the potential for an economic deposit - however a jorc of high confidence is critical for any offtake agreement and potential funding in the short term to continue with further increasing the resources and the viability of the project. The risk is no jorc means no offtake means CR. hence the aim is to avoid this scenario. So naturally the areas where there is deemed to be adequate resources is targeted.
Seymour is not an easy system to distinguish. Hence more work is required however it also means their is still potential for the end goals to eventuate. this is why the market is not overly excited at the moment - assays need to correlate with the pegmatite and the zones are a tad deceptive as some have substantial intervals between pegmatite or the deeper intercepts are a tad narrow. An example is hole 23. However, still promising though not outstanding as we want consistency of the thicker hits as in hole 22.
Hole 19 wasn't mentioned though displayed on the map. Also one of the posters asked about the true width vs downhole (the angle of the drill should minimise this bias to a certain extent).
So the market is waiting for more data as once we reach a blended grade it dilutes the overall grade to the mid 1s as we have seen which brings it back to the field and hence the need for greater tonnage. Now if we average above 2 % after dilution the market would recognise it better.
Also note management has taken on board request for azimuth increasing transparency.
So more work but definite progress and will give data for future drilling program. Let's now wait for the assay conversion from visuals and further drill results.

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Hi INSAF, mate you got your AZIMUTH transparency, you can see the board making progress and you are still not convinced?. You are a hard man to please.. You are not looking at getting back to your T20 spot?

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Ann: More Thick Zones of Spodumene-Bearing Pegmatite at Seymour, page-37

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Ann: More Thick Zones of Spodumene-Bearing Pegmatite at Seymour, page-37

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