Ann: AVZ to raise $15 million to fund further work at Manono, page-44

Key term is pre-feasibility programs. I suspect what they are seeking to do is move the resource from the measured and indicated category - confidence level 70% - to the proven and probable reserve category - confidence level 90% - which underpins mining (what goes into bankable studies).

A bit disappointing actually overall the wait as was expecting a bit more from the Ann strategy wise, but they are moving to feasibility and that now, in my view increases the odds they will be part of a JV to 50% (50% TO outcome still on table). But the Ann the way it comes across still keeps their card to the check btw (surprised there btw) of whether want JV or TO but now the odds have moved IMO to even on both scenarios. As part of pre-feasibility studies they will need to enter into MOUs/Letters of IntentIMO (presume with a binding notation) as that would give the feasibility studies the economic and technical variables for evaluating the resource in a JORC framework as well. That will be interesting. All IMO

The key to the current JORC is getting a measured and indicated resource initially as that is what forms the basis of mining decisions, but suspect the placement is about evaluation and moving the resource to the proven and probable reserve category. Inferred just means there is something there but more work is required. Here is a pic on what a JORC is seeking to achieve. All IMO

The fact they are only concentrating on the 20,000metre program suggests too me that they will do the proper JORC around holes 1 and 2 (and possibly 7) as I stated before -Post #: 31319446

All IMO