ho hum..., page-34

Pretty sure koolan makes up about 60% of MGX's iron ore resource and 50% of the reserves (based on annual report). Its also the best grade/quality ore of the ore reserves they've got and is the largest single deposit.

Now thats interesting given the fact Koolan, from memory, was mined for several decades by BHP before MGX bought the operations (MGX picked up the koolan ops by buying Aztec for a bargain $300m just as they were re-starting mining ops after rejuvenating from the old bhp ops).

Irvine hasn't been mined, koolan was mined for 50 years before MGX took it over and it still makes up over half their resources and they're a $2 billion company.

There has also been speculation by PLV that the iron ore body body that runs through cockatoo,koolan and irvine plunges downwards on koolan and thus required a sea wall etc. but twists around and becomes closer to flat lying on Irvine. Thus Irvine potentially has "absolute bucket loads" (technical term lol) of mineable ore compared to the MGX Koolan operations at the time they took them over.

In relation to the drilling at Cethana - I have no clue, I'm no geo but I would have thought hitting porphyr would be a good start. Then any ore grade intersects of more than a few metres (i.e. >1g/t or > .5% metals) would have to be a bonus for a pretty much greenfields exploration target? The combination of assays, core and down hole magnetics would then hopefully give pointers to where to place the next drills and start to get a feel for the shape/geology underground and can hopefully pinpoint any possible economical ore body(s) lurking there. If they hit the bullseye first go and have wide ore grade intersects that would be a really unexpected bonanza I wold have thought. (but I'll wait for someone knowledgable to provide the real answer but always fun to have a go 'eh).