Ann: Grace Copper-Gold Project Update, page-14

So diamond drilling and not RC. Explains the pace of drilling as shown via Satellite interpretation. Also explains why it is difficult to spot activity - limited sites and diamond doesn't leave as much visible as RC.

Good to see there is a large system in the Grace area. The core, and report, suggest there is little visible (read chalcopyrite) mineralisation. Gold will have to await assays though this style of veining may not be the best for gold as they haven't mentioned visible gold in core. Quite a sentence that hopefully is way off the mark and there is Au in these holes as there is elsewhere at Grace/Bemm/Genoa. [I do say this from experience of seeing well veined and weakly altered hosts in other areas that have come back with no economic content. Each area is unique. This isn't those places and local experience will grow for the site geos as they get feed back from assays as happens with projects that get to the next stage or even Mine]

The widespread nature of veining and associated sulphides is to be expected from NCM's work. The EIS hole appears to have excited PSL's consultants enough to go diamond rather than RC. The structural, alteration and mineralogy is going to be characterised by these holes and help in logging RC down the track. Downhole EM is proposed though the sulphide content in the holes suggests conductors may be tough to find [semi massive or massive sulphides vs veins and disseminated poor conductors (= IP/Gaip)]. Definitely worth doing though.


Putting the diamond holes on Google Earth [accuracy +-25m but probably better] with hole traces assuming dips of -60 degrees. The location of the core trays should be reasonable but no guarantees.

EIS PD1, and PD 3/4

The similarity of veining and hints of folding along strike in PD 1 and 3 are noticeable. Less pyrite in #3. The lower core trays in #1 probably reflect the proximity of the intrusive.

There is variation in sulphide content from the visuals provided for PD 1 3 5. The latter two do not have the visible pyrite

PD 2 and 5




The location of the core tray matches the strike extent of the Grace/Bemm fault and what is seen in PD 1/3.

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Some core comparisons

Grace

The real deal: Havieron Hole 5 part of 275m @ 4.8 g/t Au 0.6% Cu [seldom mentioned but there is 83m of barren dyke in the middle of this intersection which changes the intersection to 353m @ ~3.7 and ~0.47% when factored in. Suspect the mining method can eliminate dilution from this dyke to a large degree]

[still needs to be proven up at Grace. These images suggest Grace/Bemm may be different IMO]





The sulphides are more noticeable and include both pyrrhotite and chalcopyrite which can be seen in the core. Brecciation is visible in some trays. There are hints of some more mafic dykes as well.

These are selected trays probably from a higher grade zones so comparison to Grace is tenuous at best.