Ann: Sugarloaf Porphyry Deep Diamond Drilling Completed, page-5

The joys of porphyry hunting - maybe even harder than exploring for nuggetty systems (like Turon). But if we find one we'll be rolling in clover.

I'm not a geo and @RobThomas is best placed to interpret this for us. However this doesn't look like an announcement that will bring joy on the market, maybe some selling although there's already been a bit recently. But it might be one that gets a few more eyeballs watching, just in case.

There seem to be hints of a copper porphyry system here (which you'd expect so close to Copper Hill) but the bugger of it is that we've drilled 500m and we're still in propylitic alteration, which is a peripheral zone and not where a porphyry be expected to be economic. Per the classic model below, interpreted ore minerals and alteration minerals referenced in the announcement are both indicative of peripheral placement. If we're over the core of the intrusion, which is what the geos surmise in the initial exploration model, then it could be quite a lot deeper - which is normal for the Lachlan Fold eg Cadia, Boda get going down around 1000m.

We could also be no where near it - the peripheral zones on a porphyry can go for kilometres, which is why porphyry hunting is so hard.

My understanding is that the chemistry of the propylitic zone can result in diminished copper and gold values so presumably we can't expect much from the assays apart from hopefully giving the geos good insight into potential pathway indicators. We have good geologists and access to plenty of experience in this region, including on porphyries, so I think we can trust whatever conclusions they make - positive or negative.

It's a shame they didn't get the 3rd hole done which I think was to test for indications of nearer surface deposits eg a skarn.