Ann: Ruddygore Drilling Commences, page-19

They are drilling into the large IP anomaly at depth at present. If this shows copper sulphides the potential is enormous. What we know from the old records is that production was not undertaken below about 125ft. We also know that the main shaft showed 3.8% Cu at 225ft only 5ft in the drive level from the shaft, also the ore was 20ft wide but not closed off (could be much wider) at 300ft. Therefore we know that there is a considerable depth extent of ore that is unworked, it has considerable width and one assay only which gave 3.8% Cu. The drive at the 100ft level showed 300ft width of mineralised intrusion but remains unworked (grade unknown).

The size of the porphyry intrusion is considerable and its location appears to be strongly fault controlled. There appears to be multiple intrusions of porphyry and these led to fracturing of the host rock (monzonite-granodiorite), the hydrothermal fluids then moved up from deeper in the crust to precipitate out in the breccias and fractures. These were rich in copper and silver. The high grade previous drill intersections and production grades show this could be one of the higher grade Cu porphyry systems.

The soil and geophysics results show that Ruddygore east is a replica of Ruddygore without the previous removal of high grade via production and there are a number of other mineralised intrusion targets in a camp scale situation.

For those that have done the research take responsibility for your own investment decisions. Many a drill hole has ruined a good exploration theory and a few strike it big. JORC resources are assets and everything else is exploration potential. It will take another one or two drilling campaigns before we will see a JORC resource here but the core from the early part of the first hole at Ruddygore looks good. I can't wait for the results from the programme.