Ann: Geochemical Anomalies define more significant Li Potential, page-28

Hey mate, here's my interpretation

People seem worried that there was no mention of spodumene seen in the drill cores. However, this should not be a surprise as there was never spodumene around in the first place, it has never been mentioned once by the company. The only mineralisation potential was a small sniff of lepidolite up to the far northeast, but they did a good job of tucking away the fact that it was lepidolite in past announcements.

There is no visual lithium mineralisation in any holes intersected so far. Don't be mislead by the mention of "possible" or "potential" lithium mineralisation: If there was any ecnonomic amount of lithium in the pegmatite, you would be able to see the lepidolite or spodumene ore in the drilled rock chip trays, and it would have been reported in the announcement.

Not sure if they've yet drilled up to the far northeast into the thin pegmatites that actually had one decent lepidolite rock sample. Assuming that was one of the first areas drilled (most prospective areas first, right?), then their only surface expression of mineralisation turned out to be nothing underneath.

As for the the intercept widths they are pretty good. They are not as representative of the actual body as would be ideal. Not to the fault of management, some of these just seem to not be well constrained pegmatite bodies.


My conclusion and opinion is that if the team were able to see any lithium mineralisation, it would have been reported. And with decently sized intercepts, the share price probably would have done a lot better on Friday.
If there was Li present at or over an economical cut-off grade, the geos would see lepidolite in the drilled chips, and that would be necessary to disclose. They have seen none.

So unfortunately, in line with my previous post, it is my opinion that there is only barren pegmatite and dust so far. Might see assays on par with, or worse than EFE. Again, more than happy to eat humble pie if I am wrong, and I hope I am so for holders' sake. Maybe their other targets will show more promise. But there's a few rampers here so be careful out there and do your own research.

Cheers