LRS General Discussion, page-16551

Yes this is the exact snippet. - would have included it in my post earlier but no access to the laptop till later.

Cost will be key in 2024, but I will take the opposite end of the argument - so far the use of drills has been highly effective with very few fails apart from Monte Alto back in May 2022 - but even then they quickly acknowledged the dusters and gave up on the tenement quickly without wasting rig time.

I think the 16 rigs is probably necessary if you look at the timelines to getting the DFS done by June.

- DFS in June means that the resource upgrade at the latest needs to be out by mid May May.

- Upgrade mid May means we need final assays returned by early May.

- Final assays in early May means last holes need to be drilled and cores sent to the lab by roughly early April.

So there’s really only the period from Jan 1st this year until roughly start of April to get as much of the 63MT up to measured and indicated as possible.

Each rig will likely spend ~12 days on each hole (30m a day to get to an average of 350m depth per hole). Jan 1 - early April = approx 90 days so each rig might do ~7 holes over that period.

Assume they put 12 rigs on in-fill, one at Planalto, two at Fogs and one elsewhere then 12x7 = 84 in-fill holes (which I think is not far off the number of holes I estimated needed to be done to get most of the deposit over to M&I.)

I think that once the in-fill component is done - it would be wise to cut back on the rigs as you say, but until then I’m a big fan of making the most of cheap Brazilian drilling and expedited permitting.