Ann: Mt Carbine and Saloro Operations Hit New Production Records, page-81

You got me intrigued.

On the 30th of Jan 2024 EQR announced “MAJOR DRILLING CAMPAIGN AT MT CARBINE TO INFILL UNDERGROUND RESOURCES AND EXPLORE EXTENTS OF KNOWN HIGH-GRADE ZONES”

Highlights:

Mt Carbine Phase 1 2024 diamond drilling campaign for 24,000m scheduled for infill drilling of underground targets* and extensions of known high-grade zones**:

Major drilling campaign, in comparison to total drilling to date of 22,545m

75% of the drilling targets an upgrade of 2 million tonnes of Inferred Resources that is above 0.5% WO3 into Indicated category, to provide the basis for a Stage 1 underground mining feasibility study

25% of the drilling targets extensions of known high-grade zones towards new areas in the east, west and north of the open pit (Iron Duke)

Several deeper holes are designed to understand the depth extents of the deposit

The campaign is budgeted with $2.88 million and will mostly be drilled from the existing pit

On the 30th of April 2024 EQR announced “MT CARBINE INFILL DRILLING REVEALS HIGH-GRADE ZONES IN STAGE 2 PIT”

Highlights:

Completed 9 holes of Infill RC Drilling at 10m spacing into the Iolanthe Vein System, confirming consistency of high-grade sections

Individual veins ranging with true widths of 0.3-2.5m were intersected at 0.5% to 3.66% WO3 grades

Interpretation confirms veins are increasing in grade as Stage 2 Pit commences at the 325m level

Shallow intercepts at Johnson Vein System (4 holes; starting 347m RL) with 11m @ 0.21% WO3, almost double the grade compared to the current geological model on this level

Of note:

“This drilling program is complementary to the 2024 Diamond Drilling Campaign announced earlier in the year”

On the 3rd of June 2024 EQR announced “MT CARBINE INFILL DRILLING REVEALS ADDITIONAL HIGH-GRADE ORE IN STAGE II WASTE CUTBACK AREA”

Highlights:

The Iolanthe and Bluff Vein Systems have been the target of the main Stage II Pit mineralisation where the main orebody sits at 325m RL and below.

Additional 16 RC drill holes completed at 10m spacing into the Iolanthe Vein System, defining mineralisation boundaries for Stage II Pit cutback process.

Vein intersections with true widths of 0.3-2.5m and WO3 grades ranging from 0.5% to 5.03%: Significant results include 22m @ 0.39% WO3 and 9m @ 0.84% WO3 (243m RL and 253m RL respectively).

Mineralisation discovered is higher up in previously undrilled areas, transforms what was considered waste into high-grade ore during Stage II Pit cutback from 368m RL to 325m RL.

-Findings enhance ore quality during cutback, with a focus on undrilled areas in coming months.

Of note:

“This drilling program is complementary to the 2024 Diamond Drilling Campaign announced earlier in the year”

From the last quarter

“Mt Carbine’s existing 430 meters underground decline re-opened for geotechnical assessment and preparation of underground exploration program”

“The Exploration Permit for Wolfram Camp EPM 28898 was granted to EQR on June 17, 2024, for a five-year term. The geology team is currently planning a geological mapping campaign to identify alteration zones and structural geology, a soil sampling campaign, and detailed Lidar Ortho Mosaic, Magnetics, and Radiometric surveying for upcoming months. “

My assumptions are

-we should be getting an update regarding the January Major Drilling Campaign soon.

-likely the infill drilling is ongoing so we could expect results from that.

Longer Term
-Saloro drill results(3rd drill campaign)

-Underground drill results (potential 4th drill campaign)
-Wolfram soil samples and later drilling (potential 5th drill campaign)


GLTA