2012, page-51

I have to add that his research would have taken a lot of time and effort..but its really hard to just bring together drill results and work out the average grade for the drilling to date then draw a comparison between the two companies. If a company is drilling out a resource and hitting mineralisation on almost every drill then its a different scenario. AVB have been using their drilling campaign to drill out the HGZ and also conduct exploration drilling. The exploration drilling that has returned very low grade mineralisation should not be included in his workings.

The better option would be to gather drilling results from the HGZ...work out the width, length and depth of the resource to then calculate the square meters of the area. You would then have to estimate the density of the rock and then we might have a better estimate for the resource. If you were to work out the resource you would also break it up into the HGZ of Antas South as its very rich in copper and you might also conduct an overall estimate for the Antas South deposit. Tonnage would then be calculated by the following

Density x Cubic Meters = Tonnage

If you work out the average grade over the main drill cores in Antas South you may be able to come up with a figure. eg 15% copper from 400,000 tonnes of copper. Which equates to 60k tonnes of copper oxide.

Our current resource for the HGZ is the following.

"210,000t at 11.65% copper, containing 24,400t of copper."

This was over...wait for it.

"The JORC resource of 210,000t at 11.65% Copper (HGZ) extends from surface and has been modelled over a strike length of two hundred and fifty metres."

http://www.avancoresources.com/pdfs/MaidenJORCResourceCarajasCopperProject12Jan09.pdf

The HGZ currently sits at 520 meters and remains open. Potentially you could straight up double the resource and the figures would be close.

420,000 tonnes at 12% copper which would contain over 50,000 tonnes of high grade copper oxide. This would be solely for the HGZ at Antas South which could easily be of better grade. The infill drilling has had some pretty impressive results such as:

9 metres at 50.49% copper from 18 metres.

Lets not forget the fact that we may have discovered the primary sulfide deposit leading down from Antas North. All these recent results will up the overall grade of the deposit. I could put in a lot more time and effort and calculate all the drilling within excel and end up with an estimated resource. I'm positive the estimate it would be pretty big but I dont have the time atm. I certainly wouldnt just gather all the mineralised drill results to date. The holes to gather would be those situated only at Antas South and Antas North. If anyone wants to make an attempt go for it :D