Ann: T3 Resource Drilling Nearing Completion-MOD.AX, page-33

@Last of the Mohicans,

I'm actually pretty pleased with today's data! As you acknowledge, your expectations were probably higher than most people's (I recall you saying you hoped for 50m+ in 26D/27D?) and you were clearly hoping for a continuation of the high grade intersections. Just because that didn't come out in the results today, I personally don't think that's a reason to sell but we all make our own decisions. The dip today was always to be expected given the surge in recent weeks, but while it can be tempting to trade there is always a risk of getting caught out by unexpected results from other targets, or even a rise on no news like we have seen in recent weeks.

Ultimately the mcap here will be based on fundamentals rather than short term trading patterns. Even your back of the envelope figures of 34.25 MT ore containing 505,000 T Cu & 21.6 M ounces of Silver contain about US$ 2.8 billion in minerals using today's figures of $2.14/lb Cu and $18,89/oz silver!

26D and 27D were a little below what I had expected, from neighbouring holes I thought we might see 30m+, but 22-26 m is still pretty good! On the flipside, 28-30D were a lot better than I was expecting - 42 m in hold 28D and 35 m in hole 29D! IMO, using an average width/grade is useful to gain an overall picture but you shouldn't let that colour your view on individual holes. It's obviously not a simple slab of mineralisation and individual holes are always going to fluctuate +/- in width and grade, as we're seeing.

IMO, the share price will rise over the coming weeks in the run up to the JORC, with added bonuses perhaps from drilling elsewhere or initial metallurgy results.