Ann: Eight Veins Intersected in First Hole at Humaspunco, page-50

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23/05/17

16:16

Post #: 24863349
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Originally posted by Dr Jonathan West ↑

Sorry I have not posted but I am still in rehab and trying to manage serious pain so have not had the where with all to both do a detailed analysis of the ASX release or to be able to sit at a computer for an extended period to be able to post a long email. I will try, within pain limits, to get something out by email directly to the shareholders group in next day or so.

However, it looks to me as though this first hole at Humaspunco is totally in line with what was expected and seems to have confirmed ICG's exploration model. The next critical points of interest on this hole (at least for me) are whether assay results for the intersected veins are in line with the previously reported channel sample averages for the veins. If so (and whilst they will be probably highly variable) that is a big positive. Also I will be most interested to hear if they have also encountered disseminated mineralisation between the veins.

As previously stated, the nature and style of this mineralisation is such that one hole is not going to tell you much. We need a number of holes to get a better feel for the overall dimensions and characteristics of this mineralisation. I was a little surprised that this hole (when you look at the figure in the ASX release) does not appear to have targeted the mantos. Hopefully the next couple of holes will do this as my gut tells me that, volume/area wise, the manto sequence (if continuous through the hill) is probably critical to the potential of the 'deposit'. Also would be good to hear from Ross as to what his strategy (and timing) is to drill the Callancocha fault/feeder zone which he says could be the source of the replacement mineralisation at Humaspunco. Given the width and strike length of this zone, it could be a game change if seriously mineralised.

Thunder54 is probably right in saying that there is probably something bigger at depth. ICG have always said that they thought that was an interconnectivity of a number of types of mineralisation here, all driven by the igneous intrusions. However, whilst that may be so, there is still no reason why there might not also be a valuable resource, in the replacement style, closer to the surface. Again we need to be patient and wait for the results of a number drills before we know what is going on.

"Rome was not built in a day" and clearly this one is not for the faint hearted. However whilst the risks are high, so to are the potential rewards. Let's try and be patient and stay the course, at least until further drilling gives us greater insight.

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ICG Price at posting: 1.5¢ Sentiment: Hold Disclosure: Held
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