four fold increase in resource statement, page-13

Sarco has a right to 70% of project in 66km area and ORD has 50% of Sarco which equals a net 35% interest. Alumina only 40% of Alcoa JV. This is actually a very large position not a small one.
This is also the least equity they will have in any of the projects. They are applying outright on the largest block 867 so will have net 50%. They have a total equity earn in of 85% to Sarco on the Yuquida block which is net 42.5%. Total resource target of 570mt is for Yuquida block alone. 66km has a target of 160mt. And 867 should be bigger than the rest put together but we have to wait and see. Have a look at the timeline on page 13 of the presentation released 20 May. The stated target is actually 1 billion tonnes.

The significance of this announcement is that is indicates the JORC resource "reality" is tracking quite well to target resource "estimate" and they state that confidence in the resource "estimate" is getting stronger. I gather that this resource statement for Yuquida is for 1/3 of samples in the lab so we can expect somewhere around 120mt more from drilling completed to date and results due in the next month or so. What does that mean? 200mt and enough to start feasibility for mining and refining, given 80mt is 40% of requirement. They also indicate a lab testing issue which if resolved could increase current and future resource statements.

That would seem to be pretty significant to me!