Ann: $7M Raised to Accelerate Exploration at Novo Astro & Juruena, page-163

Hi Prawn_Man,

Agree with your analysis. NA first drill was adjusted to deeper holes and reduced number chasing a large Porphyry Cu-Au style system. Can see why that conclusion was drawn but based on drill results looking less likely. Juruena that has had in excess of $25M expenditure including >50,000m drilling to find high-grade shoots and one potential porphyry Au‐Cu target. It is now looking like a cracking resource. My guess is NA is more similar to Juruena. So In hindsight would have been good to perhaps hedge bets and drill more shallows holes at NA.

My guess is more on the left side. Fingers crossed for NAD013, more likely than other targets. But Juruena had a lot of average holes before they hit the high grade-shoots. There is gold at NA and so far we have done a great job of locating where it isn't. Looking forward to the final results and the 2020 drilling program. Plenty of cash in the bank to apply that learning to this year's targets.

Keep up the great analysis!