Ann: Quarterly Activities Report, page-3

I posted the following on the wrong thread. My apologies!


Just had a quick read. All looks very very good to me.

Plenty of progress was made by TAS at Pernatty and by FMG at Vulcan.

At Pernatty: during this quarter (despite the current COVID-19 crisis!) TAS were able undertake field reconnaissance and also sort out all of the Aboriginal heritage issues to ensure that all proposed hole locations at Pernatty can be drilled. I am extremely happy with this progress, as I had feared that TAS might sit on their hands somewhat and just let FMG continue to progress things further at Vulcan. The bottom line is that drilling can be commenced at Pernatty as soon as the COVID-19 crisis is over. This should be sometime quite soon.

At Vulcan: during this quarter (again despite the current COVID-19 crisis!) FMG continued to review historical, as well as TAS data, relog the Marathon and Vulcan drill cores, as wellas collect magnetic, gravity and conductivity data from the Marathon and Vulcan drill holes. In addition, a Hyperspectral analysis of VUD011, VUD14, VUD016, and VUD017 was undertaken. A ground gravity survey was completed and samples for a hematite/magnetite geochemical vectoring program were submitted. Here again I am extremely happy with this progress, as I had feared that the current COVID-19 crisis may have severely curtailed FMG's progress at Vulcan. This has clearly not been the case! Indeed, FMG appear to have also had a splendid quarterly themselves, which can be evidenced in their own quarterly and by the performance of their SP.

The work which has already commenced by FMG includes the continued review, re-logging and data collation of Vulcan drill cores, processing of gravity data, analysis of the results from the hematite/magnetite geochemical vectoring program as well as on ground reconnaissance for future access preparation and geological and geophysical modelling and target generation. All of this work clearly indicates to me that a drilling program will commence at both Vulcan and Vulcan West within the next 3 to 6 months.

With regard to this upcoming drilling program, it is important to point out, that from today's quarterly, a number of distinctive anomalies have now been identified at Vulcan West, and high priority drill targets already defined (see Figure 4): These are as follows:

Target A: Modelled depth of about 650m
Target B: Modelled depth of about 700m
Target C: Modelled depth of about 680m
Target D: Modelled depth of about 850m
Target E: Modelled depth of about 700m
Target F: Modelled depth of about 750m

As far as I know, Vulcan West has never been drillied. In this regard, the statement by GS on page 6 of today's quarterly speaks volumes:

"Clearly there is potential for the Vulcan West area (especially Targets A & C) to host Carrapateena-size deposits at attractive depths".

The statement in today's quarterly that "Regional MT surveys conducted by the University of Adelaide have suggested that Vulcan and Olympic Dam share a very deep underlying zone of anomalously conductive rocks that are postulated to represent a zone of fluid migration, which was critical in the formation of these two very large IOCG systems" also sounds extremely encouraging to me.

Wishing you all a pleasant evening.

Please note: Every post of mine is my own personal opinion. Every reader and/or investor must do their own research. This post, and indeed all of my posts, do not provide tax, investment, or financial advice. The information in all of my posts is presented without consideration of the investment objectives, risk tolerance or financial circumstances of potential and/or existing investors.