Ann: Exploration Strategy Overview - Olympic Domain Tenements, page-13

Phillop,

What the company found was good indicators that where they drilled is prospective. The problem here is that you have to do a lot of work on the geophysics, it’s deep and it needs to be well planned out to minimise spending to maximise potential return off exploration spending.

Consider that the historic holes had found chalcocite, that’s a very strong indicator that the hydrothermal events that mineralised the area was intense. So you look at the recent holes and the historic holes and the finer details should point out where it’s potentially more enriched. The model will change to take in new data points and that helps to vector in on better grades over potentially larger intercepts.

It will be a waiting game and that’s how exploration works.