Ann: Further high-grade gold results at Diamba Sud, page-16

1. The maiden MRE is due by December 2021- is this the timeline for your view "They might push for 1MOZ, let's see"?

Somewhere in Q4. It will somewhat depend on the how soon metallurgical results come back too. Area D drill results seems finished, we will have probably one or two Area A results, and potentially metallurgical result from area D that will be the end of Q3. I would think MRE will be in mid-late November. Sooner the better as you know.

2. How have you reached (presumably a "back-of-the-envelope") calculation the MRE "might push 1MOZ"?How confident are you this is the ballpark for the MRE?

If you calculate the high grade area (reddish in the area D maps) 250 x 300m roughly (i took more conservative), thick orebody plus higher grade from rest of blue area (2.5-3.0 multiple higher), the total resource will be close to 400 - 450 KOZ, as i said i have taken conservative numbers for my back of the envelope calculation. Rest of the area is 3 times bigger but most likely has similar amount lower grade and thickness. It will really depend on how they are doing the interpolation of ore and block models on software. But it usually 20-40% diff from good old rule thumb calculation. This deposit has very shallow ore with average grade of 3-4 g/t, which is excellent for open pit mine with Gold price above 1500 USD per ounce price. Even if they come up short in area D, less than 1 MOZ, CHZ has area A which will push for 300 KOZ. Overall i think global resource of the company will be above 1MOZ. Quiet confident.

3. @Dwuuu (above 2.8) commented on the stunning, most recent drill result 63m @5.8g/t- at only 9mtr depth from the surface.He provided a formula, that concluded this drill result alone would result in about 66,605 oz, worth about $US120m (not inc. AISC) in the ground.Speaking generally, do you agree this is the correct formula to do a JORC estimation for the in-ground value of gold drill results?And if so, do you agree with dwuuu's calculations on this specific drill result?
In general i agree with @Dwuuu. If the drillhole grid is 50m x 50m, that calculation is spot on with only correction given on true width of drill interval usually less than drillhole interval, potentially less than 63m, but drillhole grid in that area is greater than 50 m x 50m. It almost looks like that hole was 100KOZ hole. Never mind the numbers really good hole. I wish they pushed that line, close to fault, to the northeast further. It seems there is thicker ore in there.

4. Given your estimate the MRE will "push for 1MOZ", I assume you believe CHZ is very undervalued (particularly in the expectation that there will be further, post-MRE, good discoveries in these highly prospective, new tenement areas)?And why is it so undervalued?

Exploration level valuation based on the ounces in the ground, 50$ (US) - 100+$ per ounce is used in higher risk jurisdiction (compare to Canada or Australia) to come up with enterprise value. In my opinion CHZ should be at least double the current market value based on this principles based on the shallow ore, high and homogeneous grade of ore, and hopefully decent metallurgy. Mining wise this has no headache. I am quiet confident that there will be mine for sure, who when, how large the operation is question. And there is more exploration upside. Really looking forward to Gradient IP results.