Ann: World-Class Lithium Intersections Continue at Andover, page-63

I block modelled the latest T1 drill results with 20x20x5m blocks and got 92M tonnes at 1.1% Li₂O using a 0.5% cutoff. The new results added around 20M tonnes of resource according to my modelling, but most of the added resource is deep and below many hundreds of meters of overburden. That does not matter of course for a JORQ resource since mining method does not need to be considered. Drilling at T2 has pretty much condemned that area's potential for hosting any Li₂O resource at all. So, drill results at T3 have got to be good to support the current AZS market cap.
The spodumene concentrate price has still not bottomed which means chasing deep low-grade mineralisation is not so smart IMO. AZS needs to find more spodumene mineralisation near to the surface like at T3.