General discussion, page-11552

@LST123, I agree with your interpretation of ENR's results - I don't see anything as yet which is economic on a standalone basis, nor much marginal value to WA1 - I'm replying here as I'm only really interested in the implications for WA1.

ENR's announcement today has uncovered another large volume of fresh carbonatite between Crean and Hurley - see below. Given that the weathered layer is thin and narrow, and given the geometry, the fresh rock carbonatite would presumably need to be highly graded to be economic. The assay results for the 684m EAL442 diamond drillhole are due in September.

ENR has already assayed deep, fresh carbonatite, e.g. at Crean, Hurley, Emily - some examples below. The results for the deep holes have generally been ~100-200m at ~0.1 - 0.7% grade, likely extending deeper. This seems to be in a similar band of grades to those seen at a lot of fresh rock carbonatites, e.g. at Niobec.

In summary, as you put it, ENR needs to find something comparable to the enriched, weathered blanket at Luni, and they don't yet have an indication of it, despite a smattering of high grade hits, in my assessment. I'm not sure why this release has generated the market action it has, unless people smarter than I are reading more deeply into the geological interpretations. I don't believe that another fresh rock deposit comparable to Niobec - large bulk volumes of fresh carbonatite at ~0.5% grade Nb2O5 - will be developed.