I am going to breakdown this announcement with the good and the bad.
In summary, we have three high priority targets:- Pelops (where the current assay results have come from)
- Amphion
- Broteas
Pelops Pelops is the locality which we are most interested in. The majority of the pegmatites in this area are located in the Pelops locality which is where the assays have just returned from. We have received results for 18/40 assays so far which are from this locality. Unfortunately, the current results have found low TREO and niobium yields which people aren't too happy with (understandably). However, if you look at the image I have posted below, we can see that the the 18 assay samples we have just received are from the lower end of the pegmatite (below image).
Why does this matter? The majority of high grade niobium samples we have taken are all located at the top of the pegmatite (see below images).
To reinforce this,evidence suggests from previous surveys that the niobium is located at the margins of the Ovoid feature:
"The majority of the new Nb & REE targets identified are located in and around the margins of the ovoid intrusive feature (ASX Announcement 28 May 2024)." Therefore, while we are understandably a little annoyed, there is still a lot to play out. Let's not forget that the 32% niobium sample was taken 500m from where the pegmatite currently sits. It does sound like if there is niobium it would be located on/outside of the ovoid border.
Other Localities
AmphionAmphion is the next locality of interest. What I like about this locality is that the pegmatitie is located between Monzogranite and Biotite Granite. While Biotite Granite is quite favourable for NB, there were some recent discoveries in China with high NB grades in Monzogranite. This locality is also the only locality where high grade soil samples and geophysical samples intercept. This locality only has three drill spots but if we find something I am sure they will expand the area.
BroteasBroteas is the final locality of interest. This one is quite interesting because the pegmatities intercept each other which has caught their attention because all three drill points are on the intersection point.
In summary, we have not had a good start to this drilling campaign. Luckily, the results are only for the lower end of the targeted pegmatite. We also have have two other localities we are waiting on (Amphion and Broteas) which have multiple pegmatites of their own. Not all doom and gloom, things could still turn out very well for us! At the end of the day this is a gamble stock so we may win or maybe nothing may come out of the next drilling results.
GLTA.
(20min delay)