@legaleagle88 cyber issues replying to your post. Maybe this cut...

@legaleagle88 cyber issues replying to your post.

Maybe this cut and paste via word will sort it out. Doesn't translate well into HC format sorry .

A minor but important thing your reply may miss isAu grade vs Au equivalent grade.
1] the initial grade was .85g/t Au [Au only] does not include the Au equivalence of 0.15%Cu. The actual Au eq or Cu eq (less likely for Calibre) depends on metal pricesthat fluctuate over time.

2] the most recent initial MRE has the grade at .92g/t Au eq. whichdoes include Cu +- Ag ?other credits

Using @shines2 data from aboveand the original 2013 document gives this table. I haven't looked atcutoff grades which make comparisons tricky if different ones have beenused.

CALIBRE MRE'S
		METAL CONTENT		METAL GRADES
YEAR	TONNES	Au oz (M)	Cu tonnes	Au g/t	Cu %
2013	48.4	873000	81400	0.56	0.17
2017	47.7	1.3	69500	0.85	0.15
2020	92	2.1	10300	0.72	0.11

@shines comments about the amountof drilling needed to increase the MRE from 2017 to 2020 and what additionaldrilling this year and into the future may do to the resource are not easy toquantify here. The distinction is between infilland extensional drilling as it is at Minyari/Waca.I have long puzzled over the 2013and 2017 MRE's where the tonnes stay the same but the grade goes up. Theincrease in grade comes from higher grade extensional drilling post 2013. However, since the tonnes don't go up then some of the 2013 resource may nothave made a new/different cutoff grade. The Au grade in 2020 reflects the2019 drilling which IMO was mildly disappointing in terms of grade below thebetter intersections (shallower) from the 2015 phase of drilling (mostly/all?pre Rio).
There has not been an explorationtarget mentioned since the one in the 2013 MRE announcement that I recall.
Headlines from the 28/10/2013 announcement :

• Maiden Calibre Deposit Inferred Mineral Resource estimated by Snowden Mining Industry Consultants of 48.4 million tonnes for 1.59 million gold equivalent ounces at a gold equivalent grade of 1.02 g/t. •
• Only 15 to 25% of the combined geophysical anomaly is included in the Inferred Mineral Resource with mineralisation remaining open in all directions providing significant potential for future Mineral Resource growth. •
• Bulk Tonnage Exploration Target revised to exclude Mineral Resource: Tonnage range of between 130 to 290 million tonnes and gold equivalent grade range of 0.8 to 1.2 g/t. (Note: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to define a Mineral Resource for the area the subject of the Exploration Target, and it is uncertain if further exploration will result in the determination of a Mineral Resource in respect of such area).

Thisearly exploration target still looks valid.
IMO therehas been some very deep drilling this year at Calibre the results of which willbe important indicators as to the future size of an already largedeposit. The grades are borderline, at best, for any bulk undergroundoperation with current technologies IMO. As with porphyry coppers/IOCGs/etc(e.g. Cadia (which may not be a true porphyry)) a higher grade section can makea huge difference for underground operations.Of coursehaving Winu probably starting up in a few years changes the Capex equation infavour of some operation at Calibre.
Stephen Power did comment in an online presentation that Calibre could be asbig as Winu - great if that is the case.
Magnum isIMO going to be tougher. The better mineralisation is deeper andconstrained in systems that cross cut the Magnum G abbro (and occasionally extendbeyond it).

The M north extension rig is onto its 4th hole with 7 prepared sites along a 1.3Km on strike trend of the existing Magnum resource. Results fromthese 4 holes - in 4 months or so? Patience.
===================As aretired person I have found various interests. Following interestingexploration plays and using my geological exploration experience has been amajor one of these interests. Keeps me sane. Some disagree.
I do goto AGM's and other company meetings where I ask the poor managing directors andothers a barrage of questions. Since I don't know what happens at othermeetings I don't know if this is a common practice. The impression I getis the questions are generally appreciated in that it shows an interest in whatthey are doing. I have been to a lot of AZY meetings and they knowme and that I do post on HC. Ditto for a few other companies. Nzuri(gone to Take Over heaven) directors used to joke the meeting couldn't startuntil I showed up. Busy AGM season underway .... AZY down and anotherhalf dozen or so to go.

My, one and only, boss, she who must be obeyed, just told me toget off the computer and go tidy up outside. Expletive deleted.
GLTAH