Ann: 3D-IP highlights extensive sulphide targets at Mulga Bill, page-28

The high grade mineralisation hit so far was epithermal in nature according to AP. That means it’s caused by fluids travelling away from and distal to the intrusion, not in it. Best grades in epithermal veins from drilling so far are north of the IP / gravity / EM anomaly and a recent sniff in AC drilling south of the IP / gravity / EM anomaly, but not in it.

Limited drilling so far in the IP anomaly intersected broad low grade gold and copper. This is to be expected.

The intrusion itself produces a diffuse low grade halo and this is probably what the IP and gravity is picking up. Personally I don’t think that the intrusion itself nor the IP anomaly is the best exploration target. It may yield a large tonnage of low grade, but this is less valuable than the high grade epithermal veins.

The bonanza grade epithermal veins should be outside the intrusion and radiate away from the intrusion following the structure. These are real exploration target. IP won’t pick them up, or if it does, it will be a weak response. These will be located over time using structural geology interpretation, which unfortunately is boring and hard to present to investors.

I’m just saying this so that when the IP anomaly yields low grade mineralisation, people don’t rush to the exits because they were expecting high grade. You could see this on AP’s face in his latest interview where he acknowledged that the diamond tail through the IP anomaly had been drilled, but no emotion on his face.

Nobody really knows until the drill bit gets there, but I wanted to highlight how nuanced the mineral systems are.