The drill assay result at Ajax East was nothing to get excited...

The drill assay result at Ajax East was nothing to get excited about and was in line with the visual result reported previously. [email protected]% Cu from 293.6m downhole is [email protected]% Cu and [email protected]% Cu. In some ways reporting the 5m zone is more realistic because mining widths are greater than 0.9m (downhole not true width). The description of the geology indicates a shear zone hosted mineralisation in multiple parallel fractures/veins, three at Ajax East and five at Pearl according to the announcement. We don't know yet if these parallel narrow mineralised zones coalesce, expand or bulk up to a mineable prospect, only a lot more drilling will answer this question. Certainly a good strike length and depth profile to test.

The IP results are encouraging and show how many of the previous drill holes missed the targets. I hope the targets at Pearl and Ajax East are better defined with IP prior to drilling. The greater than 1km long IP anomaly from Victory through Trafalgar to north of the Springs is nice to see, it appears to be continuous but may have a few fault offsets to make things interesting. It would appears to represent a zone of fault host copper sulphide mineralisation including the discovery drill hits at Trafalgar. The chargeability is fairly high at the Springs and a drill hole from the same pad as HMTRRC013 but angled northwest to intersect the middle of highest chargeability zone would be a good start. The IP anomaly is open south of the Victory mine.

The IP anomaly appears to be dipping to the southeast and may indicate that the previous drilling direction may not have been ideal? Hard to tell from a few sections and would need drill confirmation.

I would love to see IP over the Lady Rose, Lady Rose Extended where [email protected]% Cu plus gold credits gives the possibility of a large tonnage system. The whole Neptune area is crying out for more work but the topography makes this less than straight forward.

Given there has been, as far as I remember, no reports of visual mineralisation from diamond drill holes at Trafalgar and Mount Philp I am not expecting any high grade results. Large zones of disseminated copper mineralisation are possible and may point to bigger things.

Lets test the IP anomaly from Victory to the Springs and the EM anomalies at Pearl and Ajax East with a solid drilling programme. If they survive the test we just may have another resource to drill out.

DYOR, not investment advice.