Full board dealt with motions very efficiently. Presentation by Will Robinson (WR) used the above document as a base and invited Qs from floor (10+- investors plus staff) during it. Took advantage of this and long chats afterwards with WR and well informed staff members.
Mainly from memory and more in stream of consciousness (meandering at that) than any logical order. WR would be willing to answer any further queries (expect so anyway).
The board deemed it a reasonable time to raise cash in case the access to funds dried up next year. Never a great time to rattle the tin but do it and the cash is in the Kitty. Small SPP planned which will close early if demand exceeds quanta on offer. WR - paraphrased (as is all here) by me.
With results so far for Crean and Green there is a feeling that ENR are approaching an exploration resource (MY WORDS) that could provide a 10-15 year LOM span if confirmed. Arm waving by WR but back of the envelope calculations by myself and Ozblue are probably in this range. I did ask about WA1+ENR and got the expected no comment other than perhaps check back later.
The success of the 50+Kms drilling this year is going to be reflected in 2025 albeit with some probable modifications to the drill rigs used. In 24 the AC rig only had 135m of rods and an implication that it may not have been as powerful as some available. So more rods and a more powerful rig or even 2 rigs although I suspect the logistics to manage two AC rigs would be stretching the staff and perhaps camp.
With upwards of 50 personnel between Luni and ENR safety becomes an issue that needs to be considered. Luni apparently had a medic this year but emergency evacuation would be by road to an airstrip or somewhere, or helicopter. Strong protocols are in place these days.
2025 conceptual exploration is shown on the map. Holes at Perce and Mawson opened the eastern part of the ENR tenements to possible AC work. Previously thought to be up to hundreds of metres of cover. 19m at Perce. The Perce hole is considered a technical success and shows that deep seated intrusives have made their way to the current surface levels. May set up an eastern camp for 25 work. No change since earlier this month. Didn't go into the targeting strategy other than to mention Faults/Fault intersections or flexures. Araxa has a ring of quartzite around it which may act as a "dam" to keep the goodies contained. Perhaps zone 2 and 3 with gneiss margins may fit that role. The above targets may be added to or reduced. Heritage clearance is well advanced but some areas need to be "cleared". There are some known sensitive areas but these do not impact current (or possible future??) exploration No obvious correlation with geophysics for all deposits at the moment. Some with or without gravity and/or magnetics so structure and some or no geophysics for targeting. Probably more than that but confidential.
Still confidential are a flurry of government and other research efforts which may be published over the next 12 months and more. WR did partially let the cat out of the bag on confidential age dates by making a statement that the intrusives post date the faults by a billion years. Further the carbonatite age date in the first ENR hole (EAL001) was much younger than c1600Mya. Combine this with an age date for kimberlites and mafics on CGR's ground that have some dates from 550-1200Mya an age of 6-800 Mya is a rough estimate. This age means the cover sequence of the Amadeus, Murraba and Hidden Basins could pre date carbonatite intrusives. This potentially opens up the area to the north and south of Aileron where various companies hold ground. Highly speculative and perhaps poor logic on my part.
2024 drilling. Very happy with the AC experiment which has produced rapid meaningful results. My database suggests some 300+ AC hole results to come. In response to this WR said samples were batched and working their way through the system. Some of the AC drilling undertaken was for sterilisation purposes with a view to make certain there was nothing obvious on ground that may be released as part of upcoming compulsory surrenders. WR would not comment on which areas these were. As expected.
How effective is AC drilling? Twinning some with either or both of RC or DD has begun and will continue next year. Regarding Luni WR STRONGLY PARAPHRASED commented a month's worth of AC would likely have covered the area well enough to focus in with AC DD in perhaps a more efficient manner. Logistical sharing with WA1 occurs but not technical.
Upgrading the road from Kiwirrkurra was a joint project (50/50) apparently and has paid dividends in increased productivity etc. Recently the pair have upgraded the track from the Luni/Aileron turnoff up to Balgo Hills. A win win for them and the local communities. The Halls Creek Alice Springs road is slated to be paved in the next few years and having an alternate northern access may aid logistics in the West Arunta.
There were drill core samples from Hoschke, Crean and Hurley displayed. (Some polished) The first one I looked at appeared to be a felsic gneiss but I was assured all the specimens were carbonatite. Wide range of textures with only one showing visible pyrochlore that had to be pointed out to me. This fairly resistant mineral is the primary Nb rich mineral which was just a few large specks in the sample. A major question is about the process that forms the high grade blankets of Nb2O5. No definitive answer at present and possibly more than one process is involved.
main concept is insitu weathering of "soft" carbonatite that hosts resistant pyrochlore. over time the carbonatite is preferentially leached leaving higher grade pyrochlore.
A variant would be karst topography leaching of carbonatite with resistant minerals again being left behind.
High grade primary zones weathered in situ? Less likely.
Studies ongoing
WA1's MRE announcement showed zonation and dyking. Such is likely to be the case, with variations, for ENR carbonatites. The gneissic carbonatite mentioned above is probably a flow banded phase and has been seen adjacent to massive coarsely crystalline carbonatite. Toss on marginal phases of fenite and glimmerite (sorry...but they are real terms) as marginal phases and the picture of complex intrusive bodies emerges. Involves plate tectonics to bring mantle material to surface. Age dating will be important to give an idea of when. This schematic model comes from Joly et Al 2013 and is one possibility.
======================= Lamil comes into play more with the recent change of guard at Telfer and perhaps Winu. Partnership mentioned for this significant Au/Cu project.
Sandover getting the geos excited by the proof of concept for basin wide (100+Km) Cu fluid movement.
Yeneena - assays pending from IGO.
Aurora in NT on back burner with Native Title issues being sorted through
Alex Dorsch in attendance and asked Q about logistics.
=================== Looked like a very happy team with a good season behind them. Thanks WR, PB, Sarah, Kate and Mark
ENR Price at posting:
37.0¢ Sentiment: Hold Disclosure: Held
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