Ann: Assay Results Confirm Significant Cu Mineralisation at Ngami, page-35

The results ae ok IMO and continue the process for exploring and hoping to find that definitive economic resource, but further exploration is required here to get width and depth which is a key now here. The play continues to be high risk/high reward.

Thought I would attach the below two articles as a guide to understanding exploration results and what they may or may not infer. Might take a punt here.

All IMO IMO

Refer:

EXPLAINER: How drilling results make the grade - Copper and Zinc and

and

Making the grade: understanding exploration results - MINING.COM

From the first article:



From the second article:



Obviously another key factor when assessing economics is what other minerals are recoverable (i.e. say silver/gold etc etc). They also help to reduce cut off grades as they are in effect byproducts. Would have been better if the byproduct was gold, but geology is geology.

Anyway, simply looks like a target needs to be identified within the strike that is concentrated enough width and depth wise to allow for the market to believe there is an economic deposit here. Not sure what today will bring but suspect the Ann would be viewed as underwhelming given (IMO the inbuilt unrealistic) expectations here of what these assays would bring, despite the fact the results are pretty similar IMO to some of the initial XRF results they talked about in previous Anns, in part, so not sure what posters here were expecting that are highly negative. I guess the difference between a long term holder willing to take risks on exploration compared to short term holders who want a lot of things in the now.

The key though is exploration is a highly risky game and most explorers fail, so it is how one manages risk/reward strategies that count. Those who got in early and are free carried understand those risks I suspect, compared to those who joined late and waiting for an immediate answer. The market will be quite telling today here IMO on what type of investor is currently in CBE.

Finally, obviously width and depth and how close to surface results are decides on whether one has an open pit or underground operation. And costs and viability assessments differ between the two as well, as we all know etc etc.

All IMO