Ann: Assays results for Hole 7 at Mount Lamb, page-33

Wow. Wot happened to the SP!

Let me get this right. Technical success of hole 7, especially past NDIBK04 depth of 416m AND to EOH... which is good.



This clearly indicates a large fertile mineralisation area with alteration and pathfinders suggesting a major hydrothermal event... which is great.

"To achieve such a majortechnical success – the discovery of a blind, large-scale IOCG system – in a greenfield, frontier terrane through the use ofgeophysics is an outstanding achievement at such an early stage of the Project’s evolution."

However the market's not buying it because, amongst other things, it's not economic and it will take a major some time to drill it out (8 holes down but probably another 30 or so holes on to do this on average). That brings into play the good ol explorers dilemma again: time and cash burn... especially if OAs don't get over the line! Presumably there will be plenty of alpacas spitting if CR is even mentioned, as most LTSHs have tapped out after previous CRs.

Which leads me back to Allens kinda good scenario...

"We have only seen 1 x Assay of NDI BK04 so far and it was to 416 meters. We are awaiting Assays for 1000 meter holes and there is some mineralisation in all holes drilled. Yes don't count it all off yet until we see what comes out of Hole 7. If its good then all will be Ok, if its not so good expect JV talks to continue."

So JV talks will definitely continue and Doc J's last dot point above outlines what majors are looking for...

"What the market and impatient shareholders look for in drill results is different to what majors, who are looking for opportunities to secure ground, which is prospective for the Tier 1 style/type of deposits they seek. The majors have a good understanding of what the signatures of these sorts of deposits are and what are early indicators as to whether the area might have potential. In my opinion I consider that the sort of early results reported today are of the positive nature that may prick the interest of majors looking for the opportunity to secure a position in an early-stage exploration program."

The other good news is we've secured a JV before (Tx s32) AND our other OZ projects are nearly drill ready.

All the best AA and BOD! Poet.