Ann: Canegrass Project Exploration Update, page-5

Interesting comments and in the context of what has been happening I can understand the thoughts.

@Jackadebo did however raise an interesting question before he was suspended. That was to the point of why only 5 holes were drilled ?  I can't answer that but I would think that it probably had to do with the fact that FMS have been short on spare cash to do any drilling as that is going to the Maturation work on PIOP. On top of that they are required to spend minimum amounts of money on these tenements to maintain them in good order as queried by @wales1 . I would suggest the drilling may have been to realise this outcome and therefore they spent the amount they needed and that resulted in 5 RC drill holes at Kinks and Fold Nose of which 2 were positive near Kinks.. It should also be noted they drilled 3 RC drill holes and 6 AC holes at Honeypot  to test an outcropping vein and previous holes drilled in 14/15.Unfortunately they did not find any gold.

When you are dealing with an area of 700 km2 you have to start somewhere and test some of the theories that the geologists/consultants may have. Yes @Jackadebo it did have an obvious conclusion as nobody is ever going to prove up a resource with a handful or two of widely spaced exploration drills, but if it had of confirmed the previous Honeypot holes it would have been great as they were obviously targeting something. I note they say they believe closer spaced drilling is warranted which to me means they may think the resource may not extend out to where they drilled and they can spend future money proving up a potential resource closer to home (Honeypot).. In regards to the Vanadium, you are correct they did have 2 holes that were positive and 3 that were duds. It was interesting to me that on Fig 2 you can see that RC236-01 and RC282-03 were sole drill holes about 1.2klm apart to the north of Kinks and they were the positive holes. I am not a geologist but blind freddy can tell that the next drilling campaign that the owners do will further test this area between them for confirmation that the vanadium resource moves north from Kinks. I would be quietly happy with the result of those 2 holes and I look forward to them doing the next drills north of Kinks. The sooner the better.

So @xax I would agree that there is some positive news in this announcement, but it is not spelled out in plain English. As for getting serious with Canegrass - wake me up when they start drilling a few hundred holes as that is what needs to be done when they have the confidence to spend considerable money.

In the meantime I await final confirmation on the development of the whole Mine/Rail/Port project with the financing agreement signed by BBI with China Zhongchong Investment Group in November 2018 as well as the iron ore supply and delivery agreement they signed with Sheng Xuan International. (refer Fed Minister for Trade Simon Birmingham website 7/11/18). I have no idea where the BBI ore is coming from as there is no deal with FMS for PIOP ore, so I guess the Balla Balla deposit may have ballooned in size. Either that or they have found some other iron ore deposits that are available. They could always come for the FMS ore at PIOP given the proposed rail line that has State Gov't approval is effectively going to its boundary. Now that gives me reason to keep my FMS shares !

All of the above is my opinion only and if you want to play in FMS Stock you should DYOR very diligently and not take any notice of me.