26-35% Al2O3 in a laterite, geez boys, may as well turn this...

26-35% Al2O3 in a laterite, geez boys, may as well turn this into a HPA project!

I kid.

750m @ $180/m ($650/m is...a little too much, Scarpa) is $135,000. Possibly $220/m for PQ, and add a few bucks on for assaying, depending on how much of it looks like the good.

UPS seems to be on the hook for a chunk of that.

I guess the idea of drilling 50m holes is, you are targeting the laterite and therefore you don't know precisely how deep it is, but given it is the Perth Hills, probably not much more than 50m of weathering profile, tops. So the plan is obviously to try drilling through the oxidised portions and jag fresh rock.

The expensive part will be to do a metallurgical programme in Montreal. Because of course you need to ship 1.5 tonnes of core to Canada to get a laboratory to do it. Metallurgy on this? $20-40,000.

Ultimately, the tenement needs money spent on it, or it has to be relinquished. But it's in a fairly constrained part of the world.
The below image is AVL's tenement at Wundowie; the black area is the Woondowie Nature Reserve which is Class 1a, meaning development of anything is...unlikely to say the least. This may not neccessarily apply to the old Coates pit area as it is disturbed land, but certainly I wouldn't be holding my breath.
The remainder of the tenement is hobby farms, housing estates, blah blah.

I mean, why even bother?