Ann: Completion of Hole MTD026 and Upcoming MobileMT Survey, page-248

Hi Ozbucheron and all,

Here's the updated table showing the correlation between pXRF and the actual Ni assay results. Please do correct me if I am wrong with any of my interpretations.



pXRF mean Ni average is pretty close to the actual Ni assay results. We can confidently say that by looking at the results so far. Now let's bring our attention to the actual Ni intercept. For hole MTD026, pXRF showed 0.32% Ni over 2933 readings.  Looks to be low grade and not impressive at all, nothing to be excited about right? This is where you could be wrong. First of all, that's over 1000m as each spot reading was taken at a point 50cm apart (1466m to be exact). Secondly, and most importantly, this was reported as the average across the entire hole. This means that you may get pockets of low to nil grades, but there are some intercepts with high to very high grades to make up that average of 0.32% Ni. We know towards the base of the Mulga Tank we have around 30m of very high tenor Ni hits, as the pXRF readings were off the chart. That's 1%, 2%, 5% and up to 65.6% of Ni as shown by pXRF readings. Use your imagination what assay numbers we will get from that intersection, but definitely we are not expecting anything less than numbers that will make us smile.

There are also some significant off the chart hits at the more shallower portion, i.e. the top 50-250m. This is the immediate pay dirt stuff, lower grade but high tonnage and shallow, high sulphide to silicate ratio so there's more "free" Ni. As mentioned by CM a couple of times, >0.2% Ni is payable. 0.4% by pXRF at the shallower 200m odd intersection. That's impressive.

Forget about the very low grade rocks that can't be processed economically, CE and crew are not digging that stuff up. We have 1000m + to pick from and we'll go for the ore that pays.

Not financial advice, just my interpretation as an optimistic shareholder. Please do correct me on the above if I am wrong. GLTA.