The devil would be in the detail of the mag and gravity IMO. The...

The devil would be in the detail of the mag and gravity IMO.

The data available are the best they have at the moment without new surveys at much closer spacing with more sensitive instruments.

WA1 did a passive seismic survey over Luni to help determine depth to bedrock and get some idea of the weathering profile. Seems to have been quite successful. With the detail drilling done since it would be interesting to see a reconciliation of seismic vs actual drill results (assays and logging).

I mention this because the depth to fresh bedrock does have an impact on both mag and grav surveys. Part of the devil in the detail mentioned above.

Another aspect is the complexity of the host bodies for the mineralisation. Carbonatites are commonly zoned with different zones containing variable levels of economic mineralisation - mainly phosphate, REEs, Nb but also Cu and vermiculite (Phalabora); Fe (Bayan Obo). Weathering locally concentrates some of these (Araxa, Mt Weld, West Arunta, Gifford Creek?). Unlikely to be a comprehensive list DYOR. Another part of the devil in the detail.

At last year's AGM WR said (paraphrased by me) they were back to the drawing board for an exploration model to help targetting. Not just mag and grav highs which was the first approach.

Fortunately there appears to be a very fertile carbonatitic system that is already known to stretch across some 30+ Kms. How far it extends and what the controls are won't be known until much more drilling is conducted. This requires ongoing success and probably a mine in the area.

Too many mag lows around to be of much help in targeting. So they have add structural control, that is visible in both mag and gravity (& ?mapping), to the mix to reduce the number to a more manageable level. No guarantees with what is often an iterative process for exploration.

Luck and persistence need to come to the party.
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Share Price.
Another factor to add to the list is WA1 $22 to $15 since recent highs is certainly going to impact their nearest and most prospective (IMO) neighbour.