Ann: Drilling Commenced at Kalman, page-40

HMX holds ground mainly adjacent and to the north of Carnaby (CNB). HMX do own some ground next to CNB as far south as Tick Hill. They really have exactly the same geology and prospective ground. CNB at Nil Desperandum have found the next significant IOCG deposit in the region (akin to Ernest Henry and Osbourne). These deposits have high grade and are very continuous down plunge for 1km or more. HMX have their eye on discovery of their own IOCG and have several areas with all the right structure and alteration with old copper mines around. Hopefully it is just a matter of time for HMX. Neptune fits the profile of an IOCG deposit and could turn into something of real significance. At Nil Desperandum there were a handful of long high grade intersections in old drilling but it was not followed up because they were looking for a SE dipping linear ore body when CNB have proven a pipe-like ore body plunging SW. The old work found the IOCG deposit but didn't follow up by drilling in the right spot. HMX still has some work to do at Neptune to make sure they don't repeat the mistake.

I like the look of Even Steven South as an IOCG and clearly HMX have several others at various stage of exploration.