The 8 deeper holes at Wallace North have certainly given them a...

The 8 deeper holes at Wallace North have certainly given them a start and about 10% more tonnes than the previous resource estimation done a few months ago. A bit weird that they have done a new resource estimate based on these 8 deep holes (plus the existing historic database of previous drilling by other companies) however this still looks to be open down plunge in a few places and isn't closed off.

Its also interesting that they went ahead and drilled the bejesus out of the top 50m with close-spaced grade control drilling shown in the light grey but don't have the assays back. Surely would have been worthwhile waiting for these assays and then producing a new mineral resource with a higher level of confidence in the top 50m (indicated or even measured resource?).





Note also the dashed line saying "base of MRE Outline" - is that the March 2023 MRE or this just announced MRE announced today? If you are going to do 2 mineral resource estimates in one year you kinda have to specify what MRE you are talking about in those long section views.

No met testing done yet but the amount of shallow grade control drilling in the top 50m means they are expecting to do something with these mixed oxide/chalcocite/transition stuff, note that some of the deeper grade control drilling also is in sulphides so they might have a few varieties and grades of ore to deal with , i.e. Low-grade Oxide, Med Grade Oxide & Hi Grade Oxide plus Low/Med/Hi grade sulfides. No met done yet so dig it up and heap leach insitu or truck to the Great Australia plant? Certainly looks like they want to rip out the top 50m first and then decide how and what to do with the deeper sulfides later, which is fine, but by picking the eyes out of it so early they are increasing the future strip ratios and making life hard for themselves with cutbacks for open pits down to 200m to get most of the sulfides later on.

The resource estimate stuff all looks like reasonable and well-detailed work, but a bit light on how they are going to mine it, and where they are going to send the ore.