Ann: Drilling Results - Bindi Copper Deposit, page-3

@EagleOnEagleSt



Scaling the holes - 300+-m in 21-D2; 450+m in 21-D3 with grades probably averaging 0.2-0.35% Cu over most of the intersections.

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I would advise against getting too enthusiastic about the possible increase in MRE. It will be significant, IMO, but unlikely to be Monster! Sure hope I am wrong.

The continuity of mineralisation to depth will, IMO, be the main source for increase in the MRE. Some of this has already been flagged at 10-<20% in terms of contained copper (29/4/21 Ann.)

Recent drilling in the southern end of Bindi East is one area where the monster may awaken. The geological model could change significantly in this area. Obviously folding, but the the post mineral granite "intrusive" may be more fragmented than previously assumed (see Hole 49 on section 6573300N). The 2013 aircore also showed some anomalous Cu values in areas mapped as ' late granite'.





The depth extent from the single DDH 21-D3 may make it of limited value under Jorc rules - a call whoever signs off on the MRE is going to make.

The lack (none?) of detail drilling will mean the possible fold "repeat" will not be available for the upcoming MRE.

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Some comments/observations:

• Is there a zonation of higher grade (>0.4%Cu) being defined? [One aim of the drilling for this program that may be giving some success]. Is there any special reason for these higher assays other than geological grade variation? A couple of unlikely thoughts.
• Is there a laboratory bias for this batch of assays? Highly unlikely with QAQC that is done.
• Secondary Cu vs Sulphides?? Probably the latter especially at depth.
• Some more holes that may need diamond tails? 21- 49 and 51 are possible candidates. 49 is drilled NE so may be covered by holes to the north. 51 ended in reasonable grade at 341m which may be close to the limit of RC here with current equipment. Assuming zero value for non reported sections of 51 gives a bulk grade of 0.35% Cu over 291m - open to depth. 30m at 1.16% Cu bulks up the grade nicely.
• I am a bit surprised how long the assay results for 21-D2 have taken given the hole was finished by mid April. If there isn't a well set up core yard the process could be quite slow or need to be done by third parties (unlikely). Both entail possibilities for delays on top of the 4-5 week lab turnaround mentioned in today's announcement. May be why 21-D3 is also taking some time for assays. @Rickiblueyes
• The proposed diamond drilling shown on sections will take months with one rig at the current rate of drilling.
• I suspect CVV were happy with this batch of assays. The market seems neutral (as I type) to minor ups and downs in SP. 'Boring' to see hundreds of metres of Bindi average Cu grades vs the sparkles of gold that excite investors way more. Then again the big guys make more money with boring red dust Fe than Au. Cu at Bindi etc for decades?
• Patience.