Ann: Exploration Update - Exceptional Intercept, page-214

It may add more than 400k Oz - my reasoning is as follows based on examination and interpretation of the image below from the latest announcement. I am interested in others views on my speculation in this post.

Note the interpreted structure in the black broken line to the left of NN. If you follow this line the high grade NN mineralisation lies to the right of that structure but note that the purple areas to date do not follow the black broken line to the left below about RL500 - the reason is they have not drilled any holes between the structure and the purple area. However they are now testing it with hole 57. Also notice that hole 52, the one 170m below te MRE, is well to the left of the purple area and is very high grade so the purple area probably will end up being wider to the left of that hole being closer to the black broken line.

If hole 57 comes back with reasonable high grade then we may see the purple area expand to the left, right up close to the black broken line just as it does higher up from RL500 ie the purple area of the deposit may continue to hug that black line the whole way down the deposit.

Also note the red dotted line which outlines the potential NN deposit - if they prove the outline of the NN deposit lies within the red dotted lines the deposit is widening to possibly 325- 350m at the depth of hole 52. At RL 500 the width of the deposit with high grade ie purple area is about 150m (above the flexure) and the second image below shows the OPVM at RL 500 of over 2,000. At RL600 the width of the purple area is about 225m with OPVM being over 2,000m but that may increase as most of the resource at RL500 is inferred (past conversion to indicated usually results in significant increases in OPVM so it may end up over 2,500 OPVM).

If SPR prove up the purple area width of 325m then if the grade at depth is maintained it is possible the OPVM may get to 3,500 or even higher. Doing some simple maths gets an MRE over 1.5m Oz to the depth of hole 52 - and while speculation on my part, it’s not inconceivable that the NN MRE may get to 1.8m Oz down to hole 52 if they prove my speculation on widths and grade to be right.

We may see the results of hole 57 in next week or so and it may turn out to be a significant hole.

I took particular notice of SL’s comment on Thursday to me in the lift in Sydney when I asked him about the ET and his reply of someone drilled a deep hole that returned a stupidly high grade and now the ET is going to be higher. He will know what mineralisation in hole 57 is showing as well as other of the 4 holes we are awaiting assays.