Ann: Extension of Copper Gold Mineralisation at Trafalgar, page-27

I have sat down and had a quick look at the results, the Trafalgar drilling results are not as good as the initial drilling results but unsurprising as they are drilling more orthogonal to the mineralisation, from the look of the long section (which is looking towards the north-west) there are still bits of mineralisation open along strike and down dip and its a shame that they lost control of the azimuth of drill hole 5 as I was still holding out hope for a high grade plunging shoot to the south-west that this hole would have tested for. At the moment its looking more like a steep plunge to the NE is more likely. You can see that hole 6 and 7 had narrower but high grade Cu intercepts within the broader low grade stuff so that gives me some encouragement, don't forget this stuff isn't super deep and is easily within the range of open cut mining that has been done in the area by others (150-200m depth open cut pits). Would be nice to see them step back and drill an angled hole underneath hole number 4 (collar between hole 4 and 6) to test the NE plunge theory and really get some volume and continuity to this thing.



Using weighted averages and guessing about some true width and known dimensions I could see up to 160K tonnes at around 0.93% Cu and 0.25g/T Au in that drilled portion of Trafalgar, not enough for a standalone plant yet, but a decent start.

Lots of workings, red rock alteration, magnetism and geochemical noise from other prospects along strike and all adjacent to the Fountain Range Fault, so thats pretty prospective ground and undrilled by anyone so far. FIxed Loop EM done at Ivanhoe, Lady Northcote, South Springs area so thats giving us a clue about where the rig may be heading in October. If they have lost the rig temporarily and are rushing to do the ground work in these areas I hope they get the RC rig back in time to poke a few holes in these.

The other important thing to note is that there are a lot of samples from a lot of prospects including Lakeview all in the lab, and these results will be coming, often without any warning but obviously labs all backed up at the moment. Always tough drilling in a boom because the rig can drill faster than the samples come back as assays and you are drilling without the benefit of recent drill results to help you decide where to put the rig next.

Interesting that Sumitomo want to drill a lot more of the other additional prospects so I expect this is why the company is maybe still watching its cash flow and budgeting its drilling metres, probably a bit of a race against time at the moment, as well as rigs are tight and lab assay delays are long and the wet seasone approaches. I'm still surprised they didn't try to redrill hole 5 by stepping back a bit and adjusting the azimuth and have one last go, they obviously need the rig somewhere else more urgently, or wanted to conserve cash, but its a shame they didn't have one more go at it while the rig was at Trafalgar.

Metal prices and market sentiment bouncing all over the place in a schizophrenic market at the moment, but I am holding because there are more assays incoming and the drill rig will be back in October.