Ann: Further Significant High-grade Au Intersections at Calibre, page-18

Today's results are in the mid to lower end of my expectations.

They are consistent with 2019 results that came in mostly below the 1 g/t range for bulk intervals which I considered somewhat disappointing.

Higher is better but Calibre is a large system with zones of high grade (+3g/t) over, mostly, narrow intervals (<~15m commonly <<2m) with wide zones of high background Au that gets bulked up to possible ore grade by these spikes/veins?. This is a common scenario for bulk deposits - relatively high variability of grades (Au, Cu + minor Ag, W? in this case).

As a standalone operation Calibre would probably be sub-economic given its location and grades. Maybe not, but IMO borderline at least until more drilling and detailed studies are done. A plant at Winu would take away one of the major costs for a stand alone operation and perhaps, probably, tip the balance for a mine at Calibre. Rio's 2021 exploration plans for Citadel certainly hint that such considerations are being made.

Two metallurgical hoes were drilled in 2021. These will be important to show how the material will respond to processing.
Another aspect I wonder about is the role ore sorting may play in any future operations. Ore sorting is becoming more advanced but does represent an uncertainty at the early stages of a project that may not be acceptable. Rio already use remote technologies so may be open to some level of risk..

It was good to see that holes 19 and 28 weren't total dusters. They help define the margins of the deposit albeit at patchy low grade.

Calibre's discovery put Magnum on the back burner almost a decade ago. I hope Boxer will put Calibre on the back burner! A nice problem to have if this is the case. It would take at least 2 years of 5+ drill rigs to drill out and get Boxer to the level of Calibre but that's assuming it is well mineralised before even one drill hole. One can dream.

The GGP (reducing to ?30%) experience of 'JV' with NCM could give some encouragement for AZY's SP IF a near tier 1 deposit is found.

Calibre is not tier 1 (IMO - the definition varies so make up your own mind). Boxer, if well endowed with Au/Cu, has the size to be close to the threshold. Rio are looking for more on Citadel - a good sign.

Serrano-Poblano- Reaper and surrounding area have good potential but early days with widespread aircore results to come.

NCM's early exploration (1990s) of what are now known as Havieron look alike targets was not successful. GGP's recent drilling also shows that these targets are not all going to be mineralised. Good concept that warrants testing given the success at Havieron. Wilki, away from Chicken Ranch area and Tim's Dome, are being tested using this model so hope for the best from the 15 holes drilled so far as the first pass of a vast area.

AZY 100% area - lots of aircore drilling of interesting targets which is first pass exploration of areas not previously drilled or with limited previous coverage. Minyari and Waca diamond drilling IMO will be mainly targeting upgrading inferred resources towards indicated. Probably not detailed enough to do that but will increase confidence that inferred connections exist - hopefully.

Exploration .. Patience

GLtAH