Ann: Green Results Accelerate Resource Drilling & Mining Studies, page-15

The comparison made to Catalao II: Boa Vista in terms of size and grade is valid IMO.

Playing around with the intersections announced from RC drilling gave this back of the envelope calculation.

	AREA	HOLES/LINES	AREA SQm	THICK	SG 1.7	TONNES	GRADE
1	GREEN 1	489 500	60000	50	1.7	5,100,000	1.5
2	GREEN 2	432 323	67000	20	1.7	2,278,000	1
3	GREEN 3	Z2 L4-7	160000	50	1.7	13,600,000	1
4	GREEN 4	340	20000	20	1.7	680,000	1.3
5	GREEN 5	Z1 510 362 530	60000	30	1.7	3,060,000	1.2
6	GREEN 6	L9 392	100000	40	1.7	6,800,000	0.8
7
8						31,518,000	1.06
9
10	EMILY		235000	15	1.7	5,992,500	2
11
12
13
14	CREAN W1		30000	25	1.7	1,275,000	2
15	CREAN W2		40000	15	1.7	1,020,000	1
16	CREAN E		30000	10	1.7	510,000	1
17
18						2,805,000	1.45
19
20	AREA		TONNES	GRADE
21	EMILY		5,992,500	1.70
22	GREEN		31,518,000	1.06
23	CREAN		2,805,000	1.45
24
25	TOTAL		40,315,500	1.19

The methodology to generate average grade and intersection length is very crude. Simply take all intersections given along the fences within the zone of interest and do a weighted average for grade and average for length.
As an example Zone 3 the most important one at Green IMO.

		INT m	% Nbx
1	LINE	zone 3	zone 3
2	4	33	0.8
3	4	107	1.1
4	4	37	1
5	5	92	1.1
6	5	61	0.9
7	5	65	1
8	6	29	1.3
9	6	50	0.3
10
11		%Nbx AVERAGE	0.96
12
13	Av Mtrs	59.25

The majority of intersections are for -60 degree inclined holes so the vertical conversion is probably more appropriate. Hence 59m above becomes 50m vertical in the rough scheme of these calculations.
Line 6 is likely to maintain the intersection length but reduce the grade if more detail was available.
Mixing RC and AC holes will cause issues for both length and grade and this has not been factored in.

ENR will for any first pass MRE that will likely use similar methodology to WA1's first pass. If this is the case expect more tonnes at lower grade than my arm waving.

Note that their (WA1's) cut off grade was 0.25% which gave:
200Mt @1% Nbx
Comprised of 53 Mt @ 2.1% and the residual of 147Mt @ ~0.7%

The comparison of Araxa and Catalao is IMO similar to WA1 and ENR in broad terms of size and grade.
One thing the latter two have is close proximity and a likely similar metallurgical flavour that means duplication of capex in a remote location to produce two separate mines will need extremely compelling economics. Unlikely IMO.

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Updated Google Earth image for Green.


Line numbers black on white.
Zones of elevated Nbx (Nb2O5) red outlines with yellow on black numbering.
RC drilling expanded the zones from my previous estimates and this is shown in orange and the area was modified by gut feel. Extremely scientific!!
Sections in announcement yellow arrows.

The nett outcome of including the RC results was an increase in tonnes and reduced grade for Green vs my previous estimates that focused on shorter high grade intersections. So such a result is to be expected and should be treated as indicative at best and completely misleading at worst. DYOR.







The RC intersections are presented as semi continuous and occasionally extending into fresh rock.
There is grade "smearing" with the high grade zones bulking out a ?locally elevated background of 0.3-0.7% Nbx which shows up when residual calculations are done. How higher grade zone.
What is the background Nbx for the carbonatites in the West Arunta? At a guess 0.1-0.2% with some zones within the carbonatite having higher backgrounds that are then enhanced in the weathering process?

Some possible patterns are appearing at Green.

• two sub parallel zones of mineralisation - discontinuous
• weathering depth suggests there may be some lithological control - deeper for south zone.
• High grade zones - not really enough info, or effort by me, to see how these hang together. Some patterns but possibly complex. Ditto some areas a Luni. Will be important for any starter pits especially if they are shallow blankets.
• Hint that Green has some depth continuity with multiple high grade zones in some holes. Just an observation.

Drilling along lines is detailed but the mix of AC and RC does create some issues.
Line spacing is generally 400m which is greater than the 100x50 nominal grid for detail drilling at eastern Luni.
Mineralisation continuity for Lines 1 1A 2 of Zone 1 is OK and augurs well for other zones at Green.

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Still many AC holes to be reported.
Some at the east end of Green and a few at Joyce.
Suspect the rest were part of the sterilisation process preparatory to mandatory tenement reductions. McIlroy was an on strike test of the Elephant Island Fault. Most of the remaining AC were on what may have been lower priority non named targets.

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Having sold down to free carry ENR which became a non core share for me so finally sold out.

Nb seems to have lost its shine with the West Arunta possibly in the orphan period post discovery. ENR has interesting potential elsewhere and I hope some of it is revealed and helps them to thrive.