Ann: HAO: Exploration Update - Mt Webber (Daltons, page-3

re: Ann: HAO: Exploration Update - Mt Webber ... I think that a specific gravity of 4.25 might be better. Pure hematite is approximately 70% Fe (I think). Assuming that Mt Webber has similar grades to that observed on GIR’s ground, I assumed 70% using an S.G. of 5 = 3.5 + 30% silica at an S.G. of 2.5 = 0.75. Then add them together. A bit simplistic, I know.

The grades on surface are probably enriched (surface grades typically are and thus often are not a good guide – and the company reported 63% in my opinion is very unlikely to be realised post drilling. 58% is probably a good guide.

Tonnage is difficult to estimate from surface, so to be conservative, deduct 150m from the width and 200m from the length. Depth for arguments sake is assumed to be 40m. Therefore, 400m (600-200) x 300 (450-150) x 40m (true depth) x 4.25 = 20.4Mt. This is a pretty good target - about half the tonnage GIR found in the extension of BHP’s Silver Knight deposit. This could potentially be mined concurrently with any mining AGO do.

Also like the Bamboo Creek target. MOL did a good job putting that together - smallish target, only around 10Mt. But at 63% Fe is a bit of a bonus and it will give the company something to do while they get Spinifex Ridge of the ground. Again if any ore is found here, it also could be mined concurrently.

Just adds to an increasingly better story.

It will be interesting to see what this company is like after another 12 or 18 months. I wonder how many other little finds it will have up its sleeve.