Ann: High Grade Lithium at Jaegermeister, page-20

Re grade:
The table below is a log of all the Burmeister assay's reported so far. While only a couple of reported instances, the early weathered / highly weathered pegmatites lower the grades so they are not representative of average grades and I've separated them. I've used the restated fusion assay results not the inaccurate understating early 4-acid results. The RC fresh rock assay's are on-average coming back at ~1.4%. Where TG6 has targeted better areas to twin, those are averaging ~1.5%.


This table looks at the average for different 200m spaced strings within the 213 assay total. Again the average grade on most of these strings is ~1.4%. The area to the north has so far had limited assay's and they have been lower grade. If that area was a large part of the exploration target I'd be concerned. That northern exploration target pit is small and only a little bit of the overall exploration target.


The table below is the 218 RC Pegmatite assay's with no weathered (213+5). As you will see only 54 have fallen below 1.0%. 142 are over 1.2%. The average being ~1.4% is no statistical quirk, its simply a result of very few low grade assay's and a lot of high grade assay's at Burmeister.


Why TG6 reported the exploration target down at the range reported is less clear. Part of it is conservatism but I'd have preferred if they were to do that to simply use the wide ranges most others use (eg 1.0% to 1.5%). What I think may have happened is in generating the exploration target they reviewed each known pegmatite and created dummy drill holes/drill hole extensions to capture these peg's. They probably assigned a conservative assay to those extensions. I suspect the software then applied another layer of conservatism which lowered the implied grade for the striped zone where no nearby assay existed. With 200m spacing this happened to occur in the middle zone of every existing string. The combined effect was the software spat out an exploration target grade range of 0.97% to 1.19%. David considered trying to adjust the results the software was providing and instead decided just to report those results knowing he expected to exceed the range quoted. One of the video's has David mention a stripe pattern lowering the average.

Re scale 20Mt+
David has expressed confidence in exceeding 20Mt in one or more of the video updates a few months ago.

If the drilling undertaken at Burmeister had been consistent with infill, I'd have probably conservatively gone for the mid to bottom end of the exploration target but a lot of the Burmeister drilling TG6 has undertaken has been to the north and east of the exploration targets drawn pegmatites. TG6 would appear to have been targeting pegmatite intercepts that were not part of the exploration target. If they found them, they are likely to exceed the exploration target when the western infill is done.