Reply to PJL100
Not unexpected.
This earlier post shows why this may be the case. So the signs were there, but they are for all exploration projects (at various levels) awaiting the litmus test of the drill bit.
The image below was put out a month ago (minus the hole numbers from today). Works well for the carbonatite zone reported today. Simple extrapolation that worked for once.
Even the grades were hinted at in the early holes that intersected carbonatite.
Need a lot more information from drilling but it looks like there is at least a 2 Km strike length along a dyke or fault controlled body that has a width for 100+-m. As
@2ic comments thin and relatively deep.
The Nb grade in these holes is high. Even the residuals are much better than a many the holes at Luni. Small number of samples and would need a lot more research.
155 residual 20m @ 2% Nb2O5
256 residual 36m @ 1.7% Nb2O5
257 residual 13m @ 1.2% Nb2O5
Source for these residuals.
Again as
@2ic commented rotary AC terminates once it hits fresh rock. There is a variable, though usually rapid, transition from weathered to fresh in terms of hardness. The amount the aircore penetrates into the metamorphic basement may represent that transition with EOH closer to fresh.
[Some fun speculation and over the top numbers: If (Suspect a big IF) the price of Niobium products holds around the $40K per tonne then each 1% gives an IGV of $400 US. At $2K/oz Au each 1%Nb.. equates to 5+-g/t. A 5 g/t open pit can handle a large stripping ratio so the depth may not be a major issue. Nb and Au are different beasts. The size probably means Crean would not be a pure standalone deposit even consistently high grades. Would be a good satellite to what is shaping up at Luni IMO. Pure speculation for fun.]
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Small selection of Luni holes DD13 is about the best residual at 0.6%. Could have added another 4 similar ones from my residual spread sheet This limited selection may or may not be representative with residuals at Luni often below 0.5%.
| HOLE ID | intersections | metres | percent | mpct |
|---|
| 1 | 258 | main | 46 | 0.97 | 44.62 |
|---|
| 2 | FR-TO | incl 1 | 9 | 3.16 | 28.44 |
|---|
| 3 | 26-72 | incl 2 |
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| 0 |
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| 4 |
| incl 3 |
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| 0 |
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| 5 |
| Residual | 37 | 0.4 | 16.18 |
|---|
| 6 |
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| 7 |
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| 8 |
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| 9 | HOLE ID | intersections | metres | percent | mpct |
|---|
| 10 | 23dd=13 | main | 34 | 1 | 34 |
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| 11 | FR-TO | incl 1 | 4 | 3.8 | 15.2 |
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| 12 | 87-121 | incl 2 |
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| 0 |
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| 13 |
| incl 3 |
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| 0 |
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| 14 |
| Residual | 30 | 0.6 | 18.8 |
|---|
Hole DD 13 is similar in depth to the zone ENR reported today. Luni does have multiple levels of mineralisation in the weathering profile. Not often stacked but rather zones that are shallower 30-50m and those like Hole 13 that are deeper..
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I am reasonably happy with the reconciliation of Sentinel interp of AC drilling. Generally within a 15m radius of the measured coordinates. As expected some sites may have been prepared but not drilled yet or don't exist.
Sentinel imagery suggests holes 155 256/7 were drilled between the 20th to 28th of May. Couldn't come up with a good time line for drilling though likely 155 was early.
Time lapse of high grade line. Given the interval between satellite passes is 5 days a lot of aircore drilling can happen. Get good PXRF and chips then add a hole or two.
The line to the east appears to have been drilled by the 23rd. Wouldn't read too much into why this batch of assays were selected. Obviously were high but higher than holes to the east?
PXRF screening probably showed the high grade hence priority shipment and assays. [2m composite samples mentioned in JORC appendix. Follow up 1m?]
More detail on assays.
Interesting the grade is high at end of all these holes. Going into fresh rock?
TREOs are at an interesting level. Certainly not Mt Weld ore grades but consistent. Phosphate?
I noticed someone said the intersection in EAL1 was "worthless". It is narrow and deep. So many possibilities in the 250-300m towards the surface. The projected to surface intersection is on strike from current and previous drilling. Most likely a narrow dyke at EAL1 that extends up to the weathering zone. However, at EAL7 there is a larger zone of carbonatite showing variability along the Crean Hoschke trend.
Dykes can be highly variable:
Could be a carbonatite variant of this or completely the reverse.
Ah well enough for this evening. Nice to see some interesting results moving the share price.
(20min delay)