Ann: Jervois Rockface - Massive Sulphides Update, page-6

On first glance it appears to be a great result and the photo of Daughter hole D3 certainly draws your attention. But in this case I think the subdued result is related to the fact that after completing wedge D3 they drilled another wedge (or daughter hole) D4 and this was decent grade but also a bit more skinny in width, then D5 was drilled and it was even "skinnier" (very skinny but high grade intercept).



When you look in at the detailed blow up of the longitudinal view this is actually not surprising as daughter hole or wedge D3 is within the hatched mine plan area, but daughter holes or wedges D4 and D5 are just outside the mine plan area and the ore-body is still there but its getting skinny (or marginal given minimum mining widths underground). The down hole conductor EM is proven again but down-hole EM can't accurately predict the width, and thats why they have to drill to test these conductors.

So its all good info but in this localized area the D4 and D5 wedges haven't added a lot of additional tonnes and volume of ore, but don't despair, the ore-body is still there and continuity is shown, its just a bit skinny, but there is nothing to say that it cannot blowout in increased width and grade further out from the hatched mine plan area. The other thing it shows is that the downhole EM technique works, which is unsurprising because they still use this technique when holes are completed. This is just one part of Rockface, so its not the case that other parts of Rockface have all been tested yet.

If you believe the perfectly efficient market hypothesis - then the market is saying that there is -4.76 % less copper there than the market knew about before this announcement, which is plainly not true, there is still the same amount of copper there as before, but one part of the mine plan area is more comprehensively closed off than it was before...