Ann: Large mineralised carbonatite emerging at Green -West Arunta, page-45

I sold my shares early this morning as the results didn't equate with Green being a large Luni sized ore body, and I thought the market would mark the SP down fairly heavily, as being around 1/3rd the price of WA1 without a major resource did seem a bit rich..

I still think there are large ore bodies to be found in the area, especially more high grade carbonatites with the type of finds made by both WA1 and ENR. Assuming ENR find a continuation of the dyke or fissure body at Green it will add more tonnes to whatever mine gets set up for Luni, but not a stand alone mine..

ENR are waiting for a whole lot more assays from across Green, but considering that none of the remainder looked as good as those we received today, for priority assaying, then it's reasonable to assume they wont be as good, in the rest of these first 4 lines, which is a large area of Green. Even assuming that some of today's results extend deeper into the weathered profile, but aircore couldn't reach those depths, it just adds some tonnage to whatever mine is set up in the area, and certainly underlines some intrinsic value to ENR's land holdings in this area, especially with the other satellite area along Crean/Hoschke area..

There is lots of drilling to be done, more aircore, RC and Diamond to understand the geology of the area and potentially highlight the source of mineralization and controlling factors across a wide area. No mention of drilling Joyce in today's announcement, nor anything about drilling at Macklin (from last quarterly). Personally I'd like them to drill the gravity highs to the South west of Crean near the Endurance fault as that is similar to where Luni as found. Of course ask 6 different people where should be drilled next and get 8 different answers...

There are still plenty of opportunities for a major find, but drilling and taking lots of assays is not cheap, so my suspicion is that the market is also preparing for a larger cap raise to pay for it all. The quarterly due in the next 2 weeks is going to show an uptick in exploration spending, as should be expected by everyone. It's what everyone wants!! It would have been great finding a major resource before the next cap raise, which a lot of people including me were hoping was Green, but it didn't happen..