After the formal part of the meeting there was a round the table discussion where Mark Major [MM] (mainly) responded to a wide range of questions.
The comments below are from memory.....give the company a call and/or check announcements (as much will be in them) to DYOR.
Operationally the KTA crew has been on the way to site today via Meekatharra - roughly 12 hours by road. No precise logistics given but with the crew on site and an RC rig being mobilised expect drilling to begin by early next week if not over the weekend.
3000 odd metres in 6-8 relatively wide spaced holes.
A good average rate with moves and other logistical issues will be 150m per day - 20 days??? MM seemed to think it would take a little longer and longer is more the norm. The inclined holes are expected to be in the 2-400+-m range which means (probably) slower drilling rates below 200m.
[30 odd years ago it could be painfully slow at 150+m with less powerful compressors and different rig types -nowadays some of these issues have been addressed from the kind of depths some companies reach (4-500m) with RC - becomes a cost trade off between RC and diamond tail at times.]
First target may be a domal feature at Milli Milli that the company geophysicist really liked. They are targeting variably oriented, interpreted, EM plates and expect to hit sulphides rather than graphite or other conductive material given the EM responses and geometries. In the event of a conductor being missed DHEM will probably be done to see if there is a nearby off hole conductor.
If chips with sufficient sulphides are returned visuals of sulphide species can be made. Most will be either pyrite or pyrrhotite with hopefully some Cu (chalcopyrite mainly) or Ni (pentlandite - tricky in RC chips I suspect). The more of the latter the better and then assays to reveal more exact mineral contents and PGE's/Au/Ag. Not likely but VMS base metal sulphides could be intersected.
A PXRF machine has been on order for months and rentals apparently not available. Visuals for percentage (>0.5%) copper and (perhaps) nickel (>1%) should suffice if hit. Can be tricky at sub 1% Cu/Ni sulphide minerals.
=========================== Two Jorc resources in the works. Late this year early next with no prediction on date registered. They have assays and drilling complete so likely to be earlier rather than later IMO.
Tower clay REE. Little doubt this will be a substantial resource based on the aircore drilling to date. Some mention of another aircore programme to test some lower(?) areas there is no need to spend limited funds on expanding the already large deposit. It will extend further but the area drilled to date is deemed large enough to pause further testing at the moment.
The ANSTO testing is going to be critical. REEs do go into solution quite readily, however, extracting economic quantities of valuable minerals is still an unknown.
King Tamba Rb/Li/Ta Expect the resource to be at least similar if not larger than ANR's
Niobe Rubidium-LithiumProject of 4.6Mt @ 0.17% Rb2O and 0.07% Li2Ousing a 0.05%Rb2O cut-off grade.
No indication given about the tonnes but the grade and geometry are considered better at KT. The grade is likely to be higher in Rb at KT. KT is wide bulk zones vs stacked thinner zones at Niobe (MM comment). If correct this would mean more favourable open pit mining.
MM was very bullish on the exploration potential at King Tamba. Again how much more would be justified if the MRE is already sufficient. ========================= Getting either or both of these deposits to become open pit mines depends on many factors. With off take partners being one of the major requirements. For Rb CATL was mentioned as being active in new technologies.
============== Queries came up on the low MC of KTA relative to peers: Lack of MRE's is considered to be one of the major reasons. Soon to be addressed. Poorly understood (by the market) commodities is another. Perception that Rb may be in over supply....? Clay REEs .....processing issues even if there is a large deposit. Technical advances for both these are possible. Government incentives for REE plants are beginning but
Factors for a rerate??
The MRE's - will be interesting to see how the market reacts. Arm waving today about MRE's today (MM + ): Tower could be largest clay REE in OZ. Already enough drilled to get an idea from upcoming MRE. KT at least Niobe size and grade perhaps higher.
Given how the market has reacted to WA1, GAL, and DUN in the last year good results from sulphides at Mt Clere would be rewarded. DUN serves as a warning that while sulphides may be intersected good quantities of copper/nickel etc need to be associated. An apparent technical success, like DUN to date, does not preclude other targets being bonanzas - or not.
CHN - active in the area near Mt Clere for Ni/Cu etc - plus others. ==================== Eastern States on hold for weather and probably lower priority at present. Not forgotten. MM likes the potential though gaining access on farming land is more difficult than outback WA.
========================== Impression - potential which will be revealed in the next 3 months or sol
Tower - large but will it be like the mid 1950s discovery of HYC that took 40+ years to become the McArthur River Pb/Zn/Ag mine?? KT - probably has the size and grade but needs a market for the product....
Ni/Cu/PGE Mt Clere - Rig geos will know by the end of next week what the first hole(s) hit. Anything like the early holes at Gonneville (CHN) or Nova (SIR) and there would be fireworks on the market. Disseminated sulphides in mafic ultramafics - slow burn to fizzle?
Thanks@jir for the comment on Desert - looks like they have hit mafic ultramafics with disseminated sulps and background Ni/Cu- a beginning but what happened to the conductors??
(20min delay)