Ann: MTD026 Mulga Tank Drilling Update, page-117

Unfortunate that today's positive news wasn't reflected in the share price.

A prudent move by the company to make this the second EIS hole in order to save on expenses. Obviously, this is a deeper area of the Mulga complex than EIS1 if they are still going after 1350m. Report today is only to about 1100m so we don't know what's on the bottom. I'm sure visuals and pXRF from this will only be a couple of weeks away.

Hopefully the presentation on Thursday clarifies the direction the company is focusing on. It seems for the rest of the year they will focus on the shallow disseminated sulphide area that could be amendable to an open pit. Ensuring the nickel is in sulphide and efficient benefication will be key to this having an impact on share price.

Do they go for the massive Perseverance style deposits by chasing those veinlets? From my limited geological knowledge of this "right way up" deposit, it seems that if it's there its going to be on the bottom. If they don't find on on this hole this is going to cost money to drill future holes so, how do they fund it? Similar to the Kambalda channel style in the pan handle channel if its there. Hopefully we get some confidence from the team in the presentation and future announcements to push us back over $.8 then eventually $1.0