Ann: Pernatty IOCG Project - Drilling Commences, page-27

Hi fly,

The current rights issue is acting like a handbrake on the SP at the moment. After November 30th, i.e. when the closing date for the rights issue has passed, this handbrake should be released and the SP should then begin to rally in anticipation of the first assay results from Pernatty (and somewhat later from Vulcan North).

For more about the current Vulcan Project drilling, which is being carried out by FMG at Vulcan North as we speak, please refer to my latest post on the "Vulcan" related thread.

By my reckoning, the first assay results from Pernatty should be announced within the next 2-3 weeks.

Although Pernatty is more of a long-shot than Vulcan North, there is still a very good chance that TAS will encounter significant mineralisation at Pernatty.

In a worst case scenario, I believe that Pernatty could very well be similar to the Mt Gunson, Cattle Grid and Windabout deposits.

For information about the Mt Gunson, as well as the Cattle Grid and Windabout deposits, please take a look at the following summary:

http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn781

In a best case scenario, I believe that Pernatty could very well be similar to the Carrapateena, Khamsin and Fremantle Doctor deposits.

For information about the Carrapateena, as well as the Khamsin and Fremantle Doctor deposits, please take a look at the following summary:

http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn1394#:~:text=Carrapateena%20Geology%20and%20Mineralisation&text=The%20ore%20deposit%20lies%20beneath,the%20underlying%20Palaeoproterozoic%20host%20rocks.

Cheers.