Ann: Phase 2 Drilling Underway at Ti Tree Lithium project, page-65

Interesting question... based off of ALL the visual trays from Phase 1, I doubt all of them hit lithium but there was standouts. ANDRC012/015 to me were the ones that most likely have hit something meaningful, I guess VSR agree with their decision to thoroughly cover this peg with the drill.



The wording they used is a bit different to how you have quoted it "• Deeper drilling into fresher / less oxidised pegmatite zones". The way I interpreted that is they see it fit to continue drilling the same pegs from Phase 1. "They are now drilling into less oxidised pegmatites" makes it sound as if they abandoned the initial pegs for being baron and have moved onto other pegs. Maybe just semantics but I thought that was important enough to mention.

Something else to consider is the fact that they seem eager to undertake this spectroscopy work so they are justified in commenting on any potential spod/Li. As a quick thought experiment if you were running VSR would you deem it wise from an economical standpoint to pay for A) optional spectroscopy work and B) Further drilling into pegs, if you thought either wasn't going to yield positive results for the company?

A twitter poster made what I thought was a good point a couple weeks back: The geo likely has seen something he likes in the trays, and/or they waved a quick UV light over the trays and it looked good (This wouldn't be too far a stretch of the imagination). Taking into account the recently updated compliance for commenting on visuals, VSR likely have seen it as prudent to pay for the official spectroscopy work in order to justifiably comment on the visuals without over-stepping.

I think it is an interesting comment you pointed out though, it may be the case they haven't hit exceptional grades at surface, but enough to convince them there is the goods at depth. If the geology in VSR's tenements is similar to Yinnietharra then the depths they are looking to drill in Phase 2 are the sweet spot and would support this notion.