Ann: Quarterly Activities and Cashflow Report 30 September 2017, page-86

I just had another read through the quarterly and saw it in a little better light this time.  From it comes the following paragraph.  Some of us were disappointed and surprised by the selection of drill targets but on further inspection perhaps it's more understandable.  First, the extensive RAB drilling and RC drilling to follow this quarter probably make sense since the map shows Observation Hill to be just north of BP33 and also not too far from Grants.  There is also apparently an existing 'extractive lease' there.  At this stage there is still the possibility that the follow-up RC drilling will make some good hits, which we may hear of soon.  The unsuccessful RC holes at Ah Hoy, Razorback, Lionels and Vickis only comprised 5 holes and may perhaps be excused as 'scout' drilling.  Others from Dead Pig and Vickis were drilled in the June quarter and assayed in the September quarter.

Core continued shallow RAB drilling in EL29698 Observation Hill during the quarter. A total of 121 holes for 2944 m were drilled. A number of pegmatites were encountered and will be subject to deeper RC drilling in the fourth quarter of 2017. Core also RC tested pegmatites at Ah Hoy, Razorback, Lionels and Vickis Prospects (5 holes for 676 m). Assays results for these holes, and RC holes drilled in the previous quarter at Dead Pig and Vickis, were returned during the current quarter. No results greater than 0.4% Li_{2O were reported by the laboratory.}

With regards to Ringwood, perhaps we should remain optimistic since, as the next piece of copied text says, they have confirmed Li2O in low doses, which may of course be very close to the main lodes.  And as they go on to say, they 'remain bullish,' given the proximity of some of some promising hits at Sandras.  Maybe Ringwood is indeed not too far from revealing the real thing with the next round of targeted drilling.

Broad intersections of highly anomalous lithium were recorded in RC drill holes RRC010 and RRC012 at Mastotermes. RRC012 intersected 52m (90-142m end of hole) of pegmatite averaging 0.14% Li_{2O and on the same traverse RRC010 intersected 21 metres (92-113) pegmatite averaging 0.16% Li2O.}
The large scale of the pegmatite targets and system at Ringwood is likely to require a number of phases of drilling to effectively assess. Core remains bullish that economic grades of lithium can be discovered in this extensive area, given that grades of >3% Li2O have been encountered in drilling at the nearby Sandras Prospect (recently acquired by Core from Liontown Resources Ltd).

We all surely believe that over such a large area they couldn't possibly have hit on the only worthwhile areas with the first few holes last year and that that was purely beginners' luck.  It can only be a matter of time before the next major hits come in and then the SP will be away.