Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

quartzhands,

Despite the somewhat underwhelming assay readings released on 15 April, the intention was to ascertain where the boundaries are for the Bluebird deposit and what Perserverance may hold (not a lot as it turns out).

As the company explained it "... is pursuing a dual approach of defining the Mineral Resource potential of the Bluebird discovery while simultaneously testing other key targets in the Bluebird-Perseverance corridor and regionally, based on geochemistry, gravity, magnetics and IP resistivity survey modelling."

This not only takes time, money and patience, but also has to be read in the context of the proposed three-way alliance, for which Emmerson is one of the proposed partners. There's growing interest in the region with Patronus Resources becoming a substantial shareholder in Emmerson, so it's really a matter of looking at the big picture.

And TMS is still waiting on the assay results from the Bluebird East program.