Ann: Quarterly Activities Report March 2020, page-47

You make a good point. My one hesitation without having looked into these two discoveries too closely is having previously looked at ‘Cobar’ style VMS deposits they are very steeply dipping, with pockets of super high but inconsistent grade (lack of continuity). PEX sure disappointed when it released its first MRE of its Wagga Tank / Southern Nights discovery (grade and tonnage) - refer a couple of the high grade hits below very similar to what Federation is showing.

I’ll probably wait for the initial MRE for these two discoveries before dipping the toes in knowing that I might miss some upside on announcement. They say in the quarterly the initial MRE for Federation is targeted for mid 2020 so don’t have to wait long.