Ann: Response to ASX Price Query, page-36

@fitnfam, as I understand from what i've read in the Coffs-Dorrigo Metallurgical survey notes, the current drilling at 'Bakers creek' is too low of an elevation to host significant Tungsten. It's worth noting that this report was published in 1992, and a lot of things have developed since.

As per the report Bakers Creek has been assigned is a sediment hosted, Major Gold/Minor Antimony deposit. Mineralisation at Bakers creek runs from a elevation of about 620m above sea level down to 30m below sea level. Another sediment hosted deposit in the locale 'Marthynys' is assigned as a Major Tungsten deposit from an elevation of 600-520m above sea level (similar-ish depth), but is a bit further away from the main cluster of Major Gold deposits. Its approx 2kms to the south west near the intersection of Bakers Creek and Four Mile Creek, so we shouldn't (imo) hit any significant Tungsten. There will be some no doubt but it wont be anything to get too excited about.

The other deposits discussed in the report as Major Tungsten (only) occur in different host rocks at elevations of 850-970m above sea level.
The Major Tungsten/Major Antimony deposits within the Metasediments occur at 800-830m above sea level and above 920-1000m in the Adamelitle. Major Tungsten/Minor Antimony is present at the 'Damifino' depost from 600-750m above sea level within the Adamelitle, about 1km to the north.
And finally Major Tungsten/Major Gold is present at 'Richardsons' deposit, 800-920m above sea level within the Metasediments, and above 900m within the Diorite, very rough estimate from the map scale to be 4km south east of Bakers Creek.

Other reports I have read over time (cant remember names exactly, I read a lot) all suggest that Tungsten/Antimony/Gold occur kind of in that order increasing with depth. This is further complicated obviously by folding and fracturing over time. I am sure I read something published by Anchor Resources in respect to the drilling they did at the Wild Cattle Creek occurrence on the subject. They found a lot of Tungsten there too in their exploration.

@Kart535353, in respect to red flags that could derail us...I don't personally see this as a red flag or a derailing problem but something that could slow us down...The tailings dam is another beast, considering it will contain rock from all over the place and its never been treated to extract the Tungsten. Whilst the prospect of running the tails through the proposed new secondary circuit to capture Tungsten is exciting, it will no doubt have teething issues, and I don't know how much of an effect this will have on processing the Gold/Antimony from the tails.

But that being said the actual geos and metallurgists will have a far better handle on it than me. Only time will tell if the mixed tailings presents a processing problem.