Ann: Response to ASX Query, page-45

As for me squire, I have been a fan of the Narracoota Formation (aka Volcanics) for about 4 years now, but have yet to kick a goal unfortunately. There are a few explorers holding tenements in it, and 1 miner/explorer of course, SFR. HOR is one such explorer. Others are/mainly include RNI, ENT, THX, ALY/IGO and TLM.

So far the NF has yielded 2 vms cu/au mines at Horseshoe Lights (but not run by HOR - it came to that area much, much later trying to find more flesh on the old bones) and deGrussa. Monty on TLM land may well be the next major deposit. If it is then even tho I do not hold TLM, I will be delighted as it will go along way to vindicating my faith in the NF as a potential major source of copper in Australia.

All of the above companies should be well-rewarded down as time goes on, provided they survive as solo performers or as sizable jv holders. They should all be safe though IF Monty shows as being a minable vms cu/au deposit or cluster. The hunt will then surely intensify, with big companies wanting to enter the fray. TLM and ALY are already safe. SFR is head honcho. HOR, RNI, THX and ENT await their destiny as either stand-alone explorers or jv explorers.

Monty and Neptune (IGO/ALY) should be the focus of all eyes. Then maybe Saturn, hopefully anyway if HOR can get that far.