Ann: Successful $12 Million Placement to Accelerate Exploration, page-91

Well that's a good question. Look at Julimar - in 2010 a Mark Creasy company drilled about 1,000m of core in 3 holes in the State Forest, 100m away from CHN's glory hole and found nothing. They dropped the ground based on their geologist's recommendation. CHN picked it up and for them it was a minor back-burner tenement while they focused on gold in Victoria. The quarterly report a month before the discovery hole made passing mention of a short RC drilling program, and investor's presentations a few weeks before say nothing about it. Then they drilled a well-aimed RC hole and it all kicked off.

With Newleyine we've got a lot in our favour. MAN raised $12 million on the back of it and not much else. Newleyine is definitely an ultramafic intrusive capable of hosting PGE. It's been drilled to depth in 3 holes and its up to 240m thick, so its got good scale and shows disseminated Cu & Ni sulphides across its entire thickness. Its got 3 good EM plates showing the potential presence of more massive sulphide horizons within the disseminated sulphides, and previous drilling didn't hit the EM plates so they're untested. They could just be iron sulphides or they could be nickel or copper. But we don't know the PGE content and we wont until its drilled and assayed - there's definitely PGE in surface rock chips.

I've attached a pic of CHN's first hole, with a cartoon of a layered intrusion superimposed on it top left. At Newleyine it looks like erosion's removed the Ti-V-Ni from the top and we're straight into the Ni-Cu-PGE layers. If we're lucky one of our holes will hit massive nickel sulphides in a channel (shown bottom right of the cartoon) at one of the EM plate positions like CHN did and then all the guess work's gone early. How much PGEs depends on a lot of things - but sulphides show sulphur has been in excess, meaning PGEs hopefully haven't been locked up in silicates.

As for the odds - its hard. Creasy couldn't find Julimar, Dorsch could. Dorsch isn't as good a geo as Creasy, erm.... no. MAN's odds of a discovery are order's of magnitude better than its competitors currently because Newleyine is the most similar geological setting as Julimar... If you think anyone is going to find a Julimar its MAN at the top of the list. If Julimar's got a brother (big or little) its currently most likely to be here. 2nd on my list is DEV, but not where they're currently looking at Sovereign Hill.

So - what are the chances .... same as Julimar pre-March 2020 I reckon. You've just got to drill in the right spot, and the holes MAN have planned will definitely give it a good opportunity to shine if it wants to.