Ann: Tabac Project- Intersection of Potential Cobalt Bearing Zone, page-151

OK, so it's very unlikely to be 5% in this hole. But consider that the whole tenement is essentially bereft of any geophysical exploration at all, and we have 12m of massive sulphide.

ACM wasn't drilling for zinc.

ACM's assays, as a rule, are suspect (hence why we are in this position/equity position). Apologies to Andrew Drummon here, but there's still no definitive proof that what he allegedly said to Warwick Grigor is the real course of events.

There's arsenopyrite - or at least some As species - which matches the As anomalies in the ACM drilling.

ACM's logs didn't mention semi-massive sulphide. This may be because this zone is discontinuous or poddy. To me, looks possibly MVT (fracture-fill and replacement sulphides of marcasite-Pb-Zn-As, coming in with oil which is now that black carbon you see squirted everywhere.

You are a few klicks from Magellan (now renamed to whatever you wish; Rosslyn Hill, blah blah) which, based on very little at all, Franco Pirajno stuffed nto the Eararheedy. But, what if it's the Bubble Well instead, up-faulted, and here you are, drilling the same horizon within cooee of the world's largest Pb oxide mine. Prospective much?

So. If this was Mississippi for argument's sakes, and you have a wildcat hole with 12m of massive sulphide at 250m, and it was anomalous in zinc, and you had an area of >27 km to explore and you have drilled one hole...you look on this as a major prospectivity success, regardless of whether you have 0.5% Zn or 5%. If this was Mississippi or the Lenard Shelf or even Admiral Bay, this would be giving everyone the horn - even without cobalt!

So i am extremely encouraged by the sulphide alone. RIR is now, cobalt-gold-arsenic story aside, an MVT exploration play with a damn fine position. I'm happy with that.