Ann: Updated Exploration target for the Never Never Gold Deposit, page-156

I found another excellent podcast by accident below (was looking for something else) from May 2023.

The Money of Mine guys really asked some very good direct questions to SL (they gave SL a hard time with such pointed questions). The first part is about the goings on behind the scenes of GCY - fascinating how GCY actually survived - some very good lessons about what not to do - the main one being understand the ore body - SL stated if GCY understand the ore body the mine would never have been built ie they would not have been about to source the funding and the FS would have shown it was not economic. He stated the basis of the FS was 1g/t but they mined it 20% below the MRE grade and had poor recoveries.

Sorry to say this again but all those clowns (sorry idiots) on the SPR thread who just want SPR to get into production need to listen to this podcast to understand what a disaster you have on your hands if you go into production and do not properly understand the ore body - the old GCY did not remotely understand it was a total joke. In the podcast in this and my previous post SL made it very clear he intends to 100% understand the orebody.

The second part which I found much more fascinating and educational, is about the geology (from 31.5 min)s - very very interesting as it helps a lot understand the details of the orebody - both the Gilbey's pit and NN and like deposits. NN, WW, 4P, SF etc are a totally different ore body to the main Gilbey's pit - Gilbey's is a north south orientation by the NN, etc are west orientation orebodies. Unlike Gilbey's NN does not contain a lot of copper, zinc, lead, any of that deleterious stuff, there’s no arsenic and no silver which is a good thing he states. The NN, etc like ore has high recoveries which I assume is due to the lack of the minerals just mentioned he stated:

"So we’ve used the SAM method recently with our drilling and that’s proven really useful because what it has done is validate a lot our geology model about the orientation of this orebody because it is completely at right angles to the stratigraphy that we have been mining for kilometres in the Gilbeys trend"

He also stated (I thought these quotes were great):

"NN is completely different geology – its very high silica but it has affinities to the stratigraphic system - Gilbeys is a stratigraphic ore body that is associated with a sort of footwall shale unit and there is a low-grade quite high volume deposit sitting above that and that’s the kilometre of north strike that had been mined historically. This material (ie NN) is striking almost west and is very high silica, it doesn’t have the same chemistry, there’s not a lot of copper, zinc, lead, any of that deleterious stuff, there’s no arsenic, its very much some gold with some pyrite in a very highly flooded environment.There’s a lot of brecciation which is completely different. We know this is far more structural than the stratigraphic host that we’ve been mining previously.

I have not seen any published results of the SAM survey which was completed in early 2023 but have not looked for them.

Two things to note about Sly Fox - in the podcast he indicated that the SAM survey showed that Sly Fox was one of the NN like structures. Secondly, he noted in a previous presentation that SF has NN like mineralisation. Based on this podcast that is very high silica with gold and some pyrite - if you go though the NN mineralisation descriptions of the holes with visible gold you will see pyrite levels in all the mineralisation varying from 1-9% with very little pyrite in the non-mineralised parts of the holes in the descriptions. Go and look at the description of the two SF holes in the 14 Feb announcement and you see the mineralised sections have the same levels of pyrite. My interpretation is that while none of the announcements have stated it nor has SL, it seems that high grade gold in NN, etc are highly associated with pyrite ie what SL stated in the podcast "its very much some gold with some pyrite in a very highly flooded environment".

It goes for about 45 mins.

PS - you may have noticed I do a lot of research on some stocks and it pays off. I do not mind sharing it as I like to see other views.