The following provides my take on yesterday's NCP11B results and...

The following provides my take on yesterday's NCP11B results and earlier NCP08 results, and their comparison with Cupric Canyon/Khoemacau's Zone 5 mine and planned expansion deposits.

I conclude that yes NCP11B results are lesser than NCP08, but both are tracking well in comparison to Zone 5.

The 2 diagrams below summarise my findings, and the Zone 5 data provided in the table allows comparison with Cu grade (%), true width (W), Cu.W (%.m) and dip. All of the 3 planned expansion deposits at Zone 5 are steeply dipping tabular redox contact deposits on anticline limbs as is Grammer.

You can see how I have visually estimated NCP11B and NCP08 grades. I have modified the data provided by CBE to make clearer and to help overcome the differences in scale between the original 11B and 08 diagrams. The true widths are calculated from drillhole and mineralisation dip angles shown on other CBE diagrams. Obviously the grades and true widths are only estimates but I think they are fit for purpose and are more accurate than some of the opinions/data posted by others above.

Like everyone else no doubt, I am looking forward to the assayed grades and intervals being reported and having such data will make it much easier for the market to evaluate results and respond more rationally. Perhaps CBE will start providing estimates of true widths (as Cupric Canyon have done in the past).

I estimate the ore body is dipping at about 86deg (NCP08) and at the folding (NCP11B) reducing to about 82 deg. The true width calculation is very sensitive to this dip angle. The steep dip angle is similar to Zeta NE's 80 degrees. I understand that with the long hole open stoping mining method being employed at Zone 5, the steeper the tabular ore body dip, the less dilution likely.

Both calculated true widths (6.5m and 5.2m) are greater than 4m, which I understand is a reasonable minimum figure for lower cost mechanised underground mining.

The Zone 5 data is from the a recent Khoemacau presentation (https://www.khoemacau.com/news-media/presentations ) supplemented from other data on their website (https://www.khoemacau.com/our-portfolio/current-operations ).