Ann: Very Strong Results Round Out 2023 Drilling Program, page-17

It was a pretty quick and soft interview, but it was useful from the point of view that it highlighted the wider but lower grade intercept seen down in hole MRN23022 and the importance of that. The rest of the interview was grade is great, skimming over the fact how dee some of it is, redoing the RDM 2016 study with updated tonnes, grades, metal costs and operating and construction costs which is all fine, its a different world from 2016 and there are more tonnes that have been found, metallurgy on copper is a good idea and of course more drilling, which is definitely required.

I haven't gone into the weeds yet on the RDM and MRN geology but this deeper intercept of 27.6m @ 4.3% Pb & 63g/T Ag is pretty important in my view and I might have overlooked the significance of it initially. Although its a bot on the low-grade side the thickness of this intercept and its position is relevant.

Looking at it in 2D in the plan view its starting to look like the down plunge inside part of the fold around 491600mE 7630250N at depth on this plan view may be hiding an extra lens or maybe remobilized blob of mineralization that hasn't been tested at depth.





When you go into the other #D view which is just a cross section of the drill hole MRC230022 in Figure 2 the questions can be asked.

Sure the new deeper min in hole MRC23022 is great but I hope that they examine the nearby drill core of holes up dip and maybe off-section along strike and see if this zone might have been missed previously in logging? The geology looks like it is ribbon like and has high continuity so the sudden appearance of 27m at 4% Pb when there is nothing in the immediate older drill hole up dip (MRN7001) is peculiar. Definitely need a down-hole EM survey in MRN23022 done to direct them if there are any in-hole conductors and any off-hole conductors as well. Looking at the depths and amount of metres required to drill this deeper part I hope the utilize select parent holes and start thinking about using more wedges off these parent holes to save on time and drill costs.




In the long section view the thing that got my attention is the large undrilled area at depth to the right (south) of the new MRN23022 pierce point. again, where you would expect the nose of a fold/fold closure and possible additional lenses of mineralization - see Fig 3 below for my thoughts.


Again - if there is something out there - lots of synergies and efficiencies by a few future parent holes and some daughter holes/wedges up dip and down dip to be had.

Apologies to those have already got into the weeds about the geology than I have so far and point out if I have missed anything obvious in my thoughts. Obviously with such a folded and lamellar type of ore zones its going to be a case of a lot of different apparent widths vs true width discrepancies but with such tightly folded and deep seated rock hosts and planar horizons and lenticular lenses in the folds its still a bit early to be definitive about what they actually do have here so I hope they continue to drill rather than do too much economic feasibility stuff on something where there is still an incomplete picture of where additional tonnes and grade could be.