CGR 8.57% 16.0¢ cgn resources limited

Ann: Webb Project Drilling Update, page-160

  1. 12,600 Posts.
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    Surus wasn't the best target as it was an unknown area!

    The gravity surveys showed there was something there and the company took a chance and drilled one hole to see what's there!! It was 50% EIS funded, so we didn't lose much cash. We still could get a surprise when the assays come back.

    WA1 thought they intersected IOCG material and it ended up being Niobium.

    Target 2 and 3 are more promising, as they had some initial success from last years drilling, hence why they are doing some more RC holes to see what is there.

    Target 2 showed Nickel and Target 3 showed Rareearths, from the previous drill holes.

    Plus we have Targets 4, 5 and 6 to drill.

    There is a long way to go.

    CGR has ~$8.0M cash - MC $19m
    RCR has ~$6.5m cash - MC $27m
    LYN has ~$4.5m cash - MC $14m
 
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