In that Nov28 presentation it stted that this deposit had...

In that Nov28 presentation it stted that this deposit had undergone a positive internl review.

From 9 Aug 2013 ORS release to the ASX:

"Wehla Project The Wehla Project is located 60 kilometres northwest of Maldon. Octagonal has Mining Licence MIN5433 centred on the Black Reef and Exploration Licences EL3564 and EL4905 covering an area of 7km2 that collectively includes most of the Wehla Goldfield. The main gold workings consist of a north trending line of reefs; Adelaide, Prince of Wales, Frenchman’s, Petticoat, Black, Bismark and Little Nell (Figure 1). Recorded production from the Wehla Goldfield is approximately 100,000 ounces of gold. The Prince of Wales Mine is the largest in the field and produced more than 60,000 ounces of gold from a series of drives following a large mineralised quartz channel. Quartz spurs project into strata on the footwall and the highest gold concentrations were at the intersection of the quartz spurs and ‘indicator’ shales. Seventy holes were historically drilled in the Wehla Goldfield to an average depth of 50 metres. This drilling has intersected sporadic high-grade gold including 5m @ 35.4 g/t Au from 23m in B3, 4m @ 25.0 g/t Au from 16m in MD103, and 5m @ 14.9 g/t Au from 25m in W13 that is interspersed within broad zones of lower grade gold mineralisation including 5m @ 2.5 g/t Au from 15m in W5, 13.75m @ 1.2 g/t Au from surface in W34, 2m @ 4.0 g/t Au from 28m in W37, and 32m @ 1.1 g/t Au from surface in W38. These drill results indicate the potential for significant near surface gold that may be exploited using open pit mining techniques, however the structural controls and “nugget effect” on the distribution of this gold are not well understood. Black Reef Open Pit Octagonal has improved its understanding of these issues by mining a trial open pit to 15 metres depth at Black Reef on MIN5433 in an area where a costean returned 14m @ 4.6 g/t Au and drilling intersected 5m @ 35.4 g/t Au and 5m @ 14.9 g/t Au. Between April and July 6,800 tonnes of ore and 12,900 tonnes of waste was mined from the open pit bringing it down to 15 vertical metres depth. The majority of ore mined consisted of stope fill and moderate east-dipping spurry quartz veins as most of the main gold-bearing quartz reef had been removed during historic mining. This resulted in a lack of nuggetty gold high-grade ore in mining, but a significantly improved waste to ore ratio of 2:1 (compared with expected 8:1). The extent of historic mining was not well recognised in reverse circulation (“RC”) drilling completed prior to mining (in 2011) because the voids have been back-filled with low-grade material (grading between 1g/t and 2g/t Au). The extent and grade of spurry veins was also not recognised in the drilling because the holes were oriented -60 degrees to the east to target the main steep west-dipping quartz reef and the spurry veins dip sub-parallel to this drilling. Mining has significantly improved the Company’s understanding of the structural controls on the distribution of gold in the Wehla Goldfield, however as much of the main gold-bearing quartz reef was removed by historic mining there was little evidence of nuggetty gold, both visually and in the grade control sampling. Grade control trench sampling completed over one metre intervals on 5 metre spaced traverses and two metre high flitches indicated that the ore mined averaged 2.1 g/t Au and has reconciled very well with milling data that returned an average processed feed grade of 2.4 g/t Au from 6,400 dry tonnes processed to recover an average gold grade of 2.1 g/t Au (with an extraction efficiency of 88%). Octagonal is currently reviewing its mining costs and open pit design to determine if mining of a Stage 2 open pit to 30 vertical metres depth is commercially viable. Importantly, the gold mineralisation mined in the Stage 1 open pit extends along strike into the north wall, south wall, and pit floor."