drilling results out, page-17

Hi Shakin, Sorry this isn't going to be as educational as you hoped. I wouldn't attempt to estimate grades from that short section of core photo: a) you can't really distinguish individual sulphide types in it, and b) it is only a small part of the overall sulphide intersection.

What it is though is a good high sulphide intersection, and Drake describe it as containing pentlandite (the nickel-bearing sulphide) and chalcopyrite (the copper-bearing sulphide), and the overall intersection as resembling the better mineralised sections of Hole 7, so one would hope for more of same but over greater widths.

Not sure about Fib's geographic model. Not even sure about my own geological model. There just isn't enough drill hole information to join up the dots yet. But what I do know is that its the right rock type, the right age, they have had an awful lot of nickel-bearing metres in the few holes they have drilled so far, and there have been some promising grades, so it looks like an extensive, widely mineralised body with potential for some nice high grade pods. And that thicker, high sulphide intersection in the lower part of this hole was a pleasant surprise.

Bear in mind that we are only seeing a two-dimensional cross section so far, between holes 5,7 and 9. I would have expected the grade to improve down 'dip' between and beyond holes 7 and 9, and there may also be additional mineralised layers below the bottoms of those holes. What really interests me though is what may happen along strike, going into or coming out of the plane of the cross section: the higher grade and more massive sulphide intersections probably plunge into or out of the section, and in the opposite direction probably therefore extend up towards the surface.

More drilling is required, once the geophysics is complete!

And as regards funding for this, they seem to be managing the capital well, raising just what they need as they need it at these low levels, to minimise the dilution to shareholders, until either the bigger overall picture or the first good, thick, near-surface nickel intersection enables them to raise major capital at a less-dilutive higher price.




(Do not act on anything I say. I am not a financial adviser and this is not financial advice)