Elazac or Alchemy?

Over the past few years HAO has been spruiking their Elezac Process for assaying/extracting PGM from their Pilbara tenements. Their Annual Report uploaded to their website yesterday updates the latest results from the testing of iron ore sourced from AGO tenement at Mt Webber, and it makes for a great read.

https://arc-haoma.s3.amazonaws.com/...-Report-June-30-2017-with-Covering-Letter.pdf

The report goes into more detail about their Wits 2 play near Marble Bar, with multiple nugget finds underpinning significant prospectivity, but the best bits are towards the end when they talk about Mt Webber iron ore Elazac testing.

The report describes a 12kg sample of AGO ore from M45/when beneficiated yielding an increased iron ore grade, but also 2.4kg (20% by weight) of 'slimes'. This slime then went 888g/t gold and 946g/t platinum when run through the Elazac Process. If AGOs 27,100,000 t of measured resource at Mt Webber yields 20% beneficiation slimes with PGE at those grades then this puts Wits 2 into deep deep shade and potentially opens up a massive pre-Wits 1.0 play across the iron ore country of the Pilbara.

Back of the beer mat calc for the value per share at Mt Webber for the gold is around 1.5oz (say $A2450) per share, and conservatively around the same 1.5oz ($A1800) for platinum for a total PGM value per share of around $4250 per share.  This would be a 250,000 bagger for AGO from the current $0.017!! The resource is located on AGO and HAO tenements so HAO would be sharing the prize, so I guess I would settle for a 100,000 bagger if I had to.  This sounds nuts, but it's the sort of conclusion the HAO report numbers lead to.

Am I right to be sceptical....is Elazac the modern equivalent of alchemy, and conjuring gold/platinum is not a lost art after all.  It seems the ASX is a bit more than sceptical and my guess is that this has been a significant catalyst for the current extended HAO suspension - putting price sensitive announcements on the company website before they are released to market is one thing, but telling porkies about stupendous grades would surely be another.  If there are these demonstrated massive grades, why don't HAO have offtake offers lined uip, and where are the money shots of the physical PGM in Gary Morgan's or a happy buyer's hands?  BBX are experiencing an ASX suspension not unlike this, but have shown the photos of the PGE slugs.  Happy to be shown my error and pick up my 100,000 bags, but I remain sceptical about the PGM potential of Mt Webber iron ore.

DYOR

Cheers