Geological Heaven, Non-Market Related, page-8

It is 4-5 years since the discovery of Winu and Havieron (rediscovery of latter?) and a lot of money has gone into exploration in the Paterson with no major success to show for it. If anything the Minyari Dome, AZY's 100% land, has had the most reported successes! Geophysics and, to a lesser extent, geochemistry are giving targets some of which will be drilled this year or....
Geology Heaven? Winu came from drilling two holes on a target so it doesn't take much to change the success rate since those holes. A Lot of work and sweat to come up with the next discovery.



1 True for both Minyari Main and Calibre with intersections in this range though generally <2g/t and with local very high grades impacting the wider low grade host. Since, IMO/knowledge, this variability is more the norm, AZY do have two small (M/W) to medium (C) sized deposits that well exceed 1 Moz and with some chance to grow in size.

What is a very large mineralised ore body? The use of ore means something that can be mined at a profit so without sufficient economic studies neither Calibre or Minyari/Waca would meet a strict interpretation.

I agree with @scalper that Calibre probably needs Rio and Winu if it is ever to become a mine.

As a standalone operation in that location grade and size as currently known are probably marginal to sub economic at current commodity prices. 2021 drilling at Calibre and Magnum, IMO, left depth, at Calibre, as the main source of any future size increase. Not totally closed off to the South but probably low grade, patchy and deep. North considered closed many years ago.



A whole thread on options for Minyari waits for studies by AZY and probably what NCM might bring to the table. Left field corporate move is also a possibility but NCM's Telfer Plant likely gives them the inside running.

Lunch time for me. more later probably