What we know so far on progress of the Hannans South Gold...

What we know so far on progress of the Hannans South Gold Tailings Storage Facility near Kalgoorlie, WA.

Minimum spend of $150k for 80% of the project with potential to get 100% if vendors do not wish to participate following the two farm-in stages (excepting 2% gross royalty). Company had around 850k in capital. The program is led by Chris Banasik, previously of Silver Lake Resources, who is new to RDS.

Initial plan for 42 aircore drill holes using a track-mounted aircore rig with a depth of 23 metres (approximate height of the facility) to establish the average gold grade and endowment to JORC 2012 standard.

Holes 1-17 - Northern section
Holes 18-42 - Southern section.

Mid to late September: After first 14 holes, the drill plan was changed following issues with sample return. An auger drill was used on the remaining 28. Looks like they took two weeks to complete the program. A cumulative depth of 675 metres gives an average of 24 metres depth for these 28 holes.

In late October, company said lab assay results were expected within “weeks” i.e.: November. Company has yet to provide further advice on what is happening or if there are indeed any further delays. Shallow research appears to indicate a lag-time of around 8-9 weeks with lab assays due to backlog.

Expect the company to still have around 700k in capital in the bank now.