iron ore project, page-6

SFX has come a long way in a short time. They have defined so far 5 prospective areas from current drilling. IMO no JORC from this round of drilling as it looks like they wanted to target several areas. The results, albeit Boolgeeda Iron Formation, was terrific and all DSO grades. On the depth they intercepted I am now confident they will reach the high end of the exploration target. Will they mine the iron ore - no - only because they didn't mine their resource from Warwick Resources unless they can deliniate closer to 500 mt... Perhaps a successful ballot draw from the EL application on the ground south they may have a chance. I would say next year by June they should have JORC only if drills can hit the ground by May. They are fast workers and I am confident.

The talc and mineral sands looks great - holding on now mostly for the potential of these.

The Halls Creek area looks promising. They are close to Hastings Rare Metals (ASX: HAS) that have JORC REE resources potentially now in the world top 10 for the rarest of rare earths and HAS currently have a NPV of half billion (market cap currently $9m).