Lithium JORC Countdown - Tonnage + Grade?, page-83

Mine may disappoint the DT's as I'm being conservative as I can. Keep in mind I'm no geo so I may be understating the scope of this deposit.

I've calculated the AVERAGE widths across the main and west zones to be 35m and 45m respectively.

Proven down dip depth at the main zone is ~175m and west zone will be ~150 as it dips more shallowly which will bode well for strip ratio.

Main zone strike is proven to ~700m and the West zone will be min. 350m depending on how much they diamond drill to the north.

This results in a tonnage of ~19Mt @ a weighted average grade of 1.66%.

This is a fantastic result for only 5000m drilled in the first campaign - the infill campaign is where we will see some big gains. Revised exploration target for this below:

Revised Exploration Target:

The intercepts thus far only extend to 100 - 120m vertical depth. The exploration target was to 200m vertical depth so the next campaign will extend the down dip depth by double or more to 275m for the main zone and 300m for the west zone.

Both zones are open in all directions, and these types of pegmatites usually extend for at least 1.5km, so lets assume they prove up 1km length for both zones - west zone looks like it could be even longer the way its width gapes open to the north.

Assume that worst case, the width drops off a bit on the edges, so the average width is reduced to 30m for the main zone and 40m for the west zone.

This will result in a tonnage of 56Mt @ perhaps 1.8% or more as the comparatively higher grade of the West Zone will bump the grade up. A shallow reserve of 40Mt could be proven up for this which would indicate a very economically feasible 2Mtpa operation with a 20 year LOM.

I think this is being quite conservative and doesn't factor in the following upside:
- The other 90% of the 250km^2 tenement.
- The South Zone target which could be just as prospective, if not more than the West Zone.
- The likelihood of the zones connecting at depth for ~100m + widths in a horizontally dipping body (look at the latest cross sections, looks very likely. With widths like that, it would be easily feasible in terms of strip ratio to dig down that deep and the tonnage would be huge.
- Potential EAST Zone - note the 2 intercepts in holes 28D and 29D unrelated to the main zone. They are small but shallow - have those drill holes clipped the edge of a shallow horizontally dipping, high grade (>2%) system striking perpendicularly to the Main Zone? This may be related to the oblique outcrop in between the Main and West Zone that runs in line with these intercepts.

The deposit is going to be huge and the highest grade on the ASX but as I've stated previously, we won't be seeing 40Mt imo until the revised JORC early next year prior to the feasibility study which will be able to use the huge resource to accurately predict reserve and base assumptions for lowest cost production in the world @ 2Mtpa. (>1B AUD NPV - attach a lithium carbonate refiner and it becomes >5B AUD NPV).