LRS General Discussion, page-9887

Bit of an update post the assays:

61 (in fill hole) - Marked completed November 8th so assuming assays are close. Won't move the dial much unless the grade shows something significantly higher than 1.2%, although it's only one hole at the end of the day.
62-65 - (62 in fill, 63 C.West, 64 C.South strike extension, 65, C.West) each was marked complete December 8th as part of the JORC ANN. May take a few more weeks if labs were closed for a while over Christmas.
66 - 71 (Mixture of Colina in-fill and Colina South West) - marked complete January 23rd so assays unlikely until March

In terms of drill visuals, my impression is that the company is only announcing results upon receipt of assays (except for where new discoveries are potentially being made). For example, if a drill starts turning down at Salinas South (15km away from Colina) and finds intersections with good visuals - I expect the company will announce these visuals as it would be a potentially new discovery. However, good intersections discovered in Colina West (such as hole 55) seem to only be reported once the assays are received).

RE: the likelihood of there being drill visuals worthy of being reported in the near term - I don't think this is likely unless management already have drills turning at Salinas South. But I guess it's not impossible given the ANN on August 16th last year when management reported visuals out of the blue from hole 33 at Colina West (without anyone knowing that a drill rig was over there in the West).

RE: 8 rigs on site now, assuming that all 8 are now turning, we could expect (on average) ~0.66 holes per day. This is based on an average drill rate of 0.33 holes per day which I calculated from when we had 4 rigs turning at Colina.

If we achieve 0.66 holes per day, this is 20 holes per month (but of course there are factors which will affect this including depth of each hole, amount of time spent repositioning to new drill collars, break downs, maintenance etc).

@ 20 holes per month, we can expect assays to become a relatively constant source of news from approximately early March (as by early March, there will be both assays returning from the lab which were drilled in January as well as others not far away which were drilled in late Jan / early Feb).