Couple of highlights from the Luni drilling update today.Diamond...

Couple of highlights from the Luni drilling update today.

• Diamond hole LUDD 23007 has the most Niobium content of any hole to date (grade x intersection). It is a hole drilled with a -60 degree dip so will show a higher than true width intersection relative to vertical holes.
• A number of holes encountered significant mineralisation at depth (23009, 23007, 23017). These are likely to be in fresh rock zones which provide information for targeting primary mineralisation in the future. They mentioned drilling is "poorly constrained" in fresh zone, in other words just not enough drilling to make assumptions.
• These are the final set of assays to be included in the maiden MRE for the supergene mineralisation. I wouldn't say it is closed off to the east yet but there is a a significant quantum of material now and its the right time to draw a line and move to the next phase.
• The contribution of phosphate will be an important part of the production story. Is it a deleterious mineral or will it contribute to the economics. I'll be interesting to see the met-analysis on this. From memory phosphate deposits are normally grades above 10% if they are easily separated but I could be corrected here? I think the phosphate at the Araxa deposit is actually separate to the niobium mineralisation where as its is largely coincident at Luni.

For Niobium there was not much change to the mineralisation envelope since the last set of results. Thought I might include a bit of a sketch of the higher tenor phosphate (Red-dashed line) versus the higher tenor portion of the niobium (purple contour). There's a reasonably good correlation of the grade/width of phosphate v niobium as the diagram shows. Accordingly we will be hoping that the phosphate is easily separated and hopefully has an economic contribution as well.

All eyes to met now!