Hey S&F, I had a closer look at Thylacine. Went back through all...

Hey S&F, I had a closer look at Thylacine. Went back through all the ASX reports and presentations with a fine toothcomb. And I see why you like the look of it as a potential multi-vein bulk tonnage deposit.

My discomfort though is that they describe the veins as '0.5 to to 1.0m wide, and about 10m apart'.

I have scrutinised all the photos too, and it looks like there is a lot of outcrop and iron-stained but fairly unweathered hard bedrock with not much in it between the veins.

Given that these rockchip high gold values are 'point' samples from best-looking material, which is clearly surface-enriched (iron-oxide-rich/gossan-pitted oxidised quartz vein material), I would be surprised if the average vein grade at depth was much over a couple of grams. I mean, if these were bonanza veins, there would have been nuggets a over the surface and a lot of old-timers' pits and shafts, so I doubt that they are.

Which leaves me thinking:

'Average vein % in each drill section, as described by MHK: 5-10%'

'Likely overall vein grade at depth: 5.0g/t Au at my optimistic best (which is OK for small-scale, narrow vein underground mining)'

'So bulk grade to be expected over wider drill intersections cutting multiple veins: 0.25-0.5g/t Au, which isn't worth mining even open-pit'

I would LOVE to be able to convince myself otherwise, but I just can't see Thylacine making the grade for a bulk tonnage deposit. And I certainly can't bring myself to pay up and take a position

It is so frustrating, not knowing what is outcropping between those veins that I am tempted to get in my ute and drive the 900km from Perth to the project, walk in the last 4 or 5 km and go and have a look. But I won't, because it's bloody hot, I'm not that young any more, and I might not come back!

Very intriguing. But I will wait and see what the first round of drilling comes up with. I don't think it's going to be +10m at +5g/t though.