Key highlights from the last announcement: - Strike Length -...

Key highlights from the last announcement:

- Strike Length - testing 7.5km which is huge.
- Scout drilling looking to define where the mineralisation is - yet some high-grade hits -
- Initial assays of up to 4.3% copper and 0.1% Cobalt.
- It looks as if the main ore body sits to the east of the drilling and graphite/pyrite conductors to the west.

Following downhole EM the company will have a better understanding of the ore body, and follow up drilling should be of far greater interest. (DHEM starting now - will be finished late Nov/early Dec)

- Drilling is to continue - the company will continue drilling right into December.
- All Sulphides - no oxides - under shallow ground cover they are hitting all sulphides. This would be a big plus for the ore body (lower cost) and metallurgy.

Finding two ore types - copper rich and Nickel-Cobalt. It does not appear they occur together necessarily. However, they believe they are starting to understand how to target the Ni-Co. Remember, if the Ni-Co occurs as a sulphide this is a big plus in looking for Co tonnage, due to cost of extraction. Co often appears in breccia pipes, this does not appear to be the case here. Finding the higher grade Ni-Co could be very interesting (i am not talking high-grade vein results, more around 0.10-20% Co).

Apart from the drilling, there are some other interesting things about GBR.
- Unrestricted shares are small at only 23.5m on issue. The register is very tight - I know of the larger holders who retain some term position (around 8m shares). So given it has turned over 9.6m already today - things could tighten considerably.
- Cash - At the last 4c, they held $3.9m. Following the completion of the planned diamond holes and DHEM, they will have spent ~$900k on this program. (Quarterly Here) WA govt will rebate around $150k.
- Rumour is that Sprott Asset Management may be on the register for 5% of the Co.
- They have a number of interesting assets outside of Mt Venn in their own right (more gold-focused)