Saltbus it looks to be both plunging and broadening, but the plunge is more significant hence why it kicked out at 886m and potentially broadening to the right which is why the next angular hole to trace it - may be more boot shaped and rigid on the left hand side.
Some rough figures on the next hole (happy to be corrected)
If you assume a 60m step out for hole 2 with around a 77 degree angle entering the mineralised pipe at 335m
Even if you calculate the pipe to a depth of just 1030m which is the length of the first hole and assume that the entire pipe is mineralised and plunging:-
You would have another 800m @ 1.3g/t to be reported for that hole (between a vertical depth of 335-1030m) and a conservative width of the pipe coming in at 120m+ Going by their conceptual table, this would give them 3.8Mozs
If the mineralisation continues to 1,200m in depth, this could potentially add another 30m+ of width to the deposit on this angular hole alone, which would bring their conceptual resource to 5Mozs without factoring in an increase in resource for the almost 25% more width added.
On top of that, there is a chance the gold bearing disseminated sulphides continue for depths far below 1200m and if they have calculated the angle of the plunge correctly, they may drill through several hundred meters more - thus adding considerable more ozs through the extension both vertically and horizontally.
Further to this, there is always the possibility the deposit belows out and widens considerably more after 350m. At this stage, the width is only known to a depth of 350m as a result of that 356m MAD2 hole which is the only real previous angular hole.
A less angular hole of around 60 degrees could really extend the width again which I imagine they may well have planned if hole 2 continues to encounter mineralisation to the entire way down to 1030m as there is a chance it widens far earlier and more significantly i.e after 350m it broadens to the right much more than the 77 degree angle will find - represented by the doted 250m width line.
This is why establishing the width is so important and we have not yet seen large scale buying. A width of 100m+ between 886 and 1030 would be spot on with their model and still have the upside of it being potentially far wider up the hole and much deeper tapping also.
Hence why I think 3Mozs+ is a conservative starting point based on their model.
SOC Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
