Pay Dirt, page-549

Hi All and don't get impatient or fret too much over how long it will take to get the comprehensive research results for NDI hole 4 (and for that matter all the NDI holes). As Kalenn has said, the work involves a wide range of analysis, not only assays. We are in a brand new greenfields mineral province and aside from the major geophysical surveys undertaken by GA/NTGS and, more recently, the various exploration companies (of which little Inca has done by far the most extensive work!), the NDI holes are the first knowledge we now have on the geology at depth. Accordingly, any work done on these cores (for all 10 NDI holes) is going to seriously add to our overall understanding of the basement geology, structures, age and a host of other information that will greatly assist future exploration efforts.

Another thing to remember is that because there is such a wide range of analysis being done on the NDI cores, it is being done at a number of different research establishments around the country. It is not all being done in the one place and so that adds to the complexity and time for work to be done, aside from the obvious COVID inflicted delays. Critically, and partly because of this, there is also a need to ensure quality control of the all research results and that requires peer review and double checking and given the fact that the primary focus here is ensuring the highest quality geological information, and not commercial outcomes, for a new mineral province where there is no previous or base data to build upon, it requires the highest degree of quality control. Whilst it may take a little longer than we all are wanting, I would much rather have base data that we have a high degree of confidence in as this will significantly advance our general understanding of the geology and guide our exploration efforts.

In the meantime, it is not as though we are standing still and "twiddling our thumbs", but we are pushing ahead with a range of value adding exploration activities and news will follow.