Hi dugsab, You seem to be confusing the Rahu permit area and the...

Hi dugsab,

You seem to be confusing the Rahu permit area and the LNY scraps.

NTL delineated and created the Rahu permit area a long, long time ago. In 2015/2016 NTL sought to extend the Talisman permit area over Rahu. NZPAM took over a year to make a decision and in that time the NTL Rahu exploration permit lapsed. Discussions with NCM were obviously already on foot, because they took over the Rahu permit area and entered into a JV with NTL whereby NTL would take back 100% of Rahu in the JV did not go ahead.

Now, what I was saying, is that NTL (then Heritage Gold) held larger exploration permit areas which are now the LNY exploration permit areas. NTL did not want these so shrunk it down to Rahu and relinquished the rest. Perhaps the rock chip samples on LNY exploration permit areas of 0.74g/t and no substantial intersects with the failed NCM/LNY JV are a clue.

So, NTL has either 20% Rahu JV interest with NCM if the JV goes ahead or 100% of Rahu if the JV does not.

LNY is left with scraps in any event.