Okay boys and girls... Here it is.
Morrisey Hill phase 2 drilling? Is the plan to expand it to a much larger program like DLI?
No. No funds for something of that scale, the funds we raised was just for the drilling at MH and define the targets. Follow up with more drilling and go from there. So maybe in the future, but one thing at a time.
What's the plan for Wabli Creek?
Soils are coming, but have been pushed back for prioritising the drilling results. But obviously soil samples will give direction as to how to proceed with Wabli Creek.
Wouldnt 2024 be better off working Wabli for Niobium rather than White castles in the 2024?
Potentially. Jeremy spoke about being flexible with what the market wants for new battery tech. Niobium of course is valuable, so leaning on the side of yes I'd say from his response, but he's keeping his finger on the pulse to move quickly with market demand which might start to want more manganese. He pointed out to me that 90% of manganese goes into steel production. However, more manganese goes into batteries than lithium. So he sees that left over 10% growing in demand as battery cells and sales ramp up for higher demand, increasing the value of our manganese project.
Is RR1 looking at acquisitions of more tenements in the Gascoyne region?
Not a focus for Reach at this time. The company has more applications done in ballots, in and around MH. That's just as a make sense approach given how the area is heating up, and possibly get something if anything should they win the ballot. Basically it's not a company focus to keep acquiring in the Gascoyne. Maybe elsewhere - he stopped short of saying that - but focusing on what we have now.
Can RR1 assay for Niobium at Morrissey Hill from all those soil samples and rock chips collected, would be very interesting to see those niobium results.
Jeremy said: "You want it as part of your fractionation trends." - so it's good find when you're hunting lithium because it's a good sign you might have large fractionated lithium bearing spod or lepidolite, etc. But more prospective in Wabli and Camel Hill for Niobium specifically. More attention on rare earths is coming too and thats also a good sign. He mentioned China and the US suring up supply for these.
Would you and the board consider processing some ore and mill gold at Payne's Find, then use the money to perform further exploration drilling on our flagship projects?
Definitely on the cards to monetise the gold resource. Maybe some soil tolling. He mentioned it's a good spot for it too with the very close handy refineries to Payne's Find. (He knows everything about our tenements.) Basically whatever we have they look to monetise or create shareholder value or return. But he likes the idea of the gold resource for money over cap raising. I really liked this answer. He also mentioned that lithium is being found close by, so that's something that could be looked into in future.
What is your end goal for Reach? (Where is this ship headed?)
Basically, define a resource, and create shareholder value. He can't rule out being taken over, but he'd like to get the company to developing a resource. The impression being that Morrissey Hill would be our focus.
What's going on with their REECycle investment? We haven't really had any updates on this. What are the returns are going to be?
This happened before Jeremy came on board or very soon after. He sees it as a good initiative that the world needs more of, and it's great for our ESG. But realistically he said it needs time to get to a state of production and could take years but the technology is there.
I asked him about our recent little tenement grab that slots into the bottom of MH. I asked him about what that does for us, and he excitedly answered:
"Well firstly I wanted it because I didn't want anyone else getting it.". He said a big score is the mining lease that comes with the tenement. That's a big cost and time sink avoided for RR1. There's nothing defined so far, so to speak, but it allows them not to just drill in there but TRENCH in order to define the geology of the land. And it's over 200 hectares, so it looks small on a map but there's lots to explore.
I was asking about the hold up on our drilling results. I suggest it was because labs are swamped with assays to analyse. He agreed that was partly why. The other reason they were delayed was because Steve Valance was running the drill rig teams and was catching up on diamond drill logs late September to get those sent away. It's pretty much two of them with some hired help and they're going flat out. So we're going to have to keep waiting but he said phase 2 will be starting shortly. So hopefully soon we'll get those results very soon. He said he doesn't want to do what other companies have done by releasing results incrementally and shooting themselves in the foot. He used VSR as an example. He wants the results to be fully defined without anymore waiting to be done. I told him we on HotCopper appreciate his no nonsense no hype approach and we think he's doing a great job.
We chatted for a good 40 mins before the questions, and he's a wealth of information and a clever cookie. Going to work afterwards was great because it allowed me to defrag ali the information I had downloaded. What he was telling me was that he closely watches Delta. Basically their models for drilling and everything because our ground is so similar, so watching Delta is a good way to get more insight into what Reach has as a company. I was confident in the company after our chat, but as I dwell on it.. my confidence increases.
JB sends his thanks to our HC group for the support you've given the company.
Lets sit tight Reachers.
(20min delay)