RVR is clearly a take over taget, page-52

The first Liontown East hole was hampered by rain which extended the length of time to completion. I know Charters Towers has received a little rain (3-4mm) over the past few days, not sure if much hit the Liontown area (about 40km south) or if it would have any effect this time (it can be difficult to get around out there with any rain).

Also, I think the rigs might be on single shift which can always take some time.

If not already, assuming no rain interruption, I'd imagine they would be hitting the intended orezone (I generally assume max hole depth minus 50m) around today or over the weekend. So hopefully some good news early to mid next week.

I note that from the figures in the announcements of the proposed holes and the IP anomaly, this hole really looks to be testing the guts of the system, which appears open at depth and potentially very large. So effectively, the system is plunging to the east. But if you look at the deposits closer to Thalanga, a lot of them plunge both to the east and the west, so I wonder if the same thing happens to the west of Liontown which hasn't been tested properly (from memory there is also a large creek a few hundred metres west of Liontown - this could have been a fault that has moved any westward plunge to the north or south. Either way, if Liontown East continues to grow, it will unlock a lot of the higher grade portion of the main Liontown system (whose grades are much more attractive, I believe, than the total Liontown resource) - even an extra 500-700kt of high grade Liontown ore plus perhaps a couple Mt of high grade Liontown East ore will make a significant difference to the overall reserve base and longevity of the operation.

To a degree, this second hole at Liontown will be more significant than the previous one if it comes up with good grade, as it demonstrates that the system has the scale required to become a significant resource.

The Portal IP target drilling will presumably take a fair bit longer, but it is also a significant hole in terms of potentially generating high grade feed very close to the plant.

It would be nice to see both of these holes produce the goods. This move towards more aggressive exploration in tandem with better defining existing resources will really start to unlock the value of the project (which is a lot more significant than a lot of people/analysts are giving credit for).

And don't they have a lot of really nice IP targets left to test!

Cheers,

GB