These are narrow and deep results. They are in essence more of...

These are narrow and deep results. They are in essence more of the same, and investors seem not to want g to "pay up"... just look at shareprice.. still 12.5c.

31 cm at an average grade of 257.4 grams per tonne, 200m down hole and any mining engineer will tell you you cannot mine 31cm lodes, unless you want to spend huge sums on mining costs.

Hole 0163 targeted more high grade gold but never found it, because of a dolerite dyke (ie some younger volcanic rock presumably dislocating the ore zone?). Without seeing the detail, That says that these ore zones might not be as continuous and predictable. Thats a possible negative.

In the short to medium term TAM says it will focus on regional exploration programs. Does that mean they do not have sufficient cash to continue to drill deep?

Need to see Annual Report with the new mine reserves, including what the new average grade for the open pit mine and the underground mine will be. That will have to include the new (increased costs) of mining, processing and staff salaries, which have gone up significantly in this industry.

Oh boy..... this looks like a hard gig.

Never-ever investment advice, ONLY observation, please DO YOUR OWN research and IF IN DOUBT ALWAYS seek independent advice, ALWAYS.