Updated Resource Estimate (based on current results)

@mineralised put together a spreadsheet of all intervals. He also estimates the PM and copper re-assay grades based on ratios seen in other holes.



I was able to tighten up my resource and revenue models with this information


RESOURCE ESTIMATE USING TOTAL INTERVAL LENGTH

I use the total interval length and assume a 20-25m radius to estimate rock volume.



- Per the table above, mineralized intervals totaled 590.4m

Calculating Volume:

- Assuming a 20m search radius (π*20m*20m*590.4m) = 741,920m^3
- Assuming a 25m search radius (π*25m*25m*590.4m) = 1,159,250m^3

Specific Gravity:

To tighten up density assumptions, I applied the regression formula used to estimate Veovaca resource and got an average density of 3.78t/m^3.






Resource Estimate:

- Assuming 20m search radius = 741,920m^3 * density 3.78t/m^3 = 2.80Mt
- Assuming 25m search radius = 1,159,250m^3 * density 3.78t/m^3 = 4.38Mt

At average 14.7 g/t AuEq, this is equivalent to 1.32Moz and 2.07Moz, respectively.



RESOURCE ESTIMATE USING PLAN & SECTION VIEWS

The above estimate using total interval and 20-25m search radius jives well with other methodologies.

The plan view below shows roughly 300m strike and 250m lateral width at the widest point.




I know there's been much debate about down dip or lateral width, the below cross-sections from the last two drill announcements show very clearly that down dip extension spans hundreds of meters and is open at depth.





Using @mineralised spreadsheet, I have averaged mineralized interval of 24.6m per hole. I would point out, however, that hole spacing is much tighter for the shallower/shorter intervals which skews the average thickness lower.

We are seeing consistently thick (50m+) intervals on aggressive step outs in these recent holes so using 24.6m is conservative. Average thickness, grade and density should all be higher once they infill these higher grade zones.

Resource Estimate (Low):

300m strike * 250m width * 24.6m depth * density 3.78t/m^3 * 0.5 to account for wedge shape = 3.48Mt

Resource Estimate (Base):

If instead we use the average lateral width (100m width vs 250m width = 175m avg width), we get the following results:



300m strike * 175m width * 24.6m depth * density 3.78t/m^3 = 4.88Mt

At average 14.7 g/t AuEq, this is equivalent to 1.65Moz and 2.30Moz, respectively.

I am comfortable with 4Mt estimate based on current drilling and see upside to 8Mt+ based on (what I feel are) reasonable assumptions about strike and down dip extensions. See the IP anomaly below, which I've outlined in yellow. Mineralization is clearly dipping away from this anomaly (and surface outcrop).



The IP anomaly suggest a potential strike of over 600m. Wide open at depth.