Fairly small land holding inside the main alkaline complex, the...

Fairly small land holding inside the main alkaline complex, the larger tenement holdings (still smallish on the scale of things) are outside the alkaline complex.

I guess the concern for me out there is the met work from MEI and VMM is fairly well untested in those areas.

It's my assumption that both REO grades/depth thickness will be ok - but not as good as inside. But the larger concern is how ionic that material is, if at all. So compound the 2 together and you might not have a viable resource. If it is viable, then will it be to scale of 200mT to support a decent LoM.

So there's quite a few unknown in those tenements for me. For the MC a good RvR could easily bounce to 20-30m on some good REO hits and once prelim met work is done to verify that it's easily leachable then one may start to look at it more seriously.

I think it's possible one of the factors VMM is discounted compared to MEI is landholding. That kinda makes little sense to me, because landholding becomes irrelevant IMO if you can delineate a large enough resource to underpin a mine study for a project which is 20-40-60Years long. So with that in mind, one would need to yardstick ENV to VMM. At 20-30m i would say VMM is easily 2-3 times better given larger land holding and further advanced.

In short it would be worth a punt, but better RvR in VMM at current MC valuations given the unknowns outside the alkaline complex and fairly small land holding within.

All IMO of course.

SF2TH