The Franklin deposit didn't show much prospect with the initial...

The Franklin deposit didn't show much prospect with the initial hole, although it's just one hole. Hopefully the aeromagnetic results show some more potential.

The West Southdown deposits are, however, seemingly the extension of Granges Southdown, so I've been much more interested in them. The aeromagnetic survey will indicate which area of the deposits to drill next to start confirming up a potential tonnage. I doubt it will be anything like Granges, but should hold significant tonnage. The key may be to find some thick zones close to surface to gain some interest from a 'partner'. The partner will quite obviously be Grange and Sojitz who will be able to tack WS onto their deposit for additional tonnage.

At what price will obviously depend on the tonnage, grade, and depth, which at the moment it's a pluck.

Southdown ranges from 50-100m thick from surface to 400m so MAK really need to get some hits confirming the potential for something similar.

So, the value of the iron ore can only be a pluck at the moment IMO. Could be anything between 50 - 450Mt perhaps.