Ann: Lac Rainy Progress Update, page-12

The interesting aspect for me in this Ann is that they are firm on a cut off grade of 5% in their visual channel sampling, so suspect that might be their cut of grade in subsequent assessments as well when it comes to the assessment of drill cores when the drilling program commences here btw.   That is I suspect the 5% cut off grades will be used in any subsequent JORC to get to a measured and indicated resource from drilling, and obviously a drilling program hasn't started here so just a guess on what they might do.  And obviously this Ann is about visuals, so need to await the assays from the chanelling program as well to confirm results etc.

This 5% cut off grade is around the midpoint of my previous research - refer embedded posts below.  They are clearly targeting the higher end market IMO,which has been my and several posters posting here views, as the lower end markets will still be served IMO by the low grade deposits in China (and I doubt MLS can enter the lower end markets btw so its only opportunity is to enter the higher end markets and that requires good grades and based on the channel sampling commentary in the Ann they seem to have a lot of specimens grading above 5%, which is a good thing albeit they are still needing assaying to confirm that).  I gave some views on MLS and graphite a few months back and they remain as is - in Post #: 34546638 and Post #: 34565510.  The latest work by MLS appears positive, so lets see what happens.

What I do like in the announcement is that for virtually all there channel samples, the strike length remains open on a number of fronts.  But ultimately the drill bit will decide. They are clearly doing a lot of leg work, but it would be nice to understand when they forsee their inaugural drilling program starting, and I suspect it will start this side of Christmas.

Whilst the channel samples appear encouraging and assuming the assays confirm the visuals, ultimately the drill bit will determine the grades beneath the surface.  Channel samples simply give encouragement, but the drill decides your fate hence the risk reward equation here because sometimes it works out and sometimes it doesn't.  Fingers crossed when drilling starts the results remain above the 5% cut off grade they think they have here and that depth and width of the resource is good.
All IMO IMO IMO