2015 Annual Report

It is interesting to go through the Annual Report and try and find extra information.

The MPJ Management strategy has been to take the whole 40km length of the Roe Hills prospect and drill sparingly at several critical locations. Also to extend MLEM over the entire region and marry that with other extensive geophysical survey data covering the area. Alternatively they could have put all their eggs in one basket and really hit Talc Lake or Roe 1, but they chose not to.

Of course the Great Southern Anomaly has been ignored so far... even on MLEM... and the area to the west of Talc is also very prospective apparently.. for later on.

As a result they say that they have confidently identified 5 distinct lava flows resulting in approx 200 line km of potential nickel-hosting basal contact area. This interface zone is the popular prospective place for high-grade nickel accumulation, typically in abayments.

The MLEM work (143 line km completed) is ongoing and should be covering Roe 2 if it hasn't already done so. Also some High Powered FLEM work (7.7 line km) has been achieved which is consistent with them saying that this is intended to assist further in refining some of these preliminary highly prospective targets.

Clearly they intend to give themselves the best chance when they drill.

It might be too much to expect for MPJ to find nickel halos (hole -22) or significant disseminated nickel in all diamond drills. Typically holes 13,14, 16,17,18,19 all at Hooton are reported quietly as having "trace amounts of weakly disseminated NiS confirming the fertility of the sequence", so their cost-benefit was mainly in gaining knowledge of the geology. Nothing particularly exciting in the way of significant NiS at 0.5% say.. ah well..

Holes 20 and 21 (Point Perhance) representing the first efforts to attack these (Category 1?) conductors resulted in suphidic shales at the modelled conductor target depth. That was disappointing. Fig 16 gives a first seen Schematic of Point Perchance which is not too inspiring at this point in my view...anyway...

Hole 15 at Hooton is certainly interesting and may well be a priority target for further drilling. It is claimed (page 23) to have characteristics closely associated with other major nickel finds and ... "the Central Belt can be traced in aeromagnetic imagery beneath transported cover over a strike length of at least 5 kilometres at Hooton with hole RHDD0015 being the first effective test of the sequence" This first effective drill-test was a success. Good one!

Where the FLEM work is being done is likely where they intend to target-drill soon and that location is unknown.

I would anticipate that they are going about it all in a way that draws on the vast experience they have and the fact that what is being found now at Roe Hills is typical of what is found in the local area of other major finds.
As this Report again points out, management have a vested interest and remuneration is being partly given in shares so.... I don't know what more can be asked (but never demanded!). Looks good to me. Top people doing a great job.

Josh says it well in the last line...."We recognise the support from all shareholders and continue to work towards rewarding all with a major discovery in the near future." If only I knew what "near" meant!

MPJ is certainly no place for impatient people... or those with a nervous twitch or shaky nerves. Yes it may find nothing and if that outcome is unacceptable there is always the Sell button.

Otherwise hang in there and "Onwards and downwards" (drilling that is! not share price of course, which has to go UP).