Ann: Ambato Drill Contract Executed, page-26

The key I got from this Ann, is that they are looking at a cut-off grade of 3% in establishing a case for further work (i.e. then benefication to get to 30% TREO concentrate if viable) - puts a little more perspective to my earlier post which included cut off grades of various other rare earth deposits Post #: 34616622.  The fact the cut off grade is at the lower end of some of these and that they are in effect drilling holes to 100 metres (10 holes for 1000metres of drilling) appears they may be working on a shallow but dense deposit hypothesis hence the low cut off grade (if I have interpreted the Ann correctly) and/or they expect more of the REE that can be used in the EV market in the mineralisation itself.  From the previous samples their grade was 0.14% to 40.8% TREO, so an aspect to get excited about albeit drilling will ultimately determine (noting rock samples per se may not equate to what is underground but still a good start).

All IMO IMO IMO IMO and just a guess