Ann: Second Thick Zone of Bornite at Thursday's Gossan, page-90

"Big difference is they have already had big success near surface (See Below) and have a Mineral Resource estimate of 1.9Mt copper and 4.3 million ounces of gold."

XAM are in a major Porphyry Cu-Au district in Mongolia that contains several major Porphyry Cu-Au mines including RIO's Oyu Tolgoi multi billion dollar development project. XAM has already made multiple discoveries and the MRE you quote is based on an open pit model.

Your reference to a sobering peer comparison is an understatement IMO.

Look at the scale on the XAM 3D model snap shot above. The Stockwork Hill mineralised envelop is more than 300m wide and this is only one of three mineralised intrusions over a strike length of 2.2km. Pretty hard to miss and the system contains plenty of gold. Also look at the drill density difference. SVY have been drilling diamond holes on spacing of around 40m on each fence line.

So far SVY have some relatively wide intersections of Cu at in the Thursday’s Gossan chalcocite blanket with an Inferred Mineral Resources of 28Mt at 0.4% copper for 110kt of contained metal but where is the gold? The gold grades are so low they haven't included gold in this estimate. Compare that with XAM, 1.9Mt Cu and 4.3 million ozs gold with a market cap difference of only circa $20 million according to the above poster.

As I said hole 44 better contain some more elevated gold grades to prove that this system is not gold depleted because at that depth the company will need more than copper grades of 0.4%.

P.S. I was a holder of XAM in the very distant past. Traded it for a few pips profit. Esh