There is a bit more detail in the 2nd exploration update with regards to this soon to be released JORC estimate.

In-fill drilling at King Vol returns spectacular intersections, demonstrating the increasing potential for a significant tonnage of very high-grade mineralisation within the existing probable Ore Reserve, with recent results including:

- 5.8m @ 46.2% Zn, 2.0% Cu from 176.2m (KVD 83)
- 8.45m @ 18.3% Zn, 0.8% Cu from 249.9m (KVD 82)
- 4.7m @ 20.1% Zn, 1.8% Cu from 132.3m (KVD 96)
- 17.3m @ 29.7% Zn, 1.5% Cu from 260.2m (KVD 100)

Excellent results received from recent drilling at the Morrisons and Queenslander lodes at the Redcap Project, with better intercepts including:

- 14.8m @ 12.2% Zn, 1.2% Cu from 288.2m (Hole 1099), incl:
- 3.6m @ 23.1% Zn, 4.6% Cu from 299.4m
- 15.0m @ 7.4% Zn, 0.9% Cu from 132.5m (Hole 1134), incl:
- 4.7m @ 20.9% Zn, 0.2% Cu from 134.5m
- 10.9m @ 6.8% Zn, 0.4% Cu from 117.6m (Hole 1150), incl:
- 6.6m @ 10.9% Zn, 0.2% Cu from 117.6m

Maiden JORC resource for Morrisons and Queenslander lodes at Redcap scheduled for mid-December 2011 – potential to discover extensions to and repeats of this style of mineralisation supported by large zinc-in-soil anomalies.

KEY INFO:

The Redcap Project comprises the Victoria, Queenslander and Morrisons lodes or mineralised structures (Figure 3). At Victoria, an Inferred Resource of 3.4 million tonnes at 5.1% zinc and 1% copper was outlined from drilling completed in 2008 (Table 6). To date there has been no resource estimate completed for the Queenslander or Morrisons lodes.

So, as I understand it. The JORC estimate for Queenslander & Morrison lodes are new value adds, which have not been accounted for previously.

Noting again that there is no JORC resource estimate for Morrisons or Queenslander, the current Exploration Target1 for these lodes is 2-3 million tonnes at a grade range of 6-10% zinc and 0.5-1% copper. The potential to find extensions to, and repeats of, this style of mineralisation throughout the Redcap Thrust is believed to be excellent, as evidenced by the very large and strong zinc in soils anomaly located over Redcap (Figure 5).

HOW COULD WE HAVE MISSED THIS??

If there JORC estimate is anywhere close that's:

2.3 MT of zinc at 6% = 138,000t of pure zinc *$1848 or $250 million of IGV.

Can anyone confirm if this resource estimate has really been excluded until now and if is really due to be released in a few days??

I must be dreaming...

Holy Hell if it's true...