Ann: 7.5m at 15.2g/t Au including 2.5m at 37.8g/t Au at M1 Sth, page-8

Yes does seem to be dropping off as they go deeper, not getting those super high grade hits.

The fact that it is still mineralised and open I guess is the key. Sprott had used a diluted grade of 22g/t for their back of the envelope calcs and multiplied that by the depth. They thought 560koz could be the resource if drilling was extended to 450m vertical depth which today’s result does. Given the drop off maybe they only get to 500koz for M1.

Resource update must be ready to go soon. I think they were probably waiting for these results to finalise it. Hopefully it will be a catalyst for other investors to begin to realise the value on the project. Macquarie note now also on the WAF website has an IRR of 79% for their project assumptions. Those assumptions are 150koz production over 9 years at US$750/oz AISC which would appear very conservative given the company has openly discussed an aim of 200koz pa and costs toward US$600/oz.

I note also that Mark Connelly has resigned from the board of Cardinal Resources today ‘to focus on other commitments including as chairman of WAF’.