Ann: Exploration Update - Wodger & Forrest Prospects, page-4

My summary - fwiw

Forrest DDH

1. Drilled to a depth of 580ms.
2. Two zones of anomalous copper: 2m at 0.10% from 474m, 2m at 0.11% from 535m.
3. It did not find the same geology as found in the previous forrest holes (2014 etc) which yielded very nice cu and au. That (good) mineralisation occurred within talc-carbonate schist http://rocks.comparenature.com/en/formation-of-talc-carbonate-and-schist/comparison-88-11-8.
4. A DHEM from 350m to 580m did not find any conductor.
5. So much for the worth of the reinterpretation of the April17 ground EM. Waste of time? Worth it?

Wodger DDH

1. Drilled to a depth of 610ms.
2. Two zones of anomalous copper: 6.8m at 0.35% from 272m, 72m at 0.21% from 344m - both sections had gold too.
3. The conductor at plus 500m was not a sulphide deposit (beans!!)
4. The broad range of copper with gold mineralisation was found 100ms or so above the conductor.
5. No new off-hole conductors were found.

Conclusion

1. ????????? Forrest in this area. Forget it?
2. Wodger, acc to Mr Evans (still there I see!), contains a 'large mineralising system'. I can't argue with that at all. We have already hit 50ms at 1.5%. Today's news tells us that there is more of the same sort of cu/au where the drill went. The big question continues to be: Where is the source?? The ann says that further work is needed so as to understand and develop the geological modelling before advancing to the next phase.
3. But, the signpost to the motherlode from which the found mineralisation has remobilised perhaps seems to be pointing north, even though the zones of mineralisation remain open in all directions. The hint for this is that it could be in the fold closure of the Wodger anticline which is located 500ms north of all previous RC drilling. see page 4 narrative and Figure 4 on page 5.
4. More waiting, more prep work, more money, delayed excitement.