Ann: High Grade Results from SPD Vanadium, page-6

I still think this company is really flying under the radar.

There aren't many vanadium plays out there with a significantly sized resource and likely favourable metallurgy that would result in lower capex. Not to mention the infrastructure already in the area.

Granted these are only 2 samples, but these 'whole rock results' (not concentrate) are higher then most concentrate grades out there (concentrate grades can be very misleading also in terms of there actual value to a resource, actual metallurgy is so much more crucial to a projects success).

I'm sure we've all seen plenty of other exploration companies report 'rock chip samples' that often enough tend to drastically overstate what the drill results indicate. I don't know if this is possible to do with Vanadium and this resource, but it appears they have taken enough material to do some met testing which suggests to me they took more than a few rocks to test.

Assuming these pipes do return a higher grade and are more economical to process with favourable metallurgy than the resource we know we have, just how big are they and how many are there of them? It looks like there is some outcropping based from the diagram in the ann, perhaps this is some of them and there could be more to be found. Surely there is more than a few of them at a decent size, for them to bother taking the material to do further testing on at this stage.

If some of my assumptions above end up coming true (still an 'if'), just where will they fit on this diagram? It is stated in the ann that they believe there is the potential for this to have occurred based on geological data/studies from this area, so maybe there is actually some substance to these results today.


The only way to get confirmation of this will be the results of the met testing (underway) and drilling commencing (hopefully very soon with the ann stating 'Given the encouraging results from surface samples the Company plans to test the sub-surface extent of the pipes during its forthcoming drilling programme at the SPD Vanadium Project.').


Today's ann just gave us a sneak peak at the potential for plenty more upside with this resource in my opinion. I think TNO will be more than alright if these 'pipes' don't come through with the goods based on what is already there. If it does however, this becomes a very special resource.