Ann: Peak Hill Iron JV - Magnetite Exploration Ta, page-23

re: Ann: Peak Hill Iron JV - Magnetite Explor... Not bad for starters.

Points to consider are

1) This is an exploration target only for the magnetite component of the project.
2) The project areas have potential for both Hematite and Magnetite.
3)A hematite target is more likely to be defined by referencing drill hole and rock chip data in conjunction with these types of magnetics. However, they could take a conservative approach and use a combination of gravity and magnetics (if tight enough) to come up with a modest figure for the hematite component.

It could easily be 2-5% of the the total and possibly up to 10% IMO. Thats 100 - 200Mt DSO being somewhat conservative.

These figures are pretty much in line with what I expected. I have already stated previously that majority o the strike is going to be less than 40% and that the project is potentially a high tonnage magnetite project as well as having DSO target areas.

My comparisons to Flinders (700Mt), Sundance (~2Bt) and Jack Hills (~target over 2Bt) will have given readers with the ability to read between the lines an idea of what I felt the potential for these projects were. One reason for such comparisons was because I think it would be irresponsible of me to actually put a figure on it when I am not qualified to do so.

PDY has more tenure over iron formations than any other ASX listed company in the Peak Hill goldfields. The same can be said for the Narracoota formation.

This is very early days yet. Much more work is needed before real value is reflected in the share price. At least this is a start.

Have to go out now so more comments later.