MRD Low quality project and lack of disclosure

This project has been progressively dropping in its potential to produce a discovery for many months.

Its geochemistry is nothing like the Nova discovery with much lower copper responses and much poorer correlation between Ni and Cu results - all of which mitigates against a significant discovery of Ni, Cu sulphides.

Assaying of diamond holes has been unusually scant. Pictures of core are dominated by pyrrhotite with rarely better than traces of chalcopyrite and very minor Ni sulphides. That is reasonably common in many non economic gabbroic intrusions.

AMT is an old technology (about 40 years or more) that is rarely used and in the literature AMT anomalies are not considered viable drill targets. AMT anomalies are too unreliable with many causes like fault, shear zones for example. There are some moves to add it to modern EM surveys to shed more light on known ore bodies but AMT itself has not led to a significant discovery world wide that I have found in the literature.

Major Ni, Cu massive sulphide discoveries crop out at the paleo surface (the original eroded surface) creating excellent EM anomalies underneath the oxidised portion and excellent geochemical anomalies - not so in this ground. Blind discoveries well below the paleo surface are very rare and those that are made are almost always close to cropping out eroded and oxidised sulphides (extensions of a known ore systems).

EM is the best geophysical tool by far and for deep targets low temperature Squid type receivers are very effective. The soil depth and conditions here can be handled with EM.

MRDD 016 is highly material and should be immediately logged and reported including a description of any sulphides as it's very straight forward and simple to do. Assays can then follow. This should be done without delay regardless of the larger project evaluation. If it had intersected significant sulphides it would have been reported immediately under continuous reports obligations.

The share price will likely drop and revert to just above cash backing so the market cap returns to around $2m, not its current $11m.

Any recent share trading by MRD staff past or present should never have occurred until the results of the last diamond hole were announced. By all accounts it appears to be in defiance of ASX trading rules.