Next Capital Raise (when?), page-11

Hi M
Noticed the cross posts from Dolce. But the below is still IMO pertinent from an exploration geological view.

No issues with what you say about the timing of a CR - up to the board who will be well aware of the concepts you post.

JORC: IMO the AZS board will have a very good idea how this will turn out by the time the drills stop for this phase of work.

In my experience estimating grade and thickness at a project is an iterative process. Base metals such as at Opasura tend to be easier especially for the high grade massive sulphides but trickier for the disseminated/laminated halo(s).

You start with limited knowledge of what you are drilling but as more core and assays come in the onsite geo's can get pretty good at guestimating what a mineralised intersection may contain.
Add on PXrf to give a qualitative if not quantitative estimate for marginal material these days and these data are added progressively to a data base capable of 3D imagery.

With variations, the above are pretty standard procedures you are probably aware of.

The nett result is a pre JORC model that can be evaluated but not announced until a couple? of months of study is done with confirmed assays.

63 holes have already been drilled and the second half of the drill out is progressing well.



So IMO the eastern area's potential will be reasonably known by the board by Christmas.



With such qualitative knowledge they will be in a good position to judge timing of a ??CR if the JORC at Opasura is a major issue.