Comparison of 2016 and 2018 Rock Chip Results I took a look at...

Comparison of 2016 and 2018 Rock Chip Results

I took a look at previous results released by QUR/NVA for Thompson Bros. Back in 2016 we had rock chip samples up to 1.62% Li20 at Thompson Bros #2. The better of the published results were 1.33%, 1.4%, 1.62%.

https://www.asx.com.au/asxpdf/20161221/pdf/43dwtl039hmhq2.pdf

JORC Resource at Thompson Bros came in at 1.38% Li02. So rock chip samples generally agree.

At Sherritt Gordon and Grass River, the two samples highlighted were 2.15% (Sherritt Gordon) and 3.78% (Grass River). So based on above looks generally positive for the drill future assays. The samples came from historic trenches or from surface outcrop.

https://www.asx.com.au/asxpdf/20181127/pdf/440nzgrd0trc8g.pdf

We also had this announcement in August. It implies the width of this Grass River pegmatite is perhaps 10m.

https://www.asx.com.au/asxpdf/20180828/pdf/43xrq6qmx0mspp.pdf

Dyke SG-1 at Sherritt Gordon is up to 5m width from this announcement in April. Dyke SG-2 is narrower and it is thought they could intersect at a depth of 160m.

https://www.asx.com.au/asxpdf/20180410/pdf/43t2skvrnqxxt7.pdf

Thoughts on resource upside in the next 6-9months

Our original JORC Resource came in at 6.3Mt at 1.38%, with remaining exploration target of 3 to 7mt at 1.3% to 1.5% Li20.

https://www.asx.com.au/asxpdf/20180725/pdf/43wrddfhz64jzx.pdf

Thompson Bros should get us in the 9.3Mt to 13.3Mt range. We are at 87kt of contained Li20 now. With exploration upside at Thompson Bros (from currently defined dykes) we could get to 157kt ballpark (based on average calculated below).



We'd only need an additional 3 to 5 mt at Sherritt Gordon and/or Grass River to get us to the 200kt ballpark.

To put this in perspective, TAW have 26Mt at 1.0% currently for 263kt contained Li20.

https://www.asx.com.au/asxpdf/20180619/pdf/43vw5dx6wv1bff.pdf

TAW's scoping study was done in July 2017 based on a reserve of 4.3Mt @ 1.18% for 51kt ( from an overall maiden resource of 12.8Mt @ 1.18% or 151kt contained Li20 ).

Assuming planned drill campaign completes March, we should have the resource update in the Q2 2019 timeframe. NVA's previously published timeline for the PFS was Q3 2019.