The shell is not full yet!, page-40

QH has been pegging the play for at least 4 years now, patiently mopping up tenements as they became available. Creasy Group has been on to this for years and has assembled some good ground, and NOVO wisely then did a deal with Mark Creasy for access, and then with ARV for access to their tenements. When you look at recent history, many players entering in the past 6 months looked to the Hardey Formation initially (as in Beatons Creek) but it has quickly become apparent that exposure to basal Mt Roe Basalt (MRB) particularly on the northern edge of the Pilbara Basin is the primary target. On my reading of the geology NOVO/ARV at Purdy's, DEG at Loudens, HAO at Comet, and the historical watermelon seed Egina alluvial production all have basal MRB in common. The mineralised conglomerate lies conformably under the MRB (ie in the same lower Fortescue Group time series), but unconformably over the older rocks (eg Mallina formation at DEG's Loudens patch) beneath, indicating that there is a significant time gap between the Mallina Formation / De Grey Supergroup and the "watermelon Seed" nugget bearing lower Fortescue Group conglomerate overlain by the basal MRB.

I am happily putting my money where my mouth is on this, and have selected only plays with basal MRB exposure for investment. I am not looking to reinvent the wheel that NOVO / Creasy / ARV / DEG / HAO / KAI / CDT / IPT / VRX etc etc etc are basing their pegging and investments on.

GLTAH

cheers

BS