Member Info for AGEOS

This, being the first RNS relating to processing testwork, it outlines the industry-wide context within which the Pitfield titanium resource is being evaluated. As stated in the opening paragraph “The range of work programmes is extensive and the understanding being generated from the breadth of work is integral to the identification and optimisation of a preferred process flowsheet and the development of a final product specification for the Project.” The limited initial testwork results mentioned, and the four-stage 'Process Flowsheet Development' initiatives as outlined in pages 3-6 of the RNS, are largely self explanatory. However, there are implications, less apparent and inherent in the program strategy which perhaps warrant comment.

Most significant is the characterisation of two ore types, a titanite-rich ore from the sandstone bedrock and an anatase-rich ore from the weathered saprolite overburden. The none-designation of a third ore type corresponding to the transition zone as defined in the Aug 22nd RNS, implies either that this will be apportioned to one or other of the two ore types based on the relative abundance of anatase and titanite [both being present with lesser rutile], or it could be designated as a separate, third resource. In view of the high TiO2 content and 10m+/- thickness of this transition zone, that could include potential for an off-take agreement with a local processor. The mineral mix within the transition zone could be of interest to a mineral sand processor.

Parallel assessment of the two ore types through processing to final product stage reflects the significantly different mineralogical characteristics of the two ores and the consequent differences in end product and in the range of industry applications to which they could potentially apply. EEE's point of sale end products should consequently be two different specifications of refined TiO2 in particulate form, customized as required. I have in a previous post mentioned one of the more specialised applications for which an anatase derived feedstock could be especially suited, namely that of nano-photocatalysis but there are many more, and an equally varied range of potential applications for a titanite derived feedstock. The company strategy will be to produce feedstocks with as wide a spectrum of potential industry applications as possible, as confirmed by the statement “The potential optionality to produce a range of different products, depending on market demand, will be investigated in the testwork programme.” [ref page 6 Product Finishing].

To be continued

Thanks Manlord, and hope you also feel able to renew your valuable contributions.

Re LSE, I submitted observations showing a possible correlation between trading patterns and specific chat board activity two months ago. Nothing proven but they emailed me this morning to say action would be taken.

You're welcome all. As I understand the LSE moderation team took action this morning, the way should be clear for a return to civility and company matters, so if anything requires clarification from me, feel free to ask. My response however may not be immediate.

Andii, the Shazi deposit remains at the research and initial test work stage as there are metallurgical challenges far more onerous than those at Pitfield. If relevant I may enlarge on that in a future post.

Continuation:

The RNS clearly sets out the criteria required of an anatase ore feedstock and provides the test work data confirming the purity and high TiO2 content of the Pitfield core samples, and indicating the pathway for further test work. As stated by Gerry Colamarino [ref page 2] “further test work is required to explore the variables required by the chloride process, including particle size, bulk density and the digestibility of the anatase products.” By this he means that the TiO2 feedstock particles must typically be between 850 – 100 um in size and the bulk density of the material must be more than 2kg/l, in order to minimize blow-over of unreacted particles into the gas stream within the chlorinator. He could also have added that the need for a low alkali oxide content [MgO & CaO], limited iron oxides [FeO], silicon dioxide [SiO2], aluminium oxide [Al2O3] and vanadium oxide [V2O3] had apparently already been satisfied [ref RNS page 7]. In short the Pitfield anatase ore test work is well advanced towards proving up the pathway to a high-value TiO2 feedstock.

Whilst confirmation of the process route is stated as the immediate focus, delineation of a maiden MRE [Mineral Resource Estimate] and definition of potential end products are also prioritised. With regard to an MRE for the anatase rich ore, this will probably be a subset of the 4.0 to 4.9 billion tonnes estimated for the weathered cap [ref RNS June 12th] as the anatase rich zone appears from the available data [eg hole RC24COS018] to be limited to the topmost 28m. That would be on par with the 2.3billion tonne Shazi anatase deposits of China which have a comparable 4.39% average TiO2 content and a similar weathered “saprolite” cap origin and character, but a much more challenging mineralogy and metallurgy.

Although the CSIRO/Iluka research project chose the Brazilian carbonatite associated anatase ore deposits for comparison, as is replicated in the EEE RNS, research into the potential commercialisation of the Shazi deposit appears to me to be of special relevance and significance. Researchers at Guizhou University and Institute of Technology, who are working on the project, state that “TiO2 derivatives from anatase are superior to those from rutile in nano-photocatalysis applications”, and therefore “the deposit is of great economic significance” to China in the development of new and future technologies. Those applications include self-cleaning materials for any surface, glass, metal, plastic, fabric etc required to be kept clean, disinfected or sterilized; air and water purification, and soundproofing in every environment imaginable. Without expanding on the technological details, which I could do at length, it would be surprising if the Australian Government did not have a similar strategic view regarding the Pitfield anatase deposit.

AGEOS

The most recent RNS confirming high purity Anatase as the principal TiO2 component of the weathered cap at Pitfield has a significance which is clearly stated but which appears not to be understood by investors, as indicated by the subdued response in market capitalisation. Perhaps the following may assist in enlightening some at least and hopefully initiate a more informed debate on this chat board.

During 2018 the Mineral Resources Division of CSIRO and Perth-based Iluka Resources, the world's largest producer of natural rutile, initiated a research program to define the criteria necessary for exploiting anatase ores as potential feedstock for pigment and titanium metal production. At that time no anatase ores were known from Australia, Pitfield not having been identified as such, and known rutile reserves on the continent, largely restricted to environmentally sensitive mineral sands, were decreasing as were similar resources globally. Essentially they were evaluating anatase as a substitute for natural rutile, but based largely on evidence from preliminary test work on known anatase deposits in Brazil, China, Russia and Mongolia. Impetus for this research was also stated to be derived from a 2017 US Critical Mineral Report which identified anatase deposits as likely to be “of great importance in the near future”. [ref Woodruff et al USGS Titanium].

The results of that research program are, in part at least, clearly identifiable within this latest EEE RNS, CSIRO having also contributed the microprobe data for the Pitfield samples [ref pages 6/7]. The importance of CSIRO involvement cannot be over-emphasised as it is indicative of governmental commitment and potential financial support as evidenced by Iluka's parallel development of Australia's first fully integrated rare-earth refinery at Eneabba, in partnership with government backed by a AUS$1.25 billion state loan.

To be continued

Jackbal, since I have no recollection of having expressed the views you refer to, I have read all of my posts from last year and have found nothing which justifies the conclusions you have attributed to my contributions. I am however well aware of the misrepresentations others have posted supposedly representing my views.

If you can provide references to the sources within my posts and how they led to the conclusions you refer to I would be most grateful. That would assist in ensuring I better express my views in the future.

Sectorinspector re your post of 23rd July see my response on OMI today.

Continuation:

Those metrics and the reported 150m @ 3g/t Au from surface in PEP100 are sufficient to provide some indication of the potential resource, which appears modest at best. BG's description at 5.10min into the presentation of “an outcrop the size of a table …....from which samples came back at 10-90g/t Au” will excite many but is typical of supergene enrichment, in which circulating groundwater produces localised concentrations of elements with corresponding regional depletion. Those five holes may be sufficient to determine the future of the prospect.

For the remainder of the presentation, that relating to the El Cedro prospect south of APTA and to the El Pantano Project in Argentina, BG conveys expectations which appear to exceed those for all other prospects. If PEPAS and/or APTA are to contribute anything of significance, that should emerge within the next 6-12 months, otherwise OMI will remain an early stage explorer for some years to come.

Whilst others express predictions and evaluations based on opinion, misleading information and misunderstanding, some at least prefer the basis of a lifetimes experience as a professional geologist, an academic and former CEO. However, that requires future contributions elsewhere.

AGEOS

Continuation:

Early [3.07min] into the Presentation BG refers to ANZA as being comprised of 170 square km of terrain, both licenced and under application, which is in contrast to the 207km2 stated on the company website and in previous presentations, In the absence of clarification from OMI this 37km2 reduction is presumably that part of the two eastern licence areas shown on Corantioquia [Government Environmental Agency] maps as within “Conservacion Area 7” of the “Bosque Seco Tropical”, an arm of which extends into the SE portion of the APTA prospect as referred to in my 07.07.2024 update. Whether or not this constitutes a potential constraint on the exploitation of the APTA resource remains to be seen but in the meantime there is no denying it's existence. BG's clear assertion that “APTA will be progressed to resource by the end of this year” at 4.45min into the presentation and his interview statement that “APTA, that's probably close to being a resource should we choose to do that” suggests an aspiration but with reservations. With an indicated gold resource of at least 2mil oz supported by extensive drilling, any reservation regarding progress to resource definition must be based on some issue of significance. BG's reference at c4.00min into the presentation to “ I will have to be careful what I say but let's assume half a million ounces at a few grams per tonne” is odd to say the least. He knows, as well as I and any other geologist does, that the drill data indicates substantially more. Perhaps his reservation indicates potential restriction on the resource area which could be permitted for exploitation. Hopefully this will be clarified in due course.

That part of the presentation relating to the PEPAS prospect contains, as already indicated, information not previously disclosed. Unfortunately none of the maps, sections and drill data included are of sufficient visual quality to be of much value. Despite copying, enlargement and digital enhancement none of the key data and text is legible. However, using other published sources it is possible to construct a structural model of the geology, from which the maximum extent of the mineralisation can be estimated. It appears to be largely confined to a stockwork of quartz veins within a hydrothermal breccia, hosted within a pyroclastic/volcanic sequence with a N-S strike, inclined at c70 degrees W. The breccia has an outcrop dimension of 150 x 250m and a depth of at least 100m as determined by PEP100. The planned 5 hole drill program as shown in presentation slide page 62 is to test the extent of the mineralised stockwork within the breccia host, with drill-hole depths of c150m and less.

To be continued

Thanks to Sectorinspector on another board for drawing my attention to the Mining Investor presentations, links to which were posted by others here. Whilst reluctant to post any further on this board, the following brief observations may be of interest to followers elsewhere. The 14min Investment Pitch is especially notable for including market sensitive information which has not previously been disclosed by RNS and as of today does not appear to be accessible from any other source including those relating to the CSA and TSXV in Canada. This applies especially to the geotechnical data relating to the PEPAS prospect inherent in the maps, sections and drill-data included in pages 59-62 of the presentation. Also the page numbers imply this is part of a substantial document which, as far as I'm aware, has not been made available to the wider market.

The 5 minute interview with Chris Cann is of interest as it includes statements which are not entirely consistent with those of the presentation. Of these the most significant is at c.1.50min, ie “APTA, that's probably close to being a resource should we choose to do that.” [Note this implies circumstances under which they may choose not to proceed to resource definition, which is contrary to what is stated in the presentation.] BG continues “What's of most interest however is the PEPAS prospect to the north....” “That will be our first cab off the rank” and at 3.14-3.30min, “It will be a small program....we need to verify the first holes.....with five short holes.....if those come back quickly [and presumably positively] we carry on...” The geotechnical data inherent in the presentation indicates only a very small scale prospect and BG's description of the potential surface hillside mining operation sounds like an 'artisanal' type enterprise, presumably with ore trucked and processed elsewhere. More on that later.

To be continued

For those who may have acquired an interest in Orosur Mining after reading my posting history, this is to say that I have today posted an update on the LSE OMI board which you may find of value. It is not an investment recommendation, just a summary of the relevant facts as far as I understand them. I do not hold shares in OMI as of today.

AGEOS

Continuation:

The alternative and stated objective of Pepas is, as I outlined in an 06.09.2022 post, at preliminary exploration stage only. Of the 9 holes drilled, 3 intersected discontinuous Au grades which average at around 3.00g/t and 6 indicated absence of mineralised continuity in what appears to be structurally complex and highly faulted ground in which 2 holes failed. Initial interpretation for the geologically informed is that this is possibly a localised hydrothermal breccia with mineralised stockwork, above a deep-seated porphyry source, but requiring a lot of deep drilling to prove. Of the remaining 6 targets within the ANZA region, an initial drill at Pupino in the NE was inconclusive, and Roble and Cedro in the S appear to be subject to drill applications in progress. The Aster target in the SW although within a licensed area has produced no data of which I am aware, whilst La Virgencita the former high priority La Cejita target in the NW, remains in the “licence application” stage and having been in that state for more than four years is unlikely to be satisfactorily concluded. The complex legal issues involved are summarised in my 18.09.2020 post in answer to “MAJWandCo” . Lastly, the APTA WEST target, which in a 16.03.2023 post, I highlighted as being of potential since it was immediately adjacent to the gold/copper porphyry GNM Project [Guintar-Niverengo-Margaritas] , a 50/50 JV of Royal Road Minerals and Mineros SA, has to be downgraded due to recent events. Royal Road, in which Agnico [50/50 JV partners with Newmont in MMA, operator of ANZA] acquired a 19.9% equity interest in 2019, has now relegated GNM to disposable asset status. It would not have done so without Agnico's acquiescence, and Agnico would have advised such in the context of its MMA - ANZA data base.

The inevitable conclusion from all above is that the Colombia ANZA Project, whilst still offering potential from several exploration targets, is, with the APTA resource apparently in limbo, a long way from producing an economically viable mineral resource. Brad George has effectively told the market so, when in the recent Rick Rule interview he talks only of the potential at Pepas, not APTA, and at c10mins said with regard to El Pantano Argentina “To me that's the best prospect we have but the market doesn't share my view”. I have posted detailed introductory data regarding the La Esfinge priority target at El Pantano and its regional context, on 27.02.2023 and 03.03.2023 so will add nothing further at this stage. In the meantime Orosur remains as it has long been, an early stage speculative explorer.

AGEOS.

Continuation:

In a detailed 02.02,2023 post I estimated APTA as being an indicated resource of 2.342M oz [troy] Au from 25.07M tonnes of ore @2.61g/cm3 sp.g. with c20%+/- error. In addition there is an estimated 8.613M tonnes of siliceous breccia ore, within the 'high-grade' zones, for which there is no assay-data on which to base additional Au resource. These calculations were based on industry standard methods of wire-frame analysis involving 29, 100m3 blocks, with an additional 6 blocks covering the siliceous breccia tonnage. Brad George is on record at that time of comparing this resource with the working El Roche Mine 30km to the SW. the economics of which I referred to in a 16.01.2019 post. He also said in interview “that APTA was a discovery any exploration geologist would give their right arm for.” So why is this not the top priority for OMI when the MMA deal is concluded? Why is it not even mentioned in the MDA filing and why has all the previously detailed data and maps relating to it been removed from the “Project” section of the Company website?

As far back as 17.10.2019, I posted details of the proposed TDF [Tropical Dry Forest] Protection Orders for the Cauca river region as proposed by Corantioquia, the government environmental agency, and how they might impact on the ANZA area. On 02.02.2023, I provided reference to a map which shows the TDF extending well into the APTA prospect area. That appears to be confirmed by a map illustrating the 8 target areas within the ANZA region, included in the Investor Presentation at the December 2023 AGM. Although not labelled as such, it shows the western boundary of the Cauca river TDF extending as a corridor into APTA, impinging as far as I can determine from the official agency maps, into the eastern border of the APTA target prospect. In short, the potential APTA resource appears to be no longer viable due to environmental constraints, hence the progressive down-playing of its significance in Company information sources.

To be continued

Although I ceased posting here in April 2023, this update is prompted by followers on another company chat-board who may have acquired an interest in OMI based in part on my historical postings back to 2018. During that five year period I provided geotechnical analyses of the drill results from APTA and an assessment of the potential for the other 7 target areas within the ANZA region of Colombia and of the La Esfinge prospect [ El Pantano II Licence] in Argentina. All analyses were based on verifiable data from public and industry sources, including SEDAR [Canadian securities data system] on which all OMI disclosures are filed, and ANM [Agencia Nacional de Mineria Colombia]. With few exceptions most of the information posted was, and still is, apparently ignored on this chat-board, and as evidenced by the green filter boxes, those who were abusive in response are still active on this site. This contribution is therefore intended only for followers as defined above.

The statutory MDA [Management's Discussion & Analysis] for the 3 & 9 months ended Feb 29, 2024, filed on SEDAR 22.04.2024, states that if successful in reassuming operational control of the ANZA Project “the Company is planning to recommence drilling operations as quickly as possible at Pepas and commence further exploration in other areas of the Project.” It also states that “In the event that......the Company assumes ownership of MMA [ ie of ANZA], the Company will require external financing to advance the exploration project in Colombia....” Note: nowhere in this MDA is the APTA 'resource' mentioned either by name or inference. Those who have acquired any understanding of the geology and mineralogy of the ANZA region will know that the APTA resource has all the characteristics of a Cretaceous-age VMS type deposit overprinted by a Miocene-age epithermal vein system.

To be continued

Continuation:

The diamond drillholes referred to above were unsuccessful in producing stable cores from the weathered zone so it is the more recently acquired 4 DD cores, which were successful in doing so [ref RNS May 28th], which will provide the material for QEMSCAN analyses of the rutile/anatase enriched resource. Those analyses, which will include electron probe quantitative analysis of trace elements, should be available shortly. The results will contribute data to the testwork program including ore characterisation and the processes necessary for mineral separation and TiO2 extraction. As the industry has very extensive expertise in designing customised processes often unique to particular ore characteristics, I anticipate no insurmountable problems in achieving a successful outcome to that testwork program, leading to the design of a Process Flowsheet and Demonstration Plant.

AGEOS

As Pitfield mineralogy and processing is now at the forefront of investor attention it seems timely to highlight a 10 page “Technical Appendix” to the March 5th RNS which appears to have been overlooked by most since it is not mentioned or quoted by anyone here. The link to the Appendix is below:

http://www.rns-pdf.londonstockexchange.com/rns/6096F_1-2024-3-5.pdf

When evaluating the content it is important to bear in mind that the various studies described apply to samples from RC and/or DD holes from Mt Scratch and the Thomas target, mostly at sub-40m depths and so not representative of the rutile/anatase enriched weathered zone. The TIMA image [Fig 2] and the CSIRO Microprobe BSE image [Fig 3] appear to be from sub-40m unweathered titanium and Ti-bearing Fe oxide enriched bedrock. Note: the BSE [Backscattered Electron] image is obtained using QEMSCAN technology, the supposed absence of which has been a prime example of misinformation by an accusatory and spurious contributor to this chat-site. QUEMSCAN is a propriety technology of the mineral resources division of CSIRO, Australia's national science agency, with which EEE's association is of primary importance.

Although relating to the deeper titanite resource, and therefore of less immediate interest compared with the overlying rutile/anatase resource, the above TIMA and BSE images do provide promising indications of a mineralogy conducive to physical disaggregation and subsequent processing. The titanite and Ti-bearing Fe oxides are distinct and predominant, with the Fe end of the Titano-Hematite to Hemo-Ilmenite series in low % terms. This is well supported by the Wet Gravity Separation Diagnostic Testwork [pages 4-6] based on samples from 88m depth at Thomas and 170-180m depths at Mt Scratch, which in summary “provides confidence that minerals can be recovered by gravity separation”. Analysis of the two samples indicated a TiO2 content of around 67% from the titanite minerals [ref pages 6/7]. The remainder [pages 7-10] of the Appendix is a more comprehensive account of the “Metallurgical Processing Options” and the “Potential TiO2 Products” outlined in the RNS. Presumably much of this will be updated from subsequent and in-progress studies more appropriate to the priority rutile/anatase resource.

To be continued

Although the two RNS updates of June 5th & 12th relating to the Cosgrove and Thomas TiO2 Exploration Targets have added significantly to the potential Resource Estimates at Pitfield, this should not have come as any great surprise to those who have understood the relevance of prior data regarding the geological structure, stratigraphy and mineralogy of the Yandanooka Basin rock sequence. The potential for targets measured in billions of tonnes of ore was outlined with supporting calculations as far back as 14.09.2023 [ref para 2-3]. More recently [19.05.2024] I estimated the minimum Exploration Target ore tonnage as 3.9 billion tonnes based on a 5.55% TiO2 cut-off, 130m depth and 12.9 sq km area. The Snowden Optera/EEE JORC Exploration Target of 26.4 to 32.2 billion tonnes is based on a 2.00% cut-off, 150m depth and 59 sq km area, far more generous criteria hence the much greater total.

This JORC compliant Exploration Target tonnage equates to approximately 1.5 billion tonnes of TiO2, which based on the 2030 predicted global demand of 10M tonnes per annum is 150 yrs global supply. Clearly these metrics demand that EEE focus upon that portion of the potential resource which can be mined and processed to produce the most profitable feedstock, ie the rutile/anatase component of the enriched weathered near-surface zone, estimated at 4.00 to 4.9 billion tonnes of ore, which equates to approximately 200M to 245M tonnes of TiO2, or 20x the 2030 global demand. The assay results to date continue to indicate a Cosgrove opencast mine of c7.1sq km and/or a Thomas opencast mine of c5.8sq km as defined in my May 19th post, both limited to the c1km E-W western outcrop of the sandstone sequence. The hydrology of the region indicates that the Cosgrove target may include part of the catchment of the Arrowsmith river, a contributor to the Parmelia aquifer to the east, fed by a locally elevated water-table within the Cosgrove topography. However, this is unlikely to constrain the extent of opencast operations in that region.

With the scale of the potential resource established and on track to a JORC Mineral Resource Estimate during H1 2025, market focus is understandably now concentrated on processing, which inevitably provides considerable scope for misinformation both inadvertent and intended. Whilst it is tempting to contribute to this 'discussion', I shall refrain from doing so as the complex geochemical knowledge required is at the limits of my expertise and probably beyond that of most, if not all, of those accessing this chat-board. The anticipated imminent updates on ore characterisation, mineral separation and TiO2 processing, will however, doubtless provide opportunities for further comment. In the meantime this recent CRUX interview highlights the enormous potential.

AGEOS.

Thanks to all who responded.

Jeligknight: The Exploration Target tonnages are of the mineralised sandstone as mined from the opencast excavations and the TiO2 [titanium dioxide] grades are the average per tonne contained in all the constituent TiO2-containing minerals, of which titanite constitutes c67%, and Ti bearing Fe-oxides, ilmenite and rutile-group minerals c33%, at least in the initially analysed samples.

It is important to bear in mind that the Pitfield titanite has an average composition containing 36.7% TiO2, hence whilst it remains true to say that the ore may contain up to 20% titanite by mass, the average TiO2 grade of the ore is still 5.53% for the topmost 34m at both Cosgrove and Thomas.

Thanks for copying this mornings posts to ADVFN.

Continuation:

In addition to providing the outstanding RC borehole data and identifying an elevated TiO2 grade within the surface to 40m downhole portion of the target deposits, the RNS also states that the 4 DD cores confirm significant chemical weathering of the host sandstones coincidental with the higher TiO2 grades. The mineralogical and metallurgical consequences of that alteration will be the subject of further study and will be factored into the ore processing and product formulation flowsheets. For clarification, the chemical weathering is not due to the present-day climate. It occurred under terrestrial conditions, sometime after the Leeuwin Orogeny [780-515 million years ago; see 01.10.2024 post, para 6, for details.] and before deposition of the Nangetty Formation rocks [max age 323 million years; ref Geol Survey, W Aus.] the oldest rocks overlying the Yandanooka Basin sandstone-siltstone sequence.

On 30.04.2024, I posted regarding hole RC24HYN001 situated c3km east of the Cosgrove Target area and situated well within the Mount Scratch Siltstone sequence, the location of which seemed to be speculative. As the recent assay results of 154m @ 4.06 TiO2 were released without comment it seems reasonable to infer that this location choice was to obtain data on the eastward extent of the mineralisation at the limit of the E70/5465 licence. Drilling yet further east would be within the E70/5876 licence and could encounter an increasing thickness of Nangetty Formation rocks overlying the target Yandanooka siltstones.

Although it is possible to extrapolate further to the possible implications, both operationally and economically, which a primary/secondary ore-tonnage might have on the mining and multi-stage processing of the resource, I will await further RNS disclosure before doing so. It appears from 'market' reaction, that understanding even this relatively simple early-stage aspect of the project, is a challenge, so the complexities to follow will be a daunting prospect indeed. However, SB and Andrew Faragher [who writes the technical stuff] are doing a brilliant job in presentation so I anticipate an RNS data-flood especially on the mineralogical, metallurgical and processing aspects to follow shortly.

AGEOS

The most recent RNS, that of 15.05.2024, reported assay results from the remaining 22 reverse circulation [RC] drillholes at Pitfield, thus confirming the extent of the high grade TiO2 resource at Cosgrove and Thomas, which formed the basis of my 06.05.2024 estimated Exploration Target tonnage. Since those estimates clearly escaped the attention of some and no doubt after 14 days have faded from the memory of others, I repeat them here, as being the minimum based on the criteria as defined in that post, and limited by the assay data available at that time, as 1525M tonnes for Cosgrove and 1647M tonnes for Thomas.

The recent additional data increases those minimum estimates. At Cosgrove, holes 030 [6.05% TiO2] & 032 [6.31%] extend the N-S axis to 7100m, which assuming continuation of a 1000m E-W high grade sandstone sequence, gives a minimum resource of 2168M tonnes [see 06.05.2024 post for calculation method]. At Thomas the northerly extent is increased by holes 027 [5.91%], 029 [5.61%] & 030 [5.12%] but the southern limit remains unaltered as holes 013 & 014 are below the 5% cut-off. That increases the N-S axis of the Thomas target to 5800m and enhances the minimum estimated resource to 1771M tonnes.

These calculations, as explained in the 06.05.2024 post, are based on high grade mineralisation to a depth of 130m as indicated by almost all of the drill logs, but as this most recent RNS emphasises and as reinforced by SB in interview, of the 67 RC drillholes completed at Cosgrove and Thomas, 86% show elevated TiO2 grades within the top 40m. The average grade for that topmost 40m across all 67 holes is 5.53% TiO2, which compared with 4.82% for the 40m- bottom-hole portion represents an average 14.7% increase within the uppermost 40m. This zone of elevated TiO2 mineralisation is described as correlative to a zone of deep weathering as evidenced by highly oxidised saprolite [chemically weathered bedrock].

Since the majority of the 67 drillholes are within the 1000m x 7100m Cosgrove and 1000m x 5800m Thomas target areas, which form the basis of my minimum ore-tonnage estimations, it can be assumed that if as seems likely, the topmost 40m downhole of the mineralised deposit will be the primary target, it too will extend over a similar area. Thus the topmost 40m [40m downhole = 34m depth from surface] at Cosgrove equates to a minimum primary ore resource of 567M tonnes and that at Thomas to 463M tonnes, at an average grade of 5.53% TiO2. The balance, from 34m to 130m depth from surface, would constitute a secondary ore resource of 1601M tonnes at Cosgrove and 1308M tonnes at Thomas at an average grade of 4.82% TiO2. These are the minimum JORC compliant “Exploration Target tonnage” estimates, at the average TiO2 grades as stated, which I anticipate will be released in RNS, with the QA/QC verification of Snowden Optiro, within the next few weeks.

To be continued