RE: Notes from UK INVESTOR MAGAZINE Q&A - 08 JUL 20228 Jul 2022 12:26
* From Aran – Han****, UFO applied for an exploration tenement EL47/4605 SW of Han****, where did that come from and have you done any groundwork pXRF readings etc?
Looking upside to 2022 Q2, have you finished drilling on Ridges C & E and have you now moved south to new areas?
How long are you expecting to be there or indeed have you now finished and if you’re going straight to Brockman?
- New tenement is just a little block we noticed was available when doing some research, minimal annual expenditure of a few hundred/thousand AUD a year, sits nicely on corner of what we hope will be a larger area to hold so put an application in, more a strategic acquisition, so small that it’s not necessarily an economic one but always good to have ground close to your project as might come in useful as perhaps a stockpile, a small camp etc. and better to own than have to deal with 3rd parties so nothing planned this year
- Drilling phase 4 just completed on Ridges C & E, gone really well, had nice geological material really liking the look of and as we expected
- Rig is currently on another job not related to UFO but looking to bring it back hopefully to Brockman as now have permissions of works formalised and granted, in discussions with mainly Rio Tinto who hold most of the access and haul roads to south of Brockman area but as a friendly party they are progressing well, just need to go through red tape of contacting them for permission to move equipment and vehicles on their roads so looking to get drilling there in next few weeks
- Waiting on further permission of works on Han**** for other ridges we’re keen to test, quite fortunate we’ve got plenty to get on with so all moving in right direction, keeping an eye on work commitments and spend and keeping budget’s controlled
- Also looking at recently acquired Vivash Gorge, already an existing permission of work in place, quite significant with 30,000m of drilling (won’t go that far currently though) but have the ability to start work here and plan to do so in future to get momentum and sense of potential here as well.
* From Stephen – When do we expect the mining license to be granted for DSO (Direct Shipping Ore)?
- DSO is essentially material that requires no beneficiation, no processing - essentially dig it out of ground, do a normal crush in our case in a small mobile unit just really to break down into more manageable size for transport then screen it to help divide fines from lump and then straight to market
- In terms of mining license for Han****, would like to obtain by year end if possible and team working in background to try and accomplish this and making great progress, will keep market updated soon as possible when we get news.
CONTD..
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