Resolution Minerals Ltd (RML) Earnings Call Transcript & Summary

Good afternoon. My name is Duncan Chessell, Managing Director of Resolution Minerals. Very pleased to see quite a few attendees today at today's webinar for Resolution Minerals. If people have got any questions today, if you wanted to enter it into the Q&A section of the webinar, you should find that on the pop-up menu, a little button there, Q&A, and then you can just post your questions into that. So today, we're obviously, I mean, pretty active on -- in 2 countries on a few projects. So it's been a pretty busy time for us at Resolution. There's only 3 of us in the business full time. So it's -- we've been running around and getting -- being pretty busy. So it's been an exciting time as well. And today's webinar will sort of cover the most important current activities, our strategy, and I guess, our plans over the next 12 months as well. At the end of the presentation, there's a time line and you can -- we'll be able to sort of go through what's happening over the next few weeks, the next few months and over the next 12 months as well. Sort of mapped that out for people. And that's at the end of the presentation. So yes, just to get back to the presentation itself, we're going to talk a little bit about, obviously, the battery metals focus that sort of come up of recent times with the OZ Minerals agreement that we announced a couple of weeks ago and also the Benmara Project, which we're about to kick off some drilling on. But -- and not to get away from the precious metals hump for big deposits in big country up in Alaska on our 64 North Project, which is also undergoing a considerable amount of work. We're at the moment up on the Tourmaline Ridge Prospect, undergoing some -- building a road and doing some trenching there, following up some high-grade rock chips up to 100 -- over 100 grams per tonne to define some drill targets there. And I guess trenching, I'll have a talk to that a little bit later as well and talk about why trenching is a very effective tool, a low-cost tool for that prospect. We've also elected to drop a little bit of ground on 64North Project. We had 30 prospects, and we're just focusing in on that, on the best prospects. We have obviously tested some and decided they are not worth retaining. And we've also got some others that we really do want to get in on, Tourmaline Ridge being one. And obviously, the high-value drill targets we've identified at East Pogo on the recently completed RC drill program. And there's a question on that on some of the confusion around the VTEM survey results. So we'll have a bit of a chat on that. The continued field work to find drill targets at Divide Block, Elaine and Kramer prospects, that's -- there will be another presentation on that once that work is completed over the coming months as well. But obviously, the battery metals in Northern Australia is something that we really do want to chase up. We see the renewable energy future for the world is that super cycle of those battery metals. It is really important for it to be in front of. We see that as being a super cycle. It's only just beginning. And we're in a really well place to explore for base metals, that being copper, silver, lead, zinc deposits up in the McArthur and South Nicholson Basins in Northern Australia, a very prospective area, and obviously about to head out in the paddock in just over a couple of weeks' time to commence some drilling on the Benmara Project. And we'll also go through the OZ Minerals deal. The other bit of news that is news to today is that the disposal of the Snettisham project in Southern Alaska, a project that we were not in a position to be able to take forward. It wasn't really a focus for us. It wasn't in that sort of -- that Northern Australian battery metal focus and wasn't on precious metal space up around 64North. So we've moved that across to Millrock Resources, who is seeking a transaction with third parties. And we'll have a -- that means there's no ongoing carrying costs for us any further on the project and any share of proceeds of -- we will share in the proceeds of a transaction on that with 30% due to RML. So a bit of -- a small bit of news there. Where are the projects? Resolution Minerals has projects in Northern Australia, in the Northern Territory, the Wollogorang Project, right off in the Gulf of Carpenteria there and about 150 ks southwest of that, the Benmara Project, which we'll talk to shortly. And then the 64North project up near Fairbanks in Alaska. All of these projects are in top 20 ranked mining jurisdictions from the Fraser Institute of the best places to do mineral exploration in terms of the prospectivity and the jurisdictional, very safe jurisdiction to do that work in. So that's where it's situated physically. Having a little bit of a look at the company itself. We are a junior explorer. Our market cap last Friday on close was around $10 million, a share price of $0.023. That's gone up a little bit of late, with some of the more recent news items that have gone out around the drilling that's about to kick off. And I think, certainly, people are starting to realize that Resolution has got multiple projects, 3 probably major projects. We've got 1 with OZ Minerals. So that's fully funded with those guys. We've got 64North in Alaska, the precious metals gold project, which has got some right next to an 11 million-ounce Pogo gold mine. And then obviously, the Benmara Project as well. So I think we're starting to see the market starting to realize what we've got there. And a little bit of the cap structure. Cash at the last quarterly as declared at AUD 1.75 million. Total number of shareholders is about 2,500. So a fairly broad shareholder base there. Getting into the Northern Territory project because that's the next cab off the rank for drilling. The Wollogorang Project, we announced or we did a -- we completed a VTEM survey, a geophysical survey technique, which can identify massive sulfides or rocks that are conductive rocks, that could be trap sites for potential base metals, so reductive rocks. So we conducted that survey there, come up with 40 conductors. And that's on the back of previously having held the project, done some exploration for cobalt in the breccia pipes there. That -- the breccia, distinct breccia pipes, which hosts the Stanton Cobalt Deposit, are fairly modest cobalt deposit there. It wasn't worth sort of chasing up that model. We went after the bigger stratiform sedimentary-hosted copper. And the best way to do that is to just run a VTEM survey over the whole project area, and that's what we did. We also ran that survey over the Benmara Project as well, and I'll get to that in a moment. But that obviously came up with 2 very large-scale targets on the Benmara Project, 4 kilometers and 2 kilometers in strike identified in that survey. And hence, for a number of reasons, we're heading out there to drill those targets pretty soon. The probably best just to kind of get straight into the nuts and bolts of the Benmara Project itself, the drilling that's planned on there and why and where does this fit into the -- I'll probably go back one here. The Benmara Project is a long strike from the Fish River Fault here from the Walford Creek Deposit, which is about a 40 million tonne at around a 2% copper equivalent deposit owned by Aeon Metals. That -- this -- all this ground through here is prospective for the same mineralization model where you've got a big, huge basin, basin waters, metalliferous fluids dewatering out of that basin, hitting that sort of vertical wall at the edge of the basin and then dropping out where you've got those reductive sediments. And that's where the VTEM survey can identify the reductive sediments or can directly detect the massive sulfides that you're ideally going to drill and discover. Most of this ground in between Walford Creek and our project has not seen modern exploration, so it's a really important distinction to make. Because this is -- this area, unlike our project, is -- [ we're in a past release ], this is aboriginal freehold land, and there hasn't been any explorers being given access to that ground for 30 or more years. So there've been very little work and very little knowledge of that ground there. So very underexplored area in there. That's that zone here heading towards the Queensland border. And there's a couple of uranium occurrences known just in there from previous work done in the sort of '60s and '70s. Then we get on to pastrelease. So we've got no issues with access here. We've got drill permissions in place. We're drill ready on this project and ready to -- with a drilling rig ready to go out in the field. The -- we conducted a VTEM survey over this sort of section here on the margin of the northern margin of the South Nicholson Basin, and that's where you can have that confluence of the sedimentary basin with the reductive sediments on lapping here and the coming -- giving -- allowing that -- those metalliferous fluids to come up and come into contact with that reductive unit, which will allow those base metals to precipitate out and form a deposit. So the VTEM survey is something that can, as I said, can identify the conductive rocks, all the potential massive sulfides. And as one of the questions in there from [ David Sassen ], what are the issues with -- can confuse VTEM survey results, saline groundwater, water clays, et cetera? And I think, yes, it's a good question. You do have the possibility that sometimes these anomalies can be due to saline groundwaters or to groundwaters that can mimic that same effect of a conductor at depth. In this particular case, though, we don't feel that's quite the case because we're seeing this anomaly sort of sit right along on that Fish River Fault system there and in a sort of fairly flat lying manner. If it was saline groundwater filling that fault system, we'd probably see it would be modeled in a more vertical sense. But as you'll see in the video, it's more modeled on a bit more of a flat lying conductive body there. And the position there and some of the other more technical aspects that our geophysicists process for leads us to believe that it's not a saline groundwater response, although that can never be ruled out until you drill test it. There has been very little drilling in this area. And you can see, there's been exploration work for diamonds and for uranium exploration up in the north there, those pink dots. So very underexplored part of the world, but highly prospective. And I guess that's why you're seeing in some of our neighbors coming into this basin here. Encounter and BHP, Rio Tinto, Red Metals (sic) [ Red Metal ], Teck, et cetera, and Newcrest in this area here really looking for that next big base metal discovery in this sort of these underexplored basins. So I think we're in a really good spot here to potentially find the next large-scale deposit, given that we've got the scale potential here from the VTEM anomalies, 4 kilometers and 2 ks in strike. Walford Creek is about 3 kilometers, 3.5 kilometers in strike of the actual deposit itself. So we've got 2 anomalies which sort of fit sort of similar scale to Walford Creek. So that's why we've warrant drill testing. A little bit of a video, 3D video fly-through here, which gives you an idea of what we're looking at in -- as the sections that we also published in our ASX release last week on the conductive targets that our geophysicists has been able to pull together there. And those are some of the drill holes that are sort of roughly planned at this point. And we're just refining those into the exact locations over the next few days. You can sort of see there underneath the surface that the orientation and the scale potential there of like a 4-kilometer size anomaly and another sort of smaller one out in front of it, plus another 2 k one over here, is a very prospective drill target. I'm going to just quickly chip through into the Wollogorang Project. I won't go into this one into enormous amount of detail. We've spoken about this one a number of times before. But it is sediment-hosted stratiform copper potential, demonstrated by the Stanton Cobalt Deposits sort of sitting in the middle here where the previous drilling was concentrated, chasing the breccia pipes around there. So we know there's copper, we know there's cobalt in the system. The VTEM surveys can detect that subsurface conductive bodies down to 400 meters. And we're looking for the scale potential. Again, we don't want a little 1 million tonne sort of small breccia pipe. We want something that's large. And some of these anomalies here, again, are that 2, 3, 4 and even up to 5 kilometers long on some of these high-priority conductors that we'll be going out and drilling with OZ Minerals next year. So some of the key terms of the OZ Minerals deal was that OZ can earn a 51% interest by spending $4.9 million over -- they've got up to 5 years to do that. They can accelerate that process. At the end of that, OZ -- we can elect or Resolution can elect to retain a 49% interest by participating from year 6. If we elect not to, then OZ can carry the project forward, giving us a 25% carried interest to a positive final investment decision to mine. So that little -- that's a very good nondilutive key term in that agreement with OZ Minerals for the Resolution shareholders. It basically means we can progress this project all the way to decision to mine. And that can cost significant funds, which will be quite dilutionary. It's also a fantastic partner with OZ Minerals in that they've got a development team, they've got a great balance sheet, they're able to self-fund development. They can run at this very hard as a mid-tier, third largest copper producer in Australia. And I think this is a really good relationship. They're also a South Australian-based company. And I think our exploration teams will work really well together. We will retain the -- we'll be the operator of the project through the initial periods as well or potentially quite a long way through the project at OZ's election. What's going to happen over the first -- the rest of this year is the finish -- OZ is finishing off their DD on the tenement standing. And then we'll be doing some -- conducting some heritage surveys and some stakeholder engagement prior to the drilling, which given that where the wet season is likely to land in sort of around December, we're looking probably to be drilling on this project next year. So a couple of points, we've covered this many times before, but as well the VTEM survey was flown very sparsely cover that's geochem drilling and everything on the project area. And you can see that where the drilling has been undertaken here, we've got none of the conductors have been drill tested previously or very -- well, 2 of them have been -- the edges are being drill tested. So most there's dozens of untested drill targets there. So I think there's a lot of upside on the page there for Resolution shareholders, funded by OZ Minerals on that. Obviously, we had a couple of prospects there that we were about to go out and drill. That's all been sort of put to the side while we -- with OZ Minerals now taking over the management of the project. And with OZ Minerals JV, a question coming in here, in the happy occasion that they went to 51 before 5 years, can RML slow the exploration rate, so they don't continue to get diluted by OZ Minerals? Not quite sure what that one means, [ David ]. But to answer, we could potentially participate at 49%, which means we would have to fund. If we didn't want to, then we would just go -- let OZ earn a 75% interest and that would be uncapped spend. So OZ could spend $50 million, $80 million, $100 million putting a PFS together to get that final investment decision to mine. That could be resource drill-outs, environmental studies, ML applications, et cetera, all the permitting that was required. That could be -- a lot of that might need to be done before the final investment decision to mine gets done. So that would be not dilutive on us. But we would end up with a 25% carried interest to that point, which is a very good deal in terms of how most Australian JVs get done. So a couple of the prospects in there that we -- again, we know there's copper in the system. We had a cracker -- Gregjo Prospect, where we were going to go and drill before we'd even flown the VTEM, where we had previous shallow RAB drilling, so only down to about 20 and 30 meters, went up to 4% in oxides near surface with a big chargeable anomaly below it. So there's a whole bunch of really good targets to go out and drill test. And obviously, this is going to be great news flow all the way through next year fully funded by OZ Minerals on that. So that's good news for us. Heading a little bit further north. Let's jump over to Alaska. -- into the Tintina province in -- across Yukon and sort of east, west strip. That's about 2,000 kilometers across, host over 100 million ounces of gold. And you've got -- in Alaska is just the home of giant deposits. I mean Pebble down here, 117 million ounces of gold in a copper porphyry there. The whole area is dotted with this -- these incredibly large Fort Knox intrusion-related gold systems and also a couple of pretty notable porphyry systems, copper-moly-gold systems, where, in some cases, the gold is really the dominant commodity as well. So they're not to be ignored. We got involved in the project coming on 2 years ago or just under 2 years ago now. And we started an earn-in agreement -- a 4-year earn-in agreement with Millrock Resources and surrounding the 11 million-ounce Pogo Gold Mine owned by Northern Star. We have some fantastic ground all around that, and I'll show you that in a moment. But during 2020, we've got a strong line of prospects and acquired a lot of geophysical data sets and built huge amount of jurisdictional expertise. And we are now the operators of the project, have been this year. And we've been keeping ourselves on budget, on time and keeping quite a point on that. It's been a huge amount of effort for our team to undertake this. We've -- I'm also pleased to announce we've actually surpassed the minimum spend on the year 2, well past it, and we're probably a fairly long way into this 51% interest. And we have the option at the end of that to turn it into a joint venture, which would then be a 51% spend from Resolution and a 49% from Millrock Resources, or we can force it through to a 60-40 if we so wish. Millrock Resources is a project generator. They tend to find the projects, pull them together, negotiate all the different prospect, dispatch them together and then bring in another party. At the moment, we're obviously out trenching on Tourmaline Ridge, and we'll talk to that in a moment. And we also identified this year the high-value drill targets on the East Pogo. The prospects on the map here, you're probably quite familiar with this picture. This is about to change. After 2 years, we've -- as I said, we've done a lot of work. Part of that first year, we had to spend USD 1 million on regional exploration. And we went through and we've announced the results of some of these other prospects where didn't sort of scrub up as well as we would like. And so we have come to the conclusion at this point that we're reducing from 30 prospects down to 20, keeping the 20 best prospects. So again, just focusing in on what's important and then shedding the rest just to reduce carrying costs in some of those. But the bottom line here is that we're in the right area. We're in this enormously prospective Tintina gold and copper porphyry zone. We -- we're surrounding an 11 million-ounce world-class, high-grade operating Pogo Gold Mine owned by Northern Star. We drilled a significant number of holes last year on the Aurora, Reflection prospect in there. We struck quartz veining there, 7-meter fit quartz veins. It looked like this Pogo-style gold is these sheets, anything from 4 to 20 meters thick. Horizontal, sort of flatline sheets, sometimes stacked, and you've got to drill holes vertically down through them to discover it. They're mostly blind deposits, and they're very high grade, up to multi-ounce sort of grade. I mean the first 4 million ounces of gold produced from Pogo was at about 13.6 grams per tonne head grade that ran through that. So you've got some really high-grade dirt there. And we've been chasing that high-grade dirt that Pogo sold at Aurora and at Reflection and then more recently over the East Pogo prospects, which we'll talk to in a moment. On the way through, though, we've obviously taken note of -- there's some of the other prospects in the area here, the intrusion-related. We know we've got the right geology for that intrusion-related systems, which probably also is the source of gold for Pogo. We've got the same rocks. We've got the same age of rocks that -- and very similar geophysical signatures as we see at the Goodpaster prospect. We flew ZTEM over Goodpaster. We flew it over Aurora. We learned from how to interpret that and looking at Northern Star doing a $21 million resource drill out at Goodpaster. We then flew ZTEM and did CSAMT geophysics here, learning from our experience over at West Pogo over here to define a number of drill targets there, which we drilled this year. So it is a little bit confusing in that there's multiple mineralization styles, this Pogo style, the high-grade style and then this moderate and low-grade, intrusion-related sort of Fort Knox style. But that's what we've got there. So in some ways, parts of this project would be we've almost got multiple projects within this project. And I think that's the way we've sort of really broken it down and started to think about it is we've actually got a number of different exploration mineralization styles we're targeting. And we've just got to go through the list and prioritize what's the best drill target and go and test that and learn from that and hopefully make a discovery on those as we go through. Touch but briefly on the Sunrise Prospect that we drilled earlier this year. We recognized on a road cutting to the Aurora prospect, outcropping mineralization, fairly low grade in rock chips there. We followed it up with a RAB program, 1,400-meter traverse. That gave us some pretty significant thicknesses all the way entire hole from surface 75 meters at 0.26; and another one here, 36 meters at 0.33 grams per tonne gold. So not staggering grade in terms of Pogo style. This is intrusion Fort Knox style. For context, the Fort Knox mine at Fairbanks, which is the analogy, produced 237 ounces last year in 2020 at 0.3 grams per tonne from a 0.3 grams per tonne resource, using 0.1 gram per tonne cutoff grade. And they made some pretty significant money on that. And Fort Knox is one of the -- Alaska's most profitable gold mines. So it's okay to have low-ish grade, but you've got to have scale. So what we did here is we drilled across that prospect to test to see what the scale was. When you had a 280-meter wide gold mineralized corridor, we've also found a historic drill hole on the reconnaissance work undertaken by our exploration team this year that goes down beneath that. Not assay, that's gone into a lab for assay, and we'll see what the depth extent and what the grade continuity at depth is there. But what we really wanted to have a bit of a look at now is this Tourmaline Ridge Prospect. Same sort of style. We've put a road in up along the ridge here, and we're about to put trenches here and across this and start to -- where we've got that over 100-gram in rock chips. And it's much higher rock -- much higher grade, and it's a significant chunk of rock in here that's got the potential to host a multimillion ounce sort of resource. But just having a little bit of a look at what we're doing here. So there's a Sunrise Prospect in plan view. That's the RAB holes that we drilled across that, defining a 280-meter wide zone of gold mineralization. Roads going in across here and will be up the ridge. And then we'll have this trenching will go in across that zone. We're seeing this zone here coming across from the Goodpaster in rock chips and in structures. Some sort of gold mineralized corridor coming through there. And -- but certainly, the rock chips at surface here are very encouraging. So you can see there we've got a couple of rock chips over 100 grams and 38 rock chips at over 1 gram, between 1 and 10 -- sorry, 2 over 10. And this is significantly higher grade and much more widespread on a 1-kilometer by 750-meter area than the Sunrise Prospect. We couldn't get to this, obviously, during the winter late last year and earlier this year until the snow has melt. So we couldn't get on to this until sort of mid-June when the snow disappeared and sort of started to suss this out and found quartz veins, et cetera, which help us orientate where we're putting in our trenches. So that's undergoing -- that's happening at the moment. Then we have -- obviously, we went and did the -- on the East Pogo, undertook the RC drilling over there. And I'll just touch on where -- so we've got Pogo over here. And we've identified this area as being from some historic drill holes there and a little bit of soil geochem. We did the ZTEM surveys last year and the CSAMT survey, which showed us that, that we have the -- there's conductive zones here, which are very akin to the Goodpaster Prospect on the other side that we knew from what -- with Northern Star's resource drill-out and our experience on the other side of the project area that this was a good zone to be testing. Now we've got a couple of -- I've got a couple more questions coming up in here. And from [ Tim ] and [ David ], which I'll get to those in a second. Just to explain what we did this year. So late last year, we put in the CSAMT lines that defined the conductive zones that we wanted to target. Now we drilled a large number of those quite successfully through the conductive zone, testing to see whether or not there was gold mineralization. Now we have a big -- a fairly big area here. Now you can go and put in 2 deep diamond drill holes here or you can put in 12 or 14 shallower RC holes. Now the shallow RC holes were chosen because we didn't know enough about this area of how to target for the deeper targets. This one being -- probably is a deeper target here. We're trying to clip the top part of this system here where you can have the escape fluids and gold pathfinder elements can come through on that section. We did actually test most of the rest of the holes where we hit quartz veins, did actually hit the target conductor that was defined from the geophysics. So the -- a little bit of confusion sort of came about and after that last announcement where people sort of looked at this one and went, how come you only drilled 146 meters here but was supposed to be 200 meters? Fortunately, with ground conditions, we lost the hole. Probably a shear in here, which is possibly indicating you're starting to get into those parallel shear zones, which can host the gold mineralization. We've got the pathfinder kick and a little bit of gold kick in that hole. And again, we did this hole -- these other holes did actually drill test. The conductor was closer to the surface. Obviously, when we've got a large number of these conductive targets to test, we want to test as many as we can and get the best bang for buck. Now unfortunately, there wasn't gold mineralization in these ones over here. There wasn't gold mineralization in that one. There were quartz veins. There were sulfides. There was silver, lead, zinc, which tells us that we are more distal to the source. So unfortunately, it would have been great had we hit 2- or 3-ounce quartz veins over here within 150 to 120 meters from surface. Unfortunately, that's not what happened. We discovered that we were a bit distal there. And until you do that work, you can't vector in from no knowledge from geophysics. You can only -- but what we can do now is identify that this area in here is the hotspot zone to go in deeper drill test. Now just looking at what we've got. We'll sort of be drilling -- some of them will be slightly off section down the side of a hill. So we'll be able to come in on a slightly shallower there. But we've got a 3-hole 1,600 meter deeper diamond drill -- deeper diamond core drilling program to test these targets. Now this particular project area is not possible to get to from sort of late September through to the end of May. So you've got a fairly limited season in here. You've got about a 3 -- about a 4-month season, June, July, August and sort of half of September. The issue you have in Alaska at the moment is that once you've released a drilling rig and you're waiting for your results, you're unlikely to get it back unless you've already booked it again and paid a deposit on it. Now we had no way of knowing what we were going to be -- what the results were going to be here, and we couldn't afford to just have a rig sitting on standby. So we -- unfortunately, these are very high-risk targets. And I'll make no -- to make no excuses on that. These are high-risk targets, but they are high-value targets if you hit something. If you hit a 2- or 3-ounce gold-bearing quartz vein here and you're sitting next to an 11 million-ounce high-grade operating gold mine and you make that sort of discovery up here, well, all of a sudden, obviously, your company is going to rerate significantly from a $10 million market cap. At the time, obviously, our share price did take a little bit of a dip. It's back past that again now. But this is what we're doing, is we're taking some of those really high-risk shots here, and the success here would be -- will be all worth it. But sometimes persistence is what's required in this game. And certainly, these targets are not easy. The other thing that I would say is that we've also got our neighbors just immediately along -- I'll just flip back to this one here. We've got our neighbors along through here are also at the moment drilling, very similar targets to us. You can have a look at [ Canola Minerals ] and Tectonic Metals. They're drilling sort of -- both have been drilling sort of a 4,000- or 5,000-meter diamond drill program, along-strike, along on this Pogo trend using the same sort of geophysical techniques as we're seeing as well with their results pending. So it would be really interesting what they hit this season as well. So this is the type of risk profile that we're taking here on those targets. I'll just flick through here to a little bit of how the overall -- I'm just going to quickly have a quick look at some of the questions here from [ Tim ]. In fact, we manage a 2-week drill program the entire season. Well, it was a month. So it took a month to drill that, and we drilled another -- we had 2, 2-month programs. And anyway, that's -- I might come back to those questions. Just to keep going with the actual time line of what we are doing. Obviously, we're about to go out in the paddock and drill at the Benmara Project, a base metal prospectivity there in the Northern Territory. And that will allow us enough time to get some results and do some follow-up drilling on that before the wet season. And then again, follow-up drilling over on the Benmara Project would be possible from May onwards if we were successful in identifying base metals in this current program. So this is the things that we have done. It's what we're going to do. And this is when it's going to happen. The Wollogorang Project, we've had a bit of a change there to our -- our original plan was to go out and drill the Gregjo Prospect. But with OZ Minerals coming on board, we're undertaking -- or they're undertaking due diligence. At the moment, they've got 60 days to complete that. And it's really on tenements. Stakeholder engagement meetings will be happening in there and then heritage clearances at the end of that process, track building and then somewhat an RC program. It's looking like about 8,000 meters planned for next year. To test around about a dozen of those are the highest priority, VTEM conductor targets delineated by the VTEM survey that we undertook. So that's -- we'll be really interested to see what comes out of that. Obviously, this is fully funded. So that news flow just going to -- will happen and not be dilutionary on Resolution shareholders. The trenching at the Tourmaline Ridge Prospect, that will be completed by early October and then we should have some assay results out on that. Assay results in the states are now sort of backed up a little bit. You're probably looking at a bit over a month, more like 5 or 6 weeks for gold assay results. And -- but in Australia, it's sort of probably still at about that month long on base metals. We've also submitted the historic core at the Sunrise Prospect, as we announced the other day, so that we'll be coming out to test the deeper -- the deep extent of that prospect to see what sort of scale it really does -- scale potential there. But even if it's a smallish scale, if Tourmaline Ridge comes on board, that's about 2 ks away, and it's that picture there along that hole ridge, that can all start to sort of stack up together as a really interesting prospect. The East Pogo drilling program, as I said, we -- you can't do heli work on that project. It's a little bit higher up in the mountains. Then West Pogo, it doesn't have a -- West Pogo has got the road access from the Pogo Gold Mine Road. That's a heli-supported program, and we can really only operate that on June through to mid-September. And unfortunately, we weren't able to secure a rig to turn around. We did actually get a rig that could come in and it was only going to be able to do 1 of the 3 holes that we would -- wanted to drill. And it was a smallish rig. We have only been able to do the shallow hole, not the deeper hole we wanted to test. So it wasn't really worthwhile ramping that whole thing up. The cost per meter would have been double for a 1-hole program and wouldn't have tested the target effectively. So we've pushed that to next year. Just again, just trying to sort of make sure that the dollars we do spend, we spend cost effectively. Now a question in there was the Sunrise Prospect and Tourmaline Ridge. Is that an all year-round operation or will it be impacted by winter? As I've got here, you can operate in winter close to the road, and we have operated all the way through December and then from mid-February previously, in previous years. It's pretty unpleasant and the costs are probably about an extra 30% to operate through that winter period just because of the heating and the extra -- just the slowness of -- to do everything and it can drop down to minus 40, but commonly sort of sits at about minus 20 through that period. But we have operated there. We wouldn't plan to because we want to do things a little bit more cost effectively. And sometimes, it's worth getting the results figuring out what you want to do and going back, say, maybe early -- mid-February or mid-March and then going in there and getting -- you can get probably a lot more cost-effective and more time-effective work done if you just allow the temperatures to drift backwards -- back up a bit. So in other words, [ David ], we can operate on Tourmaline Ridge and Sunrise all year round if we want to push the envelope on it, but we can't on East Pogo. And I've got another couple of questions here. A bit of -- from [ Glenn ] from e-mail. Have you -- okay, you've been a long-term shareholder. Thank you very much for your support, [ Glenn ]. And do you believe your resolve has lessened over the past 2 drilling seasons for the potential of the 64North Project in Alaska effectively? And what evidence has your team uncovered that confirms your belief that large discovery is possible in Alaska effectively? I think that's what it says. We have a firm belief that there is the potential for a large-scale deposit there. The Tourmaline Ridge looks pretty prospective to me. We've also got the Divide Prospect down there with Kramer and Elaine prospects. We're doing some work on at the moment to delineate drill targets. And East Pogo, again, has some high risk, but really high-value targets here. If they -- if we're successful in drilling high-grade gold there, then the East Pogo prospect is certainly worth following up on. So I guess where we're at with Resolution is that we've got multiple projects. Each one of them could be potentially a large-scale deposit, and that's what we're doing, is we're going out there hunting for big deposits in big country. We're going out for battery metals in Northern Territory. And we're seeking that big discovery in Alaska in that home of giant-sized deposits. So we're not going out and twinning old prospects and looking for 50,000 ounces of gold. We're going out there looking to -- when we go and drill something, it's got the potential for large scale. And that's what we're doing. And it's got a certain -- certainly got some high-risk elements to it. As soon as we get some real traction on one of these projects, and we really get in there and get some economic drilling sections, then we can back in onto that and start to do resource drill-outs, et cetera. But right now, the phase we're in is that high risk but high upside, but high risk on what we're doing. And we're putting, I think, really valuable drill targets in front of the drill bit. And we're certainly -- 64North has got more prospects to go. Benmara, another great example of just that early-stage greenfields exploration that our geology teams identified the potential there. They've seen that it's got the right age rocks. New research done by Geoscience Australia has identified the Benmara Project as being very prospective. And going out there, testing it with some modern geophysics, doing some exploration where exploration hasn't been done before, applying modern techniques, and we've got a potential large-scale target there. So all very valuable and warranted stuff. So that's what we're continuing to do and continuing to put. Trying to inform shareholders all the way through the process and looking to add value on each one of these projects that we go and drill test. So I don't have any more questions from anyone, but I think we'll probably wrap it up at that point. You've obviously got my contact details. I think we've got one more. Can't say anymore anyway. Look, you've got my contact details. If you want to give me a call or drop an e-mail, it's on -- usually on the end of each of the ASX announcements. But certainly, thank you very much for your support, and I look forward to sharing the results of the Tourmaline Ridge trenching program, the drilling program at Benmara and other results as they come to hand. Thanks very much for your time.