Hey ES,

I believe the cut values set a limit on the maximum gold grade that you can report (ie 20 g/t) for a section of the the hole whereas the uncut values represent the true grade in that same section. In that hole it looks like we hit more "nuggets" at depth and they were larger (or more abundant) as we went deeper, therefore the spread between cut and uncut increased with depth because our true grade was higher but the cut grade was maxed out at its ceiling value. I would be careful reading too much into the apparently increased grade at depth without more data. It may be that we were just luckier at depth in this particular hole, rather than that ALL holes will look similarly good as we go deeper (but it is nice to dream:) ). Remember that historical drilling has showed some sections of similar grades in T1 near surface.

Time will tell all. Hope this is clear.

Best,

Scott