Judging by the private messages I received on Twitter, it's obvious to me that the gif was misinterpreted. I just wanted to express surprise and not particularly 'Brand new information' as someone asked me if it was insider info, lol. Anyways, it's new information to me, it might not be to some but here it is.
What I have found very interesting to share is how we actually ended up with an Iron ore Project with an inferred 191Mt 36.6% iron JORC resource (excluding the x-BHP tenements which are very promising with possible DSO grades and other new tenements we have in the area), as well as a Vanadium project with a 237Mt 0.44 V2O5, inferred JORC resource. The missing link was with a company called Quest Minerals and our CEO's previous association with them. I will explain further step by step. Also just a reminder we have Gold, Lead, Silver, and Copper projects as well.
I will start with some background on the Perenjori Project, then reference some previous research I've done, followed by some info on Quest, and finally how our CEO was associated with them and ultimately how we ended up with the Iron and Vanadium Projects both having a Jorc resource. My 2-cents will be the last para.
When I first read through the company's anns, I assumed that Perenjori is predominantly a Gold project.
https://hotcopper.com.au/threads/ann-gold-project-aquisitions.5540906/It did mention iron and base metal but just vaguely. I just find it unusual that there was no mention of 191.7Mt Iron ore resource but hey I'm not complaining considering Iron Ore is trading around $160/t these days. It just got me curious to find out more.
After a lot of research, it turns out we have Iron ore and lots of it. In fact, 191Mt of it, a scoping study, Jorc inferred resource, and mets work. All done. I have done some research before on that. here are some:
https://twitter.com/1aday7/status/1337214410071236608?s=20
https://twitter.com/1aday7/status/1338829346455220224?s=20
https://twitter.com/1aday7/status/1338829412511350785?s=20
https://twitter.com/1aday7/status/1338832531982958592?s=20
https://twitter.com/1aday7/status/1337614519028203522?s=20
https://twitter.com/1aday7/status/1343907703546998792?s=20
https://twitter.com/1aday7/status/1337241026210144256?s=20
https://twitter.com/1aday7/status/1347378593953796097?s=20
I will not discuss further the Projects except some new info I found, the Granting of tenement applications. We haven't been updated on that yet, as far as I know.
Here are two maps with the awarded tenements. First one with the applications( only one awarded)
The second one with only two still pending.
Now, let's have a quick look at Quest Minerals, the previous 80% owner of Perenjori Iron Ore Project and Victory Bore gold-vanadium-iron-titanium Project.
The drilling was undertaken with scoping studies and Mets work
ended up with a 191.7Mt iron ore Jorc resource.
do not advertise external links/companies/news/141269/quest-minerals-increases-resource-at-wa-project-by-30-to-1917-million-tonnes-iron-48550.html
do not advertise external links.au/companies/news/141262/quest-minerals-unveils-high-quality-iron-ore-at-perenjori-project-shares-spike-40873.html
Here is the Inferred resource from a Quest Announcement.
http://member.afraccess.com/media?id=CMN://6A661969&filename=20131216/QNL_01477190.pdf
Now that we know Quest Minerals found a massive Iron Ore resource and Vanadium resource, the question is what went wrong and how did we end up with the tenements. The answer is that Quest ran into some financial problems with two Malaysian registered companies on partly paid shares. Quest was unable to get their money. The company was suspended from trading at the end of October 2013, before going into administration in early May 2014, after it failed to obtain approval from the ASX to relist and it lost its right to earn an interest in the Perenjori iron ore project in Western Australia.
To make things even worse, in 2016 , our own CEO(a former shadow Director of Quest) Vladimir Nikolaenko, launched proceedings against Quest in the Supreme Court of Western Australia just before they wanted to relist.
https://www.spglobal.com/marketintelligence/en/news-insights/trending/aloeefckkflyn1fkq8csrq2http://member.afraccess.com/media?id=CMN://6A661969&filename=20131216/QNL_01477190.pdf
I always question the reasons any company ends up with a previously held tenements. Especially if it's recent.
It gives me a lot of confidence in knowing the reasons why previous holders of a tenement did not succeed in taking a particular project all the way to production. Fortunately for SRN, the reasons were not directly related to the economics of the project but rather a sequence of events that led to these tenements ending up with us.
Imo, the Perenjori Iron Ore Project didn't go ahead because of two main reasons, the fall of iron ore prices at the time and the financial troubles that Quest encountered with two Malaysian based companies.
The economics of the project are very promising albeit PFS needs to be done. The price of Iron Ore is on the rise so this should be given a lot of focus going forward. This does not include the x-BHP tenements which are very promising with possible DSO grades and other new tenements we have in the area. There are two more tenements waiting for approval. Once we get them, I expect the CEO will have a lot to say about them and Iron Ore's massive potential. After all, he knows these tenements and their history very well, he was a shadow Director at Quest Minerals.
