SPR 2.06% $1.43 spartan resources limited

Ann: Exploration Update - Exceptional Intercept, page-169

  1. 50 Posts.
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    CBS I can understand your skepticism, it is the gold space after all. However, I am expecting that they do join up, and I have suspected this to be the case for quite some time. Obviously, nothing in exploration is certain until it is pulled out of the ground, but I think Simon has good reason to be optimistic.

    In the RRS Presentation Simon showed the 3D graphic for all of the deposits that they have been drilling that are close to the mill. While presenting these images he pointed out that Sly Fox is the same plunge and dip as Never Never and is around a kilometer away.However, from all I've seen so far it looks like all of the deeper deposits have the same plunge and dip, which indicates to me that they come for the same source. He also mentioned that these images need updating, so it may well be that the updated images that we are yet to see are fueling his enthusiasm.

    https://hotcopper.com.au/data/attachments/6021/6021132-d8522457d48bb0ce4cede63458e15b08.jpg

    However, it is also interesting to note that Never Never seems to be moving toward the other deposits, which could further indicate that these deposits share a deeper source. My gut feel is that the point where they join could still be quite deep though, so I am prepared for a few dusters as they explore the possibility.

    https://hotcopper.com.au/data/attachments/6021/6021127-7c57411ff27e7bbbd6b05737b4817f77.jpg

    I have been in Gascoyne, and now Spartan, since the mill was first turned on. While it has been a frustrating and disappointing journey for the most part there have been signs that there is something going on deep underground, even from early days. I remember when they suddenly got excited (in their desperation) about a high grade hole at Tanqueray. Subsequent holes surrounding the first hole didn't come up with much so they moved on. But to me the shape looked like a narrow pipe coming up for deep below. At the time I did wonder if they were missing something in their approach to exploration in the area.

    I've also been in DEG since before their first discovery hole and a similar thing happened there. They had a rethink of their whole approach and realised that they had basically misunderstood the geology and that they needed to allow for the depth of cover in the area. The rest is now history.

    There is still a lot to play out here at SPR, but to me it has all the signs of another important discovery.

    Kind regards.
    Last edited by Drayno: 09/03/24
 
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