Good post Joel, hope I did not come across too harshly on the drill results (which as you rightly point out, basically extend the current MRE by 1/3). Very... very very basic figure would be around 300k ounces to be added to the MRE, but, because the shallow part of NN much less OPVM, the deep resource is much higher PVM. So I think my very basic estimate of around 1.6m ounces for Never Never should get close?
Simply put, the OPVM reduces from what they had projected (2500 ounces) to something closer to 1500 ounces, particularly from 800,900,1000m.
Plus, even with the potential pinch, the ounces I have highlighted in green, may still be very profitable ounces, just, lower grade.
Is this what you were pondering @debarwa? (light blue?)
SL also mentions that they won't be drilling any deeper, because we already know that holes this deep are not cheap.
As for Sly Fox, as you mention, success provides optionality and will likely enable them to fill the mill (even at a lower throughput).
Hopefully they can quickly drill it out further and because it is half the depth of Never Never (deeps), it will be far more cost effective. With the strike length increase, have SPR been able to add upwards of 100k to the upcoming mid year MRE update? Though of course, more interestingly, will the grade also increase (I am obviously hoping so)? I wonder when we will get the result for the next hole (beside my overly big question mark)?
Which will see each of the U/G receive their own separate MREs.
A gold discovery is never 100% hit after hit. SL and the team know that very well.
Good luck to all holders.
SPR Price at posting:
59.8¢ Sentiment: Hold Disclosure: Held
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