Ok, so the awaited quarterlies are in. Now I'm not posting much on HC but there are some new info and encouraging news that I think it's worthwhile highlighting. I still think the BOD could have done more and should be doing more in terms of actively engaging the market ie promotional content such as interviews, Investor presentations, paid advertisements etc etc but nonetheless, it's a good start and I think some more information will follow. In fairness, it appears they have been busy working but working silently. I'm still bullish about SRN's projects but needless to say DYOR, AIMO, etc etc please do not take my opinion without doing your own DD. GLTA, including new holders
CASH ON HAND=$3,355,000 so cash is fine
EV=$12m for all projects including Vanadium Jorc resource, Perenjori iron ore resource, Perenjori Gold and Base metals, Kooline Pb-Ag-Cu-Au, Yidby gold project and Mount Magnet project
Summary of News in the pipeline
Yidby:
-soil geochemistry survey, results pending
-POW being put in place for next phase of drilling
Perenjori:
-Kadji Gold-Base Metals Project, Prelimenary aeromagnetic survey recieved, currently processing and interpreting, preparation for a drilling campaign
-Iron Ore project, Programme of Work applications are being prepared
-Perenjori Gold, Next steps to be planned include further, infill, soil sampling to better define anomalies for drilltargeting. Programme of Work applications are being prepared to allow field work to proceed
Kooline
-drillholes have been planned and submitted to the WA Government for joint EIS funding
-During the June Quarter, Surefire applied for, and was granted $150,000 of drillingMOUNT MAGNET GOLD (E58/559)-compilation of WAMEX report was conducted over the June Quarter
Unaly Hill/Victory Bore
-nothing was mentioned, obviously this is a quarterly activity statement and hence it appears nothing was done on the Vanadium project last quarterYIDBY GOLD PROJECT (E59/2390, E59/2426, E59/2444)
1. A soil geochemistry survey has been carried out to the south-east of the discovery drilling
area.
Results are pending2. Yidby, "
Programmes of Work are being put in place for the next phase of drilling. A soil geochemistry survey
was completed to the south-east of the discovery area to test for the extension of the mineralisation
along the gravity low corridor in that direction"
My take on Yidby, as I have expressed before, is that it will require a lot more drilling. It is not a duster just yet IMO. More drilling required to better understand the mineralization and the geology in the area. This happens more often than not. I think the early premature remarks by Vlad early on have set the bar too high. It was downhill from there on because of the very high expectation SHs had, including myself. However, if we look at the drill results so far, it's not too bad.
Perenjori GOLD, BASE-METALS & IRON ORE
1. Kadji Gold-Base Metals Project (E59/2446 and E70/5575)
"A detailed aeromagnetic survey comprising 5,480 line km at a 50m line spacing, was completed during
the Quarter.
While preliminary data has been delivered, ongoing processing and interpretation work
will extend into the next Quarter in preparation for a drilling campaign"2. Perenjori Iron Ore Project
"The Study considered a conservative iron pricing regime.
In addition, a review of the work done to date to assess the additional iron-ore potential of tenement
E70/5311 in support of the potential production plan as investigated by the Scoping Study.
Significant iron-ore exploration potential was identified – largely in the extensions to the bifassociated magnetite ore in E70/5311, but also for detrital and supergene (Haematite) direct shipping
ore (DSO). Interpretation of available aeromagnetic imagery and through extrapolation of existing
drilling, it is estimated that the tenements have the potential to host >500Mt of iron-ore that may be
defined through further, step-out, resource drilling.
Programme of Work applications are being prepared to undertake this work."
3. Perenjori Gold Potential E70/5311 and E70/5572
Some new info here regarding Gold prospects. E70/5311 is where we have the inferred Iron Ore resource and E70/5572 is the X-BHP tenement. I have mentioned the X-BHP tenements before several times. Very encouraging IMO.
"
A review of previous exploration data, focused on E70/5311 and E70/5572 (locations, see Figure 4),
has highlighted soil sampling geochemistry that has been interpreted to highlight key trends in both
gold (see Figure 5 below) and arsenic data.
A broadly sampled (>1km spacing) north-south trending, gold-anomalous corridor has been identified
running parallel but to the east of the banded iron formation (bif) on E70/5311 (Figure 5). This trend
corresponds with a north-south trending structure interpreted from regional aeromagnetic imagery
in the poorly exposed greenstones to the east of the bif, linking to an area of historical drilling that
generated significant intersections (see SRN, ASX release 23 November 2020) including:
28m @ 0.72g/t Au from 8m, including 4m @1.24g/t Au from 32m in PC16.
8m @ 1.18 g/t Au from 20m, repeating at 2m @ 2.15g/t Au (18-20m) in PC01.
4m @ 2.31 g/t Au from 40m, repeating 1m @ 11.6 g/t Au in PC05
Other, northeast – southwest gold anomalous trends associated with interpreted cross faults intersect
the north-south corridors and represent targets for focused gold mineralisation.
Next steps to be planned include further, infill, soil sampling to better define anomalies for drill
targeting. Programme of Work applications are being prepared to allow field work to proceed." My take on Perenjori is that the Iron Ore is the most exciting Project we have and it has the potential to re-rate the MC imo. The focus should be on increasing the resource to 500Mt+ and/or seek JV options. If that does happen, we can then continue exploration for Gold and Base metals there. The location near infrastructure and the relatively high grade of 36% Fe as well as DSO grades, makes this a very viable magnetite future producer. The metallurgical studies show potential for 70% Iron ore ie very high quality product and the yields are in the 80%. KOOLINE HIGH GRADE LEAD-SILVER & COPPER-GOLDPotential for Cu-Au as well as known Pb-Ag.
"through re-processing and interpretation of geophysical data, the Company has identified
potential for a large intrusive related silver-lead to copper-gold system at the Kooline Project.""drillholes have been planned and submitted to the WA Government for joint EIS funding, targeting
both high-grade extensions of the Ag-Pb lode structures as well as copper-gold mineralisation closer
to the interpreted intrusive."
"During the June Quarter, Surefire applied for, and was granted $150,000 of drilling co-funding by the
WA Government to drill-test this key copper-gold target below/along strike from the Kooline lodes."
MOUNT MAGNET GOLD (E58/559)A compilation of WAMEX report was conducted over the June Quarter. This included the extraction
of digital surface geochemical data and the identification of older datasets that are suitable for
digitisation.
(20min delay)