who's taking up offer?, page-7

Here is some Glen Wills geological data re the history of gold in the area:

Recorded production from the Glen Wills-Sunnyside goldfield, from 1895 to 1952 is estimated at 6.5 tonnes with a further 416 kilograms produced to 1963.

The gold ore mined was very rich (16 to 211 grams/tonne) by today’s standards and was in quartz reefs and veins that occur in shears and fissures hosted by granite, phyllites and schists along the southeastern contact between the Silurian Mount Wills Granite and the Omeo Metamorphic Complex.

The reefs average about 4 per cent sulphides (mainly pyrite and arsenopyrite) that contain a significant amount of finely divided refractory gold requiring roasting or bacterial leaching to oxidise the sulphides prior to gold extraction.

Free gold is also associated with the sulphides. Metallurgical testing has indicated that modern processing techniques could achieve about 85 per cent gold
recovery from the sulphide mineralisation (Australian Gold Mines NL 1994).

Because of incomplete geological knowledge, the discovery rate in Australia is roughly of the order of one mine for one thousand exploration programs. Thus areas are explored, often repeatedly, before a mineral deposit is found.

Increased geological knowledge and other factors can result in discoveries of world class deposits, like in SA. E.G. Olympic Dam for example.

There must be plenty of gold resource yet to be discovered that has not yet been discovered? All due to lack of funding for exploration and exploration companies not having the right technology in place at the time of exploration, or the capital to employ the technology at the time e.g. 1892 - 1968?

Generally, it can take around 3-10 years on average for a company to establish an operation to extract the resources. It would seem that SML may be over the half way mark?

This is what has been mined around Glen Wills so far so far:

Between 1892-1968 in the vicinity of Glen Wills, 7840.8 kg's of gold was mined at an average of 24.6(g/t).

The thing about the above amounts is, how much more is likely to be there? I am tipping much much more, all due to the limited technology which the miners had available to discover further resources between 1892- 1968.

Their technology would have been limited due to using basic mining and exploration techniques etc.

Different kettle of fish now days. SML is in a position where it can raise capital through shareholders like us followed by a Cap raising via possible asian investors for example, so they can use new technology to explore and exploit the Glen Wills area.