SPARTAN RESOURCES LIMITED (ASX:SPR) - Ann: Dalgaranga Gold Project - Mineral Resource Estimate Update, 74886011, page-115 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

I can understand why you made the comment below. My own, perhaps speculative view, is that the reserve when it is released will include Pepper - my reasons are firstly, they have deferred the maiden reserve to 2nd half of 2024 and secondly they stated the number 1 priority of the new surface drilling starting in a week or so, is too INFILL and expand Pepper.

So my take is in the next 5 months will drill out a lot of Pepper, declare a further updated MRE towards end of 2024 with quite a lot of the Pepper resource in the indicated level and then quickly release the maiden reserve at EOY 2024. I won’t be surprised to see the MRE update for Pepper by end of 2024 exceed 750k Oz with 75% indicated (the 75% is similar to NN). If these figures are close we may see NN/Pepper indicated be 1.6m Oz (BGL is 1.7m Oz) or higher. On that level of indicated we may see SPR reserve be close to BGL’s 1.34 m Oz or even higher. What makes this great is there will be much more to come and I will not be surprised to see a reserve of 2m Oz by the time they start mining. My own view is that the conversion of NN/Pepper of indicated resources to reserve status will be higher than BGL’s conversion rate due to the much better SPR orebody.

Not sure they will do much more deep drilling at NN to increase resources and confidence level as it seems the quickest and cheapest way to increase indicated status from surface drilling is to target lots more drilling at Pepper. That situation will change when they can drill from the decline.

“NOW to be clear, these are some simple musings, the initial reserve will struggle to match my lofty figures (as Pepper has no indicated yet, but they will be able to quickly change that with more drilling), if it was brought out tomorrow, yet for now.... no clear mention of reserves (SL is keeping his cards tight to his chest).”

Originally posted by speculator101: ↑

Cheers for the kind words @sabine - GCY now SPR has.... kept me on my toes over the past (damn... almost 14.5 years!).

Where to start now that I have had a good looooong read. Well... in case @Joelstar cannot sit down and plug some figures into his excellent tables, here is my incredibly simplistic view on how things sit.

They arenice tables, sure. But what does it scream to me. If they can have multiple mining fronts (3-4), 2 at Never Never, 1 at Pepper and 1 at West Winds, then... they should be able fill the plant at around 1.5mtpa, with grades of at least 5-6g/t (head grade). Before recoveries... that is 242-290kp.a.
At 92% recovery (as per the met work done to date), 222-267kpa. That is as of now with what they have in indicated, for... 6-8 years going flat out.
I am not even talking about Four Pillars, Sly Flox/Plymouth etc, that will all be pushed back to the end of any LOM plan, unless future drilling changes things. NOW to be clear, these are some simple musings, the initial reserve will struggle to match my lofty figures (as Pepper has no indicated yet, but they will be able to quickly change that with more drilling), if it was brought out tomorrow, yet for now.... no clear mention of reserves (SL is keeping his cards tight to his chest).

This also excludes them expanding the boundaries of the MRE, which... I think will evidently happen, especially as they get even better at understanding the ore bodies towards the middle of the Gilbey's pit (as you point out @calmbeforestorm, it's still early days for FP/WW and Applewood and... a further yet un-named target...?)

I also want to point out, that SPR would have loved to include more of Never Never, but.... just not enough deep holes to enable it to be classified.

In case the MoM team are reading the threads.... Metwork is ongoing.

Btw - I think I read someone thought there would be no open pits, I disagree, Never Never open pit will be a perfect starter pit at 2g/t. Then you have Archie rose with 40k (low grade) and Melville with 245k good grade for open pit), which combined about around 285k in MRE. But again, won't be used until the very end of any mine plan.

Always helps to read the last parts of any document.

Now as for that article @sabine - I don't think anyone can accuse SL of not be forthright and honest.
I still think RMS has a tilt.... they likely only have chance at this....
In any case, if SL wants to all but end RMS chances of acquiring SPR, he should probably bring on a even larger institutional investor (or rival company) at say $1.10 for another $100m (to basically bring forward any required plant upgrades, long lead items and.... just dig the moat deeper, to ensure no other interlopers coming knocking...), plus, spin off Glenburgh with $10m and share the Geo team with whoever takes the reigns of the spin off.
Just to be clear, I would prefer SPR to have ZERO debt this time around (I am not going down the wrong path a 3rd time!). We don't need it and surely we don't want hedging.

Great to hear we will get a lot more news and info on the drilling plants, new targets have been generated in 2 weeks or so.

Good luck to all holders.

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