I did not realise SPR had an ET but found by accident they released one in Feb 2023 for NN (see image below) - I was always focused on the 600k Oz they had for NN in all their presentations which turns out not to be the ET (it was the lower end of the ET). From the wording of the ET it seems they set the target for the subsequent 12-18 months and achieved clos to the upper end of it within 10 months.
On 6 Feb 2023 SPR released an exploration target for NN which was 2 to more 3 times the actual MRE of 300k Oz at the time and they had not started their new drill program at the time(it started 6 weeks later) unlike the current situation (ie they did not have a hole with visible gold 170m below the MRE boundary) . Given there looks like the potential resource of around 1.5m Oz at NN based on recent holes especially the one with visible gold 170m below current MRE for 20m of mineralisation, I am speculating an updated ET of 1.75m Oz to 2.5m Oz for NN - and it will not surprise me if its a higher target. Then they need to add an ET for the rest of the Dalgaranga project which has an MRE of about 750k Oz and I am speculating an ET of 1.25m Oz to 2m Oz giving a speculative Dalgaranga total ET of 3m Oz to 4.5m Oz (current MRE is 1.7m Oz which based on current assays could be close to 2.5m Oz (ie maybe a speculatiev statement but the 2.5m Oz may be close to a given given assay results to date so the ET needs to be higher than this level hence my starting point of 3m Oz).
It is also possible they may have the assays for the deep NN hole and the 2 potential exciting holes at Sly Fox as input into the ET.
Such an ET would be amazing.
SPR Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
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