“they sure do not know about getting bang for buck with drilling” What makes you think that focusing on oxide material at Goornong South is the best bang for buck??
The Goornong South history is well documented, if you care to look, by the late 1990’s to 2000 Perseverance cobbled together an interim oxide resource of 0.77 Mt @ 1.27 g/t Au, based on the 50m spaced drill sections. By 2003 they had completed EES and had planned on open pits and heap leach dumps for Goornong, this was all abandoned in 2004 and it was never converted to a ML. At the same time oxide ore ran out at Fosterville and by 2003 they’d put out the feasibility study into a sulphide mining operation, with the Biox plant being built in 2004/5. So all efforts turned to primary sulfide zones and Goornong wasn’t worth it. Fast forward to post-tender, Agnico would undoubtedly still have all the Perseverance data (drilling results, ESS studies etc)….if a ~34koz oxide resource at Goornong was something they wanted/needed then they would likely have made it happen. They haven’t, and seems obvious that its not of interest, at least not as a stand-alone resource….digging open-pits and building leach-pads isn’t as simple as it once was, at least not in Victoria.
So, where is the best bang-for-buck for S2? 1) chasing a few thousand oxide ounces, which wont materially change the sp dial, nor raise the stakes overall. Or, 2) Focusing on targeted deeper drilling to define the right structures, confirm continuity and to highlight the potential for another significant mineralised system sub-parallel to Robbins Hill/Curie and Swan/Phoenix. You call it 'stupid decision making'...I call it logical.
S2R Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
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