SP looks to be bottoming out to me.
The Big Reef gold results are good with highlights of 5.69g/t for 18m at surface. So this is very shallow.
They have not updated the JORC for the resource following this exploration.
The total JORC for Big Reef is about 10kOz Au (as of SVG presentation 01/11/22) from 107 Mass kt.
However they look to be targeting 54k of higher grade resource from this at 3.1g/t for perhaps 6kOz.
At AUD$3673.00/Oz this is about AUD $22million (before costs of mining and production and haulage).
If AISC could be brought to their target $2000/Oz, they would make ~AUD$10 million from this resource.
But it would prove they can delivery efficiently, and restore market confidence.
I share the BigMs cynicism here. They've tripped enough hurdles to be disqualified from the race .... but still they persist.
They are in August now - Their plan was as of January 2024 release, "Big Reef will be the first of a number of satellite pits outside of the Company’s main Agate Creek mining area that are planned to be opened and mined from in parallel with operations at Agate Creek to provide additional feed and ore supply redundancy to the Georgetown processing plant. Modelled pit shells are reflecting a targeted mined resource of around 54,000 tonnes at a grade of 3.1 g/t at Big Reef. Grade control drilling at Big Reef is due to commence imminently (edit: done, now they are planning the pit) and mining of this resource is expected to follow shortly thereafter."
Until they start actually mining it with AISC below gold price, LTH and new investors will just this stock on 'watch and wait'.
I don't expect even the risk tolerant to put in at any volume here, or for for existing holders to abandon ship just yet.
So the SVG ship will continue to drift along.
