Hi @eastwest101, you make some excellent points. I particularly...

Hi @eastwest101, you make some excellent points. I particularly like the idea of designing or planning the mine to take advantage of potentially deeper, higher grade material. It is better (and cheaper) to make such allowances at the design stage, rather than have to retrofit or make substantial changes down the track. Fortunately, the current management seem to be thinking ahead already, judging by the way they have designed the proposed exploration drive.

I understand that some investors are keen for SPR to start mining asap. As you point out, it would be great to take advantage of the higher gold price and the lower labour costs etc. SPR would definitely re-rate if there was significant cash coming in. However, there are some factors at play here that cause me to be a bit cautious about (again) making assumptions too early and paying for it later. Apparently, history can repeat itself.

I'm not much of an investor, but I really enjoy the spec and exploration space. In the past I've had the opportunity to prospect a bit out in WA. I was always taught that "gold is where you find it", and it is (obviously). However, I began to realise that there are indicators, signs that you are in an area that is more likely to host gold. I learned to read geological maps and found that I was more likely to find gold in certain types of geology, particularly along fault lines or where several different types of mineralisation came together.

What I think I can see with SPR are all the signs that gold is to be found here in a predictable manner. There are clear structural controls that can be read and understood. These have already allowed the Geos to be very accurate in their drill targeting, even to a depth of 1klm. If this flexure zone has indeed restricted the flow of mineralisation, and kept higher grade material to a lower depth, then this could act like a map of where to look for higher grade material. This kind of knowledge is invaluable, as it allows you to extract the most from a deposit. However, this knowledge takes time to gather.

Never Never has been like a key that has unlocked the mystery that is (was) Dalgaranga. It has given higher grades in almost a pipe like structure virtually to surface. But it has also given access to other structural elements, like the flexure zone. Without Never Never I doubt that the company would have survived.

However, the investment proposition at SPR is not just about the deposit. I believe that a number of factors have lined up to present an almost "prefect storm". Management is key here. I listened to the recent interview with Simon at Euroz Hartley and was very impressed. It also explained a few things that I've been wondering about. SPR seems to be the logical next step for Simon, and he comes equipped with some amazing experience gained from high quality deposits, and top people in the industry.

I have found the reporting from SPR to also have been excellent, particularly for someone like me who is looking to understand broadly what is going on with the geology. I get that some are looking for finer details, and others don't like the management comments and enthusiasm. But as I've said in other posts, I appreciate and look forward to Simon's take in each report. I've been playing around in this space for many years now and most comments by management are to be taken with a pinch of salt. But Simon comes across as someone who is genuinely excited about what he is seeing, and is just trying to tell it like it is. I find this kind of feedback and response very helpful. No one is perfect, but I do think Simon is a real asset for SPR.

It is a balancing act. How far do you go with exploration before you turn the mill back on? I take your point that the current situation adds pressure to the team to act. I just hope that when they do, they can do so in such a way that they are able to work with the possibility, that there may be a lot more gold to be found below the flexure zone, and even along the fault line. Another Gwalia is a very long shot, but who knows?