@Dazedandconfused .... "
Actual number = 201"
I think not. The diamond holes go up to MAD201 but there is also all the MARC holes, up to MARC138 in June 2020, then 52 RC holes for Stricklands resource. So with 391 holes so far, I think calling them 'hundreds' is accurate.
If 391 holes couldn't hit a major accumulation of mineralisation, the odds of hole 392 or 393 hitting major mineralisation is fairly remote. (I'm invested in a company where the first hole in an area hit 21m of 13.45g/t gold, but that is nothing to get too excited about yet)
Then there are all the holes from the RC drillout of a resource estimate for Investigators and Cathedrals, from 21/12/20 announcement ...."
Reverse circulation (RC) drilling to support a resource estimate of the shallow high-grade mineralisation at both the Investigators and Cathedrals Prospects is scheduled to begin in February 2021" Last report they were waiting for a rig and it was going to start in March. (27/1/21). "
The precise availability of the RC rig has yet to be confirmed by our drilling contractor, but we expect the rig to be available by March." That's another 11,000m 'planned', meant to be happening, but no information since. They didn't mention anything about it in the quarterly, nor in any other drilling announcements. It might be more holes, or it might not have started, they haven't told the market.
One reason I'm so suspicious of this mob is the lack of an MRE. They did a whole lot of resource drilling last year, and never bothered to release the results, nor declare a resource estimate. Why not, and I don't buy from the reason given by the company of waiting for testing.
They don't need to do any testing to release a preliminary MRE based on the Ni/Cu resource that they have met test results for. If the numbers had been any good it would have boosted the SP and made the last 2 cap raises result in less dilution, but they chose not to release them.
Before the resource drilling was done this was stated (2/7/20 announcement) "
Entech, the external geological consultancy engaged by St George to issue a JORC-compliant resourceestimate for Stricklands, will receive all drill hole data and assay data as soon as available.The resource estimate, once issued, will be used in the scoping study for a potential mining operation at Mt Alexander including the design of alternative open-pit shells for mining."
15/6/20 announcement ..."
The resource estimate is expected to be finalised in Q4 2020 with the scoping study to be completed as soon as practicable thereafter."
Notice they were only sending drill hole data and assay data to Entech, no mention of sending them testing results from met work. They were going to release an MRE. Only after they received information about this drilling did they change their mind about releasing an MRE in the 4th quarter (calendar 2020). They mention met testing and pit shell 21/12/20 announcement ..."
The resource estimate for Stricklands will be finalised once the metallurgical test work for Stricklands is completed. This will allow an accurate estimate of the amount of mineralisation that can be classified as economic ore and enable completion of pit optimisation work."
Economic ore is what you have in reserves, not resources. You get get a resource estimate first in measured, indicated and inferred categories first, then further studies are what gets some of these resources into the reserve categories of proved and probable, all this is clear in the JORC 2012 guidelines that is compulsory for listed companies in Australia to follow. You don't need any of the further work for a Mineral Resource Estimate.
My guess is that the number is much smaller than many might think and releasing an MRE would have hurt the SP not enhanced it.
Likewise for all the actual hole results from the resource drilling. Why hide them if they are good?? Why have they never been released?? That's also an easy guess..
@Dazedandconfused ... "
I certainly hope you haven't talked them out of a winner, because one thing is certain... you won't be compensating them for any of the lost opportunity should it prove you actually didn't have a clue."
Would you be compensating people for 'following' your posts and buying if the company went bust?? Your comment is completely unwarranted because exactly the same applies to bullish posts, but you have never pulled up someone with bullish BS like
@SandyC for mentioning that mineralisation is probably continuous where it clearly is not!!
I always encourage people to research more, look at what I've found in announcements. The info I've been providing comes from company announcements, often hidden away or they forgot to mention, like how MAD189 is close to MAD201, but a duster. MAD189 drilled on the same spot as MAD201 only 5* difference so testing a slightly different area, but had no high level EM conductors, but the company conveniently forgot about this in stating ....
"
The mineralised intersection in MAD201 is an excellent result for the large step-out from the MAD199 discovery as it has identified a potential 125m down-plunge extent of mineralisation."
Looking at the drill traces of MAD199 and MAD201, from the map on pg 4 of the recent (27/5/21 announcement) you can clearly see the faint drill trace of MAD189, that is between those 2 other holes. Interestingly both MAD189 and MAD201 start at the same spot and have an azimuth of 180*, so they should be on top of each other looking from the map view, but the map shows them drifting apart as they get deeper. Deviation in the holes or just another mistake in the mapwork?? No explanation for the discrepancy. Whichever, it is just sloppy from highly paid professionals.
There are mistakes in announcements all over the place where maps/diagrams do not match up with drilling results. I have previously identified where the cross section of the Stricklands resource included mineralisation from holes that had NSI (No Significant Intercept) from the actual drill results.
Going through a few more announcements over a few hours last night to find the number of holes drilled, I have again found a major mistake in a cross section, this time from Investigators, in the 23/12/19 announcement on pg 7. The map clearly shows a large accumulation of Nickel greater than 1% to the East of hole MAD177. It displays 7 holes (from the drill traces) with over 100m thick in the red high grade (over 1%) Ni category. There are NO holes that record that type of mineralisation anywhere at Investigators or anywhere at Mt Alexander. It is just wrong!! Please go and investigate this one, don't take my word..
Of all the companies I've ever investigated for investment, none have had the information as spread out as St George. It is very time consuming to find out exactly what they have where, and never in my investing have I found as many mistakes as occur in SGQ announcements in regard to important matters none of which have ever been corrected. Lack of follow through without mentioning any reasons is another specialty for this mob, like the resource drillout that was meant to happen at Investigators and Cathedrals.
Sorry for another long post, but having to go through so many announcements to find information continues to throw up more and more inconsistencies. My experience in markets indicates this type of pattern tends to never end well for investors.
(20min delay)
