The green line outlines the mining lease while that is...

The green line outlines the mining lease while that is surrounded by SPR tenements. See image below.

He did not mention areas to the east. The structure that flows from SF, WW, 4P, Pepper, NN to GW probably does not end at SF or GW but probably goes further into the area outside the mining lease.

@speculator101 - It sounds plausible that they did the geophysics over Tanqueray as it may will potentially lined up with one of the shear zones like at NN, Pepper, etc. I realise I only drew 3 shear zones between NN and GW but who knows how many there are - could there be one for Tanqueray, one for Arc, one for PW and more still.

By the way they see to have thrown many such surveys at the blue area but also over WW, 4P, NN, Pepper, SL so they can compare the results with the areas with discoveries against those with no high grade discoveries, as Simon stated in his presentation (sounds like 4-5 different types of surveys ).

As an aside I do not believe SPR will release any more core photos for any potential new high grade deposits after they did that for SF where they were clearly hoping for NN like grades only to be disappointed (note they did not release core photos prior to assays for Pepper). That is we will have to wait for assay results for any potential NN or Pepper deposits.

When I spoke to Simon last week he was not that confident on GW ie maybe not a NN - he explained the shear zone and the structure were parallel at GW but were at right angles for all the other deposits. But he seemed more confident of what they may discover between GW and NN.

BTW Friday’s trade seemed more like an ETF rebalance to include SPR than anything else. It was also the end of the month which is a pointer.

I feel there is quite a reasonable possibility of NN+Pepper having an average of at least 3,000 OVM from close to surface to below 1,000m - the area above Pepper has not yet been drilled and the area to the south of NN above Pepper has also not been drilled - if those two areas show a continuation of Pepper and NN resources and Pepper extends to over 1,000m then we probably will have an average OVM of 3,000 and if Pepper widens at depth then maybe 3,500 to 4,000. If they do achieve that OVM level then production could be an average per year of between 275k Oz to 350k Oz at a low AISC for 10 years. And then there may be other NNs. Those figures would end up valuing SPR at a few billion dollars maybe over $3b.