SMC was already finding some pretty reasonable grades and intersections at shallow depths at their central Queensland Woolgar project. Now they’ve drilled deeper (100 to 200m) and the intersections and grades are even better, eg. 49m @ 4.39g/t and 50m @ 4.09g/t.
Worth noting that ‘only two out of the 10 known prospects have been drilled to the depths of the high-grade mineralisation now identified’.
The quarterly report was good value. Lots of data interpretation and quite a high level of detail – credit to the Managing Director.
SMC has outperformed the ASXGold Index by around 80% over the last 3 years. With a market cap of $23 million and the grades it’s delivering and the potential of its tenements, I think it’s not bad value.
SMC Price at posting:
3.4¢ Sentiment: Buy Disclosure: Held
