Hi All
Lots of doom and gloom from a number of posters over the last month and especially the last 36 hours after yesterday’s announcement!
This very negative approach has in my opinion had a profound impact on the share price dropping. Posters are making lots of uninformed assumptions about what a bad investment St George is, how evil management and the directors are, and even coming up with breakthrough statements using hindsight. You all need to stop with this poisonous negativity and move on if you think you know better!
I agree that things could have been managed more effectively but it is what it is, and nothing will change that now. What everyone needs to do is keep focused on why they have invested in St George, be patient and stop the second guessing based on their and others limited knowledge of what is actually being done. Everyone also needs to stop bagging management and the directors with ridiculous statements that they are milking shareholders. Do you honestly think JP would want to drag things out for a yearly salary when he has close to 11m shares in his own name at around 20 cents per share plus other family holdings. That means a 1cent share price drop costs him $105k and the price dropping from 12 cents to 7.5 cents has impacted his personal worth by $473k. He also has performance shares that have been impacted and also lost out on the 835k options he had. Same goes for David Dawson.
Bottom line is that a number of the posters on this thread need to stop with all the negative conspiracy theory propaganda crap! If you know better then go start your own exploration company and see how that pans out for you!
My view is that we all need to keep focused on the fundamentals of why we invested in St George. The fundamentals of the Mt Alexander and Cathedrals Belt opportunity have not changed in my opinion and as such my views of a huge discovery have not changed. Whilst I share the disappointment that St George has not hit massive sulphides in the deep holes as yet, I am very encouraged with yesterday’s announcement regarding the multiple down hole EM plates they have identified.
I see 3 scenarios for the EM plate misses – 1. There are many small massive sulphide pods or veins at depth that are interfering with the DHEM readings and modelling; 2. There is a large vein or pod or maybe several that are deeper or further down dip that are interfering with the readings; or 3. A combination of 1 and 2.
I certainly share the frustration regarding how long things are taking and would have liked 3 plus diamond drill rigs on site simultaneously as this would have achieved more in the last 12 months for less cost but that didn’t happen. Hopefully the urgency in the approach will change moving forward.
For me the positives are:
- The multiple DHEM plates are a very positive sign even though St George has not yet hit the massive sulphides. Something is definitely present at depth – we just need to find it!
- Lots of modelling and remodelling has happened and MAD199 will soon hit its target depth – I am upbeat about this hole and we may all be pleasantly surprised come Monday.
- Several DHEM targets and surface squid MLEM survey anomalies overlap and this will in my opinion lead to sulphide hits as has occurred in the past when these overlaps have occured.
- The EM anomalies look to represent potential vectors to more distance high grade mineralisation.
- West End is looking very promising as they go further west and down plunge towards the Ida Fault.
- The new aeromagnetic and radiometric survey results in the new northern tenements look very promising as they show a similarity to the Cathedrals Ranges and St George will be drilling them soon.
- St George is yet to ground survey the nice juicy MT/AMT area in the northern tenement immediately above the jointly owned tenement. Hopefully this will happen soon and they sink a drill bit into this area as I am very keen on this target.
- The Canadian Metallurgical “march 2” study is underway so there is still hope this comes back very positive and if so then it is game on for the shallow mining in my opinion.
- The work on the new gold Patterson tenement is targeted to start in May and the WA Government will be contributing financially to the drilling.
The negatives are:
- Once again there is only 1 diamond drill rig on site. There needs to be at least 3 diamond drill rigs simultaneously running 24/7 and the management team and consultants need to work harder to model and manage the targets to keep the drill bits turning.
- The RC rig still has not arrived and is now more than 1 month late but as we all know “shit happens”. Hopefully this gets sorted soon and they can start the definition drilling and shallow target drilling.
- There will be a capital raise soon and that sucks but we are in exploration and if you don’t understand that then don’t invest in these types of stocks.
Good luck to all shareholders.
Stay positive, keep patient and hopefully the rewards will come soon.
Cheers SandyC
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