Yes I have looked at it. The gold is very nuggety which makes it difficult to mine economically. In the latest announcement they had 186m @ 8.8g/t BUT it’s UNCUT and 89.4% of the gold content was in just 0.3m - about 90% of the gold was in 0.16% of the total length of the hole. So the grade of the rest of the hole was only 0.93% and there were some other parts which were nuggets with that. The gold started at 708
There have been lots of similar examples in their other announcements in the last year. Discovery Alert suggested the gold will be difficult to mine economically as it is very deep and extremely nuggets. Image how low the grade would if a top-cut of 100g/t was applied - most holes would not have a grade above 1g/t and most are quite deep.
The things that put me off were 1. They never top- cut the assays - all results are announced without a top-cut 2. Discovery alert view 3. at a March seminar a renowned gold expert told me the stock was being hyped 4. as evidence of 3 above. At a August conference I spoke to them but they could not answer my questions - he had to ask a broker and it turned out the SXG guy was a Pr person contracted by SXG- that really was the nail in the coffin.
SPR Price at posting:
$1.53 Sentiment: Hold Disclosure: Held
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