SPR (ASX) Golden wings..?

Originally posted by speculator101: ↑

So while I could ponder all things T/O.... in regards to the speculation around Tembo and $1 (for better or worse, a blocking stake of 15% is now available for $1.00... so this could prove a target to the upside, but also.. a cap perhaps?), but... I would rather ponder Golden Wings...

It feels like only yesterday that SPR (GCY) acquired Dalgaranga (ok... it was back in 2012) for a princely sum of approx $2.2m.

As a GCY holder, I was excited, for a pittance, GCY had acquired a project that had a mining lease, had already produced 200k+ ounces and had ready targets for drilling (though to be clear, I still preferred Glenburgh! ha).

Dalgaranga was lightly drilled and arguably, still is, and yes.... Gilbey's North sticks out like a sore thumb.

Without a doubt, I can understand why they went after Golden Wings first.... but yes, hindsight is wonderful.
There were lots of other targets too. Plus for interests sake, I have shown where the old plant was located.

This was how they understood golden wings.... though interestingly, it underperformed badly when they finally mined it... and up until it was mined, the grades kept getting lowered.... perhaps a misunderstanding of the mineralization?

Cheers for the SAM survey @Joelstar - so interesting when compared to what GCY worked off right until the end (the black circled areas were the main drill targets back in 2014-2018), but before SL took the reigns (they tried for Tanguery etc). Crazy that Never Never sort of shows up in yellow+orange.

I just wonder... is there something underneath golden wings, like Gilbey's North? Not that they have mentioned drilling under Golden Wings, but I believe the drilling is limited to a bit over 100m.

Anyway, just keeps me wondering what else is within the mining lease, let alone within the entire belt...

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it’s not just GWs that I have questions about. It’s what lies deeper at WW, 4P, to the north of NN, etc. the discovery of Pepper has raised the possibility of other Peppers there may be at depth. Pepper starts at a depth (500m or so) they have not really drilled these other deposits to that depth yet.

We may find drilling from the decline will start answering these questions sooner rather than later ie in late 2024 as they are starting drilling from the decline before the decline is finished plus they are digging the decline from both ends not just from one end.

I would not get too hung up on the $1 price for this reason.

If SPR continues to report great assays and we see a significant increase in the MRE at NN and a start of one at Pepper eg combined of say 1.5m Oz or more in mid 2023 - ie next 6-8 weeks.

Will the market go who cares it is still only worth 70c? My view is the SP will increase above 70c eg to 80c to 90c. Will Tempo still want a minimum of the not $1? In my view they will then want a price of say $1.20.

My view is the increase in the NN/Pepper MRE will be higher than previous upgrades ie higher than the previous 400k Oz since they have drilled much deeper below the previous deepest holes ie now 400m compared to previous efforts of 150m maybe 200m and found Pepper.

in other words my view is that Tempo’s $1 is a point in time view based on what they know now - ie if a bid came now they are saying we want at LEAST a 50% premium to get our attention from a serious bidder. But their view will probably change in 6 more mths wanting a 50% premium over the then SP eg if SP is $1 in 6 months I bet they will want $1.50.

It’s the % premium Tempo want above the SP when the bid us made which is key.

Not sure if I have explained my point that well.