Then you still got the rest of Perenjori (where they have expanded their landholding). This hosts the Kooline project - which is prospective for high grade copper lead and silver... as well as gold in areas. MGMT have identified quite a few high priority targets here. A taste of the historics:
"previous rock chip sampling of the exposed lode structures produced grades of up to 55.3% Pb and 249 g/t Ag from the Bilrose workingsand copper grades of up to 2.62% Cu (including 12% Pb) from the Phar Lap workings (ASX:SRNrelease 22 May 2018)."here is a VTEM overlayed map:
The latest on this (all straight from Company Announcements):Immediately west of the Kooline workings Surefire has identified VTEM conductors under cover, next to an intrusive heat-source, where a major copper-gold system is targeted.Also identified: high-grade gold targets with previous rockchips up to 38 g/t gold projecting into area of cover where magnetics indicates extensions of structural corridor.- Three high priority bedrock conductors have been identified from modelling airborne electro magnetic (AEM) data- Conductors are linked to historic mines that extracted high grade lead-silver- Four additional moderate priority conductors also identified- The conductors have not had any previous drilling Follow up will be by ground EM surveying and drilling- EIS co-funding has been secured from the WA Government for the drilling campaignI look forward to hearing more.KadjiLink to recent ann:
Kadji Project Perenjori Nickeliferous Ultramafics Identified
https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYL4wm0zRLxv%2BRr8bFiGug%3D
Kadji appears could be a ripper! Chalice have developed a very large foothold in this region which is very encouraging along with the early ground work that looks to be throwing out some highly anomalous Ni readings. Credit
@Bubbles101 for the grab:
On top of this we have previously undiscovered/unmapped pegmatites throughout the tenement. Even if it isn't Spodumene which we dont know yet - at current Li pricing, I believe Lepidolite hosted lithium can be extracted reasonably cost effectively using new processing methods and make for great resources. Got the Potash industry to thank in part for unlocking previously uneconomical Lithium resources.
This region is also highly prospective for PGE metals and Copper.
From the announcement:
There isn't a lot of info around the Lithium at this stage other than these unmapped pegs are in the north west of the ground - where it adjoins Chalice ground (I think). Follow up work has been prioritised.
Importantly the E70/5575 tenement sits very close to infra, in fact on a Road.
As
@dag66 has mentioned - the Chalice interest in this area cannot be understated.. They have built up a lot of ground here and they obviously like it for some reason. IMO this makes Kadji seem very compelling especially after that recent announcement highlighting the prospectivity (in fact, all of Perenjori).
I hope some ground work on those pegmatites has already kicked off. I would say it has and we would hear more very soon (given the market, in vogue-ness of Li). Not to mention the Nickel!
Vlads comments:
Looking forward to this one.
Perenjori IORecent anns:
Ann: Perenjori Iron Proj Negotiations for Offtake and Infrastructure
Ann: Amended Investor Presentation Perenjori Premium Grade Iron Project (the had to remove the production targets)
Original with retracted production targets see here:
https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYL4wm6wBHwv%2BRr8bFiGug%3DFinally out of Perenjori, the monster Perenjori IO - currently got a fraction the resource modelled up for 191.7Mt @ 36.6% Fe.
Company is currently targeting around 800-1200MT a 400% increase to the current resource size at the mid point (and the target is in addition the already defined 200MT).
They talking to multiple parties regarding offtakes and infra agreements. This project has clearly sparked significant interest.
The IO is suitable for the clean steel industry appears to be of a superior quality to that of peers. I reckon the Russia/Ukraine situation could either hinder or aid us in attracting a suitable partner/s, split mind.
I am also a little unsure as to the future IO price benchmarking - At the moment we are seeing pressure absorbed in the market - however pricing over the next few years is set to cool a little in the standard benchmark pricing.. In any case they have it pegged down to around $135USD/T into 2025 - Some considerably lower - but even then, at an $80per tonne opex - it would still look very economical. We also expect a premium over the standard spot given the 67-70% Fe concentrate that can be produced.
Some slides taken from the recent preso:
The hope is that likely to see similar mets throughout the wider target zone
The summary
Unaly Hill/Victory BoreThen you still got the Vanadium out at Victory Bore and Unaly Hill-Well I was huge on lithium some time ago - Still have some exposure however I have long thought Vanadium redox flow battery tech would eventually surpass lithium based battery tech for long term stable energy storage. I think the battery world probably thinks this too (long term), the vanadium market has been hotting up somewhat in recent times and as we know timing can be everything.there are proven reserves of151mt @ 0.44% V2O5 at Victory Bore.86.2mt @ 0.42% V2O5 at Unaly HillThis all equates to over a million tonnes of V205 across the two areas. With similar sized targets near by suspected to host similar mineralisation.While the grade doesn't seem particularly high - it is certainly economical and could do very very well with the right Vanadium pricing/market. This is an under the radar project at this point. Mostly overlooked by the market but it still adds to the value proposition here IMO. No work has been done at these location in ages.@Alethic summarises the potential probably best in this thread which is well worth a read - https://hotcopper.com.au/threads/victory-hill-unaly-hill-projects-potentially-worth-billions.5980319/
These were largely viewed as duds back in the day but as mentioned, right mix of conditions brings them to light.. I think recent Vanadium price activity might start to do that, if it continues or stabilises.
So that's a take on the projects.
A quick summary of approx. spot pricing as of last night 8/3/2022 and earlier today:
Iron Ore sitting at about $160usd/t (Perenjori)
Gold at record highs $2005+ usd/oz (Yidby/Perenjori-Kooline/Kadji) --- $2040 today!!
Silver at $26 usd/oz (Kooline)
Nickel having a major run - $80000 usd/t (Kadji)
Vanadium breakout, currently over $12usd/lb - Victory Bore/Unaly Hill.
Lead is currently just under $2500usd/t (Kooline)
Copper at over $10000usd/t (Kooline/Kadji)
Lithium at over $60000 usd/t (Kadji)
Palladium at over $3000 usd/oz
Platinum at around $1170 usd/oz
Rhodium at around $20000 usd/oz
Forgive me if some of the figures are already out by now.
We have exposure to all of this at SRN, to what degree on some we don't quite know just yet, but the potential for multiple company makers is there.
I reckon the current and potential value in SRN ground has increased considerably across the board in recent times and market will start looking at it more favourably as more catch on -I mean some of the numbers break the calculator! Could also be shaping up to be a major TO target IMO.
Guaranteed couple of mil in the bank from underwritten oppies, but still a decent cash position as we stand at rough guesstimate $1.5-$2M.
This is all summed up in a $15m MCAP. I say, bring on more news, although I am still happy to be building a very solid position while it remains absurdly cheap as I believe this will reward significantly in the long run. Of course it all means nothing, if nothing ever comes out of the ground but there are some very solid prospects here.
This is all in my opinion aside from where quoted from company announcements.
Cheers all please DYOR.. Then post it here
(20min delay)