Jump to content



Recommended Posts

  • Replies 322
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

On Nov 14 Les Davis will be giving an SLR presentation at the Gold Symposium which runs for two days at Luna Park in Sydney. Chris Banasik will also be attending. I look forward to hearing the presentation and meeting them both.


I had a visit to Mt Monger operation and was very impressed by the staff and their attitude towards their Company.


I have been a holder since the GFC when I thought they were a bargan at $0.59 - unloaded a few at @ $2.60, but hold 60% for the long term.



Link to comment
Share on other sites

I sold all my short term ones very late in the day when they reached close enough to my recent short term target which was mid 3.60's (I only picked that target yesterday!), but I will hold my long term ones for much higher prices and hopefully get all my short term ones back over the next few days.
Link to comment
Share on other sites

The SLR boys are on the register of MRP and the guy who developed Daisy Milano for SLR, Morrie Goodz, is the CEO of MRP. Ashok Parekh, who owns about 8% of SLR overall through various holdings, is also on the Board of MRP. I spoke with the "team" at the Brisbane Mining Convention and they are bullish on MRP but I guess it will take time, just like SLR did. They did mention SLR went way below the IPO price down to 15c.

Interesting, one of the original miners at Daisy Milano years ago is now the MD of a new float about to hit the board. AYC will be the code. One to keep an eye on. Les Davis from SLR I believe is also involved with this new float and Ashok is the Chairman.



I traded out 20,000 of my SLR at $3.56 (bought 40,000 this morning at $3.32).

Link to comment
Share on other sites

Decided to get back in with some short term trades in the low 3.50's after seeing a bit too much support there.


I think it may be worth holding a few days now considering on Nov 14 Les Davis will be giving an SLR presentation at the Gold Symposium in Sydney (Monday).

That may "awaken" a few more instos that have not heard the story yet.

Link to comment
Share on other sites

"The instos that count know the story"

I think if they all knew the story a few months ago, it wouldn't have been sitting at 2.40.

It really started moving after few instos asked management for stock (and were given some management options).

They may have had to buy on market after that, and the way it moved I expect there was some competition for available stock.


Yes I agree that it is looking toppy and may need to consolidate for a while.

The last two consolidations were sideways after strong moves up.

Very bullish, but I guess no guarantee that this one will be the same.

I still expect atleast 40% upside just to reach fair value relative to peers, but obviously with consolidations and perhaps corrections along the way.

Link to comment
Share on other sites

Looking at the cross sections and plan of the Hollandaire drill results on the latest announcement, the ore body looks at least 200 ms long at mineable grades.


The lower grades at the southern end ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“holes 1 and 2 are still enough to mine at 1.1% plus .3g/t au.


Hole 7 along the same line is pending assays.


These lower grades will likely still be mined considering the infrastructure (decline) will already be in place.


The middle line of holes have excellent grades of 5.2%cu plus .5g/t au plus 10g/t ag and 7.8%cu plus 1g/t au plus 20g/t ag.


The northern line of holes have the highest grades at 15.7%cu plus 2g/t au plus 29g/t ag so the ore body is clearly open beyond that line of holes.


The average height of the ore body is around 13-14ms.


The width is the biggest unknown. Holes 7 and 8 will give more info to the width, but if they are decent grades too, then it remains open further along.



It looks likely that it will be at least 75ms wide on the drilling to date but open.


The conductor appears to be around 100ms wide so a reasonable assumption would be the ore body will be a minimum of 75-100ms wide.


I will assume 80ms for now but it is open and could be much wider.


80x200x13.5 gives 216,000m3


An assumption of around 4 for specific gravity should be close enough and that would give us 864,000 tonne of ore.



Looking at all the cross sections, an average grade of at least 4.5% looks likely.



At 4.5%, the ore body contains around 39,000 tonne of copper (plus precious metal credits).


That would be good for around 7 years of production at 5,000tpa, or 3.5 years at 10,000tpa.


Les thinks a 200,000tpa rate of mining would be likely giving me a 9,000 tpa of copper production target.


The 9,000 tpa would provide a revenue of US$67mill per year at current copper prices and thatÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s before precious metals revenue from the same ore body.


I would guess a margin of 70% after precious metal credits at 4.5% copper should be conservative using bulk u/g mining.


Cash surplus before tax over 3.5 years could be around $165 million.


ThatÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s just a minimum estimate based on current drilling.


It could easily be 50% or more larger than what I have calculated above after further drilling and then there are many more conductors to drill out.


I am now realizing just how valuable this is likely to be.


ItÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s no wonder the stock moved the way it did.


The price may be pausing here today, and may be subject to more profit taking, but I am seeing a great deal of upside on top of what I am expecting from the gold projects.


I will be increasing the size of my long term holdings in this stock.



Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Create New...