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S2R - S2 Resources

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Preso out for the RUI Conf in Freo this month.

They've got a bunch of prospects to test but I'm only interested in Fosterville at this stage. Should I be interested in anything else @finicky ?

Still can't believe they got that block surrounding KL. Perhaps an Aldi bag or two was left on a door step one morning.


 
Sean K said:
Should I be interested in anything else?
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Probably - I was only thinking of Pyramid Hill gold prospects when I bought CHN. Never gave a thought to their other tenements in W.A (Julimar) which of course was the one that hit the feature and free spins. SR2 does remind me of CHN's style.
Without checking, SR2 does have significant looking jvs in Finland/Norway. One of them is with a major and there are majors mining in the same district.
They still retain tenements around Nova-Bollinger and are responsible for that discovery when they were Sirius.
 
Chair, Mark Bennett spent $78k buying shares on market 02-04 May.

 
My spec folio is smashed but thought I'd nibble on these anyway. Can barely look at the market lately.
20,000 more @ 0.13 for the Fosterville tenements. Very slow going for S2R.
 
finicky said:
My spec folio is smashed but thought I'd nibble on these anyway. Can barely look at the market lately.
20,000 more @ 0.13 for the Fosterville tenements. Very slow going for S2R.
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A spec buy on Fosterville is a pretty good bet, IMO. There must be more Fosterville's in that region, it's just a matter of a drill hole going in the right spot and deep enough. The only issue is time. It might be this year, or in a decade...
 
Getting rid of the non ex-Sirius chaff.

It's taking them a long time to get the authority to start drilling holes around Fosterville...

 
@finicky any idea how long it's going to take to have the Fosterville tenement actually granted? It's been 12 months since they won the bid. I thought they might have got a bit more interest today on the back of the SXG drilling results.
 
@Sean K I thought the Fosterville tenement is already granted? The hold up I thought was due to the processes of land access agreements with property owners and getting local communities onboard? Haven't been following it - long term punt on the prospect and management. Don't know how much cash they've got left - must check. Weekly chart looks quite ok, I'm currently at break even.

Held

Weekly
 

I thought it was just land access as well, but there's further red tape to get through for them to actually have it granted from what this means on the last preso.

 
Yep, you're right, I'd just snap shotted the same slide. They won the tenement but it's not granted, I don't understand that. I imagine Vic Govt bureaucracy is more suffocating than most. According to the same preso they had only $3.8m at end of Sept plus $1.3m in investments
 

Yeah, they're going to have to ask for more cash soon.

Dan Andrews has to personally approve purchasing toilet paper in Vic so it could take forever.

I hope they actually did more than 'roll the dice' at Polar Bear too. Perhaps that's a geologists term for 'drilling an IP anomaly'.
 
Sean K said:
I hope they actually did more than 'roll the dice' at Polar Bear too. Perhaps that's a geologists term for 'drilling an IP anomaly'.
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What's a bad roll of the dice called in craps?

 
If I had a 4th pick for the yearly comp I'd probably pick this.

They should get the tenements around Fosterville this year and when that's official I think it'll spike like it did when it won the bid to actually bid. No idea what's holding it up other than Vic Gov red tape, local land clearances and native title clearances/agreements.

The second reason it'll spike is because of the excitement around SXGs discovery down the road.

In the meantime, SR2 should have been going over all the exploration data they could get their hands off the previous owners of the properties and know exactly where they should put their first few holes. I don't expect them to hit a Swan Zone like at depth at Fosterville, but if they get similar hits to the top 300m of Fosterville then punters might think there's something deeper, like what SXG has done.

So, while they might be rolling dice with the nickel project I think they might be better armed to find something here. They just have to get that bloody tenement finally granted and drills mobilised!
 
My God, this is taking forever.




What's next - from their last quarterly:

 
finicky said:
Vote N0ooo... to The Voice
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Agree.

I've decided to join you in this gamble finicky. After SXGs success down the road, I think getting in here pre-discovery of anything is a risk worth taking. With all the data they have off Kirkland they must be ready to vector in on a few targets that will pull up something with yellow bits shining in it. Hopefully they get through the red tape in the next few weeks/months and get some holes in the ground. One decent hit might be all it takes to get it spike. Hopefully they don't have to drill down 2km to find it.
 
Hopefully this CR is linked to the prospect that they're going to get the license to start drilling holes around Fosterville very soon.

Half their money is being spent on keeping the lights on and beer in the fridge to date.


 
Guess it's just sit and wait for a 12c share price now. Ponder then whether it's worth buying/adding.

Held
 
finicky said:
Guess it's just sit and wait for a 12c share price now. Ponder then whether it's worth buying/adding.

Held
Click to expand...

I've rolled the dice with a 15c entry. Not sure why I didn't get a call to participate in the CR, as I've very sophisticated. I can't see this going anywhere until they actually get the EL and put a few holes in the ground. Then it's more roll of the dice with if they hit anything yellow. I might go up and supervise the dice rolling.
 
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