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Bullboard - Stock Discussion Forum Sirios Resources Inc V.SOI

Alternate Symbol(s):  SIREF

Sirios Resources Inc is engaged in the exploration and evaluation of mineral resources. The company aims to discover a world-class gold deposit in the James Bay region, in Quebec, Canada. The company owns projects such as Cheechoo, Aquilon, Niska, Solo and Pontax. The firm's flagship project is the Cheechoo gold project. The Pontax property, located in James Bay, Quebec.

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Sirios Resources Inc > la vente de GSV
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la vente de GSV

Borealiste (82) | July 06, 2022 06:34 pm

je retrouves ceci concernant  le principal site de GSV 
  • Average life of mine cash costs of $792 per ounce after by-product credits, and all-in sustaining costs (“AISC”) of $1,021 per ounce
  • Mineral reserve pit designs based on a gold price of $1,450 per ounce
  • Proven and probable mineral reserves of 1.60 million ounces of gold
  • Life of mine strip ratio of 4.1:1
c est un open-pit avec une bonne partie a ,7 gr pr tonne 

leur strip ration est de 4,1 pour 1 , je sais pas si il y a de quoi qui m'chappe mais il y a 4 tonnes de strile pour une tonne de minerais a ,7 gr !!!

on a 1 pour 1 sur cheechoo, en plus il est possible ca soit moin, c est une enorme difference 

avec un tel ratio et a ,7 gr le projet est tres rentable.... On est a 1 pour 1 et on sera a plus de ,7 et entre 2 et 3 millions d.on !!!!

ca nous prend un expert pour nous dire a quel point ce projet se compare ou non a cheechoo 


RE:la vente de GSV

givemeabreak1 (681) | July 06, 2022 10:30 pm

Mr B.
1.  GSV is in Nevada which is one of the lowest cost places to mine gold in the world
2.  While the strip ratio is greater most of the GSV resource is Oxide ores which is what you want in a low grade operation.  Sulphides are much more expensive to process. 
3.  The grade is not .7 but rather .77 I know it might sound like a small differnce but you are talking 10% and about 16% higher then Sirios which needless to say is quite sizeable in similar operations.
4.  This one is important Cap Ex for the mine is only 190 million compared to around 400 million for Sirios.  That works at to be about $118 an ounce vs $250 an ounce.  
5.  AISC does not include the cost of financing it typically assumes 100% share financing so now you have to add the interest should it be debt financing.  It is usually a combination of both but to arrive at a true cost you need to assume 100% debt.  It is often based on a libor plus scenario but for simplicity I will assume 8%!  So add another $120 an ounce to the AISC which brings you to $1141.  Now add debt payback which brings you to $1259.  Assuming same amount of reserves this number would be about for Sirios quite different.  Remember just running random numbers under similar scenario's.  So assuming Sirios base case AISC of $1021 plus $250 and ounce for Capex $1271 plus debt servicing about $1621.  So now that is quite a bit higher so that 16% grade differential is massive.  
6.  GSV has reserves Sirios has none so they are sme 2-3 years away with the need to do lots of spending to get there. 

RE:RE:la vente de GSV

givemeabreak1 (681) | July 06, 2022 11:25 pm

Mr B 
On a side note Sirios is likely better compared to Victoria Gold but years behind.  Victoria's forward guidance is AISC of $1225 to $1425.  That would put there true AIC between $1500 and $1600 an ounce which seems to be in line with the numbers I came to in the GSV comparison!  Needless to say that assumes that one day they will have reserves!

RE:RE:RE:la vente de GSV

Borealiste (82) | July 07, 2022 08:47 am

Bonjour Give

Merci de partager vos reflexions avec tous. 

Je me rejouis de lire que vous pensez que Checchoo est  '' 'likely better compared to Victoria Gold '' 

Pour quels facteurs il le serait selon vous ?
Est ce qu'une perception ou vous voyez un avantage reel pour le projet de SOI ?

VIT semble rentable selon l'entrevue donner a Kitko  :

"Nous ne faisons que commencer", a dclar John McConnell, prsident du producteur junior, dans une entrevue avec Kitco News lors de la confrence sur l'investissement de la Yukon Mining Alliance.

Au premier trimestre de 2022, Victoria Gold a enregistr des revenus de 59,5 millions de dollars aprs avoir vendu 25 518 onces d'or. McConnell a dclar que son flux de trsorerie disponible remboursera la dette de l'entreprise. Il a ajout que la socit s'attend ce que sa dette soit infrieure 100 millions de dollars d'ici la fin de l'anne.

La dette ne serait plus que de 100 millions et en voie d.tre rembourser, c est une chose excellente. 
ref  :

RE:RE:la vente de GSV

Borealiste (82) | July 07, 2022 09:00 am

M  Give

De ce que je peu comprendre , en  partie, de vos remarques est que nous avons pas encore de reserve et que l'investissement pour y parvenir est  important.

Ainsi pour connaitre l'ampleur de l'effort a mettre pour passer de ressource a reserve il nous faut demander a M Doucet , 

Je vais le lui demander par courriel

Quel est l'effort a ajouter comme investissement pour passer au niveau de reserve ?

RE:RE:RE:la vente de GSV

givemeabreak1 (681) | July 07, 2022 12:12 pm

Mr. B
Sirios has a long way to go hence the low share price and valuation of the project.  It has taken 5 years to get to where other companies have achieved in a year!

Early stage developer first achieve a resource which they have completed.  After that they try to expand the resource and improve the viability of the resource.  This is done through the completion of a PEA.  The confidence level of a PEA is still very low.  As I recall, it is in the range of -30 to +50 requiring a contingency of 25% to 50%.  Sirios is expected to reach this stage this year sometime.  Following the PEA they then move to the PFS requiring closer spaced drilling, more mettalurgy tests etc.  Basically another year at least.  This then improves the accuracy of the study to -15 to + 30 and allows for a reduced contingency and identification of reserves if economic.  Following the PFS comes a full FS study!  Likely another year and again much more drilling and tests to be run as well as much more detailed design work and economic stuy.  This is the stage where GSV is at!  If you want more detail just take the Sirios Resource technical report and see how much drilling has been done compared to GSV and or Victoria that will give you an idea how much more drilling is required.  Once the PEA is complete and is posted on Sedar you can simply read the recommendation section to get an idea of the additional amount of drill and testing that will be required.  

At anyrate even when the complete the PEA the confidence level still remains very low.  As I said getting from there to a full FS will likely take 2 years!  That said, some companies take 5 or more years.  Some for cash reasons others because they are lifestyle companies where you are just feeding the beast ie management.  It is a great gig to have especially if you can draw it out forever!

My best case scenario is that they get taken out by someone once they complete the PEA if it is positive.  Given that the common scenario these days for junior takeovers is about a 40% premium so .10 a share is about right.  Yes some have got taken out for much higher but they are companies that are either farther along in the process or who appear to have amazing deposits like Great Bear did!

RE:RE:RE:RE:la vente de GSV

Borealiste (82) | July 07, 2022 12:32 pm

Encore une fois merci

Une vente a ,10 je penserais pas,  C est la question a demand,, combien de forage pour passer de ressource a rserve , 

Je me souviens aussi de vente rapide tel que Eleonore un prix autour de 500 million , je me demande si il y avait 40 000 m de forage, mais vrai que il y a eu des regrets de l acheteur apres,, 
C est un cas anecdotique, mais qui fait rever :-)

Cependant M Give je retiens aussi que VIT avait pres de 1 milliard d action avant de conolider et valait plus de 300 millions ( vrai que je crois l encaisse etait comme a 80 millions ) , ca en fait du forage d etre a 300 vs 15

RE:RE:RE:RE:RE:la vente de GSV

givemeabreak1 (681) | July 07, 2022 02:00 pm

The amount of drilling is a matter of what drilling counts!   For example you could drill 20000 metres step out and come up with nothing.  As I recall, Victoria gold did some 150 holes infill drilling alone within the boundaries of the pitshell to prove up their resource.........  

RE:RE:RE:RE:RE:RE:la vente de GSV

Borealiste (82) | July 07, 2022 02:49 pm

bien entendu give il n y a pas de limite,, tel que osisko qui en ait a  des 100 000 metre si c est pas un millions ,,, 

mais c est pas un absolu necessaire pour developper ou etre vendu,,,,  La question est combien pour la fosse tel que connue et ainsi vendable avec une reserve 

RE:RE:RE:RE:RE:RE:RE:la vente de GSV

givemeabreak1 (681) | July 07, 2022 08:55 pm

Mr B you are correct the amount of drilling is not absolutely necessary but that is when there appears to be a district scale type deposit or a very high grade deposit.  When it comes to bulk low grade deposits you cannot afford to be off by much like I said the real world difference between .77 gpt and .65 is quite large so it only take a slight miss to go from economic to not economic so it is absolutely necessary to get to at least the PFS stage if not the FS stage.  Victoria gold hit the FS like 5 years before the deposit was even developed.  You absolutely need all the tight hole spacing in these types of deposits.

That said if the JV came up with 2 million ounces continuous from Cheechoo then there would be enourmous value to the JV without all the drilling.  If you have a 1.5 gpt deposit and you miss by .2 it is a big miss but likely not disastrous!  You miss that same amount in a .65 deposit it is a disaster......

You will have a better idea of what needs to be done in the next few months when they release the PEA.  Within it there will be recommendations for additional work to get them to the PFS.  All this should have and could have been done a few of years ago!  As I said, they maybe have one more PP in them after that most likely with come a share consolidation.......

RE:RE:RE:RE:RE:RE:RE:RE:la vente de GSV

Borealiste (82) | July 08, 2022 08:31 am

Bonjour Give

''  As I said, they maybe have one more PP in them after that most likely with come a share consolidation....... ''

PP = Un placement priv  ?

Malheureusement c'est des non-choix les financements , il y en aura un bientot c'est certain et il sera douloureux, a moins que nous finissons par entrevoir une entente entre SOI et le JV.

Je ne suis pas un geologue ou un minier Give, j'aurais pens l'inverse que ca prend plus de forage pour des gisements a haute teneur en filon. 
Je ne me souviens plus de laquelle on a discuter ici , lors d'une discussion sur les couts ( region de red lake, si je me souviens ) qui opere depuis peu et qui est pratiquement en faillite.  Ils sont a cot de leur filon ou ce dernier a pas autant de grade. 

Le site principal de cheechoo  semble etre regulier,  avec 30 000 metres on avait deja une idee de la moyenne  actuelle , on a ajouter 40 000 metres  de plus et on a pas mal encore la meme. Ajouter des 100 000 metres va changer celle-ci de facon importante ? 

Je supose qu'un site prsentant une certaine regulariter aide a obtenir une  certaine precision avec moins de forage ? 

Si on porte notre attention sur Osiskp sur leur projet Windfall ils sont a plus de 1,6 millions de metres de forages, ils doivent plonger pour croiser les serpentins que font les differents filons. Cependant ce n'est pas toute la longueur qui est analyser, mais la section contenant le filon. Dans le cas de Cheechoo c'est la longeur au complet car on est dans une masse, ce que M Doucet decris comme un gateau marbrer.  

Je supose que M Doucet a une idee de l'ampleur des travaux pour ajouter de la precision avec le coutour actuel du gisement. 

Pour ma part, avec les moyens que on a , je me conterais du contour actuel, on a de bonne chance d etre autour du 2 millions d'on, je prendrais pour acquis le contour que on a et y ajouterais de la  precision pour en faire un gisement atractif et vendable. 

Si on doit aller a 1 millions de metres comme osisko pour en faire un projet atractif, bien la tu as raison , SOI vaut pas grand chose.  il faudrait diluer a 1 milliard d actions aux pri actuel. 
J'ose esperer c'est pas le cas, et  que  de connaitre la quantit d'or avec une prcision convevable  sur un site tel que cheechoo ( en se concentrant  que sur la zone principal) est plus facile  et demande pas 1 millions de mtres.
J'ai pos la question, on verra si il est possible d'avoir une idee de cela.

A la lumiere de nos discussions ici,, je retiens deux questions importantes pour la valeur de SOI et du projet Cheechoo.

- Il y aura t-il entente ou pas, ou tout au moins les chances sont elles tres bonnes pour en avoir une.
-Quelle est l'ampleur estimer des travaux pour passer de ressource a reserve avec une assez bonne precision pour faire du site de cheechoo un gisement atractif et vendable. 

RE:RE:RE:RE:RE:RE:RE:RE:RE:la vente de GSV

givemeabreak1 (681) | July 08, 2022 02:24 pm

Mr B
This is not that saleable with the current price of gold!  Victoria, Kinross, IamGold etc all have costs in the $1500 an ounce range.  Assuming Sirios at best will come in that cost range ther is no value.  You are not going to risk 400-500 million for such a low margin return!  Gold has to be above $2000 and they need to go from resource to reserve!

RE:RE:la vente de GSV

Borealiste (82) | July 07, 2022 09:56 am

Merci de rectifier , en effet ,77 au lieu de ,7 est important.

Pour le grade de cheechoo on a une inconnue avec l'effet ppitte, on sait toujours pas quels seront les resultats des reanalyses.  Auront nous une valeur augmente ou non, si oui ca sera peut-etre pas mis sur l.ensemble du site car il s'agit d'une portion des carottes qui sont en analyses et non l'ensemble. faudra voir comment ca peut etre statisquement applicable.