CUI BONO ? (part 2) Last March 2019, Fundamental research was spot on and was expecting
1.29 MOz and a share price of $0.44$ per share.
Sirios got 1.6 MOz (+25% on their property) at 0.69 g/t.
Most investors on this board knew these informations. So it is clear that 3 Moz. was not the number to expect after the FIRST Resource Estimate.
All year Sirios was capped below $0.23 by some "Entities" with small buy/sell of 500 shares. And now, since the release of the Resource Estimate last December, the share price has falled to $0.014-S0.015.
The Bashers will certainly give us many reasons for this but it is clear to me that some "Entities" have good reasons to shake the weak hands and the tree ...
We're just in the second inning of this Bull Market in gold and we still need to break above some important levels before the resource sector
starts to move up.
Fundamental Research was spot on ... but Mr.Market is still not here:
Fundamental Research was pretty spot on for alot of things. Now let's see if Mr.Market will
follow in the next two years ... https://www.baystreet.ca/articles/research_reports/fundamental_research/Sirios-Mar-2019.pdf "We believe this is very encouraging for Sirios as Cheechoo could be a strong acquisition
target if Sirios is able to delineate a 1+ Moz deposit."
CHECK "We estimate the global average of the project could be between
0.6- 1.2 g/t. This is in line with the grades of well known reduced intrusion related deposits, listed below:
Victoria Gold’s (TSX: VIT) Eagle project in Yukon has reserves of 116 Mt at 0.66
gpt,
Kinross’s (TSX: K) Fortknox mine in Alaska has reserves of 268 Mt at 0.4 gpt"
We have 7i Mt and 0.69 g/t
Partially CHECK "Based on a 500 m x 500 m area, and a conservative depth of 200 m (the company has drilled
up to 300 m depth), we estimate a preliminary speculative resource of 66 Mt. An average
grade of 0.6 gpt, implies potential for 1.27 Moz of contained gold."
We have 0.69 g/t and 1.6 millions + 0.25%
CHECK " In addition, cyanidation leaching on the gravity tailings showed potential recovery of 92%-93%,for a total expected recovery rate of over 90%. The company is currently conducting
additional metallurgical testing (from 5.5 tons of drill core samples)"
Sirios obtains up to 97% gold recovery including 88%gravity CHECK NGC improved it's participation to 19.9% (maximum). I suppose they have the geologist and the scientific staff to justify this investment
CHECK " Based on an average ratio of $50 per oz, we are assigning a fair value estimate of $0.44
per share on Sirios. We are initiating coverage with a BUY rating."
NOT DONE