SPQ - Superior Resources

[oztrades]

A Queensland junior explorer. After listing on the ASX oversubscribed this junior explorer has been hit by the downturn in the markets. It holds a substantial holding in DYL and seems to have interests in exploring for uranium also. Although starting quite well seems to have gone quiet.

 

[springhill]

Superior Resources has completed drilling at its One Mile Mining Lease and preliminary results have been received.
http://www.asx.com.au/asxpdf/20120622/pdf/426zrn783ws819.pdf

The most significant result from the drilling is that drill hole SPOM023 intersected
copper, gold and zinc mineralisation in massive, semi-massive and disseminated
sulphides over a combined 21.3m interval including two intervals of higher-grade.

These intervals are:
389.7m to 393.0m - 3.3m @ 0.54% Cu, 0.63g/t Au, 2.16% Zn and 8.3g/t Ag and
395.9m to 401.1m - 5.2m @ 0.51% Cu, 0.64g/t Au, 1.77% Zn and 7.3g/t Ag.
The total 21.3m interval from 386.0m to 407.3m averaged 0.31% Cu, 0.43g/t Au,
0.98% Zn and 4.9g/t Ag.

Hole SPOM023 was drilled some 160m down plunge of hole SPOM004 which was
the best hole drilled in the 2011 program.

Hole SPOM016, drilled 130m above hole SPOM023, intersected 3.7m from 283.6m
to 287.3m averaging 0.47% Cu, 0.40g/t Au, 0.14% Zn and 4.2g/t Ag.


They have also reached agreement with PhosphateCorp Pty Ltd regarding the acquisition by PhosphateCorp of SPQ’s Inca Project (Figure 1) in northwest Queensland in exchange for 40% equity in PhosphateCorp.
http://www.asx.com.au/asxpdf/20120521/pdf/426d35l48qwq6z.pdf

They also reached agreement with Copper Strike for exploration rights to the area surrounding its One
Mile Mining Lease.
http://www.asx.com.au/asxpdf/20120419/pdf/425ptc11kjkv9c.pdf

With 77m shares on issue and around $550k left in the hole, cap raising is imminent.

 

[burglar]

With 77m shares on issue and around $550k left in the hole, cap raising is imminent.

Hi springhill,

With cap raising imminent, do you like to enter and participate in SSPP, or await a different strategy?

 

[springhill]

Hi springhill,

With cap raising imminent, do you like to enter and participate in SSPP, or await a different strategy?

No mate, i prefer them to have to not rattle the tin for at least a year if possible. Being cash poor is usually a red flag for me. SP's more often than not drop to the cap raising price anyways.
None of their projects excite me to be honest, but that's just my opinion. Would you listen to a fruit grower??

 

[burglar]

No mate, i prefer them to have to not rattle the tin for at least a year if possible. Being cash poor is usually a red flag for me. SP's more often than not drop to the cap raising price anyways.
None of their projects excite me to be honest, but that's just my opinion. Would you listen to a fruit grower??

SO YOU WAIT UNTIL PRUNING SEASON IS OVER!
And then review?

 

[springhill]

SO YOU WAIT UNTIL PRUNING SEASON IS OVER!
And then review?

One eye on the fruit, one eye on the shares. Always.

 

[greggles]

With cap raising imminent, do you like to enter and participate in SSPP, or await a different strategy?

Five and a half years later, another cap raising for Superior Resources. This time the cash raised will be used to conduct significant exploration programs on the company's Lucky Creek Cobalt-Nickel Prospect at its NE Queensland Greenvale project.

SPQ are looking to raise up to $1.863 million (before costs) by issuing 69,513,270 new fully paid ordinary shares at 0.9 cents per share. A rights issue will also be offered to existing shareholders on a
pro-rata basis of one new share for every four ordinary fully paid shares held in the Company on 30 January 2018, at a price of 0.9 cents per new share. Shareholders who subscribe under the Rights Issue will also receive one free attaching option for every two entitlement shares issued with each option having an exercise price of 1.6 cents and expiring on 31 August 2019.

Let's hope this capital raising goes better than the last one. SPQ is up 0.005c to 1.7c today, a gain of 41.67%. Presumably a lot of people are looking to take positions so they can participate in the rights issue. The market is certainly reacting positively to the announcement.

Here's the six year chart for SPQ:

 

[System]

Gold Drilling expected to pique investor attention for Superior Resources

 

[Dona Ferentes]

got to give this company points for trying

The company holds three 100 per cent owned projects:
Greenvale (Gold, Copper-Gold, Nickel-Cobalt, Zinc),
Nicholson (Lead- Zinc-Silver with Copper, & Cobalt) and
Victor (Lead- Zinc-Silver with Copper).

The Greenvale Project, its flagship project, is a low CAPEX, potentially high return project in trucking distance to several toll treatment facilities.

This project is located within the Ordovician Macquarie Arc, home to the $27 billion capped Newcrest’s Cadia Mine as well as North Parkes porphyry Cu-Au mines. The Greenvale Ordovcian rocks are at the northern remnant of the Macquarie Arc but are underexplored.

- by far the biggest stretch of nearology I have seen

 

[greggles]

SPQ appear to have discovered a copper porphyry system at their Bottletree Copper Prospect and a drilling program is about to commence at their Cockle Creek Copper Project where they already have a sizeable copper resource that they will be looking to increase.

With one and a half quarters of cash left, they will be going all out to improve the share price before the next CR.

 

[greggles]

Share price is up 15% so far this month with rising volume over the last couple of days. It looks like news might be imminent. Watch this space.

 

[greggles]

SPQ has been doing well this month, and has seen some handy gains today following the release of the 2022 AGM Presentation. which provides a good summary of the company's current position and outlook.

The presenation is very comprehensive and is worth a read. I have included a few "summary" slides below.

At 6.1c the SPQ market cap is a touch under $100 million. The only downside at the moment is that they are running out of cash and will need to raise capital in the new year. I expect that management will try and get the share price up a little further before that happens.