Member Info for gorsuch

I answer to your question Lupidog.

""Are these areas new to SML (as I cannot see them mentioned anywhere else but I may be missing something obvious)?""

The exploration application I found yesterday already has licences for it?? LCCM hold three tenement licences for that area, EL6377 and EL6378 both of which run out on 25/7/21 unless renewed, also EL6279 which runs out 6/6/21 but has already been renewed for 1 year. I don't understand the mechanics of it, but it looks like they are dumping the old licences and trying to get new ones.

EL6279 had these notes attached to it, which looks like someone wants money that we haven't got by the end of March.

EL6279
1 year renewal. The conditions contained in the
Exploration Licence with the following variation of
Schedule B, 'The amount of $80,000 is to be
spent on exploration during the period
07/06/2020 to 06/06/2021', all previous
exploration expenditure commitment being
deemed to have been met.
The expenditure shortfall of $111,000 from the
previous licence term is deferred, and will be
required to be addressed on renewal of the
exploration licence.

EXEMPT the tenement holders from the
obligation to comply with the expenditure
commitment set out in Schedule B of their
respective exploration licence conditions from the
date of this memorandum for a period expiring
on 31 March 2021.

There are some interesting snippets in the PEPR granted to the mountain of light in July 2018, surface water would appear to have been a problem, plus it shows just how much information is required to get a PEPR.

https://sarigbasis.pir.sa.gov.au/WebtopEw/ws/samref/sarig1/image/DDD/PEPRA2810434.pdf

Below the messages on here there appears a link to SML's website, along with what should!! be a short factual statement.

"Strategic Minerals Profitable Mining and Exploration" >>> Debateable
"Production of Copper Tin Tungsten Nickel Laterite Sulphide Cobalt" >>> Not producing anything
"Listed on London AIM" >>> Yes it's true
"Mining in Cornwall, New Mexico, Australia" >>> Not physically mining anywhere

Obviously doesn't come under the trades description act :-))

I think looking at it in view of your info you are absolutely right Cornish, to be honest I know nothing about mining, I will have to have another look for the proper PEPR tomorrow.

https://www.legislation.sa.gov.au/LZ/C/A/MINING%20ACT%201971/CURRENT/1971.109.AUTH.PDF

Page 59 gives you the details about section 28 (5)

It basically looks like it refers to land that is open and available.

https://www.southaustralianhistory.com.au/light.htm

It's the last paragraph that gives the killer blow.

""The Mountain of Light is still full of copper, as are the mountains of the Northern Flinders Ranges. Unfortunately, no matter how complicated the methods used, or the state of technology, it can not be mined economically, which means at a profit, if it is not there in sufficiently concentrated quantity AND quality. The Northern Flinders Ranges may not provide work for copperminers anymore, but they still are a mineral paradise for geology lecturers, geology students, history students and rockhounds alike.""

Bitcoiner, the dates you are referring to are the "Target completion dates" which mean nothing, if you look at the target date for the assessment completion process it states 23rd December 2020, yet we are in February and it's not completed.

Bitcoiner, I read it differently, if you click on the blue reference number (2020/00171) on the left-hand side, it brings up a pdf which states that it was sent to the Aboriganal affairs on the 13th January, but it was only received today 9th February, maybe just a very bad postal system.

Apparently the Aborigines are now checking it out.

Details - Assessment: DSD & External Agencies
Circulation Aboriginal Affairs and Reconciliation Division
Sent: 13/01/2021 Received: 09/02/2021

https://map.sarig.sa.gov.au/MapViewer/StartUp/?siteParams=ApplicationStatusWidget
Firstly zoom into the map right of centre, look underneath Lyndhurst you will see Leigh Creek, underneath Leigh Creek click on the number 2020/00171.
On the left-hand side, it will then give you the dates and timings for the PEPR application.

Personally I'm not sure that we can actually produce anything from LCCM, even if a fairy godmother gave us 2m, we have never seen any proof that they can make it work, let alone make money out of it. There are probably pi's on this board that given a month could actually borrow 2m, so I don't think that is what's stopping us moving forward.

Thanks Fira, it's always nice to finish the week with a laugh :-))

I would like to thank Cornishknocker and Southwesterner, for taking your time up on a weekend to try educate us all, it is much appreciated.

I think we now see that we should be focusing on the price of Tungsten not Tin; here are a couple of Southwestener’s observations that interested me.

““At best using a tin equivalent grade for this resource is irrelevant, at worst it’s misleading””

““It won't work, no mining professional is going to recommend this as a tin project currently, and I would advise that this "marketing" is doing more harm than good to the credibility of the project and especially its owners””

So who are the BOD trying to deceive!! obviously not the professionals because they know it’s not a true tin project, so that only leaves us, the shareholders, they seem to have a knack of trying to deceive us and fail. Troutisout realised what they were doing in the Cobre accounts, hence they had to send out another RNS for damage limitation, I forced them into issuing an RNS about our major client Brenda, because they didn’t want to tell us the truth. To be honest the one thing SML needs now more than anything else is TRUST, they have lost a lot of it over the past two years, but they don’t appear to be making any effort to try and regain it.

I'm considering averaging down again, but I'm going to wait until Cobre rolling contract is confirmed for 2021, I've learned it never pays to take anything for granted with SML.

Bitcoinbuyer,

It doesn't state that it might be a 10 week wait to re-submit the PEPR, sometimes people read what they want to see.

It actually says:
"EXPECTS to submit" this to the South Australian government during the quarter ended 31 March.

Whenever they have used these type of phrases, it is usually followed by failure.

Bule,

Glad it came good for you in the end.

"Cobre" I hate auto correct :-(

To be honest, as much as I don't like to think of any of our BoD making more money, I believe that MUST is probably our best bet at this moment in time.

Have the BoD told us how much of the raise they spent on Cobra, or more to the point have they actually spent any of the raise on it yet.

Lupidog,
I figured that PW would lose out based on the shares he bought on the open market, according to director dealings he has bought 13,342857 shares costing £111,360 not counting his B&B deals at Christmas, which averages out at 0.0083p, so if we got an offer for SML today, it would need an 80% mark up on todays share price just to break even.

But then Prop, we would have to consider what the BOD have done (or not done) over the past 18 months, by dragging out all their promises and missed time scales, it has lowered and kept low the share price, that would make it a real bargain for Mustang, admittedly PW would lose out on a low SML share price, but no doubt that would be eclipsed by what he would gain out of Mustang, just a wild theory.