Oct. 8, 2010... $0.46
Shares out.... 127M
Capex... $58 million
Listed in portfolio @ 0.37 +0.09 / 24%
SUP is a company everyone should be seriously looking at. It's been in on my public page on stockhouse for awhile.
You know I follow Rainy River and when I saw that they signed the option agreement for the TPK property, it raised my eyebrows because of the steep price they paid for a 51% interest in the property that has seen no drilling whatsoever. In this business, you have to follow the money. They have agreed to spend $9.4M in exploration over 3 years. They paid SUP $300,000 up front and $1.3 million on January 5th 2011 as well as subscribing to (3) 500k private placements for a total $3.1M to SUP. This project didn't come cheap to Rainy River, but since the Rainy River deposit is entering into development phase, you gotta keep the exploration team busy and certainly looks like they found a massive project in the TPK Property.
Another company you might want to follow the money on is OX.V Orex Exploration. They are heavily involved with Osisko on their project in Eastern Canada. There is a ton of shares out on OX though. It. might be one that goes .10 to .20 or .30 if current exploration is successful. OSK certainly likes it.
SUP capex is currently $60M so its not cheap but I thought I would mention it before it breaks out over 50 cents. I keep delaying talking about some of these companies waiting for a consolidation in POG, but if I wait for that I might be waiting awhile... I am also resigned to the fact that even if POG comes down, a lot of these explorers corrections will be short and sweet this winter and TPK property exploration is gearing up and SUP.V clearly broke out today.
Here are some highlights of the Sept. 16th news release regarding exploration at TPK.
Anyway, because the TPK property is almost entirely devoid of bedrock TPK is focusing on boulder prospecting and rc till drilling within a strong 7 x 7 km gold grain in till anomaly identified. They are planning on follow up diamond drilling this October. They have 3 preliminary targets ready to be drilled. Two of the targets mentioned in the last news release...
So to quote SUP's news release the model is a giant low grade shear zone system that could extend up to 7km and first initial targets are very wide zones. What is even more interesting is the high grade boulders from the recent exploration program. If they can trace those boulders close to the source, a pocket of high grade in this potentially massive low grade system will excite the market.
Straight from the news release the model is this...
The TPK gold‐in‐till anomaly occurs immediately adjacent to a major, potentially shear‐spreading bend in the regional‐scale Stull‐Wunnummin Fault. This setting, in combination with the extensive shear deformation observed in the porphyry and quartz monzonite, suggests the presence of an array of gold‐bearing splay shears similar to those associated with the major bend in the Larder Lake‐Cadillac Fault in the Malartic‐Val d’Or gold district where the main gold deposits, including West Malartic (Osisko), Camflo, Goldex and Sigma, are closely associated with sheared porphyries. In addition, the strong correlation between gold and arsenic at TPK closely matches that at Eleonore, Casa Berardi, Hemlo, Musselwhite and many other gold deposits in the Canadian Shield.
To quote Rainy River...
“The initial prospecting results and further definition of the gold‐in‐till anomalies are encouraging and merit additional exploration activity,” commented Raymond Threlkeld, President and CEO of Rainy River Resources. “We are anxious to begin core drilling which is the next phase of exploration on this highly prospective project.”
To quote SUP's Dr. T.F. Morris, President and CEO of Northern Superior...
“The positive results from this phase of boulder prospecting continues to support our assertion regarding the tremendous potential of the TPK project for significant gold mineralization over a large area. The distribution of boulders with anomalous gold assays, coupled with results from the current phase of prospecting and reverse circulation drilling, will greatly refine drill target selection to better direct and maximize efficiencies for our diamond drill program slated to commence in October.”
Get into SUP before they even sink a diamond bit into this huge project. This is another company that has very little downside risk and in all likelihood will get swallowed up by Rainy River if exploration this coming year confirms their theory.
RR gives you great exposure to this project going forward as well.
You know I follow Rainy River and when I saw that they signed the option agreement for the TPK property, it raised my eyebrows because of the steep price they paid for a 51% interest in the property that has seen no drilling whatsoever. In this business, you have to follow the money. They have agreed to spend $9.4M in exploration over 3 years. They paid SUP $300,000 up front and $1.3 million on January 5th 2011 as well as subscribing to (3) 500k private placements for a total $3.1M to SUP. This project didn't come cheap to Rainy River, but since the Rainy River deposit is entering into development phase, you gotta keep the exploration team busy and certainly looks like they found a massive project in the TPK Property.
Another company you might want to follow the money on is OX.V Orex Exploration. They are heavily involved with Osisko on their project in Eastern Canada. There is a ton of shares out on OX though. It. might be one that goes .10 to .20 or .30 if current exploration is successful. OSK certainly likes it.
SUP capex is currently $60M so its not cheap but I thought I would mention it before it breaks out over 50 cents. I keep delaying talking about some of these companies waiting for a consolidation in POG, but if I wait for that I might be waiting awhile... I am also resigned to the fact that even if POG comes down, a lot of these explorers corrections will be short and sweet this winter and TPK property exploration is gearing up and SUP.V clearly broke out today.
Here are some highlights of the Sept. 16th news release regarding exploration at TPK.
- Boulder prospecting yields numerous large mineralized boulders including two grading 42 g/t gold and 48 g/t gold
- 76 of 99 reverse circulation drill holes completed to define gold‐in‐till anomalies
- Prospecting indicates system may be a set of shear zones, similar to the Larder Lake‐Cadillac Break (Val d’Or – Malartic districts)
Anyway, because the TPK property is almost entirely devoid of bedrock TPK is focusing on boulder prospecting and rc till drilling within a strong 7 x 7 km gold grain in till anomaly identified. They are planning on follow up diamond drilling this October. They have 3 preliminary targets ready to be drilled. Two of the targets mentioned in the last news release...
- Target 2 appears to be associated with a 0.7 x 3 kilometre, high‐level porphyry stock at the contact between metasediments and a quartz monzonite batholith. The contact area has a steep metamorphic gradient similar to that found at the Eleonore gold deposit in Quebec. The porphyry is siliceous, extensively fractured and contains fluorite and spessartine garnet alteration. Three days of prospecting produced 41 visually interesting boulders, of which 33 (80%) were found to be anomalous in gold. Fourteen boulders (34%) yielded >0.3 g/t gold and one measuring 1.0 metres yielded 42 g/t.
- Target 3 is associated with a 200 metre wide shear zone in the quartz monzonite batholith. The initial boulder prospecting yielded 12 visually interesting boulders of which 11 (92 percent) yielded anomalous gold assays. Six boulders (50%) yielded >2 g/t gold and one measuring 1.5 metres yielded 48 g/t. Due to the very positive results of the preliminary boulder sampling, a professional prospecting team has been contracted to conduct a broader and more intensive boulder search. New sheared, altered and mineralized boulders are being located daily and many additional samples have been submitted for assay.
So to quote SUP's news release the model is a giant low grade shear zone system that could extend up to 7km and first initial targets are very wide zones. What is even more interesting is the high grade boulders from the recent exploration program. If they can trace those boulders close to the source, a pocket of high grade in this potentially massive low grade system will excite the market.
Straight from the news release the model is this...
The TPK gold‐in‐till anomaly occurs immediately adjacent to a major, potentially shear‐spreading bend in the regional‐scale Stull‐Wunnummin Fault. This setting, in combination with the extensive shear deformation observed in the porphyry and quartz monzonite, suggests the presence of an array of gold‐bearing splay shears similar to those associated with the major bend in the Larder Lake‐Cadillac Fault in the Malartic‐Val d’Or gold district where the main gold deposits, including West Malartic (Osisko), Camflo, Goldex and Sigma, are closely associated with sheared porphyries. In addition, the strong correlation between gold and arsenic at TPK closely matches that at Eleonore, Casa Berardi, Hemlo, Musselwhite and many other gold deposits in the Canadian Shield.
To quote Rainy River...
“The initial prospecting results and further definition of the gold‐in‐till anomalies are encouraging and merit additional exploration activity,” commented Raymond Threlkeld, President and CEO of Rainy River Resources. “We are anxious to begin core drilling which is the next phase of exploration on this highly prospective project.”
To quote SUP's Dr. T.F. Morris, President and CEO of Northern Superior...
“The positive results from this phase of boulder prospecting continues to support our assertion regarding the tremendous potential of the TPK project for significant gold mineralization over a large area. The distribution of boulders with anomalous gold assays, coupled with results from the current phase of prospecting and reverse circulation drilling, will greatly refine drill target selection to better direct and maximize efficiencies for our diamond drill program slated to commence in October.”
Get into SUP before they even sink a diamond bit into this huge project. This is another company that has very little downside risk and in all likelihood will get swallowed up by Rainy River if exploration this coming year confirms their theory.
RR gives you great exposure to this project going forward as well.
A little hint that SUP may start another massive climb up. Short positions of 480k shares (a small amount to begin with) were removed.
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