I’m impressed with their pandannus west tenement. A large drilling program will be completed throughout the course of this year on historic known uranium prospects there, drilling should commence within the next 4 months. They have picked up a 51% interest in the prospect for just 200k spent on exploration. Prospects have not ever been drilled at depth or strike of the historic prospects. The company has recently located the historic holes which produced some very good grades in the early 80's. They also have an interesting project called Calvert Hills in the Westmoreland uranium field in NT which will be drilled this year too.
They seem to have a lot of faith in their monta corridor prospects in SA but I am a little concerned they are wasting their time and money on these prospects. They do however have numerous quality targets there which will also be drilled this year and could lead to some surprise upside if something good comes up. I think the recent results were mediocre and I’m disappointed with Yarlbrinda South and Jindivik.
Only some strong results or a significant acquisition will move the share price upwards IMO. This is a tough market but this co seems to be taking advantage of the availability of drilling rigs to investigate its numerous recently identified targets.
At the current share price I’m considering snapping up some more because of the drilling of quality targets they have planned for the next 6 months and their strong cash backing.
Fingers crossed
SNU Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
