Hello Peter
I received another faxed message from HB this morning which I should share with the thread:
Hi Vaughn
1. Yes, I penned the NR, with approval from all.
Thanks we have just found this, Winspear is 1/12 years ahead.
2. CLOSE followers of the Munn story know that this float and sill are the same from NR's and the fact that both exceed 40% G10 content. (Feb. NR)
3. Be careful of microdiamond counts when comparing Munn to Yamba, etc – diamond counts are unique to each kimberlite and (illegible) can have surprises after bulk sampling.
4. David James of Cannacord did a nice job with the NR – read his Daily Letter that he puts out.
Howard
Firstly, I would like to thank Howard for taking the time to try to fill in some blanks, (although I would still appreciate it if e-mail were used rather than the Fax machine).
A few thoughts on the message and as SUF is obviously monitoring, some of these are directed to the company/Howard:
1. I have already commented on what I thought about the content of the NR so no need to revisit that.
2. I suspect many on the thread are fairly close followers of the Munn story and probably have noted that both the Yuri & dike share the common attribute of having 40% of their pyropes plotting as G-10's. However, I have read and reread all of February's NR's and I can not find any reference that the float and sill are the same. If anyone on the thread could point out such an SUF NR quote from any month let alone February, I would appreciate it?
The April 1st NR does state:
Munn Lake Kimberlite Target Area: The results of the recently completed sonic drilling programme suggest that the kimberlite boulders found on the shoreline of Munn Lake are derived from an inferred north to south trending, steeply dipping, kimberlite body….
The presence of pyrope and other indicator minerals, plus a visual study of the kimberlite material suggest the two kimberlite intersections are similar to the kimberlite boulders found on shore. The chemistry analyses, to confirm this conclusion, are pending.
SouthernEra will commence diamond drilling at Munn Lake on 2nd April to test the prospective source of the diamond bearing kimberlite boulder occurrence along the shoreline of Munn Lake.
So as I read this NR, it appears to me that an analyses, to confirm a visual examination was pending as of April 1st. To the best of my knowledge, and please correct me if I am wrong, but the prospective source has not as yet been documented in any NR including May 10th's as having been chemically confirmed to be the mother of the Yuri.
Howard, if you now have the chemical confirmation I and perhaps other shareholders were awaiting, I would certainly appreciate it if you would share it with us. Perhaps upon reading the above noted and following documentation you might realize exactly why there has been some confusion and not a little frustration with the clarity and timeliness of NR's. It has been 10 weeks since this NR and shareholders have been left to speculate and perhaps lose money in the void.
As an aside, and on a related matter, if you read the following from that same April NR you will note that shareholders have also been left hanging on this matter:
Margaret Lake Kimberlite Target Area: Two sonic drill hole fences to cover the Margaret Lake kimberlitic indicator mineral trains located about 2 kilometres northeast of Munn Lake have been completed. The objective is to define a cut-off to the indicator mineral trains and narrow down the prospective area for a kimberlite bedrock source in Margaret Lake. Twenty-one sonic holes were completed, and 26 samples collected for the recovery of kimberlitic indicator minerals and fragments. Results from this work will be available within two weeks.
Well, as I have noted, it has been ten weeks or two months beyond when you (SUF) stated that results would be available. I am sure that the information void was not a calculated act but rather an oversight, but again, shareholders have been left to make investment decisions without the information promised them.
I, perhaps more than many, know how hard you have been working trying to find NWT kimberlites. I think I speak for most shareholders when I say we appreciate just how difficult and challenging a job you have and how demanding it is to stay on top of everything. Nevertheless, as shareholders, we have the right to be treated with greater focus on our information needs and SUF must take greater care in insuring that we are provided promised information on schedule or an explanation why there is a delay and/or why it is not being provided? This issue comes up again in #4 below.
3. Regarding the microdiamond count caution. Sound advise and as I hope all readers noted, I did state twice, these sample sizes are far to small to draw anything but the most cursory of information from them,and, these sample sizes are very small and no one should draw any conclusions from this.. In light of your Faxed caution Howard, and considering the sample sizes, why did you compare the micro/macro counts of the sill core to the Yuri? While the diamonds/kilogram were similar the micro/macro ratios were significantly different. But as I said, the sample size is very small so why do it?
4. Regarding the advice to read David James Daily Letter which I believe this morning's post #3628 by Donald McRobb provided. Would someone please explain something to me? With all of the questions we, and especially Paul, have asked for months about SUF's summer program intentions/plans at Back Lake, why do we find out from this analyst's newsletter that Five or six islands and the north shore are marked as summer drill sites.?
Yesterday's June 8th NR states, SouthernEra plans to test both the northwestern and southeastern kimberlite sill strike extensions on land in order to define its thickness and to locate the surface trace of the sill to plan for the possible collection of a mini-bulk kimberlite sample to test its diamond content.
The NR does not mention when SUF will do this test but David James seems to know. Why? Why is he treated to additional information to which common shareholders are not privy?
I would call this an important piece of information, and while I am again hopeful this was a simple oversight, it continues to document the fact that communications clarity is less than ideal. In fact, it leaves open the door for some to wonder just how much in advance of the NR if at all, DJ and other insiders knew there would be a summer program? I am hopeful that he and others did not know in advance, but it leaves the door open for conjecture and that can't be allowed to happen.
Finally, SUF's Quarterly Report includes the following:
The sill has an estimated true-width ranging from 0.25 to 12.0 metres in thickness and is open along its strike length and down dip. Unless the dimensions of the sill can be determined to be significantly larger, the sill is not likely to be economic.
I would characterize that statement as pretty much dousing interest in the Munn Lake play with a bucket of water. Yet, as we noted above, out of the blue, SUF's interest in attempting to find out if the sill's dimensions might be significantly larger seems to have been resurrected.
Howard, your statement to me this morning, Thanks we have just found this, Winspear is 1 1/2 years ahead. seems to suggest that you are entertaining the possibility that the Munn Lake sill might have similarities to WSP's sill. Was that your intention, or are you merely suggesting that you have just found this sill and there is a lot of work to do on it yet? Could you also tell us, where were the two holes located that did not strike the sill?
Now, what should shareholders infer by all of the mixed and incomplete messages? Frankly, I am rapidly approaching the point where I simply don't know what to believe any more. What are the facts and what are the possibilities and what are the companies intentions? We are not told clearly and concisely and inferences are misleading.
SUF does not need to raise or foster these kinds of questions or concerns especially now. As a shareholder, I am extremely concerned that the company's long criticized IR Policy is showing no signs of resolving these ongoing communications problems. In fact, they seem to be getting worse.
Howard, I hope you will try to do something to resolve this and answer the questions I posed?
Regards
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