The total market cap is so low for SPQ that a complete takeover wouldn't be as difficult as with some other juniors. The paperwork involved in merging a company and getting shareholders approval is so complicated that doing a straight jv without seeking shareholder approval is far more likely.

SPQ already has actually done a pretty good job in dealing out jv's on property so somebody else does all the work. So far however that has added little to the value which the market has placed on SPQ.

A jv on remaining holdings after results of aerial survey if it was done right could boost the share price considerably.

SPQ may lag behind others in the 'ring of fire' players but I'd not rule them out from some limelight. They cover a lot of prospective ground with their own and jv'd land. Novak could parlay all this into a runaway share price if everything works right.