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No matter if it is November or end of year for all drilling in P2 to be completed and assayed, Lucky Is probably spot on that to reach AA's 2Mt threshold for a deal, will take most of 2022 AND a further cash call. The only question is, from what level next time?
I think end of November for the end of this phase of drilling must include the return of the assays as well.. and with that in mind it isn't too bad.
Lucky, if you are concerned with slipping timescales, I suppose it will be down to whether they can define and obtain the permit for the next 8000m of drilling by the time the last core leaves for the lab. I can easily see how that could result in a delay.... especially as they will probably have just over half the results back from the lab by that point.
More important for me than a few months of slippage will be getting regular updates and really getting the opportunity to follow its development.
The trip to the beach is always a more pleasurable journey when you can have a good game of "who can see the sea".
And if you can combine that with a game of "who can spot the migrating birds returning from Africa to their UK roosts" you might even find you arrive with the biggest smile on your face.
I;ve been critical of CBs timescales before, but in this case I don't think he has mis least anyone....well not yet anyway.
If you assume drill 60mts a day x 2 rigs thats 67 days to complete first part of phase 2. ( 8000 mtrs). Add 6 weeks for final hole assay = nearly 4 months. Start mid July = mid November finish. Very similar to CBs guidance.
20,000 drill prog at 120 a day = 5.5months = end of year from Mid july
CB was giving end of year for drill prog (only no assays) to be completed but November for first part of phase 2 AND final assay of last hole in phase 2 part 1 to be completed.
I thought there was a slight mismatch in timescales given how fast the first two holes were drilled, but then I wondered whether the timescale might be drilling complete by mid October and then six weeks for the final assay reports to come in. Maybe?
Yes I'm well aware of all the ifs and buts and am too confident it will eventually be a mine but when? Today we were told end of November for the first 8000m. Originally we were end of December for all of phase 2 which was 20,000m. So now how much longer do we have to wait. I was shot down for saying the new jorc would be September next year!! Looks like we might only finish the drilling by next September!! That is if there's not a phase 3 drilling program! I hope the African assets start producing asap because I can see bushranger taking a few more pennies to get to AA buy back clause.
Lucky - The RNS that set out the findings from the conceptual open pit mining study tells us Bushranger is borderline economic based solely on the original JORC. Granted a borderline economic pit would never get built but it seems odds on that some of the dirt identified as waste in the modelling will turn out to be ore and significantly improving the economics. And then there is the option to extend the pit to both north and south. And then there is Footrot. And then there is the option for some underground mining to scrap the juices from the bottom of the pan.
I am personally very confident this is going to be commercially viable and will result in buyout by a major.
Anyone else notice the delayed reporting of a a 600K shares buy transaction (nearly £25K) from yesterday reported after close of play today? Obviously we have no way of knowing the context but often when reporting of biggish transactions are reported late it isn't just the average investor joe buying. Any thoughts? Anyone want to claim it and say the delay was just inccidental?
Doesn't matter if the copper is worth 6-7 billion. If the mine is not economical it won't get built. If theres not enough profit it won't get sold. We could end up getting the 2mt target and it not actually being economical, Unlikely but possible.
Colin seemed particularly upbeat. Is very promising that he he has confirmed the frequency that news items will be released. Certainly more than I was expecting so could not be happier. He is keen to address some of the uncertainties that are evident whilst being totally transparent with the market, it’s quite refreshing. In particular, the drilling phase outcomes as to wether the decision to mine option will be met and could be ‘knocking on the door of their buy-back partners’. Potentially clearing up the suggestion, for now at least that other majors could be preferred over Anglo. Any uncertainty of what would happen with the ongoing exploration of the remainder of the project and how funding would work if, the decision to mine option is met by Anglo, could maybe be something you could give an answer to please Colin, or maybe offer a scenario or two on to help with understanding the mechanics of such a deal.
're the 2mt , I think he hinted it was still on, the issue though is the amount of drilling that I'll be needed by drilling 800-1000m holes. By going open pit they can get noticed more quickly.....nothing wrong with that. Also then if Anglo don't want it, xtr get more easily, others interested with a pre packaged project with known fundamentals. Let's be clear if the biggest problem is only 900m tonnes actually mined equal to 6-7 billion dollars, then I am happy to have that problem with a company with a 45m mcap.
Hope this helps: An inner collet tube and an outer ground tube, within a drill tube, protect the core sample during drilling. At depth, the collet tube is raised with respect to the ground tube so that the conical wall of the ground tube pushes constricting fingers on the collet tube inward, gripping the core sample within. The collet tube and ground tube are then raised, rotated, or raised and rotated, applying the necessary force to break the core sample off of the substrate. After retracting the tubes, the collet tube is lowered with respect to the ground tube to release the core sample. An ejection rod then pushes the core sample out of the collet tube.
CB also mentioned a comment made by someone on here about the current drilling team being a bit slow. He pushed back strongly on this and said that they are very fast and that his XTR staff are struggling to keep up with the drillers !
Has attention shifted away from achieving 2MT then? I feel like the average PI and institution would understand us trying to hit the 2MT part of the AA buyback clause, less so the "decision to mine" part. I hope we don't ignore that target entirely...
Having now listened to the latest interview, I think there were several indications that he has read this BB recently. Yes it sounded like hole 1 was strill producing what looked like good results when they were due to finish, so they kept going. Six weeks (approx) to first assay results. Interesting times.