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Thanks Ben, im not in BZT, so hadn't realised the overlap... sounds like the separation is defined.
Have KPZ received their XTR shares yet? Maybe that has been the hold up in processing the tailings, and maybe Colin is waiting for a higher XTR shareprice so he doesn't give away too many shares just to do the tailings..... .........
Hole 2 should be hitting different zones in the onion and then repeating the results in reverse as it continues down..... for my simple mind, im expecting 2 sections where the copper peaks, but hopeful that the intervening zones of mineralisation are high enough in copper not to drop the average....... Colin seemed confident and he has looked in detail with his geos at the transition between mineral zones..... We will know soon enough
Ben said: "I'm also leaning towards Hole 2 being weaker than 1. Mainly because they were across the ore body and not down plunge"
My understanding of a porphyry system is that the richest mineralization is not in the core but in a shell around the core. Therefore it is quite possible that the hole 1 results, if accurately following the core, should give the weakest mineralization results. Can anybody confirm ? Cygnus
I am assuming if there were any questions over manipulation of the markets or insider trading then the provision of info by assay lab can be audited against the time the info was released to the market
Hole 2 may be weaker than hole 1, but you cannot infer that from the timing. If they have the assays, they need to publish them. XTR cannot hold on to material information for tactical purposes. Here is the relevant quote from the AIM rules.
"An AIM company must issue notification without delay of any new developments which are not public knowledge which, if made public, would be likely to lead to a significant movement in the price of its AIM securities. "
Michu, regarding your comment on the assays. I'm also leaning towards Hole 2 being weaker than 1. Mainly because they were across the ore body and not down plunge (?) and due to the delay. The most important thing is all remaining holes hitting the core at some point, ie the 0.4-0.5% section which is part of the JORC and from which we hope multiple fingers extend!
Completely agree Michu. Bushranger is what most are here for but it's nice to know what other assets we have too. Especially if they may provide some funding in the medium term.
Joeman, while BZT have the bigger licence area we are extremely close to the old pit which produced 1.9Mt of 9.44% Cu and 50g/t Ag totalling 15,000 tonnes of copper. Although Bezant have the larger area, they have the most risk as there was no guarantee mineralisation would have continued away from the pit. Xtract had less risk, but less reward.
If ben 'owell's explanation is correct - I haven't investigated and so have no clue.. but he seems to have and so I'd like to think his post is correct - then that would make sense to me and I'm good with that.
Africa assets do interest me considerably as I think there's significant potential there altoegther. ( and my bets here have been all about those Africa assets until recently)
However, right now Bushranger 'ole 2 interests me most, by far. And as last week ended and this week progresses with no news, I'm now more getting the idea recently previously menitioned that we me may get 'ole two and three together. My first instinct to that end was annoyance, my second slight concern, but on reflection my ovewr riding instinct is I'd be ok with that .. and would add that while I don't have a much of a view on what either 'ole outcome will be, I'm now mediumly leaning towards thinking that CB knows 'ole 2 results by now - even if informally communicated only - and they might not be better than 'ole one and may even be a little weaker than 'ole 1 and so he'd reasonably thinks that, on balance, best give a clearer picture all at once by giving 'oles two and three together.
Im happy with that Ben, but the upside on Kalengwa is a little less than it might have been for XTR, while being good for Colin all round (BZT will benefit from any revenue from the tailings as they own 30% of the licence holder).
CB stated clearly our rights to the licence in the last RNS on Kalengwa:
Colin Bird, Executive Chairman said: "Our JV agreement for the Kalengwa pit area allows us to mine and process material 500m either side of the old open pit. The results from the hole completed and analysed are very encouraging - the material encountered may be free-digging, without the need to blast, thereby reducing extraction costs. Once fully processed, the results will be assessed with a view to establishing the extent of the mineralised zone and follow-up required to more fully delineate it."
We have 500m around the old pit. Bezant have 30% of the remaining 973 square kilometres around it. Actually quite a clever more by CB. If he trusts the people and likes the geology, he doesn't have to do double the research for his 2 companies. It's not like he's got loads of times on his hands with his 3-4 companies. When travel is permitted, he can catch 2 birds in one stone with a trip to Zambia.
There does need to be clarity as it could be perceived that the 6 hole reconaissance drilling program just completed and paid for by XTR shareholders is for the benefit of BZT shareholders ? Surely its not the same area of the license ? It would not be good optics if BZT were seen to benefit from our drilling program. I questioned this last year and someone replied that it was a different area totally ?
Looks to me like he's split it up for maximum value ( for Colin), XTR get the worked dirt and pond containing tailings and chemicals and BZT get the virgin ground mining opportunity. Not what I had understood initially to be the case. Just my opinion, happy to be corrected.
KpZ Ltd own the License.... BZT has bought a 30% stake in KPZ Ltd..... Xtr have a contract agreement to process the tailings at the original mine, (which we keep expecting news on ......). XTR have been talking up an exploration programme too..... but it all hinges on an agreement and payment to KPZ in XTR shares apparently...... if Colin has made the decision to have one of his other companies run with this without letting XTR shareholders know, then I cant see how that is an acceptable way to operate. Both BZT and XTR are citing the same license ....... so in my opinion Colin should clear up the position ASAP..... There is nothing stopping both working it...... I.e. but the relationship should be transparent..... Anyone know, has this already been discussed? Are we churning over old ground?