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Hi Iceberg,
I assume the fault the IP data is confirming is the fault shown on page 6 of this presentation?
https://xtractresources.com/wp-content/uploads/Bushranger-Summary-Presentation_April-2020.pdf.
By the way, talking of old-fashioned OPEN-PIT - hence why the RNS today , 17 May 2021 was of interest. It did not say block-cave so one gathers they prefer to do the shallow/er open pit first as its cheap relatively. My perception.
Answer:
In general about 400m.
Not sure about the latest as I recall that from Beutong drilling.
So, if RACECOURSE shallow/er grades are better [headline over all and cut-off], then one needs a BIG AREA like Winu as an example. This is NOT just specific to Winu but common to all resource deposits. Hence, why there are rumours per A.Ford that they think it may be another Olympic Dam at Winu?
So, Racecourse is NOT the end of the story but as Colin Bird said, it MAY BE DISTRICT SCALE.
That will depend on the MODERN GEOPHYSICS that XTR did as they said the old Geophysics is NOT as good as the modern types.
That*s my perception.
Anyone know why the depth cut-off is 850M - I thought this tech could go to a depth of 1500m? It appears data from 'UBC2D' runs deeper than scanned.
I'm guessing too that the is more IP data to come as the RNS states 'initial' ( possibly we will get a 3D model at some point or 2D sectional images normal to the current ones)
SHALLOW, down to what depth, news?
Looking at the IP survey results with my non geo knowledge I assume drill 5 has the best chance of a decent extension at depth?
P.S.
I forgot to mention that XTR*S RACECOURSE RNS MENTIONED OPEN-PIT.
So, it means only the SHALLOW PART IS GOING TO BE MINED.
That changes the whole scenario.
I am NOT expecting WINU grades at Racecourse ie the NEXT DRILLING + 6 HOLES ALREADY DRILLED. Why?
BODA*S grades - as more being drilled, the grade falls but Edison did NOT state UNECONOMIC at the grade they quoted in their latest and last report of early 2020.
Boda has released more results and they then to vary or the variance is quite marked.
So, yes, it will depend on the GRADE FOR RACECOURSE specifically at a final overall % cu
and more importantly the CUT-OFF.
It is NOT to say that IF XTR hits it lucky or blessed, there could be MORE to come as clusters tend to produce lower grades and some structures hit the higher grade EXTERNALLY or within the Racecourse itself.
Chargeability is a GIVE AWAY INDICATOR.
I am managing my own expectations. IF the grades turn out like WINU, well that would be
quite fantastic but at this stage there is NO INDICATION/S THUS FAR AS SEEN FROM THE INITIAL 1ST HOLE RESULT. That is NOT to say, it CANNOT but one prefers to compare with Lachlan Fold, NSW, Australia RATHER THAN WESTERN AUSTRALIA @ Paterson.
Each to their own and it is one*s own EXPECTATIONS AND HYPOTHESIS at this stage UNTIL the initial results is RELEASED but MORE IMPORTANTLY THE NEXT SET OF DRILLING-AND MORE DRILLING PERHAPS?
Mon, 17 May 2021
The cut off for winu was .2%
With multiple higher zones etc. If the current drilling has .1-.3 in the outer zones it bodes very well for other areas.imo
Now we are talking about grade, the last bullet point in the RNS makes a lot of sense.
"An independent firm is being engaged to undertake technical and financial modelling for an initial open pit mine, examining several pit layout scenarios and economic parameters"
The last two words are key. "Economic Parameters" effectively means extraction costs vs grade. CB wants an independent third party to state what a 'commercial grade' would be for this mine. Sounds like a smart move from a PR perspective.
theiceberg,
Thank you for updating your blog post on xtr today.
You conclude by saying, "A final word IF the assays come back with .1 to .3 cu within the outer alteration zone i.e the anomalies shown indicating the skarn/dyke mineralisation, then this is potentially at least as large as Rio's Winu."
Winu has an inferred mineral resource of 503 million tonnes of ore grading at 0.45% copper equivalent. It includes a higher-grade component of 188 million tonnes of ore with a 0.68% copper grade. So that's about 2.2Mt of Cu. 10% more than AA's hurdle rate resource number to trigger the buyback clause.
How comfortable are you now that this hurdle rate can be achieved and that Bushranger is talked about in serious mining circles in Oz alongside Winu?
george - we have exceeded daily trades vol before noon of almost all days last week... this should get up to c150-200 trades today and that will double again tomorrow and then again later in the week.... that liquidity is what will push the share price and should be natural gradual daily increases until next RNS...
next RNS will shift volume further... causing fast increases..
from now to month end it should be blue days and ideally no huge spikes... leading to a vastly improved daily trading vol throughout June
Good RNS, more tons = more buns!
So this latest news doesn’t seem to have set the market “on fire” so what will it actually take?
The 2mt was just winus initial jorc, it looks to be twice that size in non jorc drilling so far.
With hit copper market and while AA is still eyeing other options such as Zambia with ARCM, it's a good move from CB to get going and force either AA or if AA not interested to bring other to table, provided we can prove 2mt for AA option.
If not 2mt we can still certainly hope other mid tier companies to be interested in the project.
Ella- my thinking on the mine is that CB either s been asked to do a pre feasibility study or in his opinion the latest data and drill results are enough to prove 2Mt reserves- and so instructed a 3rd party to verify the data....
LittleWing,
A decision to mine also forces AAs hand which makes me wonder if that is what CB is planning.
I thought Winu was just about 2mT contained copper ? Isnt that comparison the bare minimum we need to achieve what we need ?
Maybe steve, Colin seems nervous that the market won't understand the grades...imo he doesn't need to be as quality will out.
I would urge him to keep comparing it to winu.
Iceberg - that helps a lot with my questions from earlier.
thank you sir
tantilising
@theiceberg
I've read your blog. very informative. Do you think the geology explains the lack of assays, in that CB wanted to lay out the scale, geology and general potential of the deposit before presenting assays in the 0.2% to 0.3% range. Without the context provided by today's RNS, those grades would have seemed low, whereas they will be perfectly fine for a massive scale open pit.
The IP survey really does highlight the potential scale of the deposit. Really amazing to think that the deposit appears to be open down-plunge to the south-east and to the north-west. The scale of Bushranger with mineralisation relatively close to surface lends itself very well to an open pit with excellent economics and it is economics of the mine, not grades that is king.
I'm still trying to digest this. The mention of a mine seems veey early - is this in an effort to force Anglo's hand so that other players can come to the table?
It will be interesting to see what technical and financial modelling of the initial open pit mine will suggest.
Of course it will take a while to get that data into RNS but in the current copper market this is too good to ignore now.