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@FatherTedFeck I am surprised you are still posting on this forum considering your post stating you sold out in January after the XRF results.
I accept your specific point about the 2 mines you mentioned, both of which only started production in 2019 and are the exception that proves the rule, but it doesn't alter the general point about the massive difference in mining in Ecuador vs Australia. Anyway, given your track record of being interested solely in large amounts of ore in South America, regardless of cost or ease of extraction, I am not going to get into a pointless debate.
Instead, I have backed up my own opinion by selling SOLG and buying XTR. Where are you currently invested?
Steve4077, I agree with some of what you've said there, and disagree with other bits.
Ecuador "has no proven mines"??? - There's Fruta del Norte, Mirador (ahem) ummm....any others?
Solgold's plan is to build rather than sell...Yes, this helps them sell at a higher price, for one thing. A bluff works best if you believe it yourself.
Solgold's cap is 14x higher, "based purely on exploration results." Well, too bl**dy right it is! $140 Billion of rocks in the ground is quite a valuable exploration result. And counting.
They have the same near-term monetization pathway as all the rest, i.e. someone takes them over, happily or no. I would say they have obviously greater near-term take over appeal than any one-hole hopefuls do. Tier One is closer to the front than Tier None. XTR could quickly zoom up the rankings, but only with good/very good results.
"In contrast, XTR has a huge discovery"...in contrast with $140Billion insitu Solgold, XTR has a huge discovery??? Huh?
Yes Australia is a far better jurisdiction, I grant you that. Although the infrastructure is not really better than Solgold's.
"The market cap is relatively low given the prospects" - You know already this is my number one disagreement around here, so I won't gbh the ears.
"It is a very different situation than SOLG." Suits me fine. ;-)
Steve4077
You are correct in all you say, I think when you mentioned Nick Mather you defined what I was saying about "a Solgold timeline" I.E. greed and ego derailing the gravy train.
The situation in Oz couldn't be more ameanable to a quick discovery/production timeline, as you said CB knows a JV is neither wanted or required, there is a lot of meat on the bone here for all parties, greed shouldn't be allowed to spoil it.
CB is considerably older than me (I'm late 50's to answer NicetoMichu's question) so I can't see him wanting a protracted deal either. We are both also from Yorkshire so we don't suffer BS for long too. My post was light hearted and slightly under the influence of Makers Mark.
I'm convinced this discovery will buy me another house in time.
>> I hope this doesn't turn into a Solgold time line.
There are a lot of differences between this and SOLG. I was in SOLG for a while and sold out after Nick Mather 'resigned'.
SOLG is in Ecuador, which is obviously far less developed jurisdiction than Australia, in terms of infrastructure and the political situation, and has no proven mines. The official position of SOLG was that they intend to build a mine at Cascabel, rather than prove up and sell like the declared plan of XTR. On that basis, there was a PFS to develop the mine that was revised and delayed several times and requires a multi-billion dollar investment. There was a huge amount of tension between major shareholders (including BHP, Newcrest and Cornerstone resources) and the board about the future for the company. The finance situation is unclear, yet massive funding will be required. Finally, the market cap was already about 14x higher than XTR, even though that was based purely on exploration results.
In summary, while SOLG has some impressive assets, there was no obvious and relatively short-term route to monetize the discoveries and no serious multi-bag potential in an acceptable timeframe (because the market cap was already high). It may be a massive company someday and I may re-invest at some point, but there are at least a dozen companies ahead of SOLG in my list of likely near-term investment opportunities.
In contrast, XTR has a huge discovery in a great jurisdiction, close to existing infrastructure and developed mines with similar geology. The board has a well-defined and fully financed plan, with specific, short-term objectives and an obvious end-game. The CEO is keeping the market informed and is moving quickly, with no signs of any internal tension. The market cap is relatively low given the prospects and therefore represents huge potential for investor returns within 6-12 months. It is a very different situation than SOLG.
Jezzo
>>>>>2 I hope this doesn't turn into a Solgold time line.
Would not be in any doubt that there are conditions or covenants attached to the buy-back agreement that may or may not be in the public domain.
So who knows how things will pan out.
Colin has made it quite clear though that a JV would be out of the question. Unless, it was a ‘very good’ deal.
Are you decently sub 40 years old Jezzoo ? :-)
Two things:
1 I hope we find another porphyry at Footrot.
2 I hope this doesn't turn into a Solgold time line.
I'd like to have a lump of money out of this whilst I can still feed myself and not be a slave to Pampers
LittleWing -your post @14.13
>>>>>>howezap... I still feel there is confusion over if the AA option is for just racecourse or all of bushranger ?
To summarise too-
The next drill programme is to delineate racecourse alone, to get to the 2mt CuEq target. 16000-22000m of intense drilling is what will be required to hit target to be JORC compliant.
The intention is to also do some test holes at just footrot. Although not in the budget, to potentially find a further porphyry which will then, as Colin quoted on interview, “will bring another porphyry into play”.
The buy- back option is for EL5547 which contains Footrot too. Let’s be clear.
Does not include the other EL’s which come under the Bushranger copper-gold project.
So can understand from his comment that, if another, or further porphyry are found, they will no doubt be ultimately drilling to delineate them too, as they are doing with racecourse. To get it, or them JORC compliant too as is within the buy-back agreement.
My understanding and desire.
AA need to offer a fair market price...... if XTR could say get to 3million in the JORC by firming up some of Footrot, then AA would need to offer fair price for the lot or a reduced area.
Expanding to Footrot at least on a prospective basis has got to be a good thing.
doog58... I agree but would still be nice to know.
LittleWing
My understanding is that AA would need to pay more if they wanted the whole thing.
That is also what John Cornford wrote in Feb, I think.
It would make little sense to bother drilling Footrot etc if there was no benefit beyond 2 Mt.
2mT
Doog58... yes he said he hoped the racecourse alone would have the required 2mT but I was asking if the AA agreement was for just the racecourse (in which case we have all the rest to benefit from) or if the agreement was for all of bushranger once the "mT was triggered and AA take up their option to buy back.
Littlewing
I thought he clearly said the 2mt was just Racecourse.
If Footrot and other porphries are found then they are additional and we are talking big.
Test holes into FOOTROT.
AA may have missed it ...
16,000m drilling.
2Mt of contained copper-trigger option.
5.6p placing today.
Mon, 19 Apr 2021
Ref: Colin Bird, Executive Chairman, XTR Bushranger, Lachlan Fold, NSW, Australia
Interview with Zak on ShareTalk, Mon, 19 Apr 2021 @2:15pm [50m mins ago]
howezap... I still feel there is confusion over if the AA option is for just racecourse or all of bushranger ? It is good that Colin thinks we can get the AA trigger amount of 2mT just from racecourse though. If the rest is not in the agreement then that should be spelled out as it surely would eventually reflect in the SP ?
That’s more like it!
All is well and on track. Comment at very end for me stood out.
“It’s not in the requirement to get to 2mt at racecourse alone”
Was a bit of confusion I believe, this hopefully clears up any doubts and surely reduces risk somewhat
Just listened.
Colin is expecting grades to be averaging high 3's to low 4's.
This means we will need to drill minimum of 16000m and up to 20000m to prove up 2mt.
Porphyry extends in all directions.
We need special rigs to drill down to 1500m.
He's confident but only way to prove is drilling, hence the raise.
Also other targets within Racecourse for other porphries.
AA drilled one hole in Footrot which went straight into pyritre(Fe).
Colin is suggesting drilling to the side which should find the chalcopyrite(Cu)
2mt in Racecourse plus other porphries plus Footrot.
Agreed on a very encouraging interview indeed.
''and you know my expectations on grade, between .38 and .45 with hot spots that? go over .5.. ( hard to make out exact wording where I have the question mark) so, all of a sudden, I can't wait for assay results for ole's 2 and 3 and beyond..
..and great if I'm wrong for eg on my guess that ole two has a lower overall grade than ole ones .33cueq.. and it is of course about far more than the average overall grade per ole too.. and no doubt each ole assay results will have some areas with grading such as .38 and .45 and .5 etc.. so even if overall average per 'ole is far lower CB could say he wasn't talking about such overalls in above quote, he was talking about some of the more copper rich areas of the 'ole(s) only.. and that, amongst orther reasons, is why I like the guy :-)
...and I believe he's right to not go 'dancing around' and instead just go for it lock stock and barrel..
Generally, whatever outcome, the journey as ever with CB's Xtract will be an interesting one... Go the one and only Colin Bird!!
I don't think he could spell it out any clearer than that. They are super confident that Racecourse alone will exceed 2mt Cu Eq. and raising £5.5m to prove it (and quantify other prospects) should give share holders massive confidence.
Much better, and very very encouraging.
Clear cut now, 2M target is race course alone, needing the 16000 - 22000 meters of drilling, to prove that up to Jorc, and Footrot is separate entity 6 km away, plus other targets in sight also.
That is what I gleaned from it anyway.
Good place to be.
and isnt it worth the wait!