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Andrew I added on the the percentage they reduced for recoverable copper and gold because I don't know if the current jorc is based on recoverable copper and gold. Doing it that way you get to the 2mt quicker based on what's in the ground.
Screenlearner, no don't need the asseys as my calculations were based on the current jorc being at .15% and none of the new drilling.
Meep, I'm not guessing. I'm basing my calculations on the figures quoted by the company and yes I included the gold and converted it to copper equivalent. All done with a piece of paper and a calculator, no super expect nor super computer needed.
I know it makes sense to drill out the targets for the pit first but I REALLY want to see what we have at the SE targets.
While there is so much more to explore with the extensions in every which direction from the central resource to hopefully expand the pit size. So as it’s not as likely the decision to mine option will be the catalyst for the buy-back, this may have some way to go yet as the resource is methodically increased. Once the open pit has been maximised to its full potential, the dream is a 400mt resource, maybe then, we will see what happens with Anglo or at least have a better understanding of the project value as a whole.
I prefer this as a more realistic approach than to try and second guess grades and cut off values.
After all, we are still just scratching at the surface of this discovery and drilling will continue after the estimated 2mt is proven and until racecourse deposit is successfully explored. Footrot will be the icing on the cake.
Agree Steve very optimistic and enjoying the story unfolding.
Lol Steve, begging for a drill to be put in it, that cracked me up!
When we are done with Bushranger I am writing a book about it called 50 shades of copper!
Previous studies showed that Cont copper did increase by over 50% when cut-off grade was reduced to 0.15%. However, my understanding is that the open pit study gave an accurate figure against current resource of 914,000,000 lbs of cont copper at 0.15%. See info below from the RNS for open pit study.
That amount in lbs is 0.414Mt so the cont copper has increased from 0.312Mt at 0.3% to 0.414mt at 0.15%. So x 5 increase required not x 4. to get t 2mt
That's assuming I'm reading the info correctly. Happy to be corrected.
Cut-off Grade (Cu%)
0.15
Total Ore Tonnes (mt)
162
Copper Recovery (%)
86.80
Copper Produced (000lb)
913,788
And how could I forget... Ella's gold.
The existing JORC is based on a cut off of 0.3% and if you simply reduce it to 0.15% then, I believe, it gives us approx, 0.5mt Cu Eq, as per Lucky's calculation.
The huge extensions (identified by phase 1 drilling and the IP surveys) to the NW and SE and still to be added in. So too the content of the 'saddle' to the E. Then there's a 1km anomaly at Footrot begging for a drill to be stuck in it and maybe even a few pockets of goodies in between it and Racecourse.
Don't know about anyone else, but I'm feeling pretty optimistic about my investment.
I think there are a few too many variables to start guessing how much we have. The 2mt is contained copper and my understanding is the 0.15 cut off would change based on how much copper/waste you have, so the more copper we find the less % it needs to be.
There is the added bonus of Ella's gold hiding in there too which in its self could give a huge boost to the value of what's in there.
I'm just leaving it to the professionals with the computer calculations to tell me how rich I am going to be whilst I distract myself with work :)
Don't we really need the assay results from some (probably more than just one or two) of the drill holes before we can really assess how much Cu we have and also whether we have any other valuable minerals? Whilst I am a little impatient like many here, I'm not sure we have any option but to be patient and wait, probably at least unil early/mid September. Or do others expect to us have enough data to estimate the full resources of what we are investors in before then?
Just done some maths from the figures quoted on the open pit rns. According to my calculations we are at approximately 530k tonnes copper equivalent at .15 cut off. So that means we only need to quadruple the current jorc.
I have a few concerns regarding the 2mt buy out clause.....
What cut off will be used for the 2mt? Will it be .15 as that is economic?
Also my calculations are based on total copper equivalent not recoverable copper after the deduction. Is the 2mt based on the ore reserve or the recoverable amount after the deduction.