With many, many thanks to the CEO’s from Zephyr Energy, Power Metal Resources, Scirocco Energy and SpectrumX who entertained and informed us at last night’s investor event. To see their video presentations view here.
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Howezap, Footrot is about 7-10km S/SE from Racecourse and it’s open ground at that point with very few trees and good access.
Both drills should have hit the 600m targets easily over the weekend, so hoping we get a RNS to confirm (ideally with locations). It’ll open up a lot of questions if we don’t.
Sentinel data was on the 18th but it was cloudy. Prior to that was the 8th, which was too early.
The next one should be around the 28th of July, hopefully with less cloud, if we've not had any plan update by then.
You can get more recent than that, but you need resolution of 10m per pixel to give you a chance of finding them (sentinel).
I believe there is a 25m one that's daily, but this isn't high enough res for the rigs. IMO.
So the rig we have pics of '06' has been with Ophir drilling for 7 months according to linked in. Was provided by evolution drilling and is a sandvik DE881 model. Depth capacity of 3174 m (10 411 ft) N size (coring).
The International space station is over Sydney tomorrow
Date: Sun Jul 25, 5:26 AM
Visible: 1 min
Max Height: 17°
Appears: 17° above S
Disappears: 10° above SS
Give them a shout, one of the crew might be willing to take a peek out the window if it tracks that way ;)
Did Iceberg get any luck with the Satellite pics? he thought cloud cover would be an issue.
At this point the second rigs location is still a mystery. Just looking back into the footrot update RNS
“We plan to undertake further geophysics using drone technology over the Racecourse project whilst identifying the best drill site to test the Footrot geophysical signature."
Can realistically rule out the 2nd rig has headed to footrot to drill the all important recon hole as only allows 3 days or so to get the drone over footrot and then to analyse results to plot the hole. Clear fell any trees if needed, remove stumps and construct a drill pad. Then a day to get rig in place and set up support. Not enough time!
So must be over at racecourse.
My thoughts are that as both pics of the rig on Twitter are taken from different angles. The 4x4 has gone in second pic so either on his way in or out of site to the road to the east he had stopped to snap a pic on same day. Just posted on Twitter days apart.
Does it really matter where 2nd rig is?
Yes of course if they are targeting gold rich mineralisation to add to the economics for the modelling to create open pit.
Who on this board thinks CB could have 2m tonnes of contained copper delineated and not shout it from the roof tops???
I thought everyone realised it was my gold :-)
Happy for them to use whatever help is required.
Ella. I reckon they should bring in Jake from The Dirt Dogs on Aussie Gold Hunters.
He's good at sniffing out new reefs.
Hi Joeman - I agree that there doesn't appear to be much enforcement of the rules on AIM but that doesn't mean companies can get away with anything. If, as was suggested, CB knew Xtract was sitting on 2mt of contained Cu and deliberately withheld the information from the market (multi bagging news), then he'd probably end up being sued regardless of what AIM may or may not do.
Beside, as I've said before, I can't see much point in withholding information (although batching will sometimes make sense). Phase 2 is funded and even if they do reach a point where more money needs to be raised, they won't get any if they are withholding results. Results would also need to be released for any buyback negotiation with AA. And finally, Xtract don't need to hide what they've found to stop AA triggering a buyback negotiation before they are ready because the buyback clause uses the term 'ultimately identified'... and only Xtract can decide when they have finished identifying the ultimate size of the deposit and the CuEq contained within.
Anyway, it doesn't seem likely those first two holes could go on much beyond the weekend, so I guess we'll find out next week how they're going to play phase 2!
Ella - I didn't realise it is going to be your gold. Did you use the power of the bagsy? Damn... why didn't I think of that. :)
Sorry Steve, seen too many machinations of AIM companies to think that any rules on releasing info are enforced.
We will hear about progress when Xtract want us to know about it. I just happen to think that we will get reasonably frequent RNS's. But im not expecting news flow to be policed by AIM. I dont think that you are either.
I think we will probably get some feedback around Tuesday next week. Unfortunately I will have to wait for the assays before they can confirm that they've found me gold.
Drilling was to start at Eureka in late June so I wonder if we will hear something back from that next week.
... or more precisely, offered AA a game (they don't have to play either!).
Screenlearner - AIM rules dictate when news must be released... "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."
We've seen the SP shift considerably in both direction on news of a drill hole depth and/or assay result, so I don't think CB could or would sit on such information. Besides, I don't think it makes any difference in terms of the negotiating hand Xtract end up with. The entry point for joining the game of poker may be 2mt of contained copper but that doesn't mean Xtract have to join as soon as they have the minimum stake. If Xtract want to delay entering the game until they have a big stake to play with, then that's up to them. They just won't be able to mine until they've played the game.
A important question relevant to what stage(s) we might get updates could be whether or not the company wants to release news before it has a much better lie of the land. Take a fairly obvious question: suppose you knew that, with the very latest info you had copper reserves etc were very close to the level that might trigger a bid by a major miner but only just. Would you prefer (subject to staying within the stock market rules on disclosure of course) to release that info immediately? Or would you prefer to wait a few extra 'days' or whatever was necessary to allow time for double checking , modelling work, and possible to get confirmatory figures from other drill holes which you suspect might strengthen your hand in any possible negotiations if they were to start. Another way of asking the same question might be "What do we see the advantage and disadvantages to the company (apart from satiating shareholder short-term impatience) to rush out info on the first drill site the very first moment that provision figures are available? As I said in a previous post, poker is not my game, so I'm not sure of the relevant advantages and disadvantages of issuing speedy provisional and partial figures now against waiting and issuing more definitive and complete figures a little later. But hopeful CB or one of his team is considering this aspect carefully before deciding when to issue updates to the market!
Xeiger. That would make good sense
Howezap, without added contextual information from some modelling, drill plan and initial pit study, even if they release hole by hole I just don't see there being a big effect. So I hang my hat on batching them and releasing after we get the other information :-)
Is worth considering, the company were releasing the assays in batches through the last exploration phase. So is not necessarily a given we will get hole by hole updates as we progress. I would not rule out the next drilling update to be after possibly a couple of pairs of completed holes. The RNS is not definitive, it merely states-
· The Company will provide more details of its drilling aims and progress as the programme ‘advances’
Where is the start of drilling commenced for 2nd rig RNS if were to be hole by hole?
So, could mean anything really, I would hope for drill by drill but where them expectations are concerned I’ll keep an open mind. Would like to know your view Ella10
Good luck to all fellow xtracters in the coming weeks and months : Copper bricks galore and proper pr*cks no more !!
Well I feel like I have seen a horror these past 3 months, hoping that next week it's Wizard of Oz with a copper brick road leading all the way to Sydney!
I’m not sure at all… we’ll have to tune in next week to fine out!
Why are you so sure he will 'fire' next week? Might it not be the week after or perhaps even later?
Looks like just the one sell so far this morning. Nice to see people sitting tight.
It feels like all the troops are now lined up and, as the enemy advances, we await the order to set off our secret stash of news bombs. But the commander is waiting until the very last second for maximum impact... hold, hold, hold, hold!!! When will he fire?!?
Tune in next week to find out!
Personally I think with the amount of drilling going on, a minimum of roughly a fortnight between RNSs would not be rude.... that could be reporting on 1500 to 2500m of drilling at an one time, and depending how they plan it and how the holes are geographically positioned, each RNS could also give us lots to talk about wrt the potential.
Add to that the fact that there are meaty bits of information they really SHOULD get out to us such as drill plans and Open Pit Review and I would say that going much beyond 2 weeks would be too long......
That said, I would have bet money on a friday RNS this week...... lets see where we are by COB
Lucky - We were getting mid-drill updates until CB was told to rein it in. I think we'll see a continuation of an RNS at the start and end of a drill and if there is a 'material change' i.e. something stop the drilling. I'll be very happy with that.
Two rigs drilling for a week now and still hitting the mineralisation. Anyone who has invested based on even a modest amount of research, will surely know it is madness to be selling now? Hopefully sticky hands will help this tick up again today as no news is indeed, once again good news.
Completion of the first hole will likely be over the weekend so I expect we may get an rns Monday.
That is if they tell us every time a hole finishes?
I don't think we need an rns Everytime a hole starts and stops.