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Cannot buy more than £200 through Barclays today , doing my head in , any one else having buying issues ?
Looking back at Caravels copper projects pathway to pre-feasibility study for comparison to show how more favourable BR‘s pathway could be that should see far less drilling required for starters.
Back in June ‘20 Caravel had a resource with 212 million tons of indicated and 104 million tons of inferred resource.
Just prior to this, they had a $2.85m placement for drilling and early stage PFS work. From then over the next two years, they had two further share placements that had raised $16 million for diamond drilling to increase the resource and RC drilling for mostly infilling to upgrade.
Since 2019 to get to the ore reserve that their PFS is based on, 105mt measured (proven) and 485mt indicated (probable) with 1.42mt contained copper, comprised of 7740m of diamond drilling and 20,223m of RC drilling.
The main difference is that Caravel have had the necessity to upgrade, mostly all of their resource to create a positive NPV model due to the general absence of any shallow higher grade zone in their pit model that RC has. So it may only be necessary for Xtract to just create an early phase mine plan to show that the initial high grades will make the mine economically viable. This has generally been the direction that further work is pointing toward. It could well be that only the 191 million tonnes higher grade part of RC would need to be upgraded to convert to an ore reserve that the PFS will potentially be based on.
Another significant difference is that caravel are not going down the bulk ore sorting route, there has been no mention whatsoever from historical news so would surmise that the sortability of their ore type is not amenable to the new technology . Alternatively, they have optimised the delivery system and throughput reducing some CapEx. They have currently raised a further $15m to go to DFS and funding. They currently have a $142m MC without any incoming revenue stream.
I think you should rename West Ascot to West Acton!
Thanks Andy, good baseline descripttion.
I thought this vid was very useful.
I know we are not going to build the mine, but a lot of these early stages still apply to us.
I think we are just before stage 5
https://www.youtube.com/watch?v=xDFAKWTVe8k
>>Many bought in on his forward guidance when the sp was double what it is today.
Yep Andrew, I sure did! Still happy though with all my purchases from 1.5p recently to 7.2p. Lucky enough to have managed to get my average to sub 3.5p. Have you been buying recently, I know you had a mammoth journey in averaging down pre BR which was commendable to say the least.
By the way, everybody seems to be profit taking at the end of the week - gold and silver getting hammered after a good week.
There's the potential for something big in that anomalie and I'd hate to give it away only to find it's a hum-dinger!
Ignore all the question marks, remarks are not questionable they have all been identified and reported of course.
It’s just me! ;-)
Ahh yes Cygnus the western lobe identified in the 1st round of geophys! Here’s a reminder of what else is in that sweetie bag.
??That western lobe. ??
The solitary borehole 33 drilled into an eastern outlying anomaly and see it hit 15.5g/t over 2m has great potential and assay summary said it warranted follow up drilling to test strike length and dip. ??
Holes 38&39 identified 2 near vertical mineralised gold structures with indications they increase in width and grade at depth. Also warranted further drill testing.
??Footrot saw two boreholes that indicated was close to a further mineralised porphyry ??
Early indications of deeper porphyry under RC ??The new geophysics identified two ‘new areas’ of interest and also significantly identified a fault up to the north east of RC but here, maybe will see some more drilling to increase resource there. ??
So much potential that will be unlocked once a viable development and mining scenario can be found to present to AA with PFS. Getting to that point is still a priority whilst adding value in the process. BR is a monster in waiting.
Thanks howezap. Yes, I think there will be more drilling of the crown on RC but would also like to see some work on the W Ascot potential feature as that could be a whole new resource.
What is certain is that only converted mineral reserves can form the basis of a PFS. So infilling to upgrade the part of the resource that will support the initial CapEx recovery phase will have to at some, or a later point need to be done. Recall CB himself even saying in a podcast last year that they will likely end up with a near surface drilling programme.
A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource and is defined by studies at Pre-Feasibility or Feasibility level. They demonstrate that, extraction could reasonably be justified and support a realistic economic assessment that inferred resources do not.
It may be a long haul to a PFS and may not be achievable with just one last drill phase if they are to increase the resource on the margins of RC to increase tonnage there. The most recent comms have just pointed to work focussing on optimising RC, for now at least.
I was wondering whether the next drilling phase will focus on RC, Ascot or be new drilling in the suspected porphyry west of Ascot (lets call it West Ascot for now)?
This boils down to which is going to be most profitable: partially improving the JORC of RC from mainly inferred to indicated or new drilling in Ascot or W Ascot to create an inferred resource. I ask as it was mentioned that Iceberg had said that a major miner would only consider an inferred resource as being of 50% the value of an indicated resource. Have to admit I missed that nugget. Any thoughts?
Not broken the 2 p yet
Exactly NtM
The bottom line is that the only sp price a SH is bothered about it what they paid and what it is now.
Unless a sp keeps going down consistently, there will always be a one-off period when it has gone up, maybe 50% , then continues on its downward move.
I doubt many would consider that one-off rise period as reasonable representation of the CEO's performance if SP is down say 75% over the CEO's time in charge!
....but three years before three years ago..... :-) ( it was in the 2.5 p to 3.5p range for a semi decent chunk of 2017 ish)
Towards nice to finish a post on a positive:
The range trading opportunities here have been very significant over the years .... and may well be over the years to come too; so any dedicated range traders out there should consider this as a play around now too imho
"The reality is that before commencement of phase 1 drilling in dec’20 the share price was not too shy of where it is now!"
Yes it was, but after that date CB did countless interviews over the next 12 months telling everyone what a great investment this was and what we had.
Many bought in on his forward guidance when the sp was double what it is today.
When the sp was 1.4p recently, it could be said that CB has done a great job as he has doubled the sp in 3 years as it was 0.7p 3 years earlier !
100% increase in 3 years...and yet SHs are still complaining :)
The reality is that before commencement of phase 1 drilling in dec’20 the share price was not too shy of where it is now!
Plenty of upside potential in the hope that any rise up can be sustained. Slow and steady preferred.
I do think 10p will get taken out eventually...but that will be at least a year away and probably more like 18 months and down to Bushranger.
I think it reasonable to believe sp could get to 3p to 3.5p by end of the year but that will probably be all down to FB.
That would be great, but lets not kid ourselves that even at 3.5p most will still be underwater due to CB's misguidance over bushranger timescales and output.
But 3p will be a start of the recovery and a good platform to build on for CB to give SHs a return on their investment. ... imho
I'd be gutted if the one and only Mullins wasn't out there wth finger hovering over the button to post '2p PAID' here
He's to x, y, z PAID what John Hunt is to racing commentary.
Xtraxt calling Mullins.
Absolutely not!
2p incoming! Bring on a nice sunny weekend, less than 50% down!
I've got one thing only to say to Ben 'Owell, and indeed the rest of you:
I wouldn't want to be out of this over the weekend
Hopefully 10p gets taken out.. this has been sleeping far to long :)
Ask continues to move up even after high sells. That wasnt the case in previous weeks as any sell quickly knock back the price .
Looking good for a continued move up ..atm anyway .
2p may get taken out today?
Bit of research/data concerning Pre-Concentration methodologies and the impact, not only in terms of project viability, but also environmental benefits.
https://www.mogroup.com/insights/blog/mining-and-metals/the-environmental-and-economic-benefits-of-pre-concentration/
https://www.miningmagazine.com/plant/news/1331378/why-preconcentrate-and-how