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Xtract Resources is going to be more than very interesting this morning when the London market opens. Big #Copper hit in Australia announced after market yesterday. Why not 7am today - a bit weird. But hey! It looks big. #XTR I’m in. See what happens. DYOR though.
BRDD-20-001 appears to intersect BRD009 just below where BRD009 reported 16m of 0.51 g/t of gold. This gold section on BRD009 isn't shown on the drilling plan but is in the table in the April presentation - fingers crossed the lower section has some more of that gold.
Revised my working estimates today based on rns'd preliminary cu grades.
Working top of deposit 110m
110 to 150m = 40m @ 0.3% via 0.2 cog 150 to 171m = 21m @ <0.2% cu 171 to 319m = 148m @ 0.3% via 0.2 cog 319 to 474m = 155m @ <0.2% cu 474 to 761m = 287m @ 0.3% via 0.2 cog 761 to 1050m = 289m @ <0.2% cu
Total meterage greater than or equal to 0.2% cu, 40 + 148 + 287 = 475m
Total meterage less than 0.2% cu 21 + 155 + 289 = 465m
Average grade of material that is at greater than or equal to 0.2% cu - 0.3%
Average grade of material that is at less than 0.2% cu - unknown. Will attribute 0.13% (guess) based on it being less than 0.2% yet being rns'd as visibly mineralised (940m continuous mineralisation).
Weighted average grade of 940m mineralised intercept.
We know mineralisation is by far at its best where the alteration zone meets the intrusion. It is very very well documented. So a cross drill must encounter this section. Drill 1 though doesn’t have, for argument s sake it might stay 30-40m out from the really sweet zone. With that in mind these grades are really solid and good. If this was valued at 400m, in deepest Africa or had a 1bn plus capex then it would be boarderline. For a mining area in Australia it’s very nice grading. At least in my limited opinion.
Why the heck did Bird not release this RNS in the morning, it makes no sense delivering such an update after hours.
Only credible explanation would be they may have another one lined up possibly concerning one of the other projects.
As Cornford implied in his article it is potentially dangerous for armchair private investor 'geologists' to make assumptions and commentaries on such results, some views will be made dependent on their trading position for certain. Hopefully the interview planned with the experts Bird has lined up will reveal more, so far every comment the real experts have made suggests Xtract have a major discovery on their hands.
Ftf, the thing is the copper alone is commercial imo, gold and even lots of gold which is hinted at would make it one of the richest areas in the region...I think the good rich area is probably there it's just finding it!
Mr Doug Menzies, Consulting Geologist and local expert in porphyry copper-gold deposits within the Lachlan Fold Belt said: "The extensive chalcopyrite-pyrrhotite mineralisation, potassic hydrothermal alteration, and associated geological features such as a transgressive phreatomagmatic breccia, suggest the Racecourse Prospect hosts a large fertile porphyry-related hydrothermal system."
Aston look up new...probably the ultimate pre share booking on LSE. The broker will lend the shares and those shares will be booked..but the settling will occur on the admission date, obviously not booked.
Andrew, thank you for the comment...tbh i am a little confused with the reduced copper gold porphyry conclusion. I think it fits, as well as boda, some of the northparkes and Ridgeway would fit into this. However it's difficult to square with a JORC of .44 copper .0064 gold. As per my blog you tend to get prophecy systems that are either gold or copper rich depending on their formation speed and temperAture. The geo thinks it's a gold heavy because of the mineralisation which shows the temperature as being gold formation rich.....but why then is the JORC so copper heavy???I We know that this kind of goldcentric mineral formation occurs with the earlier intrusion activity.
Under scenario 2 i make the case for a gold heavy earlier intrusion , what we might well have, is intrusion activity after the initial activity paying down the copper chalcopyrite stockwork. Maybe some thin tendrils from the earlier intrusion reaching higher, nearthe surface...giving the 8g measurement and the 16m at 0.7gt. The interesting bit is it the earlier intrusion is more dominant further down hole or whether it's branches off and is yet not found.
It looks like drills 5,6 and 8 are all set to determine some deep bottom width.
Final comment xrf measurements at 3 a metre, are very good 're accuracy... In truth these grades are very good and slightly better than my conservative thoughts. It's difficult to see how it's not commercial.
They will be shorting huh. Then when you get the new shares they will give them you. Back why you think it's already dropped..They will still have a bucket full left to try and throw at any rise. Plus they have 5.5 m warrants.
Tbh the grades are not exactly spectacular with only only small section worth look , not exactly queuing up to get on board are they .
Lots of cash required and there's better mines to go after than this .
Can anybody with exploration or minerology experience make sense from the PDF drawing of the reasons for the positioning of the priority 2 drill clusters ? As an engineer i would of thought drilling from either side would be of benefit for 3D mapping (but what do i know)... OR has earlier imaging data & prior AA drilling led them to focus on the area NW of the extension ? Meaning priority 2 drilling is specifically aimed at proving more width at depth or better AU% at depth or both ? ATB Shorn
Also the VWAP of 5.360647 at the time of those 2 trades was below the transaction price hence a confidence that they were buys. There were an awful lot of block sells today which one could presume were placing shares being sold on which were probably hoovered up in those 2 transactions all imho