Xtract Share Chat (XTR)

Good evening Mercedes man ,, its farmerlad from GGP, I no hydrogen here to very knowlegable guy , your totally right what you say ,haveing been in exsperianced the ride from day my self like you have on other discovery,, this has a good feeling looking like a mega discovery you do t find them ,, people think it all happens in one day ,, rome wasn't built in a day takes time ,, ggp took time but look were it is now I can tell you my 9m shares have been life changing ,, hey merc if paddy was here he may well be what would he say ,,, sit on your hands ,, ,,, NEWS keep up the good work great posts makes lots of sence simple facts ,, good luck all ,, farmerlad

montybox,

LoL - A bit too early to talk about capex. Cadia-Ridgeway a/c to the data is BLOCK-CAVING AND SUB-BLOCKING and that is cheap or cheaper, so no underground mining per Colin Bird. Mr Bird said that it is "PROGRESSIVE" block caving ie onion, peel layer by layer. [TICK]

SPOT PRICES
Given Racecourse is a copper deposit [more] than gold, then the demand vs supply is favourable given that copper is around $3.52 and upwards. Projection is $4-6. So, gold is the credit? I dont know what else there is because Mr Bird was talking about others but I didnt pay attention, so kindly check.

GRADES
Mr Bird, Executive Chairman mentioned in his interview of 12.1.21/15.1.21 that "MATERIAL;: EDGE OF HIGH GRADE ZONE." So more to come.

MORE HOLES
Of course that will come as per Bird as to next steps - WIDTH DEFINITION AND GRADES.

DEPTH
Cadia-Ridgeway went to 1,600m. That*s official. Normally they dont go down further than 2km drilling as that is another day per Solg.
If like Resolution [BHP/RIO] in the USA, the DEPTH can go to 2.5KM but I recall it has gone down much more in exploration.

STRAITS RESOURCES
In 2006, their revenue was A$982m so a big player at the time. Read what they said about Bushranger: "RACECOURSE, A LARGE U N I F O R M MINERALISED SYSTEM 1.5KM X 1KM with the potential to be a LARGE COPPER MINE [exploration work defined the Racecourse prospect].
Drilling has defined a LARGE CHALCOPYRITE COPPER SYSTEM with associated zinc and gold with VERY CONSISTENT GRADE FROM SURFACE. Mineralisation identified a gentle west ward PLUNGE that INCREASES in THICKNESS WITH DEPTH."

Straits sold Bushranger to Tooday, also ASX listed in 2007. The info and statement on Bushranger was in the Straits ASX ANN: Preliminary Final Report, 31.12.2006 [Accounts]

My Comment:
That is what XTR are finding and what Mr Bird is confirm now in his interviews and RNS*s on Bushranger. So, I go with the Straits report personally and what Edison says about Lachlan Fold @Cadia example in which they used to BENCHMARK BODA.

News, 19 Jan 2021 @10.30pm

https://www.londonstockexchange.com/news-article/SOLG/regional-exploration-update-porvenir-project/14718469?lang=en

P.S.
In the Edison Report i quoted in this thread with link given, they also said:

"CADIA Valley Mines JORC 38MOZ au gold at a GRADE OF 0 . 3 7 g/t au gold
& 8.3Mt of COPPER GRADE ----------0.26% cu COPPER."

"In general, the holes recorded significant gold-copper intercepts, WITHIN AN EXTENSIVE
L O W - G R A DE MINERALISED SHELL S I M I L A R TO CADIA East."-Edison on BODA, Alkane.

My Comment:
So, MunchBox54, I provide DEFINITIVE PROOF that CADIA , largest mine in Lachlan Fold, NSW, Australia had ------0.26% CU COPPER -----but your expectation for Racecourse, Bushranger [XTR] is 0.4-0.5% cu COPPER.

Cadia*s gold grade is also not all that high at -----0.37g/t au gold -----.

THAT IS THE LACHLAN FOLD GRADES. CADIA IS THE BIGGEST MINE AND DEPOSIT and even then its only the above grades.

News, Tues, 19.1.21

News, the dimensions of a mineralisation zone always matter. Grades, capex, opex, ease of extraction, spot prices all play a part.
Grades can vary dependant on the rock formation so more drilling is better than less.
More drilling is what’s required, a lot more, mobilisation of more rigs. The more proving up that’s done the more valuable the asset.
Cadia East has not been drilled to the bottom of the ore zone, they got to 1600m and stopped
From here on in it gets very exciting as the lower zone is where the high grades are usually hidden, more historical pressure, more heat.

Great research on Boda

P.S.

EDISON: BODA has DEPTH OF 1,000 METRES [STRIKE 1,000M].
VS
RACECOURSE, BUSHRANGER - DEPTH 1,047M [as of today, 19.1.21 and still going] + STRIKE OF 1KM. That is why Mr Colin Bird called it "THE MAGICAL 1KM DEPTH."
-------
PER MR BIRD TODAY , 19.1.21
"FINGERS CROSSED 1,200KM."

My comment:
Simple maths will tell one that if it goes to 1,600km say, then MINERALISATION TOTAL WILL BE MORE. 1,600m minus 1,000m = 60% MORE THAN BODA.

Hence why Cadia-Ridgeway*s DEPTH of 1,600 M makes it bigger [way bigger] than BODA.

DEPTH DOES MATTER -EDISON REPORT REFERS.

Nice prospect Mecr. We seem to be exploring in the same directions.
Care to share your route to £1.05?
MS

PROOF:
"EDISON RESEARCH REPORT: ALKANE RESOURCES:007 STRIKES IT RICH." -23 Apr 2020

Quote:
"In recent wks, Alkane has announced its drilling results from its B O D A prospect.
We can see the MINERALISATION e x t e n ds to 1 K M IN DEPTH and the WIDTH of mieralisation SEVERAL HUNDRED METRES.

Combined with an ESTIMATE OF 712M FOR THE STRIKE LENGTH OF THE MINERALISAION...we can estimate THE SIZE OF THE BODA DEPOSIT TO BE IN THE ORDER OF
--------------- 7 3 8 MT at a grade of 0 . 3 5 g/t [0.51g/t gold equivalent] containing up to 8.3MOZ GOLD and potentially worth up to 35c to Alkane shareholders."

At the time of this Edison report, the MKT CAP QUOTED: "A$397 MILLION" @ 68.5cents share price.

Link : https://www.edisongroup.com/publication/007-strikes-it-rich/26666

My Comment:
So, total strike for BODA is 1KM which is the SAME for Racecourse, Bushranger [XTR]
From the above, ONLY FOR 702m strike, estimate is already 738Mt - AA only wanted about 440 Mt from XTR.

Grade is typical for Lachlan Fold. Kindly remember that even for Racecourse*s JORC, COPPER IS THE DOMINANT metal and not so much for gold. So, add copper and gold to get EQUIVALENT.

Cadia-Ridgeway, BODA etc have a lower copper % and more gold. Racecourse is more of a copper resource?

So, that is PROOF that DEPTH DOES MATTER or else there is NO BIG DEPOSIT ESTIMATE. Logical that anything just surface over 1KM strike will not make a potential LARGE deposit. It is no wonder why on 9.11.20, the CEO thinks they have a TIER 1, usually 1 BT. Already per Edison they had 738Mt for a 702m strike length. Width-XTR*s Racecourse is 250m vs 400m BODA but Mr Bird said going down, it is getting WIDER.

News, Tues, 19 Jan 2021.

Having seen this scenario play out a few times over the years (SOLG / GGP to name a few) I got round to doing a bit of digging, and some math. The opportunity here is staggering, IF.... grades come out ok, and its got width to it.

£1.05

munchbox54

What Mr Colin Bird said about DEPTH appears to be correct.
If you do not get DEPTH, then tonnage is NOT large?

It is generally known that if it is a surface deposit, then you need a STRIKE OF KILOMETERS spread out land wise. Example, one of Alpala*s sister co has a strike of 80KM with a surface discovery. They have only drilled a fraction of it.

Alpala is a world class Tier 1 as many of their holes go down deep but starts much, much further down.

On Twitter, #xtr one poster quoted BODA and their AVERAGE OVERALL GRADE IS 0.35 % cu EQUIVALENT.

At this stage, Bushranger with the 1 deep hole will NOT provide OVERALL TOTAL GRADE DEFINITION YET. Colin Bird said in one of his interview that copper production comes from PORPHRIES of 0.2%, 0.3% & 0.4% CU copper.

Stockhead.com.au explained in one of their articles that for porphyries grades of 0.1% Cu can be economic in relation to the article on BODA.

If you look at Havieron, Newcrest had drilled a few holes but their spacing made them miss the stronger mineralisation. Then GGP bought the Havieron licence, did further geophysics and then drilled and got some GOOD HOLE grades but some not as spectacular. Hole 5 was good.
Newcrest has now drilled tons of holes and did the MRE with tonnage and OVERALL GRADE.

Same for everything deposit. So, it does start with DEPTH. The copper expert on porphyries will be quoted by Colin Bird shortly.

However, if that is your expectation, then BODA would NOT meet your criteria as its only 0.35% cu EQUIVALENT [copper + gold mixed].

Have to provide a comment as you addressed it to me and that is my view only.

News, Tues, 19 Jan 2021.

So, it will continue to be ABOUT DEPTH per Colin Bird ie the 1,100m is the DEFINITIVE to start with. ANY FURTHER PROOF? BODA- their DISCOVERY HOLE MADE HEADLINES WITH 502M and the DEEPEST DRILL OF 1,167M WAS A CO MAKER IN THAT IT EXCEEDED 502m.

Same for ALPALA. Go to the co*s website and click on the latest presentation. There one can see the Alpala Hole 5, 9, 12 and a few more MAKE THE RANKING among the MAJOR*S FINDS ie meter DEPTH.

Munch,

Depends what you mean ‘shaft’ .... have you read RNS?.

Some point it will happen if the drilling goes well and there is few options (from AA deal) look out page 12 and d). (7.5$mill) but that still bargains.

https://xtractresources.com/wp-content/uploads/Bushranger-Summary-Presentation_April-2020.pdf

News ... to be honest it’s not the depth anymore we should think twice about.

We know it’s big and long may it continue but all attention turns grades .... we need it to come in around 0.4% - 0.5%

I can see a slight pull back in the markets tomorrow so am prepared for a small dip but am long and strong. ..... just don’t want birdy to shaft us with a raise or rubbish grades.

Good luck.

I just listened to Mr Colin Bird*s interview today again quickly. Zak said there should be a LIVE FEED from the Lachlan Fold to the City of London.

He said they are calling in a COPPER PORPHYRY SUPER DUPER EXPERT whom he will be QUOTING.

He said Mr Jeremy Read will be talking to the audience about number of mines in the Lachlan Fold - PREPARE FOR SUCCESS -help our mkt place.

RACECOURSE: "Go so far - CONTINUOUS, 1KM MINERALISATION S T A G G E R I N G SO STAGGERING CALLING IN A PORPHRY EXPERT.

"HOW CAN YOU NOT BE EXCITED. WAKE UP - 1ST CALL." [Bird]

"LACHLAN FOLD - ONLY 3% GO OVER 3 0 0 METRES. 1,100M CONFIDENT OF BIGGER ONE -CADIA RIDGEWAY - NORTH PARKES, SOLD TO CHINESE FOR $800M."

My Comment:
So, its the DEPTH OF THE MINERALISATION THAT IS THE DEFINITIVE.
Fingers crossed, 1200m, Bird added.
TOMORROW- WAIT FOR NEXT UPDATE.

News, Tues 19 Jan 2021.

Thanks frog for the helpful correction re the 3% which I was mixing up with mineralisation
Probably still recovering from the celebrations last night !
Fingers crossed we get more recognition of the true value of this fantastic find sooner rather than later over the next few days .
I’m sure the bigger buyers may want more proof of the findings before moving in at which point we will see significant gains I’m sure !

Yep Isomer agreed, proper value reflected given time.

Does anyone have an idea of max drill depth that we can go to with the rig currently being used?

@cyberiachas
You've misunderstood the parameters. 2 million tonnes is contained metal (i.e. 400 million tonnes of ore at 0.5% grade). You do not need to apply a mineralisation % to that. The 3% you are using is the valuation the market places on value of the metal in these sort of deals - i.e. the market values the metal in the ground at 3% of sales value. This takes into account the cost of getting the metal out of the ground. Clearly the 3% is an assumption, as is the copper price, but it's in the right ballpark in my opinion.

Isomer
I would also like to add a few more thoughts on what Mr Bird said today.
Zak asked him "WHAT IS THE PRECEDENT?" Zak wanted to know the depth Racecourse is going down to and what is the benchmark [equivalent] resource to compare it with? That was when Mr Bird said : "1100m: CONFIDENT OF ONE- CADIA RIDGEWAY - NORTH PARKES."

Both North Parkes and Cadia-Ridgeway are in the SAME belt zone as Bushranger.

Bushranger is NEXT DOORISH to Cadia-Ridgeway, Lachlan Fold, NSW, Australia.

CADIA-RIDGEWAY IS A LEGENDARY FIND - LARGEST IN LACHLAN FOLD & LARGEST IN AUSTRALIA.

Its one of those finds that is hard to find in 1 life-time?

So, given Mr Bird HIMSELF has now LET THE CAT OUT OF THE BAG, I hope he will tell us with core pics, XRF, what the copper expert said etc.

When Alpala started drilling, Dr Rohlach did the initial work but later they had to bring in a WORLD RENOWNED EXPERT IN PORPHYRIES IE DR STEVE GARWIN from Stanford. So, copper experts have to be consulted if there is something to consult about?

LISTEN again and check the XTR BUSHRANGER APR 2020 PRESENTATION re Bushranger vs Cadia Ridgeway etc.

News, Tues 19 Jan 2021 @8pm.
DYOR.

https://www.mining.com/miners-now-saviours-in-green-transition/

Maybe your correct but I think most of us here now a here for long term value. If your holding for the full sale then it makes the sp till then sort of. irrelevant, a bit like us all sat waiting for EUA.

That doesn't seem to mean anything in AIM, all rationale/legal perspectives are replaced by nonsensical/corrupt actions.

Cant see how we can go to 4p when this is getting bigger every day. We know its way bigger now than 4 days ago.

Thanks for the info news. Fingers crossed we are onto a winner here.

Yeah , I’m aware that AA have the right to buy 80% of the tenement, that isn’t relevant to a possible valuation based on Steve’s 3% mineralisation calculation
8000 $ per ton x 2million tonnes x a possible 3% mineralisation does equal 480million $

But that is an estimate of the market value of that copper in the ground and does not include the cost of extraction or a profit for AA

so they wouldn’t pay anything like 480m$ on that scenario (and certainly not for 80% of the find)

Of course it could be a lot more than 2 million tons or more than 3% mineralisation and the whole 100% could be bought out
Keep double checking doing the math and dyor of course

now go google Dr GP