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That really is a significant long zone of mineralisation.
Hole 55 looks as though it fell short of a couple hundred metres as completed at 721m so was unable to test the full target interval below 35.
On the plus side
>>>The intersection in hole BRDD-22-051 of 18m @ 1.8% CuEq from 432m (Zone 3) occurred 170m up dip of the intersection of 64m @ 0.58% CuEq in drill hole BRDD-21-035 suggesting that high grade copper mineralisation does extend closer to surface and potentially within depths which would be amenable to open pit extraction.
As we know RC and Ascot are being looked at as separate entities, this is very significant for Ascot future viability to be mined in the Aussie sunshine alongside RC
Equally.... I cant wait for the resource update. I hope it is indeed imminent now.
I hope that this RNS is just a taster.
One of these coming days Xtract is going to burst into action. The breaks will come off and this i hope will be like a gold rush. All too late for the watchers. Current price is easily supported without Bushranger. Let the watchers watch and the opportunists fill their boots at every opportunity. D day is coming soon. That i do know.
Great RNS - what is wrong with the market - everyone is asleep
Really need to top up big style as this becomes more and more a no brainier
GLA
Those high grade intersections seem to indicate that they are homing in on the source. Another huge porphyry (1km strike and open) with even higher Cu grades than Racecourse and gold to boot (that could even be a separate system?). The Bushranger project is sitting on a beast of a discovery.
Can't wait for the resource estimates, results of the modelling and the 'for sale' sign to officially go up... there is light appearing at the end of the tunnel.
Come on CB- Bring it home. Giddy up
Should be close, it's taken a year.
For me, the most important part of that RNS...
"This will be in addition to the updated Racecourse mineral resource estimate which is close to completion."
Ahh, makes sense, I maxed out my isa at 5p bed and isa, hindsight....
TDoubleu - The 4 trades adding up to £80k aren't all sells but 2 sells and 2 buys... just me and the missus doing a bed and ISA each.
No change.
Some big bets being rolled over. Somebody keen to hold on.
Ask didnt move after those big sells. Stayed at 3.17p
That's some big offloading! £80K sold at 3p, seems a mistake to me, we shall see.
Days like this its worth remembering what Jezzo's article said......
"With the penny juniors in the mining area falling off a cliff on Friday with massive drops across the board, we are starting to see capitulation. While it is painful to watch your investments dropping by double digits daily, this is where wise investors make their fortunes. The market will rocket higher just as soon as those silly investors who used margin finish selling off the last of their investments just to meet a margin call.
These sorts of opportunities only come once in a lifetime. Prepare yourself to rake up the falling fruit. This is a quote from Basic Investing in Resource Stocks.
"Weak hands buy at tops and sell at bottoms. Strong hands buy at bottoms and sell at tops. It's vital that investors remember that at every top there are 50 reasons to buy, and at every bottom there are 50 reasons to sell. That's what makes them tops and bottoms."
I think just giving my wife away for free would generate a lot of extra cash for investing :)
Steve!!!!!! Wife, Kids yes DOG NO.
Are you sure your wife, kids and dog didn't list you on e-bay Steve, when this fell from 8p to 4p .. and they've gotten no bids so far .. and now it's 3p they're not expecting any bids for a long while yet ?
Going to list the wife and kids on eBay… got to find the funds to buy more shares at this price. Got a dog too if anyone is interested?
Hi joeman yep I did say that,
>>> was based on the Original JORC resource
The point there I was making, was that there surely would have been some kind of evaluation from the initial drilling of phase 1 to see if the potential was there to increase the resource in the first place to justify wether or not a conceptual study was worth doing. Otherwise, they could have released a conceptual study ‘before’ phase 1 even started.
That’s water under the bridge now, and yes 30k+ metres of drilling later with long runs of porphyry grade mineralisation, it not difficult to see the potential profitability. Also the financial evaluation from phase 2 at RC must be positive if an extension of the early recoverable high grade parcel is not deemed necessary now. That is, that ‘if’ the current financial modelling showed it came up short, then they would certainly want to embark on the extra drilling to bolster the numbers from the high grade crown.
Simply cannot see that they would choose not to do the extra drilling if the financial evaluation was disappointing.
Howzap, the model delivered at the end of phase 1 took absolutely nothing from any drill results that Xtract have made. It was based on the original JORC but using a different cut off basis.
It was an attempt to show how close the resource already was to being economic.... and we wait now knowing we have over 30km of drilling now being modelled to add to this .... and knowing that most of the cores were a success.
I know this will be a far more comprehensive pit/scoping study than the original existing one, which was released only a month after the completion of phase 1 drilling. Now wether or not that is anything to go by as the study would have been started during the first phase as was based on the Original JORC resource, But it would have made sense to had started it after some evaluation at least of that first phase I would have thought. There would also have been 8 weeks turnaround of assays to add on so it was definitely not a full phase evaluation. However, it has been been 8 weeks now since completion of phase 2, and within that the very last holes into Rc (53&54) to infill a gap in the model, which saw the assays expedited and returned on the 27th July. So that makes it now 11 weeks since then. What does this mean then? Who knows! The only conclusion I can realistically draw from this is this post could literally be mistaken for a drunken ramble as it skewed of in a different direction to what I intended when I saw a squirrel in the garden and now literally can’t be arsed to edit it.
Off to the pub now :-))
Andrew - I think it is eminently wise to prepare ourselves for potential delays and to patiently await the news as per the timescales you suggest.
Unfortunately, I appear to be as impervious to wisdom and patience as a duck's arse is to water. Give me the news now!!! ;)
“The pessimistic side of me says that in Jan/Feb '23 CB will update us to say that these studies will be released 'shortly, imminently, by the next quarter'”
Timescales stated in the report may well slip, but as they were stated in an RNS they are more likely to only slip a bit compared to forward guidance stated in an interview. CB “shoots from the hip” in interviews, but he will have to be more circumspect with statements in an RNS.
It wouldn’t surprise me if we don’t get the Ascot / RC reports until Jan 23 rather then before end of the year as stated. I would be surprised if they are later than 31 Jan tbh.
Irrespective of the exact time scales, the three big news events coming imminently / shortly / in Q1 2023 are :
1. FB first income declared
2. RC open pit mining study
3. Ascot mineral resource estimation
When that happens I would expect a substantial rise in SP to near or above previous high.
Momentum then building continuously in readiness of the buy-out (probably Q2 / Q3 IMHO)
Andrew, my on going fear is that we are once again waiting on predicted time-scales. The pessimistic side of me says that in Jan/Feb '23 CB will update us to say that these studies will be released 'shortly, imminently, by the next quarter' ( Delete as appropriate ). I am a LTH in XTR and also have a small but now rather fruitless stake in BZT.
Just in case we did get a large cash payment, is there any chance of a merger between BZT and XTR, for example offering shares in XTR for control of BZT ?
Devnull,
That looks to be a good price you got there. Would like to top us myself as soon as funds become available.