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The situation has changed in the last few months. There is a worldwide market crash, high inflation, war in Europe, falling commodity prices, etc.. We have also seem have a steady income from Manica, enough for Colin to state no raises for a year.
It seems crazy to me to ignore all that, just because of something Colin said before any of that happened. We need to deal with the reality now, not the assumed future reality from several months ago. A phase 3 drilling program would add value to our assets in Australia, without needing a raise, and delay any sale until the general market conditions improve.
That will obviously depend on what the modelling shows, as it may stand it is expected to provide 4-6 years high grade recovery that may be a requirement to extend that to up to 8 years. This could potentially have been done already, if not it will not take long as I understand it, could be done with RC and will be shallow, so it may not impact the timeframe too much. It will certainly be done before the model is completed and have the final asset to offer to AA.
I get where you’re coming from but I don’t see that as what would be determined as a third exploration phase
Howezap
If that is the case how do you explain Coiln's words in his last interview:
Don’t be surprised if we get into a near surface extended drill program
CB quoted in last podcast,
>>“If we can prove mineralisation throughout this system, we make the project more valuable.”
Proving mineralisation is establishing that any anomalous targets are ‘pay’ with a borehole or two, as we have seen with Footrot, just finding the intrusion, or intrusions was the point of the exercise as it has proved conclusively now it is a mineralised body. Usually, in RNS this would have been followed up with, “we will be following up with more drilling etc.” As that was not the case this time, no it is not conclusive, but just adds weight to project directive we have been told. Also, as will be a drill or two into the gold system deep below Ascot.
Proving mineralisation does not mean going into a 3rd drilling phase. It flies in the face of everything we have been told.
Colin can be forgiven over enthusiastic timescales but not for lying! If is believed they will enter a third phase then it must be believed too that Colin is lying! Either he is a compulsive liar and anything he has said cannot be relied upon. Or shareholders are confident in their belief in that the end of phase 2 would essentially be the end of the exploration programme, as that is what he has clearly implied is their intent. You either believe what they are planning to do, or you don’t. You simply cannot be selective in what you want to believe. The end of exploration is what he has consistently implied since the 12 stocks for Xmas podcast, which incidentally he has not deviated from.
So, It’s fairly unlikely that the other possibility, that he approaches AA with an incomplete model due to ongoing exploration/3rd phase, as that too, would also go against what has been stated is their intent.
Lastly, from the most recent podcast CB clearly said they will inform the market of where they are, once the resource models are ‘complete.’
You can clearly see the importance of all the interviews to support what are essentially sterile RNS. Without them, the market would show an even bigger disconnect, as the obvious uniqueness that the buy-back agreement has created with resource building, unless of course, you choose not to believe anything that has been said.
Does appear it's 3 weeks (unless it's agreed otherwise by members):
Companies Act 2006
You are here:
UK Public General Acts2006 c. 46Part 13Chapter 3Notice of meetings
307Notice required of general meeting
[F1(A1)This section applies to—
(a)a general meeting of a company that is not a traded company; and
(b)a general meeting of a traded company that is an opted-in company (as defined by section 971(1)), where—
(i)the meeting is held to decide whether to take any action that might result in the frustration of a takeover bid for the company; or
(ii)the meeting is held by virtue of section 969 (power of offeror to require general meeting to be held).
(A2)For corresponding provision(s) in relation to general meetings of traded companies (other than meetings within subsection (A1)(b)), see section 307A.]
(1)A general meeting of a private company (other than an adjourned meeting) must be called by notice of at least 14 days.
(2)A general meeting of a public company (other than an adjourned meeting) must be called by notice of—
(a)in the case of an annual general meeting, at least 21 days, and
(b)in any other case, at least 14 days.
(3)The company's articles may require a longer period of notice than that specified in subsection (1) or (2).
(4)A general meeting may be called by shorter notice than that otherwise required if shorter notice is agreed by the members.
(5)The shorter notice must be agreed to by a majority in number of the members having a right to attend and vote at the meeting, being a majority who—
(a)together hold not less than the requisite percentage in nominal value of the shares giving a right to attend and vote at the meeting (excluding any shares in the company held as treasury shares), or
(b)in the case of a company not having a share capital, together represent not less than the requisite percentage of the total voting rights at that meeting of all the members.
Ref:https://www.legislation.gov.uk/ukpga/2006/46/part/13/chapter/3/crossheading/notice-of-meetings#:~:text=(1)A%20general%20meeting%20of,of%20at%20least%2014%20days.&text=(b)in%20any%20other%20case,1)%20or%20(2).
So it appears that there is no AGM this month then? Assuming the 3 week notice is correct?
If that's the case then that's disappointing as the yearly report was dated just a week ago (when July AGM was stated).
I would be surprised if the AGM is going to be just a week later, so CB may be trying to give himself as much time as possible before holding AGM - so maybe in last week of August?
With the sharp fall over the last week to 10 days maybe CB is hoping the sp will be looking much better in 6 weeks and he may know we will be getting some decent / good news before then?? Q2 Alluvial results maybe ?
I think we could all do with a bit of good news atm :)
Information from DIGS if of interest
Location of Historical holes including BDR006
HoleID /GDA94_E /GDA94_N/ RL/ Dip/ Azimuth (True) /Depth (m)
BRD001 748688 6252180 1100 -70 90 866.4
BRD002 749230 6250300 1195 -80 90 122.4
BRD002a 749230 6250300 1195 -80 90 528.1
BRD003 748959 6250281 1156 -60 270 596
BRD004 748510 6252781 1106 -70 75 797.6
BRD005 750438 6248050 1169 -60 180 555.4
BRD006 750460 6245407 1125 -60 90 701.3
BRD007 751063 6248276 1192 -70 270 342.6
TOTAL 4387.4
Historical data from hole BDR006
BRD006 was drilled at the Footrot Prospect to a depth of 701.3 metres, testing a discrete chargeable anomaly detected in the MIMDAS IP survey and anomalous Cu mineralization at the base of nearby historic RC drill hole FT005. BRD006 intersected an intrusive complex with extensive porphyry system type alteration. The upper 300 metres of this drillhole intersected a sequence of “green rock” (epidote-chlorite) altered, intermediate to mafic volcaniclastics intruded by a distinctive porphyritic granite, minor narrow magnetic-chlorite-calcite altered bands within the volcaniclastics are observed. Below 300 metres to the end of hole the drill hole intersected a sequence of highly sheared, sericite-chlorite altered volcaniclastics and monzonites, interrupted by a number of significant structures with bleached selvages. A four
meter interval of pyroxenite is present at 642m. Disseminated pyrite is present throughout the hole with minor amounts of chalcopyrite as clots and disseminations. Unlike the other holes drilled at Bushranger, pyrrhotite is only present in trace amounts.
Results from BRD006, at the Footrot Prospect, include; 2m @ 0.2% Cu and 0.22% Zn from 434
metres and 2m @ 0.16% Cu from 526m. Maximum concentrations from BRD006 are:
Au – 0.083ppm @ 121 – 122m
Cu – 2280ppm @ 435-436m
Zn – 2540ppm @ 510-511m
S – 11% @ 124.2 – 125m
It would be more conceivable, also to consider is the potential strike of footrot north and south of the historical hole where xtract may have sited a new pad. I think generally though Andy, the terrain is too flat and without any obvious trees nearby that can be compared to the report pic
Anyone know if xtract would have had to re-apply for a permit if they drilled from AA’s old pad? Just considering the time elapsed and change of ownership. Chances are maybe a number of pad locations back then had applications submitted by AA. So could xtract have piggy backed one of them?
This was discussed the last couple of days.
I was looking to see where historical drill at Footrot by Anglo was undertaken following yesterday RNS. This is the red dot in the attached image.
It appears that the Power Line is close to that location. Pink line running North South.
Blue lines are EL5574 boundary.
Could the picture in the annual report be from Footrot ?
Here is a screenshot from Minview
https://drive.google.com/file/d/13wK2zgWyiahqlFxtjUXncjWKIrSxSMjt/view?usp=sharing
You are welcome Andy, credit where due.
I don’t have any social media accounts, never have.
I'll certainly be vote against AF. The interview was a complete shambles and OUR money could be put to better use! - I urge others to do the same if they are not happy with AF's efforts!
Shame we can't vote andmillsy in, he's gone above and beyond in terms of PR for the company!
Thanks Howezap - if you are on Twitter let me know which is your account on there.
My shares are held through Fidelity. I believe I can instruct them to vote in accordance with my preference but will need to specifically request this. Others may need to do the same.
We should get a plan imho on the questions to ask and requests to improve reporting of revenue which doesn't reconcile to quarterly statements, disclosure of gold stock in ounces. We should also have a clear request about future reporting of alluvials, hard rock and Fairbride as current quarterly statement isn't fit for purpose. I am unsure how Fairbride is best reported given it is share of operating cashflow based.
Andy Mills had probably done more positive work to support the company than its own PR
Please do keep it up bud
What PR has he done? Serious question, does anyone know?
Agreed
Apparently Alistair Ford is up for re election in his BOD position as PR man.
Maybe Tom Budszus from alliance news should take his place !
Brief, factual, well written. What's not to like :)
If the AGM is going to be held this month, as stated in the full year accounts, then we should get a calling notice today as shareholders have to be given at least 3 weeks notice.
Possible that CB may now want to wait until August when situation is looking better? If so, calling notice may be delayed?
My understanding is that the maximum delay period is 2 months (under previous covid exception rules ) so it must be held by end of August latest (end June + 2 months)
A different way of interpreting the RNS yesterday ??
https://www.lse.co.uk/news/XTR/in-brief-xtract-resources-finds-up-to-48-grammes-of-silver-per-tonne-1le81yuwwb25gpa.html
Xtract Resources PLC - London-based mining company focused on Africa and Australia - on Thursday finds up to 4.8 grammes of silver per tonne in hole BRDD-21-041 at its Bushranger copper-gold exploration project in New South Wales, Australia. Also finds up to 0.70% copper equivalent at the hole.
Meanwhile, finds up to 0.30 grammes of gold per tonne in hole BRDD-21-040.
"We will now advance planning to define the conceptual open pit on the back of the drilling results, updated resource modelling and metallurgical test work completed," says Executive Chair Colin Bird.
By Tom Budszus; tombudszus@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
From 20th sept final assays at eureka.
>> In essence, we are pursuing two very viable targets in the extended open pit and have the potential for deep IOCG ore. We have made much more progress in this particular area than previous explorers and as such have unlocked an exciting exploration & development opportunity."
I’m hoping we already have a big project to follow on in Eureka deep sulphides. Already established the potential from the exploratory boreholes, should expect a more thorough drilling phase to be announced when the company are ready and willing.
Having now had the latest news, I am much happier!
Sounds like we will possibly be wrapping things up in the next few months, which also brings me back to the frustrating comment regarding further aquasitions!!!! Is this a hint that Bushranger will likely be sold soon and we will need another project?
for it to be 26, he'd have had to have said - being generous to him here too, as I can't help liking the man - he expects 52 porphories, Andrew ! :-)
I look forward to when the list gets down to York racecourse:)
How many porphrys did CB say :)
I should have said that Beverley is in Yorkshire too btw
and re Jesso's post below :
''It's the porphry that could be UNDER Ascot that is the interest here, one with TONS of gold in it !''
Beverley should be its name imho.