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>>In Zambia we have identified and modelled a potentially mineable resource at Eureka and are carrying out trial mining. The initial trial mining produced a very high-grade ore, but metallurgical testing proved to be very refractory. Further drilling and test mining has shown this to be a local phenomenon and we intend to commence operations during the 3rd quarter 2022.<<
On first reading this my initial thought was there was a delay in operations, but clearly the talk from sept re blasting and bulk sampling taken ore in lorry loads for processing was for ‘trial’ mining. With subsequent test work then being done as above. ‘Trial’ mining phase has now concluded with full production starting anytime now. The refractory results of met test work, were a localised phenomenon and not necessarily the ‘very high grade’ ore. I think the phenomenon refers to just the separation process being difficult or unmanageable, but could well mean the very high grade was localised too. What say ?
Sounds like could well have positive cash flow soon going straight to maximum throughput coinciding with decent income from fairbride. Let’s just hope there are no delays.
Still not a dickie bird on IOCG theory though, but Colin was quite clear in that the priority was to get cash out of it first. So, fair enough for now I suppose, can’t have it all.
I think some people have an exaggerated sense of how long it takes for a buyer to do due diligence and buy a deposit! This is not a multi-billion $ purchase, it’s small beer in the scheme of things. Any longer than 6 weeks scrutinising data would be too long, then you’re either into going through the offer and buyer’s governance process or else a rejection and going through it again with other potential buyers. I’d be very surprised if all this went beyond Q1 at the latest.
I noticed he had not posted for a month when I scrolled back to find the post I was looking for. I continued to speed scroll all the way back to Start of BR and he has been a prolific poster each and every month, I hope he is sitting back and taking a well earned break, doubt very much the extra couple or three month further wait has driven him to despair!
When I was scrolling back I landed on the below post by pure chance from nearly 15 months ago… oh the irony
Caveatemptor >>>12 Feb 2021 20:06
People, please remember that a company's duty is to maximise shareholder value ( whatever some may say) and that often means playing your cards close to your chest!??DYOR and man-up to our ongoing situation...<<<
I thought the same CB, havnt heard anything for some time now.
Anypne heatd from CE recently, he has gone very quiet?
I recalled Caveatemptor posting this about a sale. Add on the extra couple of months or so to the programme, that would bring Colin’s target for a sale toJan-Feb 23
Caveatemptor >>>When we went to the investor event last October, CB said he had a target of completing the deal within 12 months - so i am happy to give him until the end of October this year to come up with the goods - but I will be disappointed if it takes any longer...<<<
Sounds like my call for a sale this year is through my rose tinted glasses again....... and believing the suggestion that short timeframes are defined in the buyback clause.
Thanks for the views. Consensus is no earlier than Q1 2023, and possibly later in 2023 - so plenty of time to add to my holding, then!
Late 2023 . Offered for sale sooner but I'm not expecting any shareholder bonanza before late 2023.
My guess for what it’s worth is that there will be a formal presentation to AA in Q3 of this year (assuming they don’t find something interesting at foot rot in which case perhaps late Q4). If AA decide they want it id guess the sale would complete middle of 2023. If AA pass id guess XTR would open a data room late q4 inviting bids by say end of Q1 with the possibly sale concluding late 2023.
I would be amazed and delighted if we had a sale this year.
I would say Q1 2023 is more likely. That said, over the years I've been here my, some may say rather pessimistic predictions, have all been proved to be completely wrong.
In time, they've always been shown to be far too optimistic !
Just add 6 months on to whatever CB has said and that will be more accurate than his original time scale.
This year...... I dont think enough has been said in recent RNSs to say more than that.
We have a description of a 'limited' level of drilling still to be done, ascot to be firmed up, Footrot to be tested and the model to be interpreted and ... but nothing firm on timeframes. Would be over the moon if this was by the end of August but that's just me being my usual optimistic self.
Any thoughts, anyone, on the timescales now for putting Racecourse up for sale?
Going by the exploration of racecourse from the mid eighties. It is apparent the plantation forrest that envelopes most of the main resource now, could well have, ‘not’ been fully planted back then allowing for any future potential mining activities.
Looking at satellite images of the Forrest imo, the trees do not look mature enough to be nearly 40 years old. You can still clearly see the rows in which they were planted where the crowns have not established enough to cover the forrest canopy. Shadowing from isolated existing older trees show they, in particular are a lot taller and mature than the plantation trees. Yes they could be a columnar species but are still imo not that mature in height.
Just an observation
I think with copper, the peak was exacerbated by China (consumer) hardly catching a breath with Covid to start with while the rest of the world (production) shut down..... now that's kinda flipped a bit in conjunction with the global slowdown so any drop in prices will undershoot the real market value.
If you believe in the Electrification story and the associated copper demand imbalance then you have to believe the price will recover strongly.
I'm not an expert.... but that's how I see it.
Worth bearing in mind too that when the potential at Bushranger was first revealed in Jan 21 with that first hole , the POC was below 8,000$ per tonne . Didn’t stop the share price hitting 9p briefly.
If Colin gets Bushranger sold off within 2 years of that initial hole I personally think that would be a brilliant achievement, especially given a few horrible macro factors.
Plus we will have a £10million profit pa mine chugging away in the background.
Yes he’s a salesman and a big talker but he delivers (ask jubilee/ kiwara) and a v good negotiator-
probably best to forget this for the summer and enjoy the pimms/whiskey/ orange juice as you prefer and the action will unfold in the last few months of the year.
Im more certain of the potential of a pre-existing 4-6 year recoverable high grade component at racecourse , through data from historical work. Also from infill drilling through potentially both drill phases of current campaign.
In both most recent podcasts I believe Colin maybe got it wrong or was certainly more confusing. in the first of the two podcasts as the recovery periods overlap.
In Zak’s podcast he said that the high grade component will have an infill programme to increase the higher recoveries to 5,6 or 7years done before the resource model is finished.
?With kev and Phil he mentions the high grade component at 4-6 years recovery, but then I got the impression that it will be extended further to 8 years, saying that might send us into an infill programme that will ‘extend’ recoveries from 4-6years to 8 years.
Here is a post from leprechaun1974 sharing his research on extent of the historical drilling done at racecourse.
Leprechaun1974
>>>RE: BRC014 2m @ 8.07g/t gold
29 May 2021 20:56
I've spent a lot of time on this website https://portal.geoscience.gov.au/ trying to find the locations of holes where we have previous assay results i.e. BRC014 that you are interested in. I have a spreadsheet of the location of drill holes from previous drilling (unfortunately only one from AA) but they are of little interest without the assay results.?As a thank you to the more knowledgable on here that have shared info I will also share what I have managed to collate.?https://leprechaun1974shares.blogspot.com/?It's rough and ready, only 2 posts, 1 with the map and 1 with the grades listed for the holes.<<<
There would have been sufficient time to complete a short shallow programme if was decided.
Excellent link & very much worth listening too.
As the mine in BR will be taking somethink like 10yrs to build, by then the % of electric cars being built & other copper based items will/would have gone well up on the present & can only increase the price of the sale of BR. As overall when looking at the price of copper you have to look at where it will be in 10yrs time not 10yrs back in time.
Yes, a good listen, thanks for sharing Andrew. Not that I require any more convincing that copper is one of the key metals to be invested in for the foreseeable future. The simple fact that in order for everyone to change their ICE car for an EV over the next 30 years is going to mean we're going to need to mine as much copper over the next 30 years, as has been mined previously in the whole of history, is enough to convince me!
Many thanks sq52 I had 174 stuck there, so close!
Hi Howezap, think it’s Leprechaun1974 you’re after. No idea why that stuck in my brain!? Just one of the many random things that do :)
Many thanks Andrew. A brilliant listen, and one which has served to recharge my batteries (no pun intended) after a tough few weeks. I’ve reminded myself, for the umpteenth time, of just why I’m invested so heavily in copper. Go XTR!
Can any member recall the full member name of leprechaun or can forward the link showing the shallow, quite intensive historical drill mapping in a grid pattern from Racecourse. It may have even been from as far back as when Lachlan star had the license.
Trying to understand the pre existing high grade component on the main inferred resource (71mt)
Or steer me in the right direction.
Cheers Andrew, that’s a really good listen after yesterdays pain (or joy if you’ve been buying in!)
Focusses me on why I’m in and why, at some point Bushranger is going to be worth a lot of money to someone.
Foundations are all set now, CB and team just need to build the story again.
re Copper.
I suspect the recent POC fall may not last that long :)
https://news.sky.com/story/how-the-electric-car-industry-is-turning-copper-into-gold-12643235