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Well CB certainly seems to be very frustrated about the SP at the moment - but as he is the only person that can supply the information needed to push the SP over the 'tipping point' into a re-rate, there's no point in his complaining about it IMHO.
Speaking from a personal point of view, I managed to get a nice 'bed and ISA' away earlier today at 5.3p, so I am now happy for the SP to fly up to the expected 8-9p range - although I suspect that there are more than a few here that want the price to carry on at the current level for a while longer so they can pick up a bargain or two?
Ready when you are, Colin, for that company changing news...
Not sure what CBs plans are for drill updates are anymore, it’s definitely changed over the last couple of months, but no official guidance issued.
With assay results issued for Ascot, it won’t take that many more drill updates (assuming there’s good sections of copper) before anyone in their right mind will see the 2mt is long gone.
However, I think (it’s been debated enough) that until the JORC has been updated, he could just keep churning the results out and the AA clause won’t be triggered?
Hello Steve,
I have a feeling that that is exactly what Ella meant - so I think you both agree. I'm sure Ella will correct me if I am wrong :-)
*** think.
Concerning the reporting of completed holes, are we sure that the original plan for reporting is still in place ? Or has the timing of reporting shifted to only when new significant milestones/information is available? This issue is not the only matter on which I am now unclear. The first of two interviews a week or so ago very clearly stated that we aren't going to need to prove up Ascot to any great extent before we sell, but the second interview seemed to [possibly] row back from that at least a bit. I am reminded of the US position on Taiwan! Is Colin changing the plan as new info becomes available (which has a degree of logic I suppose)? Or is he indulging in a little bit of intentional strategic ambiguity? Perhaps he wants to keep his options open and muddy the waters about his intentions to keep AA on their toes! Generally I feel the strategy may be more in a state of flux than we thing.
>> I am thinking that a report of visible mineralisation on a hole by hole basis may make less sense if gold and molybdenum are making larger contributions to the overall grade of the core recovered?
You wouldn't see visible gold. Gold at 1g/t is one part per million whereas copper at 0.35% is 3500 parts per million.
We have higher grade gold in Ascot but I'm not sure how this impacts visible mineralisation. I am thinking that a report of visible mineralisation on a hole by hole basis may make less sense if gold and molybdenum are making larger contributions to the overall grade of the core recovered?
If Iceberg is correct about a 12 week turnaround for this testing, then it makes sense to start now. Some additional samples can always be sent later, I guess, if Ascot starts to return higher grades as the drilling moves south / south west.
Would really like to get an update on holes 38, 39, 40 etc. Not sure I've mentioned this before.
Despite icebergs reservations, clearly CB is looking at the prospect of commercial molybdenum in Ascot because the grades there are higher than Racecourse - otherwise we would have heard about it previously. Whether high enough to be worthwhile we will see but from my research molybdenum has very low grades in porphyries (yet is a valuable source of moly) but that is compensated to some degree by its value which is currently about 4 x Cu but has been far higher in recent decades. So, gold, silver and moly could act as a very useful multiplier to the value of Ascot.
Don't wish to contradict you iceberg but I'm hoping you're wrong !
Well I signed up to primary bid just in case... Your move next Mr Bird.
Great suggestion Iceberg. Hoping Mr Bird is all ears...
I agree they might want to invest at a higher rate, just me being greedy. :)
Ella, think of it as a driver who likes to be speed, who's got so many points on his license that he slows down to 30 every time now.....the problem is many folks might consider the driver to be an un safe driver, even if they don't get caught speeding again...
I'll leave it there....
Iceberg,
I'm not sure why you say 'dump the Nomad'. I get the impression that our Nomad takes their role a bit more seriously than other Nomads.
If a further phase of drilling is the way to go, then based on the drilling, geophysics etc I would have thought that Sandfire or First Quantum might be interested in acquiring a stake at a substantial premium to the current share price. They know that they won’t lose money on it if AA exercise the option and if not it might give them a foot in the door
As an aside if more funding is needed. I would happily take part in a primary bid placing. A chance to subscribe for one share for every 10 you hold, do it over night or during the weekend so the price can't be manipulated down. Raise a few million to keep the drilling going until the full revenue from Africa can take over and allow investors to step in that will hold their shares more knowing what we have.
I can't see the moly being commercial tbh. It does point, in a more classic Porphyry, that the moly is situated in the base of the intrusion normally. I don't think these are truly normal porphyry systems in that the mineralization is situated along the edges rather the crowns of the porphyry, leading down.
Just my opinion, but it might indicate an even more lateral system at ascot than RC.
It's right to investigate the point between the two systems, I believe to go much further South will require a third approval from NSW.
Roll on 38!
I also agree with the broker comment, Colin get a joint broker in, somebody that will add value! I've been saying it for months. Also dump the nomad.
Sort out the directors and the company structure, put together more presentaions!
That said bushranger is still incredible and gets more so, the more we drill!
"does XTR go with the short term RC/ Ascot model or do a Solgold and drill ad infinitum to prove every last inch up ?"
Or he could go for the middle ground and drill for another 6 months and exploit more potential value (not all) from Ascot.
He says shareholders dont want another 2 years of drilling. He's right. But another 6 months for greater value recognition at Ascot would be worth while imo.
I feel the additional 6 months is a good balance between time horizon, costs and increase SP appreciation.
The potential in Australia is huge and every drill is finding more paydirt, the dilemma is, does XTR go with the short term RC/ Ascot model or do a Solgold and drill ad infinitum to prove every last inch up ?
Personally I'd like to err towards the former, who wants to be waiting for a pay day 10 years from now ( I know it wouldn't be that long but you get my gist) although if there is a significant infill I wouldn't mind waiting a couple more months for a bigger return.
I think CB knows exactly what to do here, there are a lot of folk hoping he does anyway, including me.
Exciting times.
Even more reason to do more drilling at Ascot to find out what the real value is there.
CB maybe be right to say we dont need to do as much drilling at Ascot as we have done at RC to be able to sell Ascot, but we will need to do more drilling to try and determine true market value.
@Cygnus7
You make a good point - cut & paste from Wikipedia...
"Because of their large volume, porphyry orebodies can be economic from copper concentrations as low as 0.15% copper and can have economic amounts of by-products such as molybdenum, silver, and gold. In some mines, those metals are the main product."
So it's not an unreasonable (ramping) point you make - would love Icebergs view on this topic...
ATB Shorn
I think (Iceberg might confirm or correct me) the mention of these metals (although the can be very valuable) is more to present the message of the porphyry type.... that it can be explored and developed on the basis of understood mineralisation types.
I'm hoping one of the next RNSs is for the new drilling permits and shows the pad locations and narrative for drilling programs.
I dont think Colin is changing his timescales but I agree it sounded between the last 2 interviews that they might rebalance their focus between proving continued strike and adding more understanding to Ascot. (Wholly due to the quality of hole 35).
But..... wtfdik
#Cygnus7
Very good point about additional value-adding minerals like molybdenum. If appropriate, their value contributions get put into the Copper Equivalent calculation you see reported as CuEq.
I don't know what impact extra metals have on metallurgical extraction costs, but that only becomes clear with much more info.
In CB's last inte44rview he spoke about how Ascot was a new and minerally different beast to Racecourse. In particular he mentioned the presence of increased Gold plus Molybdenum (Mo) and Silver - all of which are often found in porphyry systems. I just wanted to draw attention to the Mo in particular because if it's present in commercial quantities then this metal could seriously enhance the overall value of Ascot. It seems that over the last year the price of Mo has doubled and is currently around 4 times that of Cu.
There has been talk that maybe CB has changed tack over the last week or so and may want to invest more effort into Ascot and I was wondering if it was the presence of Mo that may have caused this (if indeed it's real). I thought it was interesting that no grades were given for Mo. Is this because it needs additional analysis and will have to wait a little longer for those?
So, my point is that Ascot may indeed be another animal with rich mineral resources that could include Cu, Au, Mo & Ag. Even if it's not as big as Racecourse, and there's no evidence that that's the case these additional metals could multiply the overall value relative to Racecourse.
Hope that doesn't come over as ramping but I've not heard anybody mention the potential value of these metals and I think they could be important.