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Another CB company had an issue with inflated xrf results BZT. I'm happy we are not using it.
The learner,
I think you'll find that the use of the XRF leads to what in science is called 'cherry picking' where one gravitates to the better signal responses giving falsely inflated impressions of mineral content.
I also found it interesting that CB said they had stopped using XRF - due to cost, but probably more importantly you cannot take any JORC credit for the results - and still need to send the cores to the labs to get the truly accurate results.
So during exploration, they have geologists going carefully over the cores estimating % and type of mineralisation.
The XRF is likely to be much more accurate - and is believed in heavily by Newcrest who are using XRF Tru-Scan at Havieron.
But NC are drilling in a orebody and not a porphyry system.
I wonder if in time when there is much more XRF data to compare with actual lab assays if the JORC code will be changed to enable explorers to use XRF data. In terms of mine development time, waiting 2 month's for assay results is not huge given exploration to men development is at least usually 4-5 years and many times longer. However - can see it's value in exploration drilling.
Was also fascinating listening to how they nor decide on the areas to target with the drill. Modern technology allowing explorers to see deeper under cover than ever before.
Really enjoyed listening to CB on the video and kicking myself for not buying more when we were in the 3's.
D61
'Same thing happened at GGP (big warrant issues) and it all turned out pretty well there SP wise didn’t it.'..absolutely correct.
The warrant drag at GGP allowed investors to pick up stock at prices around 2-4p for a number of months after the first intercept was reported from Havieron. I believe we are seeing a very similar price action with XTR, hopefully with the same price action
Sq52 - I agree re hole 14. It looks to be a good marker for the edge of the anomaly and anything above 0.15% would bode very well for what we'll find within.
Ella - Agree with you about warrants. Not convinced about sufficient revenues in time for when they’re needed. But not concerned like other because by then demand for the stock will be so strong they will be absorbed quicker than some believe. Same thing happened at GGP (big warrant issues) and it all turned out pretty well there SP wise didn’t it.
I must say one thing I found reassuring about the presentation was CB speaking about why they got rid of the XRF. I wasn't previously convinced, particularly given the assay results for later holes in phase 1 but I now think that decision did make excellent sense. The guys on the ground do sound very good and although I'm not a complete believer in you get what you pay for I wouldn't expect these guys to be cheap but it sounds like they are well worth it. On a slightly less positive note I think we will need the money from the warrants, although Manica should provide massive financial support it will take some time to find it's feet. All the support necessary for the rapid pace of drilling won't be cheap but seems to be well worth it. I think I would prefer to see the last placees get and exercise their warrants rather than have a further placing. I realise the share price is likely to be higher for a further placing but that's still my view. I suspect the warrants are likely to be a done deal anyway - but that is a veeeery slightly cynical view.
Hi James,
CBs welcome to buy in whenever he likes and I respect the times he’s chosen to do so. Given the size of the buys, as he’s been buying, I have (although I’m now full, can’t move anything else around).
Only the good man himself will know why he bought in and everyone has had chance to buy shares at a rock bottom price. All I’m saying is hole 14 was being drilled when CB bought his last round of shares and the drill team have an eye for copper %s (not needing XRF).
Hole 14 is a big deal for me, it’s not in the perfect position for the SE drill phase, but anything above 0.15 and it’s a hint that this will be huge.
Given up trying to predict when we’ll get assay results for Xtract, but I’m hoping hole 14 will be an early Christmas present. Not too long in the scheme of things.
Hi Sq52
Don’t get me wrong I’m excited for hole 14 assays (actually for all the assays), but not sure we can read to much into CB buying during 14. I mean the SP was 3.5pish so was a complete no brainier irrespective of how 14 was looking (IMO). Also from the presentation I’m pretty sure he said that they got rid of the XRF during phase 1 (something along the lines of its AUD7.5k per month plus geologist salary and the results aren’t reliable).
Cheers
James
Sq, it's almost like CB is asking us to join the dots...is it too good to be true? We shall find out before the year is out if it's as big as he and many others think.
Don’t forget that CB lumped with another share buy as the drill was spinning for hole 14.
From the presentation, the crew have an equal eye to a XRF machine, so he’d have a rough idea what’s there.
I think I mentioned a while ago my most exciting holes and 14 was the most exciting. It doesn't even start within the JORC and it goes on for 800m into the unknown!
13 will give us some idea as it also heads eastwards but 14 is the first one to the south east.
That must have been a positive result for two reasons. One, it goes on for 800m and two, they are exploring the area further!
Hole 17 also to the north east is a very exciting hole. Bring on the assays.
Certainly does look as though hole 14 dips into south east.
What of hole 23 then? It’s not conclusive it was even started. The update in 20th Oct RNS would suggest it was.
>>>The next series of drill holes are advancing well with hole BRDD-21-22 designed to test the plunge of the mineralisation after intersecting the higher-grade crown at the top of the deposit."
Having earlier had the feedback from site from hole 14. A strategic move to get idea of the strike angle for 23.
If so, maybe it’s the money shot! Right down the throat to test strike length as did hole 1 to try kick start that big rerate.
Good to see so many positive weekend posts. Bodes very well for the SP next week.
Maybe we are getting closer to that rerate?
GLA.
I’m pretty sure that hole 14 is drilled in the south east.
Looks like it from the drill map , that’s the assay to watch for (amongst others) I think
Lets hope for more good news on Monday then.
At very beginning of phase 2 the objective was then to stick a recon hole in footrot. But as the IP and EM surveys have now shown positive signaturesand subsequent drilling to increase the open pit scenario it could be that the one hole was destined for footrot, hole 23 had gone into the big south east anomoly giving prior insight ahead of the presentation.
Does make some sense. So would hope for that RNS confirming hole completion, if none other Monday AM before AGM at 3pm.
Over on the other channel its mentioned that hole 23 could have tested the SE anonamaly. Does anyone here, maybe iceberg have an opinion on this.