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Indeed Steve hopefully more good news on the way
'Ascot has so far returned results with significantly higher gold tenor than Racecourse which could indicate that it represents a distinct mineralised body within the Bushranger system and the Company intends to better understand any potential difference between the two deposits.'
I'm keeping an open mind on the drill results until ..........
the release of the Sue Gray report :)
(Sorry)
Sure CB said we are on hole 40 and then later said 44? So a minimum of 3 drill holes completed and not yet reported. Come on CB... stop teasing.
Vox markets.co.uk/articles/traders-cafe-with-zak-mir-colin-bird-executive-chairman-xtract-resources-adcfd52
If Ascot is a richer entity and proven so shouldn't this give a plus to the buy out as mining Ascot first would bring the break even point on investment quite a bit earlier reducing any perceived risk .
This could be on the other hand, a REQUEST from the pottential buyer before making a serious offer.
Did anyone else get the impression that the tone of the RNS had changed, almost as if coming of age? Stopped drilling, now for a more serious tone and go through 4 samples with a fine toothed comb. Ok, AA etc, this is what we have for starters, we could have half the periodic table of metals beneath our feet for all we know.
The basic metal work is certainly a requirement, so nice to see it done. From memory it's 12 weeks or so for the kind of results, but obviously that's a Gross generalisation.
Good to see gold copper combined for ascot.
I still don't think the moly is commercial, but it's 100% right that it's in the metal work.
A good rns to release into this kind of market!
Its great to see how much parallel work is ongoing. Likely bolstered by the increasing revenues from Africa...
Expanding phase 2 drilling, continued drilling, assaying results, model development, lab testing of beneficiation technologies for flow sheeting purposes .
If Colin's projected timescales for getting round the table with AA slips, it wont be for lack of trying.
Makes you wonder what they’ve found drilling hole 38 in Ascot if they think hole 35 could be ‘representative’ of Ascot?
Hi CRK,
The gold is certainly nice :-). If we were to hit some higher grades of copper, gold or molybdenum in the feeder zone just think what that could add to the monster we already have :-))).
Andrew - Good shout on the nod to Newcrest. Don't suppose it will escape AA's notice either.
I remember Iceberg posting there may not be enough molybdenum for it to be economical to extract and this should at least answer that question. And if you happen to already have a molybdenum processing plant already then it is obviously going to make the economic case a lot easier with no capital investment and associated risk.
Looks like CB has decided to start the negotiation process before the 2mt trigger.
Ella, you’re probably still grinning from the mention of gold in the previous RNS ;
Good positive steps to support value negotiation when contained copper target or decision to mine trigger hits. Nice parallel activity shown here. I’m happy to see it.
GLA
"Recent developments at Newcrest Mining's Cadia-Ridgeway Mine elsewhere within the Lachlan Fold Belt of New South Wales include construction of a new molybdenum processing plant which will allow Newcrest to process molybdenum concentrate as a by-product from their main gold operation. Xtract believes that the molybdenum credits may have the potential to add value to Bushranger, in addition to gold and silver."
I've said before that I think Newcrest will be the buyer. They have all the processing capabilities already set-up very near to Bushranger. They could offer more than AA and still have higher margins.
I think CB will consider any AA offer too low knowing that Newcrest would beat it as their costs would be much less than AA who would have to factor in much more capex for new processing capabilities.
Of course I maybe wrong but I doubt it.
(China Molly could also be the buyer for same reasons)
Ella - The market rarely acts as I expect which is why I stick to investing and not trading! Hopefully I am wrong this time too.
I'm not so sure guys, I think the market might quite like this RNS. Potential for molybdenum adding vale and the mention of a feeder zone in the RNS.
Steve you're correct it certainly wouldn't make the telegram poll list!
Great to see the steps being taken early to substantiate trigger to mine.
Bet that didn't make anyone's top 10 of subject for the next RNS!
Won't set the market alight but a statement of intent and seriousness I guess. Would like to see news re holes 37 and 38 hot on it's tail.