Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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I agree, Andrew.
I would guess that CB has decided that there will be enough free cashflow to cover our obligations here, but that does smack of putting the cart before the horse.
No doubt that this acquisition could well put us in a much stronger position in the medium term, but I do wish CB would concentrate on monetising the hard rock before following his passion for copper-gold exploration.
He will probably do a Vox interview to add meat to the bone, it does look a decent project and Bird knows all about copper projects to say the least.
No doubt Winnifrith & Co will also promote.
Sort of understand where you're coming from Andrew, but there's certainly an argument that would suggest this is relatively low in terms of cost (both acquisition and development costs) and the reward could be huge, so why wait?
If we wait until HR is up and running to acquire anything the ship may have already sailed on assets we want a piece of, it's not going to cause us any cash flow issues so where's the problem?
On the basis that other streams of income are (imo) imminent, why not acquire projects for knock down prices when the market is uncertain? The payback could absolutely dwarf the investment.
Colin clearly knows a lot more than us in terms of what the company can afford and how close streams of income are so I'm happy to sit behind him and let him get on with it.
I've no problem with CB growing the company, but I wish he would do it from a position of strength and after we had HR income.
By taking on more projects prior to income streams, there is increased risk that he may be over stretching himself.
FYI because I feel like you may be missing the point...
"The Bushranger Project hosts the Racecourse deposit, where a JORC (2012) compliant Inferred Resource has been estimated at 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off, with copper grades comparable to the major operating mines in the region. The Racecourse Mineral Resource is interpreted to be a Copper-Gold Porphyry-Style deposit and the Directors believe to be one of the largest currently undeveloped porphyry deposits in the LFB."
· Most recent drilling at Racecourse intersected substantially wider mineralisation - 159m @ 0.37% Cu, 0.21g/t Au (Hole ID BRD001), including 16m @ 0.73g/t Au - and with gold grades increasing with depth
· Western portions of the Bushranger Project are prospective for high-grade gold mineralisation
· Several geophysical and geochemical targets, with characteristics of porphyry style mineralisation, are ready for drill testing
"Colin Bird, Executive Chairman said: "This acquisition represents entry into an asset with an inferred resource of over 350,000 tonnes of contained copper. The deposit is open ended in both directions and the propensity for future discovery is good. I am particularly encouraged by the fact that the gold contribution increases with depth. The geological trend has produced a number of historical mines, closed and operating, and of late there have been announcement of new discoveries both porphyry copper and epithermal gold.
The asset significantly enhances our current copper portfolio and provides a solid platform to our emerging copper exploration activities. I look forward actively progressing the Bushranger project together with our Zambian exploration portfolio.""
PS.
"Exploration Programme
Xtract has agreed to spend at least A$350,000 (£189,000) on exploration drilling and resource definition drilling on the Tenements within twelve months of the date of Completion. The exploration costs will be funded from existing cash resources and future cash flows."
Reference: https://www.lse.co.uk/rns/XTR/bushranger-copper-gold-project-australia-ruch7998ffjy5a3.html
...because it's predominantly a copper play, as stated.
Agreed, those gold grades are shabby.....Why, Colin, Why?????
'71Mt @ 0.44% Cu and 0.064g/t Au'.
71 x 0.064 / 31.1 (g/OZT) = 0.146M OZ @ 0.064g/t. As far as gold goes that's a very small JORC resource and extremely low grade. Inferred is also a highly speculative class of resource.
Looks like we just got our hands on another asset:
https://www.lse.co.uk/rns/XTR/bushranger-copper-gold-project-australia-ruch7998ffjy5a3.html