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For the larger volume open pit mines (0-600m), ideally you’ll need a reasonable area of higher grade copper (0.3 -0.5+) to de-risk capex investment and pay for the mine, you can then move onto the lower grade areas (0.15 - 0.3) assuming cut off remains at this level and it’s viable.
Or higher grades / thick veins to chase for deeper mining (below 600m).
ROCK at the moment has glimmers of the two, but needs a lot more work.
For those not aware:
There was similar discussion on this grade areas about 4-5 months back...
Basically I similarly mentioned that 1.5 to 2% Cu (as that's what my other Cu play RMM was/is regularly cracking) as being very strong etc.
A few of the Am Geos on here ( some politely, some not so...). Made the point I recall that for lower depths you need a lot less for this potential Cu construct, as long as it's very large volume wise. Or that's what I recall?
At the same time though it was also discussed that to get to that volumous ore body it may need to be considerably deeper than 500m. To which I then wondered if this might be stretching the open pit option a bit, and much deeper looking at the other options, and so needing, just like RMM some far better grades?
Have to admit not a Geo so don't know. But know block caving is far more expensive etc.
Either way. The market sees the grades so far down to 500m as totally of no interest clearly. As said all along. If the deeper drills needed to actually spark interest then let's hope DP follows up and quickly, and this jolly to the Greek islands doesn't turn out to be an excuse to avoid a proper conclusion, one way or the other?
Cheers.
Happy Haddock, large scale copper porphyry projects run with 0.35%. At current copper prices, economic cutoffs could be as low as 0.15%. Take a look at the Lachlan Fold Belt porphyry mines in Cadia-Ridgeway and Northparkes. Xtract Resources have some interesting drilling going on in that area now too, at grades of 0.3-0.4,assays incoming.
I disagree with your feasibility prognosis, if it's gold then the grades need to be higher as the price of gold is substantially lower than copper. If any copper is deep then you need higher amounts to justify an underground mine. But at these levels then the mine will be open pit, from near the top, and so it's a case of scoop and process and the grades are good enough for that. If they then get better grades at a deeper level then it also adds value as it can be open pit down to a depth due to the scale of the area.
Another fairly long term holder here sitting on significant paper losses at current share price.
Every time ROCK drills holes they come back with copper suggesting we are drilling in the right place, but never enough to suggest they've actually found something significant. Though no two locations are the same in terms of economic feasibility, generally speaking you need a grade around 2% to get excited and at least 0.5% to likely make a mine economic.
Today's data/grades adds to the likely tonnage of copper underground but does little to boost hopes that it might one day be worth removing it from the ground.
Commodities on the rise, I don't think this low will last long Hoppo.
and tag
I have to agree SJ. I too have been invested here for just over 3 years, I'd done my research and felt it a wise medium/long term investment. Lately, the company seems to be drifting like a rudderless ship, I have significant concerns about future strategy and some reading on the Rockier website last night didn't fill me with confident.
DP needs to get hold of the reigns here and show some leadership and direction, we seem to have been cut adrift with no clear direction and strategy. I am sat on a +50% loss at the moment I am locked in, but I am hoping for a spike to recoup at least most of my investment as I now see better opportunities elsewhere.
Its a shame, but that's investing in AIM.
OMM.
Dear oh dear. You have a cheek my friend, after all your preaching and rerate next n fast pumping Autumn time.....
You seen the SP "progression" here in the last 4 months....!?
No lectures from you I am afraid. I have been invested here, as said in the past, going into year 3 now & as you are aware. Lifestyle is exactly how this share has been to date I am afraid. The Cu was supposed to change that.... Still waiting, but now seems we are off to Greece.... funny change of direction when the Cu Haverion equiv is supposedly so so close.... Emmm Go figure hey...
Wake me up when your 3p sustained rerate finally kicks in chum.
strummer if you think this is a 'lifestyle' company you need your brain replaced, I assume you have shares here! Well do you?
Given the big build up to the Cu, and thus far the stark inability to deliver. DP needs to get some credibility if he and his company are not to continue to be seen as feeding his "Lifestyle'.....
Venturing off elsewhere, as good an opp as it may or may not be is in danger of being seen as another chance to add to the near 6 million in raises and asks since he took over.
You can see a raise coming, and frankly in light of the current dire SP it's becoming a bit of a joke share I am afraid....
Hi B.M.
I think DP has hit on a good opportunity for himself, probably over a few beers with his Greek speculator mate, on an old project he knows well. As per his half of all gains with the Greek, he gains 25 million more Rock shares and a big chunk of change. Does that align him even better with shareholders or more likely to retire? Would need to hear a lot more details and financial forecasts before being convinced, as it does take attention away from our core areas, which are the gold and copper deposits we already have in hand in Australia. Sounds like he's already convinced the rest of the BOD, though. "Transformational" was mentioned.
Indeed Zap- so why are ROCK looking at zinc in Greece? Every penny is needed at the copper sites
Previous comment referring to Copperhead!
Hole BCH001 501 m grading 0.14 % CuEq has been intersected, with the drill hole finishing with visible copper in veins.
Hole BCH002 is mineralised with visible copper veins for most of its length, with two distinct zones identified in the hole. 357 m grading 0.11 % CuEq., with the drill hole finishing with visible copper in veins.
I think the numbers above scared somepunters. Shame we did not tag some deeper holes to ge to the main porphyry body. Hopefully that happens H1 this year.
Looks like the penny has already dropped, we're down to half a penny...
Perhaps understanding the geology of a porphyry copper system might help? Low grades/high tonnage = perfectly viable. Market is blundering. The penny will drop soon enough. IMO. DYOR.
Any ideas about what will prompt a "drastic change in sentiment"? I suspect a lot of minor miners are going to go bust despite a surge in the price of Commodities.