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It's been 20 days since the last drill or assay RNS.
Come on Colin, I need my fix!
Bird does seem to be dropping back to his default setting of promising and not delivering...Annoying. Where is the pit volume calcs with assay ranges we were promised months ago??
Clearly they have decided to batch them up, don't blame them to be honest, the Market wasn't really reacting at all to the individual assay results towards the end.
Xeiger
Clearly they have decided to batch them up.
On what basis do you assert this hypothesis?
There hasn't been any hint of this from the board and we have gone from an average of 9 days between earlier assays to just one in the last 48 days.
Yes batching could be a possibility but please don't post it as a foregone conclusion just to set people's minds at rest.
My hypothesis (good word) is based on time between last assays and the interview that we had the lab dedicated to our assays for a period (cannot remember length now)
What's your hypothesis 3cb?
Don't have one xeiger. Like you I recall, whether through interview or RNS that we had priority at the assayed although like you I don't know for how long. I also recall Colin saying words to the effect that the assays would come thick and fast (sic).
Clearly this no longer seems to apply but we hear diddly squat from Colin as to any change in circumstances causing said delays. You may possibly be right that they are being batched up , for reasons good or bad.
But as we very well know Colin reads the board and is aware of downward pressure on the sp and some frustration on the part of shareholders.
Noone will be more delighted than me if we get a stonking rns with either a great batch of assays or a very positive update on jorc/AA. But by the same token Colin has form on overpromising so a degree of scepticism is not that unhealthy.
It was four months according to CE
IMO the delays in assay results can only be down to 1 of 3 reasons. I can’t think of any other reasons than:
1. Assay results have not been done. Due to back-log? Covid? Resource issue? Or something else.
2. They have been done but are not very good so are being held back and will be released later when there is some other good news?
3. They have been done and are decent (or better than that) but CB is collating the results to batch-up and are being used to compile open pit model. Big bang realise of all info?
I believe the most likely reason is reason 3. CB has done a recent interview and was upbeat - so I would be very surprised if the reason was 1 or 2. I don't think he'd have been so bullish if that was the case!
Of course I could be wrong.
Hi Andrew, hopefully not 2 as surely price-sensitive information needs to be divulged in a timely fashion. 3 is very very likely based on rumours on this board and beyond.. although everything indicates that we must be patient until June for something akin to a silver bullet. That's not very long to wait, considering the potential upside, which we all know has moved from possible a year ago to, I think, probable.
Colin, if you are reading this a question for you. A few in fact and a message from a slightly perplexed shareholder. Early last year in the initial stages of phase 1 you were very sure (and indeed you said so) that it was only right that shareholders should be kept informed what was going on as regards drilling activity etc. So we had almost daily RNS’s and interviews with Zak. Now I know what you would say, that this couldn’t be sustained and a more normal frequency of shareholder communication had to be resumed to which most of us would say ‘fair enough’.
However, once again we have a communication issue. Only at the other end of the communication spectrum. We were told, we’re we not, from both your good self. AND Jeremy Read, that from say the 4th quarter of last year we could expect drill and/or assay results literally every other day and certainly at least on a weekly basis. For some time now this simply has NOT happened. Now I’m sure there is/or are explanation(s) for this but the issue is we have left to play a futile guessing game as to what is going on. The danger is that if continues much longer deeper damage is going to be done to shareholder trust - which is VITAL- and so I am asking you respectfully to set out to us why things have changed re drill and assay results. Why they have not happened as you said they would. And what we can - categorically- now expect going forward. I know my patience is being tested and it is all SO unnecessary. All it requires is an honest upfront explanation of why we are not getting assay results as were were advised that we would. That’s all. I do not think that this is too much to ask for. I know we’ve had Christmas and the New Year, I think we all know that will partially explains but it certainly does not explain everything.
Just a bit of honest communication about the plan for announcing drills and assays from hereonin would be very helpful too.
Thank you for your consideration.
Dibs
PS We were also told we’d get an Africa update very early in New Year?
My concern, having been invested here for some time and having an understand of the way Mr. Bird works is that it is 2. Unfavourable results are being held back.
I hope I'm wrong however, it is the way he's worked in the past. Good news/reasonable news is never held back!
That coupled with the fact that he does seem to be tempering his comments of late regarding us hitting 2MT with the open pit is concerning to me ATM. (A few months ago the 2MT trigger, in the open pit, was going to happen "absolutely" (his words) to more recently it's his "wish".
If the reason is option 2 then I think his credibility will be shot.
Only a week ago he did an up beat interview (below) with no hint of bad news coming. I've been sceptical and critical of CB on some issues in the past, but he would have to be an idiot on a suicide mission if he knew assay results were bad and gave a positive interview.
I don't believe he's an idiot :)
https://audioboom.com/posts/8006238-the-sunday-roast-presents-12-stocks-for-the-12-days-of-christmas-episode-10-xtract-resources
I don't believe he's an idiot :) - I'm not saying that at all - But you have to admit, he has a history of 'misleading' statements A4444.
To be fair he didn’t mention the long delays in phase 1 so wouldn’t expect any different this time round. They were being batched though, which we were told. They came in eventually. If I remember correctly, the day after theiceberg mentioned lab delays!!
Phase 2 went from 8-10 weeks then a jump to 15 weeks, so clearly were already getting backed up by then. You could add couple of weeks onto that for the Christmas break so it’s not that bad really, especially if they are batching them up too. Colin is not worried about the grades, neither am I.
Frustrating it sure is though.
Gixxer
He certainly does have a history of misleading statements. I've referenced them many times before. But those misleading statements have been of less significance. Annoying yes, but not against substantial issues.
If assay results are bad, I can't see the market just thinking "oh well, Its just CB being CB - whats he like eh?"
I would think this would be a significant order of magnitude compared to his other forward guidance errors. I used the word "idiot" because he would be an idiot to do something that trashes his reputation - and probably the SP!
No one seems to mention the Covid that has gripped NSW Australia just maybe the testers are not working, XTR is not the only one requiring tests on samples. June will be the Key Month here However the Jump in price can hit at any time here after or from now onwards. if not in you cannot win.
I have a few other interests in Australia and they have each reported significant delays at labs for results. A delay for XTR is not too surprising.
Spacemonkey82 - The problem with Xtract is that they chose to set expectations by giving an estimate on assay turnaround times. And when that didn't happen, they reset expectations by telling us the lab would shortly only be processing XTR samples and we'd soon be getting near weekly assay results. Expectations set twice and not delivered twice.
Maybe the delay shouldn't be a surprise but neither too should shareholders becoming grumpy and speculating in the absence of any explanation. An 11am RNS to shut us moaners up would be most welcome.
I don't think anyone can complain about the actual speed on the ground for XTR. They have accomplished a huge amount in just over a year. The main issue, as stated below, is unnecessary expectation setting. On the other hand, I do get the impression those expectations are set due to over-optimism or over-enthusiasm from Colin rather than a pre-meditated attempt to mislead shareholders.
On that basis, I generally give XTR the benefit of the doubt and I am happy to await developments regardless of stated timescales. I can understand the frustrations of other people on the board though.
I talk passionately about Xtract to my friends and family because of how excited I am at the potential in this investment. More so by some way, than any other stocks I am invested in!
There is no wonder that Colin can hardly contain himself when talking about the company, as a large share holder himself!
I dream of paying off the mortgage when this comes through, Colin must be dreaming bigger with his enthusiasm!
As Gwynwin said , ust as we are being fed timescales on assay reporting that are now considered to have been overly optimistic. It could very easily have been the labs that had given xtract the timescales that were expecting to turn around results. It is they who are suffering with staff coming down with covid compounding any delays. Too easy to shoot down the messenger.
Just for balance on assay reporting. Other news is available of course ;)
lab delays are one aspect of the slowness ...CB looking to present them in the way he feels works best is another aspect.. imho.. so putting both together is slowness atop of slowness.. aka slowness squared !
(again, I guess the best they'll, in the round, be is upper end decent and the worst they'll, in the round, be is lower end decent.. if what they've had back so far - and theey've had a chunk more of them back than RNS'd now, I believe - were looking, in the round, good or very good we'd have had some news on them already in recent previous weeks.. imho)
I'm wondering if the 2MT trip point is slowing the release of results. By this I mean, if that point was obviously going to be breached, is CB pooling the assays so that we have have far more than 2MT when the news is finally released. Don't want to tip toe across the line, trigger a potential offer and not get top dollar for the asset. I realise of course that the assays need to be incorporated into a JORC standard report.
However, I was surprised to learn that Los Andes Copper has a substantial mineral resource already drilled out, at their Vizcachitas project in Chile. The Measured and Indicated category of their Resource Statement shows 1.3 billion tonnes of ore at a copper-equivalent grade of 0.45%, containing 12.8 billion lbs of copper-equivalent metal. For those who prefer metric terms, this is 5.8 million tonnes of copper-equivalent metal.
This is a considerable amount of metal, made all the more interesting since according to their 2019 technical report, there is ‘continuous mineralisation occurring near the surface’ and so can be mined by open-pit and ‘the project is in close proximity to extensive infrastructure, including port facilities, railway lines, and high-tension substations.’ In addition, the company’s market capitalisation is only C$315 million (£185 million). An ideal target for a major mining company looking for copper acquisitions. After all, there aren’t that many junior mining companies with this much inventory already.
Copied from this link.
https://www.thearmchairtrader.com/copper-makes-los-andes-mining-rio-tinto-chile/