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Been trying to pick up any clues from previous podcast comments and in RNS that would give further indication at what level of further exploration we could potentially expect from a third phase of drilling to follow on at Ascot.
It has been pointed out that all results are in for RC and so the model can be finished. My interp is the financial model will ascertain wether the high grade parcel will be extended up to 8+ years with a follow on, shallow drilling programme. This will be targeted to the north west of RC above the deep intercepts of holes 18 and 20.
From 10 feb RNS
>>> Follow-up drilling in this area will focus on the interpreted shallower and higher-grade 'crown' to the mineralisation<<<
Other clues I can find are, one is a comment made while discussing the gold system at Ascot in that they want to find out what’s above and below it. We know they did a deep drill to test below for the last hole in the programme. As for above it.
Also from 31st may RNS to support that
>>> Our assessment of the drilling results from Ascot is ongoing and we will focus on the potential to extend the gold intersections to shallower depths."<<<
( This is not the high grade crown they will also be looking for, but will add toward the early recoverable high grade ore that could be derived partly from this shallow gold )
from 26thJan RNS
>>> Mineral textures observed within the Ascot drill core could indicate that Ascot sits closer to a feeder zone for the system and the company intends to model and test this theory with further test work and drilling.
(This may have been tested, there are some unidentified holes not yet reported )
From 10th may RNS
>>> Drill Hole BRDD-21-033 targeted an outlying geophysical anomaly to the east and intersected a high-grade gold interval of 15.5 g/t Au which warrants follow-up drilling to test for along-strike and down-dip extension
From 31st may RNS
>>> Geological data suggests that an equivalent to the best mineralised "crown" position above the porphyry at the Racecourse prospect, has not yet been intersected at Ascot.<<
( This will maybe need some initial exploratory boreholes to find it first )
The big question, if criteria are met to trigger the buy back, will AA be approached once the models for Racecourse are complete to persue a sale? Or will Xtract continue to use the safety net of having the binding agreement in place as a deterrent to fend of any corporate manoeuvrings while more asset value is added with each drill?
One thing is more clear to me now, my outlook has changed. There is without a doubt huge value to be added from Ascot and would be absolutely irresponsible, even negligent of the BOD not to proceed with further exploratory work if it can take the project continually further up the value curve, particularly with the implications the gold will have on the financial model. Especially now with meaningful income to fully fund any necessary work.
I’m sure you are probably right Butlerman I’m open minded, it again shows how wildly CB’s comments can be interpreted.
Howezap, I read it as the ‘decision ‘ being whether or not AA buy it. And if they buy it, AA develop it. If they don’t buy it, another big miner will, and they, themselves, will develop it. In this context, the ‘when’ refers to the timescale to sell it - very quickly if AA take it, after being given first refusal, or longer if they don’t take it, and it goes for sale on the open market. I don’t doubt that AA have the money, resources and capability to develop it themselves, if they take it.
That’s my interpretation of the statement anyway. Not saying you are incorrect - it’s just a different meaning from the words that I took.
On listening back to 26 Jan podcast, Colin makes a very intriguing comment!
CB >>>Anglo have got first right of refusal, their approach to this project, their decision will largely develop when the project actually moves on to a much larger company who can handle the very large project that we’re in the business of adding value day by day. <<<
It could suggest that Anglo may take Bushranger back, but potentially they will farm it out to a bigger company than Xtract that will be in a better position to de risk it considerably more to get it to the next level before Anglo then decide to step in. If I am hearing it right that is !! In which case, it’s seems unlikely they will pass on their option to buy back as they simply could not ensure they will be the preferred buyer to take over the more advanced project at a later date from a third party.
Unless, there is a sell on clause attached to an new agreement where, if AA decide to, or agree to pass at this juncture, Xtract agree to incorporate a sell on clause in a new sale agreement the new owners would inherit, when they aquire BR from Xtract. It would see them having to then give AA first refusal once a new increased resource estimate target or other specific level of geological confidence is reached. In return, Xtract agree to receive a future sell on royalty payment or other incentive of the ‘next’ sell on back to AA or other.
What do others understand from Colin’s comments?
Actual comment @ 4min 50sec but listen carefully too, from 4min he speaks freely as though he already knows AA’s intent
https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNTExMzMucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wMS0yNjovcG9zdHMvODAxOTQyMQ%3D%3D
are you in or are you out
Think Lucky was saying, if the info on the model was released before the AGM happened then that should be good.
So on above we have up until 23 August for modelling info to be released.
LUCKY520, The agm came first. Is that good or bad?
"Well if everyone here wants to know if the final model is good or bad, you will know by which comes first, the AGM or the model!!"
At 3pm. The other agms out of the way earlier. Plenty of time for questions.
23 August Great Queens Street
Speaks volumes…
https://www.bloomberg.com/news/articles/2022-07-28/anglo-american-s-new-boss-sounds-warning-on-future-copper-supply
Not just BZT, but AFP and Kendrick. 9.30am, 11am and 1pm on 23rd August.
Bezant just released AGM calling notice
Surely we will get an RNS soon?
Today ?
Imminently? :)
"In the Zak team interview from December there was a lot of weight put on visuals from drill core 36, with mineralization from 11mtrs for 100s of metres, but no assays have been released for it."
Yes, 36 looked very promising.
Another example of a news void which could be interpreted in one of two ways. Either CB is keeping this result "close to his chest" as it will reveal too much good news , or despite the high hopes of the visuals, assay results are very disappointing?
The AGM is going to be very interesting and CB will surely have to give some clarity on a number of issues. That's unless we are soon to get that clarity before the AGM?
I think this is a big problem, people taking what Colin said nearly 12 months ago as still being true.
In the Zak team interview from December there was a lot of weight put on visuals from drill core 36, with mineralization from 11mtrs for 100s of metres, but no assays have been released for it.
Would Colin still tell AA where to go if they offered 10p a share today? Next week should see the AGM announced, so we might get some answers.
Looks like Biden is going to get his climate bill passed. Good for copper!
"The bill aims to tackle global warming by using billions of dollars in tax incentives to ramp up wind, solar, geothermal, battery and other clean energy industries over the next decade. "
https://www.nytimes.com/2022/07/28/climate/climate-change-deal-manchin.html
Lucky I look at the investors list every other day to see if there are any new purchases or sales, the last update was about a month ago and only change was Alex Terry he had purchased another 1,450,00 leaving him with a total of 46,450,000, I don't think there has been enough selling over the last month to create panic.
I remember him on the video. I'm just more sceptical because they bought in on only the length of the mineralisation, they didn't know the grades at the time.
Luckily, refurbisment of house completed last month, I was fortunate, and can now sit and wait, still holding 80% of my original holding, others may have shorter term needs and be frustrated at current prices, at these levels, I can now afford to resume accumulating.
lucky, he mentioned at the time he likes to invest in small-cap discoveries because of the potential to become £1billion market-cap , so i just assume he would have more foresight than to bale out at 9p. thats what i tell myself anyway but yes your right, wtfdik . ;}
Thanks,
Nice to start the day on a high............
I have no problem Steve I have been here a long time and am sick to death of people telling me everything is OK, just be more patient, don't worry etc etc.
What do you mean by the sale of Xtract?
Do you know something we don't?
Are you close to Colin?
I thoughtwe were selling bushranger, not the whole company?
Naughty gordie, yes I too think it's great to have his investment company involved but.......... are they still invested? The SP rose up to 9p when they initially invested, it slowly dropped afterwards. Was it them selling?
We do not know!
Jezoo, have you accounted for inflation over them years? You lost £500 this year haha
steve, you mention smart people being invested, one name i like to remind myself of when the seeds of negativity are being sown is willem middlekoop , if xtr is good enough for his discovery fund then i,m not in bad company .