Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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"The company will now utilise all the Phase Two drilling data to update the Racecourse prospect mineral resource and subsequently will update the open pit mining study for the Racecourse prospect which was previously completed in April 2021. The updated mining study is planned for completion before the end of 2022."
AND
"Drilling and assay data from the Ascot prospect will be used to complete a maiden mineral resource estimation for the Ascot prospect, which will be finalised prior to the end of 2022."
I know a lot of CB's timescales should be taken with a pinch of salt, but as this is in an RNS and in a report, hopefully timescales are more realistic. If so, news just prior to xmas should be interesting !
Hopefully a substantial rise in sp as early xmas present for shareholders?????
Andrew, I think this is the first time the company have given a back stop date to the MRE in an RNS. Fingers crossed.
Andrew, my on going fear is that we are once again waiting on predicted time-scales. The pessimistic side of me says that in Jan/Feb '23 CB will update us to say that these studies will be released 'shortly, imminently, by the next quarter' ( Delete as appropriate ). I am a LTH in XTR and also have a small but now rather fruitless stake in BZT.
Just in case we did get a large cash payment, is there any chance of a merger between BZT and XTR, for example offering shares in XTR for control of BZT ?
âThe pessimistic side of me says that in Jan/Feb '23 CB will update us to say that these studies will be released 'shortly, imminently, by the next quarter'â
Timescales stated in the report may well slip, but as they were stated in an RNS they are more likely to only slip a bit compared to forward guidance stated in an interview. CB âshoots from the hipâ in interviews, but he will have to be more circumspect with statements in an RNS.
It wouldnât surprise me if we donât get the Ascot / RC reports until Jan 23 rather then before end of the year as stated. I would be surprised if they are later than 31 Jan tbh.
Irrespective of the exact time scales, the three big news events coming imminently / shortly / in Q1 2023 are :
1. FB first income declared
2. RC open pit mining study
3. Ascot mineral resource estimation
When that happens I would expect a substantial rise in SP to near or above previous high.
Momentum then building continuously in readiness of the buy-out (probably Q2 / Q3 IMHO)
Andrew - I think it is eminently wise to prepare ourselves for potential delays and to patiently await the news as per the timescales you suggest.
Unfortunately, I appear to be as impervious to wisdom and patience as a duck's arse is to water. Give me the news now!!! ;)
I know this will be a far more comprehensive pit/scoping study than the original existing one, which was released only a month after the completion of phase 1 drilling. Now wether or not that is anything to go by as the study would have been started during the first phase as was based on the Original JORC resource, But it would have made sense to had started it after some evaluation at least of that first phase I would have thought. There would also have been 8 weeks turnaround of assays to add on so it was definitely not a full phase evaluation. However, it has been been 8 weeks now since completion of phase 2, and within that the very last holes into Rc (53&54) to infill a gap in the model, which saw the assays expedited and returned on the 27th July. So that makes it now 11 weeks since then. What does this mean then? Who knows! The only conclusion I can realistically draw from this is this post could literally be mistaken for a drunken ramble as it skewed of in a different direction to what I intended when I saw a squirrel in the garden and now literally canât be arsed to edit it.
Off to the pub now :-))
Howzap, the model delivered at the end of phase 1 took absolutely nothing from any drill results that Xtract have made. It was based on the original JORC but using a different cut off basis.
It was an attempt to show how close the resource already was to being economic.... and we wait now knowing we have over 30km of drilling now being modelled to add to this .... and knowing that most of the cores were a success.
Hi joeman yep I did say that,
>>> was based on the Original JORC resource
The point there I was making, was that there surely would have been some kind of evaluation from the initial drilling of phase 1 to see if the potential was there to increase the resource in the first place to justify wether or not a conceptual study was worth doing. Otherwise, they could have released a conceptual study âbeforeâ phase 1 even started.
Thatâs water under the bridge now, and yes 30k+ metres of drilling later with long runs of porphyry grade mineralisation, it not difficult to see the potential profitability. Also the financial evaluation from phase 2 at RC must be positive if an extension of the early recoverable high grade parcel is not deemed necessary now. That is, that âifâ the current financial modelling showed it came up short, then they would certainly want to embark on the extra drilling to bolster the numbers from the high grade crown.
Simply cannot see that they would choose not to do the extra drilling if the financial evaluation was disappointing.