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That's a good RNS in my view, not just the results but the message given on progression and next steps, updated model in August?
Seems like a positive RNS.
Suggests to me that they will be putting the resource together with a 0.15% CuEq cut off.
The 320m referred to in the RNS is 0.16% CuEq, but just 0.11% Cu and 0.06 Au g/t. Presumably 0.16% Cu without the gold would have been a much better outcome?
I assume the resource estimate for RC will come out at or above 1.5MT, but at quite a low grade and cut off. Given the additional capex to get through so much more rock, how sensitive could this be to both the level of interest and value attributed to the resource?
Still feels to me we are really scraping the barrel to declare something that may on the face of it sound very positive, but that doesn't actually have anywhere near as much economic value as we'd all hoped and had been indicated by CB.
By the time the owner of Bushranger has got to the lower grades (10+ years), the average lower grades will be mineable.
https://xtractresources.com/wp-content/uploads/XTR-Presentation-14.10.2021.pdf
Page 11 shows the gradual decline in grades over the years, it doesn’t overlap the requirement for additional copper over the next 20-30 years, this will push the average mineable percentages even lower as miners chase whatever they can get their hands on with higher copper prices.
0.15 is workable (long term). Obviously, all in my opinion, hence why I’m here. Just don’t want to wait for 10+ years to find out if I’m right!
I think for me a key takeaway was that all operations have now ceased. No hints of timelines, but shareholders to be updated in due course
phase 2 is finished!
We are obviously still awaiting Ascot, but maybe not too long for the Racecourse model, given that they have rushed through the assays for the final few holes. Some good gold as well. The gold does seem to get better the further south over Bushranger we go. Just the big reveal left!
"Futre exploration and development activities"
Does this mean havnt hit what we wanted and will continue? Or could it mean we will sell the license to AAfor millions and keep the other licenses for further exploration?
The big reveal shouldn't take long as they have been working/ progressing/ commencing/ updating the model for nearly a year now.
I'm pretty sure they know exactly what they have.
"Future exploration and development activities"
Doesn't sound like a man getting a "For Sale" board out of the back of the ute.
More questions than answers as usual Colin !
Overall though I'm pretty happy with this RNS, no spin, or bluster, how long before we get a complete model to show AA when we tell them they have a week to make an offer ?
Exciting times.
I noted the 'commencing' word also L250.
Either it's a typo or, once again, Bird has been lying to his shareholders....
"Future exploration and development activities" - I hope you're better on due-diligence Bird if you're considering buying another project with our hard earned.
Happy with that RNS - good lengths of mineralisation in virgin territory, so all additional. Yes it’s low grade with significant capex but we’ve seen other resources like this sold recently, so I’m sure there is demand. Hopefully the modelling is very well advanced and not just about to start - as Colin says in the RNS! Ascot still proving enigmatic.
I think we will probably see a phase 3 drilling program. Ascot open-ended to the South and potential deep porphyry under it plus new area of gold in RC. There are bad market conditions in general for a sale right now and, unlike most explorers, we have sufficient income and therefore can have patience. We're under no pressure, so we might as well do some more drilling while we wait and improve our eventual bargaining position.
I agree.... just the big reveal left. We could do with this not taking too long to issue as Colin has always said that assay results are used to direct future drilling AND to update the model AS AND WHEN THEY ARE RECEIVED...... so the model must be practically ready to go.....
The cross sections seem to show currently undrilled high grade zones above the known intersections, I wonder what the basis is for these seeming assumptions? It would of course make a huge difference, if actually proven, we do know there are areas with near surface mineralisation that has been drilled?
It does seem that further drilling will be done.
I've no problem with that, but the question is why? Is it because, as CB has said, we dont want to give away another cadia, or is it because the results are not as good as he has implied they would be and we need to do more drilling?
Also, this statement was worrying
"All results have now been returned from Racecourse which will allow the team to commence the modelling of the Racecourse conceptual open pit "
Commence FFS !!?? I hope he meant continue!
His previous comment that " This wont be a death by a thousands cuts" maybe true, but it looks like its going to be 900 cuts !
for cuts read lashes, but point is still the same !
The AGM in the next 4 weeks should be interesting (last date to be held with 2 month postponement is end of August).
I think CB will be asked to clarify a few things....... Unless we get the RC model + 2mt before then (stop laughing at the back:))
Thats of course if he doesnt try to delay the AGM past August because he doesnt think that the market conditions are quite right at the moment for an AGM :)
I’m certain the high grade crown shown there bob is the very same within the current inherited resource going by it’s orientation. But certainly if is decided to increase the high grade parcel to increase recovery to 8years no doubt there is already a viable target area determined.
I think that sounds about right to commence the new conceptual pit model. It is the resource model that had mineralisation guesswork fed into it from core analysis which was referred to as the interp model. It was then updated with the assay data as and when they came in. The conceptual pit will have the financial evaluation to go with it with results from metallurgy test work now being able to be released with the study, now that all assays are back.
A4444 - he gave the excuse: ' the delay was caused by illness of the accountant who has since recovered.' during a telephone conversation with the BZT 'working group'.
If one assumes he will do All AGM's, as he is not a UK resident, with a few days of each other then it should be soon-ish.
Unless he finds another excuse to delay it!
>>AGM notices will announced imminently - 20 Jul '22
Poster Ref: Prickly
would anyone care to define 'imminently' , please :-)
"would anyone care to define 'imminently' , please :-)"
It means by 10 August NtM!
As that calling notice date, is the is last date CB would still be able to hold the AGM in August. Three weeks notice required.
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!!
Capt Bob and Howezap
I was also looking at how the high grade and mineralisation has "evolved"
54 was from same location as 28 but this isn't really mentioned in the RNS only in the map and the cross section for 54 surprisingly doesn't build on that for 28 which has been done for some other assays including the Ascot ones today where 45 and 46 built on 44.
I've tried to join together 28 and 54 to visualise it.
Any thoughts ?
combination of 28 and 54
https://drive.google.com/file/d/1PZoIpJx_-ohiz7jkT9XrhdU5-S32j1OJ/view?usp=sharing
28 cross section https://www.rns-pdf.londonstockexchange.com/rns/7889G_2-2022-3-31.pdf
54 cross section https://www.rns-pdf.londonstockexchange.com/rns/9509T_4-2022-7-27.pdf
Also surprisingly 53 and 54 don't show combined cross sections yet 53 is only about 100m North of 54 and combined cross section picture was done for 28 and 30 given close proximity.
53 cross section https://www.rns-pdf.londonstockexchange.com/rns/9509T_3-2022-7-27.pdf
To be fair, 'imminently' might not have been Birds chosen vocab.
Either way he has to declare near term..