The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The_Frog
From the statement from Lachlan Star [see my post] it would appear that "Angllo-American RE-LOGGED H I S T O R I C A L D R I L L C O R E from RACECOURSE & F O O T R O T ."
So, it would appear that Footrot may be like Racecourse ie NOT DRILLED TO DEPTH.
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RATIONALE:
Both Racecourse and Footrot [porphyry] at Bushranger would a/c for quite a size? It is commonly known that MAJORS are interested in Tier 1 normally but some now even go for Tier 2? However, not for the top majors who are still interested in Tier 1*s.
To read, just call up the title and it will show up.
QUESTION:
If the link to the Lachlan Star was known on this forum, why did this forum go into "such chaos and confusion" over RACECOURSE GRADES? It would have saved a lot of time since the scoping study would have been the definite proof of 0.2% CU CUT-OFF = ECONOMIC per the scoping study?
I understood that footrot is on EL5574 which is the tenement subject to the Anglo 80% buyback (see page 6 of Bushranger presentation).
This is good in my view as it increases the probability of xtr triggering the buyback.
Thank you for the useful stream of info.
Re: Footrot
Future Sale of Anglo Tenements
In the event that within three years of completion of the acquisition of the Anglo Exploration Tenements, ProspectOre sells the Anglo Tenements, ProspectOre must notify Anglo of the sale and if the sale value is more than A$100,000, an additional payment is due to Anglo equal to 50% of the sale value in excess of A$100,000. If the sale value is less than or equal to A$100,000 no further payment is due to Anglo.
Thanks News. Has Colin indicated in any of his interviews when Footrot might be drilled? Understandably Racecourse is the focus, but it would be fascinating to learn more about Footrot.
Background:
Tooday bought Bushrangers from Straits Resources [A$982m rev in 2006], both on ASX in 2007.
Tooday then renamed the co to LACHLAN STAR.
Lachlan Star then went on to buy a mine and so they stated that Bushranger was "NON-CORE."
Lachlan Star then JV with Anglo-American who took the operating 51%.
Anglo-American asked Lachlan Star for further funds for exploration but they did not want to contribute further funds because the mine would take some time ie Bushranger.
Tooday in 2007 [acquisition ANN] stated they did IP and the rest of it, not only at Racecourse but at other prospects. The other prospects at Bushranger include WhiteSprings, BlackSprings, SG something, Daisy..., Footrot etc. It is shown in their map accompanying this ANN.
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--------ASX ANN: "LACHLAN STAR: MANAGEMENT DISCUSSIONS AND ANALYSIS, 13 NOV 2014"-------
"Anglo-American has recently completed an airborne MAGENTIC and radiometric survey, a MIMDAS IP Survey and has RE-LOGGED HISTORIC drill core from
R A CE C O U R S E & F O O T R O T
prospects which includes SPECTRAL LOGGING OF CORE and RC chips.
Much of the work is like to result in a RE-INTERETATION of the COPPER MINERALISATION POTENTIAL ON THE TENEMENT." Pg 15
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Observation: It is NORM to check the previous owners work. So, ANGLO-AMERICAN DID XRF rather than doing assays.
From the above, it shows that ANGLO-AMERICAN WAS INTERESTED IN FOOTROT AS WELL.
Colin Bird, Executive Chairman said that FOOTROT IS THE 2ND PORPHYRY AT BUSHRANGER.
Mr Bird mentioned Footrot TWICE in his recent Share-Talk interviews of Jan 2021.
From the map both by Tooday and XTR, Footrot looks big? Kindly check.
SO MORE TO COME ON FOOTROT [not under Anglo agreement?].
BUSHRANGER CLUSTERS
XTR*s Apr 2020 Presentation said that IP, Magnetics and the rest of it features indicate that the CLUSTERS at BUSHRANGER show potential akin to CLUSTERS at CADIA-RIDGEWAY [check exact wording].
From last nights look at Cadia-Ridgeway, I recall that they had 8 CLUSTERS.
So, these clusters at Bushranger are of interest.
By the way, the SCOPING STUDY on Racecourse done in 2011 by LACHLAN STAR is not by XTR just in case folks were not aware.
I get the idea from the Scoping Study that once the O/P plan is up, then they FEED the plant further from further exploration at Bushrangers?
HOLE 2-Racecourse under XTR.
Colin Bird said on 20.1.21 interview that Hole 2 will tell us a lot. ALL NEEDED at this early stage is to "HIT MINERALISATION" and to what width initially. This will test PROSPECT ONE*S GEO MODELLING re: "Big Fat Cigar" ie it is there via the mineralisation hit? That*s logic. That was the idea I got.
News, Wed 27 Jan 2021 @5.25pm
MM*s seem keen to buy block/s above normal mkt size and tried to offer above advertised price towards close of mkt.