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The roast boys were as disappointed as any to now see a potential sale date slip further away than was implied. Being pushed back has nowt to do with the current economic climate, that’s not an excuse. I believe we were always going to see the latest anticipated timescale as they were clearly persuing the decision to mine at RC, targeting what was only open pittable. There was indications from some assays that deeper porphyry were underlying (without checking back can’t recall which holes) so was there a genuine expectation that 2mt could have been reached from just open pittable depths? It was clearly Colin being hopeful on that trigger point, using it to rally the market and consequently, when 2mt didn’t materialise, the negative market reaction followed.
So it’s expected really that the roast boys have dropped xtract as they too, probably feel they have been led on as there were keen to get it sold comments. So to promote it for 23 against the markets reaction would show bias and smack of partiality. Not great for their credibility.
XTR not in the list despite being pushed a little by the Sunday Roast interviews last year. Not exactly a vote of confidence.
Just to add NSW are actively involved in reducing emissions with a climate and energy action plan.
https://www.energy.nsw.gov.au/nsw-plans-and-progress/major-state-projects/shift-renewables
If the project advances to pre feasibility study level, this will asses many different elements including technologies and environmental and social impacts.
Showing the potential of, and more so the importance of a low carbon footprint, will add more clout to CB’s rhetoric of the importance of jurisdiction.
Interesting analysts view on how better environmental, in particular, and also social and government acceptances of new mines will have on the these projects lower carbon footprints that will ‘trump’ just strong economic projects where there isn’t high voltage power already available for example, so with no solar and wind power to balance the grid. So less option for electric drills, loaders and trucks that will impact the carbon footprint that will ultimately influence obtaining mining permits for new world mines. So it would certainly imply that BR, which does have a HV power line close by and is in a politically stable jurisdiction with good social acceptance and a government that supports mining could be well sought after.
From 15min30 sec but interesting throughout
https://youtu.be/nKM3gzMC4OY
You're right Gixxer. Quite strange to be selling at these levels. However i took the opportunity to buy a small amount of just over 30,000 shares yesterday and had noticed that both mine snd a few others at the purchase price were showing up as sells. Therefore all not what it seems. In for a penny in for a pound i guess.
I'd love to know who's selling at this value? - Roast boys/Aussie's/Pi@@ed off PI's (The latter I think not as it seems to be the same seller?)
Link to Empress update re manica
https://www.facebook.com/photo?fbid=682693140214429&set=a.594345572382520
new picture posted on social media for manica , would it be to much to think there may be an announcement soon ?? 5 months since first pour . :)
yes andrew, definitely a mixed bag to look at going forwards . I see the end of alluvial production as a good thing giving further access to deeper rock , and would like to think the men and machinery will be re-deployed to either strike extensions at boa or increasing production at guy fawkes or even new excavations altogether, there's certainly plenty to go at .
I,m generally not one to moan too vocally but i do share the frustrations that have been posted recently because at the end of the day we're all left guessing with out some ( profanity ) results ! .
"the number of different income streams , fairbride , the cill plant and the magical 100kgs , the alluvials , and at least two ( probably more) satellite deposits"
CB said at the AGM that alluvial income will probably stop by early 2023 to mid 2023 so we may be coming to an end of that income stream very soon. One of the two small HR deposits, Boa Esperanza, has seen production fall recently so I'm not too sure if this will be contributing much going forward. Guy Fawkes is increasing production so this looks more promising.
Although we seem to have a lot of income streams now, within 3 to 6 months I would expect that FB would be contributing 85% + of income from manica and the other 10% to 15% being from the two small HR deposits with Guy Fawkes being the main contributor of the two.
I hope I'm wrong and that the other income steams do contribute more than just 10 to 15%, but I doubt is and think they will be small beer by mid this year with alluvial income probably ended.
hi danni, The main points i was trying to get at was highlighting the differences in the processing methods being used between fairbride and the smaller operations .
The majority of the ore from fairbride will have to be exclusively run through the cil plant, this entails crushing the ore to a gravel mixture and then grinding that mixture to almost a powder in the ball-mill so that it can be mixed into a slurry and pumped around the plant through the various extraction processes . The size of the plant is self limiting to about 42k tons per month ish but will have quite a steady grade throughout its life.
On the other hand the smaller operations involve the extracted ore being crushed and processed through more traditional gravity recoverable methods, ie trommels, sluices, and shaker tables etc , with the end result being (hopefully) a gold rich concentrate which then goes off to be smelted .
The gold in the fairbride ore is very fine hence the grinding process , gold that is " quartz vein hosted" is a lot more co**** or nuggety, is often visible to the eye and can be followed visually and traced whilst mining . The ore grades in the smaller operations range from 0.5 gram per ton up to 20 grams per ton . This gold is referred to as "free milling gold". I did not mean to suggest that there is only one vein, there are probably hundreds but with hugely differing grades .
The other point i was alluding to was the number of different income streams , fairbride , the cill plant and the magical 100kgs , the alluvials , and at least two ( probably more) satellite deposits which were contracted to about 120 tons throughput per day each, and it was with these in mind that i feel optimistic about the 100 kgs target being achieved , though i am sure many will not share my outlook . Happy new year to all , x's where appropriate, ;).
>>As we know they plan to target the high grade crown this will likely upgrade in part to indicated to support the financial model which a solely inferred resource would not <<< as is far too speculative.
There is no suggestion in the Racecourse resource estimate as to where the 50mt indicated part is located. To wether or not it will support the economic evaluation of the high grade core. As last post, only indicated can convert to probable ore reserve that a PFS can be based on.
Been digging a bit through past pre feasibility studies from various projects. Caravels Bindi was mentioned earlier but is far more advanced than BR with a majority measured JORC 2012 classification. So trawled back through others to find a more comparative project in terms of its evolution. Went back to Josemaria initial pre feasibility study 2018. Very similar, just different continent, as the project is in Argentina. SRK consultancy Canada, completed the study so resource is classified under Canada’s reporting standard, so is second to none.
What’s interesting is that they had converted their inferred/ indicated resource to a probable ore reserve which the 2018 pre feasibility study was based on.
>>>The mineral resource estimate for Josemaría, assuming open pit mining methods is reported using the 2014 CIM Definition Standards. Indicated and Inferred classifications only have been estimated; no measured mineral resources were classified.
>>>Mineral reserves were classified using the 2014 CIM Definition standards. Indicated mineral resources were converted to probable mineral reserves by applying the appropriate modifying factors – those being dilution (5%) and ore loss (1%). There are no measured resources and thus no proven reserves. Cut-off grades (as net smelter return) were applied to both prime mill feed ($4.95/t) and stockpiled ore ($5.95/t) to designate mineral reserve from waste.<<<
This taken from Canada’s CIM classification (definition standards)
>> An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.
Taken from JORC code
>>> An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.
Exactly the same inputs so is not looking likely that any of the resource will be required to be measured as first thought. As we know they plan to target the high grade crown this will likely upgrade in part to indicated to support the financial model which a solely inferred resource would not.
Happy days.
The big unknown factor in determining how well (or other wise) this will do is the POC.
We may find that the delay in this being sold due to some overly optimistic assumptions / comments by CB may, fortuitously, end up being to our advantage if the POC is a lot higher a year (or 2) later than previous anticipated buy-out timescales?
It's very hard to shoot down clear facts though....
Guys& Girls investors be careful the ramping drones brigade is soon going to shoot you down !
I agree. I think we've all been 'goosed'. I'm sure we'll make some sort of return but when you're sold a luxury apartment and the end result is a mobile home it affects the 'holiday' a little !!!
>>we thought this was a golden goose - it's what the whole market was led to believe by Colin Bird.
I, for one, really wonder why the FSA is not chasing him for his comments to the market!
That's a shame as last year we thought this was a golden goose not a swan !
Big Blue Happy one
What colour swan ??!!
Doing all ok with me I think this will turn into a swan as it goes through 2023
cb.. hopefully somewhere warm drinking chilled champagne ??
Pinocchio >>> muddling the 2M Cu in resource with 'decision to mine' and trying to pretend that it was always one or the other.
It has actually ‘always’ been either option. Probably the more serious option with the 2mt being the preferred PR hook to get the necessary fundraise for phase 2. In the first team presentation webinar that came out prior to the initial conceptual mining study, Jeremy Reid clearly says, if that study shows that, “An open pit looks to be strongly economic, then the board of xtract decide to proceed into an open pit mine, that would then trigger 1 of those 2 options for Anglo.”
It states it as clear as night and day in the buy back agreement in the Bushranger presentation on the website too. As well as the simple fact that they commissioned the first conceptual mining study anyway, as there was a propensity for an open pit mine due to the shallow and inclined nature of the porphyry from the offset.
Most folk don’t believe what Colin says, why would they believe anything a stranger on a public board says? Even if that stranger was said to be a professional. Bottom line, there are no excuses for not doing your own basic research and understanding to draw one’s own conclusions. Let’s keep it factual Pinocchio. And btw you forgot to copy and paste in my winky face at the end of my obvious sarcastic quote ;-)
i wonder where we will be this time next year